# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-136286
**Filing Date:** 2025-6
**Character Count:** 4374106
**Document Hash:** 309c8b3f81ae3805e44cf4f64ab34837
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136286.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136286

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251028820

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

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

## Series and Classes Contracts Data

### PIMCO Low Duration Income Fund (Series ID: S000009677)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026511 | Institutional  | PFIIX           |
| C000026512 | Administrative | PFTAX           |
| C000026513 | A              | PFIAX           |
| C000026514 | C              | PFNCX           |
| C000064131 | I-2            | PFTPX           |
| C000200437 | I-3            | PFNIX           |
| C000222832 | Class C-2      | PLDCX           |

### PIMCO High Yield Fund (Series ID: S000009685)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026546 | Institutional  | PHIYX           |
| C000026547 | Administrative | PHYAX           |
| C000026548 | A              | PHDAX           |
| C000026550 | C              | PHDCX           |
| C000026552 | R              | PHYRX           |
| C000064138 | I-2            | PHLPX           |
| C000200441 | I-3            | PHNNX           |

### PIMCO Total Return Fund (Series ID: S000009707)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026643 | Institutional  | PTTRX           |
| C000026644 | Administrative | PTRAX           |
| C000026645 | A              | PTTAX           |
| C000026647 | C              | PTTCX           |
| C000026649 | R              | PTRRX           |
| C000064155 | I-2            | PTTPX           |
| C000200452 | I-3            | PTTNX           |

### PIMCO Diversified Income Fund (Series ID: S000009714)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026672 | Institutional  | PDIIX           |
| C000026673 | Administrative | PDAAX           |
| C000026674 | A              | PDVAX           |
| C000026676 | C              | PDICX           |
| C000064160 | I-2            | PDVPX           |
| C000200455 | I-3            | PDNIX           |

### PIMCO Income Fund (Series ID: S000016548)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046098 | Class A        | PONAX           |
| C000046099 | Class C        | PONCX           |
| C000046101 | Class R        | PONRX           |
| C000046102 | Institutional  | PIMIX           |
| C000046103 | Administrative | PIINX           |
| C000064169 | I-2            | PONPX           |
| C000200460 | I-3            | PIPNX           |

### PIMCO Long-Term Credit Bond Fund (Series ID: S000025202)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000075114 | Institutional | PTCIX           |
| C000075116 | I-2           | PLCPX           |

### PIMCO High Yield Spectrum Fund (Series ID: S000029813)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091648 | Institutional Class | PHSIX           |
| C000091649 | I-2                 | PHSPX           |
| C000091652 | Class A             | PHSAX           |
| C000091653 | Class C             | PHSCX           |
| C000200463 | I-3                 | PHFNX           |

### PIMCO Low Duration Credit Fund (Series ID: S000031641)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000098425 | Institutional Class | PSRIX           |
| C000098426 | I-2                 | PSRPX           |
| C000098429 | Class A             | PSRZX           |
| C000098430 | Class C             | PSRWX           |

### PIMCO Credit Opportunities Bond Fund (Series ID: S000033596)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000103220 | Institutional | PCARX           |
| C000103221 | I-2           | PPCRX           |
| C000103224 | Class A       | PZCRX           |
| C000103225 | Class C       | PCCRX           |

### PIMCO Preferred and Capital Securities Fund (Series ID: S000048447)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000152873 | Institutional Class | PFINX           |
| C000152874 | I-2                 | PFPNX           |
| C000152877 | Class A             | PFANX           |
| C000152878 | Class C             | PFCJX           |
| C000200467 | I-3                 | PFNNX           |

### PIMCO ESG Income Fund (Series ID: S000069193)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000221062 | Class C       | PEGBX           |
| C000221063 | Class A       | PEGAX           |
| C000221064 | Institutional | PEGIX           |
| C000221065 | I-2           | PEGPX           |
| C000221066 | I-3           | PEGQX           |

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

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

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

------

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

------

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

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

● PIMCO All Asset Fund Class A

● PIMCO All Asset Fund Administrative Class

● PIMCO All Asset Fund Class C

● PIMCO All Asset Fund Institutional Class

● PIMCO All Asset Fund I-2

● PIMCO All Asset Fund Class R

● PIMCO All Asset Fund I-3

● PIMCO All Asset All Authority Fund Class A

● PIMCO All Asset All Authority Fund Class C

● PIMCO All Asset All Authority Fund Institutional Class

● PIMCO All Asset All Authority Fund I-2

● PIMCO All Asset All Authority Fund I-3

● PIMCO Global Core Asset Allocation Fund Class A

● PIMCO Global Core Asset Allocation Fund Class C

● PIMCO Global Core Asset Allocation Fund Institutional Class

● PIMCO Global Core Asset Allocation Fund I-2

● PIMCO California Intermediate Municipal Bond Fund Class A

● PIMCO California Intermediate Municipal Bond Fund Class C

● PIMCO California Intermediate Municipal Bond Fund Institutional Class

● PIMCO California Intermediate Municipal Bond Fund I-2

● PIMCO California Municipal Bond Fund Class A

● PIMCO California Municipal Bond Fund Class C

● PIMCO California Municipal Bond Fund Institutional Class

● PIMCO California Municipal Bond Fund I-2

● PIMCO California Short Duration Municipal Income Fund Class A

● PIMCO California Short Duration Municipal Income Fund Institutional Class

● PIMCO California Short Duration Municipal Income Fund I-2

● PIMCO High Yield Municipal Bond Fund Class A

● PIMCO High Yield Municipal Bond Fund Class C

● PIMCO High Yield Municipal Bond Fund Institutional Class

● PIMCO High Yield Municipal Bond Fund I-2

● PIMCO High Yield Municipal Bond Fund I-3

● PIMCO Municipal Bond Fund Class A

● PIMCO Municipal Bond Fund Class C

● PIMCO Municipal Bond Fund Institutional Class

● PIMCO Municipal Bond Fund I-2

● PIMCO Municipal Bond Fund I-3

● PIMCO National Intermediate Municipal Bond Fund Class A

● PIMCO National Intermediate Municipal Bond Fund Class C

● PIMCO National Intermediate Municipal Bond Fund Institutional Class

● PIMCO National Intermediate Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund Class A

● PIMCO New York Municipal Bond Fund Class C

● PIMCO New York Municipal Bond Fund Institutional Class

● PIMCO New York Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund I-3

● PIMCO Short Duration Municipal Income Fund Class A

● PIMCO Short Duration Municipal Income Fund Class C

● PIMCO Short Duration Municipal Income Fund Institutional Class

● PIMCO Short Duration Municipal Income Fund I-2

● PIMCO Short Duration Municipal Income Fund Class C-2

● PIMCO Short Duration Municipal Income Fund I-3

------

● PIMCO California Municipal Intermediate Value Fund Institutional Class

● PIMCO California Municipal Opportunistic Value Fund Institutional Class

● PIMCO National Municipal Intermediate Value Fund Institutional Class

● PIMCO National Municipal Opportunistic Value Fund Institutional Class

● PIMCO Emerging Markets Bond Fund Class A

● PIMCO Emerging Markets Bond Fund Class C

● PIMCO Emerging Markets Bond Fund Institutional Class

● PIMCO Emerging Markets Bond Fund I-2

● PIMCO Emerging Markets Bond Fund I-3

● PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

● PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

● PIMCO Emerging Markets Local Currency and Bond Fund Class A

● PIMCO Emerging Markets Local Currency and Bond Fund Class C

● PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

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

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

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

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

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

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

● PIMCO International Bond Fund (Unhedged) Class A

● PIMCO International Bond Fund (Unhedged) Administrative Class

● PIMCO International Bond Fund (Unhedged) Class C

● PIMCO International Bond Fund (Unhedged) Institutional Class

● PIMCO International Bond Fund (Unhedged) I-2

● PIMCO International Bond Fund (Unhedged) I-3

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

● PIMCO RAE Fundamental Advantage PLUS Fund Class A

● PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

● PIMCO RAE PLUS EMG Fund Institutional Class

● PIMCO RAE PLUS EMG Fund I-2

● PIMCO RAE PLUS EMG Fund Class A

● PIMCO RAE PLUS EMG Fund Class C

● PIMCO RAE PLUS Fund Class A

● PIMCO RAE PLUS Fund Class C

● PIMCO RAE PLUS Fund Institutional Class

● PIMCO RAE PLUS Fund I-2

● PIMCO RAE PLUS Fund I-3

● PIMCO RAE PLUS International Fund Institutional Class

● PIMCO RAE PLUS International Fund Class A

● PIMCO RAE PLUS International Fund I-2

● PIMCO RAE PLUS Small Fund Institutional Class

● PIMCO RAE PLUS Small Fund Class A

● PIMCO RAE PLUS Small Fund Class C

● PIMCO RAE PLUS Small Fund I-2

● PIMCO RAE Worldwide Long/Short PLUS Fund Class A

● PIMCO RAE Worldwide Long/Short PLUS Fund Class C

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

● PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● PIMCO Climate Bond Fund Class A

● PIMCO Climate Bond Fund Class C

● PIMCO Climate Bond Fund Institutional Class

● PIMCO Climate Bond Fund I-2

● PIMCO Climate Bond Fund I-3

● PIMCO Dynamic Bond Fund Class A

● PIMCO Dynamic Bond Fund Class C

● PIMCO Dynamic Bond Fund Institutional Class

● PIMCO Dynamic Bond Fund I-2

● PIMCO Dynamic Bond Fund Class R

● PIMCO Dynamic Bond Fund I-3

● PIMCO Extended Duration Fund Institutional Class

● PIMCO Extended Duration Fund I-2

● PIMCO GNMA and Government Securities Fund Class A

● PIMCO GNMA and Government Securities Fund Class C

● PIMCO GNMA and Government Securities Fund Institutional Class

● PIMCO GNMA and Government Securities Fund I-2

● PIMCO GNMA and Government Securities Fund I-3

● PIMCO Investment Grade Credit Bond Fund Class A

● PIMCO Investment Grade Credit Bond Fund Administrative Class

● PIMCO Investment Grade Credit Bond Fund Class C

● PIMCO Investment Grade Credit Bond Fund Institutional Class

● PIMCO Investment Grade Credit Bond Fund I-2

● PIMCO Investment Grade Credit Bond Fund I-3

● PIMCO Long Duration Total Return Fund Institutional Class

● PIMCO Long Duration Total Return Fund I-2

● PIMCO Long Duration Total Return Fund Class A

● PIMCO Long Duration Total Return Fund Class C

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

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

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

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

● PIMCO Low Duration Opportunities Fund Class A

------

● PIMCO Low Duration Opportunities Fund Class C

● PIMCO Low Duration Opportunities Fund Institutional Class

● PIMCO Low Duration Opportunities Fund I-2

● PIMCO Moderate Duration Fund Institutional Class

● PIMCO Moderate Duration Fund I-2

● PIMCO Mortgage Opportunities and Bond Fund I-3

● PIMCO Mortgage Opportunities and Bond Fund Class A

● PIMCO Mortgage Opportunities and Bond Fund Class C

● PIMCO Mortgage Opportunities and Bond Fund Institutional Class

● PIMCO Mortgage Opportunities and Bond Fund I-2

● PIMCO Total Return ESG Fund Administrative Class

● PIMCO Total Return ESG Fund Institutional Class

● PIMCO Total Return ESG Fund I-2

● PIMCO Total Return ESG Fund Class A

● PIMCO Total Return ESG Fund Class C

● PIMCO Total Return ESG Fund I-3

● PIMCO Total Return Fund II Institutional Class

● PIMCO Total Return Fund II I-2

● PIMCO Total Return Fund IV Class A

● PIMCO Total Return Fund IV Institutional Class

● PIMCO Total Return Fund V Institutional Class

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

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

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

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

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

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

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

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

● PIMCO ABS and Short-Term Investments Portfolio

● PIMCO EM Bond and Short-Term Investments Portfolio

● PIMCO High Yield and Short-Term Investments Portfolio

● PIMCO Investment Grade Credit Bond Portfolio

● PIMCO Long Duration Credit Bond Portfolio

● PIMCO Low Duration Portfolio

● PIMCO Moderate Duration Portfolio

● PIMCO Mortgage and Short-Term Investments Portfolio

● PIMCO Municipal Portfolio

● PIMCO Real Return Portfolio

● PIMCO Sector Funds Series – AM

● PIMCO Sector Fund Series – H

● PIMCO Sector Fund Series – I

● PIMCO Short-Term Portfolio

● PIMCO Short-Term Floating NAV Portfolio II

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

● PIMCO International Portfolio

● PIMCO Short Asset Portfolio

● PIMCO Short-Term Floating NAV Portfolio III

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

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

● PIMCO All Authority: Multi-RAE PLUS Fund

● PIMCO Income Fund Class A

● PIMCO Income Fund Administrative Class

● PIMCO Income Fund Class C

● PIMCO Income Fund Institutional Class

● PIMCO Income Fund I-2

------

● PIMCO Income Fund Class R

● PIMCO Income Fund I-3

● PIMCO Total Return Fund Class A

● PIMCO Total Return Fund Administrative Class

● PIMCO Total Return Fund Class C

● PIMCO Total Return Fund Institutional Class

● PIMCO Total Return Fund I-2

● PIMCO Total Return Fund Class R

● PIMCO Total Return Fund I-3

● PIMCO Credit Opportunities Bond Fund Class A

● PIMCO Credit Opportunities Bond Fund Class C

● PIMCO Credit Opportunities Bond Fund Institutional Class

● PIMCO Credit Opportunities Bond Fund I-2

● PIMCO Diversified Income Fund Class A

● PIMCO Diversified Income Fund Administrative Class

● PIMCO Diversified Income Fund Class C

● PIMCO Diversified Income Fund Institutional Class

● PIMCO Diversified Income Fund I-2

● PIMCO Diversified Income Fund I-3

● PIMCO ESG Income Fund Class A

● PIMCO ESG Income Fund Class C

● PIMCO ESG Income Fund Institutional Class

● PIMCO ESG Income Fund I-2

● PIMCO ESG Income Fund I-3

● PIMCO High Yield Fund Class A

● PIMCO High Yield Fund Administrative Class

● PIMCO High Yield Fund Class C

● PIMCO High Yield Fund Institutional Class

● PIMCO High Yield Fund I-2

● PIMCO High Yield Fund Class R

● PIMCO High Yield Fund I-3

● PIMCO High Yield Spectrum Fund Class A

● PIMCO High Yield Spectrum Fund Class C

● PIMCO High Yield Spectrum Fund Institutional Class

● PIMCO High Yield Spectrum Fund I-2

● PIMCO High Yield Spectrum Fund I-3

● PIMCO Long-Term Credit Bond Fund Institutional Class

● PIMCO Long-Term Credit Bond Fund I-2

● PIMCO Low Duration Credit Fund Class A

● PIMCO Low Duration Credit Fund Class C

● PIMCO Low Duration Credit Fund Institutional Class

● PIMCO Low Duration Credit Fund I-2

● PIMCO Low Duration Income Fund Class A

● PIMCO Low Duration Income Fund Class C

● PIMCO Low Duration Income Fund Institutional Class

● PIMCO Low Duration Income Fund I-2

● PIMCO Low Duration Income Fund I-3

● PIMCO Low Duration Income Fund Class C-2

● PIMCO Preferred and Capital Securities Fund Class A

● PIMCO Preferred and Capital Securities Fund Class C

● PIMCO Preferred and Capital Securities Fund I-2

● PIMCO Preferred and Capital Securities Fund Institutional Class

● PIMCO Preferred and Capital Securities Fund I-3

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

● PIMCO Government Money Market Fund Class A

● PIMCO Government Money Market Fund Class C

● PIMCO Government Money Market Fund Class M

● PIMCO Government Money Market Fund I-2

● PIMCO Government Money Market Fund Institutional Class

------

● PIMCO Government Money Market Fund Administrative Class

● PIMCO Low Duration Fund Class A

● PIMCO Low Duration Fund Administrative Class

● PIMCO Low Duration Fund Class C

● PIMCO Low Duration Fund Institutional Class

● PIMCO Low Duration Fund I-2

● PIMCO Low Duration Fund Class R

● PIMCO Low Duration Fund I-3

● PIMCO Low Duration Fund Class C-2

● PIMCO Low Duration Fund II Administrative Class

● PIMCO Low Duration Fund II Institutional Class

● PIMCO Low Duration ESG Fund Institutional Class

● PIMCO Low Duration ESG Fund I-2

● PIMCO Short Asset Investment Fund Class A

● PIMCO Short Asset Investment Fund Administrative Class

● PIMCO Short Asset Investment Fund Institutional Class

● PIMCO Short Asset Investment Fund I-2

● PIMCO Short Asset Investment Fund Class M

● PIMCO Short Asset Investment Fund I-3

● PIMCO Short-Term Fund Class A

● PIMCO Short-Term Fund Administrative Class

● PIMCO Short-Term Fund Class C

● PIMCO Short-Term Fund Institutional Class

● PIMCO Short-Term Fund I-2

● PIMCO Short-Term Fund Class R

● PIMCO Short-Term Fund I-3

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

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

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

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

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

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

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

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

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

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

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

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

● PIMCO Inflation Response Multi-Asset Fund Class A

● PIMCO Inflation Response Multi-Asset Fund Institutional Class

● PIMCO Inflation Response Multi-Asset Fund I-2

● PIMCO Inflation Response Multi-Asset Fund I-3

● PIMCO Long-Term Real Return Fund Institutional Class

● PIMCO Long-Term Real Return Fund I-2

● PIMCO Real Return Fund Class A

● PIMCO Real Return Fund Administrative Class

● PIMCO Real Return Fund Class C

● PIMCO Real Return Fund Institutional Class

● PIMCO Real Return Fund I-2

● PIMCO Real Return Fund Class R

● PIMCO Real Return Fund I-3

● PIMCO RealEstateRealReturn Strategy Fund Class A

● PIMCO RealEstateRealReturn Strategy Fund Class C

● PIMCO RealEstateRealReturn Strategy Fund Institutional Class

● PIMCO RealEstateRealReturn Strategy Fund I-2

● PIMCO RealEstateRealReturn Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund Class C

● PIMCO TRENDS Managed Futures Strategy Fund Class A

● PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

● PIMCO TRENDS Managed Futures Strategy Fund I-2

# PIMCO All Asset: Multi-RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Asset: Multi-RAE PLUS Fund | $101 | 0.97% |

---

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

* Long exposure to U.S. large cap equities contributed to performance, as the value of these securities increased.

* Long exposure to developed ex-U.S. equities contributed to performance, as the value of these securities increased.

* Long exposure to U.S. small cap equities contributed to performance, as the value of these securities generally increased.

* Long exposure to emerging market equities contributed to performance, as the value of these securities increased.

* The Fund's bond alpha strategy contributed to returns.

* Securitized credit spread exposure, particularly through non-agency residential mortgage-backed securities, contributed to performance, as spreads tightened.

* Duration positioning contributed to performance, as interest rates fell on the front and intermediate end where the Fund was long and rose on the long end where the Fund was short.

* There are no other material contributors or detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i84411508453db5d3a174.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO All Asset: Multi-RAE PLUS Fund** | **MSCI All Country World Index** | **MSCI All Country World Value Index** |
| **10/6/20** | $10000 | $10000 | $10000 |
| **10/31/20** | $9690 | $9677 | $9613 |
| **11/30/20** | $11070 | $10870 | $11029 |
| **12/31/20** | $11646 | $11375 | $11491 |
| **1/31/21** | $12057 | $11323 | $11401 |
| **2/28/21** | $12579 | $11585 | $11909 |
| **3/31/21** | $12959 | $11895 | $12509 |
| **4/30/21** | $13015 | $12415 | $12890 |
| **5/31/21** | $13529 | $12608 | $13285 |
| **6/30/21** | $13435 | $12774 | $13115 |
| **7/31/21** | $13109 | $12862 | $13104 |
| **8/31/21** | $13261 | $13184 | $13335 |
| **9/30/21** | $12985 | $12639 | $12933 |
| **10/31/21** | $13103 | $13285 | $13454 |
| **11/30/21** | $12416 | $12965 | $12938 |
| **12/31/21** | $13118 | $13483 | $13745 |
| **1/31/22** | $12829 | $12821 | $13579 |
| **2/28/22** | $12540 | $12490 | $13358 |
| **3/31/22** | $12480 | $12760 | $13614 |
| **4/30/22** | $11747 | $11739 | $12927 |
| **5/31/22** | $11903 | $11753 | $13178 |
| **6/30/22** | $10557 | $10762 | $12049 |
| **7/31/22** | $11050 | $11514 | $12527 |
| **8/31/22** | $10869 | $11090 | $12183 |
| **9/30/22** | $9691 | $10028 | $11126 |
| **10/31/22** | $10352 | $10633 | $12070 |
| **11/30/22** | $11278 | $11458 | $13015 |
| **12/31/22** | $11074 | $11007 | $12708 |
| **1/31/23** | $11927 | $11796 | $13335 |
| **2/28/23** | $11603 | $11458 | $12909 |
| **3/31/23** | $11591 | $11811 | $12865 |
| **4/30/23** | $11759 | $11981 | $13089 |
| **5/31/23** | $11398 | $11853 | $12527 |
| **6/30/23** | $12011 | $12541 | $13248 |
| **7/31/23** | $12673 | $13000 | $13795 |
| **8/31/23** | $12192 | $12637 | $13367 |
| **9/30/23** | $11921 | $12114 | $13015 |
| **10/31/23** | $11528 | $11750 | $12563 |
| **11/30/23** | $12167 | $12834 | $13482 |
| **12/31/23** | $12671 | $13451 | $14208 |
| **1/31/24** | $12684 | $13530 | $14188 |
| **2/29/24** | $12958 | $14110 | $14553 |
| **3/31/24** | $13251 | $14553 | $15182 |
| **4/30/24** | $13137 | $14073 | $14726 |
| **5/31/24** | $13491 | $14645 | $15161 |
| **6/30/24** | $13496 | $14971 | $15092 |
| **7/31/24** | $13796 | $15212 | $15749 |
| **8/31/24** | $13927 | $15599 | $16175 |
| **9/30/24** | $14228 | $15961 | $16515 |
| **10/31/24** | $13675 | $15603 | $16104 |
| **11/30/24** | $14309 | $16186 | $16607 |
| **12/31/24** | $13886 | $15803 | $15737 |
| **1/31/25** | $14298 | $16334 | $16399 |
| **2/28/25** | $14312 | $16235 | $16650 |
| **3/31/25** | $14252 | $15594 | $16487 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 10/6/20** |
| PIMCO All Asset: Multi-RAE PLUS Fund | 7.56% | 8.23% |
| MSCI All Country World Index | 7.15% | 10.41% |
| MSCI All Country World Value Index | 8.60% | 11.80% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2099500 |
| # of Portfolio Holdings | 2251 |
| Portfolio Turnover Rate | 485% |
| Total Net Advisory Fees Paid During the Reporting Period | $15013 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.9% |
| Asset-Backed Securities | 32.5% |
| U.S. Treasury Obligations | 9.4% |
| Non-Agency Mortgage-Backed Securities | 9.2% |
| Sovereign Issues | 8.9% |
| Corporate Bonds & Notes | 8.0% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.1% |
| Short-Term Instruments | 28.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (54.4%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.14% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g20021i67ed0459998578fedfae.jpg)

For additional information about the Fund, including the Fund's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g20021ib9e42196b6dbfdd40803.jpg)

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

March 31, 2025

PAPS2221TSRAR_033125

# PIMCO All Asset: Multi-Real Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Asset: Multi-Real Fund | $418 | 4.02% |

---

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

* Long exposure to commodities contributed to performance, as the value of these securities increased.

* Long exposure to real estate investment trusts contributed to performance, as the value of these securities increased.

* Long exposure to master limited partnerships contributed to performance, as the value of these securities increased.

* The Fund's absolute return bond alpha strategy contributed to performance.

* The Fund's allocation to U.S.Treasury Inflation-Protected Securities ("TIPS") outperformed the financing rate used to obtain the Fund's other exposures.

* The Fund's short exposure to the long portion of the German and European Monetary Union yield curves contributed to performance, as these yields rose.

* The Fund's long exposure to U.S.TIPS and therefore breakeven inflation rates contributed to performance, as inflation was higher than market expectations which benefit U.S.TIPS.

* There were no other material contributors or detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i6610a716ae84f4e7d63f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO All Asset: Multi-Real Fund** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **50% Bloomberg Commodity Index Total Return, 50% Dow Jones U.S. Select REIT Total Return Index** |
| **9/22/20** | $10000 | $10000 | $10000 | $10000 |
| **9/30/20** | $10100 | $9989 | $10027 | $10033 |
| **10/31/20** | $9680 | $9990 | $9962 | $9974 |
| **11/30/20** | $10940 | $10047 | $10074 | $10762 |
| **12/31/20** | $11544 | $10077 | $10189 | $11204 |
| **1/31/21** | $11796 | $10023 | $10223 | $11340 |
| **2/28/21** | $12432 | $9868 | $10058 | $12009 |
| **3/31/21** | $12687 | $9829 | $10039 | $12159 |
| **4/30/21** | $13935 | $9854 | $10180 | $13166 |
| **5/31/21** | $14348 | $9876 | $10303 | $13405 |
| **6/30/21** | $14862 | $9924 | $10366 | $13683 |
| **7/31/21** | $15871 | $10048 | $10642 | $14173 |
| **8/31/21** | $15936 | $10028 | $10623 | $14276 |
| **9/30/21** | $15593 | $9933 | $10547 | $14237 |
| **10/31/21** | $16728 | $9907 | $10667 | $15003 |
| **11/30/21** | $16149 | $9978 | $10762 | $14410 |
| **12/31/21** | $17465 | $9937 | $10796 | $15313 |
| **1/31/22** | $17101 | $9781 | $10578 | $15491 |
| **2/28/22** | $17440 | $9651 | $10668 | $15700 |
| **3/31/22** | $18565 | $9443 | $10470 | $16905 |
| **4/30/22** | $18031 | $9189 | $10256 | $16863 |
| **5/31/22** | $17446 | $9177 | $10154 | $16410 |
| **6/30/22** | $15401 | $9037 | $9833 | $14890 |
| **7/31/22** | $17377 | $9267 | $10261 | $15870 |
| **8/31/22** | $16139 | $9026 | $9988 | $15384 |
| **9/30/22** | $13288 | $8736 | $9327 | $13818 |
| **10/31/22** | $14192 | $8706 | $9443 | $14266 |
| **11/30/22** | $14973 | $8928 | $9615 | $14875 |
| **12/31/22** | $14222 | $8822 | $9517 | $14303 |
| **1/31/23** | $15465 | $9026 | $9692 | $15053 |
| **2/28/23** | $14537 | $8882 | $9559 | $14329 |
| **3/31/23** | $14669 | $9079 | $9835 | $14128 |
| **4/30/23** | $14703 | $9125 | $9846 | $14124 |
| **5/31/23** | $13841 | $9089 | $9728 | $13531 |
| **6/30/23** | $14421 | $9084 | $9695 | $14150 |
| **7/31/23** | $15167 | $9087 | $9708 | $14795 |
| **8/31/23** | $14769 | $9075 | $9621 | $14503 |
| **9/30/23** | $14049 | $8919 | $9443 | $13944 |
| **10/31/23** | $13647 | $8856 | $9375 | $13647 |
| **11/30/23** | $14519 | $9160 | $9629 | $14228 |
| **12/31/23** | $15201 | $9453 | $9888 | $14749 |
| **1/31/24** | $15100 | $9434 | $9906 | $14481 |
| **2/29/24** | $15100 | $9370 | $9799 | $14509 |
| **3/31/24** | $15535 | $9454 | $9880 | $14887 |
| **4/30/24** | $14717 | $9302 | $9713 | $14543 |
| **5/31/24** | $15211 | $9384 | $9880 | $15022 |
| **6/30/24** | $15427 | $9466 | $9958 | $15113 |
| **7/31/24** | $15944 | $9648 | $10135 | $15250 |
| **8/31/24** | $16427 | $9754 | $10215 | $15739 |
| **9/30/24** | $16876 | $9867 | $10368 | $16329 |
| **10/31/24** | $16225 | $9734 | $10182 | $15922 |
| **11/30/24** | $16876 | $9849 | $10232 | $16319 |
| **12/31/24** | $15828 | $9774 | $10070 | $15820 |
| **1/31/25** | $16263 | $9812 | $10200 | $16228 |
| **2/28/25** | $16880 | $9930 | $10422 | $16604 |
| **3/31/25** | $16806 | $9888 | $10489 | $16619 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 9/22/20** |
| PIMCO All Asset: Multi-Real Fund | 8.18% | 12.17% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | (0.25%) |
| Bloomberg U.S. TIPS Index | 6.17% | 1.06% |
| 50% Bloomberg Commodity Index Total Return, 50% Dow Jones U.S. Select REIT Total Return Index | 11.63% | 11.89% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1896642 |
| # of Portfolio Holdings | 1186 |
| Portfolio Turnover Rate | 200% |
| Total Net Advisory Fees Paid During the Reporting Period | $11085 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 105.4% |
| Real Estate Investment Trusts | 28.8% |
| U.S. Government Agencies | 18.9% |
| Asset-Backed Securities | 9.7% |
| Sovereign Issues | 6.6% |
| Commodities | 4.9% |
| Non-Agency Mortgage-Backed Securities | 0.6% |
| Corporate Bonds & Notes | 0.6% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 0.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (82.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.23% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g20021i67ed0459998578fedfae.jpg)

For additional information about the Fund, including the Fund's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g20021ib9e42196b6dbfdd40803.jpg)

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

March 31, 2025

PAPS2223TSRAR_033125

# PIMCO All Authority: Multi-RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Authority: Multi-RAE PLUS Fund | $105 | 1.02% |

---

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

* Long exposure to developed ex-U.S. equities contributed to performance, as the value of these securities increased.

* Long exposure to emerging market equities contributed to performance, as the value of these securities increased.

* Long exposure to U.S. small cap equities contributed to performance, as the value of these securities generally increased.

* Inverse exposure to U.S. large cap equities detracted from performance, as the value of securities tied to inverse U.S. equity exposure decreased.

* The Fund's bond alpha strategy contributed to returns.

* Duration positioning contributed to performance, as interest rates fell on the front and intermediate end where the Fund was long and rose on the long end where the Fund was short.

* Securitized credit spread exposure, particularly through non-agency commercial mortgage-backed securities, contributed to performance, as spreads tightened.

* There were no other material contributors or detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i4938d00c288a2fe3f05f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO All Authority: Multi-RAE PLUS Fund** | **MSCI All Country World Index** | **MSCI All Country World Value Index** |
| **8/23/22** | $10000 | $10000 | $10000 |
| **8/31/22** | $9750 | $9672 | $9716 |
| **9/30/22** | $8750 | $8746 | $8873 |
| **10/31/22** | $9200 | $9274 | $9625 |
| **11/30/22** | $9870 | $9993 | $10379 |
| **12/31/22** | $9872 | $9600 | $10134 |
| **1/31/23** | $10460 | $10288 | $10634 |
| **2/28/23** | $10318 | $9993 | $10295 |
| **3/31/23** | $10216 | $10301 | $10259 |
| **4/30/23** | $10321 | $10450 | $10438 |
| **5/31/23** | $9965 | $10338 | $9990 |
| **6/30/23** | $10238 | $10938 | $10565 |
| **7/31/23** | $10660 | $11338 | $11001 |
| **8/31/23** | $10343 | $11021 | $10660 |
| **9/30/23** | $10287 | $10566 | $10379 |
| **10/31/23** | $10287 | $10248 | $10018 |
| **11/30/23** | $10138 | $11194 | $10751 |
| **12/31/23** | $10170 | $11732 | $11330 |
| **1/31/24** | $10170 | $11800 | $11314 |
| **2/29/24** | $10036 | $12307 | $11605 |
| **3/31/24** | $10092 | $12693 | $12107 |
| **4/30/24** | $10237 | $12274 | $11743 |
| **5/31/24** | $10281 | $12773 | $12091 |
| **6/30/24** | $10170 | $13057 | $12036 |
| **7/31/24** | $10281 | $13268 | $12559 |
| **8/31/24** | $10326 | $13605 | $12899 |
| **9/30/24** | $10438 | $13921 | $13170 |
| **10/31/24** | $10081 | $13608 | $12842 |
| **11/30/24** | $10505 | $14117 | $13244 |
| **12/31/24** | $10264 | $13783 | $12550 |
| **1/31/25** | $10499 | $14246 | $13077 |
| **2/28/25** | $10588 | $14160 | $13277 |
| **3/31/25** | $10644 | $13601 | $13148 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 8/23/22** |
| PIMCO All Authority: Multi-RAE PLUS Fund | 5.48% | 2.43% |
| MSCI All Country World Index | 7.15% | 12.53% |
| MSCI All Country World Value Index | 8.60% | 11.09% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $173830 |
| # of Portfolio Holdings | 915 |
| Portfolio Turnover Rate | 465% |
| Total Net Advisory Fees Paid During the Reporting Period | $1362 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 56.6% |
| Asset-Backed Securities | 26.8% |
| Non-Agency Mortgage-Backed Securities | 21.7% |
| U.S. Treasury Obligations | 11.2% |
| Sovereign Issues | 7.9% |
| Corporate Bonds & Notes | 6.5% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 11.4% |
| Affiliated Investments | 2.4% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (44.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g20021i67ed0459998578fedfae.jpg)

For additional information about the Fund, including the Fund's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g20021ib9e42196b6dbfdd40803.jpg)

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

March 31, 2025

PAPS2236TSRAR_033125

# Class A: PZCRX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $146 | 1.41% |

---

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

* Long exposure to U.S. duration contributed to performance, as rates fell. 

* Long exposure to the banking sector contributed to performance, as banks' profitability generally remained strong. 

* Long exposure to non-agency mortgage-backed securities contributed to performance, as spreads tightened. 

* Long exposure to the Brazilian real detracted from performance, as the currency depreciated. 

* Short exposure to the euro detracted from performance, as the currency appreciated. 

* Long exposure to credit default swap indices detracted from performance, as risk sentiment was dampened by inflation concerns.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i1152181e5d0b18c2a167.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $9627 | $10000 | $10000 |
| **4/30/15** | $9684 | $9944 | $10002 |
| **5/31/15** | $9742 | $9903 | $10005 |
| **6/30/15** | $9682 | $9780 | $10007 |
| **7/31/15** | $9691 | $9877 | $10009 |
| **8/31/15** | $9556 | $9851 | $10012 |
| **9/30/15** | $9342 | $9909 | $10014 |
| **10/31/15** | $9448 | $9941 | $10017 |
| **11/30/15** | $9342 | $9946 | $10019 |
| **12/31/15** | $9261 | $9919 | $10022 |
| **1/31/16** | $9132 | $10064 | $10027 |
| **2/29/16** | $9024 | $10161 | $10032 |
| **3/31/16** | $9221 | $10244 | $10037 |
| **4/30/16** | $9359 | $10262 | $10043 |
| **5/31/16** | $9419 | $10305 | $10048 |
| **6/30/16** | $9476 | $10501 | $10053 |
| **7/31/16** | $9675 | $10564 | $10058 |
| **8/31/16** | $9754 | $10559 | $10064 |
| **9/30/16** | $9822 | $10557 | $10069 |
| **10/31/16** | $9852 | $10455 | $10076 |
| **11/30/16** | $9852 | $10282 | $10083 |
| **12/31/16** | $9973 | $10311 | $10090 |
| **1/31/17** | $10044 | $10273 | $10099 |
| **2/28/17** | $10125 | $10361 | $10107 |
| **3/31/17** | $10216 | $10356 | $10115 |
| **4/30/17** | $10288 | $10426 | $10125 |
| **5/31/17** | $10338 | $10487 | $10135 |
| **6/30/17** | $10365 | $10458 | $10144 |
| **7/31/17** | $10427 | $10492 | $10155 |
| **8/31/17** | $10509 | $10588 | $10166 |
| **9/30/17** | $10573 | $10539 | $10177 |
| **10/31/17** | $10614 | $10583 | $10189 |
| **11/30/17** | $10625 | $10600 | $10200 |
| **12/31/17** | $10626 | $10624 | $10211 |
| **1/31/18** | $10679 | $10548 | $10226 |
| **2/28/18** | $10616 | $10524 | $10240 |
| **3/31/18** | $10628 | $10611 | $10255 |
| **4/30/18** | $10618 | $10572 | $10274 |
| **5/31/18** | $10586 | $10611 | $10294 |
| **6/30/18** | $10559 | $10631 | $10314 |
| **7/31/18** | $10666 | $10634 | $10334 |
| **8/31/18** | $10676 | $10667 | $10354 |
| **9/30/18** | $10699 | $10626 | $10374 |
| **10/31/18** | $10614 | $10605 | $10395 |
| **11/30/18** | $10560 | $10657 | $10415 |
| **12/31/18** | $10491 | $10811 | $10436 |
| **1/31/19** | $10687 | $10925 | $10460 |
| **2/28/19** | $10807 | $10938 | $10485 |
| **3/31/19** | $10866 | $11134 | $10509 |
| **4/30/19** | $10987 | $11141 | $10532 |
| **5/31/19** | $10976 | $11301 | $10555 |
| **6/30/19** | $11107 | $11460 | $10578 |
| **7/31/19** | $11096 | $11550 | $10598 |
| **8/31/19** | $11151 | $11812 | $10619 |
| **9/30/19** | $11165 | $11757 | $10639 |
| **10/31/19** | $11243 | $11737 | $10658 |
| **11/30/19** | $11254 | $11723 | $10677 |
| **12/31/19** | $11344 | $11699 | $10696 |
| **1/31/20** | $11423 | $11910 | $10713 |
| **2/29/20** | $11378 | $12056 | $10730 |
| **3/31/20** | $10322 | $11868 | $10748 |
| **4/30/20** | $10640 | $12060 | $10761 |
| **5/31/20** | $10845 | $12095 | $10774 |
| **6/30/20** | $10981 | $12155 | $10787 |
| **7/31/20** | $11244 | $12288 | $10789 |
| **8/31/20** | $11313 | $12199 | $10792 |
| **9/30/20** | $11308 | $12243 | $10795 |
| **10/31/20** | $11296 | $12244 | $10797 |
| **11/30/20** | $11561 | $12314 | $10799 |
| **12/31/20** | $11677 | $12352 | $10801 |
| **1/31/21** | $11723 | $12286 | $10803 |
| **2/28/21** | $11735 | $12095 | $10805 |
| **3/31/21** | $11727 | $12047 | $10808 |
| **4/30/21** | $11797 | $12078 | $10810 |
| **5/31/21** | $11832 | $12105 | $10811 |
| **6/30/21** | $11866 | $12164 | $10813 |
| **7/31/21** | $11866 | $12316 | $10815 |
| **8/31/21** | $11913 | $12291 | $10816 |
| **9/30/21** | $11887 | $12175 | $10817 |
| **10/31/21** | $11768 | $12143 | $10818 |
| **11/30/21** | $11732 | $12230 | $10820 |
| **12/31/21** | $11804 | $12180 | $10821 |
| **1/31/22** | $11708 | $11989 | $10823 |
| **2/28/22** | $11588 | $11829 | $10825 |
| **3/31/22** | $11523 | $11574 | $10827 |
| **4/30/22** | $11353 | $11263 | $10836 |
| **5/31/22** | $11305 | $11248 | $10845 |
| **6/30/22** | $10951 | $11077 | $10854 |
| **7/31/22** | $11267 | $11359 | $10869 |
| **8/31/22** | $11219 | $11063 | $10890 |
| **9/30/22** | $11029 | $10707 | $10912 |
| **10/31/22** | $11054 | $10671 | $10941 |
| **11/30/22** | $11336 | $10943 | $10975 |
| **12/31/22** | $11356 | $10814 | $11013 |
| **1/31/23** | $11630 | $11063 | $11054 |
| **2/28/23** | $11505 | $10886 | $11093 |
| **3/31/23** | $11653 | $11128 | $11137 |
| **4/30/23** | $11715 | $11185 | $11182 |
| **5/31/23** | $11678 | $11141 | $11230 |
| **6/30/23** | $11710 | $11134 | $11278 |
| **7/31/23** | $11811 | $11138 | $11327 |
| **8/31/23** | $11786 | $11124 | $11379 |
| **9/30/23** | $11692 | $10932 | $11429 |
| **10/31/23** | $11603 | $10854 | $11482 |
| **11/30/23** | $11985 | $11228 | $11533 |
| **12/31/23** | $12276 | $11586 | $11586 |
| **1/31/24** | $12327 | $11564 | $11639 |
| **2/29/24** | $12314 | $11484 | $11689 |
| **3/31/24** | $12439 | $11588 | $11742 |
| **4/30/24** | $12399 | $11401 | $11795 |
| **5/31/24** | $12557 | $11502 | $11849 |
| **6/30/24** | $12625 | $11602 | $11898 |
| **7/31/24** | $12784 | $11826 | $11956 |
| **8/31/24** | $12903 | $11956 | $12011 |
| **9/30/24** | $13028 | $12094 | $12063 |
| **10/31/24** | $13001 | $11931 | $12114 |
| **11/30/24** | $13122 | $12072 | $12161 |
| **12/31/24** | $13115 | $11980 | $12208 |
| **1/31/25** | $13210 | $12026 | $12254 |
| **2/28/25** | $13360 | $12171 | $12295 |
| **3/31/25** | $13393 | $12120 | $12341 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.67% | 5.35% | 3.36% |
| Class A (including sales charge) | 3.63% | 4.55% | 2.96% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $428005 |
| # of Portfolio Holdings | 913 |
| Portfolio Turnover Rate | 279% |
| Total Net Advisory Fees Paid During the Reporting Period | $1029 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 63.2% |
| U.S. Government Agencies | 17.8% |
| Loan Participations and Assignments | 8.1% |
| U.S. Treasury Obligations | 4.7% |
| Asset-Backed Securities | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.7% |
| Affiliated Investments | 9.2% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (14.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.38% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PZCRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6033TSRAR_033125

# Class C: PCCRX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $223 | 2.16% |

---

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

* Long exposure to U.S. duration contributed to performance, as rates fell. 

* Long exposure to the banking sector contributed to performance, as banks' profitability generally remained strong. 

* Long exposure to non-agency mortgage-backed securities contributed to performance, as spreads tightened. 

* Long exposure to the Brazilian real detracted from performance, as the currency depreciated. 

* Short exposure to the euro detracted from performance, as the currency appreciated. 

* Long exposure to credit default swap indices detracted from performance, as risk sentiment was dampened by inflation concerns.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i7b5aa064b0000b363fa6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10050 | $9944 | $10002 |
| **5/31/15** | $10110 | $9903 | $10005 |
| **6/30/15** | $10043 | $9780 | $10007 |
| **7/31/15** | $10043 | $9877 | $10009 |
| **8/31/15** | $9892 | $9851 | $10012 |
| **9/30/15** | $9670 | $9909 | $10014 |
| **10/31/15** | $9771 | $9941 | $10017 |
| **11/30/15** | $9660 | $9946 | $10019 |
| **12/31/15** | $9568 | $9919 | $10022 |
| **1/31/16** | $9435 | $10064 | $10027 |
| **2/29/16** | $9322 | $10161 | $10032 |
| **3/31/16** | $9517 | $10244 | $10037 |
| **4/30/16** | $9651 | $10262 | $10043 |
| **5/31/16** | $9702 | $10305 | $10048 |
| **6/30/16** | $9747 | $10501 | $10053 |
| **7/31/16** | $9953 | $10564 | $10058 |
| **8/31/16** | $10025 | $10559 | $10064 |
| **9/30/16** | $10097 | $10557 | $10069 |
| **10/31/16** | $10117 | $10455 | $10076 |
| **11/30/16** | $10107 | $10282 | $10083 |
| **12/31/16** | $10229 | $10311 | $10090 |
| **1/31/17** | $10292 | $10273 | $10099 |
| **2/28/17** | $10376 | $10361 | $10107 |
| **3/31/17** | $10460 | $10356 | $10115 |
| **4/30/17** | $10523 | $10426 | $10125 |
| **5/31/17** | $10566 | $10487 | $10135 |
| **6/30/17** | $10589 | $10458 | $10144 |
| **7/31/17** | $10643 | $10492 | $10155 |
| **8/31/17** | $10717 | $10588 | $10166 |
| **9/30/17** | $10781 | $10539 | $10177 |
| **10/31/17** | $10813 | $10583 | $10189 |
| **11/30/17** | $10813 | $10600 | $10200 |
| **12/31/17** | $10815 | $10624 | $10211 |
| **1/31/18** | $10858 | $10548 | $10226 |
| **2/28/18** | $10794 | $10524 | $10240 |
| **3/31/18** | $10788 | $10611 | $10255 |
| **4/30/18** | $10777 | $10572 | $10274 |
| **5/31/18** | $10734 | $10611 | $10294 |
| **6/30/18** | $10712 | $10631 | $10314 |
| **7/31/18** | $10810 | $10634 | $10334 |
| **8/31/18** | $10810 | $10667 | $10354 |
| **9/30/18** | $10824 | $10626 | $10374 |
| **10/31/18** | $10737 | $10605 | $10395 |
| **11/30/18** | $10671 | $10657 | $10415 |
| **12/31/18** | $10596 | $10811 | $10436 |
| **1/31/19** | $10785 | $10925 | $10460 |
| **2/28/19** | $10896 | $10938 | $10485 |
| **3/31/19** | $10964 | $11134 | $10509 |
| **4/30/19** | $11065 | $11141 | $10532 |
| **5/31/19** | $11054 | $11301 | $10555 |
| **6/30/19** | $11173 | $11460 | $10578 |
| **7/31/19** | $11161 | $11550 | $10598 |
| **8/31/19** | $11206 | $11812 | $10619 |
| **9/30/19** | $11210 | $11757 | $10639 |
| **10/31/19** | $11279 | $11737 | $10658 |
| **11/30/19** | $11290 | $11723 | $10677 |
| **12/31/19** | $11367 | $11699 | $10696 |
| **1/31/20** | $11447 | $11910 | $10713 |
| **2/29/20** | $11390 | $12056 | $10730 |
| **3/31/20** | $10333 | $11868 | $10748 |
| **4/30/20** | $10633 | $12060 | $10761 |
| **5/31/20** | $10841 | $12095 | $10774 |
| **6/30/20** | $10977 | $12155 | $10787 |
| **7/31/20** | $11232 | $12288 | $10789 |
| **8/31/20** | $11279 | $12199 | $10792 |
| **9/30/20** | $11276 | $12243 | $10795 |
| **10/31/20** | $11264 | $12244 | $10797 |
| **11/30/20** | $11509 | $12314 | $10799 |
| **12/31/20** | $11622 | $12352 | $10801 |
| **1/31/21** | $11669 | $12286 | $10803 |
| **2/28/21** | $11669 | $12095 | $10805 |
| **3/31/21** | $11649 | $12047 | $10808 |
| **4/30/21** | $11708 | $12078 | $10810 |
| **5/31/21** | $11732 | $12105 | $10811 |
| **6/30/21** | $11774 | $12164 | $10813 |
| **7/31/21** | $11750 | $12316 | $10815 |
| **8/31/21** | $11798 | $12291 | $10816 |
| **9/30/21** | $11761 | $12175 | $10817 |
| **10/31/21** | $11641 | $12143 | $10818 |
| **11/30/21** | $11593 | $12230 | $10820 |
| **12/31/21** | $11661 | $12180 | $10821 |
| **1/31/22** | $11552 | $11989 | $10823 |
| **2/28/22** | $11432 | $11829 | $10825 |
| **3/31/22** | $11362 | $11574 | $10827 |
| **4/30/22** | $11180 | $11263 | $10836 |
| **5/31/22** | $11132 | $11248 | $10845 |
| **6/30/22** | $10776 | $11077 | $10854 |
| **7/31/22** | $11081 | $11359 | $10869 |
| **8/31/22** | $11032 | $11063 | $10890 |
| **9/30/22** | $10834 | $10707 | $10912 |
| **10/31/22** | $10846 | $10671 | $10941 |
| **11/30/22** | $11116 | $10943 | $10975 |
| **12/31/22** | $11143 | $10814 | $11013 |
| **1/31/23** | $11403 | $11063 | $11054 |
| **2/28/23** | $11267 | $10886 | $11093 |
| **3/31/23** | $11396 | $11128 | $11137 |
| **4/30/23** | $11458 | $11185 | $11182 |
| **5/31/23** | $11409 | $11141 | $11230 |
| **6/30/23** | $11438 | $11134 | $11278 |
| **7/31/23** | $11539 | $11138 | $11327 |
| **8/31/23** | $11501 | $11124 | $11379 |
| **9/30/23** | $11398 | $10932 | $11429 |
| **10/31/23** | $11297 | $10854 | $11482 |
| **11/30/23** | $11676 | $11228 | $11533 |
| **12/31/23** | $11937 | $11586 | $11586 |
| **1/31/24** | $11988 | $11564 | $11639 |
| **2/29/24** | $11975 | $11484 | $11689 |
| **3/31/24** | $12079 | $11588 | $11742 |
| **4/30/24** | $12041 | $11401 | $11795 |
| **5/31/24** | $12183 | $11502 | $11849 |
| **6/30/24** | $12235 | $11602 | $11898 |
| **7/31/24** | $12379 | $11826 | $11956 |
| **8/31/24** | $12484 | $11956 | $12011 |
| **9/30/24** | $12616 | $12094 | $12063 |
| **10/31/24** | $12563 | $11931 | $12114 |
| **11/30/24** | $12682 | $12072 | $12161 |
| **12/31/24** | $12665 | $11980 | $12208 |
| **1/31/25** | $12759 | $12026 | $12254 |
| **2/28/25** | $12880 | $12171 | $12295 |
| **3/31/25** | $12904 | $12120 | $12341 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.83% | 4.54% | 2.58% |
| Class C (including sales charge) | 5.83% | 4.54% | 2.58% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $428005 |
| # of Portfolio Holdings | 913 |
| Portfolio Turnover Rate | 279% |
| Total Net Advisory Fees Paid During the Reporting Period | $1029 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 63.2% |
| U.S. Government Agencies | 17.8% |
| Loan Participations and Assignments | 8.1% |
| U.S. Treasury Obligations | 4.7% |
| Asset-Backed Securities | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.7% |
| Affiliated Investments | 9.2% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (14.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.38% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PCCRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6233TSRAR_033125

# Institutional Class: PCARX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $105 | 1.01% |

---

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

* Long exposure to U.S. duration contributed to performance, as rates fell. 

* Long exposure to the banking sector contributed to performance, as banks' profitability generally remained strong. 

* Long exposure to non-agency mortgage-backed securities contributed to performance, as spreads tightened. 

* Long exposure to the Brazilian real detracted from performance, as the currency depreciated. 

* Short exposure to the euro detracted from performance, as the currency appreciated. 

* Long exposure to credit default swap indices detracted from performance, as risk sentiment was dampened by inflation concerns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021ie65c5a10eaba20c75fad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1005988 | $994409 | $1000229 |
| **5/31/15** | $1012974 | $990287 | $1000460 |
| **6/30/15** | $1006510 | $978046 | $1000689 |
| **7/31/15** | $1008519 | $987733 | $1000924 |
| **8/31/15** | $994456 | $985063 | $1001159 |
| **9/30/15** | $972013 | $990905 | $1001394 |
| **10/31/15** | $984150 | $994119 | $1001666 |
| **11/30/15** | $974036 | $994576 | $1001940 |
| **12/31/15** | $965397 | $991885 | $1002212 |
| **1/31/16** | $951975 | $1006395 | $1002719 |
| **2/29/16** | $941650 | $1016068 | $1003226 |
| **3/31/16** | $962300 | $1024433 | $1003732 |
| **4/30/16** | $977787 | $1026173 | $1004260 |
| **5/31/16** | $982950 | $1030510 | $1004788 |
| **6/30/16** | $989729 | $1050127 | $1005317 |
| **7/31/16** | $1010500 | $1056401 | $1005845 |
| **8/31/16** | $1019847 | $1055863 | $1006374 |
| **9/30/16** | $1027082 | $1055737 | $1006904 |
| **10/31/16** | $1030213 | $1045500 | $1007607 |
| **11/30/16** | $1030213 | $1028232 | $1008310 |
| **12/31/16** | $1043714 | $1031050 | $1009013 |
| **1/31/17** | $1051177 | $1027295 | $1009853 |
| **2/28/17** | $1060772 | $1036089 | $1010693 |
| **3/31/17** | $1070367 | $1035611 | $1011533 |
| **4/30/17** | $1077829 | $1042634 | $1012501 |
| **5/31/17** | $1084226 | $1048720 | $1013468 |
| **6/30/17** | $1086659 | $1045784 | $1014436 |
| **7/31/17** | $1093127 | $1049222 | $1015532 |
| **8/31/17** | $1102829 | $1058784 | $1016629 |
| **9/30/17** | $1110436 | $1053896 | $1017727 |
| **10/31/17** | $1113692 | $1058341 | $1018858 |
| **11/30/17** | $1115863 | $1059981 | $1019989 |
| **12/31/17** | $1116195 | $1062350 | $1021122 |
| **1/31/18** | $1122800 | $1054766 | $1022563 |
| **2/28/18** | $1116195 | $1052388 | $1024006 |
| **3/31/18** | $1117264 | $1061113 | $1025451 |
| **4/30/18** | $1117264 | $1057165 | $1027418 |
| **5/31/18** | $1113939 | $1061115 | $1029389 |
| **6/30/18** | $1111915 | $1063093 | $1031364 |
| **7/31/18** | $1123124 | $1063384 | $1033370 |
| **8/31/18** | $1124245 | $1066652 | $1035380 |
| **9/30/18** | $1126744 | $1062572 | $1037394 |
| **10/31/18** | $1118849 | $1060496 | $1039457 |
| **11/30/18** | $1113209 | $1065684 | $1041524 |
| **12/31/18** | $1106191 | $1081078 | $1043595 |
| **1/31/19** | $1126867 | $1092528 | $1046033 |
| **2/28/19** | $1140651 | $1093841 | $1048476 |
| **3/31/19** | $1148172 | $1113432 | $1050925 |
| **4/30/19** | $1159770 | $1114096 | $1053203 |
| **5/31/19** | $1159770 | $1130127 | $1055486 |
| **6/30/19** | $1173338 | $1145973 | $1057774 |
| **7/31/19** | $1173338 | $1154991 | $1059827 |
| **8/31/19** | $1179181 | $1181184 | $1061885 |
| **9/30/19** | $1180700 | $1175711 | $1063947 |
| **10/31/19** | $1188989 | $1173681 | $1065813 |
| **11/30/19** | $1191358 | $1172304 | $1067682 |
| **12/31/19** | $1200866 | $1169901 | $1069554 |
| **1/31/20** | $1210435 | $1191013 | $1071288 |
| **2/29/20** | $1205651 | $1205590 | $1073023 |
| **3/31/20** | $1094374 | $1186827 | $1074762 |
| **4/30/20** | $1128158 | $1206040 | $1076061 |
| **5/31/20** | $1151083 | $1209459 | $1077361 |
| **6/30/20** | $1166327 | $1215495 | $1078663 |
| **7/31/20** | $1194300 | $1228777 | $1078940 |
| **8/31/20** | $1200381 | $1219873 | $1079217 |
| **9/30/20** | $1200958 | $1224329 | $1079494 |
| **10/31/20** | $1200958 | $1224418 | $1079692 |
| **11/30/20** | $1229144 | $1231405 | $1079890 |
| **12/31/20** | $1241828 | $1235188 | $1080089 |
| **1/31/21** | $1248037 | $1228563 | $1080317 |
| **2/28/21** | $1249279 | $1209452 | $1080546 |
| **3/31/21** | $1248249 | $1204687 | $1080774 |
| **4/30/21** | $1255746 | $1207836 | $1080957 |
| **5/31/21** | $1259495 | $1210532 | $1081139 |
| **6/30/21** | $1265136 | $1216436 | $1081321 |
| **7/31/21** | $1265136 | $1231555 | $1081454 |
| **8/31/21** | $1270162 | $1229087 | $1081587 |
| **9/30/21** | $1267407 | $1217483 | $1081719 |
| **10/31/21** | $1255966 | $1214299 | $1081838 |
| **11/30/21** | $1252153 | $1222961 | $1081957 |
| **12/31/21** | $1259621 | $1218001 | $1082075 |
| **1/31/22** | $1249349 | $1198865 | $1082277 |
| **2/28/22** | $1237793 | $1182918 | $1082479 |
| **3/31/22** | $1232038 | $1157419 | $1082681 |
| **4/30/22** | $1213920 | $1126312 | $1083588 |
| **5/31/22** | $1208743 | $1124762 | $1084497 |
| **6/30/22** | $1171806 | $1107692 | $1085406 |
| **7/31/22** | $1205658 | $1135906 | $1086882 |
| **8/31/22** | $1201752 | $1106252 | $1089024 |
| **9/30/22** | $1181370 | $1070739 | $1091245 |
| **10/31/22** | $1183999 | $1067074 | $1094093 |
| **11/30/22** | $1214223 | $1094267 | $1097463 |
| **12/31/22** | $1217987 | $1081352 | $1101293 |
| **1/31/23** | $1247304 | $1106259 | $1105379 |
| **2/28/23** | $1233979 | $1088614 | $1109281 |
| **3/31/23** | $1250678 | $1112753 | $1113695 |
| **4/30/23** | $1257409 | $1118482 | $1118173 |
| **5/31/23** | $1253371 | $1114079 | $1123014 |
| **6/30/23** | $1257800 | $1113414 | $1127753 |
| **7/31/23** | $1270038 | $1113774 | $1132705 |
| **8/31/23** | $1267318 | $1112375 | $1137880 |
| **9/30/23** | $1257001 | $1093192 | $1142922 |
| **10/31/23** | $1247406 | $1085430 | $1148156 |
| **11/30/23** | $1289900 | $1122750 | $1153254 |
| **12/31/23** | $1321173 | $1158631 | $1158559 |
| **1/31/24** | $1328119 | $1156360 | $1163888 |
| **2/29/24** | $1326730 | $1148426 | $1168881 |
| **3/31/24** | $1339888 | $1158782 | $1174247 |
| **4/30/24** | $1337062 | $1140124 | $1179460 |
| **5/31/24** | $1354022 | $1150213 | $1184862 |
| **6/30/24** | $1360881 | $1160193 | $1189779 |
| **7/31/24** | $1379484 | $1182607 | $1195621 |
| **8/31/24** | $1392363 | $1195560 | $1201121 |
| **9/30/24** | $1407477 | $1209433 | $1206310 |
| **10/31/24** | $1403129 | $1193067 | $1211352 |
| **11/30/24** | $1417624 | $1207238 | $1216089 |
| **12/31/24** | $1418393 | $1197974 | $1220844 |
| **1/31/25** | $1428693 | $1202615 | $1225398 |
| **2/28/25** | $1444878 | $1217096 | $1229539 |
| **3/31/25** | $1447846 | $1212017 | $1234125 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 8.06% | 5.76% | 3.77% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $428005 |
| # of Portfolio Holdings | 913 |
| Portfolio Turnover Rate | 279% |
| Total Net Advisory Fees Paid During the Reporting Period | $1029 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 63.2% |
| U.S. Government Agencies | 17.8% |
| Loan Participations and Assignments | 8.1% |
| U.S. Treasury Obligations | 4.7% |
| Asset-Backed Securities | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.7% |
| Affiliated Investments | 9.2% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (14.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.38% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PCARX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2028TSRAR_033125

# I-2: PPCRX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $115 | 1.11% |

---

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

* Long exposure to U.S. duration contributed to performance, as rates fell. 

* Long exposure to the banking sector contributed to performance, as banks' profitability generally remained strong. 

* Long exposure to non-agency mortgage-backed securities contributed to performance, as spreads tightened. 

* Long exposure to the Brazilian real detracted from performance, as the currency depreciated. 

* Short exposure to the euro detracted from performance, as the currency appreciated. 

* Long exposure to credit default swap indices detracted from performance, as risk sentiment was dampened by inflation concerns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021ib185c2dc4dd0ff5406df.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1004995 | $994409 | $1000229 |
| **5/31/15** | $1011988 | $990287 | $1000460 |
| **6/30/15** | $1005353 | $978046 | $1000689 |
| **7/31/15** | $1007364 | $987733 | $1000924 |
| **8/31/15** | $993289 | $985063 | $1001159 |
| **9/30/15** | $970660 | $990905 | $1001394 |
| **10/31/15** | $982806 | $994119 | $1001666 |
| **11/30/15** | $972684 | $994576 | $1001940 |
| **12/31/15** | $964479 | $991885 | $1002212 |
| **1/31/16** | $951055 | $1006395 | $1002719 |
| **2/29/16** | $939696 | $1016068 | $1003226 |
| **3/31/16** | $960349 | $1024433 | $1003732 |
| **4/30/16** | $974805 | $1026173 | $1004260 |
| **5/31/16** | $981001 | $1030510 | $1004788 |
| **6/30/16** | $986503 | $1050127 | $1005317 |
| **7/31/16** | $1008310 | $1056401 | $1005845 |
| **8/31/16** | $1016617 | $1055863 | $1006374 |
| **9/30/16** | $1024521 | $1055737 | $1006904 |
| **10/31/16** | $1027651 | $1045500 | $1007607 |
| **11/30/16** | $1027651 | $1028232 | $1008310 |
| **12/31/16** | $1041350 | $1031050 | $1009013 |
| **1/31/17** | $1048811 | $1027295 | $1009853 |
| **2/28/17** | $1057338 | $1036089 | $1010693 |
| **3/31/17** | $1066931 | $1035611 | $1011533 |
| **4/30/17** | $1074392 | $1042634 | $1012501 |
| **5/31/17** | $1079721 | $1048720 | $1013468 |
| **6/30/17** | $1083176 | $1045784 | $1014436 |
| **7/31/17** | $1089643 | $1049222 | $1015532 |
| **8/31/17** | $1098265 | $1058784 | $1016629 |
| **9/30/17** | $1105744 | $1053896 | $1017727 |
| **10/31/17** | $1110085 | $1058341 | $1018858 |
| **11/30/17** | $1111170 | $1059981 | $1019989 |
| **12/31/17** | $1112417 | $1062350 | $1021122 |
| **1/31/18** | $1117918 | $1054766 | $1022563 |
| **2/28/18** | $1111316 | $1052388 | $1024006 |
| **3/31/18** | $1113152 | $1061113 | $1025451 |
| **4/30/18** | $1112045 | $1057165 | $1027418 |
| **5/31/18** | $1108722 | $1061115 | $1029389 |
| **6/30/18** | $1107618 | $1063093 | $1031364 |
| **7/31/18** | $1117697 | $1063384 | $1033370 |
| **8/31/18** | $1119937 | $1066652 | $1035380 |
| **9/30/18** | $1122171 | $1062572 | $1037394 |
| **10/31/18** | $1113158 | $1060496 | $1039457 |
| **11/30/18** | $1107524 | $1065684 | $1041524 |
| **12/31/18** | $1101389 | $1081078 | $1043595 |
| **1/31/19** | $1122040 | $1092528 | $1046033 |
| **2/28/19** | $1134660 | $1093841 | $1048476 |
| **3/31/19** | $1141877 | $1113432 | $1050925 |
| **4/30/19** | $1153458 | $1114096 | $1053203 |
| **5/31/19** | $1153458 | $1130127 | $1055486 |
| **6/30/19** | $1166816 | $1145973 | $1057774 |
| **7/31/19** | $1166816 | $1154991 | $1059827 |
| **8/31/19** | $1172650 | $1181184 | $1061885 |
| **9/30/19** | $1173899 | $1175711 | $1063947 |
| **10/31/19** | $1182175 | $1173681 | $1065813 |
| **11/30/19** | $1184539 | $1172304 | $1067682 |
| **12/31/19** | $1193729 | $1169901 | $1069554 |
| **1/31/20** | $1203279 | $1191013 | $1071288 |
| **2/29/20** | $1198504 | $1205590 | $1073023 |
| **3/31/20** | $1087319 | $1186827 | $1074762 |
| **4/30/20** | $1121034 | $1206040 | $1076061 |
| **5/31/20** | $1143912 | $1209459 | $1077361 |
| **6/30/20** | $1157769 | $1215495 | $1078663 |
| **7/31/20** | $1185682 | $1228777 | $1078940 |
| **8/31/20** | $1192964 | $1219873 | $1079217 |
| **9/30/20** | $1193259 | $1224329 | $1079494 |
| **10/31/20** | $1192036 | $1224418 | $1079692 |
| **11/30/20** | $1220156 | $1231405 | $1079890 |
| **12/31/20** | $1233758 | $1235188 | $1080089 |
| **1/31/21** | $1238713 | $1228563 | $1080317 |
| **2/28/21** | $1239952 | $1209452 | $1080546 |
| **3/31/21** | $1238710 | $1204687 | $1080774 |
| **4/30/21** | $1246187 | $1207836 | $1080957 |
| **5/31/21** | $1251172 | $1210532 | $1081139 |
| **6/30/21** | $1255376 | $1216436 | $1081321 |
| **7/31/21** | $1255376 | $1231555 | $1081454 |
| **8/31/21** | $1260387 | $1229087 | $1081587 |
| **9/30/21** | $1257362 | $1217483 | $1081719 |
| **10/31/21** | $1245954 | $1214299 | $1081838 |
| **11/30/21** | $1242152 | $1222961 | $1081957 |
| **12/31/21** | $1249292 | $1218001 | $1082075 |
| **1/31/22** | $1240331 | $1198865 | $1082277 |
| **2/28/22** | $1227531 | $1182918 | $1082479 |
| **3/31/22** | $1221520 | $1157419 | $1082681 |
| **4/30/22** | $1203462 | $1126312 | $1083588 |
| **5/31/22** | $1199592 | $1124762 | $1084497 |
| **6/30/22** | $1161300 | $1107692 | $1085406 |
| **7/31/22** | $1195036 | $1135906 | $1086882 |
| **8/31/22** | $1191144 | $1106252 | $1089024 |
| **9/30/22** | $1170559 | $1070739 | $1091245 |
| **10/31/22** | $1173177 | $1067074 | $1094093 |
| **11/30/22** | $1203292 | $1094267 | $1097463 |
| **12/31/22** | $1206737 | $1081352 | $1101293 |
| **1/31/23** | $1235943 | $1106259 | $1105379 |
| **2/28/23** | $1222668 | $1088614 | $1109281 |
| **3/31/23** | $1237753 | $1112753 | $1113695 |
| **4/30/23** | $1245799 | $1118482 | $1118173 |
| **5/31/23** | $1241776 | $1114079 | $1123014 |
| **6/30/23** | $1245976 | $1113414 | $1127753 |
| **7/31/23** | $1256810 | $1113774 | $1132705 |
| **8/31/23** | $1255456 | $1112375 | $1137880 |
| **9/30/23** | $1244943 | $1093192 | $1142922 |
| **10/31/23** | $1235387 | $1085430 | $1148156 |
| **11/30/23** | $1276339 | $1122750 | $1153254 |
| **12/31/23** | $1307074 | $1158631 | $1158559 |
| **1/31/24** | $1313990 | $1156360 | $1163888 |
| **2/29/24** | $1312607 | $1148426 | $1168881 |
| **3/31/24** | $1325480 | $1158782 | $1174247 |
| **4/30/24** | $1322666 | $1140124 | $1179460 |
| **5/31/24** | $1339551 | $1150213 | $1184862 |
| **6/30/24** | $1346092 | $1160193 | $1189779 |
| **7/31/24** | $1364610 | $1182607 | $1195621 |
| **8/31/24** | $1377430 | $1195560 | $1201121 |
| **9/30/24** | $1392207 | $1209433 | $1206310 |
| **10/31/24** | $1387879 | $1193067 | $1211352 |
| **11/30/24** | $1402306 | $1207238 | $1216089 |
| **12/31/24** | $1402705 | $1197974 | $1220844 |
| **1/31/25** | $1412954 | $1202615 | $1225398 |
| **2/28/25** | $1427596 | $1217096 | $1229539 |
| **3/31/25** | $1431681 | $1212017 | $1234125 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 8.01% | 5.66% | 3.65% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $428005 |
| # of Portfolio Holdings | 913 |
| Portfolio Turnover Rate | 279% |
| Total Net Advisory Fees Paid During the Reporting Period | $1029 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 63.2% |
| U.S. Government Agencies | 17.8% |
| Loan Participations and Assignments | 8.1% |
| U.S. Treasury Obligations | 4.7% |
| Asset-Backed Securities | 3.1% |
| Sovereign Issues | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.5% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.7% |
| Affiliated Investments | 9.2% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (14.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.38% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PPCRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2030TSRAR_033125

# Class A: PDVAX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $125 | 1.21% |

---

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

* Tactical exposure to non-agency residential mortgage-backed securities ("RMBS") contributed to performance, as spreads tightened. 

* U.S. duration positioning contributed to performance, as rates fell. 

* Overweight exposure to high yield, particularly via credit default swap indices, contributed to performance, as risk sentiment was supported by moderating inflation in the second half of 2024. 

* Tactical exposure to agency RMBS detracted from performance, as spreads widened. 

* Euro duration positioning detracted from performance, as the curve steepened. 

* U.K. duration positioning, particularly along the belly of the curve, detracted from performance, as rates rose.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i39de931ba56376ceb45e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** | **Bloomberg Global Credit Hedged USD Index** |
| **3/31/15** | $9625 | $10000 | $10000 | $10000 |
| **4/30/15** | $9731 | $9944 | $10074 | $9987 |
| **5/31/15** | $9748 | $9903 | $10051 | $9960 |
| **6/30/15** | $9587 | $9780 | $9889 | $9798 |
| **7/31/15** | $9652 | $9877 | $9933 | $9860 |
| **8/31/15** | $9508 | $9851 | $9835 | $9787 |
| **9/30/15** | $9329 | $9909 | $9725 | $9762 |
| **10/31/15** | $9585 | $9941 | $9935 | $9866 |
| **11/30/15** | $9539 | $9946 | $9899 | $9856 |
| **12/31/15** | $9400 | $9919 | $9761 | $9762 |
| **1/31/16** | $9359 | $10064 | $9737 | $9793 |
| **2/29/16** | $9349 | $10161 | $9837 | $9857 |
| **3/31/16** | $9612 | $10244 | $10129 | $10087 |
| **4/30/16** | $9820 | $10262 | $10321 | $10214 |
| **5/31/16** | $9881 | $10305 | $10330 | $10240 |
| **6/30/16** | $10086 | $10501 | $10539 | $10418 |
| **7/31/16** | $10282 | $10564 | $10733 | $10588 |
| **8/31/16** | $10423 | $10559 | $10881 | $10663 |
| **9/30/16** | $10460 | $10557 | $10898 | $10660 |
| **10/31/16** | $10425 | $10455 | $10824 | $10591 |
| **11/30/16** | $10220 | $10282 | $10584 | $10391 |
| **12/31/16** | $10352 | $10311 | $10719 | $10478 |
| **1/31/17** | $10445 | $10273 | $10811 | $10517 |
| **2/28/17** | $10609 | $10361 | $10970 | $10643 |
| **3/31/17** | $10678 | $10356 | $10977 | $10638 |
| **4/30/17** | $10811 | $10426 | $11113 | $10738 |
| **5/31/17** | $10938 | $10487 | $11210 | $10831 |
| **6/30/17** | $10917 | $10458 | $11207 | $10828 |
| **7/31/17** | $11012 | $10492 | $11294 | $10907 |
| **8/31/17** | $11140 | $10588 | $11398 | $10996 |
| **9/30/17** | $11146 | $10539 | $11414 | $10984 |
| **10/31/17** | $11192 | $10583 | $11469 | $11049 |
| **11/30/17** | $11168 | $10600 | $11448 | $11041 |
| **12/31/17** | $11223 | $10624 | $11500 | $11096 |
| **1/31/18** | $11176 | $10548 | $11482 | $11041 |
| **2/28/18** | $11066 | $10524 | $11343 | $10945 |
| **3/31/18** | $11140 | $10611 | $11354 | $10968 |
| **4/30/18** | $11111 | $10572 | $11306 | $10927 |
| **5/31/18** | $11084 | $10611 | $11267 | $10944 |
| **6/30/18** | $11047 | $10631 | $11226 | $10920 |
| **7/31/18** | $11167 | $10634 | $11367 | $11001 |
| **8/31/18** | $11135 | $10667 | $11338 | $11029 |
| **9/30/18** | $11220 | $10626 | $11411 | $11027 |
| **10/31/18** | $11101 | $10605 | $11250 | $10936 |
| **11/30/18** | $11070 | $10657 | $11200 | $10910 |
| **12/31/18** | $11068 | $10811 | $11244 | $11006 |
| **1/31/19** | $11449 | $10925 | $11623 | $11245 |
| **2/28/19** | $11531 | $10938 | $11729 | $11311 |
| **3/31/19** | $11700 | $11134 | $11915 | $11524 |
| **4/30/19** | $11772 | $11141 | $11995 | $11595 |
| **5/31/19** | $11803 | $11301 | $12024 | $11691 |
| **6/30/19** | $12108 | $11460 | $12330 | $11939 |
| **7/31/19** | $12180 | $11550 | $12442 | $12045 |
| **8/31/19** | $12264 | $11812 | $12594 | $12264 |
| **9/30/19** | $12241 | $11757 | $12568 | $12221 |
| **10/31/19** | $12299 | $11737 | $12607 | $12257 |
| **11/30/19** | $12336 | $11723 | $12634 | $12275 |
| **12/31/19** | $12433 | $11699 | $12782 | $12335 |
| **1/31/20** | $12614 | $11910 | $12951 | $12557 |
| **2/29/20** | $12592 | $12056 | $12894 | $12623 |
| **3/31/20** | $11485 | $11868 | $11623 | $11724 |
| **4/30/20** | $11781 | $12060 | $12050 | $12186 |
| **5/31/20** | $12121 | $12095 | $12479 | $12405 |
| **6/30/20** | $12298 | $12155 | $12705 | $12615 |
| **7/31/20** | $12664 | $12288 | $13136 | $12941 |
| **8/31/20** | $12719 | $12199 | $13156 | $12891 |
| **9/30/20** | $12619 | $12243 | $13039 | $12863 |
| **10/31/20** | $12609 | $12244 | $13057 | $12878 |
| **11/30/20** | $13031 | $12314 | $13462 | $13168 |
| **12/31/20** | $13174 | $12352 | $13626 | $13264 |
| **1/31/21** | $13077 | $12286 | $13547 | $13184 |
| **2/28/21** | $12912 | $12095 | $13376 | $13020 |
| **3/31/21** | $12829 | $12047 | $13298 | $12914 |
| **4/30/21** | $12981 | $12078 | $13453 | $13013 |
| **5/31/21** | $13046 | $12105 | $13531 | $13073 |
| **6/30/21** | $13172 | $12164 | $13666 | $13203 |
| **7/31/21** | $13253 | $12316 | $13770 | $13338 |
| **8/31/21** | $13307 | $12291 | $13822 | $13337 |
| **9/30/21** | $13174 | $12175 | $13685 | $13213 |
| **10/31/21** | $13127 | $12143 | $13671 | $13190 |
| **11/30/21** | $13030 | $12230 | $13580 | $13187 |
| **12/31/21** | $13167 | $12180 | $13710 | $13209 |
| **1/31/22** | $12818 | $11989 | $13355 | $12888 |
| **2/28/22** | $12400 | $11829 | $12960 | $12589 |
| **3/31/22** | $12219 | $11574 | $12791 | $12328 |
| **4/30/22** | $11668 | $11263 | $12249 | $11847 |
| **5/31/22** | $11689 | $11248 | $12267 | $11853 |
| **6/30/22** | $11096 | $11077 | $11666 | $11468 |
| **7/31/22** | $11583 | $11359 | $12144 | $11854 |
| **8/31/22** | $11305 | $11063 | $11875 | $11534 |
| **9/30/22** | $10806 | $10707 | $11313 | $11028 |
| **10/31/22** | $10889 | $10671 | $11401 | $11007 |
| **11/30/22** | $11381 | $10943 | $11914 | $11465 |
| **12/31/22** | $11309 | $10814 | $11870 | $11394 |
| **1/31/23** | $11731 | $11063 | $12262 | $11767 |
| **2/28/23** | $11460 | $10886 | $12034 | $11514 |
| **3/31/23** | $11592 | $11128 | $12219 | $11732 |
| **4/30/23** | $11632 | $11185 | $12302 | $11815 |
| **5/31/23** | $11549 | $11141 | $12213 | $11725 |
| **6/30/23** | $11685 | $11134 | $12340 | $11766 |
| **7/31/23** | $11815 | $11138 | $12487 | $11851 |
| **8/31/23** | $11770 | $11124 | $12428 | $11815 |
| **9/30/23** | $11546 | $10932 | $12203 | $11610 |
| **10/31/23** | $11410 | $10854 | $12080 | $11504 |
| **11/30/23** | $11960 | $11228 | $12658 | $12010 |
| **12/31/23** | $12434 | $11586 | $13157 | $12460 |
| **1/31/24** | $12414 | $11564 | $13114 | $12450 |
| **2/29/24** | $12396 | $11484 | $13104 | $12354 |
| **3/31/24** | $12586 | $11588 | $13286 | $12509 |
| **4/30/24** | $12374 | $11401 | $13088 | $12302 |
| **5/31/24** | $12559 | $11502 | $13271 | $12463 |
| **6/30/24** | $12644 | $11602 | $13371 | $12549 |
| **7/31/24** | $12880 | $11826 | $13619 | $12809 |
| **8/31/24** | $13069 | $11956 | $13842 | $12972 |
| **9/30/24** | $13269 | $12094 | $14044 | $13168 |
| **10/31/24** | $13082 | $11931 | $13872 | $12988 |
| **11/30/24** | $13286 | $12072 | $14036 | $13158 |
| **12/31/24** | $13171 | $11980 | $13902 | $13017 |
| **1/31/25** | $13302 | $12026 | $14039 | $13104 |
| **2/28/25** | $13493 | $12171 | $14221 | $13290 |
| **3/31/25** | $13423 | $12120 | $14133 | $13218 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.65% | 3.17% | 3.38% |
| Class A (including sales charge) | 2.65% | 2.38% | 2.99% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.37% | 3.99% | 3.52% |
| Bloomberg Global Credit Hedged USD Index | 5.66% | 2.43% | 2.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2971141 |
| # of Portfolio Holdings | 1928 |
| Portfolio Turnover Rate | 303% |
| Total Net Advisory Fees Paid During the Reporting Period | $13742 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.5% |
| Sovereign Issues | 17.5% |
| U.S. Government Agencies | 14.7% |
| Asset-Backed Securities | 10.9% |
| Loan Participations and Assignments | 5.5% |
| U.S. Treasury Obligations | 5.1% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Preferred Securities | 0.5% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PDVAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4033TSRAR_033125

# Administrative Class: PDAAX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $110 | 1.06% |

---

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

* Tactical exposure to non-agency residential mortgage-backed securities ("RMBS") contributed to performance, as spreads tightened. 

* U.S. duration positioning contributed to performance, as rates fell. 

* Overweight exposure to high yield, particularly via credit default swap indices, contributed to performance, as risk sentiment was supported by moderating inflation in the second half of 2024. 

* Tactical exposure to agency RMBS detracted from performance, as spreads widened. 

* Euro duration positioning detracted from performance, as the curve steepened. 

* U.K. duration positioning, particularly along the belly of the curve, detracted from performance, as rates rose.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i9f0011bd843a06a429b1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** | **Bloomberg Global Credit Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1011137 | $994409 | $1007365 | $998684 |
| **5/31/15** | $1013070 | $990287 | $1005144 | $996023 |
| **6/30/15** | $996404 | $978046 | $988881 | $979816 |
| **7/31/15** | $1003344 | $987733 | $993275 | $985998 |
| **8/31/15** | $988468 | $985063 | $983476 | $978718 |
| **9/30/15** | $969970 | $990905 | $972476 | $976247 |
| **10/31/15** | $996692 | $994119 | $993547 | $986619 |
| **11/30/15** | $992065 | $994576 | $989894 | $985579 |
| **12/31/15** | $977777 | $991885 | $976093 | $976242 |
| **1/31/16** | $973555 | $1006395 | $973716 | $979288 |
| **2/29/16** | $972702 | $1016068 | $983716 | $985712 |
| **3/31/16** | $1000158 | $1024433 | $1012929 | $1008728 |
| **4/30/16** | $1021867 | $1026173 | $1032115 | $1021419 |
| **5/31/16** | $1028422 | $1030510 | $1033013 | $1024026 |
| **6/30/16** | $1049845 | $1050127 | $1053923 | $1041780 |
| **7/31/16** | $1070417 | $1056401 | $1073270 | $1058838 |
| **8/31/16** | $1085164 | $1055863 | $1088129 | $1066322 |
| **9/30/16** | $1089157 | $1055737 | $1089757 | $1065955 |
| **10/31/16** | $1085737 | $1045500 | $1082445 | $1059111 |
| **11/30/16** | $1064455 | $1028232 | $1058444 | $1039076 |
| **12/31/16** | $1078326 | $1031050 | $1071858 | $1047829 |
| **1/31/17** | $1088169 | $1027295 | $1081079 | $1051689 |
| **2/28/17** | $1105383 | $1036089 | $1097012 | $1064309 |
| **3/31/17** | $1112705 | $1035611 | $1097666 | $1063753 |
| **4/30/17** | $1126716 | $1042634 | $1111274 | $1073833 |
| **5/31/17** | $1140059 | $1048720 | $1120955 | $1083075 |
| **6/30/17** | $1138103 | $1045784 | $1120656 | $1082759 |
| **7/31/17** | $1148142 | $1049222 | $1129430 | $1090658 |
| **8/31/17** | $1161552 | $1058784 | $1139781 | $1099595 |
| **9/30/17** | $1162317 | $1053896 | $1141408 | $1098403 |
| **10/31/17** | $1167290 | $1058341 | $1146905 | $1104944 |
| **11/30/17** | $1164939 | $1059981 | $1144762 | $1104126 |
| **12/31/17** | $1170835 | $1062350 | $1149993 | $1109565 |
| **1/31/18** | $1166120 | $1054766 | $1148249 | $1104107 |
| **2/28/18** | $1154737 | $1052388 | $1134318 | $1094485 |
| **3/31/18** | $1162618 | $1061113 | $1135444 | $1096821 |
| **4/30/18** | $1159692 | $1057165 | $1130589 | $1092708 |
| **5/31/18** | $1157065 | $1061115 | $1126686 | $1094382 |
| **6/30/18** | $1153360 | $1063093 | $1122585 | $1092034 |
| **7/31/18** | $1165967 | $1063384 | $1136739 | $1100138 |
| **8/31/18** | $1162818 | $1066652 | $1133764 | $1102914 |
| **9/30/18** | $1171831 | $1062572 | $1141082 | $1102691 |
| **10/31/18** | $1159579 | $1060496 | $1125022 | $1093559 |
| **11/30/18** | $1156467 | $1065684 | $1119973 | $1090963 |
| **12/31/18** | $1156427 | $1081078 | $1124363 | $1100570 |
| **1/31/19** | $1196371 | $1092528 | $1162339 | $1124522 |
| **2/28/19** | $1205152 | $1093841 | $1172891 | $1131072 |
| **3/31/19** | $1222964 | $1113432 | $1191481 | $1152420 |
| **4/30/19** | $1230558 | $1114096 | $1199463 | $1159481 |
| **5/31/19** | $1233976 | $1130127 | $1202406 | $1169140 |
| **6/30/19** | $1266025 | $1145973 | $1232971 | $1193856 |
| **7/31/19** | $1273667 | $1154991 | $1244234 | $1204522 |
| **8/31/19** | $1282659 | $1181184 | $1259385 | $1226389 |
| **9/30/19** | $1280466 | $1175711 | $1256814 | $1222083 |
| **10/31/19** | $1286670 | $1173681 | $1260704 | $1225695 |
| **11/30/19** | $1290712 | $1172304 | $1263357 | $1227460 |
| **12/31/19** | $1300966 | $1169901 | $1278225 | $1233494 |
| **1/31/20** | $1320148 | $1191013 | $1295139 | $1255729 |
| **2/29/20** | $1317968 | $1205590 | $1289352 | $1262307 |
| **3/31/20** | $1202210 | $1186827 | $1162326 | $1172441 |
| **4/30/20** | $1233400 | $1206040 | $1205039 | $1218610 |
| **5/31/20** | $1269111 | $1209459 | $1247897 | $1240527 |
| **6/30/20** | $1287862 | $1215495 | $1270536 | $1261522 |
| **7/31/20** | $1326375 | $1228777 | $1313618 | $1294134 |
| **8/31/20** | $1332203 | $1219873 | $1315596 | $1289086 |
| **9/30/20** | $1321963 | $1224329 | $1303867 | $1286336 |
| **10/31/20** | $1321061 | $1224418 | $1305657 | $1287808 |
| **11/30/20** | $1365464 | $1231405 | $1346195 | $1316815 |
| **12/31/20** | $1380608 | $1235188 | $1362561 | $1326366 |
| **1/31/21** | $1370594 | $1228563 | $1354681 | $1318377 |
| **2/28/21** | $1353490 | $1209452 | $1337633 | $1301961 |
| **3/31/21** | $1344935 | $1204687 | $1329751 | $1291385 |
| **4/30/21** | $1361001 | $1207836 | $1345338 | $1301251 |
| **5/31/21** | $1367978 | $1210532 | $1353107 | $1307294 |
| **6/30/21** | $1381376 | $1216436 | $1366638 | $1320252 |
| **7/31/21** | $1390063 | $1231555 | $1377011 | $1333832 |
| **8/31/21** | $1395936 | $1229087 | $1382185 | $1333737 |
| **9/30/21** | $1382191 | $1217483 | $1368516 | $1321287 |
| **10/31/21** | $1377365 | $1214299 | $1367093 | $1319004 |
| **11/30/21** | $1367376 | $1222961 | $1358005 | $1318748 |
| **12/31/21** | $1381905 | $1218001 | $1370967 | $1320945 |
| **1/31/22** | $1345506 | $1198865 | $1335483 | $1288766 |
| **2/28/22** | $1301728 | $1182918 | $1295960 | $1258950 |
| **3/31/22** | $1282992 | $1157419 | $1279071 | $1232823 |
| **4/30/22** | $1225235 | $1126312 | $1224852 | $1184743 |
| **5/31/22** | $1227626 | $1124762 | $1226715 | $1185345 |
| **6/30/22** | $1165525 | $1107692 | $1166596 | $1146849 |
| **7/31/22** | $1216787 | $1135906 | $1214350 | $1185407 |
| **8/31/22** | $1187742 | $1106252 | $1187519 | $1153402 |
| **9/30/22** | $1135474 | $1070739 | $1131299 | $1102820 |
| **10/31/22** | $1144307 | $1067074 | $1140125 | $1100663 |
| **11/30/22** | $1196180 | $1094267 | $1191372 | $1146507 |
| **12/31/22** | $1188675 | $1081352 | $1186991 | $1139351 |
| **1/31/23** | $1233179 | $1106259 | $1226196 | $1176699 |
| **2/28/23** | $1204888 | $1088614 | $1203423 | $1151376 |
| **3/31/23** | $1218901 | $1112753 | $1221877 | $1173229 |
| **4/30/23** | $1223314 | $1118482 | $1230229 | $1181531 |
| **5/31/23** | $1214673 | $1114079 | $1221275 | $1172523 |
| **6/30/23** | $1229153 | $1113414 | $1234033 | $1176561 |
| **7/31/23** | $1242928 | $1113774 | $1248657 | $1185123 |
| **8/31/23** | $1238411 | $1112375 | $1242784 | $1181512 |
| **9/30/23** | $1214988 | $1093192 | $1220292 | $1160980 |
| **10/31/23** | $1200868 | $1085430 | $1207972 | $1150351 |
| **11/30/23** | $1258853 | $1122750 | $1265778 | $1201036 |
| **12/31/23** | $1308952 | $1158631 | $1315674 | $1246004 |
| **1/31/24** | $1306967 | $1156360 | $1311430 | $1244952 |
| **2/29/24** | $1305279 | $1148426 | $1310419 | $1235430 |
| **3/31/24** | $1325463 | $1158782 | $1328606 | $1250944 |
| **4/30/24** | $1303257 | $1140124 | $1308781 | $1230162 |
| **5/31/24** | $1322918 | $1150213 | $1327128 | $1246315 |
| **6/30/24** | $1331984 | $1160193 | $1337088 | $1254931 |
| **7/31/24** | $1357051 | $1182607 | $1361893 | $1280863 |
| **8/31/24** | $1377170 | $1195560 | $1384160 | $1297219 |
| **9/30/24** | $1398415 | $1209433 | $1404420 | $1316803 |
| **10/31/24** | $1378835 | $1193067 | $1387196 | $1298824 |
| **11/30/24** | $1400535 | $1207238 | $1403574 | $1315751 |
| **12/31/24** | $1388629 | $1197974 | $1390168 | $1301705 |
| **1/31/25** | $1402613 | $1202615 | $1403882 | $1310393 |
| **2/28/25** | $1422922 | $1217096 | $1422071 | $1328996 |
| **3/31/25** | $1415685 | $1212017 | $1413263 | $1321789 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 6.81% | 3.32% | 3.54% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.37% | 3.99% | 3.52% |
| Bloomberg Global Credit Hedged USD Index | 5.66% | 2.43% | 2.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2971141 |
| # of Portfolio Holdings | 1928 |
| Portfolio Turnover Rate | 303% |
| Total Net Advisory Fees Paid During the Reporting Period | $13742 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.5% |
| Sovereign Issues | 17.5% |
| U.S. Government Agencies | 14.7% |
| Asset-Backed Securities | 10.9% |
| Loan Participations and Assignments | 5.5% |
| U.S. Treasury Obligations | 5.1% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Preferred Securities | 0.5% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Administrative Class: PDAAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0406TSRAR_033125

# Class C: PDICX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $202 | 1.96% |

---

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

* Tactical exposure to non-agency residential mortgage-backed securities ("RMBS") contributed to performance, as spreads tightened. 

* U.S. duration positioning contributed to performance, as rates fell. 

* Overweight exposure to high yield, particularly via credit default swap indices, contributed to performance, as risk sentiment was supported by moderating inflation in the second half of 2024. 

* Tactical exposure to agency RMBS detracted from performance, as spreads widened. 

* Euro duration positioning detracted from performance, as the curve steepened. 

* U.K. duration positioning, particularly along the belly of the curve, detracted from performance, as rates rose.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021ic1717c0008203ae298cd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** | **Bloomberg Global Credit Hedged USD Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10104 | $9944 | $10074 | $9987 |
| **5/31/15** | $10116 | $9903 | $10051 | $9960 |
| **6/30/15** | $9942 | $9780 | $9889 | $9798 |
| **7/31/15** | $10003 | $9877 | $9933 | $9860 |
| **8/31/15** | $9848 | $9851 | $9835 | $9787 |
| **9/30/15** | $9656 | $9909 | $9725 | $9762 |
| **10/31/15** | $9914 | $9941 | $9935 | $9866 |
| **11/30/15** | $9861 | $9946 | $9899 | $9856 |
| **12/31/15** | $9711 | $9919 | $9761 | $9762 |
| **1/31/16** | $9663 | $10064 | $9737 | $9793 |
| **2/29/16** | $9647 | $10161 | $9837 | $9857 |
| **3/31/16** | $9912 | $10244 | $10129 | $10087 |
| **4/30/16** | $10120 | $10262 | $10321 | $10214 |
| **5/31/16** | $10177 | $10305 | $10330 | $10240 |
| **6/30/16** | $10382 | $10501 | $10539 | $10418 |
| **7/31/16** | $10577 | $10564 | $10733 | $10588 |
| **8/31/16** | $10715 | $10559 | $10881 | $10663 |
| **9/30/16** | $10746 | $10557 | $10898 | $10660 |
| **10/31/16** | $10704 | $10455 | $10824 | $10591 |
| **11/30/16** | $10487 | $10282 | $10584 | $10391 |
| **12/31/16** | $10615 | $10311 | $10719 | $10478 |
| **1/31/17** | $10704 | $10273 | $10811 | $10517 |
| **2/28/17** | $10866 | $10361 | $10970 | $10643 |
| **3/31/17** | $10929 | $10356 | $10977 | $10638 |
| **4/30/17** | $11059 | $10426 | $11113 | $10738 |
| **5/31/17** | $11181 | $10487 | $11210 | $10831 |
| **6/30/17** | $11154 | $10458 | $11207 | $10828 |
| **7/31/17** | $11244 | $10492 | $11294 | $10907 |
| **8/31/17** | $11367 | $10588 | $11398 | $10996 |
| **9/30/17** | $11365 | $10539 | $11414 | $10984 |
| **10/31/17** | $11406 | $10583 | $11469 | $11049 |
| **11/30/17** | $11374 | $10600 | $11448 | $11041 |
| **12/31/17** | $11423 | $10624 | $11500 | $11096 |
| **1/31/18** | $11368 | $10548 | $11482 | $11041 |
| **2/28/18** | $11250 | $10524 | $11343 | $10945 |
| **3/31/18** | $11318 | $10611 | $11354 | $10968 |
| **4/30/18** | $11281 | $10572 | $11306 | $10927 |
| **5/31/18** | $11247 | $10611 | $11267 | $10944 |
| **6/30/18** | $11202 | $10631 | $11226 | $10920 |
| **7/31/18** | $11316 | $10634 | $11367 | $11001 |
| **8/31/18** | $11276 | $10667 | $11338 | $11029 |
| **9/30/18** | $11356 | $10626 | $11411 | $11027 |
| **10/31/18** | $11229 | $10605 | $11250 | $10936 |
| **11/30/18** | $11190 | $10657 | $11200 | $10910 |
| **12/31/18** | $11181 | $10811 | $11244 | $11006 |
| **1/31/19** | $11559 | $10925 | $11623 | $11245 |
| **2/28/19** | $11635 | $10938 | $11729 | $11311 |
| **3/31/19** | $11798 | $11134 | $11915 | $11524 |
| **4/30/19** | $11863 | $11141 | $11995 | $11595 |
| **5/31/19** | $11886 | $11301 | $12024 | $11691 |
| **6/30/19** | $12187 | $11460 | $12330 | $11939 |
| **7/31/19** | $12251 | $11550 | $12442 | $12045 |
| **8/31/19** | $12328 | $11812 | $12594 | $12264 |
| **9/30/19** | $12298 | $11757 | $12568 | $12221 |
| **10/31/19** | $12348 | $11737 | $12607 | $12257 |
| **11/30/19** | $12378 | $11723 | $12634 | $12275 |
| **12/31/19** | $12467 | $11699 | $12782 | $12335 |
| **1/31/20** | $12640 | $11910 | $12951 | $12557 |
| **2/29/20** | $12611 | $12056 | $12894 | $12623 |
| **3/31/20** | $11495 | $11868 | $11623 | $11724 |
| **4/30/20** | $11784 | $12060 | $12050 | $12186 |
| **5/31/20** | $12116 | $12095 | $12479 | $12405 |
| **6/30/20** | $12286 | $12155 | $12705 | $12615 |
| **7/31/20** | $12644 | $12288 | $13136 | $12941 |
| **8/31/20** | $12690 | $12199 | $13156 | $12891 |
| **9/30/20** | $12583 | $12243 | $13039 | $12863 |
| **10/31/20** | $12565 | $12244 | $13057 | $12878 |
| **11/30/20** | $12978 | $12314 | $13462 | $13168 |
| **12/31/20** | $13111 | $12352 | $13626 | $13264 |
| **1/31/21** | $13007 | $12286 | $13547 | $13184 |
| **2/28/21** | $12835 | $12095 | $13376 | $13020 |
| **3/31/21** | $12744 | $12047 | $13298 | $12914 |
| **4/30/21** | $12887 | $12078 | $13453 | $13013 |
| **5/31/21** | $12943 | $12105 | $13531 | $13073 |
| **6/30/21** | $13060 | $12164 | $13666 | $13203 |
| **7/31/21** | $13132 | $12316 | $13770 | $13338 |
| **8/31/21** | $13178 | $12291 | $13822 | $13337 |
| **9/30/21** | $13039 | $12175 | $13685 | $13213 |
| **10/31/21** | $12983 | $12143 | $13671 | $13190 |
| **11/30/21** | $12879 | $12230 | $13580 | $13187 |
| **12/31/21** | $13006 | $12180 | $13710 | $13209 |
| **1/31/22** | $12654 | $11989 | $13355 | $12888 |
| **2/28/22** | $12233 | $11829 | $12960 | $12589 |
| **3/31/22** | $12048 | $11574 | $12791 | $12328 |
| **4/30/22** | $11497 | $11263 | $12249 | $11847 |
| **5/31/22** | $11510 | $11248 | $12267 | $11853 |
| **6/30/22** | $10920 | $11077 | $11666 | $11468 |
| **7/31/22** | $11392 | $11359 | $12144 | $11854 |
| **8/31/22** | $11111 | $11063 | $11875 | $11534 |
| **9/30/22** | $10614 | $10707 | $11313 | $11028 |
| **10/31/22** | $10689 | $10671 | $11401 | $11007 |
| **11/30/22** | $11165 | $10943 | $11914 | $11465 |
| **12/31/22** | $11086 | $10814 | $11870 | $11394 |
| **1/31/23** | $11493 | $11063 | $12262 | $11767 |
| **2/28/23** | $11222 | $10886 | $12034 | $11514 |
| **3/31/23** | $11343 | $11128 | $12219 | $11732 |
| **4/30/23** | $11376 | $11185 | $12302 | $11815 |
| **5/31/23** | $11287 | $11141 | $12213 | $11725 |
| **6/30/23** | $11413 | $11134 | $12340 | $11766 |
| **7/31/23** | $11533 | $11138 | $12487 | $11851 |
| **8/31/23** | $11482 | $11124 | $12428 | $11815 |
| **9/30/23** | $11256 | $10932 | $12203 | $11610 |
| **10/31/23** | $11117 | $10854 | $12080 | $11504 |
| **11/30/23** | $11646 | $11228 | $12658 | $12010 |
| **12/31/23** | $12100 | $11586 | $13157 | $12460 |
| **1/31/24** | $12073 | $11564 | $13114 | $12450 |
| **2/29/24** | $12048 | $11484 | $13104 | $12354 |
| **3/31/24** | $12225 | $11588 | $13286 | $12509 |
| **4/30/24** | $12012 | $11401 | $13088 | $12302 |
| **5/31/24** | $12183 | $11502 | $13271 | $12463 |
| **6/30/24** | $12258 | $11602 | $13371 | $12549 |
| **7/31/24** | $12479 | $11826 | $13619 | $12809 |
| **8/31/24** | $12654 | $11956 | $13842 | $12972 |
| **9/30/24** | $12840 | $12094 | $14044 | $13168 |
| **10/31/24** | $12651 | $11931 | $13872 | $12988 |
| **11/30/24** | $12840 | $12072 | $14036 | $13158 |
| **12/31/24** | $12721 | $11980 | $13902 | $13017 |
| **1/31/25** | $12839 | $12026 | $14039 | $13104 |
| **2/28/25** | $13016 | $12171 | $14221 | $13290 |
| **3/31/25** | $12941 | $12120 | $14133 | $13218 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.85% | 2.40% | 2.61% |
| Class C (including sales charge) | 4.85% | 2.40% | 2.61% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.37% | 3.99% | 3.52% |
| Bloomberg Global Credit Hedged USD Index | 5.66% | 2.43% | 2.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2971141 |
| # of Portfolio Holdings | 1928 |
| Portfolio Turnover Rate | 303% |
| Total Net Advisory Fees Paid During the Reporting Period | $13742 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.5% |
| Sovereign Issues | 17.5% |
| U.S. Government Agencies | 14.7% |
| Asset-Backed Securities | 10.9% |
| Loan Participations and Assignments | 5.5% |
| U.S. Treasury Obligations | 5.1% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Preferred Securities | 0.5% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PDICX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4233TSRAR_033125

# I-3: PDNIX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $99 | 0.96% |

---

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

* Tactical exposure to non-agency residential mortgage-backed securities ("RMBS") contributed to performance, as spreads tightened. 

* U.S. duration positioning contributed to performance, as rates fell. 

* Overweight exposure to high yield, particularly via credit default swap indices, contributed to performance, as risk sentiment was supported by moderating inflation in the second half of 2024. 

* Tactical exposure to agency RMBS detracted from performance, as spreads widened. 

* Euro duration positioning detracted from performance, as the curve steepened. 

* U.K. duration positioning, particularly along the belly of the curve, detracted from performance, as rates rose.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i45caf9c107adcfd3535c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** | **Bloomberg Global Credit Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1011224 | $994409 | $1007365 | $998684 |
| **5/31/15** | $1013238 | $990287 | $1005144 | $996023 |
| **6/30/15** | $996651 | $978046 | $988881 | $979816 |
| **7/31/15** | $1003689 | $987733 | $993275 | $985998 |
| **8/31/15** | $988878 | $985063 | $983476 | $978718 |
| **9/30/15** | $970452 | $990905 | $972476 | $976247 |
| **10/31/15** | $997277 | $994119 | $993547 | $986619 |
| **11/30/15** | $992722 | $994576 | $989894 | $985579 |
| **12/31/15** | $978526 | $991885 | $976093 | $976242 |
| **1/31/16** | $974363 | $1006395 | $973716 | $979288 |
| **2/29/16** | $973587 | $1016068 | $983716 | $985712 |
| **3/31/16** | $1001151 | $1024433 | $1012929 | $1008728 |
| **4/30/16** | $1022972 | $1026173 | $1032115 | $1021419 |
| **5/31/16** | $1029615 | $1030510 | $1033013 | $1024026 |
| **6/30/16** | $1051150 | $1050127 | $1053923 | $1041780 |
| **7/31/16** | $1071840 | $1056401 | $1073270 | $1058838 |
| **8/31/16** | $1086697 | $1055863 | $1088129 | $1066322 |
| **9/30/16** | $1090798 | $1055737 | $1089757 | $1065955 |
| **10/31/16** | $1087450 | $1045500 | $1082445 | $1059111 |
| **11/30/16** | $1066205 | $1028232 | $1058444 | $1039076 |
| **12/31/16** | $1080204 | $1031050 | $1071858 | $1047829 |
| **1/31/17** | $1090141 | $1027295 | $1081079 | $1051689 |
| **2/28/17** | $1107471 | $1036089 | $1097012 | $1064309 |
| **3/31/17** | $1114916 | $1035611 | $1097666 | $1063753 |
| **4/30/17** | $1129032 | $1042634 | $1111274 | $1073833 |
| **5/31/17** | $1142498 | $1048720 | $1120955 | $1083075 |
| **6/30/17** | $1140649 | $1045784 | $1120656 | $1082759 |
| **7/31/17** | $1150789 | $1049222 | $1129430 | $1090658 |
| **8/31/17** | $1164328 | $1058784 | $1139781 | $1099595 |
| **9/30/17** | $1165199 | $1053896 | $1141408 | $1098403 |
| **10/31/17** | $1170277 | $1058341 | $1146905 | $1104944 |
| **11/30/17** | $1168015 | $1059981 | $1144762 | $1104126 |
| **12/31/17** | $1174034 | $1062350 | $1149993 | $1109565 |
| **1/31/18** | $1169397 | $1054766 | $1148249 | $1104107 |
| **2/28/18** | $1158071 | $1052388 | $1134318 | $1094485 |
| **3/31/18** | $1166082 | $1061113 | $1135444 | $1096821 |
| **4/30/18** | $1163247 | $1057165 | $1130589 | $1092708 |
| **5/31/18** | $1160670 | $1061115 | $1126686 | $1094382 |
| **6/30/18** | $1157015 | $1063093 | $1122585 | $1092034 |
| **7/31/18** | $1169771 | $1063384 | $1136739 | $1100138 |
| **8/31/18** | $1166730 | $1066652 | $1133764 | $1102914 |
| **9/30/18** | $1175871 | $1062572 | $1141082 | $1102691 |
| **10/31/18** | $1163675 | $1060496 | $1125022 | $1093559 |
| **11/30/18** | $1160671 | $1065684 | $1119973 | $1090963 |
| **12/31/18** | $1160654 | $1081078 | $1124363 | $1100570 |
| **1/31/19** | $1200840 | $1092528 | $1162339 | $1124522 |
| **2/28/19** | $1209760 | $1093841 | $1172891 | $1131072 |
| **3/31/19** | $1227744 | $1113432 | $1191481 | $1152420 |
| **4/30/19** | $1235483 | $1114096 | $1199463 | $1159481 |
| **5/31/19** | $1239025 | $1130127 | $1202406 | $1169140 |
| **6/30/19** | $1271303 | $1145973 | $1232971 | $1193856 |
| **7/31/19** | $1279087 | $1154991 | $1244234 | $1204522 |
| **8/31/19** | $1288233 | $1181184 | $1259385 | $1226389 |
| **9/30/19** | $1286129 | $1175711 | $1256814 | $1222083 |
| **10/31/19** | $1292469 | $1173681 | $1260704 | $1225695 |
| **11/30/19** | $1296639 | $1172304 | $1263357 | $1227460 |
| **12/31/19** | $1307058 | $1169901 | $1278225 | $1233494 |
| **1/31/20** | $1326446 | $1191013 | $1295139 | $1255729 |
| **2/29/20** | $1324358 | $1205590 | $1289352 | $1262307 |
| **3/31/20** | $1208141 | $1186827 | $1162326 | $1172441 |
| **4/30/20** | $1239585 | $1206040 | $1205039 | $1218610 |
| **5/31/20** | $1275586 | $1209459 | $1247897 | $1240527 |
| **6/30/20** | $1294541 | $1215495 | $1270536 | $1261522 |
| **7/31/20** | $1333375 | $1228777 | $1313618 | $1294134 |
| **8/31/20** | $1339341 | $1219873 | $1315596 | $1289086 |
| **9/30/20** | $1329156 | $1224329 | $1303867 | $1286336 |
| **10/31/20** | $1328367 | $1224418 | $1305657 | $1287808 |
| **11/30/20** | $1373126 | $1231405 | $1346195 | $1316815 |
| **12/31/20** | $1388485 | $1235188 | $1362561 | $1326366 |
| **1/31/21** | $1378519 | $1228563 | $1354681 | $1318377 |
| **2/28/21** | $1361419 | $1209452 | $1337633 | $1301961 |
| **3/31/21** | $1352929 | $1204687 | $1329751 | $1291385 |
| **4/30/21** | $1369211 | $1207836 | $1345338 | $1301251 |
| **5/31/21** | $1376339 | $1210532 | $1353107 | $1307294 |
| **6/30/21** | $1389933 | $1216436 | $1366638 | $1320252 |
| **7/31/21** | $1398798 | $1231555 | $1377011 | $1333832 |
| **8/31/21** | $1404822 | $1229087 | $1382185 | $1333737 |
| **9/30/21** | $1391105 | $1217483 | $1368516 | $1321287 |
| **10/31/21** | $1386365 | $1214299 | $1367093 | $1319004 |
| **11/30/21** | $1376425 | $1222961 | $1358005 | $1318748 |
| **12/31/21** | $1391175 | $1218001 | $1370967 | $1320945 |
| **1/31/22** | $1354644 | $1198865 | $1335483 | $1288766 |
| **2/28/22** | $1310655 | $1182918 | $1295960 | $1258950 |
| **3/31/22** | $1291881 | $1157419 | $1279071 | $1232823 |
| **4/30/22** | $1233820 | $1126312 | $1224852 | $1184743 |
| **5/31/22** | $1236322 | $1124762 | $1226715 | $1185345 |
| **6/30/22** | $1173881 | $1107692 | $1166596 | $1146849 |
| **7/31/22** | $1225611 | $1135906 | $1214350 | $1185407 |
| **8/31/22** | $1196463 | $1106252 | $1187519 | $1153402 |
| **9/30/22** | $1143931 | $1070739 | $1131299 | $1102820 |
| **10/31/22** | $1152932 | $1067074 | $1140125 | $1100663 |
| **11/30/22** | $1205298 | $1094267 | $1191372 | $1146507 |
| **12/31/22** | $1197850 | $1081352 | $1186991 | $1139351 |
| **1/31/23** | $1242799 | $1106259 | $1226196 | $1176699 |
| **2/28/23** | $1214382 | $1088614 | $1203423 | $1151376 |
| **3/31/23** | $1228615 | $1112753 | $1221877 | $1173229 |
| **4/30/23** | $1233147 | $1118482 | $1230229 | $1181531 |
| **5/31/23** | $1224540 | $1114079 | $1221275 | $1172523 |
| **6/30/23** | $1239243 | $1113414 | $1234033 | $1176561 |
| **7/31/23** | $1253232 | $1113774 | $1248657 | $1185123 |
| **8/31/23** | $1248783 | $1112375 | $1242784 | $1181512 |
| **9/30/23** | $1225259 | $1093192 | $1220292 | $1160980 |
| **10/31/23** | $1211119 | $1085430 | $1207972 | $1150351 |
| **11/30/23** | $1269700 | $1122750 | $1265778 | $1201036 |
| **12/31/23** | $1320344 | $1158631 | $1315674 | $1246004 |
| **1/31/24** | $1318451 | $1156360 | $1311430 | $1244952 |
| **2/29/24** | $1316852 | $1148426 | $1310419 | $1235430 |
| **3/31/24** | $1337328 | $1158782 | $1328606 | $1250944 |
| **4/30/24** | $1315033 | $1140124 | $1308781 | $1230162 |
| **5/31/24** | $1334992 | $1150213 | $1327128 | $1246315 |
| **6/30/24** | $1344244 | $1160193 | $1337088 | $1254931 |
| **7/31/24** | $1369657 | $1182607 | $1361893 | $1280863 |
| **8/31/24** | $1390087 | $1195560 | $1384160 | $1297219 |
| **9/30/24** | $1411639 | $1209433 | $1404420 | $1316803 |
| **10/31/24** | $1391992 | $1193067 | $1387196 | $1298824 |
| **11/30/24** | $1414017 | $1207238 | $1403574 | $1315751 |
| **12/31/24** | $1402116 | $1197974 | $1390168 | $1301705 |
| **1/31/25** | $1416360 | $1202615 | $1403882 | $1310393 |
| **2/28/25** | $1436980 | $1217096 | $1422071 | $1328996 |
| **3/31/25** | $1429781 | $1212017 | $1413263 | $1321789 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.91% | 3.43% | 3.64% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.37% | 3.99% | 3.52% |
| Bloomberg Global Credit Hedged USD Index | 5.66% | 2.43% | 2.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2971141 |
| # of Portfolio Holdings | 1928 |
| Portfolio Turnover Rate | 303% |
| Total Net Advisory Fees Paid During the Reporting Period | $13742 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.5% |
| Sovereign Issues | 17.5% |
| U.S. Government Agencies | 14.7% |
| Asset-Backed Securities | 10.9% |
| Loan Participations and Assignments | 5.5% |
| U.S. Treasury Obligations | 5.1% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Preferred Securities | 0.5% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PDNIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2178TSRAR_033125

# Institutional Class: PDIIX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $84 | 0.81% |

---

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

* Tactical exposure to non-agency residential mortgage-backed securities ("RMBS") contributed to performance, as spreads tightened. 

* U.S. duration positioning contributed to performance, as rates fell. 

* Overweight exposure to high yield, particularly via credit default swap indices, contributed to performance, as risk sentiment was supported by moderating inflation in the second half of 2024. 

* Tactical exposure to agency RMBS detracted from performance, as spreads widened. 

* Euro duration positioning detracted from performance, as the curve steepened. 

* U.K. duration positioning, particularly along the belly of the curve, detracted from performance, as rates rose.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021ib366fd5b6acd52d3f804.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** | **Bloomberg Global Credit Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1011349 | $994409 | $1007365 | $998684 |
| **5/31/15** | $1013492 | $990287 | $1005144 | $996023 |
| **6/30/15** | $997023 | $978046 | $988881 | $979816 |
| **7/31/15** | $1004191 | $987733 | $993275 | $985998 |
| **8/31/15** | $989499 | $985063 | $983476 | $978718 |
| **9/30/15** | $971183 | $990905 | $972476 | $976247 |
| **10/31/15** | $998154 | $994119 | $993547 | $986619 |
| **11/30/15** | $993717 | $994576 | $989894 | $985579 |
| **12/31/15** | $979631 | $991885 | $976093 | $976242 |
| **1/31/16** | $975587 | $1006395 | $973716 | $979288 |
| **2/29/16** | $974924 | $1016068 | $983716 | $985712 |
| **3/31/16** | $1002652 | $1024433 | $1012929 | $1008728 |
| **4/30/16** | $1024630 | $1026173 | $1032115 | $1021419 |
| **5/31/16** | $1031414 | $1030510 | $1033013 | $1024026 |
| **6/30/16** | $1053114 | $1050127 | $1053923 | $1041780 |
| **7/31/16** | $1073979 | $1056401 | $1073270 | $1058838 |
| **8/31/16** | $1089002 | $1055863 | $1088129 | $1066322 |
| **9/30/16** | $1093246 | $1055737 | $1089757 | $1065955 |
| **10/31/16** | $1090029 | $1045500 | $1082445 | $1059111 |
| **11/30/16** | $1068866 | $1028232 | $1058444 | $1039076 |
| **12/31/16** | $1083035 | $1031050 | $1071858 | $1047829 |
| **1/31/17** | $1093137 | $1027295 | $1081079 | $1051689 |
| **2/28/17** | $1110641 | $1036089 | $1097012 | $1064309 |
| **3/31/17** | $1118248 | $1035611 | $1097666 | $1063753 |
| **4/30/17** | $1132546 | $1042634 | $1111274 | $1073833 |
| **5/31/17** | $1146198 | $1048720 | $1120955 | $1083075 |
| **6/30/17** | $1144484 | $1045784 | $1120656 | $1082759 |
| **7/31/17** | $1154805 | $1049222 | $1129430 | $1090658 |
| **8/31/17** | $1168538 | $1058784 | $1139781 | $1099595 |
| **9/30/17** | $1169556 | $1053896 | $1141408 | $1098403 |
| **10/31/17** | $1174802 | $1058341 | $1146905 | $1104944 |
| **11/30/17** | $1172676 | $1059981 | $1144762 | $1104126 |
| **12/31/17** | $1178869 | $1062350 | $1149993 | $1109565 |
| **1/31/18** | $1174363 | $1054766 | $1148249 | $1104107 |
| **2/28/18** | $1163122 | $1052388 | $1134318 | $1094485 |
| **3/31/18** | $1171316 | $1061113 | $1135444 | $1096821 |
| **4/30/18** | $1168603 | $1057165 | $1130589 | $1092708 |
| **5/31/18** | $1166204 | $1061115 | $1126686 | $1094382 |
| **6/30/18** | $1162717 | $1063093 | $1122585 | $1092034 |
| **7/31/18** | $1175667 | $1063384 | $1136739 | $1100138 |
| **8/31/18** | $1172767 | $1066652 | $1133764 | $1102914 |
| **9/30/18** | $1182074 | $1062572 | $1141082 | $1102691 |
| **10/31/18** | $1169964 | $1060496 | $1125022 | $1093559 |
| **11/30/18** | $1167074 | $1065684 | $1119973 | $1090963 |
| **12/31/18** | $1167219 | $1081078 | $1124363 | $1100570 |
| **1/31/19** | $1207780 | $1092528 | $1162339 | $1124522 |
| **2/28/19** | $1216876 | $1093841 | $1172891 | $1131072 |
| **3/31/19** | $1235120 | $1113432 | $1191481 | $1152420 |
| **4/30/19** | $1243046 | $1114096 | $1199463 | $1159481 |
| **5/31/19** | $1246778 | $1130127 | $1202406 | $1169140 |
| **6/30/19** | $1279402 | $1145973 | $1232971 | $1193856 |
| **7/31/19** | $1287396 | $1154991 | $1244234 | $1204522 |
| **8/31/19** | $1296773 | $1181184 | $1259385 | $1226389 |
| **9/30/19** | $1294803 | $1175711 | $1256814 | $1222083 |
| **10/31/19** | $1301352 | $1173681 | $1260704 | $1225695 |
| **11/30/19** | $1305715 | $1172304 | $1263357 | $1227460 |
| **12/31/19** | $1316365 | $1169901 | $1278225 | $1233494 |
| **1/31/20** | $1336064 | $1191013 | $1295139 | $1255729 |
| **2/29/20** | $1334114 | $1205590 | $1289352 | $1262307 |
| **3/31/20** | $1217193 | $1186827 | $1162326 | $1172441 |
| **4/30/20** | $1249024 | $1206040 | $1205039 | $1218610 |
| **5/31/20** | $1285456 | $1209459 | $1247897 | $1240527 |
| **6/30/20** | $1304717 | $1215495 | $1270536 | $1261522 |
| **7/31/20** | $1344033 | $1228777 | $1313618 | $1294134 |
| **8/31/20** | $1350207 | $1219873 | $1315596 | $1289086 |
| **9/30/20** | $1340105 | $1224329 | $1303867 | $1286336 |
| **10/31/20** | $1339486 | $1224418 | $1305657 | $1287808 |
| **11/30/20** | $1384781 | $1231405 | $1346195 | $1316815 |
| **12/31/20** | $1400464 | $1235188 | $1362561 | $1326366 |
| **1/31/21** | $1390575 | $1228563 | $1354681 | $1318377 |
| **2/28/21** | $1373487 | $1209452 | $1337633 | $1301961 |
| **3/31/21** | $1365095 | $1204687 | $1329751 | $1291385 |
| **4/30/21** | $1381703 | $1207836 | $1345338 | $1301251 |
| **5/31/21** | $1389062 | $1210532 | $1353107 | $1307294 |
| **6/30/21** | $1402953 | $1216436 | $1366638 | $1320252 |
| **7/31/21** | $1412085 | $1231555 | $1377011 | $1333832 |
| **8/31/21** | $1418340 | $1229087 | $1382185 | $1333737 |
| **9/30/21** | $1404664 | $1217483 | $1368516 | $1321287 |
| **10/31/21** | $1400057 | $1214299 | $1367093 | $1319004 |
| **11/30/21** | $1390192 | $1222961 | $1358005 | $1318748 |
| **12/31/21** | $1405279 | $1218001 | $1370967 | $1320945 |
| **1/31/22** | $1368540 | $1198865 | $1335483 | $1288766 |
| **2/28/22** | $1324252 | $1182918 | $1295960 | $1258950 |
| **3/31/22** | $1305448 | $1157419 | $1279071 | $1232823 |
| **4/30/22** | $1246939 | $1126312 | $1224852 | $1184743 |
| **5/31/22** | $1249622 | $1124762 | $1226715 | $1185345 |
| **6/30/22** | $1186656 | $1107692 | $1166596 | $1146849 |
| **7/31/22** | $1239103 | $1135906 | $1214350 | $1185407 |
| **8/31/22** | $1209792 | $1106252 | $1187519 | $1153402 |
| **9/30/22** | $1156832 | $1070739 | $1131299 | $1102820 |
| **10/31/22** | $1166072 | $1067074 | $1140125 | $1100663 |
| **11/30/22** | $1219182 | $1094267 | $1191372 | $1146507 |
| **12/31/22** | $1211816 | $1081352 | $1186991 | $1139351 |
| **1/31/23** | $1257437 | $1106259 | $1226196 | $1176699 |
| **2/28/23** | $1228827 | $1088614 | $1203423 | $1151376 |
| **3/31/23** | $1243396 | $1112753 | $1221877 | $1173229 |
| **4/30/23** | $1248135 | $1118482 | $1230229 | $1181531 |
| **5/31/23** | $1239582 | $1114079 | $1221275 | $1172523 |
| **6/30/23** | $1254632 | $1113414 | $1234033 | $1176561 |
| **7/31/23** | $1268944 | $1113774 | $1248657 | $1185123 |
| **8/31/23** | $1264598 | $1112375 | $1242784 | $1181512 |
| **9/30/23** | $1240935 | $1093192 | $1220292 | $1160980 |
| **10/31/23** | $1226764 | $1085430 | $1207972 | $1150351 |
| **11/30/23** | $1286256 | $1122750 | $1265778 | $1201036 |
| **12/31/23** | $1337733 | $1158631 | $1315674 | $1246004 |
| **1/31/24** | $1335977 | $1156360 | $1311430 | $1244952 |
| **2/29/24** | $1334514 | $1148426 | $1310419 | $1235430 |
| **3/31/24** | $1355435 | $1158782 | $1328606 | $1250944 |
| **4/30/24** | $1333002 | $1140124 | $1308781 | $1230162 |
| **5/31/24** | $1353416 | $1150213 | $1327128 | $1246315 |
| **6/30/24** | $1362952 | $1160193 | $1337088 | $1254931 |
| **7/31/24** | $1388892 | $1182607 | $1361893 | $1280863 |
| **8/31/24** | $1409799 | $1195560 | $1384160 | $1297219 |
| **9/30/24** | $1431820 | $1209433 | $1404420 | $1316803 |
| **10/31/24** | $1412073 | $1193067 | $1387196 | $1298824 |
| **11/30/24** | $1434595 | $1207238 | $1403574 | $1315751 |
| **12/31/24** | $1422702 | $1197974 | $1390168 | $1301705 |
| **1/31/25** | $1437342 | $1202615 | $1403882 | $1310393 |
| **2/28/25** | $1458430 | $1217096 | $1422071 | $1328996 |
| **3/31/25** | $1451300 | $1212017 | $1413263 | $1321789 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.07% | 3.58% | 3.79% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.37% | 3.99% | 3.52% |
| Bloomberg Global Credit Hedged USD Index | 5.66% | 2.43% | 2.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2971141 |
| # of Portfolio Holdings | 1928 |
| Portfolio Turnover Rate | 303% |
| Total Net Advisory Fees Paid During the Reporting Period | $13742 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.5% |
| Sovereign Issues | 17.5% |
| U.S. Government Agencies | 14.7% |
| Asset-Backed Securities | 10.9% |
| Loan Participations and Assignments | 5.5% |
| U.S. Treasury Obligations | 5.1% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Preferred Securities | 0.5% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PDIIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0106TSRAR_033125

# I-2: PDVPX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $94 | 0.91% |

---

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

* Tactical exposure to non-agency residential mortgage-backed securities ("RMBS") contributed to performance, as spreads tightened. 

* U.S. duration positioning contributed to performance, as rates fell. 

* Overweight exposure to high yield, particularly via credit default swap indices, contributed to performance, as risk sentiment was supported by moderating inflation in the second half of 2024. 

* Tactical exposure to agency RMBS detracted from performance, as spreads widened. 

* Euro duration positioning detracted from performance, as the curve steepened. 

* U.K. duration positioning, particularly along the belly of the curve, detracted from performance, as rates rose.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i8edec03252583dd82f96.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** | **Bloomberg Global Credit Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1011266 | $994409 | $1007365 | $998684 |
| **5/31/15** | $1013323 | $990287 | $1005144 | $996023 |
| **6/30/15** | $996776 | $978046 | $988881 | $979816 |
| **7/31/15** | $1003851 | $987733 | $993275 | $985998 |
| **8/31/15** | $989086 | $985063 | $983476 | $978718 |
| **9/30/15** | $970697 | $990905 | $972476 | $976247 |
| **10/31/15** | $997568 | $994119 | $993547 | $986619 |
| **11/30/15** | $993056 | $994576 | $989894 | $985579 |
| **12/31/15** | $978892 | $991885 | $976093 | $976242 |
| **1/31/16** | $974777 | $1006395 | $973716 | $979288 |
| **2/29/16** | $974038 | $1016068 | $983716 | $985712 |
| **3/31/16** | $1001657 | $1024433 | $1012929 | $1008728 |
| **4/30/16** | $1023526 | $1026173 | $1032115 | $1021419 |
| **5/31/16** | $1030218 | $1030510 | $1033013 | $1024026 |
| **6/30/16** | $1051808 | $1050127 | $1053923 | $1041780 |
| **7/31/16** | $1072551 | $1056401 | $1073270 | $1058838 |
| **8/31/16** | $1087464 | $1055863 | $1088129 | $1066322 |
| **9/30/16** | $1091606 | $1055737 | $1089757 | $1065955 |
| **10/31/16** | $1088309 | $1045500 | $1082445 | $1059111 |
| **11/30/16** | $1067108 | $1028232 | $1058444 | $1039076 |
| **12/31/16** | $1081158 | $1031050 | $1071858 | $1047829 |
| **1/31/17** | $1091157 | $1027295 | $1081079 | $1051689 |
| **2/28/17** | $1108546 | $1036089 | $1097012 | $1064309 |
| **3/31/17** | $1116040 | $1035611 | $1097666 | $1063753 |
| **4/30/17** | $1130224 | $1042634 | $1111274 | $1073833 |
| **5/31/17** | $1143755 | $1048720 | $1120955 | $1083075 |
| **6/30/17** | $1141945 | $1045784 | $1120656 | $1082759 |
| **7/31/17** | $1152152 | $1049222 | $1129430 | $1090658 |
| **8/31/17** | $1165756 | $1058784 | $1139781 | $1099595 |
| **9/30/17** | $1166672 | $1053896 | $1141408 | $1098403 |
| **10/31/17** | $1171810 | $1058341 | $1146905 | $1104944 |
| **11/30/17** | $1169593 | $1059981 | $1144762 | $1104126 |
| **12/31/17** | $1175667 | $1062350 | $1149993 | $1109565 |
| **1/31/18** | $1171077 | $1054766 | $1148249 | $1104107 |
| **2/28/18** | $1159779 | $1052388 | $1134318 | $1094485 |
| **3/31/18** | $1167848 | $1061113 | $1135444 | $1096821 |
| **4/30/18** | $1165053 | $1057165 | $1130589 | $1092708 |
| **5/31/18** | $1162562 | $1061115 | $1126686 | $1094382 |
| **6/30/18** | $1158987 | $1063093 | $1122585 | $1092034 |
| **7/31/18** | $1171799 | $1063384 | $1136739 | $1100138 |
| **8/31/18** | $1168799 | $1066652 | $1133764 | $1102914 |
| **9/30/18** | $1177989 | $1062572 | $1141082 | $1102691 |
| **10/31/18** | $1165821 | $1060496 | $1125022 | $1093559 |
| **11/30/18** | $1162839 | $1065684 | $1119973 | $1090963 |
| **12/31/18** | $1162890 | $1081078 | $1124363 | $1100570 |
| **1/31/19** | $1203203 | $1092528 | $1162339 | $1124522 |
| **2/28/19** | $1212173 | $1093841 | $1172891 | $1131072 |
| **3/31/19** | $1230244 | $1113432 | $1191481 | $1152420 |
| **4/30/19** | $1238047 | $1114096 | $1199463 | $1159481 |
| **5/31/19** | $1241655 | $1130127 | $1202406 | $1169140 |
| **6/30/19** | $1274049 | $1145973 | $1232971 | $1193856 |
| **7/31/19** | $1281902 | $1154991 | $1244234 | $1204522 |
| **8/31/19** | $1291127 | $1181184 | $1259385 | $1226389 |
| **9/30/19** | $1289066 | $1175711 | $1256814 | $1222083 |
| **10/31/19** | $1295476 | $1173681 | $1260704 | $1225695 |
| **11/30/19** | $1299709 | $1172304 | $1263357 | $1227460 |
| **12/31/19** | $1310201 | $1169901 | $1278225 | $1233494 |
| **1/31/20** | $1329693 | $1191013 | $1295139 | $1255729 |
| **2/29/20** | $1327651 | $1205590 | $1289352 | $1262307 |
| **3/31/20** | $1211185 | $1186827 | $1162326 | $1172441 |
| **4/30/20** | $1242762 | $1206040 | $1205039 | $1218610 |
| **5/31/20** | $1278905 | $1209459 | $1247897 | $1240527 |
| **6/30/20** | $1297963 | $1215495 | $1270536 | $1261522 |
| **7/31/20** | $1336957 | $1228777 | $1313618 | $1294134 |
| **8/31/20** | $1342993 | $1219873 | $1315596 | $1289086 |
| **9/30/20** | $1332835 | $1224329 | $1303867 | $1286336 |
| **10/31/20** | $1332101 | $1224418 | $1305657 | $1287808 |
| **11/30/20** | $1377037 | $1231405 | $1346195 | $1316815 |
| **12/31/20** | $1392505 | $1235188 | $1362561 | $1326366 |
| **1/31/21** | $1382566 | $1228563 | $1354681 | $1318377 |
| **2/28/21** | $1365470 | $1209452 | $1337633 | $1301961 |
| **3/31/21** | $1357012 | $1204687 | $1329751 | $1291385 |
| **4/30/21** | $1373401 | $1207836 | $1345338 | $1301251 |
| **5/31/21** | $1380603 | $1210532 | $1353107 | $1307294 |
| **6/30/21** | $1394296 | $1216436 | $1366638 | $1320252 |
| **7/31/21** | $1403249 | $1231555 | $1377011 | $1333832 |
| **8/31/21** | $1409350 | $1229087 | $1382185 | $1333737 |
| **9/30/21** | $1395644 | $1217483 | $1368516 | $1321287 |
| **10/31/21** | $1390948 | $1214299 | $1367093 | $1319004 |
| **11/30/21** | $1381030 | $1222961 | $1358005 | $1318748 |
| **12/31/21** | $1395891 | $1218001 | $1370967 | $1320945 |
| **1/31/22** | $1359286 | $1198865 | $1335483 | $1288766 |
| **2/28/22** | $1315193 | $1182918 | $1295960 | $1258950 |
| **3/31/22** | $1296407 | $1157419 | $1279071 | $1232823 |
| **4/30/22** | $1238195 | $1126312 | $1224852 | $1184743 |
| **5/31/22** | $1240756 | $1124762 | $1226715 | $1185345 |
| **6/30/22** | $1178138 | $1107692 | $1166596 | $1146849 |
| **7/31/22** | $1230106 | $1135906 | $1214350 | $1185407 |
| **8/31/22** | $1200903 | $1106252 | $1187519 | $1153402 |
| **9/30/22** | $1148227 | $1070739 | $1131299 | $1102820 |
| **10/31/22** | $1157305 | $1067074 | $1140125 | $1100663 |
| **11/30/22** | $1209918 | $1094267 | $1191372 | $1146507 |
| **12/31/22** | $1202498 | $1081352 | $1186991 | $1139351 |
| **1/31/23** | $1247669 | $1106259 | $1226196 | $1176699 |
| **2/28/23** | $1219186 | $1088614 | $1203423 | $1151376 |
| **3/31/23** | $1233531 | $1112753 | $1221877 | $1173229 |
| **4/30/23** | $1238138 | $1118482 | $1230229 | $1181531 |
| **5/31/23** | $1229549 | $1114079 | $1221275 | $1172523 |
| **6/30/23** | $1244369 | $1113414 | $1234033 | $1176561 |
| **7/31/23** | $1258465 | $1113774 | $1248657 | $1185123 |
| **8/31/23** | $1254049 | $1112375 | $1242784 | $1181512 |
| **9/30/23** | $1230479 | $1093192 | $1220292 | $1160980 |
| **10/31/23** | $1216328 | $1085430 | $1207972 | $1150351 |
| **11/30/23** | $1275212 | $1122750 | $1265778 | $1201036 |
| **12/31/23** | $1326133 | $1158631 | $1315674 | $1246004 |
| **1/31/24** | $1324285 | $1156360 | $1311430 | $1244952 |
| **2/29/24** | $1322731 | $1148426 | $1310419 | $1235430 |
| **3/31/24** | $1343354 | $1158782 | $1328606 | $1250944 |
| **4/30/24** | $1321013 | $1140124 | $1308781 | $1230162 |
| **5/31/24** | $1341122 | $1150213 | $1327128 | $1246315 |
| **6/30/24** | $1350468 | $1160193 | $1337088 | $1254931 |
| **7/31/24** | $1376057 | $1182607 | $1361893 | $1280863 |
| **8/31/24** | $1396645 | $1195560 | $1384160 | $1297219 |
| **9/30/24** | $1418352 | $1209433 | $1404420 | $1316803 |
| **10/31/24** | $1398671 | $1193067 | $1387196 | $1298824 |
| **11/30/24** | $1420861 | $1207238 | $1403574 | $1315751 |
| **12/31/24** | $1408964 | $1197974 | $1390168 | $1301705 |
| **1/31/25** | $1423338 | $1202615 | $1403882 | $1310393 |
| **2/28/25** | $1444111 | $1217096 | $1422071 | $1328996 |
| **3/31/25** | $1436937 | $1212017 | $1413263 | $1321789 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.97% | 3.48% | 3.69% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.37% | 3.99% | 3.52% |
| Bloomberg Global Credit Hedged USD Index | 5.66% | 2.43% | 2.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2971141 |
| # of Portfolio Holdings | 1928 |
| Portfolio Turnover Rate | 303% |
| Total Net Advisory Fees Paid During the Reporting Period | $13742 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 46.5% |
| Sovereign Issues | 17.5% |
| U.S. Government Agencies | 14.7% |
| Asset-Backed Securities | 10.9% |
| Loan Participations and Assignments | 5.5% |
| U.S. Treasury Obligations | 5.1% |
| Non-Agency Mortgage-Backed Securities | 4.9% |
| Preferred Securities | 0.5% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PDVPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1908TSRAR_033125

# Class A: PHDAX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $99 | 0.96% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i30ed769518673e3004e3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9719 | $9964 | $10112 |
| **5/31/15** | $9739 | $9940 | $10147 |
| **6/30/15** | $9592 | $9832 | $10002 |
| **7/31/15** | $9636 | $9900 | $9971 |
| **8/31/15** | $9516 | $9886 | $9814 |
| **9/30/15** | $9248 | $9953 | $9576 |
| **10/31/15** | $9547 | $9954 | $9860 |
| **11/30/15** | $9352 | $9928 | $9682 |
| **12/31/15** | $9195 | $9896 | $9468 |
| **1/31/16** | $9110 | $10032 | $9351 |
| **2/29/16** | $9151 | $10103 | $9426 |
| **3/31/16** | $9437 | $10196 | $9766 |
| **4/30/16** | $9669 | $10235 | $10093 |
| **5/31/16** | $9687 | $10238 | $10126 |
| **6/30/16** | $9741 | $10422 | $10216 |
| **7/31/16** | $9978 | $10488 | $10465 |
| **8/31/16** | $10170 | $10476 | $10676 |
| **9/30/16** | $10217 | $10470 | $10726 |
| **10/31/16** | $10200 | $10389 | $10740 |
| **11/30/16** | $10152 | $10144 | $10683 |
| **12/31/16** | $10326 | $10158 | $10862 |
| **1/31/17** | $10437 | $10178 | $10986 |
| **2/28/17** | $10586 | $10246 | $11126 |
| **3/31/17** | $10561 | $10241 | $11109 |
| **4/30/17** | $10684 | $10320 | $11245 |
| **5/31/17** | $10786 | $10399 | $11337 |
| **6/30/17** | $10807 | $10389 | $11355 |
| **7/31/17** | $10918 | $10434 | $11474 |
| **8/31/17** | $10924 | $10527 | $11485 |
| **9/30/17** | $11004 | $10477 | $11575 |
| **10/31/17** | $11045 | $10483 | $11627 |
| **11/30/17** | $10992 | $10470 | $11596 |
| **12/31/17** | $11012 | $10518 | $11620 |
| **1/31/18** | $11042 | $10397 | $11670 |
| **2/28/18** | $10914 | $10298 | $11555 |
| **3/31/18** | $10847 | $10364 | $11490 |
| **4/30/18** | $10904 | $10287 | $11553 |
| **5/31/18** | $10864 | $10360 | $11539 |
| **6/30/18** | $10898 | $10348 | $11565 |
| **7/31/18** | $11030 | $10350 | $11689 |
| **8/31/18** | $11119 | $10417 | $11781 |
| **9/30/18** | $11172 | $10350 | $11840 |
| **10/31/18** | $10978 | $10268 | $11666 |
| **11/30/18** | $10913 | $10329 | $11602 |
| **12/31/18** | $10700 | $10519 | $11382 |
| **1/31/19** | $11199 | $10631 | $11886 |
| **2/28/19** | $11377 | $10625 | $12082 |
| **3/31/19** | $11487 | $10829 | $12218 |
| **4/30/19** | $11652 | $10831 | $12374 |
| **5/31/19** | $11505 | $11024 | $12244 |
| **6/30/19** | $11798 | $11162 | $12562 |
| **7/31/19** | $11846 | $11187 | $12635 |
| **8/31/19** | $11911 | $11476 | $12728 |
| **9/30/19** | $11966 | $11415 | $12772 |
| **10/31/19** | $11999 | $11450 | $12814 |
| **11/30/19** | $12061 | $11444 | $12892 |
| **12/31/19** | $12254 | $11436 | $13101 |
| **1/31/20** | $12248 | $11656 | $13110 |
| **2/29/20** | $12062 | $11866 | $12922 |
| **3/31/20** | $10891 | $11796 | $11538 |
| **4/30/20** | $11321 | $12006 | $12020 |
| **5/31/20** | $11737 | $12062 | $12546 |
| **6/30/20** | $11752 | $12137 | $12627 |
| **7/31/20** | $12269 | $12319 | $13234 |
| **8/31/20** | $12351 | $12219 | $13335 |
| **9/30/20** | $12210 | $12213 | $13174 |
| **10/31/20** | $12254 | $12158 | $13236 |
| **11/30/20** | $12675 | $12277 | $13705 |
| **12/31/20** | $12863 | $12294 | $13924 |
| **1/31/21** | $12845 | $12206 | $13939 |
| **2/28/21** | $12859 | $12030 | $13961 |
| **3/31/21** | $12860 | $11880 | $13966 |
| **4/30/21** | $12979 | $11974 | $14114 |
| **5/31/21** | $13007 | $12013 | $14145 |
| **6/30/21** | $13167 | $12097 | $14325 |
| **7/31/21** | $13200 | $12232 | $14388 |
| **8/31/21** | $13272 | $12209 | $14465 |
| **9/30/21** | $13259 | $12103 | $14459 |
| **10/31/21** | $13203 | $12100 | $14435 |
| **11/30/21** | $13071 | $12136 | $14292 |
| **12/31/21** | $13337 | $12105 | $14564 |
| **1/31/22** | $12935 | $11844 | $14151 |
| **2/28/22** | $12818 | $11712 | $14024 |
| **3/31/22** | $12699 | $11386 | $13898 |
| **4/30/22** | $12209 | $10954 | $13401 |
| **5/31/22** | $12299 | $11025 | $13488 |
| **6/30/22** | $11458 | $10852 | $12577 |
| **7/31/22** | $12186 | $11117 | $13351 |
| **8/31/22** | $11841 | $10803 | $12988 |
| **9/30/22** | $11391 | $10336 | $12484 |
| **10/31/22** | $11713 | $10202 | $12856 |
| **11/30/22** | $11964 | $10578 | $13122 |
| **12/31/22** | $11857 | $10530 | $13023 |
| **1/31/23** | $12285 | $10854 | $13494 |
| **2/28/23** | $12101 | $10573 | $13296 |
| **3/31/23** | $12319 | $10842 | $13486 |
| **4/30/23** | $12402 | $10908 | $13602 |
| **5/31/23** | $12280 | $10789 | $13468 |
| **6/30/23** | $12437 | $10750 | $13656 |
| **7/31/23** | $12572 | $10743 | $13833 |
| **8/31/23** | $12580 | $10674 | $13861 |
| **9/30/23** | $12411 | $10403 | $13688 |
| **10/31/23** | $12288 | $10239 | $13555 |
| **11/30/23** | $12861 | $10702 | $14177 |
| **12/31/23** | $13323 | $11112 | $14662 |
| **1/31/24** | $13316 | $11082 | $14673 |
| **2/29/24** | $13312 | $10925 | $14680 |
| **3/31/24** | $13478 | $11026 | $14853 |
| **4/30/24** | $13340 | $10747 | $14716 |
| **5/31/24** | $13477 | $10930 | $14881 |
| **6/30/24** | $13607 | $11033 | $15032 |
| **7/31/24** | $13827 | $11291 | $15283 |
| **8/31/24** | $14037 | $11453 | $15518 |
| **9/30/24** | $14188 | $11606 | $15692 |
| **10/31/24** | $14083 | $11319 | $15580 |
| **11/30/24** | $14224 | $11438 | $15747 |
| **12/31/24** | $14175 | $11251 | $15665 |
| **1/31/25** | $14352 | $11311 | $15876 |
| **2/28/25** | $14440 | $11560 | $15983 |
| **3/31/25** | $14310 | $11564 | $15846 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.17% | 5.61% | 4.05% |
| Class A (including sales charge) | 2.19% | 4.81% | 3.65% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PHDAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4006TSRAR_033125

# Administrative Class: PHYAX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $89 | 0.86% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i5f6ef429d3e14c95be95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1009812 | $996412 | $1011170 |
| **5/31/15** | $1011996 | $994012 | $1014709 |
| **6/30/15** | $996781 | $983174 | $1000240 |
| **7/31/15** | $1001525 | $990008 | $997109 |
| **8/31/15** | $989114 | $988586 | $981374 |
| **9/30/15** | $961329 | $995273 | $957615 |
| **10/31/15** | $992488 | $995439 | $986047 |
| **11/30/15** | $972232 | $992809 | $968219 |
| **12/31/15** | $956037 | $989601 | $946793 |
| **1/31/16** | $947246 | $1003219 | $935071 |
| **2/29/16** | $951601 | $1010335 | $942645 |
| **3/31/16** | $981400 | $1019605 | $976580 |
| **4/30/16** | $1005648 | $1023519 | $1009306 |
| **5/31/16** | $1007657 | $1023781 | $1012636 |
| **6/30/16** | $1013341 | $1042177 | $1021588 |
| **7/31/16** | $1038037 | $1048765 | $1046545 |
| **8/31/16** | $1058132 | $1047566 | $1067612 |
| **9/30/16** | $1063083 | $1046952 | $1072630 |
| **10/31/16** | $1061390 | $1038944 | $1074046 |
| **11/30/16** | $1056487 | $1014369 | $1068332 |
| **12/31/16** | $1074751 | $1015800 | $1086152 |
| **1/31/17** | $1086367 | $1017793 | $1098556 |
| **2/28/17** | $1101948 | $1024634 | $1112562 |
| **3/31/17** | $1099397 | $1024097 | $1110938 |
| **4/30/17** | $1112299 | $1032000 | $1124536 |
| **5/31/17** | $1123031 | $1039943 | $1133723 |
| **6/30/17** | $1125294 | $1038896 | $1135458 |
| **7/31/17** | $1136935 | $1043367 | $1147414 |
| **8/31/17** | $1137703 | $1052726 | $1148539 |
| **9/30/17** | $1146135 | $1047712 | $1157475 |
| **10/31/17** | $1150528 | $1048319 | $1162695 |
| **11/30/17** | $1145041 | $1046973 | $1159625 |
| **12/31/17** | $1147219 | $1051778 | $1161956 |
| **1/31/18** | $1150481 | $1039665 | $1166964 |
| **2/28/18** | $1137185 | $1029809 | $1155481 |
| **3/31/18** | $1130380 | $1036414 | $1149011 |
| **4/30/18** | $1136374 | $1028705 | $1155342 |
| **5/31/18** | $1132303 | $1036047 | $1153897 |
| **6/30/18** | $1135879 | $1034773 | $1156517 |
| **7/31/18** | $1149769 | $1035019 | $1168914 |
| **8/31/18** | $1159161 | $1041679 | $1178067 |
| **9/30/18** | $1164764 | $1034971 | $1183993 |
| **10/31/18** | $1144599 | $1026792 | $1166600 |
| **11/30/18** | $1137963 | $1032921 | $1160172 |
| **12/31/18** | $1115886 | $1051898 | $1138210 |
| **1/31/19** | $1167956 | $1063068 | $1188610 |
| **2/28/19** | $1186578 | $1062452 | $1208234 |
| **3/31/19** | $1198250 | $1082853 | $1221766 |
| **4/30/19** | $1215524 | $1083130 | $1237417 |
| **5/31/19** | $1200421 | $1102358 | $1224424 |
| **6/30/19** | $1231123 | $1116201 | $1256173 |
| **7/31/19** | $1236250 | $1118657 | $1263509 |
| **8/31/19** | $1243091 | $1147643 | $1272758 |
| **9/30/19** | $1248913 | $1141531 | $1277213 |
| **10/31/19** | $1252476 | $1144969 | $1281441 |
| **11/30/19** | $1259066 | $1144386 | $1289219 |
| **12/31/19** | $1279367 | $1143588 | $1310143 |
| **1/31/20** | $1278816 | $1165596 | $1311021 |
| **2/29/20** | $1259463 | $1186575 | $1292168 |
| **3/31/20** | $1137353 | $1179592 | $1153803 |
| **4/30/20** | $1182347 | $1200561 | $1202032 |
| **5/31/20** | $1225885 | $1206151 | $1254621 |
| **6/30/20** | $1227482 | $1213749 | $1262738 |
| **7/31/20** | $1281601 | $1231878 | $1323375 |
| **8/31/20** | $1290270 | $1221935 | $1333525 |
| **9/30/20** | $1275641 | $1221265 | $1317389 |
| **10/31/20** | $1280401 | $1215812 | $1323634 |
| **11/30/20** | $1324482 | $1227742 | $1370543 |
| **12/31/20** | $1344273 | $1229433 | $1392431 |
| **1/31/21** | $1342530 | $1220618 | $1393865 |
| **2/28/21** | $1344079 | $1202992 | $1396067 |
| **3/31/21** | $1344333 | $1187971 | $1396640 |
| **4/30/21** | $1356891 | $1197356 | $1411374 |
| **5/31/21** | $1359897 | $1201268 | $1414494 |
| **6/30/21** | $1376791 | $1209708 | $1432486 |
| **7/31/21** | $1380270 | $1223233 | $1438774 |
| **8/31/21** | $1387997 | $1220905 | $1446515 |
| **9/30/21** | $1386713 | $1210334 | $1445908 |
| **10/31/21** | $1380965 | $1210000 | $1443464 |
| **11/30/21** | $1367328 | $1213580 | $1429202 |
| **12/31/21** | $1395195 | $1210475 | $1456429 |
| **1/31/22** | $1353225 | $1184396 | $1415095 |
| **2/28/22** | $1341091 | $1171183 | $1402444 |
| **3/31/22** | $1328832 | $1138645 | $1389766 |
| **4/30/22** | $1277609 | $1095436 | $1340054 |
| **5/31/22** | $1287138 | $1102499 | $1348805 |
| **6/30/22** | $1199278 | $1085203 | $1257747 |
| **7/31/22** | $1275532 | $1111719 | $1335149 |
| **8/31/22** | $1239561 | $1080306 | $1298793 |
| **9/30/22** | $1192504 | $1033630 | $1248361 |
| **10/31/22** | $1226325 | $1020242 | $1285612 |
| **11/30/22** | $1252722 | $1057762 | $1312185 |
| **12/31/22** | $1241641 | $1052991 | $1302318 |
| **1/31/23** | $1286613 | $1085385 | $1349397 |
| **2/28/23** | $1267386 | $1057322 | $1329614 |
| **3/31/23** | $1290288 | $1084180 | $1348614 |
| **4/30/23** | $1299082 | $1090751 | $1360172 |
| **5/31/23** | $1286444 | $1078874 | $1346774 |
| **6/30/23** | $1303026 | $1075027 | $1365575 |
| **7/31/23** | $1317232 | $1074277 | $1383300 |
| **8/31/23** | $1318259 | $1067415 | $1386095 |
| **9/30/23** | $1300606 | $1040290 | $1368783 |
| **10/31/23** | $1287853 | $1023873 | $1355492 |
| **11/30/23** | $1348006 | $1070241 | $1417736 |
| **12/31/23** | $1396538 | $1111209 | $1466194 |
| **1/31/24** | $1395903 | $1108157 | $1467294 |
| **2/29/24** | $1395652 | $1092501 | $1467969 |
| **3/31/24** | $1413109 | $1102589 | $1485261 |
| **4/30/24** | $1398823 | $1074739 | $1471612 |
| **5/31/24** | $1413300 | $1092959 | $1488064 |
| **6/30/24** | $1426973 | $1103307 | $1503213 |
| **7/31/24** | $1450225 | $1129077 | $1528302 |
| **8/31/24** | $1472329 | $1145301 | $1551776 |
| **9/30/24** | $1488336 | $1160636 | $1569234 |
| **10/31/24** | $1477374 | $1131854 | $1557951 |
| **11/30/24** | $1492376 | $1143821 | $1574668 |
| **12/31/24** | $1487367 | $1125101 | $1566527 |
| **1/31/25** | $1506081 | $1131070 | $1587581 |
| **2/28/25** | $1515377 | $1155956 | $1598297 |
| **3/31/25** | $1501847 | $1156391 | $1584647 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 6.28% | 5.72% | 4.15% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Administrative Class: PHYAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0408TSRAR_033125

# Class C: PHDCX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $176 | 1.71% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i6b7da61c414e1069261d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10091 | $9964 | $10112 |
| **5/31/15** | $10106 | $9940 | $10147 |
| **6/30/15** | $9947 | $9832 | $10002 |
| **7/31/15** | $9987 | $9900 | $9971 |
| **8/31/15** | $9856 | $9886 | $9814 |
| **9/30/15** | $9572 | $9953 | $9576 |
| **10/31/15** | $9875 | $9954 | $9860 |
| **11/30/15** | $9667 | $9928 | $9682 |
| **12/31/15** | $9499 | $9896 | $9468 |
| **1/31/16** | $9405 | $10032 | $9351 |
| **2/29/16** | $9442 | $10103 | $9426 |
| **3/31/16** | $9731 | $10196 | $9766 |
| **4/30/16** | $9965 | $10235 | $10093 |
| **5/31/16** | $9978 | $10238 | $10126 |
| **6/30/16** | $10027 | $10422 | $10216 |
| **7/31/16** | $10264 | $10488 | $10465 |
| **8/31/16** | $10455 | $10476 | $10676 |
| **9/30/16** | $10496 | $10470 | $10726 |
| **10/31/16** | $10472 | $10389 | $10740 |
| **11/30/16** | $10417 | $10144 | $10683 |
| **12/31/16** | $10589 | $10158 | $10862 |
| **1/31/17** | $10696 | $10178 | $10986 |
| **2/28/17** | $10842 | $10246 | $11126 |
| **3/31/17** | $10809 | $10241 | $11109 |
| **4/30/17** | $10929 | $10320 | $11245 |
| **5/31/17** | $11026 | $10399 | $11337 |
| **6/30/17** | $11040 | $10389 | $11355 |
| **7/31/17** | $11147 | $10434 | $11474 |
| **8/31/17** | $11146 | $10527 | $11485 |
| **9/30/17** | $11221 | $10477 | $11575 |
| **10/31/17** | $11256 | $10483 | $11627 |
| **11/30/17** | $11195 | $10470 | $11596 |
| **12/31/17** | $11208 | $10518 | $11620 |
| **1/31/18** | $11232 | $10397 | $11670 |
| **2/28/18** | $11095 | $10298 | $11555 |
| **3/31/18** | $11020 | $10364 | $11490 |
| **4/30/18** | $11071 | $10287 | $11553 |
| **5/31/18** | $11023 | $10360 | $11539 |
| **6/30/18** | $11050 | $10348 | $11565 |
| **7/31/18** | $11177 | $10350 | $11689 |
| **8/31/18** | $11260 | $10417 | $11781 |
| **9/30/18** | $11307 | $10350 | $11840 |
| **10/31/18** | $11103 | $10268 | $11666 |
| **11/30/18** | $11031 | $10329 | $11602 |
| **12/31/18** | $10809 | $10519 | $11382 |
| **1/31/19** | $11306 | $10631 | $11886 |
| **2/28/19** | $11479 | $10625 | $12082 |
| **3/31/19** | $11583 | $10829 | $12218 |
| **4/30/19** | $11742 | $10831 | $12374 |
| **5/31/19** | $11586 | $11024 | $12244 |
| **6/30/19** | $11875 | $11162 | $12562 |
| **7/31/19** | $11916 | $11187 | $12635 |
| **8/31/19** | $11972 | $11476 | $12728 |
| **9/30/19** | $12021 | $11415 | $12772 |
| **10/31/19** | $12046 | $11450 | $12814 |
| **11/30/19** | $12101 | $11444 | $12892 |
| **12/31/19** | $12287 | $11436 | $13101 |
| **1/31/20** | $12273 | $11656 | $13110 |
| **2/29/20** | $12079 | $11866 | $12922 |
| **3/31/20** | $10900 | $11796 | $11538 |
| **4/30/20** | $11324 | $12006 | $12020 |
| **5/31/20** | $11733 | $12062 | $12546 |
| **6/30/20** | $11740 | $12137 | $12627 |
| **7/31/20** | $12248 | $12319 | $13234 |
| **8/31/20** | $12322 | $12219 | $13335 |
| **9/30/20** | $12174 | $12213 | $13174 |
| **10/31/20** | $12210 | $12158 | $13236 |
| **11/30/20** | $12622 | $12277 | $13705 |
| **12/31/20** | $12801 | $12294 | $13924 |
| **1/31/21** | $12776 | $12206 | $13939 |
| **2/28/21** | $12782 | $12030 | $13961 |
| **3/31/21** | $12775 | $11880 | $13966 |
| **4/30/21** | $12885 | $11974 | $14114 |
| **5/31/21** | $12905 | $12013 | $14145 |
| **6/30/21** | $13056 | $12097 | $14325 |
| **7/31/21** | $13079 | $12232 | $14388 |
| **8/31/21** | $13143 | $12209 | $14465 |
| **9/30/21** | $13122 | $12103 | $14459 |
| **10/31/21** | $13058 | $12100 | $14435 |
| **11/30/21** | $12920 | $12136 | $14292 |
| **12/31/21** | $13173 | $12105 | $14564 |
| **1/31/22** | $12768 | $11844 | $14151 |
| **2/28/22** | $12646 | $11712 | $14024 |
| **3/31/22** | $12521 | $11386 | $13898 |
| **4/30/22** | $12029 | $10954 | $13401 |
| **5/31/22** | $12111 | $11025 | $13488 |
| **6/30/22** | $11276 | $10852 | $12577 |
| **7/31/22** | $11985 | $11117 | $13351 |
| **8/31/22** | $11638 | $10803 | $12988 |
| **9/30/22** | $11188 | $10336 | $12484 |
| **10/31/22** | $11497 | $10202 | $12856 |
| **11/30/22** | $11737 | $10578 | $13122 |
| **12/31/22** | $11624 | $10530 | $13023 |
| **1/31/23** | $12037 | $10854 | $13494 |
| **2/28/23** | $11849 | $10573 | $13296 |
| **3/31/23** | $12054 | $10842 | $13486 |
| **4/30/23** | $12128 | $10908 | $13602 |
| **5/31/23** | $12002 | $10789 | $13468 |
| **6/30/23** | $12148 | $10750 | $13656 |
| **7/31/23** | $12272 | $10743 | $13833 |
| **8/31/23** | $12273 | $10674 | $13861 |
| **9/30/23** | $12099 | $10403 | $13688 |
| **10/31/23** | $11973 | $10239 | $13555 |
| **11/30/23** | $12523 | $10702 | $14177 |
| **12/31/23** | $12965 | $11112 | $14662 |
| **1/31/24** | $12950 | $11082 | $14673 |
| **2/29/24** | $12939 | $10925 | $14680 |
| **3/31/24** | $13091 | $11026 | $14853 |
| **4/30/24** | $12950 | $10747 | $14716 |
| **5/31/24** | $13074 | $10930 | $14881 |
| **6/30/24** | $13192 | $11033 | $15032 |
| **7/31/24** | $13397 | $11291 | $15283 |
| **8/31/24** | $13591 | $11453 | $15518 |
| **9/30/24** | $13730 | $11606 | $15692 |
| **10/31/24** | $13619 | $11319 | $15580 |
| **11/30/24** | $13747 | $11438 | $15747 |
| **12/31/24** | $13691 | $11251 | $15665 |
| **1/31/25** | $13853 | $11311 | $15876 |
| **2/28/25** | $13930 | $11560 | $15983 |
| **3/31/25** | $13796 | $11564 | $15846 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.38% | 4.82% | 3.27% |
| Class C (including sales charge) | 4.38% | 4.82% | 3.27% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PHDCX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4206TSRAR_033125

# I-3: PHNNX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $78 | 0.76% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i59ef9b98e8a60fa17fd5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1009894 | $996412 | $1011170 |
| **5/31/15** | $1012162 | $994012 | $1014709 |
| **6/30/15** | $997027 | $983174 | $1000240 |
| **7/31/15** | $1001870 | $990008 | $997109 |
| **8/31/15** | $989525 | $988586 | $981374 |
| **9/30/15** | $961808 | $995273 | $957615 |
| **10/31/15** | $993071 | $995439 | $986047 |
| **11/30/15** | $972878 | $992809 | $968219 |
| **12/31/15** | $956772 | $989601 | $946793 |
| **1/31/16** | $948036 | $1003219 | $935071 |
| **2/29/16** | $952470 | $1010335 | $942645 |
| **3/31/16** | $982379 | $1019605 | $976580 |
| **4/30/16** | $1006739 | $1023519 | $1009306 |
| **5/31/16** | $1008828 | $1023781 | $1012636 |
| **6/30/16** | $1014603 | $1042177 | $1021588 |
| **7/31/16** | $1039418 | $1048765 | $1046545 |
| **8/31/16** | $1059630 | $1047566 | $1067612 |
| **9/30/16** | $1064690 | $1046952 | $1072630 |
| **10/31/16** | $1063070 | $1038944 | $1074046 |
| **11/30/16** | $1058243 | $1014369 | $1068332 |
| **12/31/16** | $1076645 | $1015800 | $1086152 |
| **1/31/17** | $1088353 | $1017793 | $1098556 |
| **2/28/17** | $1104046 | $1024634 | $1112562 |
| **3/31/17** | $1101606 | $1024097 | $1110938 |
| **4/30/17** | $1114603 | $1032000 | $1124536 |
| **5/31/17** | $1125452 | $1039943 | $1133723 |
| **6/30/17** | $1127828 | $1038896 | $1135458 |
| **7/31/17** | $1139575 | $1043367 | $1147414 |
| **8/31/17** | $1140441 | $1052726 | $1148539 |
| **9/30/17** | $1148996 | $1047712 | $1157475 |
| **10/31/17** | $1153490 | $1048319 | $1162695 |
| **11/30/17** | $1148083 | $1046973 | $1159625 |
| **12/31/17** | $1150372 | $1051778 | $1161956 |
| **1/31/18** | $1153734 | $1039665 | $1166964 |
| **2/28/18** | $1140487 | $1029809 | $1155481 |
| **3/31/18** | $1133764 | $1036414 | $1149011 |
| **4/30/18** | $1139871 | $1028705 | $1155342 |
| **5/31/18** | $1135857 | $1036047 | $1153897 |
| **6/30/18** | $1139590 | $1034773 | $1156517 |
| **7/31/18** | $1153634 | $1035019 | $1168914 |
| **8/31/18** | $1163171 | $1041679 | $1178067 |
| **9/30/18** | $1168881 | $1034971 | $1183993 |
| **10/31/18** | $1148736 | $1026792 | $1166600 |
| **11/30/18** | $1142190 | $1032921 | $1160172 |
| **12/31/18** | $1120126 | $1051898 | $1138210 |
| **1/31/19** | $1172487 | $1063068 | $1188610 |
| **2/28/19** | $1191276 | $1062452 | $1208234 |
| **3/31/19** | $1203097 | $1082853 | $1221766 |
| **4/30/19** | $1220541 | $1083130 | $1237417 |
| **5/31/19** | $1205318 | $1102358 | $1224424 |
| **6/30/19** | $1236238 | $1116201 | $1256173 |
| **7/31/19** | $1241476 | $1118657 | $1263509 |
| **8/31/19** | $1248456 | $1147643 | $1272758 |
| **9/30/19** | $1254408 | $1141531 | $1277213 |
| **10/31/19** | $1258093 | $1144969 | $1281441 |
| **11/30/19** | $1264819 | $1144386 | $1289219 |
| **12/31/19** | $1285325 | $1143588 | $1310143 |
| **1/31/20** | $1284884 | $1165596 | $1311021 |
| **2/29/20** | $1265538 | $1186575 | $1292168 |
| **3/31/20** | $1142942 | $1179592 | $1153803 |
| **4/30/20** | $1188264 | $1200561 | $1202032 |
| **5/31/20** | $1232121 | $1206151 | $1254621 |
| **6/30/20** | $1233835 | $1213749 | $1262738 |
| **7/31/20** | $1288344 | $1231878 | $1323375 |
| **8/31/20** | $1297163 | $1221935 | $1333525 |
| **9/30/20** | $1282563 | $1221265 | $1317389 |
| **10/31/20** | $1287430 | $1215812 | $1323634 |
| **11/30/20** | $1331858 | $1227742 | $1370543 |
| **12/31/20** | $1351883 | $1229433 | $1392431 |
| **1/31/21** | $1350235 | $1220618 | $1393865 |
| **2/28/21** | $1351896 | $1202992 | $1396067 |
| **3/31/21** | $1352266 | $1187971 | $1396640 |
| **4/30/21** | $1365016 | $1197356 | $1411374 |
| **5/31/21** | $1368146 | $1201268 | $1414494 |
| **6/30/21** | $1385252 | $1209708 | $1432486 |
| **7/31/21** | $1388874 | $1223233 | $1438774 |
| **8/31/21** | $1396762 | $1220905 | $1446515 |
| **9/30/21** | $1395585 | $1210334 | $1445908 |
| **10/31/21** | $1389921 | $1210000 | $1443464 |
| **11/30/21** | $1376282 | $1213580 | $1429202 |
| **12/31/21** | $1404456 | $1210475 | $1456429 |
| **1/31/22** | $1362317 | $1184396 | $1415095 |
| **2/28/22** | $1350204 | $1171183 | $1402444 |
| **3/31/22** | $1337976 | $1138645 | $1389766 |
| **4/30/22** | $1286509 | $1095436 | $1340054 |
| **5/31/22** | $1296206 | $1102499 | $1348805 |
| **6/30/22** | $1207830 | $1085203 | $1257747 |
| **7/31/22** | $1284737 | $1111719 | $1335149 |
| **8/31/22** | $1248602 | $1080306 | $1298793 |
| **9/30/22** | $1201311 | $1033630 | $1248361 |
| **10/31/22** | $1235513 | $1020242 | $1285612 |
| **11/30/22** | $1262212 | $1057762 | $1312185 |
| **12/31/22** | $1251163 | $1052991 | $1302318 |
| **1/31/23** | $1296582 | $1085385 | $1349397 |
| **2/28/23** | $1277279 | $1057322 | $1329614 |
| **3/31/23** | $1300459 | $1084180 | $1348614 |
| **4/30/23** | $1309423 | $1090751 | $1360172 |
| **5/31/23** | $1296792 | $1078874 | $1346774 |
| **6/30/23** | $1313621 | $1075027 | $1365575 |
| **7/31/23** | $1328043 | $1074277 | $1383300 |
| **8/31/23** | $1329189 | $1067415 | $1386095 |
| **9/30/23** | $1311503 | $1040290 | $1368783 |
| **10/31/23** | $1298727 | $1023873 | $1355492 |
| **11/30/23** | $1359508 | $1070241 | $1417736 |
| **12/31/23** | $1408572 | $1111209 | $1466194 |
| **1/31/24** | $1408044 | $1108157 | $1467294 |
| **2/29/24** | $1407903 | $1092501 | $1467969 |
| **3/31/24** | $1425635 | $1102589 | $1485261 |
| **4/30/24** | $1411338 | $1074739 | $1471612 |
| **5/31/24** | $1426073 | $1092959 | $1488064 |
| **6/30/24** | $1439980 | $1103307 | $1503213 |
| **7/31/24** | $1463570 | $1129077 | $1528302 |
| **8/31/24** | $1486013 | $1145301 | $1551776 |
| **9/30/24** | $1502284 | $1160636 | $1569234 |
| **10/31/24** | $1491348 | $1131854 | $1557951 |
| **11/30/24** | $1506623 | $1143821 | $1574668 |
| **12/31/24** | $1501695 | $1125101 | $1566527 |
| **1/31/25** | $1520730 | $1131070 | $1587581 |
| **2/28/25** | $1530234 | $1155956 | $1598297 |
| **3/31/25** | $1516692 | $1156391 | $1584647 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.39% | 5.82% | 4.25% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PHNNX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2184TSRAR_033125

# Institutional Class: PHIYX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $63 | 0.61% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i37b96b81204d12eebac5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1010018 | $996412 | $1011170 |
| **5/31/15** | $1012415 | $994012 | $1014709 |
| **6/30/15** | $997400 | $983174 | $1000240 |
| **7/31/15** | $1002371 | $990008 | $997109 |
| **8/31/15** | $990146 | $988586 | $981374 |
| **9/30/15** | $962533 | $995273 | $957615 |
| **10/31/15** | $993945 | $995439 | $986047 |
| **11/30/15** | $973854 | $992809 | $968219 |
| **12/31/15** | $957854 | $989601 | $946793 |
| **1/31/16** | $949227 | $1003219 | $935071 |
| **2/29/16** | $953778 | $1010335 | $942645 |
| **3/31/16** | $983852 | $1019605 | $976580 |
| **4/30/16** | $1008372 | $1023519 | $1009306 |
| **5/31/16** | $1010592 | $1023781 | $1012636 |
| **6/30/16** | $1016500 | $1042177 | $1021588 |
| **7/31/16** | $1041493 | $1048765 | $1046545 |
| **8/31/16** | $1061879 | $1047566 | $1067612 |
| **9/30/16** | $1067080 | $1046952 | $1072630 |
| **10/31/16** | $1065592 | $1038944 | $1074046 |
| **11/30/16** | $1060884 | $1014369 | $1068332 |
| **12/31/16** | $1079468 | $1015800 | $1086152 |
| **1/31/17** | $1091345 | $1017793 | $1098556 |
| **2/28/17** | $1107207 | $1024634 | $1112562 |
| **3/31/17** | $1104900 | $1024097 | $1110938 |
| **4/30/17** | $1118072 | $1032000 | $1124536 |
| **5/31/17** | $1129098 | $1039943 | $1133723 |
| **6/30/17** | $1131620 | $1038896 | $1135458 |
| **7/31/17** | $1143552 | $1043367 | $1147414 |
| **8/31/17** | $1144566 | $1052726 | $1148539 |
| **9/30/17** | $1153292 | $1047712 | $1157475 |
| **10/31/17** | $1157950 | $1048319 | $1162695 |
| **11/30/17** | $1152664 | $1046973 | $1159625 |
| **12/31/17** | $1155110 | $1051778 | $1161956 |
| **1/31/18** | $1158633 | $1039665 | $1166964 |
| **2/28/18** | $1145460 | $1029809 | $1155481 |
| **3/31/18** | $1138853 | $1036414 | $1149011 |
| **4/30/18** | $1145120 | $1028705 | $1155342 |
| **5/31/18** | $1141260 | $1036047 | $1153897 |
| **6/30/18** | $1145108 | $1034773 | $1156517 |
| **7/31/18** | $1159348 | $1035019 | $1168914 |
| **8/31/18** | $1169089 | $1041679 | $1178067 |
| **9/30/18** | $1174958 | $1034971 | $1183993 |
| **10/31/18** | $1154862 | $1026792 | $1166600 |
| **11/30/18** | $1148430 | $1032921 | $1160172 |
| **12/31/18** | $1126383 | $1051898 | $1138210 |
| **1/31/19** | $1179177 | $1063068 | $1188610 |
| **2/28/19** | $1198206 | $1062452 | $1208234 |
| **3/31/19** | $1210247 | $1082853 | $1221766 |
| **4/30/19** | $1227943 | $1083130 | $1237417 |
| **5/31/19** | $1212788 | $1102358 | $1224424 |
| **6/30/19** | $1244041 | $1116201 | $1256173 |
| **7/31/19** | $1249486 | $1118657 | $1263509 |
| **8/31/19** | $1256681 | $1147643 | $1272758 |
| **9/30/19** | $1262807 | $1141531 | $1277213 |
| **10/31/19** | $1266678 | $1144969 | $1281441 |
| **11/30/19** | $1273610 | $1144386 | $1289219 |
| **12/31/19** | $1294418 | $1143588 | $1310143 |
| **1/31/20** | $1294144 | $1165596 | $1311021 |
| **2/29/20** | $1274813 | $1186575 | $1292168 |
| **3/31/20** | $1151454 | $1179592 | $1153803 |
| **4/30/20** | $1197248 | $1200561 | $1202032 |
| **5/31/20** | $1241595 | $1206151 | $1254621 |
| **6/30/20** | $1243470 | $1213749 | $1262738 |
| **7/31/20** | $1298574 | $1231878 | $1323375 |
| **8/31/20** | $1307616 | $1221935 | $1333525 |
| **9/30/20** | $1293062 | $1221265 | $1317389 |
| **10/31/20** | $1298138 | $1215812 | $1323634 |
| **11/30/20** | $1343093 | $1227742 | $1370543 |
| **12/31/20** | $1363476 | $1229433 | $1392431 |
| **1/31/21** | $1361970 | $1220618 | $1393865 |
| **2/28/21** | $1363803 | $1202992 | $1396067 |
| **3/31/21** | $1364349 | $1187971 | $1396640 |
| **4/30/21** | $1377392 | $1197356 | $1411374 |
| **5/31/21** | $1380712 | $1201268 | $1414494 |
| **6/30/21** | $1398147 | $1209708 | $1432486 |
| **7/31/21** | $1401986 | $1223233 | $1438774 |
| **8/31/21** | $1410121 | $1220905 | $1446515 |
| **9/30/21** | $1409108 | $1210334 | $1445908 |
| **10/31/21** | $1403564 | $1210000 | $1443464 |
| **11/30/21** | $1389991 | $1213580 | $1429202 |
| **12/31/21** | $1418638 | $1210475 | $1456429 |
| **1/31/22** | $1376244 | $1184396 | $1415095 |
| **2/28/22** | $1364163 | $1171183 | $1402444 |
| **3/31/22** | $1351978 | $1138645 | $1389766 |
| **4/30/22** | $1300142 | $1095436 | $1340054 |
| **5/31/22** | $1310099 | $1102499 | $1348805 |
| **6/30/22** | $1220930 | $1085203 | $1257747 |
| **7/31/22** | $1298828 | $1111719 | $1335149 |
| **8/31/22** | $1262473 | $1080306 | $1298793 |
| **9/30/22** | $1214820 | $1033630 | $1248361 |
| **10/31/22** | $1249518 | $1020242 | $1285612 |
| **11/30/22** | $1276682 | $1057762 | $1312185 |
| **12/31/22** | $1265679 | $1052991 | $1302318 |
| **1/31/23** | $1311781 | $1085385 | $1349397 |
| **2/28/23** | $1292428 | $1057322 | $1329614 |
| **3/31/23** | $1316074 | $1084180 | $1348614 |
| **4/30/23** | $1325295 | $1090751 | $1360172 |
| **5/31/23** | $1312680 | $1078874 | $1346774 |
| **6/30/23** | $1329888 | $1075027 | $1365575 |
| **7/31/23** | $1344652 | $1074277 | $1383300 |
| **8/31/23** | $1345981 | $1067415 | $1386095 |
| **9/30/23** | $1328240 | $1040290 | $1368783 |
| **10/31/23** | $1315485 | $1023873 | $1355492 |
| **11/30/23** | $1377207 | $1070241 | $1417736 |
| **12/31/23** | $1427097 | $1111209 | $1466194 |
| **1/31/24** | $1426740 | $1108157 | $1467294 |
| **2/29/24** | $1426766 | $1092501 | $1467969 |
| **3/31/24** | $1444917 | $1102589 | $1485261 |
| **4/30/24** | $1430602 | $1074739 | $1471612 |
| **5/31/24** | $1445734 | $1092959 | $1488064 |
| **6/30/24** | $1460000 | $1103307 | $1503213 |
| **7/31/24** | $1484104 | $1129077 | $1528302 |
| **8/31/24** | $1507062 | $1145301 | $1551776 |
| **9/30/24** | $1523738 | $1160636 | $1569234 |
| **10/31/24** | $1512836 | $1131854 | $1557951 |
| **11/30/24** | $1528521 | $1143821 | $1574668 |
| **12/31/24** | $1523715 | $1125101 | $1566527 |
| **1/31/25** | $1543222 | $1131070 | $1587581 |
| **2/28/25** | $1553044 | $1155956 | $1598297 |
| **3/31/25** | $1539484 | $1156391 | $1584647 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.54% | 5.98% | 4.41% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PHIYX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0108TSRAR_033125

# I-2: PHLPX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $73 | 0.71% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i243f5c46e049d98dbf1f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1009936 | $996412 | $1011170 |
| **5/31/15** | $1012247 | $994012 | $1014709 |
| **6/30/15** | $997152 | $983174 | $1000240 |
| **7/31/15** | $1002033 | $990008 | $997109 |
| **8/31/15** | $989734 | $988586 | $981374 |
| **9/30/15** | $962052 | $995273 | $957615 |
| **10/31/15** | $993362 | $995439 | $986047 |
| **11/30/15** | $973210 | $992809 | $968219 |
| **12/31/15** | $957131 | $989601 | $946793 |
| **1/31/16** | $948439 | $1003219 | $935071 |
| **2/29/16** | $952920 | $1010335 | $942645 |
| **3/31/16** | $982887 | $1019605 | $976580 |
| **4/30/16** | $1007301 | $1023519 | $1009306 |
| **5/31/16** | $1009437 | $1023781 | $1012636 |
| **6/30/16** | $1015256 | $1042177 | $1021588 |
| **7/31/16** | $1040129 | $1048765 | $1046545 |
| **8/31/16** | $1060374 | $1047566 | $1067612 |
| **9/30/16** | $1065475 | $1046952 | $1072630 |
| **10/31/16** | $1063906 | $1038944 | $1074046 |
| **11/30/16** | $1059124 | $1014369 | $1068332 |
| **12/31/16** | $1077563 | $1015800 | $1086152 |
| **1/31/17** | $1089333 | $1017793 | $1098556 |
| **2/28/17** | $1105083 | $1024634 | $1112562 |
| **3/31/17** | $1102681 | $1024097 | $1110938 |
| **4/30/17** | $1115742 | $1032000 | $1124536 |
| **5/31/17** | $1126650 | $1039943 | $1133723 |
| **6/30/17** | $1129069 | $1038896 | $1135458 |
| **7/31/17** | $1140884 | $1043367 | $1147414 |
| **8/31/17** | $1141800 | $1052726 | $1148539 |
| **9/30/17** | $1150408 | $1047712 | $1157475 |
| **10/31/17** | $1154959 | $1048319 | $1162695 |
| **11/30/17** | $1149592 | $1046973 | $1159625 |
| **12/31/17** | $1151929 | $1051778 | $1161956 |
| **1/31/18** | $1155349 | $1039665 | $1166964 |
| **2/28/18** | $1142125 | $1029809 | $1155481 |
| **3/31/18** | $1135439 | $1036414 | $1149011 |
| **4/30/18** | $1141597 | $1028705 | $1155342 |
| **5/31/18** | $1137653 | $1036047 | $1153897 |
| **6/30/18** | $1141392 | $1034773 | $1156517 |
| **7/31/18** | $1155491 | $1035019 | $1168914 |
| **8/31/18** | $1165092 | $1041679 | $1178067 |
| **9/30/18** | $1170854 | $1034971 | $1183993 |
| **10/31/18** | $1150723 | $1026792 | $1166600 |
| **11/30/18** | $1144215 | $1032921 | $1160172 |
| **12/31/18** | $1122156 | $1051898 | $1138210 |
| **1/31/19** | $1174655 | $1063068 | $1188610 |
| **2/28/19** | $1193521 | $1062452 | $1208234 |
| **3/31/19** | $1205414 | $1082853 | $1221766 |
| **4/30/19** | $1222941 | $1083130 | $1237417 |
| **5/31/19** | $1207742 | $1102358 | $1224424 |
| **6/30/19** | $1238774 | $1116201 | $1256173 |
| **7/31/19** | $1244091 | $1118657 | $1263509 |
| **8/31/19** | $1251142 | $1147643 | $1272758 |
| **9/30/19** | $1257146 | $1141531 | $1277213 |
| **10/31/19** | $1260892 | $1144969 | $1281441 |
| **11/30/19** | $1267687 | $1144386 | $1289219 |
| **12/31/19** | $1288289 | $1143588 | $1310143 |
| **1/31/20** | $1287902 | $1165596 | $1311021 |
| **2/29/20** | $1268566 | $1186575 | $1292168 |
| **3/31/20** | $1145716 | $1179592 | $1153803 |
| **4/30/20** | $1191186 | $1200561 | $1202032 |
| **5/31/20** | $1235205 | $1206151 | $1254621 |
| **6/30/20** | $1236966 | $1213749 | $1262738 |
| **7/31/20** | $1291672 | $1231878 | $1323375 |
| **8/31/20** | $1300564 | $1221935 | $1333525 |
| **9/30/20** | $1285982 | $1221265 | $1317389 |
| **10/31/20** | $1290917 | $1215812 | $1323634 |
| **11/30/20** | $1335518 | $1227742 | $1370543 |
| **12/31/20** | $1355661 | $1229433 | $1392431 |
| **1/31/21** | $1354060 | $1220618 | $1393865 |
| **2/28/21** | $1355779 | $1202992 | $1396067 |
| **3/31/21** | $1356207 | $1187971 | $1396640 |
| **4/30/21** | $1369056 | $1197356 | $1411374 |
| **5/31/21** | $1372249 | $1201268 | $1414494 |
| **6/30/21** | $1389464 | $1209708 | $1432486 |
| **7/31/21** | $1393157 | $1223233 | $1438774 |
| **8/31/21** | $1401127 | $1220905 | $1446515 |
| **9/30/21** | $1400005 | $1210334 | $1445908 |
| **10/31/21** | $1394380 | $1210000 | $1443464 |
| **11/30/21** | $1380781 | $1213580 | $1429202 |
| **12/31/21** | $1409112 | $1210475 | $1456429 |
| **1/31/22** | $1366893 | $1184396 | $1415095 |
| **2/28/22** | $1354790 | $1171183 | $1402444 |
| **3/31/22** | $1342576 | $1138645 | $1389766 |
| **4/30/22** | $1290989 | $1095436 | $1340054 |
| **5/31/22** | $1300774 | $1102499 | $1348805 |
| **6/30/22** | $1212136 | $1085203 | $1257747 |
| **7/31/22** | $1289365 | $1111719 | $1335149 |
| **8/31/22** | $1253168 | $1080306 | $1298793 |
| **9/30/22** | $1205757 | $1033630 | $1248361 |
| **10/31/22** | $1240101 | $1020242 | $1285612 |
| **11/30/22** | $1266947 | $1057762 | $1312185 |
| **12/31/22** | $1255913 | $1052991 | $1302318 |
| **1/31/23** | $1301557 | $1085385 | $1349397 |
| **2/28/23** | $1282255 | $1057322 | $1329614 |
| **3/31/23** | $1305607 | $1084180 | $1348614 |
| **4/30/23** | $1314654 | $1090751 | $1360172 |
| **5/31/23** | $1302029 | $1078874 | $1346774 |
| **6/30/23** | $1318984 | $1075027 | $1365575 |
| **7/31/23** | $1333520 | $1074277 | $1383300 |
| **8/31/23** | $1334727 | $1067415 | $1386095 |
| **9/30/23** | $1317022 | $1040290 | $1368783 |
| **10/31/23** | $1304267 | $1023873 | $1355492 |
| **11/30/23** | $1365351 | $1070241 | $1417736 |
| **12/31/23** | $1414688 | $1111209 | $1466194 |
| **1/31/24** | $1414218 | $1108157 | $1467294 |
| **2/29/24** | $1414132 | $1092501 | $1467969 |
| **3/31/24** | $1432003 | $1102589 | $1485261 |
| **4/30/24** | $1417699 | $1074739 | $1471612 |
| **5/31/24** | $1432565 | $1092959 | $1488064 |
| **6/30/24** | $1446591 | $1103307 | $1503213 |
| **7/31/24** | $1470350 | $1129077 | $1528302 |
| **8/31/24** | $1492961 | $1145301 | $1551776 |
| **9/30/24** | $1509365 | $1160636 | $1569234 |
| **10/31/24** | $1498440 | $1131854 | $1557951 |
| **11/30/24** | $1513848 | $1143821 | $1574668 |
| **12/31/24** | $1508960 | $1125101 | $1566527 |
| **1/31/25** | $1528145 | $1131070 | $1587581 |
| **2/28/25** | $1537754 | $1155956 | $1598297 |
| **3/31/25** | $1524205 | $1156391 | $1584647 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.44% | 5.87% | 4.30% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PHLPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1910TSRAR_033125

# Class R: PHYRX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $125 | 1.21% |

---

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

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

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

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened. 

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

* Security selection within the consumer products sector, specifically overweight exposure to a private label cleaning product manufacturer, detracted from performance, as spreads widened amid a plant fire.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i130db613da7e7d358c77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10095 | $9964 | $10112 |
| **5/31/15** | $10114 | $9940 | $10147 |
| **6/30/15** | $9959 | $9832 | $10002 |
| **7/31/15** | $10003 | $9900 | $9971 |
| **8/31/15** | $9877 | $9886 | $9814 |
| **9/30/15** | $9596 | $9953 | $9576 |
| **10/31/15** | $9904 | $9954 | $9860 |
| **11/30/15** | $9700 | $9928 | $9682 |
| **12/31/15** | $9535 | $9896 | $9468 |
| **1/31/16** | $9445 | $10032 | $9351 |
| **2/29/16** | $9486 | $10103 | $9426 |
| **3/31/16** | $9780 | $10196 | $9766 |
| **4/30/16** | $10018 | $10235 | $10093 |
| **5/31/16** | $10036 | $10238 | $10126 |
| **6/30/16** | $10089 | $10422 | $10216 |
| **7/31/16** | $10332 | $10488 | $10465 |
| **8/31/16** | $10529 | $10476 | $10676 |
| **9/30/16** | $10575 | $10470 | $10726 |
| **10/31/16** | $10555 | $10389 | $10740 |
| **11/30/16** | $10504 | $10144 | $10683 |
| **12/31/16** | $10682 | $10158 | $10862 |
| **1/31/17** | $10794 | $10178 | $10986 |
| **2/28/17** | $10946 | $10246 | $11126 |
| **3/31/17** | $10917 | $10241 | $11109 |
| **4/30/17** | $11043 | $10320 | $11245 |
| **5/31/17** | $11146 | $10399 | $11337 |
| **6/30/17** | $11165 | $10389 | $11355 |
| **7/31/17** | $11277 | $10434 | $11474 |
| **8/31/17** | $11282 | $10527 | $11485 |
| **9/30/17** | $11362 | $10477 | $11575 |
| **10/31/17** | $11402 | $10483 | $11627 |
| **11/30/17** | $11344 | $10470 | $11596 |
| **12/31/17** | $11363 | $10518 | $11620 |
| **1/31/18** | $11392 | $10397 | $11670 |
| **2/28/18** | $11257 | $10298 | $11555 |
| **3/31/18** | $11186 | $10364 | $11490 |
| **4/30/18** | $11242 | $10287 | $11553 |
| **5/31/18** | $11199 | $10360 | $11539 |
| **6/30/18** | $11231 | $10348 | $11565 |
| **7/31/18** | $11365 | $10350 | $11689 |
| **8/31/18** | $11454 | $10417 | $11781 |
| **9/30/18** | $11506 | $10350 | $11840 |
| **10/31/18** | $11304 | $10268 | $11666 |
| **11/30/18** | $11235 | $10329 | $11602 |
| **12/31/18** | $11014 | $10519 | $11382 |
| **1/31/19** | $11524 | $10631 | $11886 |
| **2/28/19** | $11705 | $10625 | $12082 |
| **3/31/19** | $11817 | $10829 | $12218 |
| **4/30/19** | $11984 | $10831 | $12374 |
| **5/31/19** | $11829 | $11024 | $12244 |
| **6/30/19** | $12129 | $11162 | $12562 |
| **7/31/19** | $12176 | $11187 | $12635 |
| **8/31/19** | $12239 | $11476 | $12728 |
| **9/30/19** | $12293 | $11415 | $12772 |
| **10/31/19** | $12325 | $11450 | $12814 |
| **11/30/19** | $12386 | $11444 | $12892 |
| **12/31/19** | $12582 | $11436 | $13101 |
| **1/31/20** | $12573 | $11656 | $13110 |
| **2/29/20** | $12379 | $11866 | $12922 |
| **3/31/20** | $11176 | $11796 | $11538 |
| **4/30/20** | $11614 | $12006 | $12020 |
| **5/31/20** | $12039 | $12062 | $12546 |
| **6/30/20** | $12051 | $12137 | $12627 |
| **7/31/20** | $12578 | $12319 | $13234 |
| **8/31/20** | $12660 | $12219 | $13335 |
| **9/30/20** | $12513 | $12213 | $13174 |
| **10/31/20** | $12555 | $12158 | $13236 |
| **11/30/20** | $12984 | $12277 | $13705 |
| **12/31/20** | $13174 | $12294 | $13924 |
| **1/31/21** | $13153 | $12206 | $13939 |
| **2/28/21** | $13165 | $12030 | $13961 |
| **3/31/21** | $13163 | $11880 | $13966 |
| **4/30/21** | $13282 | $11974 | $14114 |
| **5/31/21** | $13308 | $12013 | $14145 |
| **6/30/21** | $13469 | $12097 | $14325 |
| **7/31/21** | $13499 | $12232 | $14388 |
| **8/31/21** | $13571 | $12209 | $14465 |
| **9/30/21** | $13555 | $12103 | $14459 |
| **10/31/21** | $13494 | $12100 | $14435 |
| **11/30/21** | $13357 | $12136 | $14292 |
| **12/31/21** | $13625 | $12105 | $14564 |
| **1/31/22** | $13212 | $11844 | $14151 |
| **2/28/22** | $13090 | $11712 | $14024 |
| **3/31/22** | $12966 | $11386 | $13898 |
| **4/30/22** | $12462 | $10954 | $13401 |
| **5/31/22** | $12552 | $11025 | $13488 |
| **6/30/22** | $11692 | $10852 | $12577 |
| **7/31/22** | $12431 | $11117 | $13351 |
| **8/31/22** | $12077 | $10803 | $12988 |
| **9/30/22** | $11615 | $10336 | $12484 |
| **10/31/22** | $11941 | $10202 | $12856 |
| **11/30/22** | $12195 | $10578 | $13122 |
| **12/31/22** | $12083 | $10530 | $13023 |
| **1/31/23** | $12517 | $10854 | $13494 |
| **2/28/23** | $12327 | $10573 | $13296 |
| **3/31/23** | $12546 | $10842 | $13486 |
| **4/30/23** | $12628 | $10908 | $13602 |
| **5/31/23** | $12501 | $10789 | $13468 |
| **6/30/23** | $12659 | $10750 | $13656 |
| **7/31/23** | $12793 | $10743 | $13833 |
| **8/31/23** | $12799 | $10674 | $13861 |
| **9/30/23** | $12624 | $10403 | $13688 |
| **10/31/23** | $12497 | $10239 | $13555 |
| **11/30/23** | $13077 | $10702 | $14177 |
| **12/31/23** | $13544 | $11112 | $14662 |
| **1/31/24** | $13534 | $11082 | $14673 |
| **2/29/24** | $13527 | $10925 | $14680 |
| **3/31/24** | $13693 | $11026 | $14853 |
| **4/30/24** | $13550 | $10747 | $14716 |
| **5/31/24** | $13686 | $10930 | $14881 |
| **6/30/24** | $13815 | $11033 | $15032 |
| **7/31/24** | $14036 | $11291 | $15283 |
| **8/31/24** | $14245 | $11453 | $15518 |
| **9/30/24** | $14396 | $11606 | $15692 |
| **10/31/24** | $14286 | $11319 | $15580 |
| **11/30/24** | $14427 | $11438 | $15747 |
| **12/31/24** | $14374 | $11251 | $15665 |
| **1/31/25** | $14551 | $11311 | $15876 |
| **2/28/25** | $14637 | $11560 | $15983 |
| **3/31/25** | $14502 | $11564 | $15846 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.91% | 5.35% | 3.79% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 6.69% | 6.55% | 4.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8126414 |
| # of Portfolio Holdings | 781 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $19483 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| U.S. Treasury Obligations | 5.4% |
| Loan Participations and Assignments | 2.6% |
| Warrants | 0.1% |
| Common Stocks | 0.1% |
| Short-Term Instruments | 1.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class R: PHYRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4506TSRAR_033125

# Class A: PHSAX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $108 | 1.04% |

---

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

* Security selection within the technology sector, specifically overweight exposure to a telecommunications equipment provider, contributed to performance, as spreads tightened. 

* Security selection within the paper and packaging sector, specifically underweight exposure to a glass and metal packaging company, contributed to performance, as spreads widened. 

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

* Security selection within the healthcare sector, specifically exposure to restructure equity of a healthcare services company, detracted from performance, as prices fell. 

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i2a830468d7939b53b44e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/15** | $9621 | $10000 | $10000 |
| **4/30/15** | $9715 | $9944 | $10102 |
| **5/31/15** | $9751 | $9903 | $10128 |
| **6/30/15** | $9607 | $9780 | $9969 |
| **7/31/15** | $9619 | $9877 | $9950 |
| **8/31/15** | $9489 | $9851 | $9799 |
| **9/30/15** | $9224 | $9909 | $9567 |
| **10/31/15** | $9497 | $9941 | $9824 |
| **11/30/15** | $9287 | $9946 | $9671 |
| **12/31/15** | $9113 | $9919 | $9444 |
| **1/31/16** | $8994 | $10064 | $9304 |
| **2/29/16** | $8979 | $10161 | $9323 |
| **3/31/16** | $9377 | $10244 | $9724 |
| **4/30/16** | $9646 | $10262 | $10064 |
| **5/31/16** | $9691 | $10305 | $10127 |
| **6/30/16** | $9738 | $10501 | $10202 |
| **7/31/16** | $9981 | $10564 | $10459 |
| **8/31/16** | $10205 | $10559 | $10687 |
| **9/30/16** | $10245 | $10557 | $10731 |
| **10/31/16** | $10259 | $10455 | $10778 |
| **11/30/16** | $10224 | $10282 | $10730 |
| **12/31/16** | $10453 | $10311 | $10942 |
| **1/31/17** | $10593 | $10273 | $11080 |
| **2/28/17** | $10769 | $10361 | $11243 |
| **3/31/17** | $10744 | $10356 | $11231 |
| **4/30/17** | $10885 | $10426 | $11361 |
| **5/31/17** | $10999 | $10487 | $11468 |
| **6/30/17** | $11010 | $10458 | $11491 |
| **7/31/17** | $11142 | $10492 | $11622 |
| **8/31/17** | $11136 | $10588 | $11631 |
| **9/30/17** | $11219 | $10539 | $11729 |
| **10/31/17** | $11254 | $10583 | $11798 |
| **11/30/17** | $11214 | $10600 | $11768 |
| **12/31/17** | $11255 | $10624 | $11799 |
| **1/31/18** | $11325 | $10548 | $11874 |
| **2/28/18** | $11228 | $10524 | $11775 |
| **3/31/18** | $11152 | $10611 | $11719 |
| **4/30/18** | $11222 | $10572 | $11800 |
| **5/31/18** | $11194 | $10611 | $11771 |
| **6/30/18** | $11224 | $10631 | $11797 |
| **7/31/18** | $11356 | $10634 | $11944 |
| **8/31/18** | $11436 | $10667 | $12015 |
| **9/30/18** | $11497 | $10626 | $12081 |
| **10/31/18** | $11293 | $10605 | $11902 |
| **11/30/18** | $11174 | $10657 | $11769 |
| **12/31/18** | $10918 | $10811 | $11565 |
| **1/31/19** | $11422 | $10925 | $12040 |
| **2/28/19** | $11609 | $10938 | $12254 |
| **3/31/19** | $11709 | $11134 | $12387 |
| **4/30/19** | $11916 | $11141 | $12567 |
| **5/31/19** | $11716 | $11301 | $12417 |
| **6/30/19** | $11983 | $11460 | $12728 |
| **7/31/19** | $12036 | $11550 | $12808 |
| **8/31/19** | $12081 | $11812 | $12875 |
| **9/30/19** | $12142 | $11757 | $12909 |
| **10/31/19** | $12157 | $11737 | $12939 |
| **11/30/19** | $12200 | $11723 | $12998 |
| **12/31/19** | $12492 | $11699 | $13246 |
| **1/31/20** | $12473 | $11910 | $13261 |
| **2/29/20** | $12261 | $12056 | $13056 |
| **3/31/20** | $10907 | $11868 | $11481 |
| **4/30/20** | $11335 | $12060 | $11981 |
| **5/31/20** | $11792 | $12095 | $12476 |
| **6/30/20** | $11865 | $12155 | $12632 |
| **7/31/20** | $12365 | $12288 | $13148 |
| **8/31/20** | $12514 | $12199 | $13294 |
| **9/30/20** | $12378 | $12243 | $13174 |
| **10/31/20** | $12412 | $12244 | $13230 |
| **11/30/20** | $12995 | $12314 | $13772 |
| **12/31/20** | $13228 | $12352 | $13999 |
| **1/31/21** | $13243 | $12286 | $14060 |
| **2/28/21** | $13314 | $12095 | $14121 |
| **3/31/21** | $13345 | $12047 | $14161 |
| **4/30/21** | $13474 | $12078 | $14303 |
| **5/31/21** | $13478 | $12105 | $14344 |
| **6/30/21** | $13631 | $12164 | $14509 |
| **7/31/21** | $13664 | $12316 | $14564 |
| **8/31/21** | $13734 | $12291 | $14637 |
| **9/30/21** | $13710 | $12175 | $14640 |
| **10/31/21** | $13657 | $12143 | $14598 |
| **11/30/21** | $13523 | $12230 | $14470 |
| **12/31/21** | $13798 | $12180 | $14707 |
| **1/31/22** | $13413 | $11989 | $14358 |
| **2/28/22** | $13268 | $11829 | $14155 |
| **3/31/22** | $13220 | $11574 | $14066 |
| **4/30/22** | $12712 | $11263 | $13598 |
| **5/31/22** | $12702 | $11248 | $13578 |
| **6/30/22** | $11796 | $11077 | $12669 |
| **7/31/22** | $12538 | $11359 | $13394 |
| **8/31/22** | $12264 | $11063 | $13122 |
| **9/30/22** | $11822 | $10707 | $12604 |
| **10/31/22** | $12157 | $10671 | $12929 |
| **11/30/22** | $12470 | $10943 | $13238 |
| **12/31/22** | $12410 | $10814 | $13153 |
| **1/31/23** | $12879 | $11063 | $13652 |
| **2/28/23** | $12772 | $10886 | $13530 |
| **3/31/23** | $12879 | $11128 | $13630 |
| **4/30/23** | $12981 | $11185 | $13751 |
| **5/31/23** | $12907 | $11141 | $13687 |
| **6/30/23** | $13083 | $11134 | $13871 |
| **7/31/23** | $13279 | $11138 | $14069 |
| **8/31/23** | $13298 | $11124 | $14115 |
| **9/30/23** | $13179 | $10932 | $14011 |
| **10/31/23** | $13026 | $10854 | $13878 |
| **11/30/23** | $13620 | $11228 | $14459 |
| **12/31/23** | $14108 | $11586 | $14966 |
| **1/31/24** | $14143 | $11564 | $15005 |
| **2/29/24** | $14197 | $11484 | $15059 |
| **3/31/24** | $14350 | $11588 | $15211 |
| **4/30/24** | $14247 | $11401 | $15099 |
| **5/31/24** | $14420 | $11502 | $15268 |
| **6/30/24** | $14536 | $11602 | $15404 |
| **7/31/24** | $14805 | $11826 | $15683 |
| **8/31/24** | $15050 | $11956 | $15921 |
| **9/30/24** | $15244 | $12094 | $16162 |
| **10/31/24** | $15172 | $11931 | $16124 |
| **11/30/24** | $15318 | $12072 | $16287 |
| **12/31/24** | $15297 | $11980 | $16263 |
| **1/31/25** | $15447 | $12026 | $16464 |
| **2/28/25** | $15571 | $12171 | $16590 |
| **3/31/25** | $15429 | $12120 | $16424 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.52% | 7.18% | 4.84% |
| Class A (including sales charge) | 3.51% | 6.38% | 4.43% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 7.98% | 7.42% | 5.09% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $449075 |
| # of Portfolio Holdings | 935 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $1112 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.1% |
| Loan Participations and Assignments | 7.5% |
| U.S. Treasury Obligations | 7.4% |
| Sovereign Issues | 6.3% |
| Common Stocks | 0.6% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PHSAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6020TSRAR_033125

# Class C: PHSCX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $185 | 1.79% |

---

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

* Security selection within the technology sector, specifically overweight exposure to a telecommunications equipment provider, contributed to performance, as spreads tightened. 

* Security selection within the paper and packaging sector, specifically underweight exposure to a glass and metal packaging company, contributed to performance, as spreads widened. 

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

* Security selection within the healthcare sector, specifically exposure to restructure equity of a healthcare services company, detracted from performance, as prices fell. 

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i9e5c445bcfe4a301764f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10092 | $9944 | $10102 |
| **5/31/15** | $10123 | $9903 | $10128 |
| **6/30/15** | $9967 | $9780 | $9969 |
| **7/31/15** | $9973 | $9877 | $9950 |
| **8/31/15** | $9832 | $9851 | $9799 |
| **9/30/15** | $9551 | $9909 | $9567 |
| **10/31/15** | $9828 | $9941 | $9824 |
| **11/30/15** | $9605 | $9946 | $9671 |
| **12/31/15** | $9419 | $9919 | $9444 |
| **1/31/16** | $9290 | $10064 | $9304 |
| **2/29/16** | $9269 | $10161 | $9323 |
| **3/31/16** | $9674 | $10244 | $9724 |
| **4/30/16** | $9945 | $10262 | $10064 |
| **5/31/16** | $9985 | $10305 | $10127 |
| **6/30/16** | $10028 | $10501 | $10202 |
| **7/31/16** | $10272 | $10564 | $10459 |
| **8/31/16** | $10495 | $10559 | $10687 |
| **9/30/16** | $10530 | $10557 | $10731 |
| **10/31/16** | $10538 | $10455 | $10778 |
| **11/30/16** | $10496 | $10282 | $10730 |
| **12/31/16** | $10724 | $10311 | $10942 |
| **1/31/17** | $10861 | $10273 | $11080 |
| **2/28/17** | $11035 | $10361 | $11243 |
| **3/31/17** | $11002 | $10356 | $11231 |
| **4/30/17** | $11140 | $10426 | $11361 |
| **5/31/17** | $11249 | $10487 | $11468 |
| **6/30/17** | $11254 | $10458 | $11491 |
| **7/31/17** | $11381 | $10492 | $11622 |
| **8/31/17** | $11368 | $10588 | $11631 |
| **9/30/17** | $11445 | $10539 | $11729 |
| **10/31/17** | $11474 | $10583 | $11798 |
| **11/30/17** | $11426 | $10600 | $11768 |
| **12/31/17** | $11460 | $10624 | $11799 |
| **1/31/18** | $11524 | $10548 | $11874 |
| **2/28/18** | $11419 | $10524 | $11775 |
| **3/31/18** | $11334 | $10611 | $11719 |
| **4/30/18** | $11399 | $10572 | $11800 |
| **5/31/18** | $11364 | $10611 | $11771 |
| **6/30/18** | $11387 | $10631 | $11797 |
| **7/31/18** | $11513 | $10634 | $11944 |
| **8/31/18** | $11587 | $10667 | $12015 |
| **9/30/18** | $11642 | $10626 | $12081 |
| **10/31/18** | $11428 | $10605 | $11902 |
| **11/30/18** | $11301 | $10657 | $11769 |
| **12/31/18** | $11035 | $10811 | $11565 |
| **1/31/19** | $11537 | $10925 | $12040 |
| **2/28/19** | $11719 | $10938 | $12254 |
| **3/31/19** | $11812 | $11134 | $12387 |
| **4/30/19** | $12014 | $11141 | $12567 |
| **5/31/19** | $11804 | $11301 | $12417 |
| **6/30/19** | $12067 | $11460 | $12728 |
| **7/31/19** | $12112 | $11550 | $12808 |
| **8/31/19** | $12149 | $11812 | $12875 |
| **9/30/19** | $12204 | $11757 | $12909 |
| **10/31/19** | $12211 | $11737 | $12939 |
| **11/30/19** | $12247 | $11723 | $12998 |
| **12/31/19** | $12532 | $11699 | $13246 |
| **1/31/20** | $12505 | $11910 | $13261 |
| **2/29/20** | $12285 | $12056 | $13056 |
| **3/31/20** | $10922 | $11868 | $11481 |
| **4/30/20** | $11343 | $12060 | $11981 |
| **5/31/20** | $11793 | $12095 | $12476 |
| **6/30/20** | $11859 | $12155 | $12632 |
| **7/31/20** | $12350 | $12288 | $13148 |
| **8/31/20** | $12492 | $12199 | $13294 |
| **9/30/20** | $12348 | $12243 | $13174 |
| **10/31/20** | $12374 | $12244 | $13230 |
| **11/30/20** | $12948 | $12314 | $13772 |
| **12/31/20** | $13171 | $12352 | $13999 |
| **1/31/21** | $13178 | $12286 | $14060 |
| **2/28/21** | $13241 | $12095 | $14121 |
| **3/31/21** | $13263 | $12047 | $14161 |
| **4/30/21** | $13383 | $12078 | $14303 |
| **5/31/21** | $13378 | $12105 | $14344 |
| **6/30/21** | $13522 | $12164 | $14509 |
| **7/31/21** | $13546 | $12316 | $14564 |
| **8/31/21** | $13608 | $12291 | $14637 |
| **9/30/21** | $13576 | $12175 | $14640 |
| **10/31/21** | $13515 | $12143 | $14598 |
| **11/30/21** | $13374 | $12230 | $14470 |
| **12/31/21** | $13637 | $12180 | $14707 |
| **1/31/22** | $13248 | $11989 | $14358 |
| **2/28/22** | $13098 | $11829 | $14155 |
| **3/31/22** | $13042 | $11574 | $14066 |
| **4/30/22** | $12533 | $11263 | $13598 |
| **5/31/22** | $12515 | $11248 | $13578 |
| **6/30/22** | $11615 | $11077 | $12669 |
| **7/31/22** | $12338 | $11359 | $13394 |
| **8/31/22** | $12061 | $11063 | $13122 |
| **9/30/22** | $11618 | $10707 | $12604 |
| **10/31/22** | $11940 | $10671 | $12929 |
| **11/30/22** | $12240 | $10943 | $13238 |
| **12/31/22** | $12173 | $10814 | $13153 |
| **1/31/23** | $12625 | $11063 | $13652 |
| **2/28/23** | $12514 | $10886 | $13530 |
| **3/31/23** | $12610 | $11128 | $13630 |
| **4/30/23** | $12703 | $11185 | $13751 |
| **5/31/23** | $12621 | $11141 | $13687 |
| **6/30/23** | $12785 | $11134 | $13871 |
| **7/31/23** | $12969 | $11138 | $14069 |
| **8/31/23** | $12980 | $11124 | $14115 |
| **9/30/23** | $12855 | $10932 | $14011 |
| **10/31/23** | $12699 | $10854 | $13878 |
| **11/30/23** | $13269 | $11228 | $14459 |
| **12/31/23** | $13736 | $11586 | $14966 |
| **1/31/24** | $13762 | $11564 | $15005 |
| **2/29/24** | $13806 | $11484 | $15059 |
| **3/31/24** | $13946 | $11588 | $15211 |
| **4/30/24** | $13838 | $11401 | $15099 |
| **5/31/24** | $13997 | $11502 | $15268 |
| **6/30/24** | $14100 | $11602 | $15404 |
| **7/31/24** | $14353 | $11826 | $15683 |
| **8/31/24** | $14580 | $11956 | $15921 |
| **9/30/24** | $14760 | $12094 | $16162 |
| **10/31/24** | $14681 | $11931 | $16124 |
| **11/30/24** | $14812 | $12072 | $16287 |
| **12/31/24** | $14783 | $11980 | $16263 |
| **1/31/25** | $14918 | $12026 | $16464 |
| **2/28/25** | $15029 | $12171 | $16590 |
| **3/31/25** | $14883 | $12120 | $16424 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.72% | 6.38% | 4.06% |
| Class C (including sales charge) | 5.72% | 6.38% | 4.06% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 7.98% | 7.42% | 5.09% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $449075 |
| # of Portfolio Holdings | 935 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $1112 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.1% |
| Loan Participations and Assignments | 7.5% |
| U.S. Treasury Obligations | 7.4% |
| Sovereign Issues | 6.3% |
| Common Stocks | 0.6% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PHSCX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6220TSRAR_033125

# I-3: PHFNX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $87 | 0.84% |

---

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

* Security selection within the technology sector, specifically overweight exposure to a telecommunications equipment provider, contributed to performance, as spreads tightened. 

* Security selection within the paper and packaging sector, specifically underweight exposure to a glass and metal packaging company, contributed to performance, as spreads widened. 

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

* Security selection within the healthcare sector, specifically exposure to restructure equity of a healthcare services company, detracted from performance, as prices fell. 

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021iffa3d42a1bb0e0e1d4db.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1009932 | $994409 | $1010160 |
| **5/31/15** | $1013871 | $990287 | $1012847 |
| **6/30/15** | $999081 | $978046 | $996935 |
| **7/31/15** | $1000504 | $987733 | $995031 |
| **8/31/15** | $987098 | $985063 | $979916 |
| **9/30/15** | $959681 | $990905 | $956702 |
| **10/31/15** | $988310 | $994119 | $982380 |
| **11/30/15** | $966644 | $994576 | $967075 |
| **12/31/15** | $948708 | $991885 | $944406 |
| **1/31/16** | $936380 | $1006395 | $930448 |
| **2/29/16** | $935000 | $1016068 | $932281 |
| **3/31/16** | $976565 | $1024433 | $972379 |
| **4/30/16** | $1004793 | $1026173 | $1006392 |
| **5/31/16** | $1009597 | $1030510 | $1012682 |
| **6/30/16** | $1014690 | $1050127 | $1020156 |
| **7/31/16** | $1040188 | $1056401 | $1045946 |
| **8/31/16** | $1063703 | $1055863 | $1068663 |
| **9/30/16** | $1068098 | $1055737 | $1073077 |
| **10/31/16** | $1069681 | $1045500 | $1077841 |
| **11/30/16** | $1066234 | $1028232 | $1073013 |
| **12/31/16** | $1090301 | $1031050 | $1094162 |
| **1/31/17** | $1105048 | $1027295 | $1108003 |
| **2/28/17** | $1123605 | $1036089 | $1124346 |
| **3/31/17** | $1121204 | $1035611 | $1123098 |
| **4/30/17** | $1136076 | $1042634 | $1136081 |
| **5/31/17** | $1148134 | $1048720 | $1146806 |
| **6/30/17** | $1149543 | $1045784 | $1149076 |
| **7/31/17** | $1163444 | $1049222 | $1162164 |
| **8/31/17** | $1163062 | $1058784 | $1163094 |
| **9/30/17** | $1171875 | $1053896 | $1172922 |
| **10/31/17** | $1175740 | $1058341 | $1179784 |
| **11/30/17** | $1171704 | $1059981 | $1176787 |
| **12/31/17** | $1176186 | $1062350 | $1179894 |
| **1/31/18** | $1183709 | $1054766 | $1187351 |
| **2/28/18** | $1173759 | $1052388 | $1177543 |
| **3/31/18** | $1165991 | $1061113 | $1171950 |
| **4/30/18** | $1173580 | $1057165 | $1180048 |
| **5/31/18** | $1170866 | $1061115 | $1177134 |
| **6/30/18** | $1174196 | $1063093 | $1179688 |
| **7/31/18** | $1188144 | $1063384 | $1194351 |
| **8/31/18** | $1196791 | $1066652 | $1201505 |
| **9/30/18** | $1203348 | $1062572 | $1208126 |
| **10/31/18** | $1182165 | $1060496 | $1190197 |
| **11/30/18** | $1169972 | $1065684 | $1176938 |
| **12/31/18** | $1143346 | $1081078 | $1156542 |
| **1/31/19** | $1196340 | $1092528 | $1203983 |
| **2/28/19** | $1216097 | $1093841 | $1225354 |
| **3/31/19** | $1226751 | $1113432 | $1238661 |
| **4/30/19** | $1248693 | $1114096 | $1256659 |
| **5/31/19** | $1228065 | $1130127 | $1241730 |
| **6/30/19** | $1256306 | $1145973 | $1272786 |
| **7/31/19** | $1262021 | $1154991 | $1280779 |
| **8/31/19** | $1266907 | $1181184 | $1287490 |
| **9/30/19** | $1273503 | $1175711 | $1290941 |
| **10/31/19** | $1275333 | $1173681 | $1293910 |
| **11/30/19** | $1280042 | $1172304 | $1299797 |
| **12/31/19** | $1310903 | $1169901 | $1324610 |
| **1/31/20** | $1309128 | $1191013 | $1326134 |
| **2/29/20** | $1287109 | $1205590 | $1305618 |
| **3/31/20** | $1145184 | $1186827 | $1148069 |
| **4/30/20** | $1190267 | $1206040 | $1198102 |
| **5/31/20** | $1238481 | $1209459 | $1247643 |
| **6/30/20** | $1246326 | $1215495 | $1263202 |
| **7/31/20** | $1299103 | $1228777 | $1314753 |
| **8/31/20** | $1314975 | $1219873 | $1329439 |
| **9/30/20** | $1300850 | $1224329 | $1317434 |
| **10/31/20** | $1304659 | $1224418 | $1323033 |
| **11/30/20** | $1366177 | $1231405 | $1377238 |
| **12/31/20** | $1390982 | $1235188 | $1399852 |
| **1/31/21** | $1392717 | $1228563 | $1405969 |
| **2/28/21** | $1400445 | $1209452 | $1412099 |
| **3/31/21** | $1403935 | $1204687 | $1416067 |
| **4/30/21** | $1417767 | $1207836 | $1430341 |
| **5/31/21** | $1418389 | $1210532 | $1434361 |
| **6/30/21** | $1434724 | $1216436 | $1450927 |
| **7/31/21** | $1438471 | $1231555 | $1456441 |
| **8/31/21** | $1446127 | $1229087 | $1463723 |
| **9/30/21** | $1443814 | $1217483 | $1463972 |
| **10/31/21** | $1438486 | $1214299 | $1459770 |
| **11/30/21** | $1424617 | $1222961 | $1447041 |
| **12/31/21** | $1453827 | $1218001 | $1470657 |
| **1/31/22** | $1413507 | $1198865 | $1435788 |
| **2/28/22** | $1398461 | $1182918 | $1415500 |
| **3/31/22** | $1393612 | $1157419 | $1406639 |
| **4/30/22** | $1340304 | $1126312 | $1359784 |
| **5/31/22** | $1339482 | $1124762 | $1357839 |
| **6/30/22** | $1244159 | $1107692 | $1266932 |
| **7/31/22** | $1322601 | $1135906 | $1339375 |
| **8/31/22** | $1293935 | $1106252 | $1312199 |
| **9/30/22** | $1247502 | $1070739 | $1260367 |
| **10/31/22** | $1283047 | $1067074 | $1292935 |
| **11/30/22** | $1316251 | $1094267 | $1323824 |
| **12/31/22** | $1310166 | $1081352 | $1315338 |
| **1/31/23** | $1359865 | $1106259 | $1365242 |
| **2/28/23** | $1348830 | $1088614 | $1353023 |
| **3/31/23** | $1360377 | $1112753 | $1363008 |
| **4/30/23** | $1371368 | $1118482 | $1375098 |
| **5/31/23** | $1363711 | $1114079 | $1368745 |
| **6/30/23** | $1382573 | $1113414 | $1387086 |
| **7/31/23** | $1403502 | $1113774 | $1406880 |
| **8/31/23** | $1405653 | $1112375 | $1411452 |
| **9/30/23** | $1393254 | $1093192 | $1401134 |
| **10/31/23** | $1377353 | $1085430 | $1387810 |
| **11/30/23** | $1440303 | $1122750 | $1445903 |
| **12/31/23** | $1492166 | $1158631 | $1496597 |
| **1/31/24** | $1496183 | $1156360 | $1500548 |
| **2/29/24** | $1502083 | $1148426 | $1505905 |
| **3/31/24** | $1518533 | $1158782 | $1521084 |
| **4/30/24** | $1507930 | $1140124 | $1509874 |
| **5/31/24** | $1526523 | $1150213 | $1526845 |
| **6/30/24** | $1538966 | $1160193 | $1540358 |
| **7/31/24** | $1567766 | $1182607 | $1568346 |
| **8/31/24** | $1593913 | $1195560 | $1592059 |
| **9/30/24** | $1614766 | $1209433 | $1616242 |
| **10/31/24** | $1607437 | $1193067 | $1612380 |
| **11/30/24** | $1623105 | $1207238 | $1628681 |
| **12/31/24** | $1621204 | $1197974 | $1626303 |
| **1/31/25** | $1637386 | $1202615 | $1646437 |
| **2/28/25** | $1650749 | $1217096 | $1659048 |
| **3/31/25** | $1635943 | $1212017 | $1642408 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.73% | 7.39% | 5.05% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 7.98% | 7.42% | 5.09% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $449075 |
| # of Portfolio Holdings | 935 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $1112 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.1% |
| Loan Participations and Assignments | 7.5% |
| U.S. Treasury Obligations | 7.4% |
| Sovereign Issues | 6.3% |
| Common Stocks | 0.6% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PHFNX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2185TSRAR_033125

# Institutional Class: PHSIX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $72 | 0.69% |

---

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

* Security selection within the technology sector, specifically overweight exposure to a telecommunications equipment provider, contributed to performance, as spreads tightened. 

* Security selection within the paper and packaging sector, specifically underweight exposure to a glass and metal packaging company, contributed to performance, as spreads widened. 

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

* Security selection within the healthcare sector, specifically exposure to restructure equity of a healthcare services company, detracted from performance, as prices fell. 

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i5842b1668f6e736d6bd5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1010056 | $994409 | $1010160 |
| **5/31/15** | $1014124 | $990287 | $1012847 |
| **6/30/15** | $999454 | $978046 | $996935 |
| **7/31/15** | $1001004 | $987733 | $995031 |
| **8/31/15** | $987718 | $985063 | $979916 |
| **9/30/15** | $960405 | $990905 | $956702 |
| **10/31/15** | $989180 | $994119 | $982380 |
| **11/30/15** | $967614 | $994576 | $967075 |
| **12/31/15** | $949782 | $991885 | $944406 |
| **1/31/16** | $937558 | $1006395 | $930448 |
| **2/29/16** | $936285 | $1016068 | $932281 |
| **3/31/16** | $978031 | $1024433 | $972379 |
| **4/30/16** | $1006423 | $1026173 | $1006392 |
| **5/31/16** | $1011361 | $1030510 | $1012682 |
| **6/30/16** | $1016588 | $1050127 | $1020156 |
| **7/31/16** | $1042265 | $1056401 | $1045946 |
| **8/31/16** | $1065960 | $1055863 | $1068663 |
| **9/30/16** | $1070495 | $1055737 | $1073077 |
| **10/31/16** | $1072219 | $1045500 | $1077841 |
| **11/30/16** | $1068894 | $1028232 | $1073013 |
| **12/31/16** | $1093158 | $1031050 | $1094162 |
| **1/31/17** | $1108085 | $1027295 | $1108003 |
| **2/28/17** | $1126820 | $1036089 | $1124346 |
| **3/31/17** | $1124555 | $1035611 | $1123098 |
| **4/30/17** | $1139610 | $1042634 | $1136081 |
| **5/31/17** | $1151852 | $1048720 | $1146806 |
| **6/30/17** | $1153407 | $1045784 | $1149076 |
| **7/31/17** | $1167501 | $1049222 | $1162164 |
| **8/31/17** | $1167266 | $1058784 | $1163094 |
| **9/30/17** | $1176255 | $1053896 | $1172922 |
| **10/31/17** | $1180285 | $1058341 | $1179784 |
| **11/30/17** | $1176378 | $1059981 | $1176787 |
| **12/31/17** | $1181027 | $1062350 | $1179894 |
| **1/31/18** | $1188732 | $1054766 | $1187351 |
| **2/28/18** | $1178875 | $1052388 | $1177543 |
| **3/31/18** | $1171222 | $1061113 | $1171950 |
| **4/30/18** | $1178979 | $1057165 | $1180048 |
| **5/31/18** | $1176410 | $1061115 | $1177134 |
| **6/30/18** | $1179913 | $1063093 | $1179688 |
| **7/31/18** | $1194069 | $1063384 | $1194351 |
| **8/31/18** | $1202920 | $1066652 | $1201505 |
| **9/30/18** | $1209647 | $1062572 | $1208126 |
| **10/31/18** | $1188497 | $1060496 | $1190197 |
| **11/30/18** | $1176384 | $1065684 | $1176938 |
| **12/31/18** | $1149753 | $1081078 | $1156542 |
| **1/31/19** | $1203169 | $1092528 | $1203983 |
| **2/28/19** | $1223178 | $1093841 | $1225354 |
| **3/31/19** | $1234049 | $1113432 | $1238661 |
| **4/30/19** | $1256273 | $1114096 | $1256659 |
| **5/31/19** | $1235532 | $1130127 | $1241730 |
| **6/30/19** | $1264081 | $1145973 | $1272786 |
| **7/31/19** | $1269992 | $1154991 | $1280779 |
| **8/31/19** | $1275114 | $1181184 | $1287490 |
| **9/30/19** | $1281899 | $1175711 | $1290941 |
| **10/31/19** | $1283902 | $1173681 | $1293910 |
| **11/30/19** | $1288801 | $1172304 | $1299797 |
| **12/31/19** | $1320039 | $1169901 | $1324610 |
| **1/31/20** | $1318401 | $1191013 | $1326134 |
| **2/29/20** | $1296376 | $1205590 | $1305618 |
| **3/31/20** | $1153573 | $1186827 | $1148069 |
| **4/30/20** | $1199130 | $1206040 | $1198102 |
| **5/31/20** | $1247859 | $1209459 | $1247643 |
| **6/30/20** | $1255912 | $1215495 | $1263202 |
| **7/31/20** | $1309270 | $1228777 | $1314753 |
| **8/31/20** | $1325423 | $1219873 | $1329439 |
| **9/30/20** | $1311349 | $1224329 | $1317434 |
| **10/31/20** | $1315366 | $1224418 | $1323033 |
| **11/30/20** | $1377550 | $1231405 | $1377238 |
| **12/31/20** | $1402756 | $1235188 | $1399852 |
| **1/31/21** | $1404638 | $1228563 | $1405969 |
| **2/28/21** | $1412575 | $1209452 | $1412099 |
| **3/31/21** | $1416275 | $1204687 | $1416067 |
| **4/30/21** | $1430415 | $1207836 | $1430341 |
| **5/31/21** | $1431209 | $1210532 | $1434361 |
| **6/30/21** | $1447870 | $1216436 | $1450927 |
| **7/31/21** | $1451839 | $1231555 | $1456441 |
| **8/31/21** | $1459746 | $1229087 | $1463723 |
| **9/30/21** | $1457594 | $1217483 | $1463972 |
| **10/31/21** | $1452403 | $1214299 | $1459770 |
| **11/30/21** | $1438577 | $1222961 | $1447041 |
| **12/31/21** | $1468278 | $1218001 | $1470657 |
| **1/31/22** | $1427734 | $1198865 | $1435788 |
| **2/28/22** | $1412697 | $1182918 | $1415500 |
| **3/31/22** | $1407977 | $1157419 | $1406639 |
| **4/30/22** | $1354294 | $1126312 | $1359784 |
| **5/31/22** | $1353628 | $1124762 | $1357839 |
| **6/30/22** | $1257457 | $1107692 | $1266932 |
| **7/31/22** | $1336902 | $1135906 | $1339375 |
| **8/31/22** | $1308093 | $1106252 | $1312199 |
| **9/30/22** | $1261320 | $1070739 | $1260367 |
| **10/31/22** | $1297410 | $1067074 | $1292935 |
| **11/30/22** | $1331145 | $1094267 | $1323824 |
| **12/31/22** | $1325201 | $1081352 | $1315338 |
| **1/31/23** | $1375634 | $1106259 | $1365242 |
| **2/28/23** | $1364632 | $1088614 | $1353023 |
| **3/31/23** | $1376496 | $1112753 | $1363008 |
| **4/30/23** | $1387762 | $1118482 | $1375098 |
| **5/31/23** | $1380187 | $1114079 | $1368745 |
| **6/30/23** | $1399463 | $1113414 | $1387086 |
| **7/31/23** | $1420815 | $1113774 | $1406880 |
| **8/31/23** | $1423315 | $1112375 | $1411452 |
| **9/30/23** | $1410955 | $1093192 | $1401134 |
| **10/31/23** | $1395024 | $1085430 | $1387810 |
| **11/30/23** | $1458957 | $1122750 | $1445903 |
| **12/31/23** | $1511687 | $1158631 | $1496597 |
| **1/31/24** | $1515942 | $1156360 | $1500548 |
| **2/29/24** | $1522101 | $1148426 | $1505905 |
| **3/31/24** | $1538964 | $1158782 | $1521084 |
| **4/30/24** | $1528415 | $1140124 | $1509874 |
| **5/31/24** | $1547471 | $1150213 | $1526845 |
| **6/30/24** | $1560264 | $1160193 | $1540358 |
| **7/31/24** | $1589663 | $1182607 | $1568346 |
| **8/31/24** | $1616391 | $1195560 | $1592059 |
| **9/30/24** | $1637727 | $1209433 | $1616242 |
| **10/31/24** | $1630502 | $1193067 | $1612380 |
| **11/30/24** | $1646602 | $1207238 | $1628681 |
| **12/31/24** | $1644883 | $1197974 | $1626303 |
| **1/31/25** | $1661516 | $1202615 | $1646437 |
| **2/28/25** | $1675270 | $1217096 | $1659048 |
| **3/31/25** | $1660444 | $1212017 | $1642408 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.89% | 7.56% | 5.20% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 7.98% | 7.42% | 5.09% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $449075 |
| # of Portfolio Holdings | 935 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $1112 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.1% |
| Loan Participations and Assignments | 7.5% |
| U.S. Treasury Obligations | 7.4% |
| Sovereign Issues | 6.3% |
| Common Stocks | 0.6% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PHSIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1984TSRAR_033125

# I-2: PHSPX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $82 | 0.79% |

---

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

* Security selection within the technology sector, specifically overweight exposure to a telecommunications equipment provider, contributed to performance, as spreads tightened. 

* Security selection within the paper and packaging sector, specifically underweight exposure to a glass and metal packaging company, contributed to performance, as spreads widened. 

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

* Security selection within the healthcare sector, specifically exposure to restructure equity of a healthcare services company, detracted from performance, as prices fell. 

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

* Security selection within the healthcare sector, specifically underweight exposure to a pharmaceutical manufacturer, detracted from performance, as spreads tightened.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021ife3445a618965a4b79ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1009974 | $994409 | $1010160 |
| **5/31/15** | $1013957 | $990287 | $1012847 |
| **6/30/15** | $999207 | $978046 | $996935 |
| **7/31/15** | $1000667 | $987733 | $995031 |
| **8/31/15** | $987307 | $985063 | $979916 |
| **9/30/15** | $959925 | $990905 | $956702 |
| **10/31/15** | $988600 | $994119 | $982380 |
| **11/30/15** | $966971 | $994576 | $967075 |
| **12/31/15** | $949063 | $991885 | $944406 |
| **1/31/16** | $936798 | $1006395 | $930448 |
| **2/29/16** | $935454 | $1016068 | $932281 |
| **3/31/16** | $977080 | $1024433 | $972379 |
| **4/30/16** | $1005363 | $1026173 | $1006392 |
| **5/31/16** | $1010214 | $1030510 | $1012682 |
| **6/30/16** | $1015351 | $1050127 | $1020156 |
| **7/31/16** | $1040905 | $1056401 | $1045946 |
| **8/31/16** | $1064480 | $1055863 | $1068663 |
| **9/30/16** | $1068916 | $1055737 | $1073077 |
| **10/31/16** | $1070552 | $1045500 | $1077841 |
| **11/30/16** | $1067173 | $1028232 | $1073013 |
| **12/31/16** | $1091301 | $1031050 | $1094162 |
| **1/31/17** | $1106113 | $1027295 | $1108003 |
| **2/28/17** | $1124729 | $1036089 | $1124346 |
| **3/31/17** | $1122370 | $1035611 | $1123098 |
| **4/30/17** | $1137313 | $1042634 | $1136081 |
| **5/31/17** | $1149433 | $1048720 | $1146806 |
| **6/30/17** | $1150885 | $1045784 | $1149076 |
| **7/31/17** | $1164861 | $1049222 | $1162164 |
| **8/31/17** | $1164531 | $1058784 | $1163094 |
| **9/30/17** | $1173402 | $1053896 | $1172922 |
| **10/31/17** | $1177325 | $1058341 | $1179784 |
| **11/30/17** | $1173332 | $1059981 | $1176787 |
| **12/31/17** | $1177868 | $1062350 | $1179894 |
| **1/31/18** | $1185454 | $1054766 | $1187351 |
| **2/28/18** | $1175537 | $1052388 | $1177543 |
| **3/31/18** | $1167805 | $1061113 | $1171950 |
| **4/30/18** | $1175445 | $1057165 | $1180048 |
| **5/31/18** | $1172785 | $1061115 | $1177134 |
| **6/30/18** | $1176178 | $1063093 | $1179688 |
| **7/31/18** | $1190193 | $1063384 | $1194351 |
| **8/31/18** | $1198903 | $1066652 | $1201505 |
| **9/30/18** | $1205521 | $1062572 | $1208126 |
| **10/31/18** | $1184343 | $1060496 | $1190197 |
| **11/30/18** | $1172175 | $1065684 | $1176938 |
| **12/31/18** | $1145543 | $1081078 | $1156542 |
| **1/31/19** | $1198665 | $1092528 | $1203983 |
| **2/28/19** | $1218508 | $1093841 | $1225354 |
| **3/31/19** | $1229235 | $1113432 | $1238661 |
| **4/30/19** | $1251269 | $1114096 | $1256659 |
| **5/31/19** | $1230506 | $1130127 | $1241730 |
| **6/30/19** | $1258846 | $1145973 | $1272786 |
| **7/31/19** | $1264625 | $1154991 | $1280779 |
| **8/31/19** | $1269611 | $1181184 | $1287490 |
| **9/30/19** | $1276269 | $1175711 | $1290941 |
| **10/31/19** | $1278154 | $1173681 | $1293910 |
| **11/30/19** | $1282925 | $1172304 | $1299797 |
| **12/31/19** | $1313909 | $1169901 | $1324610 |
| **1/31/20** | $1312182 | $1191013 | $1326134 |
| **2/29/20** | $1290166 | $1205590 | $1305618 |
| **3/31/20** | $1147948 | $1186827 | $1148069 |
| **4/30/20** | $1193188 | $1206040 | $1198102 |
| **5/31/20** | $1241573 | $1209459 | $1247643 |
| **6/30/20** | $1249485 | $1215495 | $1263202 |
| **7/31/20** | $1302455 | $1228777 | $1314753 |
| **8/31/20** | $1318420 | $1219873 | $1329439 |
| **9/30/20** | $1304315 | $1224329 | $1317434 |
| **10/31/20** | $1308193 | $1224418 | $1323033 |
| **11/30/20** | $1369931 | $1231405 | $1377238 |
| **12/31/20** | $1394868 | $1235188 | $1399852 |
| **1/31/21** | $1396632 | $1228563 | $1405969 |
| **2/28/21** | $1404418 | $1209452 | $1412099 |
| **3/31/21** | $1407977 | $1204687 | $1416067 |
| **4/30/21** | $1421909 | $1207836 | $1430341 |
| **5/31/21** | $1422587 | $1210532 | $1434361 |
| **6/30/21** | $1439029 | $1216436 | $1450927 |
| **7/31/21** | $1442850 | $1231555 | $1456441 |
| **8/31/21** | $1450587 | $1229087 | $1463723 |
| **9/30/21** | $1448326 | $1217483 | $1463972 |
| **10/31/21** | $1443042 | $1214299 | $1459770 |
| **11/30/21** | $1429186 | $1222961 | $1447041 |
| **12/31/21** | $1458567 | $1218001 | $1470657 |
| **1/31/22** | $1418182 | $1198865 | $1435788 |
| **2/28/22** | $1403140 | $1182918 | $1415500 |
| **3/31/22** | $1398326 | $1157419 | $1406639 |
| **4/30/22** | $1344897 | $1126312 | $1359784 |
| **5/31/22** | $1344127 | $1124762 | $1357839 |
| **6/30/22** | $1248526 | $1107692 | $1266932 |
| **7/31/22** | $1327291 | $1135906 | $1339375 |
| **8/31/22** | $1298580 | $1106252 | $1312199 |
| **9/30/22** | $1252037 | $1070739 | $1260367 |
| **10/31/22** | $1287761 | $1067074 | $1292935 |
| **11/30/22** | $1321142 | $1094267 | $1323824 |
| **12/31/22** | $1315125 | $1081352 | $1315338 |
| **1/31/23** | $1365068 | $1106259 | $1365242 |
| **2/28/23** | $1354049 | $1088614 | $1353023 |
| **3/31/23** | $1365702 | $1112753 | $1363008 |
| **4/30/23** | $1376773 | $1118482 | $1375098 |
| **5/31/23** | $1369144 | $1114079 | $1368745 |
| **6/30/23** | $1388140 | $1113414 | $1387086 |
| **7/31/23** | $1409209 | $1113774 | $1406880 |
| **8/31/23** | $1411569 | $1112375 | $1411452 |
| **9/30/23** | $1399191 | $1093192 | $1401134 |
| **10/31/23** | $1383279 | $1085430 | $1387810 |
| **11/30/23** | $1446556 | $1122750 | $1445903 |
| **12/31/23** | $1498710 | $1158631 | $1496597 |
| **1/31/24** | $1502806 | $1156360 | $1500548 |
| **2/29/24** | $1508792 | $1148426 | $1505905 |
| **3/31/24** | $1525381 | $1158782 | $1521084 |
| **4/30/24** | $1514802 | $1140124 | $1509874 |
| **5/31/24** | $1533549 | $1150213 | $1526845 |
| **6/30/24** | $1546110 | $1160193 | $1540358 |
| **7/31/24** | $1575109 | $1182607 | $1568346 |
| **8/31/24** | $1601449 | $1195560 | $1592059 |
| **9/30/24** | $1622380 | $1209433 | $1616242 |
| **10/31/24** | $1615085 | $1193067 | $1612380 |
| **11/30/24** | $1630896 | $1207238 | $1628681 |
| **12/31/24** | $1629058 | $1197974 | $1626303 |
| **1/31/25** | $1645389 | $1202615 | $1646437 |
| **2/28/25** | $1658877 | $1217096 | $1659048 |
| **3/31/25** | $1644064 | $1212017 | $1642408 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.78% | 7.45% | 5.10% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 7.98% | 7.42% | 5.09% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $449075 |
| # of Portfolio Holdings | 935 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $1112 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.1% |
| Loan Participations and Assignments | 7.5% |
| U.S. Treasury Obligations | 7.4% |
| Sovereign Issues | 6.3% |
| Common Stocks | 0.6% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PHSPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1985TSRAR_033125

# Class A: PONAX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $97 | 0.94% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i3bc1b58b241dcf583b13.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $9627 | $10000 |
| **4/30/15** | $9706 | $9964 |
| **5/31/15** | $9777 | $9940 |
| **6/30/15** | $9716 | $9832 |
| **7/31/15** | $9764 | $9900 |
| **8/31/15** | $9686 | $9886 |
| **9/30/15** | $9623 | $9953 |
| **10/31/15** | $9752 | $9954 |
| **11/30/15** | $9753 | $9928 |
| **12/31/15** | $9664 | $9896 |
| **1/31/16** | $9690 | $10032 |
| **2/29/16** | $9642 | $10103 |
| **3/31/16** | $9826 | $10196 |
| **4/30/16** | $9936 | $10235 |
| **5/31/16** | $10004 | $10238 |
| **6/30/16** | $10056 | $10422 |
| **7/31/16** | $10176 | $10488 |
| **8/31/16** | $10245 | $10476 |
| **9/30/16** | $10332 | $10470 |
| **10/31/16** | $10376 | $10389 |
| **11/30/16** | $10360 | $10144 |
| **12/31/16** | $10465 | $10158 |
| **1/31/17** | $10553 | $10178 |
| **2/28/17** | $10677 | $10246 |
| **3/31/17** | $10757 | $10241 |
| **4/30/17** | $10828 | $10320 |
| **5/31/17** | $10935 | $10399 |
| **6/30/17** | $10990 | $10389 |
| **7/31/17** | $11053 | $10434 |
| **8/31/17** | $11153 | $10527 |
| **9/30/17** | $11208 | $10477 |
| **10/31/17** | $11263 | $10483 |
| **11/30/17** | $11292 | $10470 |
| **12/31/17** | $11320 | $10518 |
| **1/31/18** | $11285 | $10397 |
| **2/28/18** | $11231 | $10298 |
| **3/31/18** | $11279 | $10364 |
| **4/30/18** | $11225 | $10287 |
| **5/31/18** | $11217 | $10360 |
| **6/30/18** | $11218 | $10348 |
| **7/31/18** | $11276 | $10350 |
| **8/31/18** | $11254 | $10417 |
| **9/30/18** | $11269 | $10350 |
| **10/31/18** | $11252 | $10268 |
| **11/30/18** | $11253 | $10329 |
| **12/31/18** | $11341 | $10519 |
| **1/31/19** | $11525 | $10631 |
| **2/28/19** | $11574 | $10625 |
| **3/31/19** | $11673 | $10829 |
| **4/30/19** | $11771 | $10831 |
| **5/31/19** | $11822 | $11024 |
| **6/30/19** | $11939 | $11162 |
| **7/31/19** | $11970 | $11187 |
| **8/31/19** | $11833 | $11476 |
| **9/30/19** | $11914 | $11415 |
| **10/31/19** | $11995 | $11450 |
| **11/30/19** | $12047 | $11444 |
| **12/31/19** | $12203 | $11436 |
| **1/31/20** | $12296 | $11656 |
| **2/29/20** | $12236 | $11866 |
| **3/31/20** | $11257 | $11796 |
| **4/30/20** | $11505 | $12006 |
| **5/31/20** | $11765 | $12062 |
| **6/30/20** | $11974 | $12137 |
| **7/31/20** | $12142 | $12319 |
| **8/31/20** | $12316 | $12219 |
| **9/30/20** | $12322 | $12213 |
| **10/31/20** | $12350 | $12158 |
| **11/30/20** | $12673 | $12277 |
| **12/31/20** | $12859 | $12294 |
| **1/31/21** | $12897 | $12206 |
| **2/28/21** | $12840 | $12030 |
| **3/31/21** | $12825 | $11880 |
| **4/30/21** | $12960 | $11974 |
| **5/31/21** | $13031 | $12013 |
| **6/30/21** | $13070 | $12097 |
| **7/31/21** | $13109 | $12232 |
| **8/31/21** | $13137 | $12209 |
| **9/30/21** | $13132 | $12103 |
| **10/31/21** | $13073 | $12100 |
| **11/30/21** | $13003 | $12136 |
| **12/31/21** | $13142 | $12105 |
| **1/31/22** | $13005 | $11844 |
| **2/28/22** | $12681 | $11712 |
| **3/31/22** | $12577 | $11386 |
| **4/30/22** | $12239 | $10954 |
| **5/31/22** | $12313 | $11025 |
| **6/30/22** | $11913 | $10852 |
| **7/31/22** | $12287 | $11117 |
| **8/31/22** | $12143 | $10803 |
| **9/30/22** | $11680 | $10336 |
| **10/31/22** | $11705 | $10202 |
| **11/30/22** | $12095 | $10578 |
| **12/31/22** | $12067 | $10530 |
| **1/31/23** | $12476 | $10854 |
| **2/28/23** | $12232 | $10573 |
| **3/31/23** | $12375 | $10842 |
| **4/30/23** | $12424 | $10908 |
| **5/31/23** | $12379 | $10789 |
| **6/30/23** | $12500 | $10750 |
| **7/31/23** | $12646 | $10743 |
| **8/31/23** | $12599 | $10674 |
| **9/30/23** | $12419 | $10403 |
| **10/31/23** | $12263 | $10239 |
| **11/30/23** | $12743 | $10702 |
| **12/31/23** | $13139 | $11112 |
| **1/31/24** | $13215 | $11082 |
| **2/29/24** | $13142 | $10925 |
| **3/31/24** | $13306 | $11026 |
| **4/30/24** | $13069 | $10747 |
| **5/31/24** | $13298 | $10930 |
| **6/30/24** | $13351 | $11033 |
| **7/31/24** | $13659 | $11291 |
| **8/31/24** | $13763 | $11453 |
| **9/30/24** | $13945 | $11606 |
| **10/31/24** | $13714 | $11319 |
| **11/30/24** | $13911 | $11438 |
| **12/31/24** | $13795 | $11251 |
| **1/31/25** | $13955 | $11311 |
| **2/28/25** | $14207 | $11560 |
| **3/31/25** | $14235 | $11564 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.98% | 4.81% | 3.99% |
| Class A (including sales charge) | 3.00% | 4.00% | 3.59% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PONAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4021TSRAR_033125

# Administrative Class: PIINX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $82 | 0.79% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i61cc7e4172df34a87ed3.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008298 | $996412 |
| **5/31/15** | $1015822 | $994012 |
| **6/30/15** | $1009552 | $983174 |
| **7/31/15** | $1014689 | $990008 |
| **8/31/15** | $1006724 | $988586 |
| **9/30/15** | $1000372 | $995273 |
| **10/31/15** | $1013851 | $995439 |
| **11/30/15** | $1014092 | $992809 |
| **12/31/15** | $1004977 | $989601 |
| **1/31/16** | $1007813 | $1003219 |
| **2/29/16** | $1002916 | $1010335 |
| **3/31/16** | $1022205 | $1019605 |
| **4/30/16** | $1033764 | $1023519 |
| **5/31/16** | $1041014 | $1023781 |
| **6/30/16** | $1046543 | $1042177 |
| **7/31/16** | $1059138 | $1048765 |
| **8/31/16** | $1066485 | $1047566 |
| **9/30/16** | $1075640 | $1046952 |
| **10/31/16** | $1080376 | $1038944 |
| **11/30/16** | $1078863 | $1014369 |
| **12/31/16** | $1089939 | $1015800 |
| **1/31/17** | $1099257 | $1017793 |
| **2/28/17** | $1112246 | $1024634 |
| **3/31/17** | $1120725 | $1024097 |
| **4/30/17** | $1128325 | $1032000 |
| **5/31/17** | $1139636 | $1039943 |
| **6/30/17** | $1145454 | $1038896 |
| **7/31/17** | $1152225 | $1043367 |
| **8/31/17** | $1162750 | $1052726 |
| **9/30/17** | $1168644 | $1047712 |
| **10/31/17** | $1174553 | $1048319 |
| **11/30/17** | $1177656 | $1046973 |
| **12/31/17** | $1180773 | $1051778 |
| **1/31/18** | $1177244 | $1039665 |
| **2/28/18** | $1171787 | $1029809 |
| **3/31/18** | $1176864 | $1036414 |
| **4/30/18** | $1171361 | $1028705 |
| **5/31/18** | $1170683 | $1036047 |
| **6/30/18** | $1170975 | $1034773 |
| **7/31/18** | $1177127 | $1035019 |
| **8/31/18** | $1174999 | $1041679 |
| **9/30/18** | $1176743 | $1034971 |
| **10/31/18** | $1175063 | $1026792 |
| **11/30/18** | $1175363 | $1032921 |
| **12/31/18** | $1184654 | $1051898 |
| **1/31/19** | $1204018 | $1063068 |
| **2/28/19** | $1209362 | $1062452 |
| **3/31/19** | $1219787 | $1082853 |
| **4/30/19** | $1230258 | $1083130 |
| **5/31/19** | $1235670 | $1102358 |
| **6/30/19** | $1248088 | $1116201 |
| **7/31/19** | $1251483 | $1118657 |
| **8/31/19** | $1237311 | $1147643 |
| **9/30/19** | $1245936 | $1141531 |
| **10/31/19** | $1254598 | $1144969 |
| **11/30/19** | $1260154 | $1144386 |
| **12/31/19** | $1276667 | $1143588 |
| **1/31/20** | $1286527 | $1165596 |
| **2/29/20** | $1280454 | $1186575 |
| **3/31/20** | $1178082 | $1179592 |
| **4/30/20** | $1204225 | $1200561 |
| **5/31/20** | $1231569 | $1206151 |
| **6/30/20** | $1253612 | $1213749 |
| **7/31/20** | $1271392 | $1231878 |
| **8/31/20** | $1289744 | $1221935 |
| **9/30/20** | $1290574 | $1221265 |
| **10/31/20** | $1293612 | $1215812 |
| **11/30/20** | $1327617 | $1227742 |
| **12/31/20** | $1347305 | $1229433 |
| **1/31/21** | $1351475 | $1220618 |
| **2/28/21** | $1345614 | $1202992 |
| **3/31/21** | $1344214 | $1187971 |
| **4/30/21** | $1358534 | $1197356 |
| **5/31/21** | $1366136 | $1201268 |
| **6/30/21** | $1370371 | $1209708 |
| **7/31/21** | $1374620 | $1223233 |
| **8/31/21** | $1377744 | $1220905 |
| **9/30/21** | $1377457 | $1210334 |
| **10/31/21** | $1371449 | $1210000 |
| **11/30/21** | $1364276 | $1213580 |
| **12/31/21** | $1378959 | $1210475 |
| **1/31/22** | $1364812 | $1184396 |
| **2/28/22** | $1330930 | $1171183 |
| **3/31/22** | $1320188 | $1138645 |
| **4/30/22** | $1284925 | $1095436 |
| **5/31/22** | $1292849 | $1102499 |
| **6/30/22** | $1251011 | $1085203 |
| **7/31/22** | $1290367 | $1111719 |
| **8/31/22** | $1275420 | $1080306 |
| **9/30/22** | $1227014 | $1033630 |
| **10/31/22** | $1229745 | $1020242 |
| **11/30/22** | $1270920 | $1057762 |
| **12/31/22** | $1268059 | $1052991 |
| **1/31/23** | $1311288 | $1085385 |
| **2/28/23** | $1285775 | $1057322 |
| **3/31/23** | $1300977 | $1084180 |
| **4/30/23** | $1306304 | $1090751 |
| **5/31/23** | $1301657 | $1078874 |
| **6/30/23** | $1314580 | $1075027 |
| **7/31/23** | $1330092 | $1074277 |
| **8/31/23** | $1325373 | $1067415 |
| **9/30/23** | $1306601 | $1040290 |
| **10/31/23** | $1290301 | $1023873 |
| **11/30/23** | $1340948 | $1070241 |
| **12/31/23** | $1382775 | $1111209 |
| **1/31/24** | $1390951 | $1108157 |
| **2/29/24** | $1383465 | $1092501 |
| **3/31/24** | $1400930 | $1102589 |
| **4/30/24** | $1376188 | $1074739 |
| **5/31/24** | $1400475 | $1092959 |
| **6/30/24** | $1406191 | $1103307 |
| **7/31/24** | $1438771 | $1129077 |
| **8/31/24** | $1449935 | $1145301 |
| **9/30/24** | $1469281 | $1160636 |
| **10/31/24** | $1445145 | $1131854 |
| **11/30/24** | $1466056 | $1143821 |
| **12/31/24** | $1454061 | $1125101 |
| **1/31/25** | $1471035 | $1131070 |
| **2/28/25** | $1497815 | $1155956 |
| **3/31/25** | $1500994 | $1156391 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 7.14% | 4.96% | 4.14% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Administrative Class: PIINX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1822TSRAR_033125

# Class C: PONCX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $174 | 1.69% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021ic14aa013d0e5bcb46f1e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10075 | $9964 |
| **5/31/15** | $10143 | $9940 |
| **6/30/15** | $10072 | $9832 |
| **7/31/15** | $10116 | $9900 |
| **8/31/15** | $10028 | $9886 |
| **9/30/15** | $9957 | $9953 |
| **10/31/15** | $10084 | $9954 |
| **11/30/15** | $10078 | $9928 |
| **12/31/15** | $9979 | $9896 |
| **1/31/16** | $10000 | $10032 |
| **2/29/16** | $9944 | $10103 |
| **3/31/16** | $10128 | $10196 |
| **4/30/16** | $10235 | $10235 |
| **5/31/16** | $10299 | $10238 |
| **6/30/16** | $10346 | $10422 |
| **7/31/16** | $10463 | $10488 |
| **8/31/16** | $10528 | $10476 |
| **9/30/16** | $10610 | $10470 |
| **10/31/16** | $10649 | $10389 |
| **11/30/16** | $10627 | $10144 |
| **12/31/16** | $10728 | $10158 |
| **1/31/17** | $10812 | $10178 |
| **2/28/17** | $10932 | $10246 |
| **3/31/17** | $11007 | $10241 |
| **4/30/17** | $11073 | $10320 |
| **5/31/17** | $11176 | $10399 |
| **6/30/17** | $11225 | $10389 |
| **7/31/17** | $11283 | $10434 |
| **8/31/17** | $11377 | $10527 |
| **9/30/17** | $11427 | $10477 |
| **10/31/17** | $11476 | $10483 |
| **11/30/17** | $11498 | $10470 |
| **12/31/17** | $11519 | $10518 |
| **1/31/18** | $11476 | $10397 |
| **2/28/18** | $11414 | $10298 |
| **3/31/18** | $11455 | $10364 |
| **4/30/18** | $11393 | $10287 |
| **5/31/18** | $11378 | $10360 |
| **6/30/18** | $11372 | $10348 |
| **7/31/18** | $11423 | $10350 |
| **8/31/18** | $11393 | $10417 |
| **9/30/18** | $11402 | $10350 |
| **10/31/18** | $11377 | $10268 |
| **11/30/18** | $11371 | $10329 |
| **12/31/18** | $11453 | $10519 |
| **1/31/19** | $11631 | $10631 |
| **2/28/19** | $11674 | $10625 |
| **3/31/19** | $11766 | $10829 |
| **4/30/19** | $11859 | $10831 |
| **5/31/19** | $11902 | $11024 |
| **6/30/19** | $12013 | $11162 |
| **7/31/19** | $12037 | $11187 |
| **8/31/19** | $11891 | $11476 |
| **9/30/19** | $11965 | $11415 |
| **10/31/19** | $12039 | $11450 |
| **11/30/19** | $12084 | $11444 |
| **12/31/19** | $12233 | $11436 |
| **1/31/20** | $12318 | $11656 |
| **2/29/20** | $12251 | $11866 |
| **3/31/20** | $11262 | $11796 |
| **4/30/20** | $11504 | $12006 |
| **5/31/20** | $11756 | $12062 |
| **6/30/20** | $11958 | $12137 |
| **7/31/20** | $12118 | $12319 |
| **8/31/20** | $12284 | $12219 |
| **9/30/20** | $12283 | $12213 |
| **10/31/20** | $12303 | $12158 |
| **11/30/20** | $12617 | $12277 |
| **12/31/20** | $12795 | $12294 |
| **1/31/21** | $12825 | $12206 |
| **2/28/21** | $12759 | $12030 |
| **3/31/21** | $12736 | $11880 |
| **4/30/21** | $12863 | $11974 |
| **5/31/21** | $12925 | $12013 |
| **6/30/21** | $12955 | $12097 |
| **7/31/21** | $12986 | $12232 |
| **8/31/21** | $13006 | $12209 |
| **9/30/21** | $12993 | $12103 |
| **10/31/21** | $12927 | $12100 |
| **11/30/21** | $12849 | $12136 |
| **12/31/21** | $12978 | $12105 |
| **1/31/22** | $12835 | $11844 |
| **2/28/22** | $12507 | $11712 |
| **3/31/22** | $12396 | $11386 |
| **4/30/22** | $12056 | $10954 |
| **5/31/22** | $12121 | $11025 |
| **6/30/22** | $11720 | $10852 |
| **7/31/22** | $12080 | $11117 |
| **8/31/22** | $11931 | $10803 |
| **9/30/22** | $11469 | $10336 |
| **10/31/22** | $11486 | $10202 |
| **11/30/22** | $11862 | $10578 |
| **12/31/22** | $11826 | $10530 |
| **1/31/23** | $12221 | $10854 |
| **2/28/23** | $11974 | $10573 |
| **3/31/23** | $12106 | $10842 |
| **4/30/23** | $12147 | $10908 |
| **5/31/23** | $12094 | $10789 |
| **6/30/23** | $12206 | $10750 |
| **7/31/23** | $12352 | $10743 |
| **8/31/23** | $12287 | $10674 |
| **9/30/23** | $12104 | $10403 |
| **10/31/23** | $11944 | $10239 |
| **11/30/23** | $12404 | $10702 |
| **12/31/23** | $12781 | $11112 |
| **1/31/24** | $12847 | $11082 |
| **2/29/24** | $12769 | $10925 |
| **3/31/24** | $12920 | $11026 |
| **4/30/24** | $12682 | $10747 |
| **5/31/24** | $12897 | $10930 |
| **6/30/24** | $12940 | $11033 |
| **7/31/24** | $13230 | $11291 |
| **8/31/24** | $13322 | $11453 |
| **9/30/24** | $13490 | $11606 |
| **10/31/24** | $13258 | $11319 |
| **11/30/24** | $13440 | $11438 |
| **12/31/24** | $13320 | $11251 |
| **1/31/25** | $13466 | $11311 |
| **2/28/25** | $13701 | $11560 |
| **3/31/25** | $13720 | $11564 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.19% | 4.03% | 3.21% |
| Class C (including sales charge) | 5.19% | 4.03% | 3.21% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PONCX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4221TSRAR_033125

# I-3: PIPNX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $72 | 0.69% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021ifb23a6f276e16a0d32d9.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008326 | $996412 |
| **5/31/15** | $1015872 | $994012 |
| **6/30/15** | $1009630 | $983174 |
| **7/31/15** | $1014792 | $990008 |
| **8/31/15** | $1006851 | $988586 |
| **9/30/15** | $1000532 | $995273 |
| **10/31/15** | $1014040 | $995439 |
| **11/30/15** | $1014314 | $992809 |
| **12/31/15** | $1005225 | $989601 |
| **1/31/16** | $1008080 | $1003219 |
| **2/29/16** | $1003215 | $1010335 |
| **3/31/16** | $1022528 | $1019605 |
| **4/30/16** | $1034115 | $1023519 |
| **5/31/16** | $1041384 | $1023781 |
| **6/30/16** | $1046938 | $1042177 |
| **7/31/16** | $1059553 | $1048765 |
| **8/31/16** | $1066917 | $1047566 |
| **9/30/16** | $1076097 | $1046952 |
| **10/31/16** | $1080848 | $1038944 |
| **11/30/16** | $1079355 | $1014369 |
| **12/31/16** | $1090451 | $1015800 |
| **1/31/17** | $1099786 | $1017793 |
| **2/28/17** | $1112814 | $1024634 |
| **3/31/17** | $1121317 | $1024097 |
| **4/30/17** | $1128946 | $1032000 |
| **5/31/17** | $1140282 | $1039943 |
| **6/30/17** | $1146128 | $1038896 |
| **7/31/17** | $1152920 | $1043367 |
| **8/31/17** | $1163470 | $1052726 |
| **9/30/17** | $1169390 | $1047712 |
| **10/31/17** | $1175396 | $1048319 |
| **11/30/17** | $1178603 | $1046973 |
| **12/31/17** | $1181819 | $1051778 |
| **1/31/18** | $1178383 | $1039665 |
| **2/28/18** | $1173036 | $1029809 |
| **3/31/18** | $1178219 | $1036414 |
| **4/30/18** | $1172645 | $1028705 |
| **5/31/18** | $1172063 | $1036047 |
| **6/30/18** | $1172453 | $1034773 |
| **7/31/18** | $1178711 | $1035019 |
| **8/31/18** | $1176687 | $1041679 |
| **9/30/18** | $1178524 | $1034971 |
| **10/31/18** | $1176939 | $1026792 |
| **11/30/18** | $1177338 | $1032921 |
| **12/31/18** | $1186743 | $1051898 |
| **1/31/19** | $1206239 | $1063068 |
| **2/28/19** | $1211692 | $1062452 |
| **3/31/19** | $1222238 | $1082853 |
| **4/30/19** | $1232832 | $1083130 |
| **5/31/19** | $1238358 | $1102358 |
| **6/30/19** | $1250902 | $1116201 |
| **7/31/19** | $1254409 | $1118657 |
| **8/31/19** | $1240309 | $1147643 |
| **9/30/19** | $1249057 | $1141531 |
| **10/31/19** | $1257846 | $1144969 |
| **11/30/19** | $1263520 | $1144386 |
| **12/31/19** | $1280181 | $1143588 |
| **1/31/20** | $1290175 | $1165596 |
| **2/29/20** | $1284193 | $1186575 |
| **3/31/20** | $1181629 | $1179592 |
| **4/30/20** | $1207950 | $1200561 |
| **5/31/20** | $1235479 | $1206151 |
| **6/30/20** | $1257694 | $1213749 |
| **7/31/20** | $1275636 | $1231878 |
| **8/31/20** | $1294155 | $1221935 |
| **9/30/20** | $1295095 | $1221265 |
| **10/31/20** | $1298252 | $1215812 |
| **11/30/20** | $1332488 | $1227742 |
| **12/31/20** | $1352358 | $1229433 |
| **1/31/21** | $1356657 | $1220618 |
| **2/28/21** | $1350886 | $1202992 |
| **3/31/21** | $1349594 | $1187971 |
| **4/30/21** | $1364083 | $1197356 |
| **5/31/21** | $1371830 | $1201268 |
| **6/30/21** | $1376197 | $1209708 |
| **7/31/21** | $1380578 | $1223233 |
| **8/31/21** | $1383832 | $1220905 |
| **9/30/21** | $1383659 | $1210334 |
| **10/31/21** | $1377740 | $1210000 |
| **11/30/21** | $1370650 | $1213580 |
| **12/31/21** | $1385515 | $1210475 |
| **1/31/22** | $1371418 | $1184396 |
| **2/28/22** | $1337485 | $1171183 |
| **3/31/22** | $1326803 | $1138645 |
| **4/30/22** | $1291475 | $1095436 |
| **5/31/22** | $1299546 | $1102499 |
| **6/30/22** | $1257599 | $1085203 |
| **7/31/22** | $1297268 | $1111719 |
| **8/31/22** | $1282348 | $1080306 |
| **9/30/22** | $1232590 | $1033630 |
| **10/31/22** | $1236639 | $1020242 |
| **11/30/22** | $1278148 | $1057762 |
| **12/31/22** | $1275376 | $1052991 |
| **1/31/23** | $1318961 | $1085385 |
| **2/28/23** | $1293408 | $1057322 |
| **3/31/23** | $1308807 | $1084180 |
| **4/30/23** | $1314275 | $1090751 |
| **5/31/23** | $1309709 | $1078874 |
| **6/30/23** | $1322820 | $1075027 |
| **7/31/23** | $1339810 | $1074277 |
| **8/31/23** | $1333895 | $1067415 |
| **9/30/23** | $1315113 | $1040290 |
| **10/31/23** | $1298816 | $1023873 |
| **11/30/23** | $1349906 | $1070241 |
| **12/31/23** | $1392125 | $1111209 |
| **1/31/24** | $1400471 | $1108157 |
| **2/29/24** | $1393050 | $1092501 |
| **3/31/24** | $1410753 | $1102589 |
| **4/30/24** | $1385954 | $1074739 |
| **5/31/24** | $1410529 | $1092959 |
| **6/30/24** | $1416404 | $1103307 |
| **7/31/24** | $1449340 | $1129077 |
| **8/31/24** | $1460705 | $1145301 |
| **9/30/24** | $1480316 | $1160636 |
| **10/31/24** | $1456122 | $1131854 |
| **11/30/24** | $1477313 | $1143821 |
| **12/31/24** | $1465349 | $1125101 |
| **1/31/25** | $1482577 | $1131070 |
| **2/28/25** | $1509692 | $1155956 |
| **3/31/25** | $1513021 | $1156391 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.25% | 5.07% | 4.23% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PIPNX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2186TSRAR_033125

# Institutional Class: PIMIX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $56 | 0.54% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i9593b68fe65534d5355b.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008508 | $996412 |
| **5/31/15** | $1016244 | $994012 |
| **6/30/15** | $1010182 | $983174 |
| **7/31/15** | $1015536 | $990008 |
| **8/31/15** | $1007778 | $988586 |
| **9/30/15** | $1001634 | $995273 |
| **10/31/15** | $1015345 | $995439 |
| **11/30/15** | $1015802 | $992809 |
| **12/31/15** | $1006888 | $989601 |
| **1/31/16** | $1009935 | $1003219 |
| **2/29/16** | $1005235 | $1010335 |
| **3/31/16** | $1024777 | $1019605 |
| **4/30/16** | $1036574 | $1023519 |
| **5/31/16** | $1044053 | $1023781 |
| **6/30/16** | $1049810 | $1042177 |
| **7/31/16** | $1062656 | $1048765 |
| **8/31/16** | $1070240 | $1047566 |
| **9/30/16** | $1079642 | $1046952 |
| **10/31/16** | $1084610 | $1038944 |
| **11/30/16** | $1083306 | $1014369 |
| **12/31/16** | $1094645 | $1015800 |
| **1/31/17** | $1104221 | $1017793 |
| **2/28/17** | $1117488 | $1024634 |
| **3/31/17** | $1126236 | $1024097 |
| **4/30/17** | $1134103 | $1032000 |
| **5/31/17** | $1145703 | $1039943 |
| **6/30/17** | $1151784 | $1038896 |
| **7/31/17** | $1158825 | $1043367 |
| **8/31/17** | $1169645 | $1052726 |
| **9/30/17** | $1175809 | $1047712 |
| **10/31/17** | $1182000 | $1048319 |
| **11/30/17** | $1185370 | $1046973 |
| **12/31/17** | $1188755 | $1051778 |
| **1/31/18** | $1185451 | $1039665 |
| **2/28/18** | $1180207 | $1029809 |
| **3/31/18** | $1185571 | $1036414 |
| **4/30/18** | $1180279 | $1028705 |
| **5/31/18** | $1179840 | $1036047 |
| **6/30/18** | $1180379 | $1034773 |
| **7/31/18** | $1186828 | $1035019 |
| **8/31/18** | $1184953 | $1041679 |
| **9/30/18** | $1186937 | $1034971 |
| **10/31/18** | $1185489 | $1026792 |
| **11/30/18** | $1186041 | $1032921 |
| **12/31/18** | $1195664 | $1051898 |
| **1/31/19** | $1215457 | $1063068 |
| **2/28/19** | $1221102 | $1062452 |
| **3/31/19** | $1231882 | $1082853 |
| **4/30/19** | $1242713 | $1083130 |
| **5/31/19** | $1248436 | $1102358 |
| **6/30/19** | $1261233 | $1116201 |
| **7/31/19** | $1264927 | $1118657 |
| **8/31/19** | $1250867 | $1147643 |
| **9/30/19** | $1259847 | $1141531 |
| **10/31/19** | $1268868 | $1144969 |
| **11/30/19** | $1274751 | $1144386 |
| **12/31/19** | $1291720 | $1143588 |
| **1/31/20** | $1301966 | $1165596 |
| **2/29/20** | $1296092 | $1186575 |
| **3/31/20** | $1192741 | $1179592 |
| **4/30/20** | $1219458 | $1200561 |
| **5/31/20** | $1247401 | $1206151 |
| **6/30/20** | $1269986 | $1213749 |
| **7/31/20** | $1288263 | $1231878 |
| **8/31/20** | $1307126 | $1221935 |
| **9/30/20** | $1308240 | $1221265 |
| **10/31/20** | $1311591 | $1215812 |
| **11/30/20** | $1346343 | $1227742 |
| **12/31/20** | $1366589 | $1229433 |
| **1/31/21** | $1371103 | $1220618 |
| **2/28/21** | $1365442 | $1202992 |
| **3/31/21** | $1364306 | $1187971 |
| **4/30/21** | $1379123 | $1197356 |
| **5/31/21** | $1387128 | $1201268 |
| **6/30/21** | $1391717 | $1209708 |
| **7/31/21** | $1396321 | $1223233 |
| **8/31/21** | $1399786 | $1220905 |
| **9/30/21** | $1399786 | $1210334 |
| **10/31/21** | $1393973 | $1210000 |
| **11/30/21** | $1386974 | $1213580 |
| **12/31/21** | $1402190 | $1210475 |
| **1/31/22** | $1388098 | $1184396 |
| **2/28/22** | $1353925 | $1171183 |
| **3/31/22** | $1343283 | $1138645 |
| **4/30/22** | $1307684 | $1095436 |
| **5/31/22** | $1316021 | $1102499 |
| **6/30/22** | $1273707 | $1085203 |
| **7/31/22** | $1314043 | $1111719 |
| **8/31/22** | $1299094 | $1080306 |
| **9/30/22** | $1250061 | $1033630 |
| **10/31/22** | $1253104 | $1020242 |
| **11/30/22** | $1295322 | $1057762 |
| **12/31/22** | $1292675 | $1052991 |
| **1/31/23** | $1337013 | $1085385 |
| **2/28/23** | $1311277 | $1057322 |
| **3/31/23** | $1327053 | $1084180 |
| **4/30/23** | $1332762 | $1090751 |
| **5/31/23** | $1328298 | $1078874 |
| **6/30/23** | $1341761 | $1075027 |
| **7/31/23** | $1357872 | $1074277 |
| **8/31/23** | $1353337 | $1067415 |
| **9/30/23** | $1334451 | $1040290 |
| **10/31/23** | $1318081 | $1023873 |
| **11/30/23** | $1370093 | $1070241 |
| **12/31/23** | $1413115 | $1111209 |
| **1/31/24** | $1421764 | $1108157 |
| **2/29/24** | $1414408 | $1092501 |
| **3/31/24** | $1432559 | $1102589 |
| **4/30/24** | $1407557 | $1074739 |
| **5/31/24** | $1432692 | $1092959 |
| **6/30/24** | $1438838 | $1103307 |
| **7/31/24** | $1472475 | $1129077 |
| **8/31/24** | $1484205 | $1145301 |
| **9/30/24** | $1504318 | $1160636 |
| **10/31/24** | $1479920 | $1131854 |
| **11/30/24** | $1501642 | $1143821 |
| **12/31/24** | $1489668 | $1125101 |
| **1/31/25** | $1507369 | $1131070 |
| **2/28/25** | $1535125 | $1155956 |
| **3/31/25** | $1538701 | $1156391 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.41% | 5.23% | 4.40% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PIMIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1821TSRAR_033125

# I-2: PONPX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $66 | 0.64% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021idacf3e60462cf38b31d7.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008419 | $996412 |
| **5/31/15** | $1016066 | $994012 |
| **6/30/15** | $1009915 | $983174 |
| **7/31/15** | $1015177 | $990008 |
| **8/31/15** | $1007332 | $988586 |
| **9/30/15** | $1001100 | $995273 |
| **10/31/15** | $1014713 | $995439 |
| **11/30/15** | $1015079 | $992809 |
| **12/31/15** | $1006079 | $989601 |
| **1/31/16** | $1009038 | $1003219 |
| **2/29/16** | $1004256 | $1010335 |
| **3/31/16** | $1023692 | $1019605 |
| **4/30/16** | $1035390 | $1023519 |
| **5/31/16** | $1042773 | $1023781 |
| **6/30/16** | $1048434 | $1042177 |
| **7/31/16** | $1061176 | $1048765 |
| **8/31/16** | $1068661 | $1047566 |
| **9/30/16** | $1077959 | $1046952 |
| **10/31/16** | $1082831 | $1038944 |
| **11/30/16** | $1081439 | $1014369 |
| **12/31/16** | $1092668 | $1015800 |
| **1/31/17** | $1102136 | $1017793 |
| **2/28/17** | $1115287 | $1024634 |
| **3/31/17** | $1123926 | $1024097 |
| **4/30/17** | $1131685 | $1032000 |
| **5/31/17** | $1143168 | $1039943 |
| **6/30/17** | $1149143 | $1038896 |
| **7/31/17** | $1156076 | $1043367 |
| **8/31/17** | $1166777 | $1052726 |
| **9/30/17** | $1172831 | $1047712 |
| **10/31/17** | $1178912 | $1048319 |
| **11/30/17** | $1182179 | $1046973 |
| **12/31/17** | $1185460 | $1051778 |
| **1/31/18** | $1182069 | $1039665 |
| **2/28/18** | $1176744 | $1029809 |
| **3/31/18** | $1181996 | $1036414 |
| **4/30/18** | $1176624 | $1028705 |
| **5/31/18** | $1176089 | $1036047 |
| **6/30/18** | $1176528 | $1034773 |
| **7/31/18** | $1182857 | $1035019 |
| **8/31/18** | $1180881 | $1041679 |
| **9/30/18** | $1182768 | $1034971 |
| **10/31/18** | $1181227 | $1026792 |
| **11/30/18** | $1181678 | $1032921 |
| **12/31/18** | $1191167 | $1051898 |
| **1/31/19** | $1210785 | $1063068 |
| **2/28/19** | $1216308 | $1062452 |
| **3/31/19** | $1226945 | $1082853 |
| **4/30/19** | $1237629 | $1083130 |
| **5/31/19** | $1243227 | $1102358 |
| **6/30/19** | $1255871 | $1116201 |
| **7/31/19** | $1259445 | $1118657 |
| **8/31/19** | $1245340 | $1147643 |
| **9/30/19** | $1254177 | $1141531 |
| **10/31/19** | $1263052 | $1144969 |
| **11/30/19** | $1268803 | $1144386 |
| **12/31/19** | $1285587 | $1143588 |
| **1/31/20** | $1295677 | $1165596 |
| **2/29/20** | $1289723 | $1186575 |
| **3/31/20** | $1186772 | $1179592 |
| **4/30/20** | $1213257 | $1200561 |
| **5/31/20** | $1240957 | $1206151 |
| **6/30/20** | $1263321 | $1213749 |
| **7/31/20** | $1281397 | $1231878 |
| **8/31/20** | $1300053 | $1221935 |
| **9/30/20** | $1301052 | $1221265 |
| **10/31/20** | $1304276 | $1215812 |
| **11/30/20** | $1338724 | $1227742 |
| **12/31/20** | $1358744 | $1229433 |
| **1/31/21** | $1363118 | $1220618 |
| **2/28/21** | $1357377 | $1202992 |
| **3/31/21** | $1356134 | $1187971 |
| **4/30/21** | $1370749 | $1197356 |
| **5/31/21** | $1378591 | $1201268 |
| **6/30/21** | $1383037 | $1209708 |
| **7/31/21** | $1387497 | $1223233 |
| **8/31/21** | $1390824 | $1220905 |
| **9/30/21** | $1390708 | $1210334 |
| **10/31/21** | $1384817 | $1210000 |
| **11/30/21** | $1377748 | $1213580 |
| **12/31/21** | $1392747 | $1210475 |
| **1/31/22** | $1378634 | $1184396 |
| **2/28/22** | $1344581 | $1171183 |
| **3/31/22** | $1333898 | $1138645 |
| **4/30/22** | $1298436 | $1095436 |
| **5/31/22** | $1306605 | $1102499 |
| **6/30/22** | $1264486 | $1085203 |
| **7/31/22** | $1304425 | $1111719 |
| **8/31/22** | $1289476 | $1080306 |
| **9/30/22** | $1240697 | $1033630 |
| **10/31/22** | $1243614 | $1020242 |
| **11/30/22** | $1285408 | $1057762 |
| **12/31/22** | $1282675 | $1052991 |
| **1/31/23** | $1326564 | $1085385 |
| **2/28/23** | $1300918 | $1057322 |
| **3/31/23** | $1316460 | $1084180 |
| **4/30/23** | $1322014 | $1090751 |
| **5/31/23** | $1317476 | $1078874 |
| **6/30/23** | $1330720 | $1075027 |
| **7/31/23** | $1346587 | $1074277 |
| **8/31/23** | $1341978 | $1067415 |
| **9/30/23** | $1323138 | $1040290 |
| **10/31/23** | $1306797 | $1023873 |
| **11/30/23** | $1358255 | $1070241 |
| **12/31/23** | $1400793 | $1111209 |
| **1/31/24** | $1409249 | $1108157 |
| **2/29/24** | $1401841 | $1092501 |
| **3/31/24** | $1419713 | $1102589 |
| **4/30/24** | $1394817 | $1074739 |
| **5/31/24** | $1419607 | $1092959 |
| **6/30/24** | $1425580 | $1103307 |
| **7/31/24** | $1458787 | $1129077 |
| **8/31/24** | $1470286 | $1145301 |
| **9/30/24** | $1490088 | $1160636 |
| **10/31/24** | $1465797 | $1131854 |
| **11/30/24** | $1487190 | $1143821 |
| **12/31/24** | $1475207 | $1125101 |
| **1/31/25** | $1492612 | $1131070 |
| **2/28/25** | $1519972 | $1155956 |
| **3/31/25** | $1523388 | $1156391 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.30% | 5.12% | 4.30% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PONPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1907TSRAR_033125

# Class R: PONRX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $123 | 1.19% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve.

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve.

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve.

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021ic7a0c67e439950fc6599.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10080 | $9964 |
| **5/31/15** | $10151 | $9940 |
| **6/30/15** | $10085 | $9832 |
| **7/31/15** | $10133 | $9900 |
| **8/31/15** | $10050 | $9886 |
| **9/30/15** | $9983 | $9953 |
| **10/31/15** | $10114 | $9954 |
| **11/30/15** | $10113 | $9928 |
| **12/31/15** | $10018 | $9896 |
| **1/31/16** | $10043 | $10032 |
| **2/29/16** | $9991 | $10103 |
| **3/31/16** | $10180 | $10196 |
| **4/30/16** | $10291 | $10235 |
| **5/31/16** | $10360 | $10238 |
| **6/30/16** | $10411 | $10422 |
| **7/31/16** | $10533 | $10488 |
| **8/31/16** | $10603 | $10476 |
| **9/30/16** | $10690 | $10470 |
| **10/31/16** | $10734 | $10389 |
| **11/30/16** | $10715 | $10144 |
| **12/31/16** | $10822 | $10158 |
| **1/31/17** | $10911 | $10178 |
| **2/28/17** | $11036 | $10246 |
| **3/31/17** | $11116 | $10241 |
| **4/30/17** | $11188 | $10320 |
| **5/31/17** | $11296 | $10399 |
| **6/30/17** | $11350 | $10389 |
| **7/31/17** | $11414 | $10434 |
| **8/31/17** | $11514 | $10527 |
| **9/30/17** | $11569 | $10477 |
| **10/31/17** | $11623 | $10483 |
| **11/30/17** | $11650 | $10470 |
| **12/31/17** | $11677 | $10518 |
| **1/31/18** | $11638 | $10397 |
| **2/28/18** | $11581 | $10298 |
| **3/31/18** | $11627 | $10364 |
| **4/30/18** | $11569 | $10287 |
| **5/31/18** | $11558 | $10360 |
| **6/30/18** | $11557 | $10348 |
| **7/31/18** | $11614 | $10350 |
| **8/31/18** | $11588 | $10417 |
| **9/30/18** | $11602 | $10350 |
| **10/31/18** | $11582 | $10268 |
| **11/30/18** | $11581 | $10329 |
| **12/31/18** | $11668 | $10519 |
| **1/31/19** | $11855 | $10631 |
| **2/28/19** | $11904 | $10625 |
| **3/31/19** | $12002 | $10829 |
| **4/30/19** | $12102 | $10831 |
| **5/31/19** | $12151 | $11024 |
| **6/30/19** | $12269 | $11162 |
| **7/31/19** | $12298 | $11187 |
| **8/31/19** | $12155 | $11476 |
| **9/30/19** | $12236 | $11415 |
| **10/31/19** | $12317 | $11450 |
| **11/30/19** | $12367 | $11444 |
| **12/31/19** | $12525 | $11436 |
| **1/31/20** | $12617 | $11656 |
| **2/29/20** | $12554 | $11866 |
| **3/31/20** | $11546 | $11796 |
| **4/30/20** | $11798 | $12006 |
| **5/31/20** | $12062 | $12062 |
| **6/30/20** | $12274 | $12137 |
| **7/31/20** | $12444 | $12319 |
| **8/31/20** | $12619 | $12219 |
| **9/30/20** | $12623 | $12213 |
| **10/31/20** | $12649 | $12158 |
| **11/30/20** | $12977 | $12277 |
| **12/31/20** | $13165 | $12294 |
| **1/31/21** | $13202 | $12206 |
| **2/28/21** | $13140 | $12030 |
| **3/31/21** | $13122 | $11880 |
| **4/30/21** | $13257 | $11974 |
| **5/31/21** | $13327 | $12013 |
| **6/30/21** | $13364 | $12097 |
| **7/31/21** | $13401 | $12232 |
| **8/31/21** | $13427 | $12209 |
| **9/30/21** | $13420 | $12103 |
| **10/31/21** | $13357 | $12100 |
| **11/30/21** | $13282 | $12136 |
| **12/31/21** | $13421 | $12105 |
| **1/31/22** | $13279 | $11844 |
| **2/28/22** | $12945 | $11712 |
| **3/31/22** | $12836 | $11386 |
| **4/30/22** | $12489 | $10954 |
| **5/31/22** | $12562 | $11025 |
| **6/30/22** | $12151 | $10852 |
| **7/31/22** | $12529 | $11117 |
| **8/31/22** | $12380 | $10803 |
| **9/30/22** | $11906 | $10336 |
| **10/31/22** | $11928 | $10202 |
| **11/30/22** | $12324 | $10578 |
| **12/31/22** | $12292 | $10530 |
| **1/31/23** | $12707 | $10854 |
| **2/28/23** | $12455 | $10573 |
| **3/31/23** | $12598 | $10842 |
| **4/30/23** | $12646 | $10908 |
| **5/31/23** | $12597 | $10789 |
| **6/30/23** | $12717 | $10750 |
| **7/31/23** | $12876 | $10743 |
| **8/31/23** | $12813 | $10674 |
| **9/30/23** | $12628 | $10403 |
| **10/31/23** | $12466 | $10239 |
| **11/30/23** | $12951 | $10702 |
| **12/31/23** | $13351 | $11112 |
| **1/31/24** | $13425 | $11082 |
| **2/29/24** | $13348 | $10925 |
| **3/31/24** | $13512 | $11026 |
| **4/30/24** | $13269 | $10747 |
| **5/31/24** | $13499 | $10930 |
| **6/30/24** | $13550 | $11033 |
| **7/31/24** | $13859 | $11291 |
| **8/31/24** | $13962 | $11453 |
| **9/30/24** | $14144 | $11606 |
| **10/31/24** | $13907 | $11319 |
| **11/30/24** | $14103 | $11438 |
| **12/31/24** | $13983 | $11251 |
| **1/31/25** | $14142 | $11311 |
| **2/28/25** | $14394 | $11560 |
| **3/31/25** | $14420 | $11564 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.72% | 4.55% | 3.73% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183157617 |
| # of Portfolio Holdings | 10260 |
| Portfolio Turnover Rate | 711% |
| Total Net Advisory Fees Paid During the Reporting Period | $411034 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.8% |
| Non-Agency Mortgage-Backed Securities | 33.2% |
| Asset-Backed Securities | 20.6% |
| U.S. Treasury Obligations | 15.8% |
| Corporate Bonds & Notes | 8.5% |
| Sovereign Issues | 8.1% |
| Loan Participations and Assignments | 2.4% |
| Preferred Securities | 0.3% |
| Real Estate Investment Trusts | 0.2% |
| Common Stocks | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.1% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (58.1%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.29% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class R: PONRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4521TSRAR_033125

# Institutional Class: PTCIX

# PIMCO Long-Term Credit Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $127 | 1.24% |

---

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

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

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

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

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i7681d533c7d25e721174.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Long Credit Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $982427 | $996412 | $979590 |
| **5/31/15** | $969515 | $994012 | $962284 |
| **6/30/15** | $938282 | $983174 | $927440 |
| **7/31/15** | $957769 | $990008 | $940916 |
| **8/31/15** | $935280 | $988586 | $928894 |
| **9/30/15** | $926572 | $995273 | $932257 |
| **10/31/15** | $945343 | $995439 | $941577 |
| **11/30/15** | $939040 | $992809 | $937712 |
| **12/31/15** | $924247 | $989601 | $926069 |
| **1/31/16** | $932688 | $1003219 | $928444 |
| **2/29/16** | $942442 | $1010335 | $944151 |
| **3/31/16** | $987627 | $1019605 | $989219 |
| **4/30/16** | $1007213 | $1023519 | $1012491 |
| **5/31/16** | $1012045 | $1023781 | $1012711 |
| **6/30/16** | $1058907 | $1042177 | $1055018 |
| **7/31/16** | $1095426 | $1048765 | $1084337 |
| **8/31/16** | $1102183 | $1047566 | $1090446 |
| **9/30/16** | $1096700 | $1046952 | $1078913 |
| **10/31/16** | $1075606 | $1038944 | $1056624 |
| **11/30/16** | $1016913 | $1014369 | $1005245 |
| **12/31/16** | $1032688 | $1015800 | $1020695 |
| **1/31/17** | $1042403 | $1017793 | $1023192 |
| **2/28/17** | $1066959 | $1024634 | $1043725 |
| **3/31/17** | $1064558 | $1024097 | $1037598 |
| **4/30/17** | $1083405 | $1032000 | $1053733 |
| **5/31/17** | $1103669 | $1039943 | $1075496 |
| **6/30/17** | $1115905 | $1038896 | $1086404 |
| **7/31/17** | $1124804 | $1043367 | $1095639 |
| **8/31/17** | $1141509 | $1052726 | $1111668 |
| **9/30/17** | $1141368 | $1047712 | $1110000 |
| **10/31/17** | $1146758 | $1048319 | $1117990 |
| **11/30/17** | $1151524 | $1046973 | $1122596 |
| **12/31/17** | $1172454 | $1051778 | $1145337 |
| **1/31/18** | $1160751 | $1039665 | $1130716 |
| **2/28/18** | $1125125 | $1029809 | $1093307 |
| **3/31/18** | $1136548 | $1036414 | $1101463 |
| **4/30/18** | $1115907 | $1028705 | $1080140 |
| **5/31/18** | $1112805 | $1036047 | $1085128 |
| **6/30/18** | $1105879 | $1034773 | $1072235 |
| **7/31/18** | $1120034 | $1035019 | $1088299 |
| **8/31/18** | $1122170 | $1041679 | $1091907 |
| **9/30/18** | $1114557 | $1034971 | $1085764 |
| **10/31/18** | $1080723 | $1026792 | $1046556 |
| **11/30/18** | $1078750 | $1032921 | $1042367 |
| **12/31/18** | $1102726 | $1051898 | $1067927 |
| **1/31/19** | $1142462 | $1063068 | $1104828 |
| **2/28/19** | $1147080 | $1062452 | $1104070 |
| **3/31/19** | $1195688 | $1082853 | $1151870 |
| **4/30/19** | $1203681 | $1083130 | $1158897 |
| **5/31/19** | $1232784 | $1102358 | $1186522 |
| **6/30/19** | $1277644 | $1116201 | $1232766 |
| **7/31/19** | $1292050 | $1118657 | $1247045 |
| **8/31/19** | $1371232 | $1147643 | $1321345 |
| **9/30/19** | $1356014 | $1141531 | $1301986 |
| **10/31/19** | $1364604 | $1144969 | $1309138 |
| **11/30/19** | $1372203 | $1144386 | $1316123 |
| **12/31/19** | $1373286 | $1143588 | $1317383 |
| **1/31/20** | $1433677 | $1165596 | $1370808 |
| **2/29/20** | $1456670 | $1186575 | $1398122 |
| **3/31/20** | $1298436 | $1179592 | $1256094 |
| **4/30/20** | $1379903 | $1200561 | $1340169 |
| **5/31/20** | $1405295 | $1206151 | $1360747 |
| **6/30/20** | $1442841 | $1213749 | $1395325 |
| **7/31/20** | $1522104 | $1231878 | $1480312 |
| **8/31/20** | $1484602 | $1221935 | $1429988 |
| **9/30/20** | $1475776 | $1221265 | $1422808 |
| **10/31/20** | $1459491 | $1215812 | $1414043 |
| **11/30/20** | $1541713 | $1227742 | $1486332 |
| **12/31/20** | $1555437 | $1229433 | $1492811 |
| **1/31/21** | $1520340 | $1220618 | $1454218 |
| **2/28/21** | $1469271 | $1202992 | $1406048 |
| **3/31/21** | $1426191 | $1187971 | $1367526 |
| **4/30/21** | $1459994 | $1197356 | $1391130 |
| **5/31/21** | $1471039 | $1201268 | $1405701 |
| **6/30/21** | $1522323 | $1209708 | $1455667 |
| **7/31/21** | $1556483 | $1223233 | $1487815 |
| **8/31/21** | $1557199 | $1220905 | $1482339 |
| **9/30/21** | $1523784 | $1210334 | $1453097 |
| **10/31/21** | $1533345 | $1210000 | $1474648 |
| **11/30/21** | $1542392 | $1213580 | $1480636 |
| **12/31/21** | $1539641 | $1210475 | $1475176 |
| **1/31/22** | $1466054 | $1184396 | $1394292 |
| **2/28/22** | $1408315 | $1171183 | $1347492 |
| **3/31/22** | $1357595 | $1138645 | $1309536 |
| **4/30/22** | $1235692 | $1095436 | $1183370 |
| **5/31/22** | $1231687 | $1102499 | $1194297 |
| **6/30/22** | $1172565 | $1085203 | $1144730 |
| **7/31/22** | $1228139 | $1111719 | $1197904 |
| **8/31/22** | $1180850 | $1080306 | $1145565 |
| **9/30/22** | $1087894 | $1033630 | $1046584 |
| **10/31/22** | $1063028 | $1020242 | $1022517 |
| **11/30/22** | $1151239 | $1057762 | $1114664 |
| **12/31/22** | $1138182 | $1052991 | $1102068 |
| **1/31/23** | $1220929 | $1085385 | $1176398 |
| **2/28/23** | $1163821 | $1057322 | $1115734 |
| **3/31/23** | $1204229 | $1084180 | $1161794 |
| **4/30/23** | $1212387 | $1090751 | $1171860 |
| **5/31/23** | $1182528 | $1078874 | $1140333 |
| **6/30/23** | $1196846 | $1075027 | $1156858 |
| **7/31/23** | $1194592 | $1074277 | $1155176 |
| **8/31/23** | $1171293 | $1067415 | $1133102 |
| **9/30/23** | $1107189 | $1040290 | $1073171 |
| **10/31/23** | $1058945 | $1023873 | $1028848 |
| **11/30/23** | $1166832 | $1070241 | $1137292 |
| **12/31/23** | $1252154 | $1111209 | $1220278 |
| **1/31/24** | $1247233 | $1108157 | $1208937 |
| **2/29/24** | $1219080 | $1092501 | $1177648 |
| **3/31/24** | $1240791 | $1102589 | $1200196 |
| **4/30/24** | $1183533 | $1074739 | $1141448 |
| **5/31/24** | $1218398 | $1092959 | $1173359 |
| **6/30/24** | $1228889 | $1103307 | $1180054 |
| **7/31/24** | $1269301 | $1129077 | $1217186 |
| **8/31/24** | $1296146 | $1145301 | $1243104 |
| **9/30/24** | $1328136 | $1160636 | $1275622 |
| **10/31/24** | $1273972 | $1131854 | $1222259 |
| **11/30/24** | $1305618 | $1143821 | $1249327 |
| **12/31/24** | $1251272 | $1125101 | $1195771 |
| **1/31/25** | $1260295 | $1131070 | $1200895 |
| **2/28/25** | $1311003 | $1155956 | $1242409 |
| **3/31/25** | $1292027 | $1156391 | $1225258 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.13% | (0.10%) | 2.60% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Long Credit Index | 2.09% | (0.50%) | 2.05% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3275939 |
| # of Portfolio Holdings | 1663 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid During the Reporting Period | $9993 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 72.7% |
| U.S. Treasury Obligations | 24.3% |
| U.S. Government Agencies | 15.8% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 3.9% |
| Municipal Bonds & Notes | 1.7% |
| Loan Participations and Assignments | 1.5% |
| Asset-Backed Securities | 1.0% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 1.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.27% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PTCIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Long-Term Credit Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1945TSRAR_033125

# I-2: PLCPX

# PIMCO Long-Term Credit Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $137 | 1.34% |

---

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

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

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

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

* There were no material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i4602cdc71fa8b06a98c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Long Credit Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $982346 | $996412 | $979590 |
| **5/31/15** | $969349 | $994012 | $962284 |
| **6/30/15** | $938043 | $983174 | $927440 |
| **7/31/15** | $957440 | $990008 | $940916 |
| **8/31/15** | $934885 | $988586 | $928894 |
| **9/30/15** | $926105 | $995273 | $932257 |
| **10/31/15** | $944784 | $995439 | $941577 |
| **11/30/15** | $938411 | $992809 | $937712 |
| **12/31/15** | $923542 | $989601 | $926069 |
| **1/31/16** | $931906 | $1003219 | $928444 |
| **2/29/16** | $941579 | $1010335 | $944151 |
| **3/31/16** | $986639 | $1019605 | $989219 |
| **4/30/16** | $1006121 | $1023519 | $1012491 |
| **5/31/16** | $1010865 | $1023781 | $1012711 |
| **6/30/16** | $1057591 | $1042177 | $1055018 |
| **7/31/16** | $1093973 | $1048765 | $1084337 |
| **8/31/16** | $1100629 | $1047566 | $1090446 |
| **9/30/16** | $1095057 | $1046952 | $1078913 |
| **10/31/16** | $1073909 | $1038944 | $1056624 |
| **11/30/16** | $1015225 | $1014369 | $1005245 |
| **12/31/16** | $1030834 | $1015800 | $1020695 |
| **1/31/17** | $1040448 | $1017793 | $1023192 |
| **2/28/17** | $1064879 | $1024634 | $1043725 |
| **3/31/17** | $1062387 | $1024097 | $1037598 |
| **4/30/17** | $1081115 | $1032000 | $1053733 |
| **5/31/17** | $1101245 | $1039943 | $1075496 |
| **6/30/17** | $1113357 | $1038896 | $1086404 |
| **7/31/17** | $1122147 | $1043367 | $1095639 |
| **8/31/17** | $1138716 | $1052726 | $1111668 |
| **9/30/17** | $1138479 | $1047712 | $1110000 |
| **10/31/17** | $1143762 | $1048319 | $1117990 |
| **11/30/17** | $1148421 | $1046973 | $1122596 |
| **12/31/17** | $1169193 | $1051778 | $1145337 |
| **1/31/18** | $1157427 | $1039665 | $1130716 |
| **2/28/18** | $1121816 | $1029809 | $1093307 |
| **3/31/18** | $1133108 | $1036414 | $1101463 |
| **4/30/18** | $1112441 | $1028705 | $1080140 |
| **5/31/18** | $1109255 | $1036047 | $1085128 |
| **6/30/18** | $1102260 | $1034773 | $1072235 |
| **7/31/18** | $1116278 | $1035019 | $1088299 |
| **8/31/18** | $1118303 | $1041679 | $1091907 |
| **9/30/18** | $1110633 | $1034971 | $1085764 |
| **10/31/18** | $1076826 | $1026792 | $1046556 |
| **11/30/18** | $1074765 | $1032921 | $1042367 |
| **12/31/18** | $1098564 | $1051898 | $1067927 |
| **1/31/19** | $1138059 | $1063068 | $1104828 |
| **2/28/19** | $1142571 | $1062452 | $1104070 |
| **3/31/19** | $1190890 | $1082853 | $1151870 |
| **4/30/19** | $1198755 | $1083130 | $1158897 |
| **5/31/19** | $1227629 | $1102358 | $1186522 |
| **6/30/19** | $1272208 | $1116201 | $1232766 |
| **7/31/19** | $1286444 | $1118657 | $1247045 |
| **8/31/19** | $1365162 | $1147643 | $1321345 |
| **9/30/19** | $1349910 | $1141531 | $1301986 |
| **10/31/19** | $1358347 | $1144969 | $1309138 |
| **11/30/19** | $1365797 | $1144386 | $1316123 |
| **12/31/19** | $1366757 | $1143588 | $1317383 |
| **1/31/20** | $1426738 | $1165596 | $1370808 |
| **2/29/20** | $1449512 | $1186575 | $1398122 |
| **3/31/20** | $1291949 | $1179592 | $1256094 |
| **4/30/20** | $1372897 | $1200561 | $1340169 |
| **5/31/20** | $1398046 | $1206151 | $1360747 |
| **6/30/20** | $1435280 | $1213749 | $1395325 |
| **7/31/20** | $1513994 | $1231878 | $1480312 |
| **8/31/20** | $1476576 | $1221935 | $1429988 |
| **9/30/20** | $1467674 | $1221265 | $1422808 |
| **10/31/20** | $1451347 | $1215812 | $1414043 |
| **11/30/20** | $1532990 | $1227742 | $1486332 |
| **12/31/20** | $1546479 | $1229433 | $1492811 |
| **1/31/21** | $1511468 | $1220618 | $1454218 |
| **2/28/21** | $1460586 | $1202992 | $1406048 |
| **3/31/21** | $1417641 | $1187971 | $1367526 |
| **4/30/21** | $1451116 | $1197356 | $1391130 |
| **5/31/21** | $1461979 | $1201268 | $1405701 |
| **6/30/21** | $1512824 | $1209708 | $1455667 |
| **7/31/21** | $1546636 | $1223233 | $1487815 |
| **8/31/21** | $1547218 | $1220905 | $1482339 |
| **9/30/21** | $1513890 | $1210334 | $1453097 |
| **10/31/21** | $1523259 | $1210000 | $1474648 |
| **11/30/21** | $1532124 | $1213580 | $1480636 |
| **12/31/21** | $1529252 | $1210475 | $1475176 |
| **1/31/22** | $1456043 | $1184396 | $1394292 |
| **2/28/22** | $1398590 | $1171183 | $1347492 |
| **3/31/22** | $1348110 | $1138645 | $1309536 |
| **4/30/22** | $1226951 | $1095436 | $1183370 |
| **5/31/22** | $1222874 | $1102499 | $1194297 |
| **6/30/22** | $1164078 | $1085203 | $1144730 |
| **7/31/22** | $1219150 | $1111719 | $1197904 |
| **8/31/22** | $1172105 | $1080306 | $1145565 |
| **9/30/22** | $1079738 | $1033630 | $1046584 |
| **10/31/22** | $1054973 | $1020242 | $1022517 |
| **11/30/22** | $1142426 | $1057762 | $1114664 |
| **12/31/22** | $1129367 | $1052991 | $1102068 |
| **1/31/23** | $1211375 | $1085385 | $1176398 |
| **2/28/23** | $1154624 | $1057322 | $1115734 |
| **3/31/23** | $1194608 | $1084180 | $1161794 |
| **4/30/23** | $1202608 | $1090751 | $1171860 |
| **5/31/23** | $1172894 | $1078874 | $1140333 |
| **6/30/23** | $1186995 | $1075027 | $1156858 |
| **7/31/23** | $1184668 | $1074277 | $1155176 |
| **8/31/23** | $1161468 | $1067415 | $1133102 |
| **9/30/23** | $1097808 | $1040290 | $1073171 |
| **10/31/23** | $1049885 | $1023873 | $1028848 |
| **11/30/23** | $1156759 | $1070241 | $1137292 |
| **12/31/23** | $1241239 | $1111209 | $1220278 |
| **1/31/24** | $1236260 | $1108157 | $1208937 |
| **2/29/24** | $1208259 | $1092501 | $1177648 |
| **3/31/24** | $1229674 | $1102589 | $1200196 |
| **4/30/24** | $1172831 | $1074739 | $1141448 |
| **5/31/24** | $1207273 | $1092959 | $1173359 |
| **6/30/24** | $1217573 | $1103307 | $1180054 |
| **7/31/24** | $1257510 | $1129077 | $1217186 |
| **8/31/24** | $1283996 | $1145301 | $1243104 |
| **9/30/24** | $1315581 | $1160636 | $1275622 |
| **10/31/24** | $1261820 | $1131854 | $1222259 |
| **11/30/24** | $1293056 | $1143821 | $1249327 |
| **12/31/24** | $1239124 | $1125101 | $1195771 |
| **1/31/25** | $1247952 | $1131070 | $1200895 |
| **2/28/25** | $1298065 | $1155956 | $1242409 |
| **3/31/25** | $1279175 | $1156391 | $1225258 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.03% | (0.20%) | 2.49% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Long Credit Index | 2.09% | (0.50%) | 2.05% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3275939 |
| # of Portfolio Holdings | 1663 |
| Portfolio Turnover Rate | 222% |
| Total Net Advisory Fees Paid During the Reporting Period | $9993 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 72.7% |
| U.S. Treasury Obligations | 24.3% |
| U.S. Government Agencies | 15.8% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 3.9% |
| Municipal Bonds & Notes | 1.7% |
| Loan Participations and Assignments | 1.5% |
| Asset-Backed Securities | 1.0% |
| Non-Agency Mortgage-Backed Securities | 0.5% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 1.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.27% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PLCPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Long-Term Credit Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2054TSRAR_033125

# Class A: PSRZX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $112 | 1.08% |

---

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

* Security selection within the high yield media sector, specifically overweight exposure to a local television station owner, contributed to performance, as spreads tightened. 

* Security selection within the bank loan healthcare sector, specifically overweight exposure to a pharmaceutical manufacturer, contributed to performance, as spreads tightened. 

* Security selection within the bank loan technology sector, specifically overweight exposure to an education software provider, contributed to performance, as spreads tightened. 

* Security selection within the high yield healthcare sector, specifically overweight exposure to a for-profit hospital operator, detracted from performance, as spreads widened. 

* Underweight exposure to U.S. duration detracted from performance, as interest rates fell.

* Underweight exposure to the high yield telecommunications sector detracted from performance, as the sector outperformed.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021id8792598f169e2538c8d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/15** | $9777 | $10000 | $10000 |
| **4/30/15** | $9834 | $9964 | $10094 |
| **5/31/15** | $9836 | $9940 | $10119 |
| **6/30/15** | $9803 | $9832 | $10062 |
| **7/31/15** | $9834 | $9900 | $10025 |
| **8/31/15** | $9773 | $9886 | $9915 |
| **9/30/15** | $9722 | $9953 | $9794 |
| **10/31/15** | $9742 | $9954 | $9881 |
| **11/30/15** | $9631 | $9928 | $9742 |
| **12/31/15** | $9558 | $9896 | $9592 |
| **1/31/16** | $9503 | $10032 | $9476 |
| **2/29/16** | $9484 | $10103 | $9457 |
| **3/31/16** | $9715 | $10196 | $9774 |
| **4/30/16** | $9840 | $10235 | $10033 |
| **5/31/16** | $9900 | $10238 | $10140 |
| **6/30/16** | $9898 | $10422 | $10191 |
| **7/31/16** | $10007 | $10488 | $10361 |
| **8/31/16** | $10077 | $10476 | $10499 |
| **9/30/16** | $10125 | $10470 | $10589 |
| **10/31/16** | $10154 | $10389 | $10652 |
| **11/30/16** | $10184 | $10144 | $10674 |
| **12/31/16** | $10267 | $10158 | $10832 |
| **1/31/17** | $10295 | $10178 | $10917 |
| **2/28/17** | $10336 | $10246 | $11024 |
| **3/31/17** | $10359 | $10241 | $11023 |
| **4/30/17** | $10408 | $10320 | $11092 |
| **5/31/17** | $10449 | $10399 | $11157 |
| **6/30/17** | $10440 | $10389 | $11167 |
| **7/31/17** | $10512 | $10434 | $11256 |
| **8/31/17** | $10513 | $10527 | $11253 |
| **9/30/17** | $10546 | $10477 | $11318 |
| **10/31/17** | $10601 | $10483 | $11376 |
| **11/30/17** | $10593 | $10470 | $11369 |
| **12/31/17** | $10626 | $10518 | $11409 |
| **1/31/18** | $10703 | $10397 | $11523 |
| **2/28/18** | $10682 | $10298 | $11513 |
| **3/31/18** | $10706 | $10364 | $11524 |
| **4/30/18** | $10752 | $10287 | $11591 |
| **5/31/18** | $10745 | $10360 | $11626 |
| **6/30/18** | $10749 | $10348 | $11650 |
| **7/31/18** | $10818 | $10350 | $11755 |
| **8/31/18** | $10869 | $10417 | $11818 |
| **9/30/18** | $10936 | $10350 | $11894 |
| **10/31/18** | $10919 | $10268 | $11823 |
| **11/30/18** | $10826 | $10329 | $11732 |
| **12/31/18** | $10530 | $10519 | $11478 |
| **1/31/19** | $10822 | $10631 | $11824 |
| **2/28/19** | $11004 | $10625 | $12000 |
| **3/31/19** | $10967 | $10829 | $12027 |
| **4/30/19** | $11148 | $10831 | $12179 |
| **5/31/19** | $11114 | $11024 | $12108 |
| **6/30/19** | $11150 | $11162 | $12218 |
| **7/31/19** | $11225 | $11187 | $12290 |
| **8/31/19** | $11221 | $11476 | $12276 |
| **9/30/19** | $11290 | $11415 | $12314 |
| **10/31/19** | $11260 | $11450 | $12293 |
| **11/30/19** | $11345 | $11444 | $12325 |
| **12/31/19** | $11482 | $11436 | $12543 |
| **1/31/20** | $11497 | $11656 | $12578 |
| **2/29/20** | $11342 | $11866 | $12399 |
| **3/31/20** | $10176 | $11796 | $10907 |
| **4/30/20** | $10431 | $12006 | $11303 |
| **5/31/20** | $10715 | $12062 | $11736 |
| **6/30/20** | $10673 | $12137 | $11890 |
| **7/31/20** | $10882 | $12319 | $12206 |
| **8/31/20** | $10973 | $12219 | $12374 |
| **9/30/20** | $10967 | $12213 | $12382 |
| **10/31/20** | $10938 | $12158 | $12419 |
| **11/30/20** | $11173 | $12277 | $12778 |
| **12/31/20** | $11288 | $12294 | $12983 |
| **1/31/21** | $11365 | $12206 | $13109 |
| **2/28/21** | $11383 | $12030 | $13200 |
| **3/31/21** | $11347 | $11880 | $13256 |
| **4/30/21** | $11398 | $11974 | $13351 |
| **5/31/21** | $11432 | $12013 | $13420 |
| **6/30/21** | $11488 | $12097 | $13513 |
| **7/31/21** | $11488 | $12232 | $13511 |
| **8/31/21** | $11536 | $12209 | $13578 |
| **9/30/21** | $11565 | $12103 | $13645 |
| **10/31/21** | $11556 | $12100 | $13664 |
| **11/30/21** | $11495 | $12136 | $13598 |
| **12/31/21** | $11634 | $12105 | $13728 |
| **1/31/22** | $11566 | $11844 | $13659 |
| **2/28/22** | $11516 | $11712 | $13605 |
| **3/31/22** | $11510 | $11386 | $13585 |
| **4/30/22** | $11450 | $10954 | $13467 |
| **5/31/22** | $11303 | $11025 | $13297 |
| **6/30/22** | $10879 | $10852 | $12832 |
| **7/31/22** | $11229 | $11117 | $13236 |
| **8/31/22** | $11226 | $10803 | $13258 |
| **9/30/22** | $11008 | $10336 | $12960 |
| **10/31/22** | $11202 | $10202 | $13175 |
| **11/30/22** | $11353 | $10578 | $13349 |
| **12/31/22** | $11367 | $10530 | $13356 |
| **1/31/23** | $11666 | $10854 | $13737 |
| **2/28/23** | $11651 | $10573 | $13740 |
| **3/31/23** | $11687 | $10842 | $13785 |
| **4/30/23** | $11745 | $10908 | $13910 |
| **5/31/23** | $11688 | $10789 | $13864 |
| **6/30/23** | $11866 | $10750 | $14130 |
| **7/31/23** | $12026 | $10743 | $14302 |
| **8/31/23** | $12116 | $10674 | $14431 |
| **9/30/23** | $12070 | $10403 | $14457 |
| **10/31/23** | $12002 | $10239 | $14374 |
| **11/30/23** | $12324 | $10702 | $14709 |
| **12/31/23** | $12644 | $11112 | $15044 |
| **1/31/24** | $12676 | $11082 | $15105 |
| **2/29/24** | $12768 | $10925 | $15224 |
| **3/31/24** | $12913 | $11026 | $15359 |
| **4/30/24** | $12925 | $10747 | $15362 |
| **5/31/24** | $13073 | $10930 | $15508 |
| **6/30/24** | $13129 | $11033 | $15600 |
| **7/31/24** | $13286 | $11291 | $15790 |
| **8/31/24** | $13420 | $11453 | $15956 |
| **9/30/24** | $13540 | $11606 | $16140 |
| **10/31/24** | $13582 | $11319 | $16202 |
| **11/30/24** | $13743 | $11438 | $16356 |
| **12/31/24** | $13787 | $11251 | $16396 |
| **1/31/25** | $13904 | $11311 | $16564 |
| **2/28/25** | $13934 | $11560 | $16626 |
| **3/31/25** | $13827 | $11564 | $16506 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.08% | 6.32% | 3.53% |
| Class A (including sales charge) | 4.64% | 5.84% | 3.29% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 7.47% | 8.64% | 5.14% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $150247 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $609 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 61.4% |
| Corporate Bonds & Notes | 30.1% |
| U.S. Treasury Obligations | 2.6% |
| Common Stocks | 0.4% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 3.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PSRZX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6026TSRAR_033125

# Class C: PSRWX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $189 | 1.83% |

---

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

* Security selection within the high yield media sector, specifically overweight exposure to a local television station owner, contributed to performance, as spreads tightened. 

* Security selection within the bank loan healthcare sector, specifically overweight exposure to a pharmaceutical manufacturer, contributed to performance, as spreads tightened. 

* Security selection within the bank loan technology sector, specifically overweight exposure to an education software provider, contributed to performance, as spreads tightened. 

* Security selection within the high yield healthcare sector, specifically overweight exposure to a for-profit hospital operator, detracted from performance, as spreads widened. 

* Underweight exposure to U.S. duration detracted from performance, as interest rates fell.

* Underweight exposure to the high yield telecommunications sector detracted from performance, as the sector outperformed.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i6b81ecb28fd906307359.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10053 | $9964 | $10094 |
| **5/31/15** | $10048 | $9940 | $10119 |
| **6/30/15** | $10009 | $9832 | $10062 |
| **7/31/15** | $10033 | $9900 | $10025 |
| **8/31/15** | $9965 | $9886 | $9915 |
| **9/30/15** | $9907 | $9953 | $9794 |
| **10/31/15** | $9921 | $9954 | $9881 |
| **11/30/15** | $9802 | $9928 | $9742 |
| **12/31/15** | $9720 | $9896 | $9592 |
| **1/31/16** | $9659 | $10032 | $9476 |
| **2/29/16** | $9635 | $10103 | $9457 |
| **3/31/16** | $9862 | $10196 | $9774 |
| **4/30/16** | $9983 | $10235 | $10033 |
| **5/31/16** | $10038 | $10238 | $10140 |
| **6/30/16** | $10029 | $10422 | $10191 |
| **7/31/16** | $10134 | $10488 | $10361 |
| **8/31/16** | $10198 | $10476 | $10499 |
| **9/30/16** | $10240 | $10470 | $10589 |
| **10/31/16** | $10263 | $10389 | $10652 |
| **11/30/16** | $10287 | $10144 | $10674 |
| **12/31/16** | $10365 | $10158 | $10832 |
| **1/31/17** | $10387 | $10178 | $10917 |
| **2/28/17** | $10422 | $10246 | $11024 |
| **3/31/17** | $10438 | $10241 | $11023 |
| **4/30/17** | $10482 | $10320 | $11092 |
| **5/31/17** | $10516 | $10399 | $11157 |
| **6/30/17** | $10500 | $10389 | $11167 |
| **7/31/17** | $10566 | $10434 | $11256 |
| **8/31/17** | $10561 | $10527 | $11253 |
| **9/30/17** | $10587 | $10477 | $11318 |
| **10/31/17** | $10636 | $10483 | $11376 |
| **11/30/17** | $10620 | $10470 | $11369 |
| **12/31/17** | $10647 | $10518 | $11409 |
| **1/31/18** | $10717 | $10397 | $11523 |
| **2/28/18** | $10690 | $10298 | $11513 |
| **3/31/18** | $10707 | $10364 | $11524 |
| **4/30/18** | $10747 | $10287 | $11591 |
| **5/31/18** | $10733 | $10360 | $11626 |
| **6/30/18** | $10730 | $10348 | $11650 |
| **7/31/18** | $10793 | $10350 | $11755 |
| **8/31/18** | $10836 | $10417 | $11818 |
| **9/30/18** | $10896 | $10350 | $11894 |
| **10/31/18** | $10873 | $10268 | $11823 |
| **11/30/18** | $10773 | $10329 | $11732 |
| **12/31/18** | $10472 | $10519 | $11478 |
| **1/31/19** | $10756 | $10631 | $11824 |
| **2/28/19** | $10931 | $10625 | $12000 |
| **3/31/19** | $10887 | $10829 | $12027 |
| **4/30/19** | $11060 | $10831 | $12179 |
| **5/31/19** | $11019 | $11024 | $12108 |
| **6/30/19** | $11048 | $11162 | $12218 |
| **7/31/19** | $11115 | $11187 | $12290 |
| **8/31/19** | $11104 | $11476 | $12276 |
| **9/30/19** | $11165 | $11415 | $12314 |
| **10/31/19** | $11130 | $11450 | $12293 |
| **11/30/19** | $11206 | $11444 | $12325 |
| **12/31/19** | $11335 | $11436 | $12543 |
| **1/31/20** | $11341 | $11656 | $12578 |
| **2/29/20** | $11182 | $11866 | $12399 |
| **3/31/20** | $10026 | $11796 | $10907 |
| **4/30/20** | $10271 | $12006 | $11303 |
| **5/31/20** | $10544 | $12062 | $11736 |
| **6/30/20** | $10496 | $12137 | $11890 |
| **7/31/20** | $10695 | $12319 | $12206 |
| **8/31/20** | $10778 | $12219 | $12374 |
| **9/30/20** | $10765 | $12213 | $12382 |
| **10/31/20** | $10730 | $12158 | $12419 |
| **11/30/20** | $10954 | $12277 | $12778 |
| **12/31/20** | $11058 | $12294 | $12983 |
| **1/31/21** | $11127 | $12206 | $13109 |
| **2/28/21** | $11139 | $12030 | $13200 |
| **3/31/21** | $11097 | $11880 | $13256 |
| **4/30/21** | $11139 | $11974 | $13351 |
| **5/31/21** | $11166 | $12013 | $13420 |
| **6/30/21** | $11213 | $12097 | $13513 |
| **7/31/21** | $11206 | $12232 | $13511 |
| **8/31/21** | $11246 | $12209 | $13578 |
| **9/30/21** | $11267 | $12103 | $13645 |
| **10/31/21** | $11251 | $12100 | $13664 |
| **11/30/21** | $11185 | $12136 | $13598 |
| **12/31/21** | $11312 | $12105 | $13728 |
| **1/31/22** | $11239 | $11844 | $13659 |
| **2/28/22** | $11184 | $11712 | $13605 |
| **3/31/22** | $11172 | $11386 | $13585 |
| **4/30/22** | $11106 | $10954 | $13467 |
| **5/31/22** | $10957 | $11025 | $13297 |
| **6/30/22** | $10539 | $10852 | $12832 |
| **7/31/22** | $10872 | $11117 | $13236 |
| **8/31/22** | $10861 | $10803 | $13258 |
| **9/30/22** | $10644 | $10336 | $12960 |
| **10/31/22** | $10825 | $10202 | $13175 |
| **11/30/22** | $10964 | $10578 | $13349 |
| **12/31/22** | $10970 | $10530 | $13356 |
| **1/31/23** | $11252 | $10854 | $13737 |
| **2/28/23** | $11231 | $10573 | $13740 |
| **3/31/23** | $11258 | $10842 | $13785 |
| **4/30/23** | $11307 | $10908 | $13910 |
| **5/31/23** | $11245 | $10789 | $13864 |
| **6/30/23** | $11410 | $10750 | $14130 |
| **7/31/23** | $11556 | $10743 | $14302 |
| **8/31/23** | $11635 | $10674 | $14431 |
| **9/30/23** | $11583 | $10403 | $14457 |
| **10/31/23** | $11511 | $10239 | $14374 |
| **11/30/23** | $11814 | $10702 | $14709 |
| **12/31/23** | $12114 | $11112 | $15044 |
| **1/31/24** | $12138 | $11082 | $15105 |
| **2/29/24** | $12219 | $10925 | $15224 |
| **3/31/24** | $12349 | $11026 | $15359 |
| **4/30/24** | $12353 | $10747 | $15362 |
| **5/31/24** | $12487 | $10930 | $15508 |
| **6/30/24** | $12532 | $11033 | $15600 |
| **7/31/24** | $12674 | $11291 | $15790 |
| **8/31/24** | $12794 | $11453 | $15956 |
| **9/30/24** | $12901 | $11606 | $16140 |
| **10/31/24** | $12932 | $11319 | $16202 |
| **11/30/24** | $13077 | $11438 | $16356 |
| **12/31/24** | $13111 | $11251 | $16396 |
| **1/31/25** | $13213 | $11311 | $16564 |
| **2/28/25** | $13235 | $11560 | $16626 |
| **3/31/25** | $13125 | $11564 | $16506 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.28% | 5.53% | 2.76% |
| Class C (including sales charge) | 5.28% | 5.53% | 2.76% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 7.47% | 8.64% | 5.14% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $150247 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $609 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 61.4% |
| Corporate Bonds & Notes | 30.1% |
| U.S. Treasury Obligations | 2.6% |
| Common Stocks | 0.4% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 3.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PSRWX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6226TSRAR_033125

# Institutional Class: PSRIX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $81 | 0.78% |

---

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

* Security selection within the high yield media sector, specifically overweight exposure to a local television station owner, contributed to performance, as spreads tightened. 

* Security selection within the bank loan healthcare sector, specifically overweight exposure to a pharmaceutical manufacturer, contributed to performance, as spreads tightened. 

* Security selection within the bank loan technology sector, specifically overweight exposure to an education software provider, contributed to performance, as spreads tightened. 

* Security selection within the high yield healthcare sector, specifically overweight exposure to a for-profit hospital operator, detracted from performance, as spreads widened. 

* Underweight exposure to U.S. duration detracted from performance, as interest rates fell.

* Underweight exposure to the high yield telecommunications sector detracted from performance, as the sector outperformed.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021iaf16842d073ccc6f2f84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1006146 | $996412 | $1009372 |
| **5/31/15** | $1006566 | $994012 | $1011897 |
| **6/30/15** | $1003464 | $983174 | $1006202 |
| **7/31/15** | $1006848 | $990008 | $1002532 |
| **8/31/15** | $1000915 | $988586 | $991468 |
| **9/30/15** | $995896 | $995273 | $979390 |
| **10/31/15** | $998217 | $995439 | $988123 |
| **11/30/15** | $987064 | $992809 | $974180 |
| **12/31/15** | $979829 | $989601 | $959192 |
| **1/31/16** | $974466 | $1003219 | $947587 |
| **2/29/16** | $972751 | $1010335 | $945745 |
| **3/31/16** | $996623 | $1019605 | $977377 |
| **4/30/16** | $1009735 | $1023519 | $1003285 |
| **5/31/16** | $1016191 | $1023781 | $1013988 |
| **6/30/16** | $1016156 | $1042177 | $1019099 |
| **7/31/16** | $1027678 | $1048765 | $1036097 |
| **8/31/16** | $1035122 | $1047566 | $1049894 |
| **9/30/16** | $1040285 | $1046952 | $1058889 |
| **10/31/16** | $1043520 | $1038944 | $1065219 |
| **11/30/16** | $1046860 | $1014369 | $1067418 |
| **12/31/16** | $1055737 | $1015800 | $1083239 |
| **1/31/17** | $1058859 | $1017793 | $1091742 |
| **2/28/17** | $1063294 | $1024634 | $1102418 |
| **3/31/17** | $1065942 | $1024097 | $1102339 |
| **4/30/17** | $1071254 | $1032000 | $1109167 |
| **5/31/17** | $1075741 | $1039943 | $1115654 |
| **6/30/17** | $1075083 | $1038896 | $1116707 |
| **7/31/17** | $1082737 | $1043367 | $1125564 |
| **8/31/17** | $1083165 | $1052726 | $1125340 |
| **9/30/17** | $1086797 | $1047712 | $1131825 |
| **10/31/17** | $1092791 | $1048319 | $1137566 |
| **11/30/17** | $1092142 | $1046973 | $1136861 |
| **12/31/17** | $1095869 | $1051778 | $1140946 |
| **1/31/18** | $1104056 | $1039665 | $1152252 |
| **2/28/18** | $1102150 | $1029809 | $1151287 |
| **3/31/18** | $1104938 | $1036414 | $1152354 |
| **4/30/18** | $1109986 | $1028705 | $1159130 |
| **5/31/18** | $1109516 | $1036047 | $1162554 |
| **6/30/18** | $1110181 | $1034773 | $1165049 |
| **7/31/18** | $1117641 | $1035019 | $1175461 |
| **8/31/18** | $1123215 | $1041679 | $1181811 |
| **9/30/18** | $1130298 | $1034971 | $1189443 |
| **10/31/18** | $1128910 | $1026792 | $1182272 |
| **11/30/18** | $1119500 | $1032921 | $1173196 |
| **12/31/18** | $1089189 | $1051898 | $1147792 |
| **1/31/19** | $1119713 | $1063068 | $1182434 |
| **2/28/19** | $1138793 | $1062452 | $1200038 |
| **3/31/19** | $1135243 | $1082853 | $1202654 |
| **4/30/19** | $1154237 | $1083130 | $1217856 |
| **5/31/19** | $1151034 | $1102358 | $1210838 |
| **6/30/19** | $1155036 | $1116201 | $1221776 |
| **7/31/19** | $1163059 | $1118657 | $1228963 |
| **8/31/19** | $1162994 | $1147643 | $1227557 |
| **9/30/19** | $1170370 | $1141531 | $1231440 |
| **10/31/19** | $1167651 | $1144969 | $1229299 |
| **11/30/19** | $1176729 | $1144386 | $1232550 |
| **12/31/19** | $1191267 | $1143588 | $1254268 |
| **1/31/20** | $1193045 | $1165596 | $1257844 |
| **2/29/20** | $1177235 | $1186575 | $1239865 |
| **3/31/20** | $1056473 | $1179592 | $1090747 |
| **4/30/20** | $1083235 | $1200561 | $1130343 |
| **5/31/20** | $1113062 | $1206151 | $1173630 |
| **6/30/20** | $1108941 | $1213749 | $1189035 |
| **7/31/20** | $1130975 | $1231878 | $1220595 |
| **8/31/20** | $1140739 | $1221935 | $1237409 |
| **9/30/20** | $1140386 | $1221265 | $1238238 |
| **10/31/20** | $1137666 | $1215812 | $1241929 |
| **11/30/20** | $1162407 | $1227742 | $1277848 |
| **12/31/20** | $1174649 | $1229433 | $1298314 |
| **1/31/21** | $1182914 | $1220618 | $1310853 |
| **2/28/21** | $1185117 | $1202992 | $1319993 |
| **3/31/21** | $1181670 | $1187971 | $1325628 |
| **4/30/21** | $1187305 | $1197356 | $1335055 |
| **5/31/21** | $1191111 | $1201268 | $1341986 |
| **6/30/21** | $1197178 | $1209708 | $1351255 |
| **7/31/21** | $1197555 | $1223233 | $1351052 |
| **8/31/21** | $1202833 | $1220905 | $1357775 |
| **9/30/21** | $1206166 | $1210334 | $1364476 |
| **10/31/21** | $1205535 | $1210000 | $1366388 |
| **11/30/21** | $1199458 | $1213580 | $1359764 |
| **12/31/21** | $1214262 | $1210475 | $1372817 |
| **1/31/22** | $1207468 | $1184396 | $1365910 |
| **2/28/22** | $1202512 | $1171183 | $1360497 |
| **3/31/22** | $1202219 | $1138645 | $1358484 |
| **4/30/22** | $1196287 | $1095436 | $1346669 |
| **5/31/22** | $1181183 | $1102499 | $1329727 |
| **6/30/22** | $1137175 | $1085203 | $1283172 |
| **7/31/22** | $1174047 | $1111719 | $1323597 |
| **8/31/22** | $1173990 | $1080306 | $1325824 |
| **9/30/22** | $1151534 | $1033630 | $1295955 |
| **10/31/22** | $1172096 | $1020242 | $1317461 |
| **11/30/22** | $1188166 | $1057762 | $1334864 |
| **12/31/22** | $1190000 | $1052991 | $1335622 |
| **1/31/23** | $1221576 | $1085385 | $1373704 |
| **2/28/23** | $1220283 | $1057322 | $1373956 |
| **3/31/23** | $1224302 | $1084180 | $1378463 |
| **4/30/23** | $1230696 | $1090751 | $1390981 |
| **5/31/23** | $1225010 | $1078874 | $1386383 |
| **6/30/23** | $1244074 | $1075027 | $1413025 |
| **7/31/23** | $1261082 | $1074277 | $1430246 |
| **8/31/23** | $1270808 | $1067415 | $1443110 |
| **9/30/23** | $1266308 | $1040290 | $1445671 |
| **10/31/23** | $1259511 | $1023873 | $1437359 |
| **11/30/23** | $1293699 | $1070241 | $1470918 |
| **12/31/23** | $1327465 | $1111209 | $1504409 |
| **1/31/24** | $1331168 | $1108157 | $1510475 |
| **2/29/24** | $1341179 | $1092501 | $1522362 |
| **3/31/24** | $1356720 | $1102589 | $1535888 |
| **4/30/24** | $1358288 | $1074739 | $1536163 |
| **5/31/24** | $1374262 | $1092959 | $1550816 |
| **6/30/24** | $1380391 | $1103307 | $1559971 |
| **7/31/24** | $1397254 | $1129077 | $1579031 |
| **8/31/24** | $1411787 | $1145301 | $1595635 |
| **9/30/24** | $1424762 | $1160636 | $1613985 |
| **10/31/24** | $1429470 | $1131854 | $1620219 |
| **11/30/24** | $1446814 | $1143821 | $1635643 |
| **12/31/24** | $1451843 | $1125101 | $1639596 |
| **1/31/25** | $1464549 | $1131070 | $1656362 |
| **2/28/25** | $1468078 | $1155956 | $1662554 |
| **3/31/25** | $1457092 | $1156391 | $1650577 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.40% | 6.64% | 3.84% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 7.47% | 8.64% | 5.14% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $150247 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $609 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 61.4% |
| Corporate Bonds & Notes | 30.1% |
| U.S. Treasury Obligations | 2.6% |
| Common Stocks | 0.4% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 3.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PSRIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2000TSRAR_033125

# I-2: PSRPX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $91 | 0.88% |

---

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

* Security selection within the high yield media sector, specifically overweight exposure to a local television station owner, contributed to performance, as spreads tightened. 

* Security selection within the bank loan healthcare sector, specifically overweight exposure to a pharmaceutical manufacturer, contributed to performance, as spreads tightened. 

* Security selection within the bank loan technology sector, specifically overweight exposure to an education software provider, contributed to performance, as spreads tightened. 

* Security selection within the high yield healthcare sector, specifically overweight exposure to a for-profit hospital operator, detracted from performance, as spreads widened. 

* Underweight exposure to U.S. duration detracted from performance, as interest rates fell.

* Underweight exposure to the high yield telecommunications sector detracted from performance, as the sector outperformed.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i0adb0ac8baab875b7361.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1006064 | $996412 | $1009372 |
| **5/31/15** | $1006399 | $994012 | $1011897 |
| **6/30/15** | $1003216 | $983174 | $1006202 |
| **7/31/15** | $1006509 | $990008 | $1002532 |
| **8/31/15** | $1000500 | $988586 | $991468 |
| **9/30/15** | $995403 | $995273 | $979390 |
| **10/31/15** | $997637 | $995439 | $988123 |
| **11/30/15** | $986409 | $992809 | $974180 |
| **12/31/15** | $979089 | $989601 | $959192 |
| **1/31/16** | $973655 | $1003219 | $947587 |
| **2/29/16** | $971864 | $1010335 | $945745 |
| **3/31/16** | $995638 | $1019605 | $977377 |
| **4/30/16** | $1008653 | $1023519 | $1003285 |
| **5/31/16** | $1015019 | $1023781 | $1013988 |
| **6/30/16** | $1014899 | $1042177 | $1019099 |
| **7/31/16** | $1026318 | $1048765 | $1036097 |
| **8/31/16** | $1033663 | $1047566 | $1049894 |
| **9/30/16** | $1038729 | $1046952 | $1058889 |
| **10/31/16** | $1041877 | $1038944 | $1065219 |
| **11/30/16** | $1045127 | $1014369 | $1067418 |
| **12/31/16** | $1053896 | $1015800 | $1083239 |
| **1/31/17** | $1056931 | $1017793 | $1091742 |
| **2/28/17** | $1061272 | $1024634 | $1102418 |
| **3/31/17** | $1063820 | $1024097 | $1102339 |
| **4/30/17** | $1069038 | $1032000 | $1109167 |
| **5/31/17** | $1073424 | $1039943 | $1115654 |
| **6/30/17** | $1072674 | $1038896 | $1116707 |
| **7/31/17** | $1080225 | $1043367 | $1125564 |
| **8/31/17** | $1080561 | $1052726 | $1125340 |
| **9/30/17** | $1084094 | $1047712 | $1131825 |
| **10/31/17** | $1089983 | $1048319 | $1137566 |
| **11/30/17** | $1089247 | $1046973 | $1136861 |
| **12/31/17** | $1092868 | $1051778 | $1140946 |
| **1/31/18** | $1100943 | $1039665 | $1152252 |
| **2/28/18** | $1098961 | $1029809 | $1151287 |
| **3/31/18** | $1101650 | $1036414 | $1152354 |
| **4/30/18** | $1106598 | $1028705 | $1159130 |
| **5/31/18** | $1106039 | $1036047 | $1162554 |
| **6/30/18** | $1106609 | $1034773 | $1165049 |
| **7/31/18** | $1113956 | $1035019 | $1175461 |
| **8/31/18** | $1119417 | $1041679 | $1181811 |
| **9/30/18** | $1126400 | $1034971 | $1189443 |
| **10/31/18** | $1124926 | $1026792 | $1182272 |
| **11/30/18** | $1115461 | $1032921 | $1173196 |
| **12/31/18** | $1085164 | $1051898 | $1147792 |
| **1/31/19** | $1115485 | $1063068 | $1182434 |
| **2/28/19** | $1134407 | $1062452 | $1200038 |
| **3/31/19** | $1130775 | $1082853 | $1202654 |
| **4/30/19** | $1149602 | $1083130 | $1217856 |
| **5/31/19** | $1146311 | $1102358 | $1210838 |
| **6/30/19** | $1150208 | $1116201 | $1221776 |
| **7/31/19** | $1158097 | $1118657 | $1228963 |
| **8/31/19** | $1157930 | $1147643 | $1227557 |
| **9/30/19** | $1165186 | $1141531 | $1231440 |
| **10/31/19** | $1162380 | $1144969 | $1229299 |
| **11/30/19** | $1171319 | $1144386 | $1232550 |
| **12/31/19** | $1185691 | $1143588 | $1254268 |
| **1/31/20** | $1187357 | $1165596 | $1257844 |
| **2/29/20** | $1171531 | $1186575 | $1239865 |
| **3/31/20** | $1051263 | $1179592 | $1090747 |
| **4/30/20** | $1077787 | $1200561 | $1130343 |
| **5/31/20** | $1107371 | $1206151 | $1173630 |
| **6/30/20** | $1103179 | $1213749 | $1189035 |
| **7/31/20** | $1124999 | $1231878 | $1220595 |
| **8/31/20** | $1134623 | $1221935 | $1237409 |
| **9/30/20** | $1134181 | $1221265 | $1238238 |
| **10/31/20** | $1131376 | $1215812 | $1241929 |
| **11/30/20** | $1155890 | $1227742 | $1277848 |
| **12/31/20** | $1167954 | $1229433 | $1298314 |
| **1/31/21** | $1176079 | $1220618 | $1310853 |
| **2/28/21** | $1178181 | $1202992 | $1319993 |
| **3/31/21** | $1174657 | $1187971 | $1325628 |
| **4/30/21** | $1180156 | $1197356 | $1335055 |
| **5/31/21** | $1183846 | $1201268 | $1341986 |
| **6/30/21** | $1189779 | $1209708 | $1351255 |
| **7/31/21** | $1190048 | $1223233 | $1351052 |
| **8/31/21** | $1195192 | $1220905 | $1357775 |
| **9/30/21** | $1198402 | $1210334 | $1364476 |
| **10/31/21** | $1197668 | $1210000 | $1366388 |
| **11/30/21** | $1191523 | $1213580 | $1359764 |
| **12/31/21** | $1206122 | $1210475 | $1372817 |
| **1/31/22** | $1199279 | $1184396 | $1365910 |
| **2/28/22** | $1194262 | $1171183 | $1360497 |
| **3/31/22** | $1193868 | $1138645 | $1358484 |
| **4/30/22** | $1187878 | $1095436 | $1346669 |
| **5/31/22** | $1172783 | $1102499 | $1329727 |
| **6/30/22** | $1128989 | $1085203 | $1283172 |
| **7/31/22** | $1165498 | $1111719 | $1323597 |
| **8/31/22** | $1165345 | $1080306 | $1325824 |
| **9/30/22** | $1142956 | $1033630 | $1295955 |
| **10/31/22** | $1163277 | $1020242 | $1317461 |
| **11/30/22** | $1179129 | $1057762 | $1334864 |
| **12/31/22** | $1180845 | $1052991 | $1335622 |
| **1/31/23** | $1212082 | $1085385 | $1373704 |
| **2/28/23** | $1210709 | $1057322 | $1373956 |
| **3/31/23** | $1214590 | $1084180 | $1378463 |
| **4/30/23** | $1220848 | $1090751 | $1390981 |
| **5/31/23** | $1215104 | $1078874 | $1386383 |
| **6/30/23** | $1233902 | $1075027 | $1413025 |
| **7/31/23** | $1250672 | $1074277 | $1430246 |
| **8/31/23** | $1260212 | $1067415 | $1443110 |
| **9/30/23** | $1255638 | $1040290 | $1445671 |
| **10/31/23** | $1248784 | $1023873 | $1437359 |
| **11/30/23** | $1282574 | $1070241 | $1470918 |
| **12/31/23** | $1315968 | $1111209 | $1504409 |
| **1/31/24** | $1319531 | $1108157 | $1510475 |
| **2/29/24** | $1329350 | $1092501 | $1522362 |
| **3/31/24** | $1344653 | $1102589 | $1535888 |
| **4/30/24** | $1346097 | $1074739 | $1536163 |
| **5/31/24** | $1361806 | $1092959 | $1550816 |
| **6/30/24** | $1367772 | $1103307 | $1559971 |
| **7/31/24** | $1384364 | $1129077 | $1579031 |
| **8/31/24** | $1398639 | $1145301 | $1595635 |
| **9/30/24** | $1411334 | $1160636 | $1613985 |
| **10/31/24** | $1415875 | $1131854 | $1620219 |
| **11/30/24** | $1432936 | $1143821 | $1635643 |
| **12/31/24** | $1437786 | $1125101 | $1639596 |
| **1/31/25** | $1450243 | $1131070 | $1656362 |
| **2/28/25** | $1453629 | $1155956 | $1662554 |
| **3/31/25** | $1442637 | $1156391 | $1650577 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.29% | 6.53% | 3.73% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 7.47% | 8.64% | 5.14% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $150247 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $609 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 61.4% |
| Corporate Bonds & Notes | 30.1% |
| U.S. Treasury Obligations | 2.6% |
| Common Stocks | 0.4% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 3.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PSRPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2002TSRAR_033125

# Class A: PFIAX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $96 | 0.93% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated. 

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve. 

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i9fe88ac2f45f4daa2102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9928 | $9964 | $10009 |
| **5/31/15** | $9965 | $9940 | $10017 |
| **6/30/15** | $9894 | $9832 | $10014 |
| **7/31/15** | $9877 | $9900 | $10020 |
| **8/31/15** | $9697 | $9886 | $10014 |
| **9/30/15** | $9422 | $9953 | $10043 |
| **10/31/15** | $9719 | $9954 | $10040 |
| **11/30/15** | $9686 | $9928 | $10021 |
| **12/31/15** | $9558 | $9896 | $10007 |
| **1/31/16** | $9341 | $10032 | $10060 |
| **2/29/16** | $9188 | $10103 | $10069 |
| **3/31/16** | $9504 | $10196 | $10105 |
| **4/30/16** | $9759 | $10235 | $10119 |
| **5/31/16** | $9862 | $10238 | $10113 |
| **6/30/16** | $9903 | $10422 | $10173 |
| **7/31/16** | $10119 | $10488 | $10175 |
| **8/31/16** | $10284 | $10476 | $10165 |
| **9/30/16** | $10339 | $10470 | $10177 |
| **10/31/16** | $10429 | $10389 | $10173 |
| **11/30/16** | $10417 | $10144 | $10132 |
| **12/31/16** | $10600 | $10158 | $10138 |
| **1/31/17** | $10694 | $10178 | $10157 |
| **2/28/17** | $10771 | $10246 | $10174 |
| **3/31/17** | $10834 | $10241 | $10180 |
| **4/30/17** | $10894 | $10320 | $10199 |
| **5/31/17** | $10968 | $10399 | $10216 |
| **6/30/17** | $10991 | $10389 | $10212 |
| **7/31/17** | $11053 | $10434 | $10238 |
| **8/31/17** | $11105 | $10527 | $10259 |
| **9/30/17** | $11132 | $10477 | $10247 |
| **10/31/17** | $11172 | $10483 | $10244 |
| **11/30/17** | $11171 | $10470 | $10223 |
| **12/31/17** | $11196 | $10518 | $10226 |
| **1/31/18** | $11205 | $10397 | $10199 |
| **2/28/18** | $11191 | $10298 | $10189 |
| **3/31/18** | $11254 | $10364 | $10205 |
| **4/30/18** | $11252 | $10287 | $10195 |
| **5/31/18** | $11252 | $10360 | $10233 |
| **6/30/18** | $11251 | $10348 | $10234 |
| **7/31/18** | $11315 | $10350 | $10240 |
| **8/31/18** | $11306 | $10417 | $10276 |
| **9/30/18** | $11332 | $10350 | $10269 |
| **10/31/18** | $11333 | $10268 | $10280 |
| **11/30/18** | $11311 | $10329 | $10310 |
| **12/31/18** | $11324 | $10519 | $10390 |
| **1/31/19** | $11488 | $10631 | $10431 |
| **2/28/19** | $11561 | $10625 | $10448 |
| **3/31/19** | $11624 | $10829 | $10516 |
| **4/30/19** | $11713 | $10831 | $10540 |
| **5/31/19** | $11711 | $11024 | $10614 |
| **6/30/19** | $11828 | $11162 | $10673 |
| **7/31/19** | $11865 | $11187 | $10669 |
| **8/31/19** | $11741 | $11476 | $10753 |
| **9/30/19** | $11798 | $11415 | $10748 |
| **10/31/19** | $11856 | $11450 | $10784 |
| **11/30/19** | $11899 | $11444 | $10785 |
| **12/31/19** | $12033 | $11436 | $10809 |
| **1/31/20** | $12064 | $11656 | $10870 |
| **2/29/20** | $11996 | $11866 | $10959 |
| **3/31/20** | $11237 | $11796 | $11003 |
| **4/30/20** | $11480 | $12006 | $11063 |
| **5/31/20** | $11709 | $12062 | $11084 |
| **6/30/20** | $11854 | $12137 | $11100 |
| **7/31/20** | $12013 | $12319 | $11116 |
| **8/31/20** | $12144 | $12219 | $11118 |
| **9/30/20** | $12118 | $12213 | $11117 |
| **10/31/20** | $12163 | $12158 | $11117 |
| **11/30/20** | $12396 | $12277 | $11128 |
| **12/31/20** | $12557 | $12294 | $11142 |
| **1/31/21** | $12611 | $12206 | $11147 |
| **2/28/21** | $12621 | $12030 | $11140 |
| **3/31/21** | $12617 | $11880 | $11134 |
| **4/30/21** | $12685 | $11974 | $11143 |
| **5/31/21** | $12710 | $12013 | $11156 |
| **6/30/21** | $12735 | $12097 | $11140 |
| **7/31/21** | $12731 | $12232 | $11159 |
| **8/31/21** | $12771 | $12209 | $11159 |
| **9/30/21** | $12781 | $12103 | $11150 |
| **10/31/21** | $12747 | $12100 | $11113 |
| **11/30/21** | $12684 | $12136 | $11104 |
| **12/31/21** | $12804 | $12105 | $11087 |
| **1/31/22** | $12710 | $11844 | $11008 |
| **2/28/22** | $12498 | $11712 | $10959 |
| **3/31/22** | $12374 | $11386 | $10810 |
| **4/30/22** | $12191 | $10954 | $10750 |
| **5/31/22** | $12232 | $11025 | $10816 |
| **6/30/22** | $11920 | $10852 | $10741 |
| **7/31/22** | $12224 | $11117 | $10798 |
| **8/31/22** | $12183 | $10803 | $10711 |
| **9/30/22** | $11838 | $10336 | $10580 |
| **10/31/22** | $11887 | $10202 | $10566 |
| **11/30/22** | $12150 | $10578 | $10653 |
| **12/31/22** | $12191 | $10530 | $10674 |
| **1/31/23** | $12489 | $10854 | $10762 |
| **2/28/23** | $12394 | $10573 | $10681 |
| **3/31/23** | $12378 | $10842 | $10836 |
| **4/30/23** | $12426 | $10908 | $10873 |
| **5/31/23** | $12442 | $10789 | $10840 |
| **6/30/23** | $12602 | $10750 | $10797 |
| **7/31/23** | $12731 | $10743 | $10843 |
| **8/31/23** | $12698 | $10674 | $10883 |
| **9/30/23** | $12633 | $10403 | $10876 |
| **10/31/23** | $12519 | $10239 | $10911 |
| **11/30/23** | $12829 | $10702 | $11038 |
| **12/31/23** | $13075 | $11112 | $11171 |
| **1/31/24** | $13174 | $11082 | $11215 |
| **2/29/24** | $13207 | $10925 | $11176 |
| **3/31/24** | $13339 | $11026 | $11222 |
| **4/30/24** | $13256 | $10747 | $11184 |
| **5/31/24** | $13439 | $10930 | $11265 |
| **6/30/24** | $13482 | $11033 | $11328 |
| **7/31/24** | $13693 | $11291 | $11462 |
| **8/31/24** | $13770 | $11453 | $11567 |
| **9/30/24** | $13915 | $11606 | $11663 |
| **10/31/24** | $13804 | $11319 | $11596 |
| **11/30/24** | $13985 | $11438 | $11635 |
| **12/31/24** | $13953 | $11251 | $11661 |
| **1/31/25** | $14119 | $11311 | $11714 |
| **2/28/25** | $14303 | $11560 | $11797 |
| **3/31/25** | $14330 | $11564 | $11851 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.42% | 4.98% | 3.90% |
| Class A (including sales charge) | 5.06% | 4.51% | 3.66% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 5.61% | 1.50% | 1.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11395382 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 719% |
| Total Net Advisory Fees Paid During the Reporting Period | $31314 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 64.5% |
| Asset-Backed Securities | 20.9% |
| Non-Agency Mortgage-Backed Securities | 17.3% |
| Corporate Bonds & Notes | 17.0% |
| Sovereign Issues | 8.5% |
| U.S. Treasury Obligations | 8.0% |
| Loan Participations and Assignments | 2.8% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.6% |
| Affiliated Investments | 10.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (52.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PFIAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4041TSRAR_033125

# Class C: PFNCX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $127 | 1.23% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated. 

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve. 

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021ia2480692909d27739e32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10154 | $9964 | $10009 |
| **5/31/15** | $10189 | $9940 | $10017 |
| **6/30/15** | $10114 | $9832 | $10014 |
| **7/31/15** | $10094 | $9900 | $10020 |
| **8/31/15** | $9907 | $9886 | $10014 |
| **9/30/15** | $9625 | $9953 | $10043 |
| **10/31/15** | $9925 | $9954 | $10040 |
| **11/30/15** | $9889 | $9928 | $10021 |
| **12/31/15** | $9755 | $9896 | $10007 |
| **1/31/16** | $9532 | $10032 | $10060 |
| **2/29/16** | $9374 | $10103 | $10069 |
| **3/31/16** | $9694 | $10196 | $10105 |
| **4/30/16** | $9951 | $10235 | $10119 |
| **5/31/16** | $10054 | $10238 | $10113 |
| **6/30/16** | $10093 | $10422 | $10173 |
| **7/31/16** | $10311 | $10488 | $10175 |
| **8/31/16** | $10476 | $10476 | $10165 |
| **9/30/16** | $10529 | $10470 | $10177 |
| **10/31/16** | $10618 | $10389 | $10173 |
| **11/30/16** | $10604 | $10144 | $10132 |
| **12/31/16** | $10787 | $10158 | $10138 |
| **1/31/17** | $10880 | $10178 | $10157 |
| **2/28/17** | $10956 | $10246 | $10174 |
| **3/31/17** | $11017 | $10241 | $10180 |
| **4/30/17** | $11075 | $10320 | $10199 |
| **5/31/17** | $11147 | $10399 | $10216 |
| **6/30/17** | $11169 | $10389 | $10212 |
| **7/31/17** | $11229 | $10434 | $10238 |
| **8/31/17** | $11279 | $10527 | $10259 |
| **9/30/17** | $11303 | $10477 | $10247 |
| **10/31/17** | $11341 | $10483 | $10244 |
| **11/30/17** | $11337 | $10470 | $10223 |
| **12/31/17** | $11360 | $10518 | $10226 |
| **1/31/18** | $11366 | $10397 | $10199 |
| **2/28/18** | $11349 | $10298 | $10189 |
| **3/31/18** | $11410 | $10364 | $10205 |
| **4/30/18** | $11406 | $10287 | $10195 |
| **5/31/18** | $11403 | $10360 | $10233 |
| **6/30/18** | $11399 | $10348 | $10234 |
| **7/31/18** | $11461 | $10350 | $10240 |
| **8/31/18** | $11448 | $10417 | $10276 |
| **9/30/18** | $11472 | $10350 | $10269 |
| **10/31/18** | $11470 | $10268 | $10280 |
| **11/30/18** | $11445 | $10329 | $10310 |
| **12/31/18** | $11455 | $10519 | $10390 |
| **1/31/19** | $11618 | $10631 | $10431 |
| **2/28/19** | $11690 | $10625 | $10448 |
| **3/31/19** | $11750 | $10829 | $10516 |
| **4/30/19** | $11837 | $10831 | $10540 |
| **5/31/19** | $11832 | $11024 | $10614 |
| **6/30/19** | $11948 | $11162 | $10673 |
| **7/31/19** | $11982 | $11187 | $10669 |
| **8/31/19** | $11853 | $11476 | $10753 |
| **9/30/19** | $11908 | $11415 | $10748 |
| **10/31/19** | $11963 | $11450 | $10784 |
| **11/30/19** | $12004 | $11444 | $10785 |
| **12/31/19** | $12137 | $11436 | $10809 |
| **1/31/20** | $12164 | $11656 | $10870 |
| **2/29/20** | $12093 | $11866 | $10959 |
| **3/31/20** | $11325 | $11796 | $11003 |
| **4/30/20** | $11567 | $12006 | $11063 |
| **5/31/20** | $11795 | $12062 | $11084 |
| **6/30/20** | $11937 | $12137 | $11100 |
| **7/31/20** | $12095 | $12319 | $11116 |
| **8/31/20** | $12224 | $12219 | $11118 |
| **9/30/20** | $12194 | $12213 | $11117 |
| **10/31/20** | $12237 | $12158 | $11117 |
| **11/30/20** | $12468 | $12277 | $11128 |
| **12/31/20** | $12627 | $12294 | $11142 |
| **1/31/21** | $12678 | $12206 | $11147 |
| **2/28/21** | $12685 | $12030 | $11140 |
| **3/31/21** | $12677 | $11880 | $11134 |
| **4/30/21** | $12743 | $11974 | $11143 |
| **5/31/21** | $12765 | $12013 | $11156 |
| **6/30/21** | $12787 | $12097 | $11140 |
| **7/31/21** | $12779 | $12232 | $11159 |
| **8/31/21** | $12816 | $12209 | $11159 |
| **9/30/21** | $12823 | $12103 | $11150 |
| **10/31/21** | $12786 | $12100 | $11113 |
| **11/30/21** | $12720 | $12136 | $11104 |
| **12/31/21** | $12836 | $12105 | $11087 |
| **1/31/22** | $12740 | $11844 | $11008 |
| **2/28/22** | $12523 | $11712 | $10959 |
| **3/31/22** | $12396 | $11386 | $10810 |
| **4/30/22** | $12210 | $10954 | $10750 |
| **5/31/22** | $12247 | $11025 | $10816 |
| **6/30/22** | $11932 | $10852 | $10741 |
| **7/31/22** | $12234 | $11117 | $10798 |
| **8/31/22** | $12189 | $10803 | $10711 |
| **9/30/22** | $11841 | $10336 | $10580 |
| **10/31/22** | $11888 | $10202 | $10566 |
| **11/30/22** | $12147 | $10578 | $10653 |
| **12/31/22** | $12185 | $10530 | $10674 |
| **1/31/23** | $12481 | $10854 | $10762 |
| **2/28/23** | $12383 | $10573 | $10681 |
| **3/31/23** | $12364 | $10842 | $10836 |
| **4/30/23** | $12408 | $10908 | $10873 |
| **5/31/23** | $12421 | $10789 | $10840 |
| **6/30/23** | $12578 | $10750 | $10797 |
| **7/31/23** | $12703 | $10743 | $10843 |
| **8/31/23** | $12667 | $10674 | $10883 |
| **9/30/23** | $12599 | $10403 | $10876 |
| **10/31/23** | $12482 | $10239 | $10911 |
| **11/30/23** | $12789 | $10702 | $11038 |
| **12/31/23** | $13030 | $11112 | $11171 |
| **1/31/24** | $13125 | $11082 | $11215 |
| **2/29/24** | $13155 | $10925 | $11176 |
| **3/31/24** | $13284 | $11026 | $11222 |
| **4/30/24** | $13197 | $10747 | $11184 |
| **5/31/24** | $13376 | $10930 | $11265 |
| **6/30/24** | $13415 | $11033 | $11328 |
| **7/31/24** | $13622 | $11291 | $11462 |
| **8/31/24** | $13695 | $11453 | $11567 |
| **9/30/24** | $13836 | $11606 | $11663 |
| **10/31/24** | $13723 | $11319 | $11596 |
| **11/30/24** | $13899 | $11438 | $11635 |
| **12/31/24** | $13864 | $11251 | $11661 |
| **1/31/25** | $14025 | $11311 | $11714 |
| **2/28/25** | $14204 | $11560 | $11797 |
| **3/31/25** | $14227 | $11564 | $11851 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 7.10% | 4.67% | 3.59% |
| Class C (including sales charge) | 6.10% | 4.67% | 3.59% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 5.61% | 1.50% | 1.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11395382 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 719% |
| Total Net Advisory Fees Paid During the Reporting Period | $31314 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 64.5% |
| Asset-Backed Securities | 20.9% |
| Non-Agency Mortgage-Backed Securities | 17.3% |
| Corporate Bonds & Notes | 17.0% |
| Sovereign Issues | 8.5% |
| U.S. Treasury Obligations | 8.0% |
| Loan Participations and Assignments | 2.8% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.6% |
| Affiliated Investments | 10.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (52.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PFNCX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4241TSRAR_033125

# Class C-2: PLDCX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $148 | 1.43% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated. 

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve. 

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Class C-2 shares (10/21/2020), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C-2 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i7ecd778b661b8913788b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C-2 (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10153 | $9964 | $10009 |
| **5/31/15** | $10187 | $9940 | $10017 |
| **6/30/15** | $10110 | $9832 | $10014 |
| **7/31/15** | $10088 | $9900 | $10020 |
| **8/31/15** | $9901 | $9886 | $10014 |
| **9/30/15** | $9617 | $9953 | $10043 |
| **10/31/15** | $9916 | $9954 | $10040 |
| **11/30/15** | $9879 | $9928 | $10021 |
| **12/31/15** | $9744 | $9896 | $10007 |
| **1/31/16** | $9519 | $10032 | $10060 |
| **2/29/16** | $9360 | $10103 | $10069 |
| **3/31/16** | $9678 | $10196 | $10105 |
| **4/30/16** | $9933 | $10235 | $10119 |
| **5/31/16** | $10035 | $10238 | $10113 |
| **6/30/16** | $10072 | $10422 | $10173 |
| **7/31/16** | $10288 | $10488 | $10175 |
| **8/31/16** | $10452 | $10476 | $10165 |
| **9/30/16** | $10504 | $10470 | $10177 |
| **10/31/16** | $10591 | $10389 | $10173 |
| **11/30/16** | $10575 | $10144 | $10132 |
| **12/31/16** | $10757 | $10158 | $10138 |
| **1/31/17** | $10848 | $10178 | $10157 |
| **2/28/17** | $10921 | $10246 | $10174 |
| **3/31/17** | $10980 | $10241 | $10180 |
| **4/30/17** | $11035 | $10320 | $10199 |
| **5/31/17** | $11105 | $10399 | $10216 |
| **6/30/17** | $11124 | $10389 | $10212 |
| **7/31/17** | $11181 | $10434 | $10238 |
| **8/31/17** | $11229 | $10527 | $10259 |
| **9/30/17** | $11251 | $10477 | $10247 |
| **10/31/17** | $11285 | $10483 | $10244 |
| **11/30/17** | $11279 | $10470 | $10223 |
| **12/31/17** | $11300 | $10518 | $10226 |
| **1/31/18** | $11303 | $10397 | $10199 |
| **2/28/18** | $11284 | $10298 | $10189 |
| **3/31/18** | $11342 | $10364 | $10205 |
| **4/30/18** | $11335 | $10287 | $10195 |
| **5/31/18** | $11330 | $10360 | $10233 |
| **6/30/18** | $11324 | $10348 | $10234 |
| **7/31/18** | $11383 | $10350 | $10240 |
| **8/31/18** | $11369 | $10417 | $10276 |
| **9/30/18** | $11389 | $10350 | $10269 |
| **10/31/18** | $11386 | $10268 | $10280 |
| **11/30/18** | $11359 | $10329 | $10310 |
| **12/31/18** | $11367 | $10519 | $10390 |
| **1/31/19** | $11527 | $10631 | $10431 |
| **2/28/19** | $11595 | $10625 | $10448 |
| **3/31/19** | $11654 | $10829 | $10516 |
| **4/30/19** | $11738 | $10831 | $10540 |
| **5/31/19** | $11731 | $11024 | $10614 |
| **6/30/19** | $11843 | $11162 | $10673 |
| **7/31/19** | $11875 | $11187 | $10669 |
| **8/31/19** | $11746 | $11476 | $10753 |
| **9/30/19** | $11798 | $11415 | $10748 |
| **10/31/19** | $11851 | $11450 | $10784 |
| **11/30/19** | $11889 | $11444 | $10785 |
| **12/31/19** | $12018 | $11436 | $10809 |
| **1/31/20** | $12043 | $11656 | $10870 |
| **2/29/20** | $11971 | $11866 | $10959 |
| **3/31/20** | $11209 | $11796 | $11003 |
| **4/30/20** | $11446 | $12006 | $11063 |
| **5/31/20** | $11670 | $12062 | $11084 |
| **6/30/20** | $11809 | $12137 | $11100 |
| **7/31/20** | $11962 | $12319 | $11116 |
| **8/31/20** | $12087 | $12219 | $11118 |
| **9/30/20** | $12056 | $12213 | $11117 |
| **10/31/20** | $12096 | $12158 | $11117 |
| **11/30/20** | $12323 | $12277 | $11128 |
| **12/31/20** | $12478 | $12294 | $11142 |
| **1/31/21** | $12526 | $12206 | $11147 |
| **2/28/21** | $12531 | $12030 | $11140 |
| **3/31/21** | $12521 | $11880 | $11134 |
| **4/30/21** | $12584 | $11974 | $11143 |
| **5/31/21** | $12604 | $12013 | $11156 |
| **6/30/21** | $12623 | $12097 | $11140 |
| **7/31/21** | $12614 | $12232 | $11159 |
| **8/31/21** | $12648 | $12209 | $11159 |
| **9/30/21** | $12653 | $12103 | $11150 |
| **10/31/21** | $12614 | $12100 | $11113 |
| **11/30/21** | $12546 | $12136 | $11104 |
| **12/31/21** | $12660 | $12105 | $11087 |
| **1/31/22** | $12562 | $11844 | $11008 |
| **2/28/22** | $12347 | $11712 | $10959 |
| **3/31/22** | $12219 | $11386 | $10810 |
| **4/30/22** | $12033 | $10954 | $10750 |
| **5/31/22** | $12068 | $11025 | $10816 |
| **6/30/22** | $11756 | $10852 | $10741 |
| **7/31/22** | $12051 | $11117 | $10798 |
| **8/31/22** | $12005 | $10803 | $10711 |
| **9/30/22** | $11661 | $10336 | $10580 |
| **10/31/22** | $11704 | $10202 | $10566 |
| **11/30/22** | $11958 | $10578 | $10653 |
| **12/31/22** | $11993 | $10530 | $10674 |
| **1/31/23** | $12282 | $10854 | $10762 |
| **2/28/23** | $12183 | $10573 | $10681 |
| **3/31/23** | $12163 | $10842 | $10836 |
| **4/30/23** | $12204 | $10908 | $10873 |
| **5/31/23** | $12215 | $10789 | $10840 |
| **6/30/23** | $12367 | $10750 | $10797 |
| **7/31/23** | $12488 | $10743 | $10843 |
| **8/31/23** | $12451 | $10674 | $10883 |
| **9/30/23** | $12382 | $10403 | $10876 |
| **10/31/23** | $12265 | $10239 | $10911 |
| **11/30/23** | $12564 | $10702 | $11038 |
| **12/31/23** | $12800 | $11112 | $11171 |
| **1/31/24** | $12891 | $11082 | $11215 |
| **2/29/24** | $12917 | $10925 | $11176 |
| **3/31/24** | $13042 | $11026 | $11222 |
| **4/30/24** | $12955 | $10747 | $11184 |
| **5/31/24** | $13129 | $10930 | $11265 |
| **6/30/24** | $13165 | $11033 | $11328 |
| **7/31/24** | $13365 | $11291 | $11462 |
| **8/31/24** | $13435 | $11453 | $11567 |
| **9/30/24** | $13571 | $11606 | $11663 |
| **10/31/24** | $13457 | $11319 | $11596 |
| **11/30/24** | $13628 | $11438 | $11635 |
| **12/31/24** | $13591 | $11251 | $11661 |
| **1/31/25** | $13747 | $11311 | $11714 |
| **2/28/25** | $13920 | $11560 | $11797 |
| **3/31/25** | $13940 | $11564 | $11851 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C-2 (excluding sales charge) | 6.89% | 4.46% | 3.38% |
| Class C-2 (including sales charge) | 5.89% | 4.46% | 3.38% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 5.61% | 1.50% | 1.71% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C-2 shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $11395382 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 719% |
| Total Net Advisory Fees Paid During the Reporting Period | $31314 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 64.5% |
| Asset-Backed Securities | 20.9% |
| Non-Agency Mortgage-Backed Securities | 17.3% |
| Corporate Bonds & Notes | 17.0% |
| Sovereign Issues | 8.5% |
| U.S. Treasury Obligations | 8.0% |
| Loan Participations and Assignments | 2.8% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.6% |
| Affiliated Investments | 10.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (52.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C-2: PLDCX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4841TSRAR_033125

# I-3: PFNIX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $71 | 0.68% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated. 

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve. 

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021id2f24ab840a1c8ec4b40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1015949 | $996412 | $1000855 |
| **5/31/15** | $1019995 | $994012 | $1001654 |
| **6/30/15** | $1012951 | $983174 | $1001367 |
| **7/31/15** | $1011513 | $990008 | $1001988 |
| **8/31/15** | $993355 | $988586 | $1001378 |
| **9/30/15** | $965513 | $995273 | $1004343 |
| **10/31/15** | $996207 | $995439 | $1003996 |
| **11/30/15** | $993087 | $992809 | $1002110 |
| **12/31/15** | $980212 | $989601 | $1000748 |
| **1/31/16** | $958261 | $1003219 | $1005954 |
| **2/29/16** | $942779 | $1010335 | $1006904 |
| **3/31/16** | $975475 | $1019605 | $1010496 |
| **4/30/16** | $1001878 | $1023519 | $1011926 |
| **5/31/16** | $1012764 | $1023781 | $1011278 |
| **6/30/16** | $1017200 | $1042177 | $1017346 |
| **7/31/16** | $1039707 | $1048765 | $1017525 |
| **8/31/16** | $1056913 | $1047566 | $1016481 |
| **9/30/16** | $1062873 | $1046952 | $1017661 |
| **10/31/16** | $1072408 | $1038944 | $1017342 |
| **11/30/16** | $1071510 | $1014369 | $1013225 |
| **12/31/16** | $1090680 | $1015800 | $1013832 |
| **1/31/17** | $1100614 | $1017793 | $1015733 |
| **2/28/17** | $1108733 | $1024634 | $1017371 |
| **3/31/17** | $1115473 | $1024097 | $1017981 |
| **4/30/17** | $1121771 | $1032000 | $1019863 |
| **5/31/17** | $1129601 | $1039943 | $1021610 |
| **6/30/17** | $1132303 | $1038896 | $1021187 |
| **7/31/17** | $1138889 | $1043367 | $1023829 |
| **8/31/17** | $1144447 | $1052726 | $1025915 |
| **9/30/17** | $1147433 | $1047712 | $1024667 |
| **10/31/17** | $1151734 | $1048319 | $1024431 |
| **11/30/17** | $1151887 | $1046973 | $1022271 |
| **12/31/17** | $1154718 | $1051778 | $1022600 |
| **1/31/18** | $1155842 | $1039665 | $1019853 |
| **2/28/18** | $1154587 | $1029809 | $1018886 |
| **3/31/18** | $1161347 | $1036414 | $1020509 |
| **4/30/18** | $1161386 | $1028705 | $1019458 |
| **5/31/18** | $1161615 | $1036047 | $1023295 |
| **6/30/18** | $1161759 | $1034773 | $1023417 |
| **7/31/18** | $1168670 | $1035019 | $1023992 |
| **8/31/18** | $1167951 | $1041679 | $1027606 |
| **9/30/18** | $1170845 | $1034971 | $1026878 |
| **10/31/18** | $1171245 | $1026792 | $1027964 |
| **11/30/18** | $1169187 | $1032921 | $1030984 |
| **12/31/18** | $1170766 | $1051898 | $1038997 |
| **1/31/19** | $1187992 | $1063068 | $1043120 |
| **2/28/19** | $1195766 | $1062452 | $1044754 |
| **3/31/19** | $1202552 | $1082853 | $1051634 |
| **4/30/19** | $1212014 | $1083130 | $1053996 |
| **5/31/19** | $1212023 | $1102358 | $1061396 |
| **6/30/19** | $1224415 | $1116201 | $1067264 |
| **7/31/19** | $1228538 | $1118657 | $1066905 |
| **8/31/19** | $1215902 | $1147643 | $1075278 |
| **9/30/19** | $1222093 | $1141531 | $1074794 |
| **10/31/19** | $1228297 | $1144969 | $1078449 |
| **11/30/19** | $1233085 | $1144386 | $1078453 |
| **12/31/19** | $1247200 | $1143588 | $1080946 |
| **1/31/20** | $1250606 | $1165596 | $1087040 |
| **2/29/20** | $1243817 | $1186575 | $1095891 |
| **3/31/20** | $1165381 | $1179592 | $1100292 |
| **4/30/20** | $1190840 | $1200561 | $1106313 |
| **5/31/20** | $1214891 | $1206151 | $1108409 |
| **6/30/20** | $1230139 | $1213749 | $1109966 |
| **7/31/20** | $1246912 | $1231878 | $1111633 |
| **8/31/20** | $1260764 | $1221935 | $1111808 |
| **9/30/20** | $1258297 | $1221265 | $1111731 |
| **10/31/20** | $1263280 | $1215812 | $1111688 |
| **11/30/20** | $1287712 | $1227742 | $1112783 |
| **12/31/20** | $1304709 | $1229433 | $1114233 |
| **1/31/21** | $1310560 | $1220618 | $1114669 |
| **2/28/21** | $1311902 | $1202992 | $1113964 |
| **3/31/21** | $1311735 | $1187971 | $1113399 |
| **4/30/21** | $1319134 | $1197356 | $1114297 |
| **5/31/21** | $1322001 | $1201268 | $1115631 |
| **6/30/21** | $1324872 | $1209708 | $1113963 |
| **7/31/21** | $1324705 | $1223233 | $1115894 |
| **8/31/21** | $1329121 | $1220905 | $1115905 |
| **9/30/21** | $1330484 | $1210334 | $1114974 |
| **10/31/21** | $1327250 | $1210000 | $1111338 |
| **11/30/21** | $1320938 | $1213580 | $1110411 |
| **12/31/21** | $1333664 | $1210475 | $1108735 |
| **1/31/22** | $1324213 | $1184396 | $1100794 |
| **2/28/22** | $1302333 | $1171183 | $1095868 |
| **3/31/22** | $1289750 | $1138645 | $1080973 |
| **4/30/22** | $1270898 | $1095436 | $1074960 |
| **5/31/22** | $1275433 | $1102499 | $1081559 |
| **6/30/22** | $1243193 | $1085203 | $1074084 |
| **7/31/22** | $1275216 | $1111719 | $1079801 |
| **8/31/22** | $1271120 | $1080306 | $1071140 |
| **9/30/22** | $1235438 | $1033630 | $1057965 |
| **10/31/22** | $1240817 | $1020242 | $1056598 |
| **11/30/22** | $1268462 | $1057762 | $1065346 |
| **12/31/22** | $1273018 | $1052991 | $1067450 |
| **1/31/23** | $1304482 | $1085385 | $1076152 |
| **2/28/23** | $1294815 | $1057322 | $1068116 |
| **3/31/23** | $1293423 | $1084180 | $1083589 |
| **4/30/23** | $1298658 | $1090751 | $1087306 |
| **5/31/23** | $1300583 | $1078874 | $1084028 |
| **6/30/23** | $1317594 | $1075027 | $1079682 |
| **7/31/23** | $1331321 | $1074277 | $1084292 |
| **8/31/23** | $1328211 | $1067415 | $1088287 |
| **9/30/23** | $1321677 | $1040290 | $1087632 |
| **10/31/23** | $1310031 | $1023873 | $1091116 |
| **11/30/23** | $1342764 | $1070241 | $1103805 |
| **12/31/23** | $1368767 | $1111209 | $1117074 |
| **1/31/24** | $1379384 | $1108157 | $1121506 |
| **2/29/24** | $1383098 | $1092501 | $1117611 |
| **3/31/24** | $1397255 | $1102589 | $1122153 |
| **4/30/24** | $1388799 | $1074739 | $1118352 |
| **5/31/24** | $1408316 | $1092959 | $1126508 |
| **6/30/24** | $1413056 | $1103307 | $1132808 |
| **7/31/24** | $1435507 | $1129077 | $1146247 |
| **8/31/24** | $1443845 | $1145301 | $1156696 |
| **9/30/24** | $1459353 | $1160636 | $1166291 |
| **10/31/24** | $1448066 | $1131854 | $1159585 |
| **11/30/24** | $1467317 | $1143821 | $1163511 |
| **12/31/24** | $1464273 | $1125101 | $1166085 |
| **1/31/25** | $1481976 | $1131070 | $1171389 |
| **2/28/25** | $1501601 | $1155956 | $1179676 |
| **3/31/25** | $1504729 | $1156391 | $1185090 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.69% | 5.24% | 4.17% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 5.61% | 1.50% | 1.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11395382 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 719% |
| Total Net Advisory Fees Paid During the Reporting Period | $31314 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 64.5% |
| Asset-Backed Securities | 20.9% |
| Non-Agency Mortgage-Backed Securities | 17.3% |
| Corporate Bonds & Notes | 17.0% |
| Sovereign Issues | 8.5% |
| U.S. Treasury Obligations | 8.0% |
| Loan Participations and Assignments | 2.8% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.6% |
| Affiliated Investments | 10.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (52.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PFNIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2189TSRAR_033125

# Institutional Class: PFIIX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $55 | 0.53% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated. 

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve. 

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i9b6d617d455451f82a83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1016007 | $996412 | $1000855 |
| **5/31/15** | $1020114 | $994012 | $1001654 |
| **6/30/15** | $1013128 | $983174 | $1001367 |
| **7/31/15** | $1011749 | $990008 | $1001988 |
| **8/31/15** | $993646 | $988586 | $1001378 |
| **9/30/15** | $965853 | $995273 | $1004343 |
| **10/31/15** | $996616 | $995439 | $1003996 |
| **11/30/15** | $993553 | $992809 | $1002110 |
| **12/31/15** | $980729 | $989601 | $1000748 |
| **1/31/16** | $958824 | $1003219 | $1005954 |
| **2/29/16** | $943385 | $1010335 | $1006904 |
| **3/31/16** | $976159 | $1019605 | $1010496 |
| **4/30/16** | $1002638 | $1023519 | $1011926 |
| **5/31/16** | $1013591 | $1023781 | $1011278 |
| **6/30/16** | $1018089 | $1042177 | $1017346 |
| **7/31/16** | $1040676 | $1048765 | $1017525 |
| **8/31/16** | $1057961 | $1047566 | $1016481 |
| **9/30/16** | $1063988 | $1046952 | $1017661 |
| **10/31/16** | $1073596 | $1038944 | $1017342 |
| **11/30/16** | $1072759 | $1014369 | $1013225 |
| **12/31/16** | $1092015 | $1015800 | $1013832 |
| **1/31/17** | $1102053 | $1017793 | $1015733 |
| **2/28/17** | $1110327 | $1024634 | $1017371 |
| **3/31/17** | $1117237 | $1024097 | $1017981 |
| **4/30/17** | $1123702 | $1032000 | $1019863 |
| **5/31/17** | $1131707 | $1039943 | $1021610 |
| **6/30/17** | $1134572 | $1038896 | $1021187 |
| **7/31/17** | $1141336 | $1043367 | $1023829 |
| **8/31/17** | $1147070 | $1052726 | $1025915 |
| **9/30/17** | $1150224 | $1047712 | $1024667 |
| **10/31/17** | $1154701 | $1048319 | $1024431 |
| **11/30/17** | $1155016 | $1046973 | $1022271 |
| **12/31/17** | $1158021 | $1051778 | $1022600 |
| **1/31/18** | $1159316 | $1039665 | $1019853 |
| **2/28/18** | $1158208 | $1029809 | $1018886 |
| **3/31/18** | $1165156 | $1036414 | $1020509 |
| **4/30/18** | $1165349 | $1028705 | $1019458 |
| **5/31/18** | $1165764 | $1036047 | $1023295 |
| **6/30/18** | $1166017 | $1034773 | $1023417 |
| **7/31/18** | $1173063 | $1035019 | $1023992 |
| **8/31/18** | $1172505 | $1041679 | $1027606 |
| **9/30/18** | $1175530 | $1034971 | $1026878 |
| **10/31/18** | $1176083 | $1026792 | $1027964 |
| **11/30/18** | $1174168 | $1032921 | $1030984 |
| **12/31/18** | $1175909 | $1051898 | $1038997 |
| **1/31/19** | $1193353 | $1063068 | $1043120 |
| **2/28/19** | $1201295 | $1062452 | $1044754 |
| **3/31/19** | $1208268 | $1082853 | $1051634 |
| **4/30/19** | $1217919 | $1083130 | $1053996 |
| **5/31/19** | $1218094 | $1102358 | $1061396 |
| **6/30/19** | $1230688 | $1116201 | $1067264 |
| **7/31/19** | $1234993 | $1118657 | $1066905 |
| **8/31/19** | $1222458 | $1147643 | $1075278 |
| **9/30/19** | $1228835 | $1141531 | $1074794 |
| **10/31/19** | $1235231 | $1144969 | $1078449 |
| **11/30/19** | $1240204 | $1144386 | $1078453 |
| **12/31/19** | $1254586 | $1143588 | $1080946 |
| **1/31/20** | $1258168 | $1165596 | $1087040 |
| **2/29/20** | $1251496 | $1186575 | $1095891 |
| **3/31/20** | $1172744 | $1179592 | $1100292 |
| **4/30/20** | $1198486 | $1200561 | $1106313 |
| **5/31/20** | $1222825 | $1206151 | $1108409 |
| **6/30/20** | $1238333 | $1213749 | $1109966 |
| **7/31/20** | $1255375 | $1231878 | $1111633 |
| **8/31/20** | $1269481 | $1221935 | $1111808 |
| **9/30/20** | $1267161 | $1221265 | $1111731 |
| **10/31/20** | $1272341 | $1215812 | $1111688 |
| **11/30/20** | $1297110 | $1227742 | $1112783 |
| **12/31/20** | $1314400 | $1229433 | $1114233 |
| **1/31/21** | $1320457 | $1220618 | $1114669 |
| **2/28/21** | $1321975 | $1202992 | $1113964 |
| **3/31/21** | $1321975 | $1187971 | $1113399 |
| **4/30/21** | $1329598 | $1197356 | $1114297 |
| **5/31/21** | $1332655 | $1201268 | $1115631 |
| **6/30/21** | $1335719 | $1209708 | $1113963 |
| **7/31/21** | $1335719 | $1223233 | $1115894 |
| **8/31/21** | $1340335 | $1220905 | $1115905 |
| **9/30/21** | $1341877 | $1210334 | $1114974 |
| **10/31/21** | $1338786 | $1210000 | $1111338 |
| **11/30/21** | $1332587 | $1213580 | $1110411 |
| **12/31/21** | $1345593 | $1210475 | $1108735 |
| **1/31/22** | $1336227 | $1184396 | $1100794 |
| **2/28/22** | $1314321 | $1171183 | $1095868 |
| **3/31/22** | $1301774 | $1138645 | $1080973 |
| **4/30/22** | $1282908 | $1095436 | $1074960 |
| **5/31/22** | $1287636 | $1102499 | $1081559 |
| **6/30/22** | $1255248 | $1085203 | $1074084 |
| **7/31/22** | $1287738 | $1111719 | $1079801 |
| **8/31/22** | $1283764 | $1080306 | $1071140 |
| **9/30/22** | $1247882 | $1033630 | $1057965 |
| **10/31/22** | $1253482 | $1020242 | $1056598 |
| **11/30/22** | $1281569 | $1057762 | $1065346 |
| **12/31/22** | $1286328 | $1052991 | $1067450 |
| **1/31/23** | $1318279 | $1085385 | $1076152 |
| **2/28/23** | $1308696 | $1057322 | $1068116 |
| **3/31/23** | $1307441 | $1084180 | $1083589 |
| **4/30/23** | $1312902 | $1090751 | $1087306 |
| **5/31/23** | $1315012 | $1078874 | $1084028 |
| **6/30/23** | $1332381 | $1075027 | $1079682 |
| **7/31/23** | $1346420 | $1074277 | $1084292 |
| **8/31/23** | $1343430 | $1067415 | $1088287 |
| **9/30/23** | $1337003 | $1040290 | $1087632 |
| **10/31/23** | $1325373 | $1023873 | $1091116 |
| **11/30/23** | $1358680 | $1070241 | $1103805 |
| **12/31/23** | $1385176 | $1111209 | $1117074 |
| **1/31/24** | $1396080 | $1108157 | $1121506 |
| **2/29/24** | $1400021 | $1092501 | $1117611 |
| **3/31/24** | $1414531 | $1102589 | $1122153 |
| **4/30/24** | $1406143 | $1074739 | $1118352 |
| **5/31/24** | $1426091 | $1092959 | $1126508 |
| **6/30/24** | $1431077 | $1103307 | $1132808 |
| **7/31/24** | $1453974 | $1129077 | $1146247 |
| **8/31/24** | $1462601 | $1145301 | $1156696 |
| **9/30/24** | $1478491 | $1160636 | $1166291 |
| **10/31/24** | $1467243 | $1131854 | $1159585 |
| **11/30/24** | $1486928 | $1143821 | $1163511 |
| **12/31/24** | $1484037 | $1125101 | $1166085 |
| **1/31/25** | $1502171 | $1131070 | $1171389 |
| **2/28/25** | $1522249 | $1155956 | $1179676 |
| **3/31/25** | $1525611 | $1156391 | $1185090 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.85% | 5.40% | 4.31% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 5.61% | 1.50% | 1.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11395382 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 719% |
| Total Net Advisory Fees Paid During the Reporting Period | $31314 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 64.5% |
| Asset-Backed Securities | 20.9% |
| Non-Agency Mortgage-Backed Securities | 17.3% |
| Corporate Bonds & Notes | 17.0% |
| Sovereign Issues | 8.5% |
| U.S. Treasury Obligations | 8.0% |
| Loan Participations and Assignments | 2.8% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.6% |
| Affiliated Investments | 10.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (52.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PFIIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1868TSRAR_033125

# I-2: PFTPX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $65 | 0.63% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated. 

* Long exposure to U.S. duration contributed to performance, as interest rates fell across the front and intermediate portion of the U.S. yield curve. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.K. yield curve. 

* Long exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021id4012e1cd616a471be7e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1015924 | $996412 | $1000855 |
| **5/31/15** | $1019944 | $994012 | $1001654 |
| **6/30/15** | $1012876 | $983174 | $1001367 |
| **7/31/15** | $1011407 | $990008 | $1001988 |
| **8/31/15** | $993231 | $988586 | $1001378 |
| **9/30/15** | $965369 | $995273 | $1004343 |
| **10/31/15** | $996031 | $995439 | $1003996 |
| **11/30/15** | $992891 | $992809 | $1002110 |
| **12/31/15** | $979984 | $989601 | $1000748 |
| **1/31/16** | $958020 | $1003219 | $1005954 |
| **2/29/16** | $942487 | $1010335 | $1006904 |
| **3/31/16** | $975147 | $1019605 | $1010496 |
| **4/30/16** | $1001515 | $1023519 | $1011926 |
| **5/31/16** | $1012375 | $1023781 | $1011278 |
| **6/30/16** | $1016784 | $1042177 | $1017346 |
| **7/31/16** | $1039260 | $1048765 | $1017525 |
| **8/31/16** | $1056432 | $1047566 | $1016481 |
| **9/30/16** | $1062359 | $1046952 | $1017661 |
| **10/31/16** | $1071869 | $1038944 | $1017342 |
| **11/30/16** | $1070945 | $1014369 | $1013225 |
| **12/31/16** | $1090073 | $1015800 | $1013832 |
| **1/31/17** | $1100007 | $1017793 | $1015733 |
| **2/28/17** | $1108171 | $1024634 | $1017371 |
| **3/31/17** | $1114968 | $1024097 | $1017981 |
| **4/30/17** | $1121336 | $1032000 | $1019863 |
| **5/31/17** | $1129232 | $1039943 | $1021610 |
| **6/30/17** | $1131991 | $1038896 | $1021187 |
| **7/31/17** | $1138652 | $1043367 | $1023829 |
| **8/31/17** | $1144278 | $1052726 | $1025915 |
| **9/30/17** | $1147326 | $1047712 | $1024667 |
| **10/31/17** | $1151699 | $1048319 | $1024431 |
| **11/30/17** | $1151919 | $1046973 | $1022271 |
| **12/31/17** | $1154814 | $1051778 | $1022600 |
| **1/31/18** | $1156011 | $1039665 | $1019853 |
| **2/28/18** | $1154817 | $1029809 | $1018886 |
| **3/31/18** | $1161643 | $1036414 | $1020509 |
| **4/30/18** | $1161744 | $1028705 | $1019458 |
| **5/31/18** | $1162063 | $1036047 | $1023295 |
| **6/30/18** | $1162217 | $1034773 | $1023417 |
| **7/31/18** | $1169144 | $1035019 | $1023992 |
| **8/31/18** | $1168479 | $1041679 | $1027606 |
| **9/30/18** | $1171408 | $1034971 | $1026878 |
| **10/31/18** | $1171859 | $1026792 | $1027964 |
| **11/30/18** | $1169850 | $1032921 | $1030984 |
| **12/31/18** | $1171488 | $1051898 | $1038997 |
| **1/31/19** | $1188770 | $1063068 | $1043120 |
| **2/28/19** | $1196592 | $1062452 | $1044754 |
| **3/31/19** | $1203430 | $1082853 | $1051634 |
| **4/30/19** | $1212945 | $1083130 | $1053996 |
| **5/31/19** | $1213010 | $1102358 | $1061396 |
| **6/30/19** | $1225458 | $1116201 | $1067264 |
| **7/31/19** | $1229641 | $1118657 | $1066905 |
| **8/31/19** | $1217051 | $1147643 | $1075278 |
| **9/30/19** | $1223299 | $1141531 | $1074794 |
| **10/31/19** | $1229564 | $1144969 | $1078449 |
| **11/30/19** | $1234412 | $1144386 | $1078453 |
| **12/31/19** | $1248624 | $1143588 | $1080946 |
| **1/31/20** | $1252087 | $1165596 | $1087040 |
| **2/29/20** | $1245342 | $1186575 | $1095891 |
| **3/31/20** | $1166873 | $1179592 | $1100292 |
| **4/30/20** | $1192389 | $1200561 | $1106313 |
| **5/31/20** | $1216506 | $1206151 | $1108409 |
| **6/30/20** | $1231832 | $1213749 | $1109966 |
| **7/31/20** | $1248682 | $1231878 | $1111633 |
| **8/31/20** | $1262609 | $1221935 | $1111808 |
| **9/30/20** | $1260196 | $1221265 | $1111731 |
| **10/31/20** | $1265243 | $1215812 | $1111688 |
| **11/30/20** | $1289769 | $1227742 | $1112783 |
| **12/31/20** | $1306853 | $1229433 | $1114233 |
| **1/31/21** | $1312767 | $1220618 | $1114669 |
| **2/28/21** | $1314167 | $1202992 | $1113964 |
| **3/31/21** | $1314058 | $1187971 | $1113399 |
| **4/30/21** | $1321527 | $1197356 | $1114297 |
| **5/31/21** | $1324454 | $1201268 | $1115631 |
| **6/30/21** | $1327389 | $1209708 | $1113963 |
| **7/31/21** | $1327278 | $1223233 | $1115894 |
| **8/31/21** | $1331755 | $1220905 | $1115905 |
| **9/30/21** | $1333177 | $1210334 | $1114974 |
| **10/31/21** | $1329995 | $1210000 | $1111338 |
| **11/30/21** | $1323727 | $1213580 | $1110411 |
| **12/31/21** | $1336534 | $1210475 | $1108735 |
| **1/31/22** | $1327120 | $1184396 | $1100794 |
| **2/28/22** | $1305253 | $1171183 | $1095868 |
| **3/31/22** | $1292684 | $1138645 | $1080973 |
| **4/30/22** | $1273841 | $1095436 | $1074960 |
| **5/31/22** | $1278430 | $1102499 | $1081559 |
| **6/30/22** | $1246166 | $1085203 | $1074084 |
| **7/31/22** | $1278318 | $1111719 | $1079801 |
| **8/31/22** | $1274267 | $1080306 | $1071140 |
| **9/30/22** | $1238545 | $1033630 | $1057965 |
| **10/31/22** | $1243999 | $1020242 | $1056598 |
| **11/30/22** | $1271770 | $1057762 | $1065346 |
| **12/31/22** | $1276387 | $1052991 | $1067450 |
| **1/31/23** | $1307984 | $1085385 | $1076152 |
| **2/28/23** | $1298366 | $1057322 | $1068116 |
| **3/31/23** | $1297013 | $1084180 | $1083589 |
| **4/30/23** | $1302323 | $1090751 | $1087306 |
| **5/31/23** | $1304307 | $1078874 | $1084028 |
| **6/30/23** | $1321426 | $1075027 | $1079682 |
| **7/31/23** | $1335239 | $1074277 | $1084292 |
| **8/31/23** | $1332162 | $1067415 | $1088287 |
| **9/30/23** | $1325678 | $1040290 | $1087632 |
| **10/31/23** | $1314036 | $1023873 | $1091116 |
| **11/30/23** | $1346949 | $1070241 | $1103805 |
| **12/31/23** | $1373104 | $1111209 | $1117074 |
| **1/31/24** | $1383798 | $1108157 | $1121506 |
| **2/29/24** | $1387590 | $1092501 | $1117611 |
| **3/31/24** | $1401856 | $1102589 | $1122153 |
| **4/30/24** | $1393426 | $1074739 | $1118352 |
| **5/31/24** | $1413078 | $1092959 | $1126508 |
| **6/30/24** | $1417900 | $1103307 | $1132808 |
| **7/31/24** | $1440467 | $1129077 | $1146247 |
| **8/31/24** | $1448895 | $1145301 | $1156696 |
| **9/30/24** | $1464514 | $1160636 | $1166291 |
| **10/31/24** | $1453251 | $1131854 | $1159585 |
| **11/30/24** | $1472627 | $1143821 | $1163511 |
| **12/31/24** | $1469642 | $1125101 | $1166085 |
| **1/31/25** | $1487477 | $1131070 | $1171389 |
| **2/28/25** | $1507236 | $1155956 | $1179676 |
| **3/31/25** | $1510439 | $1156391 | $1185090 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.75% | 5.30% | 4.21% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 5.61% | 1.50% | 1.71% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11395382 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 719% |
| Total Net Advisory Fees Paid During the Reporting Period | $31314 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 64.5% |
| Asset-Backed Securities | 20.9% |
| Non-Agency Mortgage-Backed Securities | 17.3% |
| Corporate Bonds & Notes | 17.0% |
| Sovereign Issues | 8.5% |
| U.S. Treasury Obligations | 8.0% |
| Loan Participations and Assignments | 2.8% |
| Common Stocks | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.6% |
| Affiliated Investments | 10.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (52.7%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PFTPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1906TSRAR_033125

# Class A: PEGAX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $166 | 1.61% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated. 

* Long exposure to commercial mortgage backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.S. duration contributed to performance, as interest rates remained elevated at the intermediate and long portions of the U.S. yield curve. 

* Tactical exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long portions of the U.K. yield curve.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i1b1bc78fe7702dd3981c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $9625 | $10000 |
| **10/31/20** | $9704 | $9955 |
| **11/30/20** | $9851 | $10053 |
| **12/31/20** | $9962 | $10067 |
| **1/31/21** | $10018 | $9995 |
| **2/28/21** | $10029 | $9850 |
| **3/31/21** | $10031 | $9727 |
| **4/30/21** | $10105 | $9804 |
| **5/31/21** | $10131 | $9836 |
| **6/30/21** | $10178 | $9905 |
| **7/31/21** | $10206 | $10016 |
| **8/31/21** | $10225 | $9997 |
| **9/30/21** | $10221 | $9910 |
| **10/31/21** | $10203 | $9908 |
| **11/30/21** | $10148 | $9937 |
| **12/31/21** | $10217 | $9912 |
| **1/31/22** | $10123 | $9698 |
| **2/28/22** | $10019 | $9590 |
| **3/31/22** | $9982 | $9323 |
| **4/30/22** | $9791 | $8970 |
| **5/31/22** | $9768 | $9028 |
| **6/30/22** | $9510 | $8886 |
| **7/31/22** | $9670 | $9103 |
| **8/31/22** | $9574 | $8846 |
| **9/30/22** | $9291 | $8464 |
| **10/31/22** | $9225 | $8354 |
| **11/30/22** | $9505 | $8661 |
| **12/31/22** | $9518 | $8622 |
| **1/31/23** | $9803 | $8887 |
| **2/28/23** | $9620 | $8658 |
| **3/31/23** | $9695 | $8878 |
| **4/30/23** | $9714 | $8931 |
| **5/31/23** | $9670 | $8834 |
| **6/30/23** | $9651 | $8803 |
| **7/31/23** | $9722 | $8796 |
| **8/31/23** | $9689 | $8740 |
| **9/30/23** | $9549 | $8518 |
| **10/31/23** | $9433 | $8384 |
| **11/30/23** | $9735 | $8763 |
| **12/31/23** | $10011 | $9099 |
| **1/31/24** | $10077 | $9074 |
| **2/29/24** | $10031 | $8946 |
| **3/31/24** | $10144 | $9028 |
| **4/30/24** | $9983 | $8800 |
| **5/31/24** | $10154 | $8949 |
| **6/30/24** | $10196 | $9034 |
| **7/31/24** | $10374 | $9245 |
| **8/31/24** | $10500 | $9378 |
| **9/30/24** | $10620 | $9504 |
| **10/31/24** | $10464 | $9268 |
| **11/30/24** | $10575 | $9366 |
| **12/31/24** | $10485 | $9213 |
| **1/31/25** | $10608 | $9261 |
| **2/28/25** | $10794 | $9465 |
| **3/31/25** | $10804 | $9469 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 9/30/20** |
| Class A (excluding sales charge) | 6.50% | 2.60% |
| Class A (including sales charge) | 2.54% | 1.73% |
| Bloomberg U.S. Aggregate Index | 4.88% | (1.21%) |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $294057 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 243% |
| Total Net Advisory Fees Paid During the Reporting Period | $674 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.7% |
| Corporate Bonds & Notes | 30.4% |
| U.S. Treasury Obligations | 14.1% |
| Non-Agency Mortgage-Backed Securities | 14.0% |
| Asset-Backed Securities | 12.3% |
| Sovereign Issues | 3.5% |
| Preferred Securities | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.3% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (35.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.21% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PEGAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8090TSRAR_033125

# Class C: PEGBX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $243 | 2.36% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated. 

* Long exposure to commercial mortgage backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.S. duration contributed to performance, as interest rates remained elevated at the intermediate and long portions of the U.S. yield curve. 

* Tactical exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long portions of the U.K. yield curve.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i94216a853033dcb61629.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $10000 | $10000 |
| **10/31/20** | $10080 | $9955 |
| **11/30/20** | $10222 | $10053 |
| **12/31/20** | $10330 | $10067 |
| **1/31/21** | $10383 | $9995 |
| **2/28/21** | $10388 | $9850 |
| **3/31/21** | $10385 | $9727 |
| **4/30/21** | $10454 | $9804 |
| **5/31/21** | $10474 | $9836 |
| **6/30/21** | $10517 | $9905 |
| **7/31/21** | $10538 | $10016 |
| **8/31/21** | $10552 | $9997 |
| **9/30/21** | $10541 | $9910 |
| **10/31/21** | $10515 | $9908 |
| **11/30/21** | $10452 | $9937 |
| **12/31/21** | $10516 | $9912 |
| **1/31/22** | $10413 | $9698 |
| **2/28/22** | $10300 | $9590 |
| **3/31/22** | $10256 | $9323 |
| **4/30/22** | $10053 | $8970 |
| **5/31/22** | $10023 | $9028 |
| **6/30/22** | $9752 | $8886 |
| **7/31/22** | $9910 | $9103 |
| **8/31/22** | $9806 | $8846 |
| **9/30/22** | $9509 | $8464 |
| **10/31/22** | $9436 | $8354 |
| **11/30/22** | $9717 | $8661 |
| **12/31/22** | $9724 | $8622 |
| **1/31/23** | $10008 | $8887 |
| **2/28/23** | $9815 | $8658 |
| **3/31/23** | $9885 | $8878 |
| **4/30/23** | $9898 | $8931 |
| **5/31/23** | $9847 | $8834 |
| **6/30/23** | $9822 | $8803 |
| **7/31/23** | $9889 | $8796 |
| **8/31/23** | $9849 | $8740 |
| **9/30/23** | $9700 | $8518 |
| **10/31/23** | $9576 | $8384 |
| **11/30/23** | $9877 | $8763 |
| **12/31/23** | $10150 | $9099 |
| **1/31/24** | $10211 | $9074 |
| **2/29/24** | $10158 | $8946 |
| **3/31/24** | $10267 | $9028 |
| **4/30/24** | $10097 | $8800 |
| **5/31/24** | $10263 | $8949 |
| **6/30/24** | $10300 | $9034 |
| **7/31/24** | $10474 | $9245 |
| **8/31/24** | $10593 | $9378 |
| **9/30/24** | $10708 | $9504 |
| **10/31/24** | $10544 | $9268 |
| **11/30/24** | $10650 | $9366 |
| **12/31/24** | $10552 | $9213 |
| **1/31/25** | $10669 | $9261 |
| **2/28/25** | $10850 | $9465 |
| **3/31/25** | $10853 | $9469 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 9/30/20** |
| Class C (excluding sales charge) | 5.72% | 1.84% |
| Class C (including sales charge) | 4.72% | 1.84% |
| Bloomberg U.S. Aggregate Index | 4.88% | (1.21%) |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $294057 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 243% |
| Total Net Advisory Fees Paid During the Reporting Period | $674 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.7% |
| Corporate Bonds & Notes | 30.4% |
| U.S. Treasury Obligations | 14.1% |
| Non-Agency Mortgage-Backed Securities | 14.0% |
| Asset-Backed Securities | 12.3% |
| Sovereign Issues | 3.5% |
| Preferred Securities | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.3% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (35.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.21% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PEGBX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8290TSRAR_033125

# I-2: PEGPX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $135 | 1.31% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated. 

* Long exposure to commercial mortgage backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.S. duration contributed to performance, as interest rates remained elevated at the intermediate and long portions of the U.S. yield curve. 

* Tactical exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long portions of the U.K. yield curve.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021iae6f258352a7854a61bc.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $1000000 | $1000000 |
| **10/31/20** | $1008516 | $995535 |
| **11/30/20** | $1024007 | $1005303 |
| **12/31/20** | $1035801 | $1006689 |
| **1/31/21** | $1041909 | $999471 |
| **2/28/21** | $1043267 | $985038 |
| **3/31/21** | $1043824 | $972738 |
| **4/30/21** | $1051776 | $980423 |
| **5/31/21** | $1054685 | $983626 |
| **6/30/21** | $1059871 | $990537 |
| **7/31/21** | $1063051 | $1001612 |
| **8/31/21** | $1065315 | $999705 |
| **9/30/21** | $1065136 | $991050 |
| **10/31/21** | $1063520 | $990776 |
| **11/30/21** | $1058065 | $993708 |
| **12/31/21** | $1065571 | $991165 |
| **1/31/22** | $1055992 | $969811 |
| **2/28/22** | $1045400 | $958992 |
| **3/31/22** | $1041860 | $932349 |
| **4/30/22** | $1022085 | $896968 |
| **5/31/22** | $1019987 | $902752 |
| **6/30/22** | $993258 | $888589 |
| **7/31/22** | $1010217 | $910302 |
| **8/31/22** | $1000504 | $884579 |
| **9/30/22** | $971130 | $846360 |
| **10/31/22** | $964467 | $835398 |
| **11/30/22** | $994062 | $866120 |
| **12/31/22** | $995647 | $862213 |
| **1/31/23** | $1025721 | $888738 |
| **2/28/23** | $1006810 | $865760 |
| **3/31/23** | $1014909 | $887752 |
| **4/30/23** | $1017131 | $893132 |
| **5/31/23** | $1012758 | $883407 |
| **6/30/23** | $1011087 | $880257 |
| **7/31/23** | $1018797 | $879643 |
| **8/31/23** | $1015591 | $874024 |
| **9/30/23** | $1001134 | $851814 |
| **10/31/23** | $989238 | $838371 |
| **11/30/23** | $1021114 | $876338 |
| **12/31/23** | $1050319 | $909883 |
| **1/31/24** | $1057598 | $907385 |
| **2/29/24** | $1052935 | $894565 |
| **3/31/24** | $1065115 | $902825 |
| **4/30/24** | $1048417 | $880021 |
| **5/31/24** | $1066672 | $894941 |
| **6/30/24** | $1071322 | $903413 |
| **7/31/24** | $1090389 | $924514 |
| **8/31/24** | $1103889 | $937799 |
| **9/30/24** | $1116754 | $950356 |
| **10/31/24** | $1100607 | $926788 |
| **11/30/24** | $1112614 | $936587 |
| **12/31/24** | $1103397 | $921259 |
| **1/31/25** | $1116629 | $926147 |
| **2/28/25** | $1136479 | $946523 |
| **3/31/25** | $1137804 | $946880 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 9/30/20** |
| I-2 | 6.82% | 2.91% |
| Bloomberg U.S. Aggregate Index | 4.88% | (1.21%) |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $294057 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 243% |
| Total Net Advisory Fees Paid During the Reporting Period | $674 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.7% |
| Corporate Bonds & Notes | 30.4% |
| U.S. Treasury Obligations | 14.1% |
| Non-Agency Mortgage-Backed Securities | 14.0% |
| Asset-Backed Securities | 12.3% |
| Sovereign Issues | 3.5% |
| Preferred Securities | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.3% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (35.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.21% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PEGPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2219TSRAR_033125

# I-3: PEGQX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $141 | 1.36% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated. 

* Long exposure to commercial mortgage backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.S. duration contributed to performance, as interest rates remained elevated at the intermediate and long portions of the U.S. yield curve. 

* Tactical exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long portions of the U.K. yield curve.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i83107ae9bb60b87cf653.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $1000000 | $1000000 |
| **10/31/20** | $1008486 | $995535 |
| **11/30/20** | $1023927 | $1005303 |
| **12/31/20** | $1035676 | $1006689 |
| **1/31/21** | $1041732 | $999471 |
| **2/28/21** | $1043027 | $985038 |
| **3/31/21** | $1043533 | $972738 |
| **4/30/21** | $1051399 | $980423 |
| **5/31/21** | $1054259 | $983626 |
| **6/30/21** | $1059416 | $990537 |
| **7/31/21** | $1062562 | $1001612 |
| **8/31/21** | $1064786 | $999705 |
| **9/30/21** | $1064570 | $991050 |
| **10/31/21** | $1062911 | $990776 |
| **11/30/21** | $1057399 | $993708 |
| **12/31/21** | $1064849 | $991165 |
| **1/31/22** | $1055238 | $969811 |
| **2/28/22** | $1044621 | $958992 |
| **3/31/22** | $1041048 | $932349 |
| **4/30/22** | $1021245 | $896968 |
| **5/31/22** | $1019108 | $902752 |
| **6/30/22** | $992358 | $888589 |
| **7/31/22** | $1009259 | $910302 |
| **8/31/22** | $999512 | $884579 |
| **9/30/22** | $970116 | $846360 |
| **10/31/22** | $963420 | $835398 |
| **11/30/22** | $992945 | $866120 |
| **12/31/22** | $994485 | $862213 |
| **1/31/23** | $1024411 | $888738 |
| **2/28/23** | $1005488 | $865760 |
| **3/31/23** | $1013534 | $887752 |
| **4/30/23** | $1015714 | $893132 |
| **5/31/23** | $1011302 | $883407 |
| **6/30/23** | $1009591 | $880257 |
| **7/31/23** | $1017249 | $879643 |
| **8/31/23** | $1014004 | $874024 |
| **9/30/23** | $999529 | $851814 |
| **10/31/23** | $987610 | $838371 |
| **11/30/23** | $1019397 | $876338 |
| **12/31/23** | $1048503 | $909883 |
| **1/31/24** | $1055725 | $907385 |
| **2/29/24** | $1051029 | $894565 |
| **3/31/24** | $1063143 | $902825 |
| **4/30/24** | $1046432 | $880021 |
| **5/31/24** | $1064606 | $894941 |
| **6/30/24** | $1069206 | $903413 |
| **7/31/24** | $1088189 | $924514 |
| **8/31/24** | $1101614 | $937799 |
| **9/30/24** | $1114409 | $950356 |
| **10/31/24** | $1098251 | $926788 |
| **11/30/24** | $1110186 | $936587 |
| **12/31/24** | $1100942 | $921259 |
| **1/31/25** | $1114096 | $926147 |
| **2/28/25** | $1133861 | $946523 |
| **3/31/25** | $1135138 | $946880 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 9/30/20** |
| I-3 | 6.77% | 2.86% |
| Bloomberg U.S. Aggregate Index | 4.88% | (1.21%) |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $294057 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 243% |
| Total Net Advisory Fees Paid During the Reporting Period | $674 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.7% |
| Corporate Bonds & Notes | 30.4% |
| U.S. Treasury Obligations | 14.1% |
| Non-Agency Mortgage-Backed Securities | 14.0% |
| Asset-Backed Securities | 12.3% |
| Sovereign Issues | 3.5% |
| Preferred Securities | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.3% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (35.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.21% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PEGQX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2220TSRAR_033125

# Institutional Class: PEGIX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $125 | 1.21% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated. 

* Long exposure to commercial mortgage backed securities contributed to performance, as this sector posted positive total returns. 

* Long exposure to U.S. duration contributed to performance, as interest rates remained elevated at the intermediate and long portions of the U.S. yield curve. 

* Tactical exposure to emerging market local debt in Brazil detracted from performance, as interest rates rose across all tenors of the Brazilian sovereign curve. 

* Long exposure to the Mexican peso detracted from performance, as the Mexican peso depreciated versus the U.S. dollar. 

* Long exposure to U.K. duration detracted from performance, as interest rates rose across the intermediate and long portions of the U.K. yield curve.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i8d59a30001d80bace7d0.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $1000000 | $1000000 |
| **10/31/20** | $1008583 | $995535 |
| **11/30/20** | $1024160 | $1005303 |
| **12/31/20** | $1036072 | $1006689 |
| **1/31/21** | $1042255 | $999471 |
| **2/28/21** | $1043665 | $985038 |
| **3/31/21** | $1044305 | $972738 |
| **4/30/21** | $1052326 | $980423 |
| **5/31/21** | $1055319 | $983626 |
| **6/30/21** | $1060594 | $990537 |
| **7/31/21** | $1063868 | $1001612 |
| **8/31/21** | $1066221 | $999705 |
| **9/30/21** | $1066134 | $991050 |
| **10/31/21** | $1064607 | $990776 |
| **11/30/21** | $1059216 | $993708 |
| **12/31/21** | $1066823 | $991165 |
| **1/31/22** | $1057315 | $969811 |
| **2/28/22** | $1046791 | $958992 |
| **3/31/22** | $1043331 | $932349 |
| **4/30/22** | $1023616 | $896968 |
| **5/31/22** | $1021598 | $902752 |
| **6/30/22** | $994908 | $888589 |
| **7/31/22** | $1011980 | $910302 |
| **8/31/22** | $1002335 | $884579 |
| **9/30/22** | $972994 | $846360 |
| **10/31/22** | $966391 | $835398 |
| **11/30/22** | $996013 | $866120 |
| **12/31/22** | $997691 | $862213 |
| **1/31/23** | $1027907 | $888738 |
| **2/28/23** | $1009037 | $865760 |
| **3/31/23** | $1017244 | $887752 |
| **4/30/23** | $1019549 | $893132 |
| **5/31/23** | $1015251 | $883407 |
| **6/30/23** | $1013665 | $880257 |
| **7/31/23** | $1021475 | $879643 |
| **8/31/23** | $1018346 | $874024 |
| **9/30/23** | $1003938 | $851814 |
| **10/31/23** | $992088 | $838371 |
| **11/30/23** | $1024137 | $876338 |
| **12/31/23** | $1053520 | $909883 |
| **1/31/24** | $1060907 | $907385 |
| **2/29/24** | $1056313 | $894565 |
| **3/31/24** | $1068621 | $902825 |
| **4/30/24** | $1051955 | $880021 |
| **5/31/24** | $1070367 | $894941 |
| **6/30/24** | $1075115 | $903413 |
| **7/31/24** | $1094341 | $924514 |
| **8/31/24** | $1107989 | $937799 |
| **9/30/24** | $1120987 | $950356 |
| **10/31/24** | $1104874 | $926788 |
| **11/30/24** | $1117022 | $936587 |
| **12/31/24** | $1107862 | $921259 |
| **1/31/25** | $1121244 | $926147 |
| **2/28/25** | $1141263 | $946523 |
| **3/31/25** | $1142683 | $946880 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 9/30/20** |
| Institutional Class | 6.93% | 3.01% |
| Bloomberg U.S. Aggregate Index | 4.88% | (1.21%) |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $294057 |
| # of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 243% |
| Total Net Advisory Fees Paid During the Reporting Period | $674 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.7% |
| Corporate Bonds & Notes | 30.4% |
| U.S. Treasury Obligations | 14.1% |
| Non-Agency Mortgage-Backed Securities | 14.0% |
| Asset-Backed Securities | 12.3% |
| Sovereign Issues | 3.5% |
| Preferred Securities | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.3% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (35.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.21% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PEGIX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2218TSRAR_033125

# Class A: PFANX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $142 | 1.37% |

---

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

* Security selection within U.S. preferreds, particularly overweight exposure to a large investment bank, contributed to performance, as net interest income remained strong. 

* Security selection within U.S. insurance capital, particularly underweight exposure to a leading annuities provider, contributed to performance, as limited diversification dampened performance. 

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to an automobile manufacturer, contributed to performance, as it faced inventory and pricing pressures.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a telecommunications services provider, detracted from performance, as bandwidth demand and growth remained strong.

* U.K. duration positioning detracted from performance, as the curve steepened. 

* Underweight exposure to U.S. duration detracted from performance, as rates fell.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021ic976753dad57cb4107af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **4/13/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9596 | $9930 | $9974 |
| **5/31/15** | $9596 | $9889 | $9984 |
| **6/30/15** | $9490 | $9767 | $9883 |
| **7/31/15** | $9596 | $9864 | $10013 |
| **8/31/15** | $9528 | $9837 | $9969 |
| **9/30/15** | $9411 | $9895 | $9904 |
| **10/31/15** | $9634 | $9927 | $10123 |
| **11/30/15** | $9663 | $9932 | $10175 |
| **12/31/15** | $9644 | $9905 | $10183 |
| **1/31/16** | $9506 | $10050 | $10089 |
| **2/29/16** | $9142 | $10147 | $9867 |
| **3/31/16** | $9422 | $10230 | $10147 |
| **4/30/16** | $9602 | $10248 | $10280 |
| **5/31/16** | $9722 | $10291 | $10424 |
| **6/30/16** | $9687 | $10487 | $10436 |
| **7/31/16** | $10020 | $10549 | $10699 |
| **8/31/16** | $10252 | $10544 | $10836 |
| **9/30/16** | $10213 | $10543 | $10774 |
| **10/31/16** | $10346 | $10441 | $10835 |
| **11/30/16** | $10193 | $10268 | $10562 |
| **12/31/16** | $10399 | $10296 | $10690 |
| **1/31/17** | $10566 | $10259 | $10913 |
| **2/28/17** | $10754 | $10347 | $11126 |
| **3/31/17** | $10816 | $10342 | $11193 |
| **4/30/17** | $10996 | $10412 | $11385 |
| **5/31/17** | $11144 | $10473 | $11508 |
| **6/30/17** | $11204 | $10443 | $11610 |
| **7/31/17** | $11408 | $10478 | $11746 |
| **8/31/17** | $11462 | $10573 | $11777 |
| **9/30/17** | $11535 | $10524 | $11830 |
| **10/31/17** | $11720 | $10569 | $11952 |
| **11/30/17** | $11688 | $10585 | $11956 |
| **12/31/17** | $11744 | $10609 | $11982 |
| **1/31/18** | $11867 | $10533 | $11920 |
| **2/28/18** | $11755 | $10509 | $11916 |
| **3/31/18** | $11668 | $10596 | $11881 |
| **4/30/18** | $11691 | $10557 | $11855 |
| **5/31/18** | $11521 | $10596 | $11810 |
| **6/30/18** | $11531 | $10616 | $11840 |
| **7/31/18** | $11692 | $10619 | $11967 |
| **8/31/18** | $11715 | $10652 | $12030 |
| **9/30/18** | $11754 | $10611 | $11998 |
| **10/31/18** | $11567 | $10590 | $11844 |
| **11/30/18** | $11322 | $10642 | $11615 |
| **12/31/18** | $11207 | $10796 | $11509 |
| **1/31/19** | $11680 | $10910 | $12077 |
| **2/28/19** | $11870 | $10923 | $12275 |
| **3/31/19** | $11960 | $11119 | $12390 |
| **4/30/19** | $12249 | $11126 | $12595 |
| **5/31/19** | $12152 | $11286 | $12578 |
| **6/30/19** | $12487 | $11444 | $12848 |
| **7/31/19** | $12658 | $11534 | $13035 |
| **8/31/19** | $12780 | $11795 | $13128 |
| **9/30/19** | $12931 | $11741 | $13247 |
| **10/31/19** | $13141 | $11721 | $13402 |
| **11/30/19** | $13289 | $11707 | $13451 |
| **12/31/19** | $13453 | $11683 | $13631 |
| **1/31/20** | $13642 | $11894 | $13818 |
| **2/29/20** | $13390 | $12039 | $13504 |
| **3/31/20** | $11594 | $11852 | $11960 |
| **4/30/20** | $12326 | $12044 | $12877 |
| **5/31/20** | $12616 | $12078 | $13150 |
| **6/30/20** | $12836 | $12138 | $13210 |
| **7/31/20** | $13205 | $12271 | $13698 |
| **8/31/20** | $13522 | $12182 | $13987 |
| **9/30/20** | $13408 | $12226 | $13893 |
| **10/31/20** | $13471 | $12227 | $13976 |
| **11/30/20** | $14144 | $12297 | $14474 |
| **12/31/20** | $14306 | $12335 | $14692 |
| **1/31/21** | $14280 | $12269 | $14615 |
| **2/28/21** | $14358 | $12078 | $14549 |
| **3/31/21** | $14431 | $12030 | $14710 |
| **4/30/21** | $14679 | $12062 | $14904 |
| **5/31/21** | $14731 | $12089 | $14996 |
| **6/30/21** | $14863 | $12148 | $15187 |
| **7/31/21** | $14916 | $12298 | $15249 |
| **8/31/21** | $15008 | $12274 | $15288 |
| **9/30/21** | $15009 | $12158 | $15272 |
| **10/31/21** | $14930 | $12126 | $15257 |
| **11/30/21** | $14731 | $12213 | $15053 |
| **12/31/21** | $14920 | $12163 | $15290 |
| **1/31/22** | $14619 | $11972 | $14933 |
| **2/28/22** | $14223 | $11813 | $14442 |
| **3/31/22** | $14023 | $11558 | $14338 |
| **4/30/22** | $13555 | $11248 | $13773 |
| **5/31/22** | $13431 | $11232 | $13809 |
| **6/30/22** | $12619 | $11062 | $13176 |
| **7/31/22** | $13301 | $11343 | $13870 |
| **8/31/22** | $12995 | $11047 | $13526 |
| **9/30/22** | $12249 | $10693 | $12936 |
| **10/31/22** | $12390 | $10656 | $12856 |
| **11/30/22** | $12812 | $10928 | $13354 |
| **12/31/22** | $12952 | $10799 | $13273 |
| **1/31/23** | $13735 | $11047 | $14272 |
| **2/28/23** | $13528 | $10871 | $14035 |
| **3/31/23** | $12285 | $11112 | $13113 |
| **4/30/23** | $12449 | $11169 | $13310 |
| **5/31/23** | $12434 | $11125 | $13232 |
| **6/30/23** | $12501 | $11119 | $13394 |
| **7/31/23** | $12818 | $11122 | $13692 |
| **8/31/23** | $12728 | $11108 | $13601 |
| **9/30/23** | $12674 | $10917 | $13489 |
| **10/31/23** | $12475 | $10839 | $13191 |
| **11/30/23** | $13118 | $11212 | $13965 |
| **12/31/23** | $13632 | $11570 | $14432 |
| **1/31/24** | $13803 | $11548 | $14760 |
| **2/29/24** | $13880 | $11468 | $14861 |
| **3/31/24** | $14147 | $11572 | $15054 |
| **4/30/24** | $13974 | $11385 | $14823 |
| **5/31/24** | $14257 | $11486 | $15113 |
| **6/30/24** | $14374 | $11586 | $15194 |
| **7/31/24** | $14580 | $11810 | $15376 |
| **8/31/24** | $14818 | $11939 | $15725 |
| **9/30/24** | $15078 | $12078 | $16056 |
| **10/31/24** | $14998 | $11914 | $15979 |
| **11/30/24** | $15078 | $12056 | $16072 |
| **12/31/24** | $15050 | $11963 | $15955 |
| **1/31/25** | $15164 | $12009 | $16094 |
| **2/28/25** | $15359 | $12154 | $16265 |
| **3/31/25** | $15252 | $12103 | $16082 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/13/15** |
| Class A (excluding sales charge) | 7.81% | 5.64% | 4.73% |
| Class A (including sales charge) | 3.79% | 4.83% | 4.33% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.93% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.83% | 6.10% | 4.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $768695 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $3858 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 58.8% |
| Preferred Securities | 37.1% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PFANX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8021TSRAR_033125

# Class C: PFCJX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $219 | 2.12% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within U.S. preferreds, particularly overweight exposure to a large investment bank, contributed to performance, as net interest income remained strong. 

* Security selection within U.S. insurance capital, particularly underweight exposure to a leading annuities provider, contributed to performance, as limited diversification dampened performance. 

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to an automobile manufacturer, contributed to performance, as it faced inventory and pricing pressures.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a telecommunications services provider, detracted from performance, as bandwidth demand and growth remained strong.

* U.K. duration positioning detracted from performance, as the curve steepened. 

* Underweight exposure to U.S. duration detracted from performance, as rates fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Class C shares (8/23/2019), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i14821d9896a66b9f4643.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **4/13/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9965 | $9930 | $9974 |
| **5/31/15** | $9955 | $9889 | $9984 |
| **6/30/15** | $9846 | $9767 | $9883 |
| **7/31/15** | $9947 | $9864 | $10013 |
| **8/31/15** | $9868 | $9837 | $9969 |
| **9/30/15** | $9742 | $9895 | $9904 |
| **10/31/15** | $9964 | $9927 | $10123 |
| **11/30/15** | $9994 | $9932 | $10175 |
| **12/31/15** | $9972 | $9905 | $10183 |
| **1/31/16** | $9810 | $10050 | $10089 |
| **2/29/16** | $9427 | $10147 | $9867 |
| **3/31/16** | $9714 | $10230 | $10147 |
| **4/30/16** | $9901 | $10248 | $10280 |
| **5/31/16** | $10005 | $10291 | $10424 |
| **6/30/16** | $9962 | $10487 | $10436 |
| **7/31/16** | $10307 | $10549 | $10699 |
| **8/31/16** | $10536 | $10544 | $10836 |
| **9/30/16** | $10484 | $10543 | $10774 |
| **10/31/16** | $10621 | $10441 | $10835 |
| **11/30/16** | $10465 | $10268 | $10562 |
| **12/31/16** | $10665 | $10296 | $10690 |
| **1/31/17** | $10836 | $10259 | $10913 |
| **2/28/17** | $11009 | $10347 | $11126 |
| **3/31/17** | $11071 | $10342 | $11193 |
| **4/30/17** | $11245 | $10412 | $11385 |
| **5/31/17** | $11397 | $10473 | $11508 |
| **6/30/17** | $11444 | $10443 | $11610 |
| **7/31/17** | $11642 | $10478 | $11746 |
| **8/31/17** | $11686 | $10573 | $11777 |
| **9/30/17** | $11763 | $10524 | $11830 |
| **10/31/17** | $11941 | $10569 | $11952 |
| **11/30/17** | $11908 | $10585 | $11956 |
| **12/31/17** | $11949 | $10609 | $11982 |
| **1/31/18** | $12063 | $10533 | $11920 |
| **2/28/18** | $11939 | $10509 | $11916 |
| **3/31/18** | $11857 | $10596 | $11881 |
| **4/30/18** | $11870 | $10557 | $11855 |
| **5/31/18** | $11686 | $10596 | $11810 |
| **6/30/18** | $11689 | $10616 | $11840 |
| **7/31/18** | $11852 | $10619 | $11967 |
| **8/31/18** | $11865 | $10652 | $12030 |
| **9/30/18** | $11890 | $10611 | $11998 |
| **10/31/18** | $11702 | $10590 | $11844 |
| **11/30/18** | $11444 | $10642 | $11615 |
| **12/31/18** | $11325 | $10796 | $11509 |
| **1/31/19** | $11791 | $10910 | $12077 |
| **2/28/19** | $11972 | $10923 | $12275 |
| **3/31/19** | $12059 | $11119 | $12390 |
| **4/30/19** | $12350 | $11126 | $12595 |
| **5/31/19** | $12242 | $11286 | $12578 |
| **6/30/19** | $12574 | $11444 | $12848 |
| **7/31/19** | $12734 | $11534 | $13035 |
| **8/31/19** | $12847 | $11795 | $13128 |
| **9/30/19** | $12991 | $11741 | $13247 |
| **10/31/19** | $13202 | $11721 | $13402 |
| **11/30/19** | $13339 | $11707 | $13451 |
| **12/31/19** | $13491 | $11683 | $13631 |
| **1/31/20** | $13680 | $11894 | $13818 |
| **2/29/20** | $13428 | $12039 | $13504 |
| **3/31/20** | $11607 | $11852 | $11960 |
| **4/30/20** | $12340 | $12044 | $12877 |
| **5/31/20** | $12631 | $12078 | $13150 |
| **6/30/20** | $12824 | $12138 | $13210 |
| **7/31/20** | $13193 | $12271 | $13698 |
| **8/31/20** | $13511 | $12182 | $13987 |
| **9/30/20** | $13384 | $12226 | $13893 |
| **10/31/20** | $13434 | $12227 | $13976 |
| **11/30/20** | $14095 | $12297 | $14474 |
| **12/31/20** | $14263 | $12335 | $14692 |
| **1/31/21** | $14212 | $12269 | $14615 |
| **2/28/21** | $14289 | $12078 | $14549 |
| **3/31/21** | $14353 | $12030 | $14710 |
| **4/30/21** | $14587 | $12062 | $14904 |
| **5/31/21** | $14627 | $12089 | $14996 |
| **6/30/21** | $14754 | $12148 | $15187 |
| **7/31/21** | $14793 | $12298 | $15249 |
| **8/31/21** | $14872 | $12274 | $15288 |
| **9/30/21** | $14872 | $12158 | $15272 |
| **10/31/21** | $14780 | $12126 | $15257 |
| **11/30/21** | $14583 | $12213 | $15053 |
| **12/31/21** | $14755 | $12163 | $15290 |
| **1/31/22** | $14443 | $11972 | $14933 |
| **2/28/22** | $14051 | $11813 | $14442 |
| **3/31/22** | $13842 | $11558 | $14338 |
| **4/30/22** | $13364 | $11248 | $13773 |
| **5/31/22** | $13228 | $11232 | $13809 |
| **6/30/22** | $12434 | $11062 | $13176 |
| **7/31/22** | $13095 | $11343 | $13870 |
| **8/31/22** | $12778 | $11047 | $13526 |
| **9/30/22** | $12046 | $10693 | $12936 |
| **10/31/22** | $12171 | $10656 | $12856 |
| **11/30/22** | $12588 | $10928 | $13354 |
| **12/31/22** | $12712 | $10799 | $13273 |
| **1/31/23** | $13469 | $11047 | $14272 |
| **2/28/23** | $13251 | $10871 | $14035 |
| **3/31/23** | $12024 | $11112 | $13113 |
| **4/30/23** | $12185 | $11169 | $13310 |
| **5/31/23** | $12156 | $11125 | $13232 |
| **6/30/23** | $12234 | $11119 | $13394 |
| **7/31/23** | $12531 | $11122 | $13692 |
| **8/31/23** | $12427 | $11108 | $13601 |
| **9/30/23** | $12366 | $10917 | $13489 |
| **10/31/23** | $12171 | $10839 | $13191 |
| **11/30/23** | $12786 | $11212 | $13965 |
| **12/31/23** | $13276 | $11570 | $14432 |
| **1/31/24** | $13428 | $11548 | $14760 |
| **2/29/24** | $13503 | $11468 | $14861 |
| **3/31/24** | $13757 | $11572 | $15054 |
| **4/30/24** | $13573 | $11385 | $14823 |
| **5/31/24** | $13833 | $11486 | $15113 |
| **6/30/24** | $13942 | $11586 | $15194 |
| **7/31/24** | $14143 | $11810 | $15376 |
| **8/31/24** | $14360 | $11939 | $15725 |
| **9/30/24** | $14602 | $12078 | $16056 |
| **10/31/24** | $14508 | $11914 | $15979 |
| **11/30/24** | $14586 | $12056 | $16072 |
| **12/31/24** | $14546 | $11963 | $15955 |
| **1/31/25** | $14641 | $12009 | $16094 |
| **2/28/25** | $14831 | $12154 | $16265 |
| **3/31/25** | $14723 | $12103 | $16082 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/13/15** |
| Class C (excluding sales charge) | 7.02% | 4.87% | 3.96% |
| Class C (including sales charge) | 6.02% | 4.87% | 3.96% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.93% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.83% | 6.10% | 4.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $768695 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $3858 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 58.8% |
| Preferred Securities | 37.1% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PFCJX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8286TSRAR_033125

# I-3: PFNNX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $122 | 1.17% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within U.S. preferreds, particularly overweight exposure to a large investment bank, contributed to performance, as net interest income remained strong. 

* Security selection within U.S. insurance capital, particularly underweight exposure to a leading annuities provider, contributed to performance, as limited diversification dampened performance. 

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to an automobile manufacturer, contributed to performance, as it faced inventory and pricing pressures.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a telecommunications services provider, detracted from performance, as bandwidth demand and growth remained strong.

* U.K. duration positioning detracted from performance, as the curve steepened. 

* Underweight exposure to U.S. duration detracted from performance, as rates fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i9c9959f1485e3b6f79e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **4/13/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $996926 | $993031 | $997409 |
| **5/31/15** | $996799 | $988915 | $998395 |
| **6/30/15** | $986679 | $976691 | $988342 |
| **7/31/15** | $997549 | $986365 | $1001270 |
| **8/31/15** | $990426 | $983698 | $996903 |
| **9/30/15** | $978602 | $989533 | $990364 |
| **10/31/15** | $1001608 | $992742 | $1012290 |
| **11/30/15** | $1005507 | $993199 | $1017514 |
| **12/31/15** | $1004035 | $990511 | $1018277 |
| **1/31/16** | $988572 | $1005001 | $1008888 |
| **2/29/16** | $950634 | $1014661 | $986693 |
| **3/31/16** | $980412 | $1023014 | $1014725 |
| **4/30/16** | $1000023 | $1024751 | $1028028 |
| **5/31/16** | $1011319 | $1029083 | $1042390 |
| **6/30/16** | $1007825 | $1048672 | $1043620 |
| **7/31/16** | $1043463 | $1054938 | $1069919 |
| **8/31/16** | $1067522 | $1054400 | $1083646 |
| **9/30/16** | $1063075 | $1054274 | $1077350 |
| **10/31/16** | $1077896 | $1044052 | $1083491 |
| **11/30/16** | $1062809 | $1026808 | $1056155 |
| **12/31/16** | $1083991 | $1029622 | $1068998 |
| **1/31/17** | $1102335 | $1025872 | $1091275 |
| **2/28/17** | $1120688 | $1034653 | $1112588 |
| **3/31/17** | $1127909 | $1034176 | $1119319 |
| **4/30/17** | $1146531 | $1041190 | $1138482 |
| **5/31/17** | $1162936 | $1047267 | $1150834 |
| **6/30/17** | $1168706 | $1044336 | $1161019 |
| **7/31/17** | $1189845 | $1047769 | $1174556 |
| **8/31/17** | $1195296 | $1057317 | $1177739 |
| **9/30/17** | $1204124 | $1052436 | $1182980 |
| **10/31/17** | $1223336 | $1056875 | $1195236 |
| **11/30/17** | $1220908 | $1058512 | $1195583 |
| **12/31/17** | $1226053 | $1060879 | $1198201 |
| **1/31/18** | $1238716 | $1053305 | $1191995 |
| **2/28/18** | $1226921 | $1050930 | $1191613 |
| **3/31/18** | $1219510 | $1059644 | $1188097 |
| **4/30/18** | $1221740 | $1055701 | $1185531 |
| **5/31/18** | $1205166 | $1059645 | $1181026 |
| **6/30/18** | $1205822 | $1061620 | $1184026 |
| **7/31/18** | $1223855 | $1061911 | $1196731 |
| **8/31/18** | $1226260 | $1065175 | $1203025 |
| **9/30/18** | $1229961 | $1061100 | $1199825 |
| **10/31/18** | $1210438 | $1059027 | $1184396 |
| **11/30/18** | $1184814 | $1064208 | $1161549 |
| **12/31/18** | $1172851 | $1079580 | $1150885 |
| **1/31/19** | $1222443 | $1091015 | $1207728 |
| **2/28/19** | $1242279 | $1092326 | $1227474 |
| **3/31/19** | $1252157 | $1111890 | $1239025 |
| **4/30/19** | $1283618 | $1112552 | $1259544 |
| **5/31/19** | $1273551 | $1128561 | $1257805 |
| **6/30/19** | $1309083 | $1144386 | $1284810 |
| **7/31/19** | $1326963 | $1153391 | $1303530 |
| **8/31/19** | $1339734 | $1179548 | $1312798 |
| **9/30/19** | $1354563 | $1174082 | $1324679 |
| **10/31/19** | $1377895 | $1172055 | $1340217 |
| **11/30/19** | $1393450 | $1170680 | $1345069 |
| **12/31/19** | $1409982 | $1168280 | $1363106 |
| **1/31/20** | $1431086 | $1189363 | $1381794 |
| **2/29/20** | $1406025 | $1203920 | $1350387 |
| **3/31/20** | $1215759 | $1185183 | $1196023 |
| **4/30/20** | $1292488 | $1204370 | $1287747 |
| **5/31/20** | $1324238 | $1207783 | $1314995 |
| **6/30/20** | $1346626 | $1213811 | $1321045 |
| **7/31/20** | $1386585 | $1227075 | $1369844 |
| **8/31/20** | $1421217 | $1218183 | $1398692 |
| **9/30/20** | $1409229 | $1222633 | $1389307 |
| **10/31/20** | $1414557 | $1222722 | $1397602 |
| **11/30/20** | $1486483 | $1229699 | $1447426 |
| **12/31/20** | $1503789 | $1233477 | $1469166 |
| **1/31/21** | $1501070 | $1226861 | $1461468 |
| **2/28/21** | $1509228 | $1207777 | $1454862 |
| **3/31/21** | $1517458 | $1203018 | $1471026 |
| **4/30/21** | $1543526 | $1206163 | $1490384 |
| **5/31/21** | $1549014 | $1208855 | $1499565 |
| **6/30/21** | $1563395 | $1214751 | $1518669 |
| **7/31/21** | $1570307 | $1229849 | $1524911 |
| **8/31/21** | $1578601 | $1227385 | $1528769 |
| **9/30/21** | $1579605 | $1215797 | $1527210 |
| **10/31/21** | $1571255 | $1212617 | $1525668 |
| **11/30/21** | $1550379 | $1221267 | $1505330 |
| **12/31/21** | $1570814 | $1216314 | $1528964 |
| **1/31/22** | $1539197 | $1197204 | $1493309 |
| **2/28/22** | $1497519 | $1181280 | $1444179 |
| **3/31/22** | $1477314 | $1155816 | $1433839 |
| **4/30/22** | $1428022 | $1124751 | $1377302 |
| **5/31/22** | $1414974 | $1123204 | $1380938 |
| **6/30/22** | $1329840 | $1106158 | $1317553 |
| **7/31/22** | $1403150 | $1134333 | $1387014 |
| **8/31/22** | $1369427 | $1104720 | $1352561 |
| **9/30/22** | $1291706 | $1069256 | $1293616 |
| **10/31/22** | $1306553 | $1065596 | $1285596 |
| **11/30/22** | $1351095 | $1092751 | $1335400 |
| **12/31/22** | $1367100 | $1079854 | $1327294 |
| **1/31/23** | $1448067 | $1104726 | $1427239 |
| **2/28/23** | $1427825 | $1087106 | $1403505 |
| **3/31/23** | $1295981 | $1111211 | $1311280 |
| **4/30/23** | $1313324 | $1116932 | $1331002 |
| **5/31/23** | $1311748 | $1112535 | $1323189 |
| **6/30/23** | $1320692 | $1111871 | $1339424 |
| **7/31/23** | $1354188 | $1112231 | $1369199 |
| **8/31/23** | $1344617 | $1110834 | $1360094 |
| **9/30/23** | $1339656 | $1091677 | $1348928 |
| **10/31/23** | $1318648 | $1083926 | $1319063 |
| **11/30/23** | $1386520 | $1121195 | $1396545 |
| **12/31/23** | $1440324 | $1157026 | $1443231 |
| **1/31/24** | $1459964 | $1154759 | $1476035 |
| **2/29/24** | $1468148 | $1146835 | $1486088 |
| **3/31/24** | $1495494 | $1157177 | $1505407 |
| **4/30/24** | $1478915 | $1138545 | $1482268 |
| **5/31/24** | $1508758 | $1148620 | $1511262 |
| **6/30/24** | $1520229 | $1158586 | $1519407 |
| **7/31/24** | $1543746 | $1180969 | $1537580 |
| **8/31/24** | $1567263 | $1193904 | $1572452 |
| **9/30/24** | $1595818 | $1207758 | $1605615 |
| **10/31/24** | $1587311 | $1191414 | $1597908 |
| **11/30/24** | $1597519 | $1205566 | $1607208 |
| **12/31/24** | $1593984 | $1196314 | $1595459 |
| **1/31/25** | $1606060 | $1200949 | $1609419 |
| **2/28/25** | $1626761 | $1215410 | $1626480 |
| **3/31/25** | $1617822 | $1210339 | $1608230 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/13/15** |
| I-3 | 8.18% | 5.88% | 4.95% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.93% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.83% | 6.10% | 4.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $768695 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $3858 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 58.8% |
| Preferred Securities | 37.1% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PFNNX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2192TSRAR_033125

# Institutional Class: PFINX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $106 | 1.02% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within U.S. preferreds, particularly overweight exposure to a large investment bank, contributed to performance, as net interest income remained strong. 

* Security selection within U.S. insurance capital, particularly underweight exposure to a leading annuities provider, contributed to performance, as limited diversification dampened performance. 

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to an automobile manufacturer, contributed to performance, as it faced inventory and pricing pressures.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a telecommunications services provider, detracted from performance, as bandwidth demand and growth remained strong.

* U.K. duration positioning detracted from performance, as the curve steepened. 

* Underweight exposure to U.S. duration detracted from performance, as rates fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i4175d3fce4c29df10955.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **4/13/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $997000 | $993031 | $997409 |
| **5/31/15** | $997000 | $988915 | $998395 |
| **6/30/15** | $987000 | $976691 | $988342 |
| **7/31/15** | $998000 | $986365 | $1001270 |
| **8/31/15** | $991000 | $983698 | $996903 |
| **9/30/15** | $979291 | $989533 | $990364 |
| **10/31/15** | $1002440 | $992742 | $1012290 |
| **11/30/15** | $1006466 | $993199 | $1017514 |
| **12/31/15** | $1005120 | $990511 | $1018277 |
| **1/31/16** | $989767 | $1005001 | $1008888 |
| **2/29/16** | $951896 | $1014661 | $986693 |
| **3/31/16** | $981838 | $1023014 | $1014725 |
| **4/30/16** | $1001600 | $1024751 | $1028028 |
| **5/31/16** | $1013040 | $1029083 | $1042390 |
| **6/30/16** | $1009665 | $1048672 | $1043620 |
| **7/31/16** | $1045498 | $1054938 | $1069919 |
| **8/31/16** | $1069739 | $1054400 | $1083646 |
| **9/30/16** | $1065413 | $1054274 | $1077350 |
| **10/31/16** | $1080404 | $1044052 | $1083491 |
| **11/30/16** | $1065413 | $1026808 | $1056155 |
| **12/31/16** | $1086784 | $1029622 | $1068998 |
| **1/31/17** | $1105315 | $1025872 | $1091275 |
| **2/28/17** | $1123845 | $1034653 | $1112588 |
| **3/31/17** | $1131230 | $1034176 | $1119319 |
| **4/30/17** | $1150047 | $1041190 | $1138482 |
| **5/31/17** | $1166650 | $1047267 | $1150834 |
| **6/30/17** | $1172582 | $1044336 | $1161019 |
| **7/31/17** | $1193943 | $1047769 | $1174556 |
| **8/31/17** | $1199564 | $1057317 | $1177739 |
| **9/30/17** | $1208573 | $1052436 | $1182980 |
| **10/31/17** | $1228010 | $1056875 | $1195236 |
| **11/30/17** | $1225724 | $1058512 | $1195583 |
| **12/31/17** | $1231046 | $1060879 | $1198201 |
| **1/31/18** | $1243918 | $1053305 | $1191995 |
| **2/28/18** | $1232216 | $1050930 | $1191613 |
| **3/31/18** | $1224929 | $1059644 | $1188097 |
| **4/30/18** | $1227305 | $1055701 | $1185531 |
| **5/31/18** | $1209484 | $1059645 | $1181026 |
| **6/30/18** | $1210848 | $1061620 | $1184026 |
| **7/31/18** | $1228939 | $1061911 | $1196731 |
| **8/31/18** | $1231351 | $1065175 | $1203025 |
| **9/30/18** | $1235106 | $1061100 | $1199825 |
| **10/31/18** | $1216745 | $1059027 | $1184396 |
| **11/30/18** | $1191039 | $1064208 | $1161549 |
| **12/31/18** | $1179703 | $1079580 | $1150885 |
| **1/31/19** | $1229427 | $1091015 | $1207728 |
| **2/28/19** | $1249317 | $1092326 | $1227474 |
| **3/31/19** | $1259592 | $1111890 | $1239025 |
| **4/30/19** | $1291145 | $1112552 | $1259544 |
| **5/31/19** | $1281048 | $1128561 | $1257805 |
| **6/30/19** | $1316950 | $1144386 | $1284810 |
| **7/31/19** | $1334886 | $1153391 | $1303530 |
| **8/31/19** | $1347696 | $1179548 | $1312798 |
| **9/30/19** | $1364307 | $1174082 | $1324679 |
| **10/31/19** | $1386416 | $1172055 | $1340217 |
| **11/30/19** | $1402023 | $1170680 | $1345069 |
| **12/31/19** | $1420566 | $1168280 | $1363106 |
| **1/31/20** | $1441749 | $1189363 | $1381794 |
| **2/29/20** | $1415271 | $1203920 | $1350387 |
| **3/31/20** | $1225814 | $1185183 | $1196023 |
| **4/30/20** | $1302843 | $1204370 | $1287747 |
| **5/31/20** | $1334717 | $1207783 | $1314995 |
| **6/30/20** | $1357413 | $1213811 | $1321045 |
| **7/31/20** | $1397534 | $1227075 | $1369844 |
| **8/31/20** | $1432305 | $1218183 | $1398692 |
| **9/30/20** | $1420269 | $1222633 | $1389307 |
| **10/31/20** | $1426956 | $1222722 | $1397602 |
| **11/30/20** | $1499173 | $1229699 | $1447426 |
| **12/31/20** | $1516415 | $1233477 | $1469166 |
| **1/31/21** | $1513683 | $1226861 | $1461468 |
| **2/28/21** | $1523246 | $1207777 | $1454862 |
| **3/31/21** | $1530604 | $1203018 | $1471026 |
| **4/30/21** | $1556803 | $1206163 | $1490384 |
| **5/31/21** | $1563698 | $1208855 | $1499565 |
| **6/30/21** | $1578598 | $1214751 | $1518669 |
| **7/31/21** | $1584156 | $1229849 | $1524911 |
| **8/31/21** | $1593884 | $1227385 | $1528769 |
| **9/30/21** | $1594071 | $1215797 | $1527210 |
| **10/31/21** | $1587073 | $1212617 | $1525668 |
| **11/30/21** | $1566080 | $1221267 | $1505330 |
| **12/31/21** | $1586189 | $1216314 | $1528964 |
| **1/31/22** | $1554379 | $1197204 | $1493309 |
| **2/28/22** | $1513893 | $1181280 | $1444179 |
| **3/31/22** | $1493917 | $1155816 | $1433839 |
| **4/30/22** | $1442855 | $1124751 | $1377302 |
| **5/31/22** | $1429725 | $1123204 | $1380938 |
| **6/30/22** | $1344484 | $1106158 | $1317553 |
| **7/31/22** | $1418276 | $1134333 | $1387014 |
| **8/31/22** | $1384332 | $1104720 | $1352561 |
| **9/30/22** | $1306422 | $1069256 | $1293616 |
| **10/31/22** | $1321370 | $1065596 | $1285596 |
| **11/30/22** | $1367707 | $1092751 | $1335400 |
| **12/31/22** | $1382862 | $1079854 | $1327294 |
| **1/31/23** | $1465959 | $1104726 | $1427239 |
| **2/28/23** | $1444009 | $1087106 | $1403505 |
| **3/31/23** | $1311311 | $1111211 | $1311280 |
| **4/30/23** | $1330362 | $1116932 | $1331002 |
| **5/31/23** | $1328774 | $1112535 | $1323189 |
| **6/30/23** | $1336737 | $1111871 | $1339424 |
| **7/31/23** | $1370477 | $1112231 | $1369199 |
| **8/31/23** | $1362444 | $1110834 | $1360094 |
| **9/30/23** | $1356220 | $1091677 | $1348928 |
| **10/31/23** | $1336682 | $1083926 | $1319063 |
| **11/30/23** | $1405063 | $1121195 | $1396545 |
| **12/31/23** | $1459685 | $1157026 | $1443231 |
| **1/31/24** | $1477828 | $1154759 | $1476035 |
| **2/29/24** | $1487724 | $1146835 | $1486088 |
| **3/31/24** | $1515651 | $1157177 | $1505407 |
| **4/30/24** | $1498941 | $1138545 | $1482268 |
| **5/31/24** | $1529020 | $1148620 | $1511262 |
| **6/30/24** | $1540956 | $1158586 | $1519407 |
| **7/31/24** | $1564663 | $1180969 | $1537580 |
| **8/31/24** | $1590063 | $1193904 | $1572452 |
| **9/30/24** | $1619347 | $1207758 | $1605615 |
| **10/31/24** | $1610770 | $1191414 | $1597908 |
| **11/30/24** | $1621062 | $1205566 | $1607208 |
| **12/31/24** | $1617954 | $1196314 | $1595459 |
| **1/31/25** | $1630132 | $1200949 | $1609419 |
| **2/28/25** | $1651009 | $1215410 | $1626480 |
| **3/31/25** | $1640720 | $1210339 | $1608230 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/13/15** |
| Institutional Class | 8.25% | 6.00% | 5.09% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.93% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.83% | 6.10% | 4.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $768695 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $3858 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 58.8% |
| Preferred Securities | 37.1% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PFINX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2139TSRAR_033125

# I-2: PFPNX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $117 | 1.12% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within U.S. preferreds, particularly overweight exposure to a large investment bank, contributed to performance, as net interest income remained strong. 

* Security selection within U.S. insurance capital, particularly underweight exposure to a leading annuities provider, contributed to performance, as limited diversification dampened performance. 

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to an automobile manufacturer, contributed to performance, as it faced inventory and pricing pressures.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a telecommunications services provider, detracted from performance, as bandwidth demand and growth remained strong.

* U.K. duration positioning detracted from performance, as the curve steepened. 

* Underweight exposure to U.S. duration detracted from performance, as rates fell.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021ib8239ab97edefbb6b5ee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **4/13/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $997000 | $993031 | $997409 |
| **5/31/15** | $998000 | $988915 | $998395 |
| **6/30/15** | $987000 | $976691 | $988342 |
| **7/31/15** | $998000 | $986365 | $1001270 |
| **8/31/15** | $991000 | $983698 | $996903 |
| **9/30/15** | $978406 | $989533 | $990364 |
| **10/31/15** | $1002564 | $992742 | $1012290 |
| **11/30/15** | $1005584 | $993199 | $1017514 |
| **12/31/15** | $1004880 | $990511 | $1018277 |
| **1/31/16** | $989530 | $1005001 | $1008888 |
| **2/29/16** | $951668 | $1014661 | $986693 |
| **3/31/16** | $982335 | $1023014 | $1014725 |
| **4/30/16** | $1001046 | $1024751 | $1028028 |
| **5/31/16** | $1012481 | $1029083 | $1042390 |
| **6/30/16** | $1008939 | $1048672 | $1043620 |
| **7/31/16** | $1044747 | $1054938 | $1069919 |
| **8/31/16** | $1068970 | $1054400 | $1083646 |
| **9/30/16** | $1065324 | $1054274 | $1077350 |
| **10/31/16** | $1079229 | $1044052 | $1083491 |
| **11/30/16** | $1064254 | $1026808 | $1056155 |
| **12/31/16** | $1085328 | $1029622 | $1068998 |
| **1/31/17** | $1103835 | $1025872 | $1091275 |
| **2/28/17** | $1122341 | $1034653 | $1112588 |
| **3/31/17** | $1128946 | $1034176 | $1119319 |
| **4/30/17** | $1148849 | $1041190 | $1138482 |
| **5/31/17** | $1165435 | $1047267 | $1150834 |
| **6/30/17** | $1171245 | $1044336 | $1161019 |
| **7/31/17** | $1192581 | $1047769 | $1174556 |
| **8/31/17** | $1198196 | $1057317 | $1177739 |
| **9/30/17** | $1207300 | $1052436 | $1182980 |
| **10/31/17** | $1225575 | $1056875 | $1195236 |
| **11/30/17** | $1223291 | $1058512 | $1195583 |
| **12/31/17** | $1228489 | $1060879 | $1198201 |
| **1/31/18** | $1241347 | $1053305 | $1191995 |
| **2/28/18** | $1230827 | $1050930 | $1191613 |
| **3/31/18** | $1222342 | $1059644 | $1188097 |
| **4/30/18** | $1224716 | $1055701 | $1185531 |
| **5/31/18** | $1206915 | $1059645 | $1181026 |
| **6/30/18** | $1208384 | $1061620 | $1184026 |
| **7/31/18** | $1226456 | $1061911 | $1196731 |
| **8/31/18** | $1228866 | $1065175 | $1203025 |
| **9/30/18** | $1232358 | $1061100 | $1199825 |
| **10/31/18** | $1212796 | $1059027 | $1184396 |
| **11/30/18** | $1188345 | $1064208 | $1161549 |
| **12/31/18** | $1176613 | $1079580 | $1150885 |
| **1/31/19** | $1225018 | $1091015 | $1207728 |
| **2/28/19** | $1246118 | $1092326 | $1227474 |
| **3/31/19** | $1256133 | $1111890 | $1239025 |
| **4/30/19** | $1286371 | $1112552 | $1259544 |
| **5/31/19** | $1276292 | $1128561 | $1257805 |
| **6/30/19** | $1311972 | $1144386 | $1284810 |
| **7/31/19** | $1329874 | $1153391 | $1303530 |
| **8/31/19** | $1342662 | $1179548 | $1312798 |
| **9/30/19** | $1358872 | $1174082 | $1324679 |
| **10/31/19** | $1380936 | $1172055 | $1340217 |
| **11/30/19** | $1396510 | $1170680 | $1345069 |
| **12/31/19** | $1414554 | $1168280 | $1363106 |
| **1/31/20** | $1435687 | $1189363 | $1381794 |
| **2/29/20** | $1409271 | $1203920 | $1350387 |
| **3/31/20** | $1220122 | $1185183 | $1196023 |
| **4/30/20** | $1296960 | $1204370 | $1287747 |
| **5/31/20** | $1328754 | $1207783 | $1314995 |
| **6/30/20** | $1351142 | $1213811 | $1321045 |
| **7/31/20** | $1389822 | $1227075 | $1369844 |
| **8/31/20** | $1424501 | $1218183 | $1398692 |
| **9/30/20** | $1412497 | $1222633 | $1389307 |
| **10/31/20** | $1419166 | $1222722 | $1397602 |
| **11/30/20** | $1491191 | $1229699 | $1447426 |
| **12/31/20** | $1508928 | $1233477 | $1469166 |
| **1/31/21** | $1504842 | $1226861 | $1461468 |
| **2/28/21** | $1514375 | $1207777 | $1454862 |
| **3/31/21** | $1521483 | $1203018 | $1471026 |
| **4/30/21** | $1548971 | $1206163 | $1490384 |
| **5/31/21** | $1554469 | $1208855 | $1499565 |
| **6/30/21** | $1569079 | $1214751 | $1518669 |
| **7/31/21** | $1574619 | $1229849 | $1524911 |
| **8/31/21** | $1584313 | $1227385 | $1528769 |
| **9/30/21** | $1585404 | $1215797 | $1527210 |
| **10/31/21** | $1577037 | $1212617 | $1525668 |
| **11/30/21** | $1557516 | $1221267 | $1505330 |
| **12/31/21** | $1577211 | $1216314 | $1528964 |
| **1/31/22** | $1545523 | $1197204 | $1493309 |
| **2/28/22** | $1503752 | $1181280 | $1444179 |
| **3/31/22** | $1483534 | $1155816 | $1433839 |
| **4/30/22** | $1432679 | $1124751 | $1377302 |
| **5/31/22** | $1419602 | $1123204 | $1380938 |
| **6/30/22** | $1335956 | $1106158 | $1317553 |
| **7/31/22** | $1407971 | $1134333 | $1387014 |
| **8/31/22** | $1375638 | $1104720 | $1352561 |
| **9/30/22** | $1296257 | $1069256 | $1293616 |
| **10/31/22** | $1312628 | $1065596 | $1285596 |
| **11/30/22** | $1357275 | $1092751 | $1335400 |
| **12/31/22** | $1373152 | $1079854 | $1327294 |
| **1/31/23** | $1454293 | $1104726 | $1427239 |
| **2/28/23** | $1434008 | $1087106 | $1403505 |
| **3/31/23** | $1301812 | $1111211 | $1311280 |
| **4/30/23** | $1319190 | $1116932 | $1331002 |
| **5/31/23** | $1317610 | $1112535 | $1323189 |
| **6/30/23** | $1326759 | $1111871 | $1339424 |
| **7/31/23** | $1360327 | $1112231 | $1369199 |
| **8/31/23** | $1350736 | $1110834 | $1360094 |
| **9/30/23** | $1344229 | $1091677 | $1348928 |
| **10/31/23** | $1324795 | $1083926 | $1319063 |
| **11/30/23** | $1392816 | $1121195 | $1396545 |
| **12/31/23** | $1448343 | $1157026 | $1443231 |
| **1/31/24** | $1466386 | $1154759 | $1476035 |
| **2/29/24** | $1474587 | $1146835 | $1486088 |
| **3/31/24** | $1503604 | $1157177 | $1505407 |
| **4/30/24** | $1485328 | $1138545 | $1482268 |
| **5/31/24** | $1515234 | $1148620 | $1511262 |
| **6/30/24** | $1528391 | $1158586 | $1519407 |
| **7/31/24** | $1550273 | $1180969 | $1537580 |
| **8/31/24** | $1575522 | $1193904 | $1572452 |
| **9/30/24** | $1604151 | $1207758 | $1605615 |
| **10/31/24** | $1595627 | $1191414 | $1597908 |
| **11/30/24** | $1605856 | $1205566 | $1607208 |
| **12/31/24** | $1602513 | $1196314 | $1595459 |
| **1/31/25** | $1614614 | $1200949 | $1609419 |
| **2/28/25** | $1635358 | $1215410 | $1626480 |
| **3/31/25** | $1624946 | $1210339 | $1608230 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 4/13/15** |
| I-2 | 8.07% | 5.90% | 4.99% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.93% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.83% | 6.10% | 4.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $768695 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $3858 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 58.8% |
| Preferred Securities | 37.1% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 3.0% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PFPNX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2138TSRAR_033125

# Class A: PTTAX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $90 | 0.87% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021ic41fbe4f8c87065649b7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9566 | $9964 |
| **5/31/15** | $9527 | $9940 |
| **6/30/15** | $9439 | $9832 |
| **7/31/15** | $9551 | $9900 |
| **8/31/15** | $9469 | $9886 |
| **9/30/15** | $9422 | $9953 |
| **10/31/15** | $9490 | $9954 |
| **11/30/15** | $9476 | $9928 |
| **12/31/15** | $9457 | $9896 |
| **1/31/16** | $9550 | $10032 |
| **2/29/16** | $9483 | $10103 |
| **3/31/16** | $9617 | $10196 |
| **4/30/16** | $9656 | $10235 |
| **5/31/16** | $9679 | $10238 |
| **6/30/16** | $9807 | $10422 |
| **7/31/16** | $9910 | $10488 |
| **8/31/16** | $9885 | $10476 |
| **9/30/16** | $9919 | $10470 |
| **10/31/16** | $9861 | $10389 |
| **11/30/16** | $9606 | $10144 |
| **12/31/16** | $9665 | $10158 |
| **1/31/17** | $9731 | $10178 |
| **2/28/17** | $9818 | $10246 |
| **3/31/17** | $9813 | $10241 |
| **4/30/17** | $9892 | $10320 |
| **5/31/17** | $9971 | $10399 |
| **6/30/17** | $9981 | $10389 |
| **7/31/17** | $10036 | $10434 |
| **8/31/17** | $10151 | $10527 |
| **9/30/17** | $10120 | $10477 |
| **10/31/17** | $10098 | $10483 |
| **11/30/17** | $10066 | $10470 |
| **12/31/17** | $10123 | $10518 |
| **1/31/18** | $10020 | $10397 |
| **2/28/18** | $9957 | $10298 |
| **3/31/18** | $9986 | $10364 |
| **4/30/18** | $9894 | $10287 |
| **5/31/18** | $9933 | $10360 |
| **6/30/18** | $9933 | $10348 |
| **7/31/18** | $9953 | $10350 |
| **8/31/18** | $9995 | $10417 |
| **9/30/18** | $9933 | $10350 |
| **10/31/18** | $9903 | $10268 |
| **11/30/18** | $9949 | $10329 |
| **12/31/18** | $10062 | $10519 |
| **1/31/19** | $10180 | $10631 |
| **2/28/19** | $10184 | $10625 |
| **3/31/19** | $10333 | $10829 |
| **4/30/19** | $10350 | $10831 |
| **5/31/19** | $10544 | $11024 |
| **6/30/19** | $10655 | $11162 |
| **7/31/19** | $10651 | $11187 |
| **8/31/19** | $10945 | $11476 |
| **9/30/19** | $10897 | $11415 |
| **10/31/19** | $10932 | $11450 |
| **11/30/19** | $10885 | $11444 |
| **12/31/19** | $10855 | $11436 |
| **1/31/20** | $11121 | $11656 |
| **2/29/20** | $11280 | $11866 |
| **3/31/20** | $11084 | $11796 |
| **4/30/20** | $11284 | $12006 |
| **5/31/20** | $11389 | $12062 |
| **6/30/20** | $11505 | $12137 |
| **7/31/20** | $11673 | $12319 |
| **8/31/20** | $11659 | $12219 |
| **9/30/20** | $11666 | $12213 |
| **10/31/20** | $11612 | $12158 |
| **11/30/20** | $11747 | $12277 |
| **12/31/20** | $11779 | $12294 |
| **1/31/21** | $11717 | $12206 |
| **2/28/21** | $11556 | $12030 |
| **3/31/21** | $11406 | $11880 |
| **4/30/21** | $11513 | $11974 |
| **5/31/21** | $11551 | $12013 |
| **6/30/21** | $11634 | $12097 |
| **7/31/21** | $11753 | $12232 |
| **8/31/21** | $11733 | $12209 |
| **9/30/21** | $11659 | $12103 |
| **10/31/21** | $11621 | $12100 |
| **11/30/21** | $11651 | $12136 |
| **12/31/21** | $11640 | $12105 |
| **1/31/22** | $11409 | $11844 |
| **2/28/22** | $11301 | $11712 |
| **3/31/22** | $10910 | $11386 |
| **4/30/22** | $10474 | $10954 |
| **5/31/22** | $10527 | $11025 |
| **6/30/22** | $10306 | $10852 |
| **7/31/22** | $10532 | $11117 |
| **8/31/22** | $10246 | $10803 |
| **9/30/22** | $9801 | $10336 |
| **10/31/22** | $9639 | $10202 |
| **11/30/22** | $9999 | $10578 |
| **12/31/22** | $9966 | $10530 |
| **1/31/23** | $10305 | $10854 |
| **2/28/23** | $10051 | $10573 |
| **3/31/23** | $10248 | $10842 |
| **4/30/23** | $10316 | $10908 |
| **5/31/23** | $10214 | $10789 |
| **6/30/23** | $10174 | $10750 |
| **7/31/23** | $10202 | $10743 |
| **8/31/23** | $10138 | $10674 |
| **9/30/23** | $9882 | $10403 |
| **10/31/23** | $9697 | $10239 |
| **11/30/23** | $10151 | $10702 |
| **12/31/23** | $10558 | $11112 |
| **1/31/24** | $10576 | $11082 |
| **2/29/24** | $10438 | $10925 |
| **3/31/24** | $10548 | $11026 |
| **4/30/24** | $10278 | $10747 |
| **5/31/24** | $10493 | $10930 |
| **6/30/24** | $10579 | $11033 |
| **7/31/24** | $10854 | $11291 |
| **8/31/24** | $10970 | $11453 |
| **9/30/24** | $11130 | $11606 |
| **10/31/24** | $10831 | $11319 |
| **11/30/24** | $10984 | $11438 |
| **12/31/24** | $10796 | $11251 |
| **1/31/25** | $10885 | $11311 |
| **2/28/25** | $11162 | $11560 |
| **3/31/25** | $11166 | $11564 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.86% | 0.15% | 1.50% |
| Class A (including sales charge) | 1.89% | (0.62%) | 1.11% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class A: PTTAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4005TSRAR_033125

# Administrative Class: PTRAX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $80 | 0.78% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i1a068d7cd28360f3985f.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $993970 | $996412 |
| **5/31/15** | $989992 | $994012 |
| **6/30/15** | $980986 | $983174 |
| **7/31/15** | $992711 | $990008 |
| **8/31/15** | $984344 | $988586 |
| **9/30/15** | $979521 | $995273 |
| **10/31/15** | $986758 | $995439 |
| **11/30/15** | $985365 | $992809 |
| **12/31/15** | $983584 | $989601 |
| **1/31/16** | $993306 | $1003219 |
| **2/29/16** | $986518 | $1010335 |
| **3/31/16** | $1000595 | $1019605 |
| **4/30/16** | $1004752 | $1023519 |
| **5/31/16** | $1007252 | $1023781 |
| **6/30/16** | $1020696 | $1042177 |
| **7/31/16** | $1031484 | $1048765 |
| **8/31/16** | $1029024 | $1047566 |
| **9/30/16** | $1032641 | $1046952 |
| **10/31/16** | $1026750 | $1038944 |
| **11/30/16** | $1000296 | $1014369 |
| **12/31/16** | $1006642 | $1015800 |
| **1/31/17** | $1013563 | $1017793 |
| **2/28/17** | $1022720 | $1024634 |
| **3/31/17** | $1022393 | $1024097 |
| **4/30/17** | $1030742 | $1032000 |
| **5/31/17** | $1039039 | $1039943 |
| **6/30/17** | $1040186 | $1038896 |
| **7/31/17** | $1046069 | $1043367 |
| **8/31/17** | $1058209 | $1052726 |
| **9/30/17** | $1055124 | $1047712 |
| **10/31/17** | $1052877 | $1048319 |
| **11/30/17** | $1049657 | $1046973 |
| **12/31/17** | $1055619 | $1051778 |
| **1/31/18** | $1045003 | $1039665 |
| **2/28/18** | $1038462 | $1029809 |
| **3/31/18** | $1041530 | $1036414 |
| **4/30/18** | $1032061 | $1028705 |
| **5/31/18** | $1036204 | $1036047 |
| **6/30/18** | $1036325 | $1034773 |
| **7/31/18** | $1038423 | $1035019 |
| **8/31/18** | $1042931 | $1041679 |
| **9/30/18** | $1036532 | $1034971 |
| **10/31/18** | $1033502 | $1026792 |
| **11/30/18** | $1038365 | $1032921 |
| **12/31/18** | $1050236 | $1051898 |
| **1/31/19** | $1062583 | $1063068 |
| **2/28/19** | $1063120 | $1062452 |
| **3/31/19** | $1078761 | $1082853 |
| **4/30/19** | $1080584 | $1083130 |
| **5/31/19** | $1100903 | $1102358 |
| **6/30/19** | $1112592 | $1116201 |
| **7/31/19** | $1112264 | $1118657 |
| **8/31/19** | $1143073 | $1147643 |
| **9/30/19** | $1138110 | $1141531 |
| **10/31/19** | $1141872 | $1144969 |
| **11/30/19** | $1137054 | $1144386 |
| **12/31/19** | $1134026 | $1143588 |
| **1/31/20** | $1161888 | $1165596 |
| **2/29/20** | $1178573 | $1186575 |
| **3/31/20** | $1158170 | $1179592 |
| **4/30/20** | $1179173 | $1200561 |
| **5/31/20** | $1190232 | $1206151 |
| **6/30/20** | $1202385 | $1213749 |
| **7/31/20** | $1220118 | $1231878 |
| **8/31/20** | $1218688 | $1221935 |
| **9/30/20** | $1219541 | $1221265 |
| **10/31/20** | $1213985 | $1215812 |
| **11/30/20** | $1228169 | $1227742 |
| **12/31/20** | $1231630 | $1229433 |
| **1/31/21** | $1225264 | $1220618 |
| **2/28/21** | $1208481 | $1202992 |
| **3/31/21** | $1192839 | $1187971 |
| **4/30/21** | $1204208 | $1197356 |
| **5/31/21** | $1208236 | $1201268 |
| **6/30/21** | $1217030 | $1209708 |
| **7/31/21** | $1229491 | $1223233 |
| **8/31/21** | $1227566 | $1220905 |
| **9/30/21** | $1219930 | $1210334 |
| **10/31/21** | $1216039 | $1210000 |
| **11/30/21** | $1219192 | $1213580 |
| **12/31/21** | $1218195 | $1210475 |
| **1/31/22** | $1194074 | $1184396 |
| **2/28/22** | $1182906 | $1171183 |
| **3/31/22** | $1142075 | $1138645 |
| **4/30/22** | $1096513 | $1095436 |
| **5/31/22** | $1102071 | $1102499 |
| **6/30/22** | $1079061 | $1085203 |
| **7/31/22** | $1102789 | $1111719 |
| **8/31/22** | $1072885 | $1080306 |
| **9/30/22** | $1026398 | $1033630 |
| **10/31/22** | $1009543 | $1020242 |
| **11/30/22** | $1047327 | $1057762 |
| **12/31/22** | $1043891 | $1052991 |
| **1/31/23** | $1079550 | $1085385 |
| **2/28/23** | $1052986 | $1057322 |
| **3/31/23** | $1073666 | $1084180 |
| **4/30/23** | $1080932 | $1090751 |
| **5/31/23** | $1070326 | $1078874 |
| **6/30/23** | $1066229 | $1075027 |
| **7/31/23** | $1069294 | $1074277 |
| **8/31/23** | $1062665 | $1067415 |
| **9/30/23** | $1035866 | $1040290 |
| **10/31/23** | $1016502 | $1023873 |
| **11/30/23** | $1064177 | $1070241 |
| **12/31/23** | $1106975 | $1111209 |
| **1/31/24** | $1108919 | $1108157 |
| **2/29/24** | $1094542 | $1092501 |
| **3/31/24** | $1106120 | $1102589 |
| **4/30/24** | $1077915 | $1074739 |
| **5/31/24** | $1100608 | $1092959 |
| **6/30/24** | $1109661 | $1103307 |
| **7/31/24** | $1138588 | $1129077 |
| **8/31/24** | $1150828 | $1145301 |
| **9/30/24** | $1167736 | $1160636 |
| **10/31/24** | $1136462 | $1131854 |
| **11/30/24** | $1152556 | $1143821 |
| **12/31/24** | $1132993 | $1125101 |
| **1/31/25** | $1142336 | $1131070 |
| **2/28/25** | $1171577 | $1155956 |
| **3/31/25** | $1172015 | $1156391 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.96% | 0.24% | 1.60% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Administrative Class: PTRAX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0435TSRAR_033125

# Class C: PTTCX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $166 | 1.62% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i706126e273ffa589c48c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $9932 | $9964 |
| **5/31/15** | $9885 | $9940 |
| **6/30/15** | $9788 | $9832 |
| **7/31/15** | $9898 | $9900 |
| **8/31/15** | $9807 | $9886 |
| **9/30/15** | $9752 | $9953 |
| **10/31/15** | $9816 | $9954 |
| **11/30/15** | $9796 | $9928 |
| **12/31/15** | $9770 | $9896 |
| **1/31/16** | $9860 | $10032 |
| **2/29/16** | $9786 | $10103 |
| **3/31/16** | $9918 | $10196 |
| **4/30/16** | $9952 | $10235 |
| **5/31/16** | $9969 | $10238 |
| **6/30/16** | $10095 | $10422 |
| **7/31/16** | $10194 | $10488 |
| **8/31/16** | $10162 | $10476 |
| **9/30/16** | $10190 | $10470 |
| **10/31/16** | $10124 | $10389 |
| **11/30/16** | $9856 | $10144 |
| **12/31/16** | $9911 | $10158 |
| **1/31/17** | $9972 | $10178 |
| **2/28/17** | $10055 | $10246 |
| **3/31/17** | $10044 | $10241 |
| **4/30/17** | $10119 | $10320 |
| **5/31/17** | $10193 | $10399 |
| **6/30/17** | $10196 | $10389 |
| **7/31/17** | $10247 | $10434 |
| **8/31/17** | $10358 | $10527 |
| **9/30/17** | $10320 | $10477 |
| **10/31/17** | $10290 | $10483 |
| **11/30/17** | $10251 | $10470 |
| **12/31/17** | $10301 | $10518 |
| **1/31/18** | $10190 | $10397 |
| **2/28/18** | $10120 | $10298 |
| **3/31/18** | $10142 | $10364 |
| **4/30/18** | $10042 | $10287 |
| **5/31/18** | $10075 | $10360 |
| **6/30/18** | $10069 | $10348 |
| **7/31/18** | $10082 | $10350 |
| **8/31/18** | $10117 | $10417 |
| **9/30/18** | $10048 | $10350 |
| **10/31/18** | $10012 | $10268 |
| **11/30/18** | $10052 | $10329 |
| **12/31/18** | $10160 | $10519 |
| **1/31/19** | $10272 | $10631 |
| **2/28/19** | $10271 | $10625 |
| **3/31/19** | $10414 | $10829 |
| **4/30/19** | $10425 | $10831 |
| **5/31/19** | $10613 | $11024 |
| **6/30/19** | $10719 | $11162 |
| **7/31/19** | $10708 | $11187 |
| **8/31/19** | $10996 | $11476 |
| **9/30/19** | $10942 | $11415 |
| **10/31/19** | $10970 | $11450 |
| **11/30/19** | $10916 | $11444 |
| **12/31/19** | $10879 | $11436 |
| **1/31/20** | $11138 | $11656 |
| **2/29/20** | $11291 | $11866 |
| **3/31/20** | $11088 | $11796 |
| **4/30/20** | $11281 | $12006 |
| **5/31/20** | $11379 | $12062 |
| **6/30/20** | $11487 | $12137 |
| **7/31/20** | $11648 | $12319 |
| **8/31/20** | $11627 | $12219 |
| **9/30/20** | $11627 | $12213 |
| **10/31/20** | $11565 | $12158 |
| **11/30/20** | $11692 | $12277 |
| **12/31/20** | $11716 | $12294 |
| **1/31/21** | $11648 | $12206 |
| **2/28/21** | $11481 | $12030 |
| **3/31/21** | $11324 | $11880 |
| **4/30/21** | $11424 | $11974 |
| **5/31/21** | $11454 | $12013 |
| **6/30/21** | $11530 | $12097 |
| **7/31/21** | $11639 | $12232 |
| **8/31/21** | $11613 | $12209 |
| **9/30/21** | $11533 | $12103 |
| **10/31/21** | $11488 | $12100 |
| **11/30/21** | $11509 | $12136 |
| **12/31/21** | $11491 | $12105 |
| **1/31/22** | $11256 | $11844 |
| **2/28/22** | $11144 | $11712 |
| **3/31/22** | $10751 | $11386 |
| **4/30/22** | $10315 | $10954 |
| **5/31/22** | $10360 | $11025 |
| **6/30/22** | $10137 | $10852 |
| **7/31/22** | $10352 | $11117 |
| **8/31/22** | $10064 | $10803 |
| **9/30/22** | $9621 | $10336 |
| **10/31/22** | $9457 | $10202 |
| **11/30/22** | $9804 | $10578 |
| **12/31/22** | $9764 | $10530 |
| **1/31/23** | $10091 | $10854 |
| **2/28/23** | $9836 | $10573 |
| **3/31/23** | $10022 | $10842 |
| **4/30/23** | $10083 | $10908 |
| **5/31/23** | $9977 | $10789 |
| **6/30/23** | $9931 | $10750 |
| **7/31/23** | $9953 | $10743 |
| **8/31/23** | $9885 | $10674 |
| **9/30/23** | $9629 | $10403 |
| **10/31/23** | $9442 | $10239 |
| **11/30/23** | $9878 | $10702 |
| **12/31/23** | $10268 | $11112 |
| **1/31/24** | $10279 | $11082 |
| **2/29/24** | $10139 | $10925 |
| **3/31/24** | $10239 | $11026 |
| **4/30/24** | $9971 | $10747 |
| **5/31/24** | $10173 | $10930 |
| **6/30/24** | $10250 | $11033 |
| **7/31/24** | $10510 | $11291 |
| **8/31/24** | $10615 | $11453 |
| **9/30/24** | $10764 | $11606 |
| **10/31/24** | $10468 | $11319 |
| **11/30/24** | $10609 | $11438 |
| **12/31/24** | $10421 | $11251 |
| **1/31/25** | $10500 | $11311 |
| **2/28/25** | $10762 | $11560 |
| **3/31/25** | $10758 | $11564 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.07% | (0.60%) | 0.73% |
| Class C (including sales charge) | 4.07% | (0.60%) | 0.73% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class C: PTTCX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4205TSRAR_033125

# I-3: PTTNX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $70 | 0.68% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i6d226d9a84892301f2d9.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $994053 | $996412 |
| **5/31/15** | $990182 | $994012 |
| **6/30/15** | $981256 | $983174 |
| **7/31/15** | $993082 | $990008 |
| **8/31/15** | $984778 | $988586 |
| **9/30/15** | $980034 | $995273 |
| **10/31/15** | $987365 | $995439 |
| **11/30/15** | $986045 | $992809 |
| **12/31/15** | $984366 | $989601 |
| **1/31/16** | $994159 | $1003219 |
| **2/29/16** | $987443 | $1010335 |
| **3/31/16** | $1001617 | $1019605 |
| **4/30/16** | $1005869 | $1023519 |
| **5/31/16** | $1008451 | $1023781 |
| **6/30/16** | $1021995 | $1042177 |
| **7/31/16** | $1032885 | $1048765 |
| **8/31/16** | $1030510 | $1047566 |
| **9/30/16** | $1034232 | $1046952 |
| **10/31/16** | $1028407 | $1038944 |
| **11/30/16** | $1001994 | $1014369 |
| **12/31/16** | $1008451 | $1015800 |
| **1/31/17** | $1015458 | $1017793 |
| **2/28/17** | $1024710 | $1024634 |
| **3/31/17** | $1024484 | $1024097 |
| **4/30/17** | $1032921 | $1032000 |
| **5/31/17** | $1041324 | $1039943 |
| **6/30/17** | $1042574 | $1038896 |
| **7/31/17** | $1048545 | $1043367 |
| **8/31/17** | $1060803 | $1052726 |
| **9/30/17** | $1057805 | $1047712 |
| **10/31/17** | $1055635 | $1048319 |
| **11/30/17** | $1052494 | $1046973 |
| **12/31/17** | $1058569 | $1051778 |
| **1/31/18** | $1048007 | $1039665 |
| **2/28/18** | $1041526 | $1029809 |
| **3/31/18** | $1044700 | $1036414 |
| **4/30/18** | $1035290 | $1028705 |
| **5/31/18** | $1039583 | $1036047 |
| **6/30/18** | $1039796 | $1034773 |
| **7/31/18** | $1041999 | $1035019 |
| **8/31/18** | $1046621 | $1041679 |
| **9/30/18** | $1040277 | $1034971 |
| **10/31/18** | $1037324 | $1026792 |
| **11/30/18** | $1042296 | $1032921 |
| **12/31/18** | $1054301 | $1051898 |
| **1/31/19** | $1066784 | $1063068 |
| **2/28/19** | $1067405 | $1062452 |
| **3/31/19** | $1083201 | $1082853 |
| **4/30/19** | $1085120 | $1083130 |
| **5/31/19** | $1105621 | $1102358 |
| **6/30/19** | $1117445 | $1116201 |
| **7/31/19** | $1117212 | $1118657 |
| **8/31/19** | $1148260 | $1147643 |
| **9/30/19** | $1143362 | $1141531 |
| **10/31/19** | $1147238 | $1144969 |
| **11/30/19** | $1142495 | $1144386 |
| **12/31/19** | $1139550 | $1143588 |
| **1/31/20** | $1167649 | $1165596 |
| **2/29/20** | $1184507 | $1186575 |
| **3/31/20** | $1164097 | $1179592 |
| **4/30/20** | $1185305 | $1200561 |
| **5/31/20** | $1196523 | $1206151 |
| **6/30/20** | $1208839 | $1213749 |
| **7/31/20** | $1226778 | $1231878 |
| **8/31/20** | $1225437 | $1221935 |
| **9/30/20** | $1226383 | $1221265 |
| **10/31/20** | $1220906 | $1215812 |
| **11/30/20** | $1235269 | $1227742 |
| **12/31/20** | $1238865 | $1229433 |
| **1/31/21** | $1232557 | $1220618 |
| **2/28/21** | $1215768 | $1202992 |
| **3/31/21** | $1200131 | $1187971 |
| **4/30/21** | $1211676 | $1197356 |
| **5/31/21** | $1215825 | $1201268 |
| **6/30/21** | $1224774 | $1209708 |
| **7/31/21** | $1237422 | $1223233 |
| **8/31/21** | $1235586 | $1220905 |
| **9/30/21** | $1228001 | $1210334 |
| **10/31/21** | $1224189 | $1210000 |
| **11/30/21** | $1227463 | $1213580 |
| **12/31/21** | $1226570 | $1210475 |
| **1/31/22** | $1202379 | $1184396 |
| **2/28/22** | $1191224 | $1171183 |
| **3/31/22** | $1150204 | $1138645 |
| **4/30/22** | $1104413 | $1095436 |
| **5/31/22** | $1110105 | $1102499 |
| **6/30/22** | $1087020 | $1085203 |
| **7/31/22** | $1111017 | $1111719 |
| **8/31/22** | $1080984 | $1080306 |
| **9/30/22** | $1034239 | $1033630 |
| **10/31/22** | $1017336 | $1020242 |
| **11/30/22** | $1055497 | $1057762 |
| **12/31/22** | $1052133 | $1052991 |
| **1/31/23** | $1088160 | $1085385 |
| **2/28/23** | $1061468 | $1057322 |
| **3/31/23** | $1082412 | $1084180 |
| **4/30/23** | $1089769 | $1090751 |
| **5/31/23** | $1079167 | $1078874 |
| **6/30/23** | $1075132 | $1075027 |
| **7/31/23** | $1078310 | $1074277 |
| **8/31/23** | $1071716 | $1067415 |
| **9/30/23** | $1044779 | $1040290 |
| **10/31/23** | $1025333 | $1023873 |
| **11/30/23** | $1073509 | $1070241 |
| **12/31/23** | $1116780 | $1111209 |
| **1/31/24** | $1118832 | $1108157 |
| **2/29/24** | $1104413 | $1092501 |
| **3/31/24** | $1116190 | $1102589 |
| **4/30/24** | $1087819 | $1074739 |
| **5/31/24** | $1110821 | $1092959 |
| **6/30/24** | $1120046 | $1103307 |
| **7/31/24** | $1149340 | $1129077 |
| **8/31/24** | $1161801 | $1145301 |
| **9/30/24** | $1178961 | $1160636 |
| **10/31/24** | $1147486 | $1131854 |
| **11/30/24** | $1163833 | $1143821 |
| **12/31/24** | $1144176 | $1125101 |
| **1/31/25** | $1153712 | $1131070 |
| **2/28/25** | $1183334 | $1155956 |
| **3/31/25** | $1183870 | $1156391 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.06% | 0.34% | 1.70% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-3: PTTNX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2204TSRAR_033125

# Institutional Class: PTTRX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $55 | 0.53% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i34ddf12bb58728932ab7.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $994176 | $996412 |
| **5/31/15** | $990431 | $994012 |
| **6/30/15** | $981623 | $983174 |
| **7/31/15** | $993579 | $990008 |
| **8/31/15** | $985397 | $988586 |
| **9/30/15** | $980771 | $995273 |
| **10/31/15** | $988233 | $995439 |
| **11/30/15** | $987033 | $992809 |
| **12/31/15** | $985478 | $989601 |
| **1/31/16** | $995407 | $1003219 |
| **2/29/16** | $988800 | $1010335 |
| **3/31/16** | $1003120 | $1019605 |
| **4/30/16** | $1007501 | $1023519 |
| **5/31/16** | $1010216 | $1023781 |
| **6/30/16** | $1023908 | $1042177 |
| **7/31/16** | $1034950 | $1048765 |
| **8/31/16** | $1032701 | $1047566 |
| **9/30/16** | $1036557 | $1046952 |
| **10/31/16** | $1030850 | $1038944 |
| **11/30/16** | $1004499 | $1014369 |
| **12/31/16** | $1011099 | $1015800 |
| **1/31/17** | $1018254 | $1017793 |
| **2/28/17** | $1027649 | $1024634 |
| **3/31/17** | $1027552 | $1024097 |
| **4/30/17** | $1036143 | $1032000 |
| **5/31/17** | $1044703 | $1039943 |
| **6/30/17** | $1046086 | $1038896 |
| **7/31/17** | $1052210 | $1043367 |
| **8/31/17** | $1064647 | $1052726 |
| **9/30/17** | $1061769 | $1047712 |
| **10/31/17** | $1059726 | $1048319 |
| **11/30/17** | $1056703 | $1046973 |
| **12/31/17** | $1062937 | $1051778 |
| **1/31/18** | $1052466 | $1039665 |
| **2/28/18** | $1046078 | $1029809 |
| **3/31/18** | $1049398 | $1036414 |
| **4/30/18** | $1040065 | $1028705 |
| **5/31/18** | $1044461 | $1036047 |
| **6/30/18** | $1044805 | $1034773 |
| **7/31/18** | $1047136 | $1035019 |
| **8/31/18** | $1051926 | $1041679 |
| **9/30/18** | $1045665 | $1034971 |
| **10/31/18** | $1042830 | $1026792 |
| **11/30/18** | $1047966 | $1032921 |
| **12/31/18** | $1060165 | $1051898 |
| **1/31/19** | $1072848 | $1063068 |
| **2/28/19** | $1073596 | $1062452 |
| **3/31/19** | $1089621 | $1082853 |
| **4/30/19** | $1091685 | $1083130 |
| **5/31/19** | $1112452 | $1102358 |
| **6/30/19** | $1124477 | $1116201 |
| **7/31/19** | $1124385 | $1118657 |
| **8/31/19** | $1155787 | $1147643 |
| **9/30/19** | $1150988 | $1141531 |
| **10/31/19** | $1155036 | $1144969 |
| **11/30/19** | $1150406 | $1144386 |
| **12/31/19** | $1147586 | $1143588 |
| **1/31/20** | $1176035 | $1165596 |
| **2/29/20** | $1193148 | $1186575 |
| **3/31/20** | $1172732 | $1179592 |
| **4/30/20** | $1194243 | $1200561 |
| **5/31/20** | $1205697 | $1206151 |
| **6/30/20** | $1218256 | $1213749 |
| **7/31/20** | $1236501 | $1231878 |
| **8/31/20** | $1235297 | $1221935 |
| **9/30/20** | $1236416 | $1221265 |
| **10/31/20** | $1231054 | $1215812 |
| **11/30/20** | $1245683 | $1227742 |
| **12/31/20** | $1249483 | $1229433 |
| **1/31/21** | $1243263 | $1220618 |
| **2/28/21** | $1226470 | $1202992 |
| **3/31/21** | $1210853 | $1187971 |
| **4/30/21** | $1222661 | $1197356 |
| **5/31/21** | $1226994 | $1201268 |
| **6/30/21** | $1236176 | $1209708 |
| **7/31/21** | $1249106 | $1223233 |
| **8/31/21** | $1247406 | $1220905 |
| **9/30/21** | $1239903 | $1210334 |
| **10/31/21** | $1236212 | $1210000 |
| **11/30/21** | $1239670 | $1213580 |
| **12/31/21** | $1238936 | $1210475 |
| **1/31/22** | $1214647 | $1184396 |
| **2/28/22** | $1203517 | $1171183 |
| **3/31/22** | $1162224 | $1138645 |
| **4/30/22** | $1116099 | $1095436 |
| **5/31/22** | $1121987 | $1102499 |
| **6/30/22** | $1098786 | $1085203 |
| **7/31/22** | $1123183 | $1111719 |
| **8/31/22** | $1092963 | $1080306 |
| **9/30/22** | $1045841 | $1033630 |
| **10/31/22** | $1028872 | $1020242 |
| **11/30/22** | $1067595 | $1057762 |
| **12/31/22** | $1064335 | $1052991 |
| **1/31/23** | $1100910 | $1085385 |
| **2/28/23** | $1074029 | $1057322 |
| **3/31/23** | $1095367 | $1084180 |
| **4/30/23** | $1102938 | $1090751 |
| **5/31/23** | $1092347 | $1078874 |
| **6/30/23** | $1088405 | $1075027 |
| **7/31/23** | $1091751 | $1074277 |
| **8/31/23** | $1085211 | $1067415 |
| **9/30/23** | $1058070 | $1040290 |
| **10/31/23** | $1038502 | $1023873 |
| **11/30/23** | $1087429 | $1070241 |
| **12/31/23** | $1131407 | $1111209 |
| **1/31/24** | $1133624 | $1108157 |
| **2/29/24** | $1119148 | $1092501 |
| **3/31/24** | $1131225 | $1102589 |
| **4/30/24** | $1102608 | $1074739 |
| **5/31/24** | $1126074 | $1092959 |
| **6/30/24** | $1135555 | $1103307 |
| **7/31/24** | $1165400 | $1129077 |
| **8/31/24** | $1178194 | $1145301 |
| **9/30/24** | $1195733 | $1160636 |
| **10/31/24** | $1163960 | $1131854 |
| **11/30/24** | $1180690 | $1143821 |
| **12/31/24** | $1160898 | $1125101 |
| **1/31/25** | $1170726 | $1131070 |
| **2/28/25** | $1200920 | $1155956 |
| **3/31/25** | $1201606 | $1156391 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.22% | 0.49% | 1.85% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Institutional Class: PTTRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0035TSRAR_033125

# I-2: PTTPX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $65 | 0.63% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g20021i9d5bccc060ab7ededb68.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $994094 | $996412 |
| **5/31/15** | $990264 | $994012 |
| **6/30/15** | $981377 | $983174 |
| **7/31/15** | $993241 | $990008 |
| **8/31/15** | $984984 | $988586 |
| **9/30/15** | $980280 | $995273 |
| **10/31/15** | $987651 | $995439 |
| **11/30/15** | $986374 | $992809 |
| **12/31/15** | $984729 | $989601 |
| **1/31/16** | $994576 | $1003219 |
| **2/29/16** | $987897 | $1010335 |
| **3/31/16** | $1002120 | $1019605 |
| **4/30/16** | $1006412 | $1023519 |
| **5/31/16** | $1009040 | $1023781 |
| **6/30/16** | $1022633 | $1042177 |
| **7/31/16** | $1033573 | $1048765 |
| **8/31/16** | $1031239 | $1047566 |
| **9/30/16** | $1035000 | $1046952 |
| **10/31/16** | $1029219 | $1038944 |
| **11/30/16** | $1002827 | $1014369 |
| **12/31/16** | $1009326 | $1015800 |
| **1/31/17** | $1016387 | $1017793 |
| **2/28/17** | $1025687 | $1024634 |
| **3/31/17** | $1025499 | $1024097 |
| **4/30/17** | $1033992 | $1032000 |
| **5/31/17** | $1042447 | $1039943 |
| **6/30/17** | $1043736 | $1038896 |
| **7/31/17** | $1049763 | $1043367 |
| **8/31/17** | $1062081 | $1052726 |
| **9/30/17** | $1059120 | $1047712 |
| **10/31/17** | $1056995 | $1048319 |
| **11/30/17** | $1053894 | $1046973 |
| **12/31/17** | $1060018 | $1051778 |
| **1/31/18** | $1049489 | $1039665 |
| **2/28/18** | $1043040 | $1029809 |
| **3/31/18** | $1046259 | $1036414 |
| **4/30/18** | $1036871 | $1028705 |
| **5/31/18** | $1041166 | $1036047 |
| **6/30/18** | $1041420 | $1034773 |
| **7/31/18** | $1043658 | $1035019 |
| **8/31/18** | $1048335 | $1041679 |
| **9/30/18** | $1042019 | $1034971 |
| **10/31/18** | $1039105 | $1026792 |
| **11/30/18** | $1044131 | $1032921 |
| **12/31/18** | $1056201 | $1051898 |
| **1/31/19** | $1068749 | $1063068 |
| **2/28/19** | $1069412 | $1062452 |
| **3/31/19** | $1085283 | $1082853 |
| **4/30/19** | $1087251 | $1083130 |
| **5/31/19** | $1107839 | $1102358 |
| **6/30/19** | $1119729 | $1116201 |
| **7/31/19** | $1119542 | $1118657 |
| **8/31/19** | $1150707 | $1147643 |
| **9/30/19** | $1145842 | $1141531 |
| **10/31/19** | $1149775 | $1144969 |
| **11/30/19** | $1145069 | $1144386 |
| **12/31/19** | $1142166 | $1143588 |
| **1/31/20** | $1170380 | $1165596 |
| **2/29/20** | $1187321 | $1186575 |
| **3/31/20** | $1166910 | $1179592 |
| **4/30/20** | $1188218 | $1200561 |
| **5/31/20** | $1199514 | $1206151 |
| **6/30/20** | $1211910 | $1213749 |
| **7/31/20** | $1229949 | $1231878 |
| **8/31/20** | $1228654 | $1221935 |
| **9/30/20** | $1229667 | $1221265 |
| **10/31/20** | $1224227 | $1215812 |
| **11/30/20** | $1238677 | $1227742 |
| **12/31/20** | $1242340 | $1229433 |
| **1/31/21** | $1236061 | $1220618 |
| **2/28/21** | $1219272 | $1202992 |
| **3/31/21** | $1203643 | $1187971 |
| **4/30/21** | $1215275 | $1197356 |
| **5/31/21** | $1219486 | $1201268 |
| **6/30/21** | $1228512 | $1209708 |
| **7/31/21** | $1241253 | $1223233 |
| **8/31/21** | $1239462 | $1220905 |
| **9/30/21** | $1231904 | $1210334 |
| **10/31/21** | $1228131 | $1210000 |
| **11/30/21** | $1231466 | $1213580 |
| **12/31/21** | $1230626 | $1210475 |
| **1/31/22** | $1206403 | $1184396 |
| **2/28/22** | $1195257 | $1171183 |
| **3/31/22** | $1154148 | $1138645 |
| **4/30/22** | $1108248 | $1095436 |
| **5/31/22** | $1114004 | $1102499 |
| **6/30/22** | $1090879 | $1085203 |
| **7/31/22** | $1115006 | $1111719 |
| **8/31/22** | $1084913 | $1080306 |
| **9/30/22** | $1038045 | $1033630 |
| **10/31/22** | $1021120 | $1020242 |
| **11/30/22** | $1059465 | $1057762 |
| **12/31/22** | $1056133 | $1052991 |
| **1/31/23** | $1092341 | $1085385 |
| **2/28/23** | $1065586 | $1057322 |
| **3/31/23** | $1086661 | $1084180 |
| **4/30/23** | $1094088 | $1090751 |
| **5/31/23** | $1083491 | $1078874 |
| **6/30/23** | $1079487 | $1075027 |
| **7/31/23** | $1082719 | $1074277 |
| **8/31/23** | $1076144 | $1067415 |
| **9/30/23** | $1049140 | $1040290 |
| **10/31/23** | $1029652 | $1023873 |
| **11/30/23** | $1078075 | $1070241 |
| **12/31/23** | $1121579 | $1111209 |
| **1/31/24** | $1123685 | $1108157 |
| **2/29/24** | $1109249 | $1092501 |
| **3/31/24** | $1121124 | $1102589 |
| **4/30/24** | $1092673 | $1074739 |
| **5/31/24** | $1115827 | $1092959 |
| **6/30/24** | $1125135 | $1103307 |
| **7/31/24** | $1154611 | $1129077 |
| **8/31/24** | $1167181 | $1145301 |
| **9/30/24** | $1184466 | $1160636 |
| **10/31/24** | $1152893 | $1131854 |
| **11/30/24** | $1169366 | $1143821 |
| **12/31/24** | $1149666 | $1125101 |
| **1/31/25** | $1159298 | $1131070 |
| **2/28/25** | $1189108 | $1155956 |
| **3/31/25** | $1189694 | $1156391 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.12% | 0.39% | 1.75% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# I-2: PTTPX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1902TSRAR_033125

# Class R: PTRRX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g20021i622984e90a229530dfa0.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Total Return Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $115 | 1.12% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end, contributed to relative performance, as the curve steepened. 

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as spreads tightened. 

* Long exposure to the Turkish lira contributed to relative performance, as local cash rates continue to be higher than in the U.S. 

* Overweight exposure to agency MBS detracted from relative performance, as spreads widened. 

* Modestly long exposure to duration in select Latin American countries, primarily Brazil and Mexico, detracted from relative performance, as yields rose. 

* Long exposure to duration in the U.K. detracted from relative performance, as yields rose at the long end of the curve.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g20021i337c18a0b414e0eadf0e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $9936 | $9964 |
| **5/31/15** | $9894 | $9940 |
| **6/30/15** | $9801 | $9832 |
| **7/31/15** | $9914 | $9900 |
| **8/31/15** | $9828 | $9886 |
| **9/30/15** | $9776 | $9953 |
| **10/31/15** | $9845 | $9954 |
| **11/30/15** | $9828 | $9928 |
| **12/31/15** | $9807 | $9896 |
| **1/31/16** | $9901 | $10032 |
| **2/29/16** | $9830 | $10103 |
| **3/31/16** | $9967 | $10196 |
| **4/30/16** | $10005 | $10235 |
| **5/31/16** | $10027 | $10238 |
| **6/30/16** | $10158 | $10422 |
| **7/31/16** | $10262 | $10488 |
| **8/31/16** | $10234 | $10476 |
| **9/30/16** | $10266 | $10470 |
| **10/31/16** | $10205 | $10389 |
| **11/30/16** | $9938 | $10144 |
| **12/31/16** | $9998 | $10158 |
| **1/31/17** | $10064 | $10178 |
| **2/28/17** | $10152 | $10246 |
| **3/31/17** | $10145 | $10241 |
| **4/30/17** | $10225 | $10320 |
| **5/31/17** | $10303 | $10399 |
| **6/30/17** | $10311 | $10389 |
| **7/31/17** | $10366 | $10434 |
| **8/31/17** | $10483 | $10527 |
| **9/30/17** | $10449 | $10477 |
| **10/31/17** | $10424 | $10483 |
| **11/30/17** | $10388 | $10470 |
| **12/31/17** | $10444 | $10518 |
| **1/31/18** | $10335 | $10397 |
| **2/28/18** | $10268 | $10298 |
| **3/31/18** | $10295 | $10364 |
| **4/30/18** | $10198 | $10287 |
| **5/31/18** | $10235 | $10360 |
| **6/30/18** | $10233 | $10348 |
| **7/31/18** | $10251 | $10350 |
| **8/31/18** | $10291 | $10417 |
| **9/30/18** | $10225 | $10350 |
| **10/31/18** | $10192 | $10268 |
| **11/30/18** | $10237 | $10329 |
| **12/31/18** | $10352 | $10519 |
| **1/31/19** | $10470 | $10631 |
| **2/28/19** | $10473 | $10625 |
| **3/31/19** | $10624 | $10829 |
| **4/30/19** | $10639 | $10831 |
| **5/31/19** | $10836 | $11024 |
| **6/30/19** | $10948 | $11162 |
| **7/31/19** | $10942 | $11187 |
| **8/31/19** | $11241 | $11476 |
| **9/30/19** | $11190 | $11415 |
| **10/31/19** | $11223 | $11450 |
| **11/30/19** | $11173 | $11444 |
| **12/31/19** | $11140 | $11436 |
| **1/31/20** | $11410 | $11656 |
| **2/29/20** | $11571 | $11866 |
| **3/31/20** | $11368 | $11796 |
| **4/30/20** | $11571 | $12006 |
| **5/31/20** | $11676 | $12062 |
| **6/30/20** | $11792 | $12137 |
| **7/31/20** | $11962 | $12319 |
| **8/31/20** | $11945 | $12219 |
| **9/30/20** | $11950 | $12213 |
| **10/31/20** | $11892 | $12158 |
| **11/30/20** | $12027 | $12277 |
| **12/31/20** | $12058 | $12294 |
| **1/31/21** | $11992 | $12206 |
| **2/28/21** | $11825 | $12030 |
| **3/31/21** | $11668 | $11880 |
| **4/30/21** | $11776 | $11974 |
| **5/31/21** | $11812 | $12013 |
| **6/30/21** | $11895 | $12097 |
| **7/31/21** | $12013 | $12232 |
| **8/31/21** | $11991 | $12209 |
| **9/30/21** | $11913 | $12103 |
| **10/31/21** | $11871 | $12100 |
| **11/30/21** | $11899 | $12136 |
| **12/31/21** | $11886 | $12105 |
| **1/31/22** | $11647 | $11844 |
| **2/28/22** | $11535 | $11712 |
| **3/31/22** | $11134 | $11386 |
| **4/30/22** | $10686 | $10954 |
| **5/31/22** | $10738 | $11025 |
| **6/30/22** | $10510 | $10852 |
| **7/31/22** | $10739 | $11117 |
| **8/31/22** | $10444 | $10803 |
| **9/30/22** | $9989 | $10336 |
| **10/31/22** | $9822 | $10202 |
| **11/30/22** | $10187 | $10578 |
| **12/31/22** | $10150 | $10530 |
| **1/31/23** | $10494 | $10854 |
| **2/28/23** | $10233 | $10573 |
| **3/31/23** | $10431 | $10842 |
| **4/30/23** | $10499 | $10908 |
| **5/31/23** | $10393 | $10789 |
| **6/30/23** | $10350 | $10750 |
| **7/31/23** | $10377 | $10743 |
| **8/31/23** | $10310 | $10674 |
| **9/30/23** | $10047 | $10403 |
| **10/31/23** | $9856 | $10239 |
| **11/30/23** | $10316 | $10702 |
| **12/31/23** | $10728 | $11112 |
| **1/31/24** | $10743 | $11082 |
| **2/29/24** | $10601 | $10925 |
| **3/31/24** | $10710 | $11026 |
| **4/30/24** | $10434 | $10747 |
| **5/31/24** | $10651 | $10930 |
| **6/30/24** | $10736 | $11033 |
| **7/31/24** | $11012 | $11291 |
| **8/31/24** | $11127 | $11453 |
| **9/30/24** | $11288 | $11606 |
| **10/31/24** | $10982 | $11319 |
| **11/30/24** | $11135 | $11438 |
| **12/31/24** | $10942 | $11251 |
| **1/31/25** | $11029 | $11311 |
| **2/28/25** | $11309 | $11560 |
| **3/31/25** | $11310 | $11564 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.60% | (0.10%) | 1.24% |
| Bloomberg U.S. Aggregate Index | 4.88% | (0.40%) | 1.46% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $45188923 |
| # of Portfolio Holdings | 7667 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period | $121868 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.3% |
| Corporate Bonds & Notes | 24.5% |
| Non-Agency Mortgage-Backed Securities | 20.3% |
| U.S. Treasury Obligations | 14.9% |
| Asset-Backed Securities | 9.0% |
| Sovereign Issues | 6.5% |
| Loan Participations and Assignments | 0.9% |
| Municipal Bonds & Notes | 0.7% |
| Preferred Securities | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (37.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g20021idd007cd1c5636c91f9d9.jpg)

# Class R: PTRRX
![Image](g20021ib9e42196b6dbfdd40803.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4505TSRAR_033125

------

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

#### Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

#### Item 4. Principal Accountant Fees and Services.

---

| | | |
|:---|:---|:---|
| (a) | Fiscal Year Ended  | Audit Fees |
|  | March 31, 2025 | $6451129 |
|  | March 31, 2024 | $6253215 |
| (b) | Fiscal Year Ended | Audit-Related Fees (1) |
|  | March 31, 2025 | $— |
|  | March 31, 2024 | $— |
| (c) | Fiscal Year Ended | Tax Fees |
|  | March 31, 2025 | $6500 |
|  | March 31, 2024 | $18725 |
| (d) | Fiscal Year Ended | All Other Fees <sup>(2)</sup> |
|  | March 31, 2025 | $— |
|  | March 31, 2024 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

________

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under

------

common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) ---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entity |  | March 31, 2025 | March 31, 2024 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO Funds |  | $6500 | $18725 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Investment Management Company LLC<br> ("PIMCO") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Investment Management Company LLC<br> ("PIMCO") | 36308462 | 23377521 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Totals |  | $36314962 | $23396246 |

---

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

#### Item 6. Investments.
The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

● PAPS All Asset Funds

● Income Fund

● Credit Bond Funds

● Total Return Fund

Filed under the initially filed submission on Form N-CSR:

● Asset Allocation Funds

● Tax-Efficient Strategy Funds

● Municipal Value Funds

● International Bond Funds

Filed under the first companion submission on Form N-CSR:

● Equity-Related Strategy Funds

Filed under the second companion submission on Form N-CSR:

● Bond Funds

Filed under the third companion submission on Form N-CSR:

● International Bond Portfolio (U.S. Dollar-Hedged)

● PAPS Portfolio

To be filed under the immediately following fifth companion submission on Form N-CSR:

● Short Duration Strategy Funds

● Real Return Strategy Funds

● PIMCO TRENDS Managed Futures Strategy Fund

(b) Not applicable to the Registrant.

------

![LOGO](g815761g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Private Account Portfolio Series**

PIMCO All Asset: Multi-RAE PLUS Fund

PIMCO All Authority: Multi-RAE PLUS Fund

PIMCO All Asset: Multi-Real Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx815761_1) | [2](#tx815761_1) |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx815761_2) | [6](#tx815761_2) |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx815761_3) | [8](#tx815761_3) |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx815761_4) | [9](#tx815761_4) |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx815761_5) | [10](#tx815761_5) |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx815761_6) | [11](#tx815761_6) |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx815761_7) | [12](#tx815761_7) |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx815761_8) | [13](#tx815761_8) |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows (N-CSR Item 7)](#tx815761_9) | 14 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx815761_10) | [68](#tx815761_10) |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx815761_11) | [89](#tx815761_11) |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx815761_12) | 94 |
| &nbsp;&nbsp; [Glossary](#tx815761_13) | 95 |
| &nbsp;&nbsp; [Distribution Information](#tx815761_14) | 96 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx815761_15) | 97 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx815761_16) | 98 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx815761_17) | 99 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx815761_18) | 100 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO All Asset: Multi-RAE PLUS Fund](#tx815761_19) | 15 |
| &nbsp;&nbsp; [PIMCO All Authority: Multi-RAE PLUS Fund](#tx815761_20) | 36 |
| &nbsp;&nbsp; [PIMCO All Asset: Multi-Real Fund<sup>(1)</sup>](#tx815761_21) | 51 |

---

<sup>(1)</sup> Consolidated Schedule of Investments

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO All Asset: Multi-RAE PLUS Fund, PIMCO All Authority: Multi-RAE PLUS Fund and PIMCO All Asset: Multi-Real Fund (each, a "Fund" and collectively, the "Funds").

Shares of the PIMCO All Asset: Multi-Real Fund and PIMCO All Asset: Multi-RAE PLUS Fund may be purchased only by the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and the PIMCO All Asset Portfolio, a series of PIMCO Variable Insurance Trust. Shares of the PIMCO All Authority: Multi-RAE PLUS Fund may be purchased only by the PIMCO All Asset All Authority Fund, a series of PIMCO Funds. The PIMCO All Asset: Multi-Real Fund may invest directly or indirectly (through investment in a wholly-owed subsidiary) in commodity-linked derivative instruments which may subject the Fund to greater volatility that investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political or regulatory developments.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's offering memorandum and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's offering memorandum, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to offering memorandum and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively

---

| | |
|:---|:---|
| **2** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On

February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund along with each Fund's diversification status as of period end:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Diversification<br>Status | Diversification<br>Status |
|  PIMCO All Asset: Multi-Real Fund |  | 09/22/20 |  | Diversified |
|  PIMCO All Authority: Multi-RAE PLUS Fund |  | 08/23/22 |  | Non-diversified |
|  PIMCO All Asset: Multi-RAE PLUS Fund |  | 10/06/20 |  | Diversified |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's offering memorandum, the Trust's offering memorandum supplement, any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent offering memorandum or use a new offering memorandum or offering memorandum supplement with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current offering memorandum or offering memorandum supplement.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal

quarter will be made available to the public on the SEC's website at www.sec.gov and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Daily updates on the net asset value of a Fund may be obtained by calling (888) 87-PIMCO.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO All Asset: Multi-RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.49 | $0.46 | $0.29 | $0.75 | $(1.04) | $0.00 | $0.00 | $(1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.64 | 0.42 | 0.93 | 1.35 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.38 | 0.23 | (0.97) | (0.74) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.60 | (0.00) | (0.36) | (0.36) | (0.80) | (0.06) | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/06/2020 - 03/31/2021 | 10.00 | (0.01) | 2.94 | 2.93 | (1.32) | (0.01) | 0.00 | (1.33) |
|  **PIMCO All Authority: Multi-RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.04 | $0.46 | $0.03 | $0.49 | $(0.00) | $0.00 | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.76 | 0.45 | (0.57) | (0.12) | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/23/2022 - 03/31/2023 | 10.00 | 0.18 | 0.04 | 0.22 | (0.46) | 0.00 | 0.00 | (0.46) |
|  **PIMCO All Asset: Multi-Real Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.12 | $0.33 | $0.38 | $0.71 | $(0.70) | $0.00 | $0.00 | $(0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.85 | 0.22 | 0.29 | 0.51 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 14.26 | 0.57 | (3.35) | (2.78) | (2.52) | (0.11) | 0.00 | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.30 | 0.68 | 4.60 | 5.28 | (3.21) | (0.11) | 0.00 | (3.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/22/2020 - 03/31/2021 | 10.00 | 0.04 | 2.64 | 2.68 | (0.38) | 0.00 | 0.00 | (0.38) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **6** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.20 | 7.56% | $2099500 | 0.97% | 0.97% | 0.89% | 0.89% | 4.44 | 485% |
| 10.49 | 14.32 | 2555455 | 1.11 | 1.11 | 0.89 | 0.89 | 4.25 | 332 |
| 9.64 | (7.13) | 2909688 | 0.96 | 0.96 | 0.89 | 0.89 | 2.45 | 52 |
| 10.38 | (3.70) | 3949906 | 0.89 | 0.89 | 0.89 | 0.89 | (0.04) | 57 |
| 11.60 | 29.59 | 3218304 | 0.90 \* | 0.90 \* | 0.89 \* | 0.89 \* | (0.15) | 100 |
| $9.53 | 5.48% | $173830 | 1.02% | 1.02% | 0.89% | 0.89% | 5.02 | 465% |
| 9.04 | (1.22) | 266083 | 1.07 | 1.07 | 0.89 | 0.89 | 4.77 | 342 |
| 9.76 | 2.16 | 447188 | 0.98 \* | 1.00 \* | 0.89 \* | 0.91 \* | 3.11 | 11 |
| $9.13 | 8.18% | $1896642 | 4.02% | 4.09% | 0.74% | 0.81% | 3.65 | 200% |
| 9.12 | 5.90 | 2515828 | 3.79 | 3.86 | 0.74 | 0.81 | 2.59 | 161 |
| 8.85 | (20.93) | 2489847 | 2.70 | 2.84 | 0.74 | 0.88 | 5.43 | 117 |
| 14.26 | 46.22 | 3042029 | 0.79 | 0.88 | 0.74 | 0.83 | 4.88 | 96 |
| 12.30 | 26.87 | 1621140 | 0.81 \* | 0.88 \* | 0.75 \* | 0.82 \* | 0.70 | 87 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

Statements of Assets and Liabilities March 31, 2025

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>All Asset:<br>Multi-RAE<br>PLUS Fund** | **PIMCO<br>All Authority:<br>Multi-RAE<br>PLUS Fund** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $3241506 | $247352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 31 | 4200 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1384 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 25679 | 2345 |
|  Cash | 154 | 654 |
|  Deposits with counterparty | 19795 | 3149 |
|  Foreign currency, at value | 8383 | 592 |
|  Receivable for investments sold | 13400 | 2216 |
|  Receivable for TBA investments sold | 1923479 | 117658 |
|  Interest and/or dividends receivable | 9682 | 878 |
|  Dividends receivable from Affiliates | 0 | 16 |
|  **Total Assets** | 5243493 | 379183 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $183 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 88154 | 8653 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2019 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 25179 | 2247 |
|  Payable for investments purchased | 265570 | 781 |
|  Payable for investments in Affiliates purchased | 0 | 17 |
|  Payable for TBA investments purchased | 2730293 | 189326 |
|  Deposits from counterparty | 31032 | 4050 |
|  Accrued investment advisory fees | 1101 | 91 |
|  Accrued supervisory and administrative fees | 430 | 36 |
|  Foreign capital gains tax payable | 31 | 3 |
|  Other liabilities | 1 | 0 |
|  **Total Liabilities** | 3143993 | 205353 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $2099500 | $173830 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | $2186262 | $170669 |
|  Distributable earnings (accumulated loss) | (86762) | 3161 |
|  **Net Assets** | $2099500 | $173830 |
|  **Shares Issued and Outstanding:** | 205919 | 18236 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | 10.20 | 9.53 |
|  Cost of investments in securities | $3320829 | $245373 |
|  Cost of investments in Affiliates | $31 | $4196 |
|  Cost of foreign currency held | $8533 | $588 |
|  Proceeds received on short sales | $87776 | $8616 |
|  Cost or premiums of financial derivative instruments, net | $25511 | $3200 |
|  \* Includes repurchase agreements of: | $441600 | $15500 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **8** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statement of Assets and Liabilities March 31, 2025

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>All Asset:<br>Multi-Real<br>Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $3441302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 13351 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 6462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 14187 |
|  Cash | 1752 |
|  Deposits with counterparty | 19074 |
|  Foreign currency, at value | 5488 |
|  Receivable for investments sold | 1271939 |
|  Receivable for investments sold on a delayed-delivery basis | 3620 |
|  Receivable for TBA investments sold | 337766 |
|  Interest and/or dividends receivable | 9601 |
|  Dividends receivable from Affiliates | 236 |
|  Reimbursement receivable from PIMCO | 119 |
|  **Total Assets** | 5124897 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $2591006 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 13584 |
|  Payable for investments purchased | 19985 |
|  Payable for investments in Affiliates purchased | 241 |
|  Payable for investments purchased on a delayed-delivery basis | 242 |
|  Payable for TBA investments purchased | 587144 |
|  Deposits from counterparty | 7978 |
|  Accrued investment advisory fees | 873 |
|  Accrued supervisory and administrative fees | 437 |
|  **Total Liabilities** | 3228255 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $1896642 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $2187204 |
|  Distributable earnings (accumulated loss) | (290562) |
|  **Net Assets:** | $1896642 |
|  **Shares Issued and Outstanding:** | 207752 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | 9.13 |
|  Cost of investments in securities | $3395061 |
|  Cost of investments in Affiliates | $13351 |
|  Cost of foreign currency held | $5558 |
|  Cost or premiums of financial derivative instruments, net | $(9461) |
|  \* Includes repurchase agreements of: | $96390 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset:<br>Multi-RAE<br>PLUS Fund** | **PIMCO<br>All Authority:<br>Multi-RAE<br>PLUS Fund** |
|  **Investment Income:** |  |  |
|  Interest, net of foreign taxes\* | $119946 | $12406 |
|  Dividends | 1847 | 131 |
|  Dividends from Investments in Affiliates | 4987 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 126780 | 12854 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 15013 | 1362 |
|  Supervisory and administrative fees | 5864 | 532 |
|  Trustee fees | 17 | 2 |
|  Interest expense | 1790 | 269 |
|  Miscellaneous expense | 3 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 22687 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 22687 | 2173 |
|  **Net Investment Income (Loss)** | 104093 | 10681 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | 8169 | 2560 |
|  Investments in Affiliates | 808 | 25 |
|  Exchange-traded or centrally cleared financial derivative instruments | 18745 | 2274 |
|  Over the counter financial derivative instruments | 57193 | 1394 |
|  Foreign currency | (1826) | (3) |
|  **Net Realized Gain (Loss)** | 83089 | 6250 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | 29812 | (512) |
|  Investments in Affiliates | (262) | (11) |
|  Exchange-traded or centrally cleared financial derivative instruments | (23884) | (2292) |
|  Over the counter financial derivative instruments | (16164) | (2098) |
|  Foreign currency assets and liabilities | 147 | 10 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (10351) | (4903) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $176831 | $12028 |
|  \* Foreign tax withholdings | $37 | $11 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **10** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statement of Operations

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset:**<br> **Multi-Real**<br> **Fund** |
|  **Investment Income:** |  |
|  Interest | $154766 |
|  Dividends | 15097 |
|  Dividends from Investments in Affiliates | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 173565 |
|  **Expenses:** |  |
|  Investment advisory fees | 12191 |
|  Supervisory and administrative fees | 6107 |
|  Trustee fees | 16 |
|  Interest expense | 74229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 92543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 90986 |
|  **Net Investment Income (Loss)** | 82579 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (103310) |
|  Investments in Affiliates | 117 |
|  Exchange-traded or centrally cleared financial derivative instruments | (10012) |
|  Over the counter financial derivative instruments | 48305 |
|  Foreign currency | (791) |
|  **Net Realized Gain (Loss)** | (65691) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 180489 |
|  Investments in Affiliates | 3 |
|  Exchange-traded or centrally cleared financial derivative instruments | (9108) |
|  Over the counter financial derivative instruments | (4872) |
|  Foreign currency assets and liabilities | 54 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 166566 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $183454 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Asset: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE**<br> **PLUS Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $104093 | $108896 | $10681 | $15018 |
|  Net realized gain (loss) | 83089 | 137930 | 6250 | (19875) |
|  Net change in unrealized appreciation (depreciation) | (10351) | 90453 | (4903) | 2536 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 176831 | 337279 | 12028 | (2321) |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (229004) | (127006) | (97) | (17751) |
|  **Total Distributions<sup>(a)</sup>** | (229004) | (127006) | (97) | (17751) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (403782) | (564506) | (104184) | (161033) |
|  **Total Increase (Decrease) in Net Assets** | (455955) | (354233) | (92253) | (181105) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 2555455 | 2909688 | 266083 | 447188 |
|  End of year | $2099500 | $2555455 | $173830 | $266083 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **12** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-Real Fund** | **PIMCO**<br> **All Asset: Multi-Real Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $82579 | $62516 |
|  Net realized gain (loss) | (65691) | (60310) |
|  Net change in unrealized appreciation (depreciation) | 166566 | 129885 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 183454 | 132091 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains | (154922) | (70005) |
|  **Total Distributions<sup>(a)</sup>** | (154922) | (70005) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (647718) | (36105) |
|  **Total Increase (Decrease) in Net Assets** | (619186) | 25981 |
|  **Net Assets:** |  |  |
|  Beginning of year | 2515828 | 2489847 |
|  End of year | $1896642 | $2515828 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Consolidated Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO All Asset:<br>Multi-Real Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $183454 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (7418165) |
|  Proceeds from sales of long-term securities | 8197932 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 371919 |
| (Increase) decrease in deposits with counterparty | (8003) |
| (Increase) decrease in receivable for investments sold | (350087) |
| (Increase) decrease in interest and/or dividends receivable | 221 |
| (Increase) decrease in dividends receivable from Affiliates | (123) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (18475) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 48511 |
| (Increase) decrease in reimbursement receivable from PIMCO | 21 |
|  Increase (decrease) in payable for investments purchased | (139836) |
|  Increase (decrease) in deposits from counterparty | (5058) |
|  Increase (decrease) in accrued investment advisory fees | (225) |
|  Increase (decrease) in accrued supervisory and administrative fees | (113) |
|  Proceeds from (Payments on) foreign currency transactions | (737) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 103310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 10012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (48305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 791 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (180489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 9108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (54) |
|  Net amortization (accretion) on investments | (21854) |
|  **Net Cash Provided by (Used for) Operating Activities** | 738507 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 888279 |
|  Payments on shares redeemed | (1690919) |
|  Cash distributions paid\* | 0 |
|  Proceeds from reverse repurchase agreements | 265591646 |
|  Payments on reverse repurchase agreements | (265526058) |
|  Proceeds from sale-buyback transactions | 590425 |
|  Payments on sale-buyback transactions | (590425) |
|  **Net Cash Received from (Used for) Financing Activities** | (737052) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 1455 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 5785 |
|  End of year | $7240 |
|  \* Reinvestment of distributions | $154922 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $75845 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **14** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 154.4% | INVESTMENTS IN SECURITIES 154.4% | INVESTMENTS IN SECURITIES 154.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  4.185% (EUR003M + 1.700%) due 08/23/2027 ~ | 3100 | 3327 |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  TBD% due 04/01/2027 « | 2000 | 2163 |
|  Total Loan Participations and Assignments (Cost $5,410) | Total Loan Participations and Assignments (Cost $5,410) | 5490 |
| CORPORATE BONDS & NOTES 8.0% | CORPORATE BONDS & NOTES 8.0% | CORPORATE BONDS & NOTES 8.0% |
| BANKING & FINANCE 5.3% | BANKING & FINANCE 5.3% | BANKING & FINANCE 5.3% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.300% due 01/30/2032 | 2000 | 1773 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 ~ | 3900 | 3944 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.000% due 01/15/2032 (i) | 496 | 454 |
|  3.800% due 08/15/2029 | 836 | 803 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.125% due 08/01/2025 | 1200 | 1196 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 400 | 391 |
|  2.528% due 11/18/2027 | 2755 | 2580 |
|  4.250% due 04/15/2026 | 700 | 696 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 3000 | 2892 |
|  5.202% due 04/25/2029 •  | 1200 | 1219 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 8400 | 8633 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 400 | 400 |
|  5.690% due 03/12/2030 •  | 2500 | 2564 |
|  6.224% due 05/09/2034 •  | 500 | 521 |
|  7.437% due 11/02/2033 •  | 2800 | 3126 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 250 | 253 |
|  Credit Suisse AG AT1 Claim | 14166 | 1700 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 02/15/2029 | 351 | 343 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 1900 | 2041 |
|  2.129% due 11/24/2026 •  | 4400 | 4321 |
|  3.547% due 09/18/2031 •  | 4633 | 4262 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 222 | 204 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 1500 | 1492 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 500 | 509 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 2303 | 2452 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 1300 | 1285 |
|  4.687% due 06/09/2025 | 200 | 200 |
|  5.125% due 06/16/2025 | 1500 | 1499 |
|  5.303% due 09/06/2029 | 1800 | 1746 |
|  5.800% due 03/08/2029 | 700 | 694 |
|  5.918% due 03/20/2028 | 1900 | 1909 |
|  7.350% due 11/04/2027 | 700 | 726 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 (c) | 400 | 403 |
|  5.900% due 01/13/2035 | 900 | 913 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.208% due 03/15/2028 •  | 10500 | 10722 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 147 | 147 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.400% due 03/15/2030 | 241 | 212 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 2000 | 1961 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | $| 1500 | 1480 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.357% due 08/18/2031 •  |  | 431 | 376 |
|  2.848% due 06/04/2031 •  |  | 300 | 270 |
|  4.950% due 03/31/2030 |  | 200 | 201 |
|  5.887% due 08/14/2027 •  |  | 800 | 813 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  |  | 500 | 504 |
|  5.350% due 01/13/2030 |  | 200 | 204 |
|  5.600% due 04/10/2026 |  | 5200 | 5250 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  |  | 862 | 821 |
|  5.040% due 01/23/2028 •  |  | 3000 | 3027 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.550% due 08/16/2028 |  | 266 | 265 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  |  | 2300 | 2355 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  |  | 5703 | 5483 |
|  2.188% due 04/28/2026 •  |  | 3000 | 2994 |
|  4.654% due 10/18/2030 •  |  | 1800 | 1786 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 |  | 409 | 365 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) |  | 3900 | 2751 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 |  | 1500 | 1401 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | CAD | 900 | 629 |
|  5.000% due 01/31/2035 | $| 1500 | 1490 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  |  | 500 | 520 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.130% due 07/08/2030 |  | 991 | 868 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  |  | 1700 | 1514 |
|  4.194% due 04/01/2031 •  |  | 250 | 241 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 |  | 1650 | 1651 |
|  Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. |
|  8.032% due 01/08/2030 ~ |  | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 ~ | EUR | 2100 | 2143 |
|  5.707% due 04/22/2028 •  | $| 500 | 511 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 |  | 354 | 341 |
|  |  |  | 111691 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 |  | 4300 | 4059 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 |  | 400 | 390 |
|  6.375% due 11/21/2030 |  | 400 | 419 |
|  6.500% due 11/21/2033 |  | 200 | 210 |
|  6.875% due 11/21/2053 |  | 400 | 414 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 1300 | 1272 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 |  | 1300 | 1242 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.125% due 04/01/2040 |  | 8 | 7 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 |  | 24 | 24 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 |  | 1800 | 1717 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.700% due 04/01/2035 |  | 1300 | 1310 |
|  Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA |
|  3.125% due 04/06/2030 |  | 18 | 17 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  2.950% due 03/15/2031 |  | 189 | 170 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 03/30/2032 | $| 200 | 201 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 |  | 1527 | 1505 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 |  | 600 | 603 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 |  | 1100 | 980 |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 |  | 379 | 394 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 |  | 400 | 314 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 |  | 8500 | 8311 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.600% due 04/01/2040 |  | 18 | 14 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  1.625% due 05/09/2028 | EUR | 400 | 417 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
|  3.700% due 04/30/2030 | $| 123 | 117 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.875% due 02/15/2031 |  | 1800 | 1613 |
|  3.375% due 04/15/2029 |  | 1300 | 1236 |
|  |  |  | 26956 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.350% due 04/01/2030 |  | 266 | 252 |
|  Edison International | Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 |  | 54 | 55 |
|  6.250% due 03/15/2030 |  | 800 | 811 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 |  | 6300 | 6552 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  4.050% due 04/15/2030 |  | 18 | 17 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  2.650% due 09/15/2029 |  | 18 | 17 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 |  | 582 | 500 |
|  3.000% due 06/15/2028 |  | 2300 | 2163 |
|  4.550% due 07/01/2030 |  | 1200 | 1162 |
|  5.282% due 09/04/2025 •  |  | 6000 | 6001 |
|  6.150% due 03/01/2055 |  | 600 | 588 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 |  | 1429 | 1462 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.350% due 04/01/2053 |  | 900 | 844 |
|  5.550% due 04/15/2054 |  | 234 | 226 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 |  | 1500 | 1257 |
|  4.875% due 02/01/2027 |  | 2300 | 2309 |
|  5.150% due 06/01/2029 |  | 3600 | 3624 |
|  5.350% due 03/01/2026 |  | 1100 | 1105 |
|  |  |  | 28945 |
|  Total Corporate Bonds & Notes (Cost $168,326) | Total Corporate Bonds & Notes (Cost $168,326) | Total Corporate Bonds & Notes (Cost $168,326) | 167592 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 |
|  7.804% due 03/01/2035 |  | 35 | 40 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 |  | 1205 | 1074 |
|  |  |  | 1114 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 |
|  6.642% due 11/01/2029 |  | 110 | 114 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 50 | 52 |
|  6.725% due 04/01/2035 | 110 | 116 |
|  7.350% due 07/01/2035 | 79 | 85 |
|  |  | 367 |
| NEBRASKA 0.0% | NEBRASKA 0.0% | NEBRASKA 0.0% |
|  Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 |
|  7.242% due 01/01/2041 | 20 | 22 |
| OHIO 0.0% | OHIO 0.0% | OHIO 0.0% |
|  Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 |
|  4.800% due 06/01/2111 | 67 | 58 |
| PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 5 | 6 |
| WASHINGTON 0.0% | WASHINGTON 0.0% | WASHINGTON 0.0% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 635 | 679 |
|  Total Municipal Bonds & Notes (Cost $2,546) | Total Municipal Bonds & Notes (Cost $2,546) | 2246 |
| U.S. GOVERNMENT AGENCIES 57.9% | U.S. GOVERNMENT AGENCIES 57.9% | U.S. GOVERNMENT AGENCIES 57.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 08/25/2039 (b)(e) | 71 | 61 |
|  0.000% due 11/25/2040 •  | 1 | 1 |
|  1.396% due 03/25/2041 •(a) | 111 | 10 |
|  1.596% due 03/25/2037 •(a) | 31 | 3 |
|  1.646% due 04/25/2037 •(a) | 115 | 10 |
|  1.696% due 11/25/2039 •(a) | 18 | 2 |
|  1.926% due 03/25/2037 •(a) | 42 | 4 |
|  1.946% due 05/25/2037 •(a) | 106 | 9 |
|  2.242% due 01/25/2031 ~(a) | 782 | 49 |
|  2.246% due 03/25/2036 •(a) | 31 | 2 |
|  2.336% due 04/25/2037 •(a) | 193 | 25 |
|  2.746% due 02/25/2037 •(a) | 19 | 2 |
|  3.196% due 07/25/2033 •(a) | 10 | 1 |
|  4.202% due 10/01/2029 ~ | 11100 | 11035 |
|  4.300% due 12/01/2029 | 7717 | 7696 |
|  4.500% due 09/25/2040 | 452 | 433 |
|  4.540% due 07/01/2030 | 2600 | 2617 |
|  4.596% due 03/25/2036 •  | 1 | 1 |
|  4.705% due 09/01/2031 •  | 20400 | 20619 |
|  4.720% due 10/01/2028 - 08/01/2030 | 7278 | 7389 |
|  4.770% due 10/01/2028 | 3100 | 3153 |
|  4.784% due 04/25/2037 •  | 1 | 1 |
|  4.804% due 07/25/2037 - 09/25/2042 •  | 7 | 7 |
|  4.834% due 07/25/2037 •  | 7 | 7 |
|  4.850% due 05/01/2029 | 1900 | 1938 |
|  4.854% due 09/25/2035 •  | 12 | 12 |
|  4.860% due 08/01/2030 | 3500 | 3584 |
|  4.864% due 09/25/2035 •  | 10 | 10 |
|  4.930% due 06/01/2029 | 5000 | 5116 |
|  4.974% due 10/25/2040 •  | 4 | 4 |
|  5.060% due 10/01/2033 | 7052 | 7235 |
|  5.174% due 06/25/2037 •  | 51 | 51 |
|  5.290% due 11/25/2054 •  | 8847 | 8838 |
|  5.300% due 11/01/2030 | 10000 | 10383 |
|  6.426% due 12/01/2034 •  | 16 | 16 |
|  6.534% due 10/01/2035 •  | 1 | 1 |
|  6.673% due 03/01/2034 •  | 5 | 5 |
|  6.797% due 03/01/2036 •  | 1 | 1 |
|  6.904% due 08/01/2035 •  | 2 | 2 |
|  7.041% due 11/01/2034 •  | 1 | 1 |
|  8.743% due 12/25/2036 •  | 2 | 2 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  1.150% due 09/15/2041 •  | 134 | 124 |
|  1.934% due 02/15/2040 •  | 27 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.007% due 07/15/2036 •(a) | 61 | 6 |
|  2.107% due 09/15/2036 •(a) | 36 | 4 |
|  2.237% due 04/15/2036 •(a) | 6 | 1 |
|  3.000% due 11/01/2032 | 2567 | 2481 |
|  3.500% due 07/15/2042 - 05/01/2049 | 774 | 719 |
|  3.650% due 11/01/2043 | 10397 | 8877 |
|  4.000% due 07/01/2047 - 03/01/2049 | 533 | 505 |
|  4.763% due 05/15/2037 •  | 1 | 1 |
|  4.843% due 03/15/2037 •  | 13 | 13 |
|  4.863% due 11/15/2043 •  | 17 | 16 |
|  5.000% due 01/01/2028 - 04/15/2041 | 446 | 450 |
|  5.013% due 07/15/2041 •  | 23 | 23 |
|  5.163% due 08/15/2037 •  | 60 | 60 |
|  5.173% due 10/15/2037 •  | 9 | 9 |
|  5.183% due 05/15/2037 - 09/15/2037 •  | 66 | 67 |
|  5.280% due 11/25/2054 •  | 8928 | 8939 |
|  5.500% due 03/15/2034 - 03/01/2039 | 48 | 50 |
|  6.000% due 08/01/2027 - 12/01/2037 | 1 | 1 |
|  6.035% due 07/25/2044 •  | 2 | 2 |
|  6.500% due 05/01/2035 | 13 | 14 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 02/15/2045 - 03/15/2045 | 49 | 46 |
|  4.750% due 11/20/2044 •  | 97 | 99 |
|  4.787% due 08/20/2047 •  | 151 | 147 |
|  5.000% due 08/15/2033 - 03/15/2042 | 609 | 617 |
|  6.000% due 07/15/2037 - 08/15/2037 | 2 | 2 |
|  6.473% due 04/20/2068 •  | 381 | 385 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 | 14530 | 13937 |
|  5.000% due 05/01/2055 | 27010 | 26554 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 3 | 3 |
|  5.490% due 03/01/2028 | 2 | 2 |
|  6.020% due 08/01/2028 | 18 | 19 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 12/01/2026 - 12/01/2032 | 3929 | 3785 |
|  3.500% due 02/01/2043 - 09/01/2048 | 1973 | 1803 |
|  4.000% due 06/01/2026 - 10/01/2030 | 1 | 2 |
|  4.500% due 06/01/2025 - 12/01/2054 | 16799 | 16207 |
|  5.000% due 07/01/2025 - 06/01/2053 | 52523 | 51607 |
|  5.500% due 09/01/2025 - 03/01/2054 | 39157 | 39156 |
|  5.500% due 04/01/2054 - 05/01/2054 | 10631 | 10624 |
|  6.000% due 10/01/2026 - 08/01/2054 | 23398 | 23863 |
|  6.500% due 01/01/2029 - 01/01/2054 | 55020 | 56807 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 48900 | 42375 |
|  4.000% due 05/01/2055 | 151280 | 140754 |
|  4.500% due 05/01/2055 | 64940 | 62090 |
|  5.000% due 04/01/2055 - 05/01/2055 | 63200 | 61893 |
|  5.500% due 05/01/2055 | 7500 | 7484 |
|  6.000% due 05/01/2055 - 06/01/2055 | 174250 | 176662 |
|  6.500% due 05/01/2055 - 06/01/2055 | 354610 | 365225 |
|  Total U.S. Government Agencies (Cost $1,211,889) | Total U.S. Government Agencies (Cost $1,211,889) | 1214871 |
| U.S. TREASURY OBLIGATIONS 9.4% | U.S. TREASURY OBLIGATIONS 9.4% | U.S. TREASURY OBLIGATIONS 9.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (k) | 4100 | 2666 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.250% due 08/15/2049 (m) | 146 | 94 |
|  3.000% due 08/15/2048 (m) | 473 | 360 |
|  3.000% due 02/15/2049 (k)(m) | 17298 | 13085 |
|  3.125% due 05/15/2048 (m) | 124 | 97 |
|  4.125% due 08/15/2053 (m) | 100 | 92 |
|  4.625% due 02/15/2040 (k) | 3734 | 3815 |
|  4.625% due 05/15/2044 | 27300 | 27397 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  1.000% due 02/15/2046 (k) | 2013 | 1589 |
|  1.000% due 02/15/2048 (k) | 5599 | 4308 |
|  1.375% due 07/15/2033 (k) | 6065 | 5919 |
|  1.750% due 01/15/2034 (k) | 1756 | 1754 |
|  1.875% due 07/15/2034 | 79051 | 79812 |
|  2.125% due 04/15/2029 | 26903 | 27707 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 12/31/2025 (k)(m) | 1000 | 973 |
|  0.500% due 02/28/2026 (k)(m) | 4300 | 4162 |
|  2.125% due 05/15/2025 (k)(m) | 2485 | 2478 |
|  2.375% due 05/15/2029 (k)(m) | 2075 | 1954 |
|  2.625% due 12/31/2025 (k)(m) | 1777 | 1758 |
|  3.000% due 09/30/2025 (k)(m) | 10043 | 9984 |
|  3.000% due 10/31/2025 (k)(m) | 7253 | 7203 |
|  Total U.S. Treasury Obligations (Cost $213,600) | Total U.S. Treasury Obligations (Cost $213,600) | 197207 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.581% due 01/25/2036 ~ | 417 | 315 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 8 | 7 |
|  4.625% due 10/25/2046 •  | 32 | 16 |
|  5.555% due 11/25/2046 ~ | 10503 | 2616 |
|  6.750% due 11/25/2046 þ | 167 | 148 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 23 | 15 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 25 | 24 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.483% due 06/20/2037 ~ | 8 | 7 |
|  4.814% due 10/20/2036 ~ | 5 | 4 |
|  4.854% due 04/20/2047 •  | 3 | 2 |
|  4.894% due 02/20/2047 ~ | 322 | 298 |
|  4.940% due 09/20/2046 ~ | 302 | 272 |
|  4.999% due 02/20/2035 ~ | 6 | 6 |
|  6.000% due 08/25/2036 | 6 | 5 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.432% due 06/25/2035 ~ | 3 | 3 |
|  5.916% due 02/25/2034 ~ | 5 | 5 |
|  6.027% due 01/25/2035 ~ | 4 | 4 |
|  6.222% due 06/25/2034 •  | 4 | 3 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.795% due 03/25/2037 •  | 1402 | 1267 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.526% due 02/25/2036 •  | 37 | 34 |
|  5.239% due 07/25/2034 •  | 4 | 4 |
|  5.967% due 11/25/2034 ~ | 1 | 1 |
|  6.337% due 01/25/2033 ~ | 24 | 23 |
|  6.530% due 02/25/2036 •  | 3 | 3 |
|  6.548% due 04/25/2033 ~ | 1 | 1 |
|  7.480% due 08/25/2033 •  | 2 | 2 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.630% due 11/25/2035 •  | 42 | 38 |
|  4.755% due 08/25/2036 •  | 287 | 253 |
|  4.755% due 01/25/2047 •  | 29 | 25 |
|  4.775% due 12/25/2046 •  | 3 | 3 |
|  4.935% due 01/25/2036 •  | 4 | 4 |
|  5.362% due 10/25/2035 ~ | 34 | 29 |
|  5.564% due 05/25/2035 ~ | 1 | 1 |
|  5.564% due 05/25/2035 •  | 9 | 9 |
|  5.588% due 07/25/2035 •  | 43 | 27 |
|  BX Trust | BX Trust | BX Trust |
|  5.730% due 10/15/2036 •  | 16000 | 15959 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.762% due 12/25/2035 ~ | 2 | 1 |
|  4.906% due 09/25/2036 •  | 87 | 72 |
|  4.929% due 01/25/2036 ~ | 4 | 4 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  | $— | 2318 | $— | 2011 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.665% due 05/25/2036 •  |  | 56 |  | 53 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 01/25/2037 •  |  | 75 |  | 65 |
|  4.821% due 09/25/2037 •  |  | 108 |  | 100 |
|  6.170% due 09/25/2062 þ |  | 14705 |  | 14719 |
|  6.300% due 03/25/2036 ~ |  | 15 |  | 15 |
|  6.560% due 10/25/2035 ~ |  | 8 |  | 7 |
|  7.230% due 10/25/2035 ~ |  | 6 |  | 6 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.035% due 04/25/2037 •  |  | 108 |  | 91 |
|  6.000% due 12/25/2036 |  | 33 |  | 29 |
|  6.000% due 06/25/2037 |  | 45 |  | 39 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.335% due 08/25/2035 ~ |  | 885 |  | 752 |
|  4.624% due 09/20/2046 ~ |  | 1506 |  | 1541 |
|  4.635% due 04/25/2047 •  |  | 1077 |  | 1057 |
|  4.644% due 09/20/2046 •  |  | 11 |  | 10 |
|  4.645% due 04/25/2047 ~ |  | 1473 |  | 1281 |
|  4.675% due 12/25/2046 •  |  | 5301 |  | 4705 |
|  4.735% due 06/25/2035 •  |  | 795 |  | 513 |
|  4.775% due 05/25/2047 ~ |  | 155 |  | 139 |
|  4.815% due 09/25/2046 •  |  | 40 |  | 39 |
|  4.835% due 05/25/2036 ~ |  | 58 |  | 50 |
|  4.835% due 08/25/2037 •  |  | 9 |  | 6 |
|  4.854% due 03/20/2046 ~ |  | 11 |  | 9 |
|  4.854% due 07/20/2046 ~ |  | 6 |  | 5 |
|  4.894% due 05/20/2046 •  |  | 3 |  | 3 |
|  4.935% due 11/25/2036 •  |  | 11170 |  | 9374 |
|  4.955% due 12/25/2035 •  |  | 5 |  | 4 |
|  4.985% due 05/25/2035 •  |  | 21 |  | 16 |
|  4.995% due 02/25/2037 •  |  | 240 |  | 203 |
|  5.034% due 11/20/2035 •  |  | 28 |  | 26 |
|  5.035% due 08/25/2035 •  |  | 173 |  | 164 |
|  5.074% due 12/20/2035 ~ |  | 35 |  | 33 |
|  5.075% due 11/25/2035 •  |  | 177 |  | 155 |
|  5.500% due 06/25/2025 |  | 144 |  | 116 |
|  5.500% due 05/25/2035 |  | 84 |  | 67 |
|  5.500% due 11/25/2035 |  | 62 |  | 35 |
|  5.635% due 12/25/2035 •  |  | 5 |  | 4 |
|  5.750% due 03/25/2037 |  | 76 |  | 40 |
|  6.000% due 12/25/2035 |  | 194 |  | 140 |
|  6.000% due 05/25/2036 |  | 33 |  | 16 |
|  6.000% due 08/25/2036 •  |  | 38 |  | 22 |
|  6.000% due 05/25/2037 |  | 109 |  | 48 |
|  6.035% due 08/25/2035 •  |  | 16 |  | 15 |
|  6.115% due 01/25/2036 •  |  | 64 |  | 60 |
|  6.250% due 08/25/2036 |  | 553 |  | 298 |
|  6.685% due 10/20/2035 •  |  | 4 |  | 3 |
|  7.000% due 10/25/2037 |  | 71 |  | 25 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.895% due 05/25/2035 ~ |  | 11 |  | 10 |
|  5.015% due 04/25/2035 •  |  | 650 |  | 619 |
|  5.035% due 05/25/2035 •  |  | 30 |  | 26 |
|  5.075% due 03/25/2035 ~ |  | 1 |  | 1 |
|  5.095% due 02/25/2035 •  |  | 6 |  | 5 |
|  5.160% due 11/25/2034 •  |  | 8 |  | 8 |
|  5.750% due 05/25/2037 |  | 3 |  | 2 |
|  6.000% due 07/25/2036 |  | 234 |  | 116 |
|  6.000% due 01/25/2037 |  | 158 |  | 74 |
|  6.000% due 02/25/2037 |  | 159 |  | 74 |
|  6.248% due 02/20/2036 •  |  | 2 |  | 2 |
|  6.500% due 12/25/2037 |  | 361 |  | 146 |
|  7.789% due 10/20/2034 ~ |  | 9 |  | 10 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ |  | 26 |  | 25 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.250% due 09/25/2035 |  | 171 |  | 134 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.475% due 03/25/2059 ~ |  | 1831 |  | 1831 |
|  3.631% due 11/30/2037 ~ |  | 12845 |  | 11649 |
|  3.997% due 12/27/2037 ~ |  | 4977 |  | 4278 |
|  4.102% due 12/27/2060 ~ |  | 3187 |  | 3179 |
|  4.193% due 07/27/2061 •  |  | 6245 |  | 6227 |
|  4.471% due 06/25/2050 ~ |  | 396 |  | 350 |
|  4.735% due 01/27/2037 •  |  | 19 |  | 13 |
|  5.750% due 08/25/2036 |  | 7 |  | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.750% due 03/25/2037 | $— | 15 | $— | 7 |
|  6.421% due 10/25/2037 •  |  | 202 |  | 119 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 1272 |  | 204 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.815% due 02/25/2037 •  |  | 4388 |  | 3803 |
|  4.935% due 02/25/2035 •  |  | 72 |  | 70 |
|  5.095% due 02/25/2036 ~ |  | 107 |  | 105 |
|  5.935% due 10/25/2047 ~ |  | 156 |  | 124 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.571% due 04/19/2047 •  |  | 503 |  | 429 |
|  4.621% due 10/19/2036 •  |  | 113 |  | 101 |
|  4.951% due 08/19/2045 ~ |  | 3 |  | 3 |
|  5.251% due 09/19/2044 •  |  | 19 |  | 17 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  |  | 4 |  | 5 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.655% due 03/25/2035 •  | $— | 1 |  | 0 |
|  5.292% due 06/25/2036 •  |  | 204 |  | 164 |
|  5.700% due 12/25/2035 ~ |  | 15 |  | 12 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.269% due 10/25/2035 ~ |  | 47 |  | 44 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.795% due 01/25/2037 •  |  | 114 |  | 104 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.884% due 12/26/2036 •  |  | 64 |  | 46 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  |  | 10 |  | 9 |
|  5.076% due 11/25/2035 •  |  | 3 |  | 3 |
|  5.500% due 01/25/2037 |  | 6 |  | 12 |
|  5.507% due 07/25/2035 •  |  | 1 |  | 1 |
|  6.000% due 02/25/2036 |  | 223 |  | 88 |
|  6.000% due 07/25/2037 |  | 56 |  | 36 |
|  6.119% due 09/25/2035 •  |  | 11 |  | 10 |
|  6.697% due 09/25/2035 •  |  | 2 |  | 2 |
|  6.940% due 04/25/2032 ~ |  | 5 |  | 5 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.347% due 06/19/2036 •  |  | 54 |  | 28 |
|  4.651% due 07/19/2047 •  |  | 126 |  | 120 |
|  4.771% due 12/19/2036 •  |  | 4 |  | 4 |
|  4.841% due 12/19/2036 •  |  | 232 |  | 183 |
|  4.871% due 05/19/2035 •  |  | 160 |  | 153 |
|  4.911% due 06/19/2035 ~ |  | 1030 |  | 1005 |
|  4.911% due 12/19/2036 •  |  | 98 |  | 93 |
|  4.931% due 01/19/2036 •  |  | 417 |  | 272 |
|  5.114% due 06/20/2035 ~ |  | 81 |  | 77 |
|  6.635% due 10/19/2035 •  |  | 271 |  | 137 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.055% due 03/25/2035 •  |  | 95 |  | 76 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ |  | 131 |  | 127 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.975% due 02/25/2037 •  |  | 10635 |  | 9647 |
|  5.915% due 07/25/2035 •  |  | 17 |  | 16 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.152% due 06/25/2036 •  |  | 96 |  | 84 |
|  4.270% due 05/25/2035 ~ |  | 137 |  | 94 |
|  4.735% due 06/25/2037 •  |  | 4 |  | 2 |
|  4.795% due 02/25/2037 ~ |  | 60 |  | 56 |
|  4.815% due 09/25/2046 •  |  | 48 |  | 43 |
|  4.835% due 11/25/2046 •  |  | 429 |  | 408 |
|  4.855% due 05/25/2046 •  |  | 4159 |  | 3771 |
|  4.915% due 07/25/2035 ~ |  | 120 |  | 111 |
|  4.955% due 06/25/2035 •  |  | 25 |  | 21 |
|  5.075% due 07/25/2045 •  |  | 3 |  | 2 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.308% due 05/25/2036 •  |  | 53 |  | 30 |
|  6.000% due 12/27/2036 |  | 52 |  | 26 |
|  6.500% due 03/25/2036 |  | 1716 |  | 936 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ |  | 138 |  | 135 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.262% due 07/27/2037 ~ |  | 46 |  | 42 |
|  4.471% due 10/25/2036 ~ |  | 3 |  | 2 |
|  4.619% due 10/25/2036 •  |  | 23 |  | 17 |
|  4.965% due 04/25/2036 •  |  | 520 |  | 465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.487% due 08/25/2035 •  | $— | 14 | $— | 13 |
|  5.753% due 04/25/2037 ~ |  | 3 |  | 2 |
|  6.233% due 07/25/2035 ~ |  | 48 |  | 47 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  4.750% due 04/25/2061 þ |  | 3126 |  | 3125 |
|  4.750% due 07/25/2061 þ |  | 4972 |  | 4961 |
|  5.250% due 07/25/2067 þ |  | 2426 |  | 2421 |
|  5.892% due 10/25/2066 þ |  | 2841 |  | 2842 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.085% due 11/25/2036 •  |  | 406 |  | 191 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.835% due 03/25/2047 •  |  | 4533 |  | 4122 |
|  4.885% due 08/25/2046 •  |  | 563 |  | 575 |
|  4.935% due 08/25/2037 •  |  | 39 |  | 38 |
|  6.135% due 09/25/2047 •  |  | 40 |  | 36 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.491% due 04/25/2036 ~ |  | 1751 |  | 1175 |
|  5.155% due 04/25/2036 ~ |  | 23 |  | 20 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.269% due 07/25/2035 ~ |  | 7 |  | 7 |
|  5.165% due 10/25/2033 ~ |  | 32 |  | 27 |
|  5.435% due 12/25/2046 •  |  | 10243 |  | 7902 |
|  6.370% due 11/21/2034 •  |  | 131 |  | 126 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 |  | 78 |  | 44 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.294% due 08/15/2032 •  |  | 9 |  | 8 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.655% due 03/25/2037 ~ |  | 121 |  | 29 |
|  4.835% due 03/25/2037 •  |  | 1880 |  | 446 |
|  4.855% due 04/25/2037 •  |  | 13946 |  | 2550 |
|  5.035% due 03/25/2037 •  |  | 77 |  | 18 |
|  6.000% due 03/25/2037 |  | 37 |  | 13 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.205% due 04/25/2035 •  |  | 5 |  | 5 |
|  5.255% due 05/25/2036 •  |  | 28 |  | 26 |
|  5.312% due 09/25/2035 •  |  | 41 |  | 33 |
|  6.058% due 05/25/2033 ~ |  | 2 |  | 2 |
|  6.190% due 02/25/2033 •  |  | 6 |  | 5 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ |  | 36 |  | 34 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.647% due 07/25/2035 •  |  | 53 |  | 47 |
|  6.000% due 08/25/2036 |  | 57 |  | 24 |
|  6.283% due 06/25/2036 •  |  | 2 |  | 2 |
|  6.815% due 06/25/2036 þ |  | 827 |  | 234 |
|  Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust |
|  5.250% due 05/26/2037 ~ |  | 50 |  | 23 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.540% due 05/25/2042 ~ |  | 36 |  | 35 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.955% due 12/25/2035 •  |  | 105 |  | 103 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  |  | 665 |  | 638 |
|  2.750% due 11/25/2059 •  |  | 859 |  | 820 |
|  3.500% due 12/25/2057 •  |  | 452 |  | 437 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.625% due 06/25/2037 •  |  | 3065 |  | 2522 |
|  5.476% due 05/25/2035 þ |  | 20 |  | 9 |
|  5.769% due 06/25/2036 ~ |  | 10328 |  | 2816 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.490% due 09/25/2046 •  |  | 1307 |  | 457 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.755% due 02/25/2037 •  |  | 118 |  | 87 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  6.000% due 06/25/2036 |  | 1 |  | 1 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 02/25/2037 •  |  | 48 |  | 43 |
|  4.735% due 02/25/2047 •  |  | 1414 |  | 1269 |
|  4.755% due 01/25/2037 •  |  | 881 |  | 789 |
|  4.775% due 01/25/2037 ~ |  | 2017 |  | 1761 |
|  4.795% due 07/25/2036 •  |  | 196 |  | 65 |
|  4.795% due 09/25/2036 •  |  | 222 |  | 204 |
|  4.805% due 08/25/2036 •  |  | 88 |  | 80 |
|  4.815% due 07/25/2036 •  |  | 76 |  | 69 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.815% due 09/25/2036 •  | $— | 122 | $— | 112 |
|  4.935% due 08/25/2035 •  |  | 388 |  | 268 |
|  5.000% due 09/25/2036 |  | 3 |  | 2 |
|  5.435% due 09/25/2046 •  |  | 5826 |  | 4906 |
|  5.544% due 10/25/2037 •  |  | 203 |  | 163 |
|  6.000% due 08/25/2036 |  | 10 |  | 9 |
|  6.000% due 01/25/2037 |  | 20 |  | 16 |
|  6.000% due 03/25/2037 |  | 85 |  | 70 |
|  6.192% due 11/25/2037 ~ |  | 108 |  | 93 |
|  6.500% due 08/25/2036 |  | 958 |  | 778 |
|  6.977% due 09/25/2034 ~ |  | 31 |  | 32 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.500% due 09/25/2035 |  | 76 |  | 35 |
|  6.000% due 03/25/2037 |  | 809 |  | 250 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.610% due 04/25/2037 ~ |  | 102 |  | 88 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.575% due 09/20/2046 •  |  | 53 |  | 35 |
|  4.994% due 07/20/2034 •  |  | 74 |  | 74 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 •  |  | 59 |  | 56 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  |  | 1808 |  | 2342 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ | $— | 7 |  | 7 |
|  4.088% due 11/25/2035 ~ |  | 30 |  | 28 |
|  4.735% due 08/25/2036 •  |  | 29 |  | 23 |
|  5.124% due 08/25/2035 ~ |  | 19 |  | 10 |
|  5.342% due 03/25/2036 ~ |  | 22 |  | 17 |
|  6.035% due 01/25/2035 ~ |  | 2 |  | 2 |
|  6.735% due 12/25/2037 •  |  | 361 |  | 304 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.555% due 08/25/2036 ~ |  | 113 |  | 99 |
|  4.815% due 07/25/2046 ~ |  | 40 |  | 32 |
|  4.855% due 04/25/2036 ~ |  | 12 |  | 10 |
|  4.875% due 05/25/2046 •  |  | 9 |  | 3 |
|  4.895% due 02/25/2036 •  |  | 34 |  | 31 |
|  4.995% due 02/25/2036 ~ |  | 2 |  | 2 |
|  5.131% due 02/19/2035 •  |  | 2 |  | 2 |
|  6.226% due 02/25/2036 •  |  | 9 |  | 8 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  6.974% due 01/25/2037 ~ |  | 30 |  | 19 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  3.130% due 03/25/2044 ~ |  | 22 |  | 22 |
|  5.682% due 12/25/2044 ~ |  | 42 |  | 40 |
|  5.989% due 06/25/2047 ~ |  | 81 |  | 78 |
|  5.989% due 06/25/2047 •  |  | 27 |  | 24 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 5114 |  | 6623 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 •  | $— | 3970 |  | 3834 |
|  2.900% due 10/25/2059 ~ |  | 520 |  | 496 |
|  3.000% due 01/25/2058 ~ |  | 59 |  | 58 |
|  3.361% due 10/25/2057 ~ |  | 1031 |  | 859 |
|  5.435% due 05/25/2058 ~ |  | 22 |  | 23 |
|  5.435% due 10/25/2059 ~ |  | 32 |  | 32 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 2383 |  | 3085 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.474% due 01/25/2037 ~ | $— | 41 |  | 35 |
|  4.091% due 02/25/2037 •  |  | 14 |  | 12 |
|  4.092% due 12/25/2046 •  |  | 12 |  | 10 |
|  4.142% due 12/25/2036 ~ |  | 24 |  | 21 |
|  4.174% due 12/25/2046 •  |  | 10 |  | 9 |
|  4.200% due 02/25/2037 ~ |  | 105 |  | 98 |
|  4.237% due 06/25/2037 ~ |  | 72 |  | 63 |
|  4.640% due 06/25/2037 ~ |  | 220 |  | 195 |
|  4.975% due 12/25/2045 •  |  | 4394 |  | 4021 |
|  4.995% due 11/25/2045 •  |  | 3 |  | 3 |
|  5.005% due 10/25/2035 •  |  | 11 |  | 10 |
|  5.015% due 10/25/2045 •  |  | 7 |  | 7 |
|  5.015% due 12/25/2045 •  |  | 209 |  | 191 |
|  5.179% due 12/25/2035 ~ |  | 104 |  | 97 |
|  5.215% due 01/25/2045 ~ |  | 340 |  | 327 |
|  5.235% due 12/25/2045 •  |  | 809 |  | 782 |
|  5.335% due 03/25/2047 ~ |  | 1895 |  | 1639 |
|  5.337% due 01/25/2035 ~ |  | 26 |  | 24 |
|  5.385% due 06/25/2047 •  |  | 1493 |  | 1239 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.445% due 07/25/2047 •  | 26 | 22 |
|  5.515% due 10/25/2046 •  | 303 | 260 |
|  5.595% due 11/25/2045 •  | 1406 | 1315 |
|  5.635% due 02/25/2046 ~ | 137 | 124 |
|  5.705% due 01/25/2046 •  | 889 | 793 |
|  6.135% due 10/25/2046 •  | 463 | 432 |
|  6.135% due 11/25/2046 ~ | 395 | 349 |
|  6.252% due 08/25/2035 ~ | 12 | 12 |
|  7.262% due 06/25/2033 ~ | 13 | 13 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.928% due 09/25/2036 þ | 626 | 168 |
|  4.209% due 09/25/2036 •  | 327 | 86 |
|  4.935% due 02/25/2036 •  | 311 | 256 |
|  5.385% due 02/25/2047 •  | 583 | 536 |
|  5.465% due 11/25/2046 ~ | 51 | 43 |
|  5.485% due 10/25/2046 •  | 78 | 67 |
|  5.575% due 04/25/2046 •  | 39 | 32 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.250% due 07/25/2037 | 72 | 63 |
|  7.125% due 07/25/2037 ~ | 2 | 2 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.931% due 12/25/2036 •  | 14 | 13 |
|  6.935% due 09/25/2036 ~ | 2 | 2 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $208,664) | Total Non-Agency Mortgage-Backed Securities (Cost $208,664) | 193959 |
| ASSET-BACKED SECURITIES 32.5% | ASSET-BACKED SECURITIES 32.5% | ASSET-BACKED SECURITIES 32.5% |
| AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.019% due 10/15/2026 •  | 568 | 568 |
| AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.120% due 04/20/2027 | 7800 | 7895 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.530% due 01/18/2028 | 380 | 381 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 1300 | 1310 |
|  5.430% due 10/15/2026 | 730 | 731 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.710% due 09/15/2027 | 597 | 598 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 | 356 | 356 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 1697 | 1700 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.310% due 08/16/2027 | 821 | 822 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.540% due 04/16/2029 | 1600 | 1624 |
|  5.760% due 11/15/2027 | 312 | 313 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 450 | 451 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  5.690% due 02/15/2030 | 2992 | 3023 |
|  5.890% due 06/15/2030 | 1106 | 1121 |
|  6.570% due 06/15/2028 | 3431 | 3468 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 1647 | 1652 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 2232 | 2245 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 1541 | 1542 |
|  6.040% due 03/15/2027 | 596 | 597 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 451 | 454 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 1500 | 1494 |
|  5.440% due 01/25/2029 | 10400 | 10549 |
|  5.490% due 06/25/2027 | 1900 | 1913 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 1000 | 1002 |
|  5.290% due 04/15/2027 | 2603 | 2610 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 | 1245 | 1218 |
|  5.320% due 09/25/2030 | 909 | 909 |
|  5.380% due 11/25/2030 | 1994 | 1995 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.710% due 02/16/2027 | 110 | 110 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.450% due 01/20/2026 | 1073 | 1073 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 500 | 503 |
|  5.350% due 06/21/2027 | 750 | 751 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 859 | 865 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 | 598 | 599 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.570% due 12/15/2026 | 239 | 239 |
|  |  | 56113 |
| CMBS OTHER 3.1% | CMBS OTHER 3.1% | CMBS OTHER 3.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.254% due 11/17/2038 •  | 3700 | 3686 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  6.615% due 07/15/2039 •  | 4592 | 4606 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.481% due 02/18/2038 ~ | 882 | 878 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.684% due 11/22/2038 •  | 6463 | 6360 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.884% due 02/18/2040 •  | 11200 | 11173 |
|  6.054% due 03/19/2039 •  | 1000 | 1002 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.881% due 10/16/2036 •  | 12800 | 12644 |
|  6.067% due 02/19/2037 •  | 12500 | 12551 |
|  6.181% due 10/16/2036 •  | 12800 | 12460 |
|  |  | 65360 |
| HOME EQUITY OTHER 14.1% | HOME EQUITY OTHER 14.1% | HOME EQUITY OTHER 14.1% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  6.460% due 01/25/2035 •  | 25 | 24 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.170% due 03/25/2035 •  | 4108 | 3912 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.695% due 09/25/2036 •  | 173 | 173 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 1 | 0 |
|  4.675% due 12/25/2036 •  | 287 | 150 |
|  4.715% due 07/25/2036 •  | 1920 | 1875 |
|  4.755% due 03/25/2037 •  | 28145 | 12022 |
|  4.875% due 11/25/2036 •  | 3522 | 1449 |
|  4.915% due 06/25/2036 •  | 1619 | 1194 |
|  5.050% due 12/25/2035 ~ | 950 | 897 |
|  5.380% due 05/25/2035 •  | 4760 | 4340 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  5.140% due 10/25/2035 •  | 677 | 645 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.583% due 11/25/2034 •  | 847 | 775 |
|  5.305% due 11/25/2035 •  | 1300 | 1218 |
|  5.410% due 07/25/2035 •  | 2000 | 1894 |
|  5.455% due 10/25/2034 •  | 175 | 174 |
|  5.560% due 11/25/2034 ~ | 84 | 81 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.915% due 05/25/2035 •  | 50 | 45 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.545% due 09/25/2036 •  | 66 | 21 |
|  4.735% due 07/25/2036 •  | 430 | 383 |
|  4.795% due 04/25/2036 •  | 15864 | 4999 |
|  4.815% due 03/25/2036 •  | 730 | 667 |
|  4.915% due 06/25/2036 •  | 8588 | 2337 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.784% due 01/25/2034 •  | 185 | 176 |

---

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| | | |
|:---|:---|:---|
| **18** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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March 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.245% due 06/25/2034 •  | 496 | 500 |
|  5.530% due 02/25/2035 •  | 10 | 10 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.755% due 08/25/2036 ~ | 642 | 620 |
|  4.785% due 05/25/2037 •  | 13644 | 11354 |
|  5.110% due 08/25/2036 ~ | 11 | 11 |
|  5.410% due 02/25/2034 •  | 1123 | 1135 |
|  5.485% due 08/25/2037 •  | 358 | 318 |
|  5.635% due 08/25/2034 •  | 294 | 296 |
|  6.059% due 12/25/2034 •  | 4000 | 3969 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.695% due 02/25/2037 •  | 260 | 248 |
|  5.185% due 10/25/2035 •  | 1081 | 1063 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.080% due 03/25/2034 •  | 154 | 152 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.075% due 08/25/2032 ~ | 10 | 10 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 6073 | 6156 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.625% due 05/25/2037 •  | 1354 | 901 |
|  4.635% due 05/25/2037 •  | 2065 | 1347 |
|  4.735% due 12/25/2036 ~ | 289 | 105 |
|  4.755% due 09/25/2036 •  | 33 | 25 |
|  4.795% due 01/25/2037 ~ | 3865 | 2807 |
|  4.915% due 08/25/2036 •  | 3282 | 3054 |
|  5.035% due 10/25/2036 •  | 87 | 51 |
|  5.335% due 09/25/2035 •  | 4930 | 4770 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 07/25/2037 ~ | 233 | 217 |
|  4.635% due 06/25/2047 ~ | 57 | 50 |
|  4.639% due 05/25/2036 •  | 2020 | 1988 |
|  4.685% due 06/25/2047 •  | 1593 | 1536 |
|  4.715% due 06/25/2035 ~ | 73 | 67 |
|  4.715% due 03/25/2037 •  | 1736 | 1596 |
|  4.715% due 12/25/2046 •  | 1637 | 1561 |
|  4.715% due 04/25/2047 •  | 38 | 36 |
|  4.725% due 10/25/2047 •  | 7600 | 6559 |
|  4.795% due 11/25/2047 ~ | 28 | 27 |
|  4.835% due 02/25/2037 •  | 82 | 76 |
|  4.855% due 05/25/2047 •  | 88 | 78 |
|  4.875% due 09/25/2037 •  | 101 | 105 |
|  4.895% due 05/25/2037 •  | 1568 | 1516 |
|  4.915% due 04/25/2037 ~ | 177 | 155 |
|  4.975% due 03/25/2036 •  | 210 | 185 |
|  5.175% due 08/25/2047 •  | 163 | 158 |
|  5.395% due 02/25/2036 •  | 1562 | 1522 |
|  5.470% due 12/25/2035 •  | 145 | 143 |
|  6.385% due 08/25/2035 •  | 3000 | 2782 |
|  6.867% due 09/25/2046 þ | 1756 | 1247 |
|  Countrywide Partnership Trust | Countrywide Partnership Trust | Countrywide Partnership Trust |
|  5.335% due 02/25/2035 •  | 854 | 843 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.955% due 03/25/2036 •  | 728 | 660 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.535% due 05/25/2037 •  | 2239 | 2184 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.735% due 02/25/2041 ~ | 3 | 3 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.170% due 09/25/2035 •  | 5 | 5 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.815% due 05/25/2036 ~ | 91 | 67 |
|  4.975% due 05/25/2036 •  | 2087 | 1519 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 11/25/2036 •  | 2273 | 1334 |
|  4.595% due 08/25/2036 ~ | 9588 | 3014 |
|  4.705% due 10/25/2036 •  | 373 | 338 |
|  4.735% due 10/25/2036 •  | 704 | 282 |
|  4.775% due 02/25/2037 ~ | 4533 | 1434 |
|  5.170% due 01/25/2035 ~ | 47 | 46 |
|  5.485% due 11/25/2034 •  | 851 | 800 |
|  GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  5.075% due 12/25/2035 •  | 7224 | 6984 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.939% due 03/25/2036 •  | 153 | 21 |
|  4.535% due 05/25/2037 •  | 173 | 61 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.575% due 03/25/2036 ~ | $— | 131 | $— | 43 |
|  4.675% due 06/25/2036 •  |  | 56 |  | 11 |
|  4.835% due 03/25/2037 •  |  | 1322 |  | 367 |
|  5.075% due 04/25/2047 •  |  | 250 |  | 109 |
|  5.500% due 06/25/2035 •  |  | 44 |  | 43 |
|  5.995% due 03/25/2046 •  |  | 1233 |  | 452 |
|  6.795% due 06/25/2036 þ |  | 237 |  | 54 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.525% due 01/25/2037 ~ |  | 973 |  | 583 |
|  4.535% due 12/25/2046 •  |  | 128 |  | 60 |
|  4.575% due 12/25/2036 ~ |  | 2252 |  | 1198 |
|  4.605% due 12/25/2036 •  |  | 265 |  | 131 |
|  4.615% due 11/25/2035 ~ |  | 1 |  | 0 |
|  4.635% due 12/25/2046 •  |  | 93 |  | 44 |
|  4.695% due 12/25/2046 •  |  | 4862 |  | 2445 |
|  4.735% due 09/25/2036 •  |  | 3646 |  | 1258 |
|  4.735% due 12/25/2046 •  |  | 462 |  | 219 |
|  4.835% due 01/25/2047 •  |  | 1414 |  | 728 |
|  4.895% due 01/25/2037 •  |  | 3394 |  | 2903 |
|  4.915% due 03/25/2046 •  |  | 49 |  | 48 |
|  4.935% due 05/25/2046 •  |  | 396 |  | 378 |
|  6.235% due 06/25/2035 ~ |  | 176 |  | 171 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.110% due 02/25/2036 ~ |  | 141 |  | 138 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.665% due 04/25/2037 ~ |  | 3693 |  | 3555 |
|  4.775% due 04/25/2037 •  |  | 314 |  | 276 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.635% due 07/25/2036 ~ |  | 107 |  | 47 |
|  4.655% due 12/25/2036 •  |  | 779 |  | 197 |
|  4.795% due 04/25/2037 •  |  | 736 |  | 480 |
|  4.915% due 11/25/2035 •  |  | 447 |  | 417 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.835% due 03/25/2036 •  |  | 167 |  | 88 |
|  4.895% due 01/25/2037 •  |  | 10857 |  | 3715 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  |  | 51 |  | 51 |
|  4.735% due 07/25/2036 ~ |  | 54 |  | 23 |
|  5.035% due 07/25/2036 •  |  | 1874 |  | 1815 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.735% due 05/25/2036 ~ |  | 47 |  | 25 |
|  4.755% due 12/25/2036 •  |  | 335 |  | 228 |
|  4.775% due 12/25/2036 •  |  | 251 |  | 87 |
|  4.875% due 02/25/2036 •  |  | 236 |  | 233 |
|  4.955% due 08/25/2045 ~ |  | 17 |  | 17 |
|  4.975% due 05/25/2046 •  |  | 318 |  | 96 |
|  5.035% due 01/25/2036 •  |  | 6707 |  | 6158 |
|  5.350% due 08/25/2035 •  |  | 5466 |  | 5025 |
|  5.410% due 04/25/2035 ~ |  | 31 |  | 31 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 01/25/2037 •  |  | 1169 |  | 332 |
|  4.635% due 10/25/2036 •  |  | 7811 |  | 3814 |
|  4.655% due 11/25/2036 •  |  | 475 |  | 144 |
|  4.755% due 10/25/2036 •  |  | 246 |  | 120 |
|  4.855% due 05/25/2037 •  |  | 1015 |  | 984 |
|  4.915% due 03/25/2036 ~ |  | 35 |  | 21 |
|  5.185% due 10/25/2035 ~ |  | 6913 |  | 6599 |
|  7.135% due 07/25/2034 •  |  | 146 |  | 136 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.560% due 11/25/2035 •  |  | 444 |  | 423 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.521% due 03/25/2037 •  |  | 60699 |  | 14820 |
|  4.655% due 07/25/2037 •  |  | 347 |  | 150 |
|  4.655% due 08/25/2037 ~ |  | 2262 |  | 1111 |
|  4.935% due 07/25/2037 •  |  | 178 |  | 39 |
|  4.955% due 02/25/2037 •  |  | 626 |  | 177 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.515% due 11/25/2036 •  |  | 357 |  | 201 |
|  4.525% due 01/25/2037 •  |  | 258 |  | 118 |
|  4.545% due 12/25/2036 •  |  | 6136 |  | 3104 |
|  4.545% due 03/25/2037 •  |  | 525 |  | 223 |
|  4.565% due 10/25/2036 •  |  | 17 |  | 16 |
|  4.565% due 01/25/2037 ~ |  | 204 |  | 93 |
|  4.565% due 02/25/2037 •  |  | 2529 |  | 1800 |
|  4.570% due 11/25/2036 •  |  | 352 |  | 221 |
|  4.615% due 03/25/2037 •  |  | 842 |  | 358 |
|  4.645% due 01/25/2037 •  |  | 186 |  | 85 |
|  4.650% due 03/25/2037 •  |  | 2603 |  | 1028 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.665% due 10/25/2036 •  | $— | 541 | $— | 281 |
|  4.665% due 11/25/2036 ~ |  | 1440 |  | 813 |
|  4.715% due 08/25/2036 •  |  | 344 |  | 172 |
|  4.755% due 09/25/2036 •  |  | 581 |  | 255 |
|  4.795% due 02/25/2037 ~ |  | 15240 |  | 4864 |
|  4.935% due 04/25/2036 •  |  | 1925 |  | 1828 |
|  5.140% due 12/25/2034 ~ |  | 19 |  | 19 |
|  5.290% due 03/25/2034 ~ |  | 708 |  | 715 |
|  5.365% due 07/25/2035 •  |  | 449 |  | 437 |
|  8.235% due 02/25/2047 •  |  | 82 |  | 68 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.415% due 02/25/2033 •  |  | 29 |  | 30 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.535% due 12/25/2036 ~ |  | 903 |  | 432 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.615% due 12/25/2036 •  |  | 3477 |  | 1202 |
|  4.775% due 11/25/2036 •  |  | 28 |  | 8 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.975% due 09/25/2036 •  |  | 5703 |  | 5623 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.215% due 03/25/2035 •  |  | 299 |  | 297 |
|  5.410% due 11/25/2034 •  |  | 23 |  | 27 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.095% due 10/25/2036 ~ |  | 137 |  | 30 |
|  6.532% due 10/25/2036 þ |  | 169 |  | 36 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.635% due 09/25/2037 •  |  | 225 |  | 220 |
|  4.755% due 10/25/2036 •  |  | 188 |  | 83 |
|  5.515% due 06/25/2035 •  |  | 6 |  | 6 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.535% due 07/25/2036 •  |  | 3547 |  | 1545 |
|  4.565% due 07/25/2037 •  |  | 4973 |  | 3175 |
|  4.575% due 01/25/2037 ~ |  | 4184 |  | 2450 |
|  4.575% due 03/25/2037 •  |  | 1615 |  | 1473 |
|  4.655% due 04/25/2037 ~ |  | 490 |  | 345 |
|  4.655% due 05/25/2037 •  |  | 374 |  | 225 |
|  4.975% due 01/25/2036 •  |  | 1625 |  | 1524 |
|  5.215% due 02/25/2035 •  |  | 195 |  | 186 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.260% due 08/25/2036 •  |  | 10253 |  | 9196 |
|  5.335% due 10/25/2036 •  |  | 23 |  | 22 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.485% due 10/25/2034 ~ |  | 16 |  | 15 |
|  6.160% due 02/25/2035 •  |  | 7592 |  | 6944 |
|  6.235% due 12/25/2034 •  |  | 19 |  | 18 |
|  6.310% due 12/25/2034 •  |  | 4101 |  | 3858 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.930% due 07/25/2036 •  |  | 229 |  | 218 |
|  5.305% due 02/25/2036 •  |  | 3456 |  | 3265 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  |  | 160 |  | 65 |
|  5.586% due 11/25/2036 þ |  | 2157 |  | 712 |
|  5.612% due 04/25/2037 þ |  | 368 |  | 96 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.875% due 12/25/2035 ~ |  | 13 |  | 12 |
|  5.125% due 10/25/2035 ~ |  | 18 |  | 18 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.705% due 08/25/2036 ~ |  | 261 |  | 257 |
|  5.015% due 06/25/2033 ~ |  | 41 |  | 38 |
|  5.095% due 12/25/2035 •  |  | 2623 |  | 2570 |
|  5.320% due 12/25/2035 •  |  | 17408 |  | 15783 |
|  5.680% due 02/25/2035 •  |  | 4966 |  | 4846 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.885% due 09/25/2036 •  |  | 8365 |  | 6899 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  |  | 731 |  | 287 |
|  5.080% due 10/25/2035 •  |  | 2001 |  | 1620 |
|  5.155% due 10/25/2035 •  |  | 1317 |  | 1136 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.715% due 10/25/2036 •  |  | 91 |  | 83 |
|  5.320% due 10/25/2035 •  |  | 5879 |  | 4876 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.515% due 06/25/2037 ~ |  | 46 |  | 30 |
|  4.605% due 07/25/2037 ~ |  | 192 |  | 169 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.605% due 08/25/2037 ~ | 625 | 542 |
|  4.635% due 06/25/2037 •  | 718 | 487 |
|  4.795% due 02/25/2037 ~ | 2060 | 553 |
|  4.900% due 02/25/2036 •  | 721 | 675 |
|  4.955% due 02/25/2037 •  | 118 | 32 |
|  5.335% due 10/25/2037 ~ | 3621 | 2748 |
|  5.735% due 10/25/2037 •  | 1067 | 815 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.585% due 09/25/2036 ~ | 4 | 4 |
|  4.615% due 09/25/2036 ~ | 6008 | 3699 |
|  4.695% due 07/25/2036 ~ | 24 | 18 |
|  5.055% due 01/25/2036 ~ | 55 | 51 |
|  5.215% due 02/25/2035 •  | 427 | 421 |
|  5.365% due 06/25/2035 •  | 203 | 196 |
|  5.385% due 08/25/2033 •  | 124 | 122 |
|  7.585% due 08/25/2033 •  | 120 | 109 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.595% due 03/25/2036 •  | 7 | 7 |
|  4.745% due 08/25/2046 •  | 2742 | 2489 |
|  4.855% due 02/25/2037 •  | 238 | 233 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.660% due 05/25/2037 •  | 85 | 79 |
|  4.675% due 05/25/2037 ~ | 359 | 317 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.555% due 11/25/2036 •  | 689 | 217 |
|  4.745% due 08/25/2036 •  | 1524 | 1465 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  5.185% due 12/25/2035 •  | 254 | 253 |
|  |  | 296550 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 31 | 8 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.775% due 12/25/2036 •  | 6 | 7 |
|  |  | 15 |
| WHOLE LOAN COLLATERAL 3.6% | WHOLE LOAN COLLATERAL 3.6% | WHOLE LOAN COLLATERAL 3.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  6.421% due 10/25/2036 •  | 3 | 3 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.855% due 08/25/2036 ~ | 2769 | 2728 |
|  4.885% due 10/25/2036 •  | 46 | 46 |
|  7.250% due 05/25/2036 þ | 314 | 157 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.540% due 10/25/2036 •  | 10962 | 9954 |
|  4.595% due 11/25/2036 •  | 28 | 28 |
|  4.745% due 09/25/2036 •  | 5937 | 5504 |
|  4.915% due 04/25/2036 •  | 2757 | 2473 |
|  4.935% due 06/25/2036 •  | 3500 | 3170 |
|  5.155% due 11/25/2035 •  | 302 | 282 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.785% due 03/25/2035 •  | 911 | 970 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.755% due 05/25/2036 •  | 54 | 47 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 2566 | 2556 |
|  4.843% due 09/25/2051 þ | 7267 | 7241 |
|  4.868% due 07/25/2051 þ | 1782 | 1781 |
|  5.487% due 10/25/2051 ~ | 832 | 832 |
|  5.487% due 10/25/2051 þ | 4735 | 4736 |
|  6.721% due 07/25/2051 þ | 7214 | 7221 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  6.720% due 02/25/2027 þ | 5013 | 5020 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  5.140% due 02/25/2036 •  | 5707 | 5482 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.035% due 03/25/2036 •  | 83 | 82 |
|  5.685% due 10/25/2034 •  | 925 | 861 |
|  6.015% due 08/25/2034 •  | 2535 | 2541 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.535% due 10/25/2036 •  | 22838 | 7585 |
|  4.595% due 08/25/2036 •  | 2090 | 680 |
|  4.775% due 08/25/2036 •  | 16 | 5 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.095% due 08/25/2035 ~ | $— | 33 | 25 |
|  5.395% due 01/25/2036 •  |  | 200 | 188 |
|  5.485% due 03/25/2035 •  |  | 32 | 32 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.575% due 11/25/2037 •  |  | 2118 | 1150 |
|  4.735% due 06/25/2037 •  |  | 35 | 21 |
|  4.735% due 09/25/2037 •  |  | 252 | 172 |
|  4.785% due 04/25/2037 •  |  | 2583 | 1894 |
|  5.035% due 12/25/2036 ~ |  | 174 | 170 |
|  |  |  | 75637 |
| OTHER ABS 9.0% | OTHER ABS 9.0% | OTHER ABS 9.0% | OTHER ABS 9.0% |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ |  | 35 | 35 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 |  | 700 | 649 |
|  2.871% due 01/28/2039 |  | 500 | 471 |
|  2.875% due 07/27/2039 |  | 500 | 464 |
|  3.000% due 01/21/2040 |  | 600 | 561 |
|  3.177% due 10/25/2038 |  | 1200 | 1154 |
|  3.900% due 07/28/2037 |  | 1157 | 1144 |
|  3.928% due 04/25/2038 |  | 600 | 582 |
|  4.300% due 07/25/2036 |  | 635 | 627 |
|  4.430% due 07/25/2037 |  | 478 | 469 |
|  4.620% due 04/25/2037 |  | 372 | 372 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  |  | 6700 | 6710 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 |  | 812 | 834 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.377% due 10/20/2034 •  |  | 2500 | 2490 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.260% due 04/17/2036 |  | 3000 | 3010 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.536% due 05/15/2032 •  |  | 5413 | 5860 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.405% due 10/15/2031 •  |  | 3027 | 3271 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | $— | 4193 | 4195 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.282% due 01/31/2030 •  |  | 601 | 648 |
|  3.565% due 10/15/2031 •  |  | 2448 | 2649 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  |  | 7606 | 8228 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | $— | 3463 | 3464 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.675% due 04/20/2032 ~ |  | 717 | 717 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 |  | 600 | 570 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 |  | 1241 | 1249 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  |  | 2552 | 2758 |
|  3.394% due 07/21/2030 •  |  | 343 | 371 |
|  3.871% due 10/23/2034 •  |  | 5752 | 6227 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  | $— | 5000 | 5007 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 |  | 354 | 355 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.454% due 07/25/2069 •  |  | 235 | 235 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  |  | 3140 | 3392 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | $— | 48 | 48 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  |  | 4197 | 4196 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  |  | 1668 | 1803 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | $— | 851 | 815 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.435% due 07/15/2031 •  |  | 810 | 875 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | EUR | 5543 | 5947 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.964% due 04/15/2031 •  | $| 3850 | 3859 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  | EUR | 4302 | 4652 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | $| 5 | 5 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.572% due 04/15/2036 •  |  | 5300 | 5294 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  3.480% due 04/15/2060 |  | 3000 | 2803 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.875% due 09/27/2066 •  |  | 887 | 887 |
|  6.544% due 02/20/2041 •  |  | 853 | 873 |
|  6.640% due 02/20/2041 |  | 778 | 805 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.675% due 07/20/2029 •  |  | 5 | 5 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  |  | 2200 | 2198 |
|  5.443% due 10/20/2030 •  |  | 2842 | 2843 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.860% due 02/09/2032 |  | 1463 | 1466 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  6.005% due 07/20/2032 •  |  | 6650 | 6660 |
|  6.255% due 07/20/2032 •  |  | 4050 | 4058 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.329% due 10/15/2032 |  | 5100 | 5102 |
|  5.628% due 07/15/2032 |  | 5650 | 5685 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.258% due 10/15/2031 |  | 1156 | 1165 |
|  6.660% due 07/15/2031 |  | 888 | 897 |
|  7.549% due 07/15/2031 |  | 600 | 602 |
|  7.573% due 08/15/2031 |  | 3260 | 3310 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.806% due 08/15/2033 •  | EUR | 4832 | 5224 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.513% due 10/11/2034 •  | $| 3400 | 3394 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.340% due 08/16/2032 |  | 1000 | 1008 |
|  6.300% due 02/18/2031 |  | 136 | 136 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 |  | 500 | 465 |
|  Sculptor European CLO DAC | Sculptor European CLO DAC | Sculptor European CLO DAC | Sculptor European CLO DAC |
|  3.835% due 10/15/2034 •  | EUR | 11010 | 11905 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  3.073% due 10/25/2039 •  |  | 620 | 631 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.310% due 07/17/2051 | $| 4397 | 4093 |
|  4.550% due 02/16/2055 |  | 9680 | 9486 |
|  5.897% due 11/15/2052 •  |  | 1081 | 1094 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 |  | 458 | 440 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 418 | 418 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 |  | 1028 | 1022 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.500% due 06/20/2032 |  | 1963 | 1962 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.605% due 07/20/2030 •  |  | 1814 | 1814 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  6.255% due 07/20/2032 •  |  | 9125 | 9142 |
|  |  |  | 187855 |
|  Total Asset-Backed Securities (Cost $734,406) | Total Asset-Backed Securities (Cost $734,406) | Total Asset-Backed Securities (Cost $734,406) | 682098 |
| SOVEREIGN ISSUES 8.9% | SOVEREIGN ISSUES 8.9% | SOVEREIGN ISSUES 8.9% | SOVEREIGN ISSUES 8.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | CLP | 5825000 | 5836 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (e) | BRL | 89100 | 15118 |
|  0.000% due 10/01/2025 (e) |  | 61300 | 10024 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | 29655000 | 6306 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 4000 | 2944 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 37900 | 1619 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 169400 | 3430 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (f) | 48847 | 2086 |
|  3.000% due 12/03/2026 (f) | 106116 | 4991 |
|  4.000% due 11/30/2028 (f) | 22402 | 1061 |
|  4.000% due 08/24/2034 (f) | 217117 | 9889 |
|  6.000% due 05/13/2030 | 700 | 715 |
|  6.875% due 05/13/2037 | 1400 | 1436 |
|  7.375% due 05/13/2055 | 500 | 512 |
|  8.000% due 11/07/2047 | 68700 | 2774 |
|  8.500% due 03/01/2029 | 47400 | 2292 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 41300 | 10257 |
|  6.150% due 08/12/2032 | 126900 | 34704 |
|  6.900% due 08/12/2037 | 13500 | 3630 |
|  6.950% due 08/12/2031 | 5800 | 1688 |
|  7.300% due 08/12/2033 | 14100 | 4053 |
|  7.600% due 08/12/2039 | 2700 | 761 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 27400 | 20334 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | 26100 | 6605 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | 54500 | 2640 |
|  8.000% due 01/31/2030 | 73400 | 3837 |
|  8.250% due 03/31/2032 | 33700 | 1690 |
|  8.500% due 01/31/2037 | 44000 | 1996 |
|  9.000% due 01/31/2040 | 200500 | 9043 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | 11700 | 12035 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 05/20/2026 ~ | 800 | 21 |
|  45.031% due 08/19/2026 ~ | 700 | 18 |
|  45.031% due 05/17/2028 ~ | 104700 | 2610 |
|  Total Sovereign Issues (Cost $184,892) | Total Sovereign Issues (Cost $184,892) | 186955 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 28.1% | SHORT-TERM INSTRUMENTS 28.1% | SHORT-TERM INSTRUMENTS 28.1% |
| COMMERCIAL PAPER 6.1% | COMMERCIAL PAPER 6.1% | COMMERCIAL PAPER 6.1% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/17/2025 | 10780 | 10757 |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.850% due 04/01/2025 | 3910 | 3910 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.570% due 04/10/2025 | 6750 | 6741 |
|  4.640% due 04/09/2025 | 4140 | 4135 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/10/2025 | 9270 | 9258 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (c) | 7310 | 7285 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/11/2025 | 10500 | 10485 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.830% due 04/15/2025 | 800 | 798 |
|  4.910% due 04/29/2025 | 7051 | 7023 |
|  4.910% due 05/06/2025 (c) | 800 | 796 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.550% due 04/14/2025 | 2520 | 2516 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.550% due 04/16/2025 | 1570 | 1567 |
|  4.560% due 04/04/2025 | 940 | 940 |
|  4.640% due 04/25/2025 | 910 | 907 |
|  4.650% due 04/14/2025 | 8700 | 8685 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/21/2025 | 8940 | 8914 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.650% due 04/08/2025 | 11110 | 11099 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 | 11230 | 11197 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.600% due 04/14/2025 | 10600 | 10580 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 05/28/2025 | 11130 | 11048 |
|  |  | 128641 |
|  | SHARES |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) | 444164 | 444 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (h) 21.0% | REPURCHASE AGREEMENTS (h) 21.0% | REPURCHASE AGREEMENTS (h) 21.0% | REPURCHASE AGREEMENTS (h) 21.0% |
|  |  | $— | 441600 |
| U.S. TREASURY BILLS 0.9% | U.S. TREASURY BILLS 0.9% | U.S. TREASURY BILLS 0.9% | U.S. TREASURY BILLS 0.9% |
|  4.301% due 04/10/2025 - 06/26/2025 (d)(e)(k)(m) | 18317 |  | 18209 |
| U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  5.210% due 04/01/2035 (c) | 2136 |  | 2194 |
|  Total U.S. Government Agencies (Cost $2,187) | Total U.S. Government Agencies (Cost $2,187) |  | 2194 |
| Total Short-Term Instruments (Cost $591,096) | Total Short-Term Instruments (Cost $591,096) |  | 591088 |
| Total Investments in Securities (Cost $3,320,829) | Total Investments in Securities (Cost $3,320,829) |  | 3241506 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3179 |  | 31 |
| Total Short-Term Instruments<br>(Cost $31) | Total Short-Term Instruments<br>(Cost $31) |  | 31 |
| Total Investments in Affiliates<br>(Cost $31) | Total Investments in Affiliates<br>(Cost $31) |  | 31 |
| Total Investments 154.4% (Cost $3,320,860) | Total Investments 154.4% (Cost $3,320,860) | $— | 3241537 |
|  Financial Derivative Instruments (j)(l) (0.0)%<br> (Cost or Premiums, net $25,511) | Financial Derivative Instruments (j)(l) (0.0)%<br> (Cost or Premiums, net $25,511) |  | (135) |
| Other Assets and Liabilities, net (54.4)% | Other Assets and Liabilities, net (54.4)% |  | (1141902) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2099500 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.380% | 04/01/2025 | 04/02/2025 | $195100 | U.S. Treasury Notes 4.000% due 12/15/2027 | $(199234) | $195100 | $195100 |
|  | 4.410 | 03/31/2025 | 04/01/2025 | 13700 | U.S. Treasury Notes 2.750% due 04/30/2027 | (13966) | 13700 | 13702 |
|  | 4.420 | 03/31/2025 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223500 | U.S. Treasury Notes 4.000% due 12/15/2027 | (228236) | 223500 | 223527 |
| TDM | 4.450 | 03/31/2025 | 04/01/2025 | 9300 | U.S. Treasury Notes 4.000% due 02/15/2034 | (9519) | 9300 | 9301 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450955) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441630 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(2)</sup>** | **Amount<br>Borrowed<sup>(2)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 1.900% | 03/12/2025 | TBD<sup>(3)</sup> | EUR | (169) | $(183) |
|  Total Reverse Repurchase Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.2)% | U.S. Government Agencies (4.2)% | U.S. Government Agencies (4.2)% | U.S. Government Agencies (4.2)% | U.S. Government Agencies (4.2)% | U.S. Government Agencies (4.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97800 | $(87776) | $(88154) |
|  Total Short Sales (4.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87776) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88154) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $432329 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441436) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9107) |
|  BRC | 0 | (183) | 0 | (183) | 183 | 0 |
|  TDM | 9301 | 0 | 0 | 9301 | (9519) | (218) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(183) | $(183) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |

---

(i) Securities with an aggregate market value of $183 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(4979) at a weighted average interest rate of 5.286%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **22** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $109.000 | 04/25/2025 | 27 | $27 | $(7) | $(2) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 14 | 14 | (3) | (2) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 46 | 46 | (13) | (10) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 27 | 27 | (9) | (15) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 14 | 14 | (4) | (6) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 46 | 46 | (15) | (17) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 1 | $139 | $(3) | $1 | $0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 1 | 129 | (8) | 1 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253410 | 1201 | 0 | (74) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 273 | 32018 | 319 | 51 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 1517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168719) | $(756) | $0 | $(24) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 158 | (18032) | (210) | 0 | (15) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 95 | (11614) | (46) | 0 | (41) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1012) | $0 | $(80) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 12/20/2025 | 0.287% | $500 | $6 | $(3) | $3 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 7100 | 114 | (56) | 58 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 2200 | (12) | 45 | 33 | 0 | (1) |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 5000 | 37 | (9) | 28 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 5700 | 74 | (15) | 59 | 0 | (2) |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 1900 | 11 | 0 | 11 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 800 | 5 | 0 | 5 | 0 | 0 |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2031 | 1.211 | 3100 | (61) | 19 | (42) | 0 | (17) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | $5100 | 34 | 24 | 58 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 500 | 6 | 2 | 8 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 4890 | 970 | (591) | 379 | 0 | (4) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 5855 | 705 | 41 | 746 | 3 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.127 | 200 | (19) | 20 | 1 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 12/20/2025 | 0.318 | 13300 | 160 | (84) | 76 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 23

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | (1.000)% | Quarterly | 12/20/2029 | $148830 | $(3433) | $569 | $(2864) | $0 | $(1) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 113600 | (2273) | 184 | (2089) | 0 | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4953) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 125400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3591) | $(125) | $(3716) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 800 | (4) | 17 | 13 | 7 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 500 | (2) | 23 | 21 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175700 | 2595 | (768) | 1827 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 137320 | (316) | 1117 | 801 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 119600 | 0 | 106 | 106 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 109250 | 1089 | 1645 | 2734 | 0 | (23) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 136730 | 0 | 923 | 923 | 82 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 3200 | (6) | (20) | (26) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 94750 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 65390 | 802 | 9004 | 9806 | 0 | (69) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 106530 | 888 | 464 | 1352 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 30700 | 89 | (144) | (55) | 0 | (57) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 121830 | 7706 | 631 | 8337 | 0 | (43) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 4600 | (16) | (82) | (98) | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 77250 | (478) | 909 | 431 | 0 | (49) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 800 | (3) | 19 | 16 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 1700 | (5) | 27 | 22 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 1400 | (4) | 11 | 7 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 800 | (2) | 7 | 5 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 1100 | (3) | 13 | 10 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 1500 | (4) | 19 | 15 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 1500 | (4) | 20 | 16 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 1900 | (5) | 36 | 31 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 2900 | (8) | 80 | 72 | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 800 | (2) | 24 | 22 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 1700 | (5) | 50 | 45 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 1300 | (5) | (20) | (25) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 750 | (3) | (5) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1400 | (5) | (11) | (16) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 600 | (2) | (3) | (5) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 1800 | (6) | (10) | (16) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 1500 | (5) | (12) | (17) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1500 | (5) | (12) | (17) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 2200 | (6) | (32) | (38) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 2600 | (8) | (28) | (36) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 1800 | (5) | (13) | (18) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 43400 | 718 | 224 | 942 | 0 | (183) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/18/2040 | 8000 | 360 | (25) | 335 | 0 | (25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2044 | 24400 | 381 | 361 | 742 | 0 | (133) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 22900 | 348 | 292 | 640 | 0 | (152) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 26400 | 1424 | 3885 | 5309 | 0 | (167) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 24890 | (558) | 2178 | 1620 | 0 | (181) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 67460 | 1045 | 3060 | 4105 | 0 | (166) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26233300 | 0 | 178 | 178 | 0 | (7) |
|  Receive | 3-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 1000 | (3) | (20) | (23) | 0 | (4) |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 400 | (1) | (7) | (8) | 0 | (2) |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 800 | (2) | (7) | (9) | 0 | (3) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 1100 | (3) | (8) | (11) | 0 | (4) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 900 | (2) | 26 | 24 | 0 | (3) |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 900 | (2) | (20) | (22) | 4 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 26100 | 0 | (144) | (144) | 0 | (18) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 61000 | 34 | 778 | 812 | 265 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | 5825000 | 0 | 23 | 23 | 0 | (7) |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 42200 | 0 | 2 | 2 | 0 | (11) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 6180 | 1 | (54) | (53) | 14 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 600 | (3) | (33) | (36) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 600 | (3) | (34) | (37) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 900 | (4) | (38) | (42) | 0 | (4) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month EUR-EURIBOR | 3.063% | Annual | 12/06/2033 |  | 900 | $(4) | $(33) | $(37) | $0 | $(4) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 1000 | (3) | (24) | (27) | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 700 | (2) | (10) | (12) | 0 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 1100 | (3) | (42) | (45) | 5 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 1000 | (3) | 26 | 23 | 0 | (4) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 1300 | (3) | (24) | (27) | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 900 | (2) | (14) | (16) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 1000 | (3) | (1) | (4) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 900 | (2) | (9) | (11) | 4 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 700 | (2) | (10) | (12) | 0 | (12) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 62540 | (2094) | (412) | (2506) | 265 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 25700 | 2017 | 78 | 2095 | 0 | (202) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | 0 | (8) | (8) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | 42900 | 0 | (12) | (12) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 44700 | 0 | (76) | (76) | 0 | (1) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 42900 | 0 | (104) | (104) | 0 | (1) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 31300 | 0 | (73) | (73) | 0 | (1) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 2000 | 0 | (8) | (8) | 0 | (5) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 15200 | (2) | (193) | (195) | 0 | (35) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 14400 | 13 | (280) | (267) | 0 | (33) |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | $13100 | 0 | 67 | 67 | 12 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 38600 | 0 | 156 | 156 | 36 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13568 | $26569 | $40137 | $1328 | $(1785) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $9892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1813) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1813) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2019) |

---

(k) Securities with an aggregate market value of $54,099 and cash of $19,795 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 182552 | $1222 | $5 | $0 |
|  | 04/2025 | $49455 | 78177 | 0 | (606) |
|  | 04/2025 | 2046 | 308602 | 12 | 0 |
|  | 04/2025 | 2075 | 2775 | 0 | (10) |
|  | 05/2025 | 78177 | $49466 | 605 | 0 |
|  | 05/2025 | 21113 | 2883 | 0 | (31) |
|  | 05/2025 | 307567 | 2046 | 0 | (12) |
|  | 05/2025 | 2771 | 2075 | 10 | 0 |
|  | 05/2025 | $11112 | 80466 | 5 | (12) |
|  | 06/2025 | 46033 | $6298 | 0 | (71) |
|  | 07/2025 | 40044 | 5558 | 10 | (2) |
|  | 08/2025 | 40050 | 5554 | 0 | (9) |
|  BOA | 04/2025 | 3028 | 124 | 0 | (8) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 902278 | 615 | 3 | 0 |
|  | 04/2025 | 1650 | 148 | 0 | (9) |
|  | 04/2025 | $1230 | 1978 | 6 | 0 |
|  | 04/2025 | 4249 | 3905 | 0 | (27) |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |
|  | 04/2025 | 4617 | 83867 | 0 | (48) |
|  | 04/2025 | 43783 | $2395 | 9 | 0 |
|  | 05/2025 | 20644 | 2820 | 0 | (29) |
|  | 05/2025 | 39786 | 5121 | 2 | 0 |
|  | 05/2025 | 9030987 | 542 | 1 | 0 |
|  | 05/2025 | $622 | 53425 | 2 | 0 |
|  | 06/2025 | 34282 | $4724 | 1 | (20) |
|  | 06/2025 | $813 | 1185486 | 0 | (6) |
|  | 06/2025 | 360 | 7380 | 0 | (3) |
|  | 06/2025 | 9021 | 34856 | 0 | (43) |
|  | 08/2025 | 870 | $27 | 0 | 0 |
|  | 08/2025 | $2228 | 72688 | 0 | (20) |
|  BPS | 04/2025 | 10794 | $6802 | 57 | 0 |
|  | 04/2025 | 57819 | 10053 | 0 | (79) |
|  | 04/2025 | 12351 | 8629 | 46 | 0 |
|  | 04/2025 | 42068 | 1730 | 0 | (93) |
|  | 04/2025 | 173785 | 182239 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5674) |
|  | 04/2025 | 59936918 | 3616 | 17 | 0 |
|  | 04/2025 | 1825552 | 12246 | 75 | 0 |
|  | 04/2025 | 15812382 | 10800 | 60 | 0 |
|  | 04/2025 | 522 | 392 | 3 | 0 |
|  | 04/2025 | 22892 | 579 | 0 | (5) |
|  | 04/2025 | 1002631 | 30498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | 0 |
|  | 04/2025 | $1258 | 1987 | 0 | (16) |
|  | 04/2025 | 10085 | 57819 | 49 | (1) |
|  | 04/2025 | 12060 | 198352843 | 0 | (159) |
|  | 04/2025 | 5341 | 463561 | 76 | 0 |
|  | 04/2025 | 1291 | 194110 | 3 | 0 |
|  | 04/2025 | 4753 | 6902342 | 0 | (66) |
|  | 04/2025 | 877 | 9203 | 0 | (2) |
|  | 04/2025 | 1326 | 1777 | 0 | (4) |
|  | 04/2025 | 19871 | 652684 | 0 | (216) |
|  | 04/2025 | 75814 | $4132 | 10 | (8) |
|  | 05/2025 | 55479 | 62899 | 0 | (37) |
|  | 05/2025 | 75171 | 10345 | 3 | (32) |
|  | 05/2025 | 27008731 | 1624 | 5 | 0 |
|  | 05/2025 | 193459 | 1291 | 0 | (3) |
|  | 05/2025 | 9202 | 877 | 2 | 0 |
|  | 05/2025 | 1774 | 1326 | 4 | 0 |
|  | 05/2025 | $2271 | 37690160 | 0 | (12) |
|  | 05/2025 | 5596 | 480062 | 7 | 0 |
|  | 06/2025 | 60279 | $8273 | 0 | (67) |
|  | 06/2025 | 4904830 | 3443 | 103 | 0 |
|  | 06/2025 | 767 | 199 | 1 | 0 |
|  | 06/2025 | 139113 | 3538 | 184 | 0 |
|  | 06/2025 | $1589 | 11478 | 0 | (1) |
|  | 06/2025 | 8157 | 31724 | 57 | (46) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 170513 | $5247 | $82 | $0 |
|  | 08/2025 | 438776 | 13430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 0 |
|  | 10/2025 | 24400 | 4075 | 1 | (20) |
|  BRC | 04/2025 | 18579 | 5016 | 18 | 0 |
|  | 04/2025 | 14732 | 168 | 0 | (4) |
|  | 04/2025 | 15230 | 1366 | 0 | (81) |
|  | 04/2025 | 3934 | 99 | 0 | (2) |
|  | 04/2025 | 23778 | 720 | 4 | 0 |
|  | 04/2025 | $40376 | 31159 | 0 | (126) |
|  | 04/2025 | 2473 | 40483412 | 0 | (45) |
|  | 04/2025 | 399 | 1463 | 0 | (5) |
|  | 04/2025 | 172 | 14715 | 0 | 0 |
|  | 04/2025 | 6061 | 233946 | 1 | (92) |
|  | 05/2025 | 31159 | $40373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | 0 |
|  | 05/2025 | 14757 | 172 | 0 | 0 |
|  | 05/2025 | 7895 | 750 | 0 | 0 |
|  | 05/2025 | 8565 | 217 | 1 | (1) |
|  | 05/2025 | $385 | 15031 | 0 | (9) |
|  | 06/2025 | 42256 | $1015 | 3 | (5) |
|  | 06/2025 | $42 | 163 | 0 | 0 |
|  | 06/2025 | 5584 | 220580 | 0 | (267) |
|  BSH | 04/2025 | 75160 | $47619 | 655 | 0 |
|  | 04/2025 | 11219 | 2953 | 0 | (99) |
|  | 04/2025 | $16371 | 2458587 | 21 | 0 |
|  | 05/2025 | 2450306 | $16371 | 0 | (21) |
|  | 05/2025 | 2264 | 598 | 0 | (18) |
|  | 06/2025 | $1227 | 4725 | 0 | (11) |
|  | 07/2025 | 11740 | $3129 | 0 | (57) |
|  CBK | 04/2025 | 310141 | 54469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | (69) |
|  | 04/2025 | 8289 | 9421 | 52 | 0 |
|  | 04/2025 | 28060661 | 6407 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302) |
|  | 04/2025 | 17514 | 2465 | 0 | (73) |
|  | 04/2025 | 1278 | 1381 | 0 | (1) |
|  | 04/2025 | 58362767 | 3518 | 14 | 0 |
|  | 04/2025 | 14270 | 3915 | 76 | 0 |
|  | 04/2025 | 123931 | 1444 | 0 | (6) |
|  | 04/2025 | 294200 | 2000 | 39 | 0 |
|  | 04/2025 | 17555 | 4716 | 0 | (63) |
|  | 04/2025 | 727008 | 22189 | 295 | 0 |
|  | 04/2025 | $1274 | 2026 | 0 | (8) |
|  | 04/2025 | 54043 | 310141 | 306 | 0 |
|  | 04/2025 | 63313 | 90185 | 0 | (640) |
|  | 04/2025 | 2491 | 2195 | 0 | (10) |
|  | 04/2025 | 6738 | 28252627 | 17 | 0 |
|  | 04/2025 | 1841 | 1420 | 0 | (7) |
|  | 04/2025 | 6558 | 107421728 | 0 | (112) |
|  | 04/2025 | 1851 | 158718 | 2 | 0 |
|  | 04/2025 | 1712 | 253800 | 0 | (19) |
|  | 04/2025 | 286 | 418362 | 0 | (2) |
|  | 04/2025 | 4644 | 16931 | 0 | (35) |
|  | 04/2025 | 9252 | 92782 | 0 | (22) |
|  | 04/2025 | 23326 | 764489 | 0 | (304) |
|  | 05/2025 | 90053 | $63313 | 639 | 0 |
|  | 05/2025 | 32557520 | 1960 | 9 | 0 |
|  | 05/2025 | 2005 | 530 | 0 | (16) |
|  | 05/2025 | 92612 | 9252 | 22 | 0 |
|  | 05/2025 | 9 | 0 | 0 | 0 |
|  | 05/2025 | $2519 | 19560 | 0 | (2) |
|  | 05/2025 | 2263 | 37596502 | 0 | (10) |
|  | 06/2025 | 5594929 | $5964 | 75 | 0 |
|  | 06/2025 | 16050 | 2215 | 0 | (6) |
|  | 06/2025 | 28577401 | 6738 | 0 | (18) |
|  | 06/2025 | 30921609 | 21508 | 447 | 0 |
|  | 06/2025 | 22829 | 6240 | 38 | 0 |
|  | 07/2025 | 295943 | 9096 | 131 | 0 |
|  | 07/2025 | $54469 | 316238 | 68 | (189) |
|  | 08/2025 | 502 | $132 | 0 | (4) |
|  | 08/2025 | 368163 | 11292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | 0 |
|  | 12/2025 | 51330 | 13944 | 63 | (5) |
|  DUB | 04/2025 | 6274 | 1092 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 78 | $54 | $0 | $0 |
|  | 04/2025 | 25 | 28 | 0 | 0 |
|  | 04/2025 | 20613840 | 1248 | 12 | 0 |
|  | 04/2025 | 16004 | 4394 | 89 | 0 |
|  | 04/2025 | 304 | 174 | 1 | 0 |
|  | 04/2025 | 460 | 343 | 1 | 0 |
|  | 04/2025 | $1093 | 6274 | 7 | 0 |
|  | 04/2025 | 7688 | 53267 | 32 | 0 |
|  | 04/2025 | 7717 | 127884422 | 0 | (46) |
|  | 04/2025 | 946 | 81403 | 4 | 0 |
|  | 04/2025 | 375 | 653 | 0 | (4) |
|  | 04/2025 | 56 | 202 | 0 | (1) |
|  | 04/2025 | 1060 | 1420 | 0 | (4) |
|  | 05/2025 | 53169 | $7688 | 0 | (32) |
|  | 05/2025 | 3964349 | 238 | 1 | 0 |
|  | 05/2025 | 653 | 375 | 4 | 0 |
|  | 05/2025 | 1418 | 1060 | 3 | 0 |
|  | 05/2025 | $1092 | 6309 | 6 | 0 |
|  | 06/2025 | 21547605 | $14988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | 0 |
|  | 08/2025 | 94344 | 13125 | 19 | 0 |
|  | 08/2025 | $1311 | 9389 | 0 | (6) |
|  | 09/2025 | 203 | $56 | 1 | 0 |
|  FAR | 04/2025 | 48046 | 53902 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) |
|  | 04/2025 | 27822 | 3922 | 0 | (111) |
|  | 04/2025 | 14881 | 4099 | 96 | 0 |
|  | 04/2025 | 1392915 | 9335 | 48 | 0 |
|  | 04/2025 | 192 | 17 | 0 | (1) |
|  | 04/2025 | $98 | 36170 | 0 | (1) |
|  | 04/2025 | 11684 | 1758974 | 44 | 0 |
|  | 04/2025 | 262 | 8580 | 0 | (3) |
|  | 04/2025 | 10 | 189 | 0 | 0 |
|  | 05/2025 | 1753048 | $11684 | 0 | (44) |
|  | 05/2025 | $2834 | 20448 | 0 | (13) |
|  | 06/2025 | 2621 | 10149 | 0 | (7) |
|  | 07/2025 | 20370 | $2835 | 11 | 0 |
|  GLM | 04/2025 | 87886 | 15604 | 238 | (35) |
|  | 04/2025 | 1300 | 906 | 2 | 0 |
|  | 04/2025 | 39920 | 5902 | 116 | 0 |
|  | 04/2025 | 53142310 | 3200 | 12 | 0 |
|  | 04/2025 | 1464639 | 998 | 4 | 0 |
|  | 04/2025 | 18664 | 4990 | 0 | (87) |
|  | 04/2025 | 1480 | 37 | 0 | (1) |
|  | 04/2025 | $14972 | 87886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | 0 |
|  | 04/2025 | 5337 | 87865797 | 0 | (66) |
|  | 04/2025 | 390 | 570025 | 0 | (3) |
|  | 04/2025 | 18065 | $990 | 6 | 0 |
|  | 05/2025 | 20073 | 2741 | 0 | (30) |
|  | 05/2025 | 15644101 | 938 | 1 | 0 |
|  | 05/2025 | 44960 | 12069 | 0 | (157) |
|  | 05/2025 | $3200 | 53190316 | 0 | (12) |
|  | 06/2025 | 4025 | 29147 | 10 | (2) |
|  | 06/2025 | 998 | 1459339 | 0 | (4) |
|  | 06/2025 | 369 | 1426 | 0 | (2) |
|  | 07/2025 | 29722 | $914 | 13 | 0 |
|  | 07/2025 | $89 | 2880 | 0 | (1) |
|  | 08/2025 | 14477 | $2019 | 8 | 0 |
|  | 10/2025 | 36900 | 6068 | 0 | (122) |
|  | 12/2025 | 7317 | 1990 | 11 | 0 |
|  JPM | 04/2025 | 51083 | 8903 | 4 | (53) |
|  | 04/2025 | 5926310 | 359 | 3 | 0 |
|  | 04/2025 | 15050 | 4136 | 87 | 0 |
|  | 04/2025 | 1843 | 21 | 0 | 0 |
|  | 04/2025 | 1704528 | 11426 | 62 | (1) |
|  | 04/2025 | 381 | 286 | 2 | 0 |
|  | 04/2025 | 2854 | 71 | 0 | (2) |
|  | 04/2025 | 96127 | 2931 | 37 | 0 |
|  | 04/2025 | $1124 | 1786 | 0 | (8) |
|  | 04/2025 | 8908 | 51083 | 44 | 0 |
|  | 04/2025 | 179772 | 166668 | 445 | 0 |
|  | 04/2025 | 1036 | 17034075 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1483 | 127957 | $11 | $0 |
|  | 04/2025 | 4299 | 648807 | 26 | 0 |
|  | 04/2025 | 286 | 418177 | 0 | (2) |
|  | 04/2025 | 11288 | 370891 | 0 | (118) |
|  | 05/2025 | 21455 | $2937 | 0 | (24) |
|  | 05/2025 | 163107 | 176213 | 0 | (440) |
|  | 05/2025 | 10419716 | 628 | 3 | 0 |
|  | 05/2025 | 646632 | 4299 | 0 | (26) |
|  | 05/2025 | 3264 | 860 | 0 | (27) |
|  | 05/2025 | $10413 | 75483 | 13 | (9) |
|  | 06/2025 | 6958 | $953 | 0 | (9) |
|  | 06/2025 | 515920 | 24999 | 45 | 0 |
|  | 06/2025 | 10379 | 2683 | 9 | 0 |
|  | 06/2025 | $1745 | 35888 | 0 | (10) |
|  | 06/2025 | 8376 | 32457 | 17 | (35) |
|  | 06/2025 | 382 | 15105 | 0 | (13) |
|  | 07/2025 | 38593 | $5347 | 3 | (5) |
|  | 07/2025 | 172593 | 5307 | 79 | 0 |
|  | 07/2025 | $1280 | 7487 | 7 | 0 |
|  | 08/2025 | 36543 | $5066 | 2 | (13) |
|  | 08/2025 | 294562 | 9015 | 68 | 0 |
|  MBC | 04/2025 | 1242 | 1403 | 0 | (1) |
|  | 04/2025 | 632 | 689 | 6 | 0 |
|  | 04/2025 | 241400 | 1600 | 0 | (10) |
|  | 04/2025 | 93111 | 8779 | 0 | (484) |
|  | 04/2025 | 3246 | 2430 | 14 | 0 |
|  | 04/2025 | 155901 | 4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | 0 |
|  | 04/2025 | $21 | 29 | 0 | 0 |
|  | 04/2025 | 412 | 2837 | 0 | (1) |
|  | 04/2025 | 4125 | 3844 | 55 | (24) |
|  | 04/2025 | 3837 | 2969 | 1 | (3) |
|  | 04/2025 | 4393 | 379952 | 45 | 0 |
|  | 04/2025 | 7666 | 1142600 | 0 | (48) |
|  | 04/2025 | 4920 | 161644 | 0 | (53) |
|  | 05/2025 | 29 | $21 | 0 | 0 |
|  | 05/2025 | 36211 | 4993 | 2 | (7) |
|  | 05/2025 | 2832 | 412 | 1 | 0 |
|  | 05/2025 | 6276333 | 378 | 1 | 0 |
|  | 05/2025 | 64156 | 431 | 2 | 0 |
|  | 05/2025 | 3265 | 860 | 0 | (27) |
|  | 05/2025 | 23248 | 692 | 5 | 0 |
|  | 05/2025 | $5135 | 37228 | 7 | (4) |
|  | 06/2025 | 2925 | $403 | 0 | (2) |
|  | 06/2025 | 6056824 | 4210 | 84 | 0 |
|  | 06/2025 | $2981 | 11506 | 0 | (19) |
|  | 07/2025 | 18502 | $2567 | 3 | 0 |
|  | 07/2025 | 82952 | 2545 | 32 | 0 |
|  | 08/2025 | 18553 | 2568 | 0 | (9) |
|  | 08/2025 | 77716 | 2375 | 15 | 0 |
|  | 08/2025 | $1333 | 9617 | 3 | 0 |
|  MYI | 04/2025 | 78754 | $55322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | 0 |
|  | 04/2025 | 55873 | 8162 | 122 | (57) |
|  | 04/2025 | 35548 | 45043 | 0 | (876) |
|  | 04/2025 | 1361 | 1017 | 4 | 0 |
|  | 04/2025 | $1580 | 2269 | 0 | (3) |
|  | 04/2025 | 18698 | 125095 | 0 | (567) |
|  | 04/2025 | 1378 | 1278 | 3 | 0 |
|  | 04/2025 | 1117 | 36514 | 0 | (17) |
|  | 04/2025 | 4679 | 85533 | 0 | (19) |
|  | 05/2025 | 1278 | $1381 | 0 | (3) |
|  | 05/2025 | 5711288 | 343 | 1 | 0 |
|  | 06/2025 | $680 | 2696 | 15 | 0 |
|  | 07/2025 | 89100 | $15178 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) |
|  SCX | 04/2025 | 118700 | 805 | 13 | 0 |
|  | 04/2025 | 349 | 199 | 1 | 0 |
|  | 04/2025 | 11040 | 2905 | 0 | (99) |
|  | 04/2025 | 82573 | 2544 | 57 | 0 |
|  | 04/2025 | $3083 | 50439504 | 0 | (58) |
|  | 04/2025 | 1988 | 299620 | 10 | 0 |
|  | 04/2025 | 286 | 417733 | 0 | (2) |
|  | 04/2025 | 1425 | 46873 | 0 | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 31707 | $4398 | $23 | $0 |
|  | 05/2025 | 2450712 | 147 | 1 | 0 |
|  | 05/2025 | 298615 | 1988 | 0 | (10) |
|  | 06/2025 | $4699 | 33895 | 0 | (9) |
|  | 07/2025 | 17143 | $4593 | 0 | (60) |
|  | 08/2025 | 13069 | 1825 | 9 | 0 |
|  | 08/2025 | 46485 | 1425 | 13 | 0 |
|  SOG | 04/2025 | 16155 | 2766 | 0 | (65) |
|  | 04/2025 | $2793 | 16155 | 38 | 0 |
|  UAG | 04/2025 | 40100 | $5915 | 103 | 0 |
|  | 04/2025 | 6575005 | 396 | 1 | 0 |
|  | 04/2025 | 1369540 | 9205 | 74 | 0 |
|  | 04/2025 | $444 | 7349544 | 0 | (3) |
|  | 05/2025 | 396 | 6584252 | 0 | (2) |
|  | 06/2025 | 949 | 3663 | 0 | (6) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14988) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 246600 | $1187 | $973 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 45400 | 11 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 3000 | $(4) | $(2) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 3000 | (6) | (4) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 6300 | (8) | (6) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 5300 | (5) | (5) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 5800 | (6) | (7) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 2700 | (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | (3) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 1300 | $(3) | $(3) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 1300 | (3) | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 246600 | (440) | (281) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 246600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 900 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 900 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 900 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 900 | (3) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 800 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 800 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 900 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 900 | (3) | (4) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 2500 | (5) | (8) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 2500 | (4) | (2) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 1400 | (5) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 1400 | (5) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 1900 | (8) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 1900 | (8) | (7) |

---

---

| | | |
|:---|:---|:---|
| **30** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535% | 04/10/2025 | $3500 | $(15) | $(4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 3500 | (15) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 900 | (4) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 900 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 1500 | (7) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 1500 | (7) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 1500 | (6) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 1500 | (6) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 1400 | (5) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 1400 | (5) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 1500 | (6) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 1500 | (6) | (6) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 1100 | (5) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 1100 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 1000 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 1000 | (4) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1343) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1378) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 |  | <sup>¨</sup>% | $2447 | $0 | $17 | $17 | $0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1035 | 0 | 8 | 8 | 0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 500 | (4) | 2 | 0 | (2) |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2025 | 0.187 |  | 1600 | 370 | (307) | 63 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | 8564 | $1662 | $32 | $1694 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 10533 | 2088 | (4) | 2084 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 6202 | 1239 | (12) | 1227 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 51387 | 10604 | (439) | 10165 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $7100 | (109) | 0 | 0 | (109) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | RADMFENT Index  | 15744 | 4.800% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |
|  | Receive | RADMFENT Index  | 783 | 5.330% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 1296 | 0 | (15) | 0 | (15) |
|  | Receive | RADMFXNT Index  | 1755 | 4.810% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 3349 | 0 | (12) | 0 | (12) |
|  | Receive | RADMFUNT Index  | 2651 | 4.670% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 5059 | 0 | (18) | 0 | (18) |
|  | Receive | RADMFENT Index  | 3984 | 5.050% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 6594 | 0 | (26) | 0 | (26) |
|  | Receive | RADMFENT Index  | 32853 | 5.070% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 54378 | 0 | (213) | 0 | (213) |
|  | Receive | RADMFXNT Index  | 6210 | 4.810% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 11851 | 0 | (44) | 0 | (44) |
|  | Receive | RADMFXNT Index  | 12299 | 4.860% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 23470 | 0 | (86) | 0 | (86) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | RADMFENT Index  | 30497 | 5.010% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | $50479 | $0 | $(195) | $0 | $(195) |
|  | Receive | RADMFENT Index  | 16192 | 5.040% | Monthly | 03/04/2026 | 26801 | 0 | (94) | 0 | (94) |
|  CBK | Receive | NDUEEGF Index  | 68045 | 4.570% (FEDL01 plus a specified spread) | Monthly | 04/08/2025 | 39941 | 0 | 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | 0 |
|  | Receive | NDDUEAFE Index  | 6288 | 4.780% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 54305 | 0 | (200) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |
|  | Receive | NDDUEAFE Index  | 11787 | 4.660% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371) | 0 | (371) |
|  | Receive | NDUEEGF Index  | 82962 | 4.980% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 49005 | 0 | (179) | 0 | (179) |
|  CIB | Receive | RU20INTR Index  | 1111 | 4.930% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 13015 | 0 | (938) | 0 | (938) |
|  GST | Receive | RU20INTR Index  | 3376 | 4.780% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 36855 | 0 | (153) | 0 | (153) |
|  | Receive | RADMFENT Index  | 6003 | 5.020% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 9936 | 0 | (39) | 0 | (39) |
|  JPM | Receive | RU20INTR Index  | 2322 | 4.730% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 25349 | 0 | (104) | 0 | (104) |
|  | Receive | RADMFENT Index  | 6270 | 4.470% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 15145 | 0 | (55) | 0 | (55) |
|  | Receive | RADMFENT Index  | 14317 | 4.560% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 27321 | 0 | (96) | 0 | (96) |
|  | Receive | RADMFUNT Index  | 1400 | 5.080% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 3382 | 0 | (14) | 0 | (14) |
|  | Receive | RADMFENT Index  | 58034 | 4.630% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 110747 | 0 | (395) | 0 | (395) |
|  | Receive | RADMFENT Index  | 20963 | 4.700% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 40004 | 0 | (145) | 0 | (145) |
|  | Receive | RADMFUNT Index  | 14975 | 4.510% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 36173 | 0 | (129) | 0 | (129) |
|  | Receive | RADMFENT Index  | 85414 | 4.950% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 141377 | 0 | (540) | 0 | (540) |
|  | Receive | ERADXULT Index  | 2034 | 5.230% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | 5462 | 0 | (34) | 0 | (34) |
|  MBC | Receive | NDUEEGF Index  | 22775 | 4.860% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | 13453 | 0 | (51) | 0 | (51) |
|  | Receive | ERADXULT Index  | 1680 | 5.420% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 4613 | 0 | (19) | 0 | (19) |
|  MEI | Receive | ERADXULT Index  | 7002 | 5.880% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 19225 | 0 | (85) | 0 | (85) |
|  | Receive | RADMFENT Index  | 32923 | 5.370% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 54494 | 0 | (223) | 0 | (223) |
|  | Receive | ERAEMLT Index  | 23164 | 5.440% (FEDL01 plus a specified spread) | Monthly | 07/02/2025 | 113656 | 0 | (467) | 0 | (467) |
|  | Receive | NDDUEAFE Index  | 14853 | 4.610% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | 128275 | 0 | (462) | 0 | (462) |
|  | Receive | ERAEMLT Index  | 9509 | 5.570% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 46657 | 0 | (196) | 0 | (196) |
|  | Receive | ERAEMLT Index  | 4454 | 5.575% | Monthly | 03/04/2026 | 21854 | 0 | (80) | 0 | (80) |
|  MYI | Receive | RU20INTR Index  | 928 | 4.710% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 10131 | 0 | (41) | 0 | (41) |
|  | Receive | ERADXULT Index  | 910 | 5.115% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 2498 | 0 | (10) | 0 | (10) |
|  | Receive | NDDUEAFE Index  | 3758 | 4.550% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 32455 | 0 | (115) | 0 | (115) |
|  | Receive | ERAUSLT Index  | 50976 | 4.840% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 30105 | 0 | (118) | 0 | (118) |
|  | Receive | ERAUSST Index  | 2454 | 5.180% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 17334 | 0 | (75) | 0 | (75) |
|  | Receive | ERAUSLT Index  | 16066 | 5.280% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 9488 | 0 | (41) | 0 | (41) |
|  | Receive | NDDUEAFE Index  | 266 | 4.520% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 2297 | 0 | (8) | 0 | (8) |
|  | Receive | ERAUSLT Index  | 61646 | 4.960% | Monthly | 06/04/2025 | 36406 | 0 | (131) | 0 | (131) |

---

---

| | | |
|:---|:---|:---|
| **32** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | NDDUEAFE Index  | 13608 | 4.635% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | $117523 | $0 | $(426) | $0 | $(426) |
|  | Receive | NDDUEAFE Index  | 2108 | 4.680% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 18205 | 0 | (67) | 0 | (67) |
|  | Receive | ERAUSST Index  | 6995 | 4.690% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | 49411 | 0 | (188) | 0 | (188) |
|  | Receive | ERADXULT Index  | 39437 | 5.320% | Monthly | 09/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108278 | 0 | (405) | 0 | (405) |
|  | Receive | ERAUSLT Index  | 24753 | 5.180% (FEDL01 plus a specified spread) | Monthly | 11/12/2025 | 14618 | 0 | (64) | 0 | (64) |
|  | Receive | ERAUSLT Index  | 4546 | 5.270% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 12481 | 0 | (51) | 0 | (51) |
|  RBC | Receive | RU20INTR Index  | 1486 | 4.830% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 17407 | 0 | (1250) | 0 | (1250) |
|  | Receive | ERAUSST Index  | 7184 | 4.910% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | 50746 | 0 | (209) | 0 | (209) |
|  UAG | Receive | ERAUSST Index  | 5477 | 4.730% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 38688 | 0 | (154) | 0 | (154) |
|  |  |  |  |  |  |  |  | $0 | $(9017) | $111 | $(9128) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9720) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9239) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $647 | $0 | $0 | $647 | $(753) | $0 | $0 | $(753) | $(106) | $0 | $(106) |
|  BOA | 26 | 0 | 1694 | 1720 | (215) | 0 | 0 | (215) | 1505 | (1770) | (265) |
|  BPS | 1252 | 0 | 2084 | 3336 | (6541) | (3) | (800) | (7344) | (4008) | (27) | (4035) |
|  BRC | 153 | 973 | 0 | 1126 | (637) | (812) | 0 | (1449) | (323) | 427 | 104 |
|  BSH | 676 | 0 | 0 | 676 | (206) | 0 | 0 | (206) | 470 | 0 | 470 |
|  CBK | 2591 | 1 | 111 | 2703 | (1923) | (10) | (750) | (2683) | 20 | (3772) | (3752) |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (938) | (938) | (938) | 872 | (66) |
|  DUB | 494 | 0 | 25 | 519 | (100) | 0 | 0 | (100) | 419 | (310) | 109 |
|  FAR | 199 | 0 | 0 | 199 | (586) | (27) | 0 | (613) | (414) | 624 | 210 |
|  GLM | 850 | 0 | 0 | 850 | (522) | (62) | 0 | (584) | 266 | 0 | 266 |
|  GST | 0 | 0 | 1227 | 1227 | 0 | (24) | (194) | (218) | 1009 | 1239 | 2248 |
|  JPM | 967 | 0 | 10228 | 11195 | (810) | (3) | (1512) | (2325) | 8870 | (12387) | (3517) |
|  MBC | 400 | 0 | 0 | 400 | (692) | 0 | (70) | (762) | (362) | (30) | (392) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (1513) | (1513) | (1513) | (9590) | (11103) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (8) | 0 | (8) | (8) | 0 | (8) |
|  MYI | 738 | 0 | 0 | 738 | (1676) | 0 | (1740) | (3416) | (2678) | 6879 | 4201 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (3) | (1459) | (1462) | (1462) | 3651 | 2189 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (109) | (109) | (109) | 0 | (109) |
|  SCX | 127 | 0 | 0 | 127 | (251) | 0 | 0 | (251) | (124) | 0 | (124) |
|  SOG | 38 | 0 | 0 | 38 | (65) | 0 | 0 | (65) | (27) | 0 | (27) |
|  UAG | 178 | 0 | 0 | 178 | (11) | 0 | (154) | (165) | 13 | 1744 | 1757 |
|  Total Over the Counter | $9336 | $974 | $15369 | $25679 | $(14988) | $(952) | $(9239) | $(25179) |  |  |  |

---

(m) Securities with an aggregate market value of $15,436 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $53 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 1328 | 1331 |
|  | $0 | $3 | $0 | $0 | $1381 | $1384 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9336 | $0 | $9336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 974 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 15258 | 111 | 0 | 0 | 15369 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15258 | $111 | $9336 | $974 | $25679 |
|  | $0 | $15261 | $111 | $9336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | $27063 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 154 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | 1785 | 1813 |
|  | $0 | $28 | $0 | $0 | $1991 | $2019 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14988 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 30 | 0 | 0 | 922 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 111 | 9128 | 0 | 0 | 9239 |
|  | $0 | $141 | $9128 | $14988 | $922 | $25179 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9128 | $14988 | $2913 | $27198 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $350 | $350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (5017) | 0 | (295) | (5312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1000 | 0 | 0 | 22707 | 23707 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5017) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18745 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31310 | $0 | $31310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (234) | (234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1769 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 876 | 23472 | 0 | 0 | 24348 |
|  | $0 | $876 | $23472 | $31310 | $1535 | $57193 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18455 | $31310 | $24297 | $75938 |

---

34 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(23) | $(23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 1537 | 0 | 293 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 73 | 0 | 0 | (25764) | (25691) |
|  | $0 | $73 | $1537 | $0 | $(25494) | $(23884) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(12383) | $0 | $(12383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (388) | (388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 296 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (472) | (3221) | 0 | 0 | (3693) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3221) | $(12383) | $(92) | $(16164) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(395) | $(1684) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12383) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25586) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40048) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | $5490 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111691 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111691 |
| &nbsp;&nbsp; Industrials | 0 | 26956 | 0 | 26956 |
| &nbsp;&nbsp; Utilities | 0 | 28945 | 0 | 28945 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 1114 | 0 | 1114 |
| &nbsp;&nbsp; Illinois | 0 | 367 | 0 | 367 |
| &nbsp;&nbsp; Nebraska | 0 | 22 | 0 | 22 |
| &nbsp;&nbsp; Ohio | 0 | 58 | 0 | 58 |
| &nbsp;&nbsp; Pennsylvania | 0 | 6 | 0 | 6 |
| &nbsp;&nbsp; Washington | 0 | 679 | 0 | 679 |
|  U.S. Government Agencies | 0 | 1214871 | 0 | 1214871 |
|  U.S. Treasury Obligations | 0 | 197207 | 0 | 197207 |
|  Non-Agency Mortgage-Backed Securities | 0 | 193959 | 0 | 193959 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 568 | 0 | 568 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 56113 | 0 | 56113 |
| &nbsp;&nbsp; CMBS Other | 0 | 65360 | 0 | 65360 |
| &nbsp;&nbsp; Home Equity Other | 0 | 296550 | 0 | 296550 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 15 | 0 | 15 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 75637 | 0 | 75637 |
| &nbsp;&nbsp; Other ABS | 0 | 187855 | 0 | 187855 |
|  Sovereign Issues | 0 | 186955 | 0 | 186955 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Commercial Paper | 0 | 128641 | 0 | 128641 |
| &nbsp;&nbsp; Mutual Funds | 0 | 444 | 0 | 444 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 441600 | 0 | 441600 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 18209 | 0 | 18209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $2194 | $0 | $2194 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241506 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $31 | $0 | $0 | $31 |
|  Total Investments | $31 | $3239343 | $2163 | $3241537 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |  |  |  |
|  U.S. Government Agencies | $0 | $(88154) | $0 | $(88154) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |
|  Exchange-traded or centrally cleared | 2 | 1382 | 0 | 1384 |
|  Over the counter | 0 | 25654 | 25 | 25679 |
|  | $2 | $27036 | $25 | $27063 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (2019) | 0 | (2019) |
|  Over the counter | 0 | (25179) | 0 | (25179) |
|  | $0 | $(27198) | $0 | $(27198) |
|  Total Financial Derivative Instruments | $2 | $(162) | $25 | $(135) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153248 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 142.3% | INVESTMENTS IN SECURITIES 142.3% | INVESTMENTS IN SECURITIES 142.3% |
| CORPORATE BONDS & NOTES 6.5% | CORPORATE BONDS & NOTES 6.5% | CORPORATE BONDS & NOTES 6.5% |
| BANKING & FINANCE 4.7% | BANKING & FINANCE 4.7% | BANKING & FINANCE 4.7% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 400 | 400 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 800 | 822 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 1000 | 1042 |
|  Credit Suisse AG AT1 Claim | 400 | 48 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 100 | 92 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 100 | 100 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 150 | 160 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 400 | 402 |
|  7.350% due 11/04/2027 | 200 | 207 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 100 | 98 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 200 | 194 |
|  3.615% due 03/15/2028 •  | 800 | 785 |
|  6.208% due 03/15/2028 •  | 400 | 409 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 200 | 203 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.600% due 04/10/2026 | 500 | 505 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 300 | 296 |
|  5.040% due 01/23/2028 •  | 200 | 202 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 400 | 410 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.783% due 07/03/2034 | 200 | 205 |
|  Prologis LP | Prologis LP | Prologis LP |
|  5.000% due 01/31/2035 | 200 | 199 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 400 | 403 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.833% due 11/21/2026 •  | 200 | 203 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 200 | 205 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.246% due 09/22/2029 •  | 200 | 209 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 100 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.188% due 04/30/2026 •  | 200 | 200 |
|  2.393% due 06/02/2028 •  | 100 | 95 |
|  |  | 8194 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 200 | 210 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 49 | 51 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 500 | 489 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 99 | 100 |
|  |  | 850 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 | 700 | 728 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 85 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.450% due 06/15/2027 | 100 | 101 |
|  6.150% due 03/01/2055 | 100 | 98 |
|  6.700% due 04/01/2053 | 500 | 521 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 100 | 84 |
|  4.875% due 02/01/2027 | 200 | 201 |
|  5.150% due 06/01/2029 | 400 | 402 |
|  |  | 2220 |
|  Total Corporate Bonds & Notes (Cost $11,009) | Total Corporate Bonds & Notes (Cost $11,009) | 11264 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| WASHINGTON 0.2% | WASHINGTON 0.2% | WASHINGTON 0.2% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 335 | 358 |
|  Total Municipal Bonds & Notes (Cost $355) | Total Municipal Bonds & Notes (Cost $355) | 358 |
| U.S. GOVERNMENT AGENCIES 56.6% | U.S. GOVERNMENT AGENCIES 56.6% | U.S. GOVERNMENT AGENCIES 56.6% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.000% due 04/25/2041 | 418 | 402 |
|  4.202% due 10/01/2029 ~ | 900 | 895 |
|  4.300% due 12/01/2029 | 601 | 599 |
|  4.705% due 09/01/2031 •  | 1800 | 1819 |
|  4.720% due 10/01/2028 | 500 | 508 |
|  4.770% due 10/01/2028 | 600 | 610 |
|  4.804% due 07/25/2037 - 09/25/2042 •  | 4 | 5 |
|  4.834% due 07/25/2037 •  | 5 | 5 |
|  4.854% due 09/25/2035 •  | 10 | 10 |
|  4.864% due 09/25/2035 •  | 22 | 21 |
|  4.930% due 06/01/2029 | 400 | 409 |
|  5.174% due 06/25/2037 •  | 43 | 43 |
|  5.300% due 11/01/2030 | 800 | 831 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.843% due 03/15/2037 •  | 28 | 28 |
|  5.163% due 08/15/2037 •  | 65 | 65 |
|  5.173% due 10/15/2037 •  | 10 | 10 |
|  5.183% due 05/15/2037 - 09/15/2037 •  | 72 | 71 |
|  5.280% due 11/25/2054 •  | 794 | 795 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  5.000% due 01/20/2055 | 429 | 422 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 | 2180 | 2091 |
|  5.000% due 04/01/2055 | 2000 | 1967 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 6 | 6 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.500% due 12/01/2052 | 548 | 525 |
|  5.000% due 02/01/2053 - 12/01/2053 | 3592 | 3529 |
|  5.500% due 06/01/2053 - 07/01/2053 | 1048 | 1048 |
|  6.000% due 02/01/2054 - 08/01/2054 | 5081 | 5165 |
|  6.500% due 07/01/2026 - 12/01/2026 | 3 | 3 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 4800 | 4160 |
|  4.000% due 05/01/2055 | 13170 | 12254 |
|  4.500% due 05/01/2055 | 6790 | 6492 |
|  5.000% due 04/01/2055 | 5200 | 5097 |
|  5.500% due 05/01/2055 | 3010 | 3004 |
|  6.000% due 06/01/2055 | 11420 | 11577 |
|  6.500% due 04/01/2055 - 05/01/2055 | 32910 | 33928 |
|  Total U.S. Government Agencies<br>(Cost $97,938) | Total U.S. Government Agencies<br>(Cost $97,938) | 98394 |
| U.S. TREASURY OBLIGATIONS 11.2% | U.S. TREASURY OBLIGATIONS 11.2% | U.S. TREASURY OBLIGATIONS 11.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 | 2700 | 2710 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 (f) | 1421 | 1327 |
|  1.375% due 07/15/2033 | 1882 | 1837 |
|  1.875% due 07/15/2034 | 3755 | 3791 |
|  2.125% due 04/15/2029 | 2670 | 2750 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 | 800 | 734 |
|  0.500% due 10/31/2027 | 300 | 275 |
|  0.625% due 11/30/2027 (f) | 1300 | 1194 |
|  0.625% due 12/31/2027 | 100 | 91 |
|  0.750% due 01/31/2028 (f) | 5200 | 4767 |
|  Total U.S. Treasury Obligations (Cost $19,470) | Total U.S. Treasury Obligations (Cost $19,470) | 19476 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 21.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 21.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 21.7% |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 273 | 272 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  6.117% due 12/15/2036 •  | 5000 | 4891 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.362% due 07/25/2035 •  | 14 | 13 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.967% due 11/25/2034 ~ | 2 | 2 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.043% due 09/25/2035 •  | 48 | 28 |
|  5.362% due 10/25/2035 ~ | 72 | 60 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 794 | 789 |
|  5.309% due 01/17/2039 ~ | 3000 | 2972 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 630 | 565 |
|  5.590% due 05/25/2055 ~ | 471 | 473 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.762% due 12/25/2035 ~ | 3 | 3 |
|  4.906% due 09/25/2036 •  | 16 | 13 |
|  6.000% due 12/25/2036 | 23 | 10 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.170% due 09/25/2062 þ | 1180 | 1181 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  6.157% due 11/15/2038 ~ | 2900 | 2806 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.815% due 09/25/2046 •  | 84 | 81 |
|  4.995% due 02/25/2037 •  | 31 | 26 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.160% due 11/25/2034 •  | 17 | 17 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.095% due 02/25/2036 ~ | 224 | 220 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 4379 | 4402 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.752% due 11/25/2035 •  | 25 | 21 |
|  6.000% due 02/25/2036 | 467 | 185 |
|  6.000% due 07/25/2037 | 117 | 76 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.347% due 06/19/2036 •  | 113 | 58 |
|  4.771% due 12/19/2036 •  | 9 | 8 |
|  4.911% due 06/19/2035 ~ | 61 | 59 |
|  4.911% due 12/19/2036 •  | 206 | 194 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.152% due 06/25/2036 •  | 202 | 177 |
|  4.795% due 02/25/2037 ~ | 127 | 118 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.308% due 05/25/2036 •  | 112 | 63 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.417% due 02/15/2035 ~ | 847 | 839 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.471% due 10/25/2036 ~ | 6 | 3 |
|  4.619% due 10/25/2036 •  | 49 | 36 |
|  4.625% due 07/25/2063 ~ | 908 | 880 |
|  5.250% due 11/25/2063 ~ | 739 | 738 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 | 57 | 55 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.269% due 07/25/2035 ~ | 15 | 14 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  5.035% due 03/25/2037 •  | 162 | 38 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.312% due 09/25/2035 •  | 42 | 34 |
|  6.058% due 05/25/2033 ~ | 1 | 1 |
|  MFA Trust | MFA Trust | MFA Trust |
|  5.750% due 11/25/2067 þ | 3796 | 3793 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.540% due 05/25/2042 ~ | 75 | 74 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 2300 | 2274 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 5 | 2 |
|  OBX Trust | OBX Trust | OBX Trust |
|  6.120% due 11/25/2062 •  | 1664 | 1666 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.584% due 09/25/2058 þ | 855 | 865 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 02/25/2037 •  | 101 | 89 |
|  4.775% due 01/25/2037 ~ | 160 | 140 |
|  4.795% due 07/25/2036 •  | 412 | 137 |
|  4.805% due 08/25/2036 •  | 184 | 167 |
|  4.815% due 09/25/2036 •  | 256 | 234 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.035% due 01/25/2035 ~ | 2 | 2 |
|  6.527% due 02/25/2034 •  | 1 | 1 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 •  | 41 | 37 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | 577 | 748 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 03/25/2058 •  | 1367 | 1319 |
|  3.750% due 05/25/2058 ~ | 658 | 643 |
|  3.750% due 09/25/2062 | 1051 | 997 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | 426 | 551 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  5.217% due 02/15/2032 •  | 336 | 336 |
|  Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ | 1138 | 1151 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.091% due 02/25/2037 •  | 28 | 24 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.931% due 12/25/2036 •  | 29 | 28 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $37,188) | Total Non-Agency Mortgage-Backed Securities (Cost $37,188) | 37699 |
| ASSET-BACKED SECURITIES 26.8% | ASSET-BACKED SECURITIES 26.8% | ASSET-BACKED SECURITIES 26.8% |
| AUTOMOBILE SEQUENTIAL 3.2% | AUTOMOBILE SEQUENTIAL 3.2% | AUTOMOBILE SEQUENTIAL 3.2% |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  5.025% due 04/20/2026 | 205 | 144 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 | 300 | 304 |
|  5.710% due 07/10/2028 | 500 | 506 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 100 | 101 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 72 | 72 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  5.890% due 06/15/2030 | 426 | 431 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 192 | 193 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 175 | 175 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 600 | 608 |
|  6.270% due 08/16/2027 | 266 | 267 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.850% due 12/18/2028 | 400 | 402 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.440% due 01/25/2029 | 1000 | 1014 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 500 | 505 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 168 | 168 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.630% due 01/16/2029 | 500 | 505 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 153 | 154 |
|  |  | 5549 |
| CMBS OTHER 2.1% | CMBS OTHER 2.1% | CMBS OTHER 2.1% |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.699% due 11/15/2038 ~ | 1875 | 1871 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 1738 | 1733 |
|  |  | 3604 |
| CREDIT CARD BULLET 0.8% | CREDIT CARD BULLET 0.8% | CREDIT CARD BULLET 0.8% |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.197% due 01/21/2027 ~ | 1400 | 1402 |
| HOME EQUITY OTHER 3.3% | HOME EQUITY OTHER 3.3% | HOME EQUITY OTHER 3.3% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 1 | 0 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 12/25/2036 •  | 725 | 397 |
|  4.795% due 01/25/2037 ~ | 904 | 657 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.715% due 04/25/2047 •  | 79 | 76 |
|  4.975% due 03/25/2036 •  | 130 | 115 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.595% due 08/25/2036 ~ | 1851 | 582 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.535% due 12/25/2046 •  | 268 | 127 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.735% due 05/25/2036 ~ | 98 | 52 |
|  4.975% due 05/25/2046 •  | 666 | 201 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 01/25/2037 •  | 2453 | 696 |
|  4.855% due 05/25/2037 •  | 470 | 456 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.935% due 07/25/2037 •  | 372 | 81 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 02/25/2037 •  | 851 | 512 |
|  4.570% due 11/25/2036 •  | 739 | 464 |
|  4.645% due 01/25/2037 •  | 389 | 177 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.535% due 12/25/2036 ~ | 401 | 192 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 748 | 247 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  | 189 | 74 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.715% due 10/25/2036 •  | 191 | 174 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.335% due 10/25/2037 ~ | 544 | 413 |
|  |  | 5693 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.775% due 12/25/2036 •  | 6 | 6 |
| WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.755% due 04/25/2036 ~ | 13 | 13 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 158 | 157 |
|  4.868% due 07/25/2051 þ | 172 | 172 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  6.720% due 02/25/2027 þ | 260 | 261 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.595% due 08/25/2036 •  | 354 | 115 |
|  5.395% due 01/25/2036 •  | 208 | 196 |
|  |  | 914 |
| OTHER ABS 16.9% | OTHER ABS 16.9% | OTHER ABS 16.9% |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.824% due 10/18/2034 •  | 900 | 973 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.000% due 01/21/2040 | 300 | 280 |
|  3.928% due 04/25/2038 | 300 | 291 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  | 1000 | 1001 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 | 1427 | 1429 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.604% due 01/20/2032 •  | 684 | 740 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 900 | 904 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 415 | 415 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 1146 | 1147 |
|  Contego CLO DAC | Contego CLO DAC | Contego CLO DAC |
|  3.703% due 01/25/2034 •  | 2230 | 2410 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.871% due 10/23/2034 •  | 557 | 603 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  | 1000 | 1001 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.964% due 01/15/2031 •  | 1600 | 1600 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.506% due 02/15/2034 •  | 2500 | 2696 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 87 | 88 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 10 | 10 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  3.910% due 12/16/2058 •  | 567 | 561 |
|  5.884% due 07/16/2040 ~ | 1308 | 1316 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.875% due 09/27/2066 •  | 105 | 105 |
|  5.174% due 04/20/2062 •  | 902 | 898 |
|  6.544% due 02/20/2041 •  | 210 | 215 |
|  6.640% due 02/20/2041 | 210 | 217 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.565% due 11/13/2031 ~ | 714 | 713 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  | 474 | 474 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.806% due 08/15/2033 •  | 500 | 540 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  | 1799 | 1894 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 | 1164 | 1041 |
|  3.500% due 12/16/2041 | 1100 | 1068 |
|  5.164% due 01/15/2053 ~ | 1289 | 1267 |
|  5.285% due 09/15/2054 •  | 754 | 751 |
|  5.380% due 01/15/2053 | 536 | 543 |
|  5.447% due 07/15/2053 •  | 458 | 459 |
|  6.199% due 05/16/2050 •  | 414 | 418 |
|  St Paul's CLO DAC | St Paul's CLO DAC | St Paul's CLO DAC |
|  3.508% due 07/17/2030 •  | 1086 | 1175 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.600% due 04/15/2029 | 236 | 237 |
|  |  | 29480 |
|  Total Asset-Backed Securities (Cost $46,041) | Total Asset-Backed Securities (Cost $46,041) | 46648 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 37

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% | SOVEREIGN ISSUES 7.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | CLP | 480000 | 481 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (b) | BRL | 6800 | 1112 |
|  Colombian TES | Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | COP | 2477100 | 527 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | CZK | 3100 | 132 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | EGP | 13900 | 281 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (c) | MXN | 4295 | 183 |
|  3.000% due 12/03/2026 (c) |  | 8422 | 396 |
|  4.000% due 11/30/2028 (c) |  | 2274 | 108 |
|  4.000% due 08/24/2034 (c) |  | 17686 | 806 |
|  8.500% due 03/01/2029 |  | 8800 | 425 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 3500 | 869 |
|  6.150% due 08/12/2032 |  | 11300 | 3090 |
|  6.900% due 08/12/2037 |  | 1000 | 269 |
|  6.950% due 08/12/2031 |  | 500 | 146 |
|  7.300% due 08/12/2033 |  | 900 | 259 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 2600 | 1929 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | PLN | 2200 | 557 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | 6600 | 320 |
|  8.000% due 01/31/2030 | 7100 | 371 |
|  8.250% due 03/31/2032 | 3200 | 161 |
|  8.500% due 01/31/2037 | 4400 | 200 |
|  9.000% due 01/31/2040 | 18900 | 852 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 08/19/2026 ~ | 100 | 3 |
|  45.031% due 05/17/2028 ~ | 10400 | 259 |
|  Total Sovereign Issues (Cost $13,594) | Total Sovereign Issues (Cost $13,594) | 13736 |
| SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% |
| COMMERCIAL PAPER 2.1% | COMMERCIAL PAPER 2.1% | COMMERCIAL PAPER 2.1% |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.620% due 04/03/2025 | 910 | 910 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.650% due 04/08/2025 | 910 | 909 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 | 960 | 957 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.590% due 05/28/2025 | 910 | 903 |
|  |  | 3679 |
| REPURCHASE AGREEMENTS (d) 8.9% | REPURCHASE AGREEMENTS (d) 8.9% | REPURCHASE AGREEMENTS (d) 8.9% |
|  |  | 15500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  4.289% due 04/03/2025 - 06/05/2025 (a)(b)(h) | 601 | $— | 598 |
| Total Short-Term Instruments<br>(Cost $19,778) | Total Short-Term Instruments<br>(Cost $19,778) |  | 19777 |
| Total Investments in Securities<br>(Cost $245,373) | Total Investments in Securities<br>(Cost $245,373) |  | 247352 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 2.4% | INVESTMENTS IN AFFILIATES 2.4% | INVESTMENTS IN AFFILIATES 2.4% | INVESTMENTS IN AFFILIATES 2.4% |
| SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.4% |
|  PIMCO Short Asset Portfolio | 428989 |  | 4200 |
| Total Short-Term Instruments (Cost $4,196) | Total Short-Term Instruments (Cost $4,196) |  | 4200 |
| Total Investments in Affiliates (Cost $4,196) | Total Investments in Affiliates (Cost $4,196) |  | 4200 |
| Total Investments 144.7%<br>(Cost $249,569) | Total Investments 144.7%<br>(Cost $249,569) | $— | 251552 |
|  Financial Derivative<br>Instruments (e)(g) 0.0%<br> (Cost or Premiums, net $3,200) |  |  | 72 |
| Other Assets and Liabilities, net (44.7)% | Other Assets and Liabilities, net (44.7)% |  | (77794) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 173830 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(d) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.440% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | U.S. Treasury Notes 0.375% due 07/31/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15807) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15502 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $(15807) | $15500 | $15502 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | $(8616) | $(8653) |
|  Total Short Sales (5.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8653) |

---

38 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $15502 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15807) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(2,673) at a weighted average interest rate of 5.443%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 1 | 1 | 0 | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 2 | 2 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 1 | 1 | 0 | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | $8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 30 | 3245 | 0 | 0 | (1) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 75 | 8341 | 114 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 25 | 2853 | 66 | 2 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $3 | $(1) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $(3) | $0 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.269% | $500 | $4 | $(1) | $3 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 500 | 6 | (1) | 5 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 100 | 1 | 0 | 1 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.359 | 100 | 0 | 2 | 2 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | $400 | 57 | (6) | 51 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 300 | (3) | 6 | 3 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 39

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-44 5-Year Index | 5.000% | Quarterly | 06/20/2030 | $900 | $45 | $3 | $48 | $1 | $0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 8240 | 182 | (24) | 158 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 3000 | 55 | 0 | 55 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 10700 | $(292) | $(25) | $(317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | 273 | (81) | 192 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 8410 | (6) | 55 | 49 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 1300 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 3380 | 0 | 23 | 23 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 7750 | 30 | 58 | 88 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 3000 | 9 | (14) | (5) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 19020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 2200 | 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | 45 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 20 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 8750 | (55) | 82 | 27 | 0 | (27) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 200 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 2300 | 35 | 29 | 64 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 2650 | 142 | 391 | 533 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 6800 | 106 | 308 | 414 | 0 | (17) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191300 | 0 | 15 | 15 | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 2200 | 0 | (12) | (12) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 6900 | (2) | 94 | 92 | 30 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 3500 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | (1) | (5) | (6) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month EUR-EURIBOR | 3.128% | Annual | 12/04/2033 |  | 100 | $(1) | $(4) | $(5) | $0 | $0 |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 100 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 100 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 90 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 100 | 0 | (4) | (4) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 100 | 0 | 2 | 2 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 100 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 5360 | (228) | 13 | (215) | 23 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 2200 | 182 | (3) | 179 | 0 | (17) |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 8300 | 0 | (14) | (14) | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 2500 | 0 | (32) | (32) | 0 | (6) |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | $3500 | 0 | 18 | 18 | 3 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 3100 | 0 | 13 | 13 | 3 | 0 |
|  |  |  |  |  |  |  | $1583 | $843 | $2426 | $118 | $(142) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total |  | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) |

---

(f) Securities with an aggregate market value of $2,235 and cash of $3,149 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 04/2025 | EUR | 62 | $67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  | 04/2025 | IDR | 2942820 | 177 | 1 | 0 |
|  | 04/2025 | KRW | 150379 | 103 | 0 | 0 |
|  | 04/2025 | NOK | 207 | 19 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | 04/2025 | SGD | 47 | 35 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $88 | CHF | 78 | $0 | $0 |
|  | 04/2025 | 127 | EUR | 117 | 0 | (1) |
|  | 04/2025 | 401 | ZAR | 7290 | 0 | (4) |
|  | 05/2025 | 1697 | $— | 232 | 0 | (2) |
|  | 05/2025 | 3679 |  | 474 | 0 | 0 |
|  | 05/2025 | 694690 |  | 42 | 0 | 0 |
|  | 05/2025 | $49 | INR | 4218 | 0 | 0 |
|  | 06/2025 | 7824 | $— | 1074 | 0 | (9) |
|  | 06/2025 | 286682 |  | 200 | 5 | 0 |
|  | 06/2025 | $103 | KRW | 149813 | 0 | 0 |
|  | 06/2025 | 802 | PLN | 3098 | 0 | (4) |
|  | 08/2025 | 136 | $— | 4 | 0 | 0 |
|  | 08/2025 | $143 | TWD | 4665 | 0 | (1) |
|  BPS | 04/2025 | 757 | $— | 477 | 4 | 0 |
|  | 04/2025 | 4341 |  | 756 | 0 | (5) |
|  | 04/2025 | 1148 |  | 802 | 4 | 0 |
|  | 04/2025 | 3004 |  | 124 | 0 | (7) |
|  | 04/2025 | 17616 |  | 18473 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576) |
|  | 04/2025 | 89 |  | 115 | 0 | 0 |
|  | 04/2025 | 3069395 |  | 185 | 1 | 0 |
|  | 04/2025 | 183725 |  | 1232 | 7 | 0 |
|  | 04/2025 | 1171288 |  | 800 | 4 | 0 |
|  | 04/2025 | 1819 |  | 46 | 0 | 0 |
|  | 04/2025 | 79237 |  | 2410 | 24 | 0 |
|  | 04/2025 | $296 | AUD | 468 | 0 | (4) |
|  | 04/2025 | 757 | BRL | 4341 | 4 | 0 |
|  | 04/2025 | 1398 | IDR | 23067270 | 0 | (14) |
|  | 04/2025 | 464 | INR | 40330 | 7 | 0 |
|  | 04/2025 | 156 | JPY | 23415 | 0 | 0 |
|  | 04/2025 | 504 | KRW | 731167 | 0 | (8) |
|  | 04/2025 | 109 | NOK | 1143 | 0 | 0 |
|  | 04/2025 | 231 | SGD | 309 | 0 | (1) |
|  | 04/2025 | 1497 | TWD | 49171 | 0 | (16) |
|  | 04/2025 | 2361 | $— | 129 | 1 | 0 |
|  | 05/2025 | 6274 |  | 863 | 0 | (3) |
|  | 05/2025 | 2045956 |  | 123 | 0 | 0 |
|  | 05/2025 | 23337 |  | 156 | 0 | 0 |
|  | 05/2025 | 1143 |  | 109 | 0 | 0 |
|  | 05/2025 | 309 |  | 231 | 1 | 0 |
|  | 05/2025 | $96 | EUR | 89 | 0 | 0 |
|  | 05/2025 | 158 | IDR | 2628401 | 0 | (1) |
|  | 05/2025 | 442 | INR | 37900 | 1 | 0 |
|  | 06/2025 | 5517 | $— | 757 | 0 | (6) |
|  | 06/2025 | 37561 |  | 26 | 1 | 0 |
|  | 06/2025 | 13831 |  | 352 | 18 | 0 |
|  | 06/2025 | $716 | PLN | 2786 | 5 | (4) |
|  | 07/2025 | 14094 | $— | 434 | 7 | 0 |
|  | 08/2025 | 34741 |  | 1063 | 8 | 0 |
|  | 10/2025 | 1900 |  | 317 | 0 | (2) |
|  BRC | 04/2025 | 146 |  | 189 | 1 | 0 |
|  | 04/2025 | 1487 |  | 402 | 1 | 0 |
|  | 04/2025 | 2374 |  | 27 | 0 | (1) |
|  | 04/2025 | 1913 |  | 172 | 0 | (10) |
|  | 04/2025 | 152 |  | 87 | 0 | 0 |
|  | 04/2025 | 246 |  | 6 | 0 | 0 |
|  | 04/2025 | $198 | CAD | 283 | 0 | (1) |
|  | 04/2025 | 209 | IDR | 3418079 | 0 | (4) |
|  | 04/2025 | 28 | INR | 2371 | 0 | 0 |
|  | 04/2025 | 381 | TRY | 14684 | 0 | (5) |
|  | 04/2025 | 375 | TWD | 12330 | 0 | (4) |
|  | 05/2025 | 847 | $— | 147 | 0 | 0 |
|  | 05/2025 | 2378 |  | 28 | 0 | 0 |
|  | 05/2025 | 4341 |  | 112 | 2 | 0 |
|  | 05/2025 | $189 | GBP | 146 | 0 | (1) |
|  | 05/2025 | 38 | TRY | 1488 | 0 | (1) |
|  | 06/2025 | 4651 | $— | 112 | 0 | (1) |
|  | 06/2025 | $4 | PLN | 15 | 0 | 0 |
|  | 06/2025 | 676 | TRY | 26705 | 0 | (32) |
|  BSH | 04/2025 | 6847 | $— | 4338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | 0 |
|  | 04/2025 | 6506 |  | 1707 | 0 | (63) |

---

---

| | | |
|:---|:---|:---|
| **42** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1650 | JPY | 247781 | $2 | $0 |
|  | 05/2025 | 246947 | $— | 1650 | 0 | (2) |
|  | 05/2025 | 110 |  | 29 | 0 | (1) |
|  | 06/2025 | 4035 |  | 1093 | 0 | (3) |
|  | 06/2025 | $88 | PLN | 338 | 0 | (1) |
|  CBK | 04/2025 | 7595 | $— | 1325 | 0 | (6) |
|  | 04/2025 | 705 |  | 801 | 4 | 0 |
|  | 04/2025 | 2343924 |  | 535 | 0 | (25) |
|  | 04/2025 | 1917 |  | 270 | 0 | (8) |
|  | 04/2025 | 4305537 |  | 260 | 1 | 0 |
|  | 04/2025 | 982 |  | 269 | 5 | 0 |
|  | 04/2025 | 19497 |  | 228 | 0 | 0 |
|  | 04/2025 | 29400 |  | 200 | 4 | 0 |
|  | 04/2025 | 1710 |  | 459 | 0 | (6) |
|  | 04/2025 | 65255 |  | 1992 | 27 | 0 |
|  | 04/2025 | $1323 | BRL | 7595 | 8 | 0 |
|  | 04/2025 | 5397 | CAD | 7687 | 0 | (55) |
|  | 04/2025 | 247 | CHF | 218 | 0 | (1) |
|  | 04/2025 | 563 | COP | 2359959 | 1 | 0 |
|  | 04/2025 | 412 | GBP | 318 | 0 | (1) |
|  | 04/2025 | 523 | IDR | 8563104 | 0 | (9) |
|  | 04/2025 | 258 | INR | 22111 | 0 | 0 |
|  | 04/2025 | 22 | KRW | 32181 | 0 | 0 |
|  | 04/2025 | 1971 | PEN | 7208 | 0 | (9) |
|  | 04/2025 | 821 | SEK | 8236 | 0 | (2) |
|  | 04/2025 | 1988 | TWD | 65162 | 0 | (25) |
|  | 05/2025 | 7676 | $— | 5397 | 55 | 0 |
|  | 05/2025 | 2504428 |  | 151 | 1 | 0 |
|  | 05/2025 | 97 |  | 26 | 0 | (1) |
|  | 05/2025 | 8221 |  | 821 | 2 | 0 |
|  | 05/2025 | $235 | HKD | 1823 | 0 | 0 |
|  | 05/2025 | 158 | IDR | 2621889 | 0 | (1) |
|  | 06/2025 | 461041 | $— | 491 | 6 | 0 |
|  | 06/2025 | 1657 |  | 229 | 0 | (1) |
|  | 06/2025 | 2387087 |  | 563 | 0 | (2) |
|  | 06/2025 | 3099862 |  | 2156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | 0 |
|  | 06/2025 | 2115 |  | 578 | 4 | 0 |
|  | 07/2025 | 21958 |  | 675 | 10 | 0 |
|  | 07/2025 | $1325 | BRL | 7744 | 6 | 0 |
|  | 08/2025 | 24 | $— | 6 | 0 | 0 |
|  | 08/2025 | 20050 |  | 614 | 5 | 0 |
|  | 09/2025 | 5577 |  | 1518 | 6 | 0 |
|  DUB | 04/2025 | 992 |  | 273 | 6 | 0 |
|  | 04/2025 | $4316 | AUD | 6846 | 0 | (39) |
|  | 04/2025 | 712 | DKK | 4937 | 3 | 0 |
|  | 04/2025 | 300 | IDR | 4958250 | 0 | (3) |
|  | 04/2025 | 82 | INR | 7017 | 0 | 0 |
|  | 04/2025 | 87 | NZD | 152 | 0 | (1) |
|  | 04/2025 | 185 | SGD | 247 | 0 | (1) |
|  | 05/2025 | 6846 | $— | 4317 | 39 | 0 |
|  | 05/2025 | 4928 |  | 712 | 0 | (3) |
|  | 05/2025 | 304941 |  | 18 | 0 | 0 |
|  | 05/2025 | 152 |  | 87 | 1 | 0 |
|  | 05/2025 | 247 |  | 185 | 1 | 0 |
|  | 06/2025 | 799219 |  | 551 | 7 | 0 |
|  | 08/2025 | 7257 |  | 1010 | 1 | 0 |
|  | 08/2025 | $189 | CNH | 1355 | 0 | (1) |
|  FAR | 04/2025 | 1510 | $— | 263 | 0 | (2) |
|  | 04/2025 | 4277 |  | 4799 | 0 | (36) |
|  | 04/2025 | 3045 |  | 429 | 0 | (12) |
|  | 04/2025 | 1216 |  | 335 | 8 | 0 |
|  | 04/2025 | 142519 |  | 955 | 5 | 0 |
|  | 04/2025 | $183 | AUD | 290 | 0 | (1) |
|  | 04/2025 | 263 | BRL | 1510 | 2 | 0 |
|  | 04/2025 | 154 | CHF | 138 | 2 | 0 |
|  | 04/2025 | 1177 | JPY | 177273 | 4 | 0 |
|  | 04/2025 | 93 | NOK | 978 | 0 | 0 |
|  | 05/2025 | 176676 | $— | 1178 | 0 | (4) |
|  | 05/2025 | 978 |  | 93 | 0 | 0 |
|  | 05/2025 | $237 | CNH | 1712 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $263 | BRL | 1530 | $2 | $0 |
|  | 06/2025 | 194 | PLN | 751 | 0 | 0 |
|  | 07/2025 | 1706 | $— | 237 | 1 | 0 |
|  GLM | 04/2025 | 26192 |  | 4597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  | 04/2025 | 4200 |  | 621 | 12 | 0 |
|  | 04/2025 | 4672199 |  | 281 | 1 | 0 |
|  | 04/2025 | 228943 |  | 156 | 1 | 0 |
|  | 04/2025 | 1704 |  | 456 | 0 | (8) |
|  | 04/2025 | 121 |  | 3 | 0 | 0 |
|  | 04/2025 | $4520 | BRL | 26192 | 70 | 0 |
|  | 04/2025 | 448 | IDR | 7384925 | 0 | (5) |
|  | 04/2025 | 30 | KRW | 43851 | 0 | 0 |
|  | 05/2025 | 1650 | $— | 225 | 0 | (2) |
|  | 05/2025 | 1203422 |  | 72 | 0 | 0 |
|  | 05/2025 | $281 | IDR | 4676419 | 0 | (1) |
|  | 06/2025 | 323 | CNH | 2337 | 1 | 0 |
|  | 06/2025 | 156 | KRW | 228111 | 0 | (1) |
|  | 06/2025 | 34 | PLN | 130 | 0 | 0 |
|  | 07/2025 | 5508 | $— | 169 | 2 | 0 |
|  | 07/2025 | $109 | TWD | 3561 | 0 | (2) |
|  | 08/2025 | 1448 | $— | 202 | 1 | 0 |
|  | 10/2025 | 4900 |  | 790 | 0 | (32) |
|  | 12/2025 | 620 |  | 169 | 1 | 0 |
|  JPM | 04/2025 | 4442 |  | 774 | 0 | (5) |
|  | 04/2025 | 1012630 |  | 61 | 1 | 0 |
|  | 04/2025 | 1061 |  | 292 | 7 | 0 |
|  | 04/2025 | 2000 |  | 23 | 0 | 0 |
|  | 04/2025 | 182846 |  | 1225 | 6 | 0 |
|  | 04/2025 | 39 |  | 29 | 0 | 0 |
|  | 04/2025 | 232 |  | 6 | 0 | 0 |
|  | 04/2025 | 15773 |  | 482 | 7 | 0 |
|  | 04/2025 | $775 | BRL | 4442 | 4 | 0 |
|  | 04/2025 | 18742 | EUR | 17376 | 47 | 0 |
|  | 04/2025 | 86 | IDR | 1407045 | 0 | (1) |
|  | 04/2025 | 125 | INR | 10800 | 1 | 0 |
|  | 04/2025 | 463 | JPY | 69852 | 3 | 0 |
|  | 04/2025 | 22 | KRW | 32167 | 0 | 0 |
|  | 04/2025 | 993 | TWD | 32643 | 0 | (10) |
|  | 04/2025 | 1289 | $— | 71 | 0 | 0 |
|  | 05/2025 | 1764 |  | 241 | 0 | (2) |
|  | 05/2025 | 17376 |  | 18772 | 0 | (47) |
|  | 05/2025 | 801508 |  | 48 | 0 | 0 |
|  | 05/2025 | 69618 |  | 463 | 0 | (3) |
|  | 05/2025 | $1283 | CNH | 9295 | 2 | (1) |
|  | 06/2025 | 998 | $— | 137 | 0 | (1) |
|  | 06/2025 | 44962 |  | 2179 | 4 | 0 |
|  | 06/2025 | 813 |  | 210 | 1 | 0 |
|  | 06/2025 | $306 | MXN | 6299 | 0 | (2) |
|  | 06/2025 | 635 | PLN | 2461 | 1 | (3) |
|  | 06/2025 | 38 | TRY | 1494 | 0 | (1) |
|  | 07/2025 | 3232 | $— | 448 | 0 | 0 |
|  | 07/2025 | 14266 |  | 439 | 7 | 0 |
|  | 07/2025 | $87 | BRL | 510 | 0 | 0 |
|  | 08/2025 | 6018 | $— | 835 | 0 | (2) |
|  | 08/2025 | 35284 |  | 1081 | 10 | 0 |
|  MBC | 04/2025 | 338 |  | 382 | 1 | (1) |
|  | 04/2025 | 58 |  | 63 | 1 | 0 |
|  | 04/2025 | 19202 |  | 128 | 0 | 0 |
|  | 04/2025 | 9560 |  | 901 | 0 | (50) |
|  | 04/2025 | 331 |  | 248 | 1 | 0 |
|  | 04/2025 | 13021 |  | 403 | 10 | 0 |
|  | 04/2025 | $5527 | CHF | 4882 | 0 | (8) |
|  | 04/2025 | 171 | DKK | 1203 | 4 | 0 |
|  | 04/2025 | 257 | EUR | 243 | 6 | (1) |
|  | 04/2025 | 231 | GBP | 179 | 0 | 0 |
|  | 04/2025 | 347 | INR | 29980 | 4 | 0 |
|  | 04/2025 | 910 | JPY | 135600 | 0 | (6) |
|  | 04/2025 | 123 | SEK | 1295 | 6 | 0 |
|  | 04/2025 | 413 | TWD | 13573 | 0 | (4) |
|  | 04/2025 | 3671 | $— | 201 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 4865 | $— | 5527 | $8 | $0 |
|  | 05/2025 | 3072 |  | 424 | 0 | (1) |
|  | 05/2025 | 262 |  | 38 | 0 | 0 |
|  | 05/2025 | 482762 |  | 29 | 0 | 0 |
|  | 05/2025 | 7739 |  | 52 | 0 | 0 |
|  | 05/2025 | $497 | CNH | 3607 | 1 | 0 |
|  | 06/2025 | 543156 | $— | 378 | 8 | 0 |
|  | 06/2025 | $176 | CNH | 1279 | 1 | 0 |
|  | 06/2025 | 261 | PLN | 1008 | 0 | (2) |
|  | 07/2025 | 1792 | $— | 249 | 0 | 0 |
|  | 07/2025 | 6901 |  | 212 | 3 | 0 |
|  | 08/2025 | 1797 |  | 249 | 0 | (1) |
|  | 08/2025 | 10232 |  | 312 | 2 | 0 |
|  | 08/2025 | $86 | CNH | 620 | 0 | 0 |
|  MYI | 04/2025 | 6825 | $— | 4795 | 52 | 0 |
|  | 04/2025 | 5879 |  | 858 | 13 | (6) |
|  | 04/2025 | 139 |  | 104 | 0 | 0 |
|  | 04/2025 | $2021 | DKK | 13520 | 0 | (61) |
|  | 04/2025 | 100 | TWD | 3256 | 0 | (2) |
|  | 04/2025 | 1473 | $— | 81 | 0 | 0 |
|  | 05/2025 | 439314 |  | 26 | 0 | 0 |
|  | 06/2025 | $60 | PLN | 236 | 1 | 0 |
|  NGF | 06/2025 | 571450 | $— | 401 | 12 | 0 |
|  SCX | 04/2025 | 17883 |  | 3060 | 0 | (74) |
|  | 04/2025 | 6897 |  | 212 | 5 | 0 |
|  | 04/2025 | $3114 | BRL | 17883 | 20 | 0 |
|  | 04/2025 | 260 | IDR | 4258696 | 0 | (5) |
|  | 04/2025 | 240 | JPY | 36143 | 1 | 0 |
|  | 04/2025 | 22 | KRW | 32133 | 0 | 0 |
|  | 04/2025 | 121 | TWD | 3975 | 0 | (1) |
|  | 05/2025 | 2803 | $— | 389 | 2 | 0 |
|  | 05/2025 | 188514 |  | 11 | 0 | 0 |
|  | 05/2025 | 36022 |  | 240 | 0 | (1) |
|  | 06/2025 | $3060 | BRL | 18110 | 74 | 0 |
|  | 06/2025 | 524 | CNH | 3785 | 0 | (1) |
|  | 07/2025 | 1604 | $— | 430 | 0 | (6) |
|  | 08/2025 | 1452 |  | 203 | 1 | 0 |
|  | 08/2025 | 3942 |  | 121 | 1 | 0 |
|  SOG | 04/2025 | 888 |  | 152 | 0 | (4) |
|  | 04/2025 | $155 | BRL | 888 | 1 | 0 |
|  SSB | 04/2025 | 3537 | $— | 4477 | 0 | (92) |
|  | 04/2025 | $4235 | GBP | 3275 | 0 | (5) |
|  | 05/2025 | 3275 | $— | 4235 | 5 | 0 |
|  | 05/2025 | 544 |  | 143 | 0 | (4) |
|  UAG | 04/2025 | 4200 |  | 620 | 11 | 0 |
|  | 04/2025 | 458518 |  | 28 | 0 | 0 |
|  | 04/2025 | 140127 |  | 942 | 8 | 0 |
|  | 04/2025 | $28 | IDR | 458518 | 0 | 0 |
|  | 05/2025 | 28 |  | 459163 | 0 | 0 |
|  | 06/2025 | 511 | $— | 131 | 0 | (1) |
|  | 06/2025 | $83 | PLN | 321 | 0 | 0 |
|  | 08/2025 | 917 | $— | 127 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1542) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 20400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 45

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 200 | $1 | $1 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 200 | 0 | 0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 500 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 800 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 500 | (1) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 100 | $0 | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 100 | 0 | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 20400 | (37) | (23) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 100 | 0 | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 100 | (1) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 200 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 200 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 100 | 0 | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(114) | $(79) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | 788 | $153 | $3 | $156 | $0 |
| BPS | iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 984 | 195 | 0 | 195 | 0 |
| GST | iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 492 | 98 | (1) | 97 | 0 |
| JPM | iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4135 | 854 | (36) | 818 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $600 | (9) | 0 | 0 | (9) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

46 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Pay | S&P 500 Total<br>Return Index | 747 | 5.030% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $0 |
| BPS | Receive | RADMFENT Index<sup></sup> | 1160 | 4.800% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 1920 | 0 | (7) | 0 | (7) |
|  | Receive | RADMFENT Index<sup></sup> | 174 | 5.330% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 288 | 0 | (1) | 0 | (1) |
|  | Receive | NDDUEAFE Index | 93 | 4.590% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 803 | 0 | (3) | 0 | (3) |
|  | Receive | RADMFUNT Index<sup></sup> | 481 | 4.670% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 918 | 0 | (3) | 0 | (3) |
|  | Receive | RADMFENT Index<sup></sup> | 1541 | 5.070% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 2551 | 0 | (10) | 0 | (10) |
|  | Receive | RADMFXNT Index<sup></sup> | 878 | 4.810% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 1676 | 0 | (6) | 0 | (6) |
|  | Receive | RADMFXNT Index<sup></sup> | 2209 | 4.860% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 4215 | 0 | (16) | 0 | (16) |
|  | Receive | RADMFENT Index<sup></sup> | 503 | 5.010% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 833 | 0 | (3) | 0 | (3) |
|  | Receive | RADMFENT Index | 2615 | 5.040% | Monthly | 03/04/2026 | 4328 | 0 | (15) | 0 | (15) |
| CBK | Receive | NDDUEAFE Index | 776 | 4.780% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 6702 | 0 | (25) | 0 | (25) |
|  | Receive | NDDUEAFE Index | 316 | 4.660% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | 2729 | 0 | (9) | 0 | (9) |
| CIB | Receive | RU20INTR Index | 171 | 4.930% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 2003 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
| FAR | Pay | S&P 500 Total<br>Return Index | 87 | 5.150% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 1075 | 0 | 4 | 4 | 0 |
| GST | Receive | RADMFENT Index<sup></sup> | 707 | 5.020% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 1170 | 0 | (5) | 0 | (5) |
| JPM | Receive | RADMFUNT Index<sup></sup> | 37 | 5.080% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 89 | 0 | 0 | 0 | 0 |
|  | Receive | RADMFENT Index<sup></sup> | 1802 | 4.630% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 3439 | 0 | (12) | 0 | (12) |
|  | Receive | RADMFUNT Index<sup></sup> | 5916 | 4.710% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | 11290 | 0 | (41) | 0 | (41) |
|  | Pay | S&P 500 Total<br>Return Index | 501 | 5.110% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 6192 | 0 | 26 | 26 | 0 |
|  | Receive | RADMFENT Index<sup></sup> | 7697 | 4.950% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12740 | 0 | (49) | 0 | (49) |
|  | Receive | ERADXULT Index | 311 | 5.230% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | 840 | 0 | (4) | 0 | (4) |
|  | Pay | S&P 500 Total<br>Return Index | 149 | 5.110% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 1842 | 0 | 8 | 8 | 0 |
| MBC | Receive | ERADXULT Index | 398 | 5.420% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 1093 | 0 | (5) | 0 | (5) |
| MEI | Receive | ERAUSLT Index | 473 | 5.400% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 2321 | 0 | (9) | 0 | (9) |
|  | Receive | ERADXULT Index | 1038 | 5.880% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 2850 | 0 | (13) | 0 | (13) |
|  | Receive | RADMFENT Index<sup></sup> | 4988 | 5.370% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 8256 | 0 | (33) | 0 | (33) |
|  | Receive | ERAEMLT Index | 27 | 5.440% (FEDL01 plus a specified spread) | Monthly | 07/02/2025 | 132 | 0 | (1) | 0 | (1) |
|  | Receive | ERAEMLT Index | 1326 | 5.570% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 6506 | 0 | (27) | 0 | (27) |
|  | Receive | ERAEMLT Index | 1253 | 5.575% | Monthly | 03/04/2026 | 6148 | 0 | (23) | 0 | (23) |
| MYI | Receive | ERAUSST Index | 232 | 5.180% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 1639 | 0 | (7) | 0 | (7) |
|  | Receive | NDDUEAFE Index | 2833 | 4.635% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 24467 | 0 | (89) | 0 | (89) |
|  | Receive | NDDUEAFE Index | 70 | 4.680% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 605 | 0 | (2) | 0 | (2) |
|  | Receive | ERADXULT Index | 3709 | 5.320% | Monthly | 09/03/2025 | 10183 | 0 | (38) | 0 | (38) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| RBC | Receive | ERAUSST Index<sup></sup> | 582 | 4.910% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | $4111 | $0 | $(17) | $0 | $(17) |
|  |  |  |  |  |  |  |  | $0 | $(541) | $76 | $(617) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $6 | $0 | $194 | $200 | $(22) | $0 | $0 | $(22) | $178 | $(780) | $(602) |
|  BPS | 97 | 0 | 195 | 292 | (647) | 0 | (64) | (711) | (419) | 0 | (419) |
|  BRC | 4 | 80 | 0 | 84 | (60) | (67) | 0 | (127) | (43) | 41 | (2) |
|  BSH | 62 | 0 | 0 | 62 | (70) | 0 | 0 | (70) | (8) | 0 | (8) |
|  CBK | 190 | 0 | 0 | 190 | (152) | 0 | (34) | (186) | 4 | 0 | 4 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (144) | (144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | 0 | (144) |
|  DUB | 58 | 0 | 0 | 58 | (48) | 0 | 0 | (48) | 10 | 0 | 10 |
|  FAR | 24 | 0 | 4 | 28 | (56) | (3) | 0 | (59) | (31) | 0 | (31) |
|  GLM | 117 | 0 | 0 | 117 | (72) | (7) | 0 | (79) | 38 | 0 | 38 |
|  GST | 0 | 0 | 97 | 97 | 0 | (2) | (5) | (7) | 90 | 0 | 90 |
|  JPM | 101 | 0 | 852 | 953 | (78) | 0 | (106) | (184) | 769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321) |
|  MBC | 57 | 0 | 0 | 57 | (74) | 0 | (5) | (79) | (22) | 0 | (22) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (106) | (106) | (106) | (680) | (786) |
|  MYI | 66 | 0 | 0 | 66 | (69) | 0 | (136) | (205) | (139) | (200) | (339) |
|  NGF | 12 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | 0 | 12 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (17) | (17) | (17) | 273 | 256 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (9) | (9) | (9) | 0 | (9) |
|  SCX | 104 | 0 | 0 | 104 | (88) | 0 | 0 | (88) | 16 | 0 | 16 |
|  SOG | 1 | 0 | 0 | 1 | (4) | 0 | 0 | (4) | (3) | 0 | (3) |
|  SSB | 5 | 0 | 0 | 5 | (101) | 0 | 0 | (101) | (96) | 0 | (96) |
|  UAG | 19 | 0 | 0 | 19 | (1) | 0 | 0 | (1) | 18 | 0 | 18 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1542) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2247) |  |  |  |

---

(h) Securities with an aggregate market value of $314 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **48** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 118 | 120 |
|  | $0 | $2 | $0 | $0 | $121 | $123 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $923 | $0 | $923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1266 | 76 | 0 | 0 | 1342 |
|  | $0 | $1266 | $76 | $923 | $80 | $2345 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 142 | 144 |
|  | $0 | $2 | $0 | $0 | $147 | $149 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1542 | $0 | $1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 77 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 617 | 0 | 0 | 626 |
|  | $0 | $11 | $617 | $1542 | $77 | $2247 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $29 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (520) | 0 | (492) | (1012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 596 | 0 | 0 | 2661 | 3257 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | $(520) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | $0 | $2955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 66 | (1772) | 0 | 0 | (1706) |
|  | $0 | $66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1772) | $2955 | $145 | $1394 |
|  | $0 | $662 | $(2292) | $2955 | $2343 | $3668 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 161 | 0 | 201 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (344) | 0 | 0 | (2308) | (2652) |
|  | $0 | $(344) | $161 | $0 | $(2109) | $(2292) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1455) | $0 | $(1455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (36) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (33) | (596) | 0 | 0 | (629) |
|  | $0 | $(33) | $(596) | $(1455) | $(14) | $(2098) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) | $(435) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1455) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2123) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4390) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 49

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $8194 | $0 | $8194 |
| &nbsp;&nbsp; Industrials | 0 | 850 | 0 | 850 |
| &nbsp;&nbsp; Utilities | 0 | 2220 | 0 | 2220 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Washington | 0 | 358 | 0 | 358 |
|  U.S. Government Agencies | 0 | 98394 | 0 | 98394 |
|  U.S. Treasury Obligations | 0 | 19476 | 0 | 19476 |
|  Non-Agency Mortgage-Backed Securities | 0 | 37699 | 0 | 37699 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 5549 | 0 | 5549 |
| &nbsp;&nbsp; CMBS Other | 0 | 3604 | 0 | 3604 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 1402 | 0 | 1402 |
| &nbsp;&nbsp; Home Equity Other | 0 | 5693 | 0 | 5693 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 6 | 0 | 6 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 914 | 0 | 914 |
| &nbsp;&nbsp; Other ABS | 0 | 29480 | 0 | 29480 |
|  Sovereign Issues | 0 | 13736 | 0 | 13736 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 3679 | 0 | 3679 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 15500 | 0 | 15500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 598 | 0 | 598 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $4200 | $0 | $0 | $4200 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251552 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(8653) | $0 | $(8653) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 123 | 0 | 123 |
|  Over the counter | 0 | 2345 | 0 | 2345 |
|  | $0 | $2468 | $0 | $2468 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (148) | 0 | (148) |
|  Over the counter | 0 | (2247) | 0 | (2247) |
|  | $0 | $(2395) | $0 | $(2395) |
|  Total Financial Derivative Instruments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $73 | $0 | $73 |
|  Totals | $4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242972 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **50** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 181.4% | INVESTMENTS IN SECURITIES 181.4% | INVESTMENTS IN SECURITIES 181.4% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
| BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 | 176 | 196 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 46 | 43 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.000% due 03/29/2040 | 274 | 333 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 67 | 8 |
|  1.000% due 10/01/2050 | 2915 | 327 |
|  1.500% due 10/01/2053 | 2310 | 263 |
|  2.000% due 10/01/2053 | 3946 | 475 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2050 | 1 | 0 |
|  1.500% due 10/01/2053 | 3939 | 437 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 | 9 | 1 |
|  2.000% due 10/01/2053 | 11 | 1 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 47690 | 5585 |
|  2.000% due 10/01/2053 | 1759 | 195 |
|  2.500% due 04/01/2047 | 2 | 0 |
|  3.000% due 10/01/2053 | 9968 | 1353 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.000% due 06/24/2027 ~ | 100 | 106 |
|  2.125% due 11/15/2029 ~ | 100 | 117 |
|  2.875% due 04/02/2032 ~ | 100 | 104 |
|  7.750% due 03/01/2029 ~ | 200 | 244 |
|  |  | 9788 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  3.900% due 08/21/2027 | 39 | 39 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 46 | 39 |
|  4.016% due 12/03/2029 | 285 | 277 |
|  |  | 316 |
|  Total Corporate Bonds & Notes<br>(Cost $12,501) | Total Corporate Bonds & Notes<br>(Cost $12,501) | 10143 |
| U.S. GOVERNMENT AGENCIES 18.9% | U.S. GOVERNMENT AGENCIES 18.9% | U.S. GOVERNMENT AGENCIES 18.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.704% due 06/25/2048 •  | 2917 | 2858 |
|  4.884% due 10/25/2036 •  | 1 | 1 |
|  4.904% due 08/25/2037 •  | 36 | 35 |
|  5.490% due 03/25/2055 •  | 2283 | 2287 |
|  5.500% due 03/25/2055 •  | 1977 | 1988 |
|  5.886% due 09/01/2044 - 10/01/2044 •  | 1 | 2 |
|  7.166% due 05/01/2038 •  | 163 | 170 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.920% due 01/25/2026 | 706 | 696 |
|  4.843% due 07/15/2036 •  | 14 | 14 |
|  4.913% due 05/15/2032 - 09/15/2042 •  | 86 | 85 |
|  5.063% due 12/15/2037 •  | 18 | 18 |
|  5.083% due 10/15/2037 •  | 32 | 32 |
|  5.280% due 11/25/2054 •  | 10713 | 10727 |
|  5.290% due 10/25/2054 - 03/25/2055 •  | 3555 | 3547 |
|  5.490% due 03/25/2055 •  | 4863 | 4888 |
|  6.651% due 07/01/2036 •  | 4 | 4 |
|  6.901% due 10/01/2036 •  | 1 | 1 |
|  7.253% due 09/01/2036 •  | 2 | 2 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  0.000% due 10/16/2053 ~(a) | 72 | 0 |
|  3.500% due 12/20/2054 | 500 | 459 |
|  4.737% due 10/20/2043 •  | 212 | 205 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.834% due 02/20/2049 •  | 332 | 324 |
|  5.244% due 07/20/2073 •  | 18601 | 18764 |
|  5.444% due 05/20/2073 •  | 394 | 402 |
|  5.461% due 08/20/2068 •  | 549 | 548 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.500% due 04/01/2055 | 65000 | 59480 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.160% due 02/01/2028 | 1 | 1 |
|  5.310% due 05/01/2027 | 2 | 2 |
|  5.510% due 11/01/2027 | 1 | 1 |
|  5.820% due 06/01/2026 | 1 | 1 |
|  5.870% due 07/01/2028 | 1 | 1 |
|  6.770% due 11/01/2028 | 2 | 2 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 02/01/2045 - 05/01/2052 | 334 | 301 |
|  4.000% due 09/01/2048 - 01/01/2053 | 2289 | 2139 |
|  4.500% due 07/01/2052 - 09/01/2052 | 899 | 862 |
|  5.500% due 08/01/2054 | 36525 | 36500 |
|  6.000% due 02/01/2054 - 03/01/2054 | 18852 | 19163 |
|  6.500% due 10/01/2053 - 02/01/2054 | 420 | 434 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 43400 | 40380 |
|  4.500% due 04/01/2055 - 05/01/2055 | 45100 | 43124 |
|  6.000% due 06/01/2055 | 51500 | 52209 |
|  6.500% due 06/01/2055 | 54000 | 55592 |
|  Total U.S. Government Agencies<br>(Cost $357,323) | Total U.S. Government Agencies<br>(Cost $357,323) | 358249 |
| U.S. TREASURY OBLIGATIONS 105.4% | U.S. TREASURY OBLIGATIONS 105.4% | U.S. TREASURY OBLIGATIONS 105.4% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 10/15/2025 | 8201 | 8208 |
|  0.125% due 04/15/2026 (i)(k) | 47801 | 47472 |
|  0.125% due 07/15/2026 (i)(m) | 55313 | 55064 |
|  0.125% due 10/15/2026 (i)(k) | 67645 | 67118 |
|  0.125% due 04/15/2027 | 16761 | 16457 |
|  0.125% due 01/15/2030 (i) | 65734 | 61863 |
|  0.125% due 07/15/2030 (i) | 53514 | 50142 |
|  0.125% due 01/15/2031 (i)(m) | 62260 | 57523 |
|  0.125% due 07/15/2031 (i) | 53218 | 48886 |
|  0.125% due 01/15/2032 (i) | 72984 | 66083 |
|  0.125% due 02/15/2051 (m) | 18799 | 10824 |
|  0.125% due 02/15/2052 (m) | 14946 | 8475 |
|  0.250% due 07/15/2029 | 35635 | 34143 |
|  0.250% due 02/15/2050 (m) | 20013 | 12233 |
|  0.375% due 01/15/2027 | 13806 | 13665 |
|  0.375% due 07/15/2027 (i) | 65146 | 64413 |
|  0.500% due 01/15/2028 (i) | 35401 | 34778 |
|  0.625% due 01/15/2026 (i) | 18253 | 18243 |
|  0.625% due 07/15/2032 (i) | 75535 | 70543 |
|  0.625% due 02/15/2043 | 20633 | 15885 |
|  0.750% due 07/15/2028 (i) | 61492 | 60783 |
|  0.750% due 02/15/2042 | 30882 | 24836 |
|  0.750% due 02/15/2045 | 42755 | 32479 |
|  0.875% due 01/15/2029 (i) | 56718 | 55845 |
|  0.875% due 02/15/2047 | 23165 | 17550 |
|  1.000% due 02/15/2046 | 22385 | 17676 |
|  1.000% due 02/15/2048 | 16872 | 12980 |
|  1.000% due 02/15/2049 | 15478 | 11790 |
|  1.125% due 01/15/2033 (i) | 121124 | 116087 |
|  1.250% due 04/15/2028 (i) | 51990 | 52016 |
|  1.375% due 07/15/2033 (i) | 94014 | 91743 |
|  1.375% due 02/15/2044 | 29925 | 26076 |
|  1.500% due 02/15/2053 | 39640 | 33016 |
|  1.625% due 10/15/2027 (i) | 64973 | 66053 |
|  1.625% due 10/15/2029 (i) | 79942 | 81093 |
|  1.750% due 01/15/2028 (k) | 18150 | 18453 |
|  1.750% due 01/15/2034 (i) | 89788 | 89666 |
|  1.875% due 07/15/2034 (i) | 62553 | 63155 |
|  2.000% due 01/15/2026 (k) | 30156 | 30464 |
|  2.125% due 04/15/2029 (i) | 77525 | 79841 |
|  2.125% due 01/15/2035 (i)(m) | 38746 | 39784 |
|  2.125% due 02/15/2040 (m) | 14627 | 14795 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.125% due 02/15/2041 (m) | $— | 14051 | 14184 |
|  2.125% due 02/15/2054 |  | 22974 | 22064 |
|  2.375% due 01/15/2027 |  | 35120 | 36024 |
|  2.375% due 10/15/2028 (i) |  | 76629 | 79853 |
|  2.375% due 02/15/2055 |  | 16406 | 16620 |
|  2.500% due 01/15/2029 |  | 29734 | 31082 |
|  3.375% due 04/15/2032 (m) |  | 131 | 146 |
|  3.875% due 04/15/2029 (m) |  | 902 | 992 |
|  Total U.S. Treasury Obligations<br>(Cost $1,991,204) | Total U.S. Treasury Obligations<br>(Cost $1,991,204) | Total U.S. Treasury Obligations<br>(Cost $1,991,204) | 1999164 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  |  | 1260 | 1110 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.484% due 09/15/2038 ~ |  | 700 | 668 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.806% due 05/20/2036 •  |  | 21 | 19 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.445% due 07/25/2036 ~ |  | 9 | 8 |
|  4.526% due 02/25/2036 •  |  | 21 | 20 |
|  5.636% due 01/25/2035 ~ |  | 5 | 5 |
|  7.105% due 01/25/2035 •  |  | 6 | 7 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.023% due 07/25/2035 •  |  | 51 | 35 |
|  BX Trust | BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  |  | 3437 | 3413 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.986% due 02/25/2037 ~ |  | 7 | 7 |
|  6.694% due 02/25/2037 ~ |  | 4 | 4 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.310% due 11/25/2035 ~ |  | 2 | 2 |
|  6.760% due 03/25/2034 •  |  | 4 | 4 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.500% due 04/25/2035 |  | 958 | 782 |
|  5.500% due 11/25/2035 |  | 8 | 6 |
|  6.000% due 03/25/2037 |  | 654 | 231 |
|  6.500% due 09/25/2037 |  | 164 | 61 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.950% due 08/20/2035 ~ |  | 82 | 77 |
|  4.997% due 11/20/2034 ~ |  | 14 | 14 |
|  5.500% due 01/25/2035 |  | 15 | 15 |
|  6.000% due 04/25/2036 |  | 39 | 19 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ |  | 3 | 3 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  5.135% due 10/25/2035 •  |  | 37 | 17 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.186% due 10/26/2036 ~ |  | 2 | 2 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.405% due 04/25/2047 •  |  | 117 | 104 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.529% due 06/13/2045 ~ |  | 13 | 17 |
|  5.529% due 06/13/2045 •  |  | 39 | 50 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.143% due 04/25/2035 •  | $— | 13 | 13 |
|  6.000% due 02/25/2037 |  | 58 | 22 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.739% due 01/25/2036 ~ |  | 6 | 5 |
|  5.076% due 11/25/2035 •  |  | 4 | 4 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.691% due 03/19/2037 •  |  | 57 | 53 |
|  4.841% due 12/19/2036 •  |  | 768 | 604 |
|  4.871% due 05/19/2035 •  |  | 39 | 37 |
|  5.051% due 11/19/2035 ~ |  | 23 | 15 |
|  5.114% due 06/20/2035 ~ |  | 30 | 29 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.290% due 11/25/2035 ~ |  | 13 | 10 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.855% due 07/25/2036 •  |  | 71 | 68 |
|  4.995% due 07/25/2035 ~ |  | 318 | 231 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.835% due 06/25/2037 •  |  | 828 | 298 |
|  6.810% due 08/25/2036 þ |  | 90 | 88 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.370% due 11/21/2034 •  | 7 | 7 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.174% due 09/15/2030 •  | 1 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.050% due 06/25/2035 •  | 10 | 9 |
|  5.574% due 12/25/2034 •  | 3 | 3 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 395 | 378 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.408% due 11/15/2040 •  | 1573 | 1582 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.195% due 12/25/2035 ~ | 328 | 323 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.000% due 09/25/2036 | 51 | 40 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 05/25/2035 ~ | 135 | 83 |
|  5.750% due 03/25/2037 | 51 | 15 |
|  6.500% due 09/25/2036 | 897 | 276 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.342% due 03/25/2036 ~ | 18 | 14 |
|  5.387% due 11/25/2034 ~ | 45 | 42 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.855% due 05/25/2036 •  | 6 | 4 |
|  5.111% due 05/19/2035 •  | 3 | 3 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  6.039% due 03/25/2037 ~ | 142 | 101 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.584% due 08/25/2036 •  | 1 | 1 |
|  5.175% due 11/25/2034 ~ | 13 | 12 |
|  5.175% due 01/25/2045 ~ | 17 | 17 |
|  5.235% due 01/25/2045 ~ | 17 | 16 |
|  5.337% due 01/25/2035 ~ | 3 | 3 |
|  5.664% due 06/25/2034 ~ | 2 | 2 |
|  6.950% due 10/25/2034 ~ | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.500% due 08/25/2035 | 9 | 7 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.154% due 04/25/2036 •  | 13 | 12 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $12,208) | Total Non-Agency Mortgage-Backed Securities (Cost $12,208) | 11130 |
| ASSET-BACKED SECURITIES 9.7% | ASSET-BACKED SECURITIES 9.7% | ASSET-BACKED SECURITIES 9.7% |
| CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.504% due 08/15/2034 •  | 1478 | 1477 |
|  5.784% due 11/15/2036 •  | 3400 | 3405 |
|  BSPDF Issuer Ltd. | BSPDF Issuer Ltd. | BSPDF Issuer Ltd. |
|  5.634% due 10/15/2036 ~ | 489 | 489 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 544 | 544 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 7881 | 7867 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 4323 | 4292 |
|  |  | 18074 |
| HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.335% due 12/25/2034 •  | 40 | 36 |
|  5.560% due 04/25/2035 •  | 2000 | 1783 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.915% due 05/25/2035 •  | 63 | 56 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.895% due 11/25/2036 ~ | 359 | 350 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.095% due 02/25/2036 ~ | 572 | 566 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.755% due 11/25/2036 •  | 425 | 415 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.705% due 05/25/2037 •  | 2400 | 2263 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.181% due 11/25/2034 •  | 2920 | 2613 |
|  4.575% due 07/25/2037 ~ | 62 | 58 |
|  4.625% due 11/25/2037 •  | 2187 | 2072 |
|  4.715% due 05/25/2035 ~ | 221 | 216 |
|  4.835% due 09/25/2037 ~ | 16 | 15 |
|  4.915% due 05/25/2036 •  | 698 | 594 |
|  4.935% due 03/25/2037 •  | 90 | 86 |
|  5.215% due 11/25/2034 •  | 19 | 18 |
|  5.470% due 12/25/2035 •  | 286 | 283 |
|  5.805% due 04/25/2036 •  | 62 | 56 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 01/25/2037 ~ | 174 | 91 |
|  4.705% due 10/25/2036 •  | 91 | 82 |
|  4.915% due 10/25/2036 ~ | 637 | 255 |
|  5.275% due 03/25/2035 •  | 1701 | 1372 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.835% due 11/25/2036 ~ | 83 | 39 |
|  5.170% due 09/25/2035 ~ | 4 | 4 |
|  5.410% due 03/25/2035 •  | 92 | 88 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.975% due 02/25/2036 •  | 30 | 29 |
|  Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust |
|  5.215% due 11/25/2034 ~ | 15 | 15 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 82 | 63 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.675% due 08/25/2036 •  | 70 | 28 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.775% due 06/25/2036 •  | 185 | 170 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2037 •  | 1286 | 364 |
|  5.155% due 10/25/2035 •  | 1223 | 1203 |
|  5.155% due 05/25/2036 •  | 2 | 1 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 10/25/2036 •  | 497 | 443 |
|  5.335% due 05/25/2034 •  | 1273 | 1225 |
|  5.470% due 07/25/2035 ~ | 381 | 374 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.140% due 01/25/2036 •  | 14 | 13 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.575% due 01/25/2037 ~ | 186 | 119 |
|  4.575% due 03/25/2037 ~ | 147 | 98 |
|  4.675% due 04/25/2037 ~ | 2659 | 1291 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.715% due 09/25/2037 •  | 4111 | 3664 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 7262 | 2206 |
|  5.295% due 06/25/2033 •  | 1299 | 1171 |
|  5.535% due 09/25/2037 •  | 743 | 304 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.715% due 09/25/2036 •  | 1115 | 1101 |
|  4.915% due 08/25/2036 •  | 267 | 236 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.745% due 09/25/2037 ~ | 47 | 45 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.110% due 10/25/2035 •  | 1441 | 1390 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.635% due 06/25/2037 •  | 654 | 444 |
|  5.385% due 10/25/2037 ~ | 86 | 66 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.005% due 10/25/2036 •  | 133 | 131 |
|  5.937% due 04/25/2035 •  | 1 | 1 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.835% due 12/25/2034 •  | 113 | 114 |
|  |  | 29720 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 758 | 713 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.435% due 09/25/2046 •  | 25 | 22 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.930% due 10/25/2036 •  | 254 | 250 |
|  5.140% due 03/25/2037 •  | 4100 | 3940 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.140% due 11/25/2036 •  | 397 | 386 |
|  5.305% due 09/25/2035 •  | 166 | 165 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.575% due 07/25/2036 ~ | 836 | 264 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.873% due 06/25/2036 þ | 146 | 141 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 05/25/2036 •  | 821 | 423 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.635% due 04/25/2037 •  | 2591 | 1898 |
|  4.755% due 09/25/2037 ~ | 9896 | 4857 |
|  |  | 12346 |
| OTHER ABS 6.5% | OTHER ABS 6.5% | OTHER ABS 6.5% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.595% due 10/20/2031 •  | 421 | 421 |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ | 63 | 63 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 3000 | 2991 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 2800 | 2785 |
|  5.730% due 04/22/2034 ~ | 1900 | 1901 |
|  Anchorage Capital Europe CLO DAC | Anchorage Capital Europe CLO DAC | Anchorage Capital Europe CLO DAC |
|  3.565% due 01/15/2031 •  | 2182 | 2361 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.886% due 05/15/2038 •  | 3500 | 3789 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | 6700 | 6700 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.484% due 01/20/2032 •  | 1337 | 1447 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.405% due 10/15/2031 •  | 1076 | 1163 |
|  BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. |
|  3.695% due 01/15/2033 •  | 1699 | 1838 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 1942 | 2101 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.699% due 10/16/2028 •  | 1000 | 1001 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ | 5700 | 5679 |
|  5.530% due 08/14/2030 •  | 14 | 14 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 2402 | 2598 |
|  3.485% due 01/15/2031 •  | 2195 | 2362 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.744% due 01/15/2030 ~ | 113 | 113 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.493% due 01/20/2035 ~ | 1900 | 1911 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.585% due 04/20/2030 ~ | 495 | 495 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 957 | 956 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 798 | 862 |
|  3.336% due 08/15/2032 •  | 624 | 675 |
|  3.435% due 10/15/2031 •  | 748 | 809 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.416% due 05/15/2034 •  | 1428 | 1542 |
|  3.445% due 04/15/2033 •  | 1155 | 1249 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 496 | 496 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  | 299 | 323 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 3400 | 3400 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.424% due 10/20/2031 •  | 1418 | 1533 |
|  3.425% due 10/15/2031 •  | 2002 | 2163 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.975% due 11/17/2037 •  | 1100 | 1191 |
|  4.094% due 07/18/2038 •  | 4600 | 4981 |
|  4.413% due 01/25/2037 •  | 4400 | 4774 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.673% due 06/10/2034 •  | 1900 | 2053 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 4500 | 4486 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | 778 | 835 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.514% due 07/15/2030 ~ | 171 | 171 |
|  5.744% due 01/15/2031 •  | 599 | 599 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.555% due 07/20/2030 •  | 158 | 157 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 1200 | 1194 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  | 1475 | 1595 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 21 | 21 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.609% due 01/16/2031 •  | 1616 | 1616 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 1500 | 1498 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ | 232 | 232 |
|  OZLME DAC | OZLME DAC | OZLME DAC |
|  3.493% due 07/27/2032 •  | 4370 | 4723 |
|  Palmer Square European CLO DAC | Palmer Square European CLO DAC | Palmer Square European CLO DAC |
|  3.715% due 04/15/2035 •  | 800 | 865 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(b) | 1300 | 1398 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  | 1100 | 1190 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.582% due 10/23/2030 •  | 310 | 311 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | 1465 | 1465 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  | 2700 | 2689 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 89 | 89 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  | 4519 | 4521 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  | 3100 | 3081 |
|  5.640% due 01/25/2034 •  | 3300 | 3298 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.532% due 10/20/2033 ~ | 1100 | 1098 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.545% due 07/20/2030 ~ | 1947 | 1947 |
|  5.575% due 09/07/2030 ~ | 308 | 308 |
|  5.605% due 07/20/2030 •  | 1443 | 1443 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ | 1875 | 1875 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.564% due 10/15/2030 •  | 272 | 272 |
|  Voya Euro CLO DAC | Voya Euro CLO DAC | Voya Euro CLO DAC |
|  3.755% due 10/15/2034 •  | 10770 | 11605 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | 175 | 174 |
|  |  | 123496 |
|  Total Asset-Backed Securities<br>(Cost $191,354) | Total Asset-Backed Securities<br>(Cost $191,354) | 184349 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (d) | BRL | 101800 | 17272 |
|  0.000% due 10/01/2025 (d) |  | 190800 | 31201 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  4.250% due 12/01/2026 (e) | CAD | 1223 | 910 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 07/25/2031 (e) | EUR | 5287 | 5462 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (e) |  | 2437 | 2549 |
|  1.400% due 05/26/2025 (e) |  | 32587 | 35327 |
|  1.800% due 05/15/2036 (e) |  | 917 | 968 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (e) | JPY | 1491071 | 10299 |
|  0.100% due 03/10/2029 (e) |  | 3136985 | 21626 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (e) | MXN | 4270 | 195 |
|  Total Sovereign Issues (Cost $134,508) | Total Sovereign Issues (Cost $134,508) | Total Sovereign Issues (Cost $134,508) | 125809 |
|  |  | SHARES |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Hilton Worldwide Holdings, Inc. |  | 4885 | 1111 |
|  Wyndham Hotels & Resorts, Inc. |  | 12481 | 1130 |
|  Total Common Stocks (Cost $2,271) | Total Common Stocks (Cost $2,271) | Total Common Stocks (Cost $2,271) | 2241 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(f) |  | 223000 | 225 |
|  Total Preferred Securities (Cost $232) | Total Preferred Securities (Cost $232) | Total Preferred Securities (Cost $232) | 225 |
| REAL ESTATE INVESTMENT TRUSTS 28.8% | REAL ESTATE INVESTMENT TRUSTS 28.8% | REAL ESTATE INVESTMENT TRUSTS 28.8% | REAL ESTATE INVESTMENT TRUSTS 28.8% |
| REAL ESTATE 28.8% | REAL ESTATE 28.8% | REAL ESTATE 28.8% | REAL ESTATE 28.8% |
|  Acadia Realty Trust |  | 37541 | 786 |
|  Agree Realty Corp. |  | 48816 | 3768 |
|  Alexander & Baldwin, Inc. |  | 21983 | 379 |
|  Alexandria Real Estate Equities, Inc. |  | 84849 | 7849 |
|  American Assets Trust, Inc. |  | 14560 | 293 |
|  American Healthcare REIT, Inc. |  | 48220 | 1461 |
|  American Homes 4 Rent 'A' |  | 232060 | 8774 |
|  American Tower Corp. |  | 2662 | 579 |
|  Americold Realty Trust, Inc. |  | 191636 | 4112 |
|  Apartment Investment and Management Co. 'A' |  | 40193 | 354 |
|  Apple Hospitality REIT, Inc. |  | 120820 | 1560 |
|  AvalonBay Communities, Inc. |  | 83028 | 17819 |
|  Brandywine Realty Trust |  | 53818 | 240 |
|  Brixmor Property Group, Inc. |  | 119895 | 3183 |
|  Broadstone Net Lease, Inc. |  | 201102 | 3427 |
|  BXP, Inc. |  | 45339 | 3046 |
|  Camden Property Trust |  | 58031 | 7097 |
|  CareTrust REIT, Inc. |  | 58444 | 1670 |
|  Centerspace |  | 5157 | 334 |
|  Chatham Lodging Trust |  | 15386 | 110 |
|  Community Healthcare Trust, Inc. |  | 7804 | 142 |
|  COPT Defense Properties |  | 34934 | 953 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cousins Properties, Inc. | 52250 | $— | 1541 |
|  Crown Castle, Inc. | 5453 |  | 568 |
|  CubeSmart | 122399 |  | 5228 |
|  Curbline Properties Corp. | 28857 |  | 698 |
|  DiamondRock Hospitality Co. | 108914 |  | 841 |
|  Digital Realty Trust, Inc. | 163275 |  | 23396 |
|  Diversified Healthcare Trust | 68394 |  | 164 |
|  Douglas Emmett, Inc. | 52249 |  | 836 |
|  Easterly Government Properties, Inc. | 30822 |  | 327 |
|  EastGroup Properties, Inc. | 26996 |  | 4755 |
|  Elme Communities | 27204 |  | 473 |
|  Empire State Realty Trust, Inc. 'A' | 41561 |  | 325 |
|  EPR Properties | 52157 |  | 2744 |
|  Equinix, Inc. | 51515 |  | 42003 |
|  Equity LifeStyle Properties, Inc. | 136784 |  | 9123 |
|  Equity Residential | 203788 |  | 14587 |
|  Essential Properties Realty Trust, Inc. | 148049 |  | 4832 |
|  Essex Property Trust, Inc. | 27184 |  | 8334 |
|  Extra Space Storage, Inc. | 105756 |  | 15704 |
|  Federal Realty Investment Trust | 64845 |  | 6343 |
|  First Industrial Realty Trust, Inc. | 82746 |  | 4465 |
|  Four Corners Property Trust, Inc. | 30039 |  | 862 |
|  Gaming & Leisure Properties, Inc. | 78301 |  | 3985 |
|  Getty Realty Corp. | 15642 |  | 488 |
|  Global Medical REIT, Inc. | 19373 |  | 169 |
|  Global Net Lease, Inc. | 61085 |  | 491 |
|  Healthcare Realty Trust, Inc. | 106603 |  | 1802 |
|  Healthpeak Properties, Inc. | 436265 |  | 8821 |
|  Highwoods Properties, Inc. | 33092 |  | 981 |
|  Host Hotels & Resorts, Inc. | 375784 |  | 5340 |
|  Hudson Pacific Properties, Inc. | 43457 |  | 128 |
|  Independence Realty Trust, Inc. | 70035 |  | 1487 |
|  Innovative Industrial Properties, Inc. | 8647 |  | 468 |
|  InvenTrust Properties Corp. | 19615 |  | 576 |
|  Invitation Homes, Inc. | 375791 |  | 13096 |
|  JBG SMITH Properties | 26621 |  | 429 |
|  Kilroy Realty Corp. | 33239 |  | 1089 |
|  Kimco Realty Corp. | 441672 |  | 9381 |
|  Kite Realty Group Trust | 220189 |  | 4926 |
|  Lineage, Inc. | 5651 |  | 331 |
|  LXP Industrial Trust | 156888 |  | 1357 |
|  Macerich Co. | 129155 |  | 2218 |
|  Medical Properties Trust, Inc. | 180587 |  | 1089 |
|  Mid-America Apartment Communities, Inc. | 53629 |  | 8987 |
|  National Health Investors, Inc. | 14022 |  | 1036 |
|  National Storage Affiliates Trust | 21342 |  | 841 |
|  NET Lease Office Properties | 4627 |  | 145 |
|  NETSTREIT Corp. | 24673 |  | 391 |
|  NexPoint Residential Trust, Inc. | 6709 |  | 265 |
|  NNN REIT, Inc. | 116060 |  | 4950 |
|  Omega Healthcare Investors, Inc. | 145816 |  | 5553 |
|  Paramount Group, Inc. | 57452 |  | 247 |
|  Park Hotels & Resorts, Inc. | 111205 |  | 1188 |
|  Pebblebrook Hotel Trust | 37507 |  | 380 |
|  Phillips Edison & Co., Inc. | 82543 |  | 3012 |
|  Piedmont Office Realty Trust, Inc. 'A' | 38441 |  | 283 |
|  Plymouth Industrial REIT, Inc. | 12268 |  | 200 |
|  Prologis, Inc. | 465009 |  | 51983 |
|  Public Storage | 73209 |  | 21911 |
|  Realty Income Corp. | 473356 |  | 27459 |
|  Regency Centers Corp. | 88380 |  | 6519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rexford Industrial Realty, Inc. | 69192 | $— | 2709 |
|  RLJ Lodging Trust | 88226 |  | 696 |
|  Ryman Hospitality Properties, Inc. | 32443 |  | 2967 |
|  Service Properties Trust | 58155 |  | 152 |
|  Simon Property Group, Inc. | 160752 |  | 26698 |
|  SITE Centers Corp. | 14795 |  | 190 |
|  SL Green Realty Corp. | 22158 |  | 1278 |
|  STAG Industrial, Inc. | 99547 |  | 3596 |
|  Summit Hotel Properties, Inc. | 34122 |  | 185 |
|  Sun Communities, Inc. | 55589 |  | 7151 |
|  Sunstone Hotel Investors, Inc. | 109309 |  | 1029 |
|  Tanger, Inc. | 34760 |  | 1175 |
|  Terreno Realty Corp. | 30891 |  | 1953 |
|  UDR, Inc. | 189511 |  | 8560 |
|  UMH Properties, Inc. | 22769 |  | 426 |
|  Universal Health Realty Income Trust | 3965 |  | 162 |
|  Urban Edge Properties | 66059 |  | 1255 |
|  Ventas, Inc. | 253286 |  | 17416 |
|  Veris Residential, Inc. | 25239 |  | 427 |
|  VICI Properties, Inc. | 123013 |  | 4013 |
|  Vornado Realty Trust | 52278 |  | 1934 |
|  Welltower, Inc. | 291945 |  | 44729 |
|  WP Carey, Inc. | 102357 |  | 6460 |
|  Xenia Hotels & Resorts, Inc. | 32139 |  | 378 |
|  Total Real Estate Investment Trusts<br>(Cost $499,927) | Total Real Estate Investment Trusts<br>(Cost $499,927) |  | 545626 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | OUNCES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COMMODITIES 4.9% | COMMODITIES 4.9% | COMMODITIES 4.9% | COMMODITIES 4.9% |
|  Gold Warehouse Receipts | 30055 | $— | 93541 |
|  Total Commodities (Cost $82,249) | Total Commodities (Cost $82,249) |  | 93541 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) | 559200 |  | 559 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| REPURCHASE AGREEMENTS (h) 5.1% | REPURCHASE AGREEMENTS (h) 5.1% | REPURCHASE AGREEMENTS (h) 5.1% | REPURCHASE AGREEMENTS (h) 5.1% |
|  |  |  | 96390 |
| U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% |
|  4.301% due 04/17/2025 - 06/05/2025 (c)(d)(k)(m) | 13967 |  | 13876 |
| Total Short-Term Instruments<br>(Cost $111,284) | Total Short-Term Instruments<br>(Cost $111,284) |  | 110825 |
| Total Investments in Securities<br>(Cost $3,395,061) | Total Investments in Securities<br>(Cost $3,395,061) |  | 3441302 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% |
| SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1371588 | $— | 13351 |
| Total Short-Term Instruments<br>(Cost $13,351) | Total Short-Term Instruments<br>(Cost $13,351) |  | 13351 |
| Total Investments in Affiliates<br>(Cost $13,351) | Total Investments in Affiliates<br>(Cost $13,351) |  | 13351 |
| Total Investments 182.1%<br>(Cost $3,408,412) | Total Investments 182.1%<br>(Cost $3,408,412) | $— | 3454653 |
|  Financial Derivative<br>Instruments (j)(l) 0.0%<br> (Cost or Premiums, net $(9461)) | Financial Derivative<br>Instruments (j)(l) 0.0%<br> (Cost or Premiums, net $(9461)) |  | 300 |
| Other Assets and Liabilities, net (82.1)% | Other Assets and Liabilities, net (82.1)% |  | (1558311) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1896642 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.440% | 03/31/2025 | 04/01/2025 | $26900 | U.S. Treasury Notes 0.375% due 07/31/2027 | $(27432) | $26900 | $26903 |
| MEI | 2.730 | 03/27/2025 | 04/04/2025 | CAD 60,000 | Canada Government International Bond<br>2.500% - 2.750% due 12/01/2032 - 06/01/2033 | (43170) | 41694 | 41710 |
|  | 2.730 | 03/28/2025 | 04/04/2025 | 10000 | Canada Government International Bond<br>4.000% due 08/01/2026 | (7096) | 6949 | 6951 |
| TOR | 2.710 | 03/31/2025 | 04/07/2025 | 30000 | Province of New Brunswick 3.800% due 08/14/2045 | (10738) | 20847 | 20849 |
|  |  |  |  |  | Province of Ontario 3.450% due 06/02/2045 | (10815) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99251) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96413 |

---

54 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 4.460% | 04/01/2025 | 04/08/2025 | $(36833) | $(36833) |
|  CIB | 4.430 | 02/21/2025 | 04/04/2025 | (96671) | (97135) |
|  | 4.430 | 03/13/2025 | 04/04/2025 | (52256) | (52378) |
|  STR | 4.440 | 04/01/2025 | 04/02/2025 | (1231743) | (1231743) |
|  | 4.480 | 03/31/2025 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172917) | (1172917) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2591006) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  BOS | $26903 | $0 | $0 | $26903 | $(27432) | $(529) |
|  BRC | 0 | (36833) | 0 | (36833) | 0 | (36833) |
|  CIB | 0 | (149513) | 0 | (149513) | 149396 | (117) |
|  MEI | 48661 | 0 | 0 | 48661 | (49927) | (1266) |
|  STR | 0 | (2404660) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2404660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1207598) |
|  TOR | 20849 | 0 | 0 | 20849 | (21553) | (704) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2591006) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(1172917) | $(149513) | $0 | $0 | $(1322430) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172917) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149513) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1322430) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $(1322430) |

---

(i) Securities with an aggregate market value of $1,348,227 and cash of $339 have been pledged as under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(1441356) at a weighted average interest rate of 4.966%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(1268576) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.000 | 10/28/2025 | 65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $126 | $74 |
|  Put - ICE Crude Oil July 2025 Futures | 60.000 | 05/27/2025 | 87 | 87 | 89 | 18 |
|  Put - ICE Crude Oil June 2025 Futures | 67.000 | 04/25/2025 | 22 | 22 | 28 | 4 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 55

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - NYMEX Natural Gas June 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000 | 05/27/2025 | 8 | 80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - ICE Crude Oil December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.000 | 10/28/2025 | 65 | 65 | $(147) | $(232) |
|  Call - ICE Crude Oil July 2025 Futures | 78.000 | 05/27/2025 | 87 | 87 | (384) | (127) |
|  Call - ICE Crude Oil June 2025 Futures | 76.000 | 04/25/2025 | 22 | 22 | (17) | (31) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2026 | 1650 | $436959 | $88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $(45) |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 426 | 29988 | 20 | 285 | 0 |
|  California Carbon Allowance December Futures  | 12/2025 | 1240 | 38180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7787) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 932 | 30532 | 154 | 3 | (99) |
|  Copper July Futures  | 07/2025 | 57 | 13840 | 281 | 281 | 0 |
|  Copper May Futures  | 05/2025 | 82 | 19878 | 969 | 969 | 0 |
|  Euro-BOBL June Futures  | 06/2025 | 121 | 15411 | 166 | 37 | (4) |
|  Euro-BTP June Futures  | 06/2025 | 330 | 41935 | (857) | 111 | (50) |
|  European Climate Exchange December Futures  | 12/2025 | 58 | 4263 | (814) | 16 | (51) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 39 | 1187 | (64) | 6 | 0 |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 10 | 285 | (20) | 2 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2025 | 469 | 13062 | (1190) | 123 | 0 |
|  Iron Ore July Futures  | 07/2025 | 762 | 7552 | 32 | 0 | (102) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 1 | 923 | 2 | 7 | 0 |
|  Natural Gas June Futures  | 05/2025 | 50 | 2129 | 8 | 36 | 0 |
|  New York Harbor June Futures  | 05/2025 | 48 | 4554 | 63 | 101 | 0 |
|  Silver May Futures  | 05/2025 | 56 | 9691 | 407 | 0 | (57) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 1383 | 153816 | 871 | 21 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 239 | 28030 | (101) | 45 | 0 |
|  WTI Crude December Futures  | 11/2025 | 215 | 14495 | (537) | 322 | 0 |
|  WTI Crude June Futures  | 05/2025 | 436 | 30934 | 232 | 894 | 0 |
|  WTI Crude September Futures  | 08/2025 | 34 | 2346 | 84 | 60 | 0 |
|  |  |  |  | $(7993) | $3542 | $(544) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2025 | 1650 | (437004) | $(141) | $112 | $(134) |
|  Brent Crude December Futures  | 10/2025 | 123 | (8750) | (68) | 0 | (187) |
|  Brent Crude June Futures  | 04/2025 | 436 | (32600) | (308) | 0 | (876) |
|  Brent Crude September Futures  | 07/2025 | 24 | (1742) | (83) | 0 | (43) |
|  Copper July Futures  | 07/2025 | 125 | (15878) | (1030) | 300 | 0 |
|  Copper May Futures  | 05/2025 | 160 | (20136) | (2410) | 384 | 0 |
|  Euro-Bund June Futures  | 06/2025 | 522 | (72717) | (6) | 38 | (6) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 87 | (11219) | 644 | 0 | (118) |
|  Euro-Oat June Futures  | 06/2025 | 386 | (51209) | 1024 | 71 | (167) |
|  Euro-Schatz June Futures  | 06/2025 | 228 | (26368) | (4) | 6 | (20) |
|  Gas Oil June Futures  | 06/2025 | 64 | (4331) | (17) | 0 | (107) |
|  Gold 100 oz. June Futures  | 06/2025 | 363 | (114356) | (3173) | 0 | (1307) |
|  Long Gilt June Futures  | 06/2025 | 2 | (237) | 0 | 173 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 720 | (149164) | (469) | 6 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 2274 | (245947) | (1219) | 119 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 351 | (40058) | (236) | 0 | (33) |

---

---

| | | |
|:---|:---|:---|
| **56** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 171 | $(20905) | $(200) | $0 | $(75) |
|  Wheat December Futures  | 12/2025 | 39 | (1149) | 77 | 0 | (11) |
|  Wheat July Futures  | 07/2025 | 11 | (303) | 26 | 0 | (4) |
|  Wheat May Futures  | 05/2025 | 463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12432) | 1257 | 0 | (203) |
|  WTI Crude December Futures  | 11/2025 | 92 | (6203) | (242) | 0 | (138) |
|  WTI Crude September Futures  | 08/2025 | 10 | (690) | (48) | 0 | (18) |
|  |  |  |  | $(6626) | $1209 | $(3447) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14619) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3991) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 |  | 111200 | $(742) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | $(849) | $111 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 |  | 2480000 | (65) | 273 | 208 | 0 | (37) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165000 | 275 | 298 | 573 | 0 | (71) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 03/22/2026 |  | $1670 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 |  | 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2508) | (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.838 | Annual | 11/15/2034 |  | 5000 | 0 | (39) | (39) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 |  | 4500 | 0 | (44) | (44) | 0 | (14) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/15/2034 |  | 1800 | 0 | (18) | (18) | 0 | (5) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 |  | 4500 | 0 | (45) | (45) | 0 | (14) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 11/15/2034 |  | 4500 | 0 | (46) | (46) | 0 | (14) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 |  | 4500 | 0 | (51) | (51) | 0 | (14) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 |  | 3800 | 0 | (46) | (46) | 0 | (12) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.050 | Annual | 11/15/2052 |  | 47400 | (1967) | 161 | (1806) | 0 | (362) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 |  | 34900 | 4216 | 1601 | 5817 | 0 | (235) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 14600 | 389 | 561 | 950 | 0 | (106) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 4000 | (284) | 123 | (161) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 7300 | (531) | 227 | (304) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 6600 | (489) | 222 | (267) | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 8700 | (540) | 286 | (254) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 3800 | (237) | 128 | (109) | 3 | 0 |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.112 | Annual | 09/02/2027 |  | 16200 | 0 | 16 | 16 | 0 | (14) |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 |  | 34200 | 0 | 29 | 29 | 0 | (29) |
|  Pay<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 221100 | (7651) | (1207) | (8858) | 935 | 0 |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 78300 | 3921 | 2461 | 6382 | 0 | (617) |
|  Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 |  | 8400 | (1) | (5) | (6) | 8 | 0 |
|  Receive | CPTFEMU | 2.359 | Maturity | 08/15/2030 |  | 3900 | 106 | (50) | 56 | 8 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 |  | 3240 | 0 | (12) | (12) | 6 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 |  | 13100 | (53) | 26 | (27) | 25 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 |  | 500 | (33) | 47 | 14 | 0 | (1) |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 |  | 1900 | (119) | 179 | 60 | 0 | (4) |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 |  | 1500 | (95) | 138 | 43 | 0 | (5) |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 |  | 4600 | 246 | 407 | 653 | 0 | (6) |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 |  | 3300 | 247 | 299 | 546 | 0 | (2) |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 |  | 1500 | 73 | 134 | 207 | 0 | (3) |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 |  | 2400 | 161 | 214 | 375 | 0 | (3) |
|  Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 |  | $2100 | 0 | (19) | (19) | 0 | (1) |
|  Pay | CPURNSA | 2.700 | Maturity | 01/14/2026 |  | 7000 | 0 | (52) | (52) | 0 | (7) |
|  Pay | CPURNSA | 2.703 | Maturity | 01/14/2026 |  | 8600 | 0 | (63) | (63) | 0 | (9) |
|  Receive | CPURNSA | 2.419 | Maturity | 03/05/2026 |  | 4400 | 414 | 124 | 538 | 6 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 |  | 3300 | 231 | 93 | 324 | 6 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 |  | 2240 | 167 | 64 | 231 | 4 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 |  | 4100 | 305 | 117 | 422 | 7 | 0 |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 |  | 4900 | 278 | 141 | 419 | 7 | 0 |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 |  | 3100 | 152 | 87 | 239 | 4 | 0 |
|  Pay | CPURNSA | 2.006 | Maturity | 11/30/2030 |  | 8200 | (1072) | (243) | (1315) | 0 | (10) |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 |  | 10100 | 57 | 56 | 113 | 46 | 0 |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 4200 | 0 | 29 | 29 | 17 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5149) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1610) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 57

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(3)</sup> | Variation Margin<br>Asset<sup>(3)</sup> | | Market Value | Variation Margin<br>Liability<sup>(3)</sup> | Variation Margin<br>Liability<sup>(3)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4748) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1610) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6765) |

---

(k) Securities with an aggregate market value of $21,105 and cash of $19,074 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> Future styled option variation margin liability of $(120) is outstanding at period end. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> Unsettled variation margin asset of $271 and liability of $(757) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 106303 | $711 | $3 | $0 |
|  | 04/2025 | $12933 | 20444 | 0 | (158) |
|  | 04/2025 | 1267 | 191185 | 7 | 0 |
|  | 04/2025 | 158 | 212 | 0 | (1) |
|  | 05/2025 | 20444 | $12936 | 158 | 0 |
|  | 05/2025 | 5048 | 689 | 0 | (7) |
|  | 05/2025 | 190543 | 1267 | 0 | (7) |
|  | 05/2025 | 211 | 158 | 1 | 0 |
|  | 05/2025 | $2665 | 19299 | 1 | (3) |
|  | 06/2025 | 31665 | $4337 | 0 | (44) |
|  | 07/2025 | 9604 | 1333 | 2 | (1) |
|  | 08/2025 | 9606 | 1332 | 0 | (2) |
|  BOA | 04/2025 | 3865 | 2681 | 0 | (5) |
|  | 04/2025 | 1072 | 1120 | 0 | (39) |
|  | 04/2025 | 20498200 | 1242 | 12 | 0 |
|  | 04/2025 | 601518 | 410 | 2 | 0 |
|  | 04/2025 | $1856 | 2925 | 0 | (28) |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |
|  | 04/2025 | 25567 | $1398 | 5 | 0 |
|  | 05/2025 | 4936 | 674 | 0 | (7) |
|  | 05/2025 | 4168157 | 250 | 0 | 0 |
|  | 05/2025 | $262 | 22495 | 1 | 0 |
|  | 06/2025 | 15246 | $2100 | 1 | (9) |
|  | 06/2025 | $410 | 599254 | 0 | (2) |
|  | 08/2025 | 497 | $15 | 0 | 0 |
|  BPS | 04/2025 | 62999 | 10972 | 0 | (68) |
|  | 04/2025 | 1758 | 1222 | 0 | 0 |
|  | 04/2025 | 100917 | 105820 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3302) |
|  | 04/2025 | 49192920 | 2968 | 14 | 0 |
|  | 04/2025 | 1045641 | 7014 | 42 | 0 |
|  | 04/2025 | 306 | 29 | 0 | 0 |
|  | 04/2025 | 688751 | 20944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | 0 |
|  | 04/2025 | $10998 | 62999 | 46 | (4) |
|  | 04/2025 | 192 | 177 | 0 | (1) |
|  | 04/2025 | 1354 | 1071 | 30 | 0 |
|  | 04/2025 | 5934 | 97336920 | 0 | (91) |
|  | 04/2025 | 2896 | 251711 | 45 | 0 |
|  | 04/2025 | 454 | 68232 | 1 | 0 |
|  | 04/2025 | 2624 | 3808841 | 0 | (38) |
|  | 04/2025 | 101 | 136 | 0 | 0 |
|  | 04/2025 | 6294 | 206128 | 0 | (86) |
|  | 04/2025 | 47455 | $2586 | 6 | (6) |
|  | 05/2025 | 11 | 13 | 0 | 0 |
|  | 05/2025 | 18014 | 2479 | 1 | (8) |
|  | 05/2025 | 164 | 177 | 0 | (1) |
|  | 05/2025 | 12676117 | 762 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 68003 | $454 | $0 | $(1) |
|  | 05/2025 | 135 | 101 | 0 | 0 |
|  | 05/2025 | $2126 | 12208 | 1 | 0 |
|  | 05/2025 | 2210 | 36685478 | 0 | (12) |
|  | 05/2025 | 2356 | 202131 | 3 | 0 |
|  | 05/2025 | 29 | 306 | 0 | 0 |
|  | 06/2025 | 52803 | $7268 | 0 | (38) |
|  | 06/2025 | 6158303 | 4323 | 130 | 0 |
|  | 06/2025 | 766 | 198 | 1 | 0 |
|  | 06/2025 | $860 | 6217 | 0 | 0 |
|  | 06/2025 | 1206 | 1742205 | 0 | (19) |
|  | 06/2025 | 4537 | 17600 | 16 | (21) |
|  | 07/2025 | 97452 | $2999 | 47 | 0 |
|  | 08/2025 | 81445 | 2499 | 25 | 0 |
|  | 08/2025 | $1209 | 39342 | 0 | (14) |
|  | 10/2025 | 66900 | $11163 | 4 | (64) |
|  BRC | 04/2025 | 17249 | 3000 | 0 | (22) |
|  | 04/2025 | 1577 | 2044 | 6 | 0 |
|  | 04/2025 | 7902 | 90 | 0 | (2) |
|  | 04/2025 | $3004 | 17249 | 19 | 0 |
|  | 04/2025 | 1134 | 18557779 | 0 | (21) |
|  | 04/2025 | 197 | 724 | 0 | (3) |
|  | 04/2025 | 92 | 7893 | 0 | 0 |
|  | 04/2025 | 51 | 568 | 3 | 0 |
|  | 04/2025 | 8856 | 351192 | 171 | 0 |
|  | 05/2025 | 7915 | $92 | 0 | 0 |
|  | 05/2025 | $3000 | 17346 | 21 | 0 |
|  | 05/2025 | 2044 | 1577 | 0 | (6) |
|  | 05/2025 | 25 | 263 | 0 | 0 |
|  | 06/2025 | 20768 | $2846 | 0 | (28) |
|  | 06/2025 | $1224 | 1769671 | 0 | (19) |
|  | 06/2025 | 287 | 1114 | 0 | (1) |
|  BSH | 04/2025 | 26787 | $16971 | 233 | 0 |
|  | 04/2025 | 32100 | 5686 | 61 | 0 |
|  | 04/2025 | $5590 | 32100 | 35 | 0 |
|  | 04/2025 | 12140 | 1823237 | 15 | 0 |
|  | 05/2025 | 1817096 | $12140 | 0 | (15) |
|  | 06/2025 | $1880 | 7250 | 0 | (13) |
|  CBK | 04/2025 | 42613 | $7418 | 9 | (59) |
|  | 04/2025 | 10151 | 7095 | 40 | 0 |
|  | 04/2025 | 352 | 400 | 3 | 0 |
|  | 04/2025 | 18855 | 2654 | 0 | (79) |
|  | 04/2025 | 70693954 | 4269 | 26 | 0 |
|  | 04/2025 | 4357 | 1195 | 23 | 0 |
|  | 04/2025 | 93110 | 1082 | 0 | (7) |
|  | 04/2025 | 91400 | 622 | 12 | 0 |
|  | 04/2025 | 174778 | 5334 | 71 | 0 |
|  | 04/2025 | $7421 | 42613 | 47 | 0 |
|  | 04/2025 | 16957 | 24171 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |
|  | 04/2025 | 1266 | 1115 | 0 | (5) |
|  | 04/2025 | 1039 | 822 | 23 | 0 |
|  | 04/2025 | 4352 | 71332956 | 0 | (70) |
|  | 04/2025 | 1086 | 93096 | 1 | 0 |
|  | 04/2025 | 132 | 193091 | 0 | (1) |
|  | 04/2025 | 13289 | 435558 | 0 | (172) |
|  | 05/2025 | 24136 | $16957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | 0 |
|  | 05/2025 | 15026571 | 905 | 4 | 0 |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $102 | 146 | 0 | (1) |
|  | 05/2025 | 2203 | 36594295 | 0 | (9) |
|  | 06/2025 | 15949 | $2201 | 0 | (6) |
|  | 06/2025 | 16604993 | 11570 | 261 | 0 |
|  | 07/2025 | 168834 | 5189 | 75 | 0 |
|  | 07/2025 | $3985 | 23131 | 0 | (10) |
|  | 08/2025 | 186400 | $5720 | 58 | 0 |
|  | 08/2025 | $1908 | 62010 | 0 | (25) |
|  DUB | 04/2025 | 25 | $17 | 0 | 0 |
|  | 04/2025 | 18173738 | 1111 | 21 | 0 |
|  | 04/2025 | 8410 | 2307 | 45 | 0 |
|  | 04/2025 | 28 | 16 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 30 | $23 | $0 | $0 |
|  | 04/2025 | $8276 | 57344 | 35 | 0 |
|  | 04/2025 | 2469 | 41001565 | 0 | (9) |
|  | 04/2025 | 408 | 35087 | 2 | 0 |
|  | 04/2025 | 16 | 28 | 0 | 0 |
|  | 04/2025 | 81 | 108 | 0 | 0 |
|  | 05/2025 | 57238 | $8276 | 0 | (35) |
|  | 05/2025 | 1829712 | 110 | 0 | 0 |
|  | 05/2025 | 28 | 16 | 0 | 0 |
|  | 05/2025 | 108 | 81 | 0 | 0 |
|  | 06/2025 | 12102275 | 8431 | 189 | 0 |
|  | 08/2025 | $3714 | 26613 | 0 | (17) |
|  | 08/2025 | 1415 | 46115 | 0 | (14) |
|  FAR | 04/2025 | 125793 | $21907 | 0 | (137) |
|  | 04/2025 | 15094 | 16933 | 0 | (128) |
|  | 04/2025 | 29951 | 4222 | 0 | (119) |
|  | 04/2025 | 7704 | 2122 | 50 | 0 |
|  | 04/2025 | 811120 | 5436 | 28 | 0 |
|  | 04/2025 | $21927 | 125793 | 117 | 0 |
|  | 04/2025 | 8664 | 1304419 | 32 | 0 |
|  | 04/2025 | 164 | 5363 | 0 | (2) |
|  | 04/2025 | 30 | 549 | 0 | 0 |
|  | 05/2025 | 1300024 | $8664 | 0 | (32) |
|  | 05/2025 | $680 | 4904 | 0 | (3) |
|  | 06/2025 | 2083 | 12111 | 13 | 0 |
|  | 06/2025 | 3555 | 13743 | 0 | (16) |
|  | 07/2025 | 4886 | $680 | 3 | 0 |
|  GLM | 04/2025 | 111448 | 19966 | 443 | (7) |
|  | 04/2025 | 29708338 | 1789 | 7 | 0 |
|  | 04/2025 | 915769 | 624 | 2 | 0 |
|  | 04/2025 | 4146 | 125 | 0 | 0 |
|  | 04/2025 | $19056 | 111448 | 474 | 0 |
|  | 04/2025 | 2692 | 44340106 | 0 | (32) |
|  | 04/2025 | 180 | 263084 | 0 | (1) |
|  | 05/2025 | 4799 | $655 | 0 | (7) |
|  | 05/2025 | 7220365 | 433 | 0 | 0 |
|  | 05/2025 | $1789 | 29735174 | 0 | (7) |
|  | 06/2025 | 2131 | 15433 | 5 | (1) |
|  | 06/2025 | 624 | 912443 | 0 | (3) |
|  | 06/2025 | 2531 | 9772 | 0 | (14) |
|  | 07/2025 | 101800 | $17008 | 0 | (487) |
|  | 07/2025 | 16984 | 522 | 8 | 0 |
|  | 07/2025 | $16 | 535 | 0 | 0 |
|  | 08/2025 | 8686 | $1211 | 5 | 0 |
|  | 08/2025 | $125 | 4114 | 0 | 0 |
|  | 10/2025 | 121200 | $19899 | 0 | (432) |
|  JPM | 04/2025 | 67698 | 11648 | 6 | (221) |
|  | 04/2025 | 90051 | 63136 | 547 | 0 |
|  | 04/2025 | 5852887 | 354 | 3 | 0 |
|  | 04/2025 | 8377 | 2301 | 47 | 0 |
|  | 04/2025 | 5738 | 66 | 0 | (1) |
|  | 04/2025 | 870466 | 5840 | 36 | 0 |
|  | 04/2025 | 32 | 24 | 0 | 0 |
|  | 04/2025 | 23044 | 703 | 9 | 0 |
|  | 04/2025 | $2150 | 3418 | 0 | (15) |
|  | 04/2025 | 11790 | 67698 | 74 | 0 |
|  | 04/2025 | 4232 | 6077 | 2 | (12) |
|  | 04/2025 | 108300 | 100406 | 269 | 0 |
|  | 04/2025 | 558 | 9166950 | 0 | (8) |
|  | 04/2025 | 691 | 59726 | 6 | 0 |
|  | 04/2025 | 2663 | 401948 | 16 | 0 |
|  | 04/2025 | 132 | 193006 | 0 | (1) |
|  | 04/2025 | 4280 | 140236 | 0 | (57) |
|  | 04/2025 | 10315 | $565 | 3 | 0 |
|  | 05/2025 | 5130 | 702 | 0 | (6) |
|  | 05/2025 | 99335 | 107317 | 0 | (268) |
|  | 05/2025 | 4809129 | 290 | 2 | 0 |
|  | 05/2025 | 400600 | 2664 | 0 | (16) |
|  | 05/2025 | $2498 | 18104 | 3 | (2) |
|  | 06/2025 | 20962 | $2872 | 0 | (28) |

---

---

| | | |
|:---|:---|:---|
| **60** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | 3057 | $148 | $0 | $0 |
|  | 06/2025 | 11909 | 3082 | 14 | 0 |
|  | 06/2025 | $9856 | 58188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | 0 |
|  | 06/2025 | 5029 | 19488 | 5 | (15) |
|  | 07/2025 | 9256 | $1283 | 1 | (1) |
|  | 07/2025 | 98638 | 3033 | 45 | 0 |
|  | 07/2025 | $1384 | 8096 | 8 | 0 |
|  | 08/2025 | 8765 | $1215 | 0 | (3) |
|  | 08/2025 | 96761 | 2969 | 30 | 0 |
|  MBC | 04/2025 | 718 | 811 | 0 | (1) |
|  | 04/2025 | 426 | 458 | 0 | (3) |
|  | 04/2025 | 1096 | 1419 | 3 | 0 |
|  | 04/2025 | 194500 | 1315 | 19 | 0 |
|  | 04/2025 | 277 | 207 | 1 | 0 |
|  | 04/2025 | 35902 | 1110 | 29 | 0 |
|  | 04/2025 | $348 | 499 | 0 | (1) |
|  | 04/2025 | 17025 | 15038 | 0 | (28) |
|  | 04/2025 | 444 | 3055 | 0 | (1) |
|  | 04/2025 | 1998 | 1832 | 0 | (17) |
|  | 04/2025 | 1008 | 780 | 0 | (1) |
|  | 04/2025 | 930 | 80736 | 14 | 0 |
|  | 04/2025 | 2828 | 92900 | 0 | (30) |
|  | 05/2025 | 487 | $339 | 0 | 0 |
|  | 05/2025 | 13797 | 15675 | 23 | 0 |
|  | 05/2025 | 8700 | 1199 | 1 | (2) |
|  | 05/2025 | 3049 | 444 | 1 | 0 |
|  | 05/2025 | 1272 | 1375 | 0 | (3) |
|  | 05/2025 | 2896769 | 174 | 1 | 0 |
|  | 05/2025 | 22551 | 152 | 1 | 0 |
|  | 05/2025 | 1810 | 54 | 0 | 0 |
|  | 05/2025 | $1232 | 8929 | 2 | (1) |
|  | 06/2025 | 1462 | $201 | 0 | (1) |
|  | 06/2025 | 2246699 | 1562 | 31 | 0 |
|  | 06/2025 | 3800 | 988 | 10 | 0 |
|  | 06/2025 | $833 | 3213 | 0 | (5) |
|  | 07/2025 | 4438 | $616 | 1 | 0 |
|  | 07/2025 | 47713 | 1464 | 19 | 0 |
|  | 08/2025 | 4450 | 616 | 0 | (2) |
|  | 08/2025 | 44627 | 1364 | 8 | 0 |
|  MYI | 04/2025 | 24953 | 17528 | 188 | 0 |
|  | 04/2025 | 11597 | 1619 | 0 | (62) |
|  | 04/2025 | 116 | 87 | 0 | 0 |
|  | 04/2025 | $598 | 19561 | 0 | (9) |
|  | 04/2025 | 13595 | 248525 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
|  | 05/2025 | 2635987 | $158 | 0 | 0 |
|  | 06/2025 | $190 | 755 | 4 | 0 |
|  | 10/2025 | 2700 | $441 | 0 | (12) |
|  SCX | 04/2025 | 19015 | 586 | 13 | 0 |
|  | 04/2025 | $1413 | 23121703 | 0 | (27) |
|  | 04/2025 | 699 | 105320 | 3 | 0 |
|  | 04/2025 | 132 | 192801 | 0 | (1) |
|  | 04/2025 | 818 | 26916 | 0 | (8) |
|  | 05/2025 | 7668 | $1064 | 5 | 0 |
|  | 05/2025 | 1131099 | 68 | 0 | 0 |
|  | 05/2025 | 104967 | 699 | 0 | (3) |
|  | 06/2025 | 9428 | 1298 | 0 | (6) |
|  | 06/2025 | $2525 | 18214 | 0 | (5) |
|  | 06/2025 | 1751 | 2532979 | 0 | (26) |
|  | 08/2025 | 7260 | $1014 | 5 | 0 |
|  | 08/2025 | 26693 | 818 | 7 | 0 |
|  | 08/2025 | $1512 | 10839 | 0 | (6) |
|  UAG | 04/2025 | 6943 | $1188 | 0 | (29) |
|  | 04/2025 | 6399739 | 386 | 1 | 0 |
|  | 04/2025 | 797508 | 5360 | 43 | 0 |
|  | 04/2025 | $1209 | 6943 | 8 | 0 |
|  | 04/2025 | 386 | 6399739 | 0 | (2) |
|  | 04/2025 | 476 | 19213 | 18 | 0 |
|  | 05/2025 | 386 | 6408739 | 0 | (2) |
|  | 06/2025 | 266 | 1025 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7331) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 61

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 7500 | $(67) | $(69) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 7500 | (67) | (68) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740 | 09/08/2025 | 8700 | (201) | (202) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 8700 | (201) | (148) |
| CBK Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.950 | 09/15/2025 | 29300 | (354) | (495) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.950 | 09/15/2025 | 29300 | (354) | (15) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.465 | 12/04/2025 | 35300 | (426) | (306) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.465 | 12/04/2025 | 35300 | (426) | (105) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 22700 | (206) | (194) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 22700 | (206) | (228) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 42700 | (391) | (432) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 42700 | (391) | (371) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.660 | 09/05/2025 | 15700 | (349) | (300) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.660 | 09/05/2025 | 15700 | (349) | (320) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3253) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | MLPIREIL Index | 153271 | 4.980% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | $14439 | $0 | $12 | $12 | $0 |
|  | Pay | MLPIREIS Index | 150999 | 4.880% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | 14238 | 0 | 7 | 7 | 0 |
| BPS | Receive | BCOMF1TC Index | 50338 | 0.120% | Monthly | 03/16/2026 | 6407 | 0 | (8) | 0 | (8) |
| CBK | Receive | DWRTFT Index | 7515 | 4.920% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 103230 | 0 | (285) | 0 | (285) |
| CIB | Receive | PIMCODB Index<sup>(5)</sup> | 476116 | 0.000% | Monthly | 06/15/2026 | 97736 | 0 | 1492 | 1492 | 0 |
| GST | Receive | BCOMF1NTC Index<sup></sup> | 14108 | 4.405% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 4965 | 0 | (29) | 0 | (29) |
|  | Receive | PIMCODB Index<sup>(6)</sup> | 1113696 | 0.000% | Monthly | 04/15/2026 | 118971 | 0 | 1840 | 1840 | 0 |
| JPM | Receive | AMZX Index | 17877 | 4.930% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 47236 | 0 | (188) | 0 | (188) |
|  | Receive | Alerian Midstream<br>Energy Total<br>Return Index | 82133 | 5.080% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 99790 | 0 | (386) | 0 | (386) |
|  | Receive | DWRTFT Index | 20310 | 4.990% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 278990 | 0 | (1167) | 0 | (1167) |
|  | Receive | AMZX Index | 4399 | 4.710% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 11624 | 0 | (42) | 0 | (42) |
|  | Receive | AMZX Index | 15170 | 4.880% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 40084 | 0 | (141) | 0 | (141) |
|  | Receive | JMABNIC5 Index<sup>(7)</sup> | 730200 | 0.000% | Monthly | 07/15/2026 | 131828 | 0 | 1747 | 1747 | 0 |
| MAC | Receive | PIMCODB Index<sup>(8)</sup> | 835521 | 0.000% | Monthly | 08/17/2026 | 164992 | 0 | 2354 | 2354 | 0 |
| MYI | Receive | DWRTFT Index | 8390 | 4.770% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 115250 | 0 | (445) | 0 | (445) |
|  | Receive | DWRTFT Index | 2896 | 4.820% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 39781 | 0 | (155) | 0 | (155) |
|  | Receive | DWRTFT Index | 1396 | 4.900% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 19176 | 0 | (76) | 0 | (76) |
|  | Receive | DWRTFT Index | 2827 | 4.920% (FEDL01 plus a specified spread) | Monthly | 06/11/2025 | 38833 | 0 | (78) | 0 | (78) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000) |

---

62 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  JPM | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.203% | Maturity | 10/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67785 | $0 | $1272 | $1272 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  AZD | $172 | $0 | $0 | $172 | $(223) | $0 | $0 | $(223) | $(51) | $0 | $(51) |
|  BOA | 21 | 0 | 19 | 40 | (92) | 0 | 0 | (92) | (52) | 4 | (48) |
|  BPS | 617 | 0 | 0 | 617 | (3774) | 0 | (8) | (3782) | (3165) | 3630 | 465 |
|  BRC | 220 | 0 | 0 | 220 | (102) | (487) | 0 | (589) | (369) | 26 | (343) |
|  BSH | 344 | 0 | 0 | 344 | (28) | 0 | 0 | (28) | 316 | (260) | 56 |
|  CBK | 813 | 0 | 0 | 813 | (604) | (510) | (285) | (1399) | (586) | 615 | 29 |
|  CIB | 0 | 0 | 1492 | 1492 | 0 | 0 | 0 | 0 | 1492 | (1070) | 422 |
|  DUB | 292 | 0 | 0 | 292 | (75) | 0 | 0 | (75) | 217 | 0 | 217 |
|  FAR | 243 | 0 | 0 | 243 | (437) | 0 | 0 | (437) | (194) | 116 | (78) |
|  GLM | 944 | 0 | 0 | 944 | (991) | (1636) | 0 | (2627) | (1683) | 252 | (1431) |
|  GST | 0 | 0 | 1840 | 1840 | 0 | 0 | (29) | (29) | 1811 | (1120) | 691 |
|  JPM | 1338 | 0 | 3019 | 4357 | (654) | 0 | (1924) | (2578) | 1779 | 10275 | 12054 |
|  MAC | 0 | 0 | 2354 | 2354 | 0 | 0 | 0 | 0 | 2354 | (1410) | 944 |
|  MBC | 164 | 0 | 0 | 164 | (96) | 0 | 0 | (96) | 68 | 0 | 68 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (620) | 0 | (620) | (620) | 0 | (620) |
|  MYI | 192 | 0 | 0 | 192 | (138) | 0 | (754) | (892) | (700) | 10719 | 10019 |
|  SCX | 33 | 0 | 0 | 33 | (82) | 0 | 0 | (82) | (49) | 0 | (49) |
|  UAG | 70 | 0 | 0 | 70 | (35) | 0 | 0 | (35) | 35 | 0 | 35 |
|  Total Over the Counter | $5463 | $0 | $8724 | $14187 | $(7331) | $(3253) | $(3000) | $(13584) |  |  |  |

---

(m) Securities with an aggregate market value of $28,503 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Variance Swap.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

<sup>(5)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 5.1% | $4994 |
|  Arabica Coffee September 2025 Futures | 4.7 | 4603 |
|  Brent Crude September 2025 Futures | 8.8 | 8591 |
|  Cocoa September 2025 Futures | 1.6 | 1603 |
|  Copper September 2025 Futures | 0.8 | 801 |
|  Corn September 2025 Futures | 4.6 | 4535 |
|  Gas Oil September 2025 Futures | 3.1 | 2991 |
|  Gold 100 oz. August 2025 Futures | 6.2 | 6079 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 17260 |
|  Lean Hogs August 2025 Futures | 3.4 | 3294 |
|  Live Cattle August 2025 Futures | 1.6 | 1544 |
|  New York Harbor ULSD September 2025 Futures | 2.2 | 2150 |
|  Nickel September 2025 Futures | 0.5 | 440 |
|  NYMEX — Natural Gas September 2025 Futures | 4.7 | 4584 |
|  RBOB Gasoline September 2025 Futures | 8.7 | 8532 |
|  Silver May 2025 Futures | 9.2 | 9031 |
|  Silver September 2025 Futures | 2.7 | 2688 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 2141 |
|  WTI Crude September 2025 Futures | 2.8 | 2737 |
|  Zinc September 2025 Futures | 2.0 | 1925 |
|  Total Long Futures Contracts |  | $90523 |
|  Cash | 7.4% | $7213 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97736 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(6)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum August 2025 Futures | 5.0% | $5984 |
|  Arabica Coffee September 2025 Futures | 4.7 | 5615 |
|  Brent Crude September 2025 Futures | 8.7 | 10315 |
|  Cocoa September 2025 Futures | 1.6 | 1904 |
|  Copper September 2025 Futures | 0.8 | 987 |
|  Corn September 2025 Futures | 4.5 | 5401 |
|  Gas Oil August 2025 Futures | 3.0 | 3581 |
|  Gold 100 oz. August 2025 Futures | 6.2 | 7329 |
|  Gold 100 oz. June 2025 Futures | 17.5 | 20784 |
|  Lean Hogs August 2025 Futures | 3.3 | 3974 |
|  Live Cattle August 2025 Futures | 1.6 | 1856 |
|  New York Harbor ULSD August 2025 Futures | 2.2 | 2605 |
|  Nickel August 2025 Futures | 0.4 | 535 |
|  NYMEX — Natural Gas August 2025 Futures | 4.5 | 5413 |
|  RBOB Gasoline August 2025 Futures | 8.6 | 10267 |
|  Silver May 2025 Futures | 9.3 | 11076 |
|  Silver September 2025 Futures | 2.8 | 3296 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 2594 |
|  WTI Crude August 2025 Futures | 2.8 | 3284 |
|  Zinc August 2025 Futures | 2.0 | 2332 |
|  Total Long Futures Contracts |  | $109132 |
|  Cash | 8.3% | $9839 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118971 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **64** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2025

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Brent Crude September 2025 Futures | 17.6% | $23155 |
|  Cotton No. 02 May 2025 Futures | 1.6 | 2165 |
|  Gas Oil August 2025 Futures | 2.9 | 3848 |
|  Gold 100 oz. June 2025 Futures | 17.7 | 23323 |
|  Live Cattle June 2025 Futures | 6.1 | 8082 |
|  LME — Copper May 2025 Futures | 7.8 | 10243 |
|  New York Harbor ULSD August 2025 Futures | 4.8 | 6253 |
|  Nickel May 2025 Futures | 3.7 | 4917 |
|  RBOB Gasoline August 2025 Futures | 5.0 | 6636 |
|  Silver May 2025 Futures | 5.3 | 6995 |
|  Soybean Meal May 2025 Futures | 10.7 | 14147 |
|  Soybeans May 2025 Futures | 13.7 | 18059 |
|  Sugar No. 11 May 2025 Futures | 3.1 | 4011 |
|  Total Long Futures Contracts |  | $131834 |
|  Cash | 0.0% | $(6) |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131828 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | %<br>of Index | Notional<br>Amount\* |
|  Aluminum September 2025 Futures | 5.0% | $8311 |
|  Arabica Coffee September 2025 Futures | 4.7 | 7792 |
|  Brent Crude November 2025 Futures | 8.6 | 14277 |
|  Cocoa September 2025 Futures | 1.6 | 2636 |
|  Copper September 2025 Futures | 0.8 | 1372 |
|  Corn September 2025 Futures | 4.5 | 7502 |
|  Gas Oil November 2025 Futures | 3.0 | 4965 |
|  Gold 100 oz. December 2025 Futures | 6.2 | 10165 |
|  Gold 100 oz. June 2025 Futures | 17.5 | 28857 |
|  Lean Hogs October 2025 Futures | 3.3 | 5500 |
|  Live Cattle October 2025 Futures | 1.6 | 2562 |
|  New York Harbor ULSD November 2025 Futures | 2.2 | 3600 |
|  Nickel September 2025 Futures | 0.5 | 746 |
|  NYMEX — Natural Gas September 2025 Futures | 4.6 | 7520 |
|  RBOB Gasoline November 2025 Futures | 8.6 | 14179 |
|  Silver July 2025 Futures | 9.3 | 15382 |
|  Silver September 2025 Futures | 2.8 | 4571 |
|  Sugar No. 11 October 2025 Futures | 2.2 | 3608 |
|  WTI Crude November 2025 Futures | 2.7 | 4547 |
|  Zinc September 2025 Futures | 2.0 | 3237 |
|  Total Long Futures Contracts |  | $151329 |
|  Cash | 8.3% | $13663 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164992 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 65

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Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $96 | $0 | $0 | $0 | $0 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3497 | 0 | 121 | 0 | 1404 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1344 | 1344 |
|  | $3593 | $0 | $121 | $0 | $2748 | $6462 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5463 | $0 | $5463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 8705 | 0 | 19 | 0 | 0 | 8724 |
|  | $8705 | $0 | $19 | $5463 | $0 | $14187 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $140 | $5463 | $2748 | $20649 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $407 | $0 | $0 | $0 | $0 | $407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3404 | 0 | 568 | 0 | 776 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1610 | 1610 |
|  | $3811 | $0 | $568 | $0 | $2386 | $6765 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7331 | $0 | $7331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 3253 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 37 | 0 | 2963 | 0 | 0 | 3000 |
|  | $37 | $0 | $2963 | $7331 | $3253 | $13584 |
|  | $3848 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20349 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(506) | $0 | $0 | $0 | $0 | $(506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (162) | 0 | 0 | 0 | 880 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (16687) | 0 | (343) | 0 | 8956 | (8074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (2150) | (2150) |
|  | $(17355) | $0 | $(343) | $0 | $7686 | $(10012) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $20199 | $0 | $20199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1753 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (19779) | 0 | 46132 | 0 | 0 | 26353 |
|  | $(19779) | $0 | $46132 | $20199 | $1753 | $48305 |
|  | $(37134) | $0 | $45789 | $20199 | $9439 | $38293 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $135 | $0 | $0 | $0 | $0 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 290 | 0 | 0 | 0 | (606) | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (14911) | 0 | 0 | 0 | (368) | (15279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6352 | 6352 |
|  | $(14486) | $0 | $0 | $0 | $5378 | $(9108) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(4544) | $0 | $(4544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (572) | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 1416 | 0 | (1172) | 0 | 0 | 244 |
|  | $1416 | $0 | $(1172) | $(4544) | $(572) | $(4872) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13070) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4544) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13980) |

---

66 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $9788 | $0 | $9788 |
| &nbsp;&nbsp; Industrials | 0 | 39 | 0 | 39 |
| &nbsp;&nbsp; Utilities | 0 | 316 | 0 | 316 |
|  U.S. Government Agencies | 0 | 358249 | 0 | 358249 |
|  U.S. Treasury Obligations | 0 | 1999164 | 0 | 1999164 |
|  Non-Agency Mortgage-Backed Securities | 0 | 11130 | 0 | 11130 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 18074 | 0 | 18074 |
| &nbsp;&nbsp; Home Equity Other | 0 | 29720 | 0 | 29720 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 713 | 0 | 713 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12346 | 0 | 12346 |
| &nbsp;&nbsp; Other ABS | 0 | 123496 | 0 | 123496 |
|  Sovereign Issues | 0 | 125809 | 0 | 125809 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Discretionary | 2241 | 0 | 0 | 2241 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 225 | 0 | 225 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 545626 | 0 | 0 | 545626 |
|  Commodities | 0 | 93541 | 0 | 93541 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 559 | 0 | 559 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 96390 | 0 | 96390 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 13876 | 0 | 13876 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $13351 | $0 | $0 | $13351 |
|  Total Investments | $561218 | $2893435 | $0 | $3454653 |
|  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 | 4656 | 1535 | 0 | 6191 |
|  Over the counter | 0 | 14187 | 0 | 14187 |
|  | $4656 | $15722 | $0 | $20378 |
|  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 | (4290) | (1718) | 0 | (6008) |
|  Over the counter | 0 | (13584) | 0 | (13584) |
|  | $(4290) | $(15302) | $0 | $(19592) |
|  Total Financial Derivative Instruments | $366 | $420 | $0 | $786 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455439 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. Research Affiliates, LLC ("Research Affiliates") serves as the sub-adviser to the Funds.

Shares of the Funds have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. Each Fund issues its shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act.

The PIMCO All Asset: Multi-Real Fund has established a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent offering memorandum supplement, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering memorandum, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,

subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of

---

| | |
|:---|:---|
| **68** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the

U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO All Asset: Multi-RAE PLUS Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Authority: Multi-RAE PLUS Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Asset: Multi-Real Fund |  | Quarterly |  | Quarterly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

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Notes to Financial Statements (Cont.)

presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have

made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and

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| | |
|:---|:---|
| **70** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The price of a Fund's shares is based on the Fund's net asset value ("NAV"). The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market

value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

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Notes to Financial Statements (Cont.)

obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is

updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's offering memorandum.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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|:---|:---|
| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

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|:---|:---|
| **72** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity's trading currency to the contract's settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

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Notes to Financial Statements (Cont.)

derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the affiliate funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net <br>Realized<br>Gain (Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Market Value<br>03/31/2025 | Dividend <br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $139907 | $76806 | $(217256) | $805 | $(262) | $0 | $4959 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 10547 | 6317 | (12678) | 25 | (11) | 4200 | 317 | 0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net <br>Realized <br>Gain (Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Market Value<br>03/31/2025 | Dividend <br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $0 | $37428 | $(37400) | $3 | $0 | $31 | $28 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 44147 | 4585284 | (4616200) | 117 | 3 | 13351 | 3702 | 0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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| **74** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

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Notes to Financial Statements (Cont.)

private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's offering memorandum and offering memorandum supplement (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to

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| **76** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of March 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the

timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

(c) The PIMCO All Asset: Multi-Real Fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

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Notes to Financial Statements (Cont.)

which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the

security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund

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| **78** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a

forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

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Notes to Financial Statements (Cont.)

options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will

specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Funds use a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is

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| **80** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's offering memorandum. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

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Notes to Financial Statements (Cont.)

shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments.

These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

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| | |
|:---|:---|
| **82** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced

instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

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| | | | |
|:---|:---|:---|:---|
| Risks | PIMCO All Asset:<br>Multi-RAE PLUS<br>Fund | PIMCO All Authority:<br>Multi-RAE PLUS<br>Fund | PIMCO All Asset:<br>Multi-Real<br>Fund |
|  Small Fund | X | X | X |
|  Interest Rate | X | X | X |
|  Call | X | X | X |
|  Credit | X | X | X |
|  High Yield | X | X | X |
|  Market | X | X | X |
|  Issuer | X | X | X |
|  Liquidity | X | X | X |
|  Derivatives | X | X | X |
|  Futures Contract | X | X | X |
|  Equity | X | X | X |
|  Model | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X |
|  Collateralized Loan Obligations | X | X | X |
|  Extension | X | X | X |
|  Commodity |  |  | X |
|  MLP |  |  | X |
|  Prepayment | X | X | X |
|  Privately Issued Mortgage-Related Securities | X | X | X |
|  Real Estate |  |  | X |
|  Foreign (Non-U.S.) Investment | X | X | X |
|  Emerging Markets | X | X | X |
|  Sovereign Debt | X | X | X |
|  Currency | X | X | X |
|  Issuer Non-Diversification |  | X |  |
|  Leveraging | X | X | X |
|  Management | X | X | X |
|  Subsidiary |  |  | X |
|  Tax |  |  | X |
|  Short Exposure | X | X | X |
|  Convertibles Securities | X | X | X |
|  LIBOR Transition | X | X | X |
|  Inflation-Indexed Security |  |  | X |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **83** |

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Notes to Financial Statements (Cont.)

Please see "Description of Principal Risks" in a Fund's offering memorandum for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance,

changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The

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| | |
|:---|:---|
| **84** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Fund's investment in such securities and may prevent a Fund from receiving higher interest rates on proceeds reinvested.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through the Subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

MLP Risk is the risk that investments in derivatives or other instruments related to master limited partnerships and limited liability companies that are treated as partnerships for U.S. federal income tax purposes ("MLPs") may trade infrequently and in limited volume and may be subject to abrupt or erratic price movements. MLPs that concentrate in the energy sector are subject to risks associated with the energy sector. Equity securities issued by MLPs are subject to the risks associated with equity investments, and debt securities issued by MLPs are subject to the risks associated with debt investments, including interest rate risk, prepayment risk, credit risk, and, as applicable, high yield securities risk.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

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Notes to Financial Statements (Cont.)

in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITS that are privately held or not traded on a national securities exchange subject a Fund to liquidity and valuation risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are

"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO or Research Affiliates, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO or Research Affiliates and the individual portfolio managers in connection with managing a Fund and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Subsidiary Risk is the risk that, by investing in a Fund's subsidiary, the Fund is indirectly exposed to the risks associated with the subsidiary's investments. Fund subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a subsidiary will be achieved.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated changes in market interest rates caused by factors other than inflation (real

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| | |
|:---|:---|
| **86** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's offering memorandum and offering memorandum supplement for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is

not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

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Notes to Financial Statements (Cont.)

compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements,

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|:---|:---|
| **88** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2025

collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for each Fund is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each Fund's respective average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for each Fund are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's respective average daily net assets attributable to each Fund):

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|:---|:---|:---|
| Fund Name | Investment<br>Advisory<br>Fee | Supervisory and<br>Administrative<br>Fee |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0.64% | 0.25% |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0.64% | 0.25% |
|  PIMCO All Asset: Multi-Real Fund | 0.49% | 0.25% |

---

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of

various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds are responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit"). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

As of March 31, 2025, the Fund below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Authority: Multi-RAE PLUS Fund | $2 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

---

------

Notes to Financial Statements (Cont.)

Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring within | Expiring within | Expiring within | |
| Fund Name | 12<br>months | 13-24<br>months | 25-36<br>months | Total |
|  PIMCO All Authority: Multi-RAE PLUS Fund | $41 | $2 | $2 | $45 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(f) Distributor PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

(g) Acquired Fund Fees and Expenses PIMCO All Asset: Multi-Real Fund (Cayman) Ltd. (the "Subsidiary"), has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by the Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $1,557,105. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $12462067 | $11780995 | $798117 | $958780 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 1081111 | 1050078 | 60775 | 96712 |
|  PIMCO All Asset: Multi-Real Fund | 6654363 | 7509364 | 677350 | 577817 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **90** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Authority:**<br>**Multi-RAE PLUS Fund** | **PIMCO All Authority:**<br>**Multi-RAE PLUS Fund** | **PIMCO All Authority:**<br>**Multi-RAE PLUS Fund** | **PIMCO All Authority:**<br>**Multi-RAE PLUS Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 13563 | $141439 | 38580 | $394600 | 2480 | $22705 | 16264 | $158463 |
|  **Issued as reinvestment of distributions** | 22446 | 229003 | 12627 | 127006 | 11 | 97 | 1917 | 17751 |
|  **Cost of shares redeemed** | (73700) | (774224) | (109565) | (1086112) | (13693) | (126986) | (34558) | (337247) |
|  **Net increase (decrease) resulting from Fund share transactions** | (37691) | $(403782) | (58358) | $(564506) | (11202) | $(104184) | (16377) | $(161033) |
|  | **PIMCO All Asset:**<br> **Multi-Real Fund** | **PIMCO All Asset:**<br> **Multi-Real Fund** | **PIMCO All Asset:**<br> **Multi-Real Fund** | **PIMCO All Asset:**<br> **Multi-Real Fund** |  |  |  |  |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |  |  |  |  |
|  | Shares | Amount | Shares | Amount |  |  |  |  |
|  **Receipts for shares sold** | 99167 | $888279 | 137067 | $1209338 |  |  |  |  |
|  **Issued as reinvestment of distributions** | 17312 | 154922 | 7847 | 70005 |  |  |  |  |
|  **Cost of shares redeemed** | (184484) | (1690919) | (150504) | (1315448) |  |  |  |  |
|  **Net increase (decrease) resulting from Fund share transactions** | (68005) | $(647718) | (5590) | $(36105) |  |  |  |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0 | 1 | 0% | 98% |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0 | 1 | 0% | 100% |
|  PIMCO All Asset: Multi-Real Fund | 0 | 1 | 0% | 95% |

---

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on June 17, 2020, as a wholly-owned subsidiary acting as an investment vehicle for the PIMCO All Asset: Multi-Real Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its offering memorandum and offering memorandum supplement. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association,

shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 11.8% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

---

------

Notes to Financial Statements (Cont.)

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Funds may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options.

The Funds may also gain exposure indirectly to commodity markets by investing in the PIMCO All Asset: Multi Real Fund (Cayman) Ltd., which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such

rulings, a Fund will continue to seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and perhaps through commodity-linked notes and through investments in the Subsidiary.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

The IRS issued in September 2016 proposed regulations that would have generally treated the Fund's income inclusion (under Subpart F of the Code) with respect to the Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Fund is treated as qualifying dividends; and (iii) that income inclusion by a Fund of its Subsidiary's earnings would be treated as other qualifying income if derived with respect to the Fund's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives and a Fund's investments in the Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its offering memorandum.

If, during a taxable year, the Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for income tax purposes. In the event the Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as ordinary income for Federal income tax purposes.

---

| | |
|:---|:---|
| **92** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2025

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $73674 | $0 | $(61172) | $0 | $(99264) | $0 | $0 | $(86762) |
|  PIMCO All Authority: Multi-RAE Plus Fund | 800 | 0 | 2361 | 0 | 0 | 0 | 0 | 3161 |
|  PIMCO All Asset: Multi-Real Fund | 49679 | 0 | (5890) | 0 | (334351) | 0 | 0 | (290562) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, controlled foreign corporation (CFC) transactions and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $37783 | $61481 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 0 | 0 |
|  PIMCO All Asset: Multi-Real Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164724 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $3251993 | $58763 | $(119823) | $(61060) |
|  PIMCO All Authority: Multi-RAE Plus Fund | 243579 | 6490 | (4138) | 2352 |
|  PIMCO All Asset: Multi-Real Fund | 3447468 | 129424 | (135232) | (5808) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, controlled foreign corporation (CFC) transactions and short positions. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $229004 | $0 | $0 | $127006 | $0 | $0 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 97 | 0 | 0 | 17751 | 0 | 0 |
|  PIMCO All Asset: Multi-Real Fund | 154922 | 0 | 0 | 70005 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **93** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO All Asset: Multi-RAE PLUS Fund, PIMCO All Authority: Multi-RAE PLUS Fund and PIMCO All Asset: Multi-Real Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations, of changes in net assets and, for the fund indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the fund indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

PIMCO All Asset: Multi-RAE PLUS Fund<sup>(1)</sup>

PIMCO All Authority: Multi-RAE PLUS Fund<sup>(1)</sup>

PIMCO All Asset: Multi-Real Fund<sup>(2)</sup>\*

<sup>(1)</sup> Statement of operations for the year ended March 31, 2025 and statement of changes in net assets for the years ended March 31, 2025 and 2024

<sup>(2)</sup> Statement of operations and statement of cash flows for the year ended March 31, 2025, and statement of changes in net assets for the years ended March 31, 2025 and 2024

\* The financial statements for PIMCO All Asset: Multi-Real Fund are presented on a consolidated basis

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | |
|:---|:---|
| **94** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | SAL | Citigroup Global Markets, Inc. |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BOS | BofA Securities, Inc. | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BPS | BNP Paribas S.A. | MAC | Macquarie Bank Limited | SSB | State Street Bank and Trust Co. |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | STR | State Street FICC Repo |
| BSH | Banco Santander S.A. - New York Branch | MEI | Merrill Lynch International | TDM | TD Securities (USA) LLC |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | TOR | The Toronto-Dominion Bank |
| CIB | Canadian Imperial Bank of Commerce | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. |  |  |
| FAR | Wells Fargo Bank National Association | RBC | Royal Bank of Canada |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PLN | Polish Zloty |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | SEK | Swedish Krona |
| CLP | Chilean Peso | ILS | Israeli Shekel | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | THB | Thai Baht |
| COP | Colombian Peso | JPY | Japanese Yen | TRY | Turkish New Lira |
| CZK | Czech Koruna | KRW | South Korean Won | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MXN | Mexican Peso | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| EUR | Euro |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | NYMEX | New York Mercantile Exchange | OTC | Over the Counter |
| ICE | IntercontinentalExchange<sup>®</sup> |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| AMZX | Alerian MLP Total Return Index | ERADXULT | eRAFI International Large Strategy Index | NDDUEAFE | MSCI EAFE Index |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | ERAEMLT | eRAFI Emerging Markets Strategy Index | NDUEEGF | iShares MSCI Emerging Markets ETF |
| BCOMF1TC | Bloomberg Commodity Index 1-Month Forward Total Return | ERAUSLT | eRAFI U.S. Large Strategy Index | PIMCODB | PIMCO Custom Commodity Basket |
| BOBL | Bundesobligation, the German word for federal government bond | ERAUSST | eRAFI U.S. Small Strategy Index | RADMFENT | RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
| BRENT | Brent Crude | EUR003M | 3 Month EUR Swap Rate | RADMFUNT | RAFI Dynamic Multi-Factor US Index |
| CAONREPO | Canadian Overnight Repo Rate Average | FEDL01 | Federal funds effective rate | RADMFXNT | RAFI Dynamic Multi-Factor Developed Ex-U.S. Index |
| CDX.HY | Credit Derivatives Index - High Yield | GOLDLNPM | London Gold Market Fixing Ltd. PM | RU20INTR | Russell 2000 Total Return Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | IBR | Indicador Bancario de Referencia | S&P 500 | Standard & Poor's 500 Index |
| CMBX | Commercial Mortgage-Backed Index | JMABNIC5 | J.P. Morgan Custom Commodity Index | SOFR | Secured Overnight Financing Rate |
| CPTFEMU | Eurozone HICP ex-Tobacco Index | MUTKCALM | Tokyo Overnight Average Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | MLPIREIL | Merrill Lynch Custom Equity Index | UKRPI | United Kingdom Retail Prices Index |
| DWRTFT | Dow Jones Wilshire REIT Total Return Index | MLPIREIS | Merrill Lynch Custom Equity Index |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | REIT | Real Estate Investment Trust |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | REMIC | Real Estate Mortgage Investment Conduit |
| BABs | Build America Bonds | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | OAT | Obligations Assimilables du Trésor | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CHILIBOR | Chile Interbank Offered Rate | oz. | Ounce | WIBOR | Warsaw Interbank Offered Rate |
| CLO | Collateralized Loan Obligation | PRIBOR | Prague Interbank Offered Rate | WTI | West Texas Intermediate |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.1870 | $0.0000 | $0.0000 | $0.1870 |
|  March 2025 | $0.1662 | $0.0000 | $0.0000 | $0.1662 |
| PIMCO All Authority: Multi-RAE PLUS Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.0048 | $0.0000 | $0.0000 | $0.0048 |
| PIMCO All Asset: Multi-Real Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2840 | $0.0000 | $0.0000 | $0.2840 |
|  March 2025 | $0.1238 | $0.0000 | $0.0000 | $0.1238 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **96** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction % | Qualified<br>Dividend<br>Income % | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 0.00% | 0.00% | 29 | 0 |
|  PIMCO All Asset: Multi-Real Fund | 0.00% | 0.00% | 154922 | 0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **97** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **98** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

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<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **99** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **100** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

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![LOGO](g815761g75h91.jpg)

PAPSALLAFSTMAR_033125

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![LOGO](g930136g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

PIMCO Income Fund

------

#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Income Fund](#tx930136_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx930136_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx930136_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx930136_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx930136_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx930136_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx930136_7) | 66 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx930136_8) | 87 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx930136_9) | 91 |
| &nbsp;&nbsp; [Glossary](#tx930136_10) | 92 |
| &nbsp;&nbsp; [Distribution Information](#tx930136_11) | 93 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx930136_12) | 95 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx930136_13) | 96 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx930136_14) | 97 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx930136_15) | 98 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the PIMCO Income Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Income Fund (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a

particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may

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| | |
|:---|:---|
| **2** | **PIMCO INCOME FUND** |

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contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Fund and its investments.

Certain instruments in which the Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain

derivatives markets) for applicable tough legacy contracts. Certain of the Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Fund and issuers in which it invests. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Administrative<br>Class | Administrative<br>Class | Class A | Class A | Class C | Class C | Class R | Class R | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Income Fund |  | 03/30/07 |  | 03/30/07 |  | 04/30/08 |  | 04/27/18 |  | 03/30/07 |  | 03/30/07 |  | 03/30/07 |  | 03/30/07 |  | Diversified |

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An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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Important Information About the PIMCO Income Fund (Cont.)

exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public

60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO INCOME FUND** |

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------

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

---

------

Financial Highlights PIMCO Income Fund (Consolidated)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> |
| Selected Per Share Data for the Year or Period Ended**^:** | **Net Asset Value**<br> **Beginning of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Net Investment**<br> **Income (Loss)<sup>(b)</sup>** | **Net Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.60 | $0.56 | $0.20 | $0.76 | $(0.66) | $0.00 | $0.00 | $(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.52 | 0.28 | 0.80 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.45 | (0.60) | (0.15) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.43 | (0.61) | (0.18) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.46 | 1.09 | 1.55 | (0.26) | 0.00 | (0.28) | (0.54) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.55 | 0.20 | 0.75 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.51 | 0.28 | 0.79 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.44 | (0.60) | (0.16) | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.42 | (0.61) | (0.19) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.45 | 1.09 | 1.54 | (0.25) | 0.00 | (0.28) | (0.53) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.54 | 0.20 | 0.74 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.50 | 0.28 | 0.78 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.43 | (0.60) | (0.17) | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.41 | (0.61) | (0.20) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.44 | 1.09 | 1.53 | (0.24) | 0.00 | (0.28) | (0.52) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.53 | 0.20 | 0.73 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.49 | 0.28 | 0.77 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.42 | (0.60) | (0.18) | (0.68) | 0.00 | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.40 | (0.61) | (0.21) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.43 | 1.09 | 1.52 | (0.23) | 0.00 | (0.28) | (0.51) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.52 | 0.20 | 0.72 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.47 | 0.29 | 0.76 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.40 | (0.60) | (0.20) | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.38 | (0.61) | (0.23) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.41 | 1.10 | 1.51 | (0.22) | 0.00 | (0.28) | (0.50) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.44 | 0.20 | 0.64 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.39 | 0.29 | 0.68 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.32 | (0.60) | (0.28) | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.29 | (0.61) | (0.32) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.32 | 1.10 | 1.42 | (0.13) | 0.00 | (0.28) | (0.41) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.49 | 0.20 | 0.69 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.45 | 0.28 | 0.73 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.38 | (0.60) | (0.22) | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.35 | (0.61) | (0.26) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.97 | 0.38 | 1.10 | 1.48 | (0.19) | 0.00 | (0.28) | (0.47) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See<sup></sup>Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and<br>Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate** |
| $10.70 | 7.41% | $112687910 | 0.54% | 0.54% | 0.50% | 0.50% | 5.26% | 711% |
| 10.60 | 7.95 | 87738190 | 0.83 | 0.83 | 0.50 | 0.50 | 4.98 | 588 |
| 10.46 | (1.21) | 70579570 | 0.62 | 0.62 | 0.50 | 0.50 | 4.18 | 426 |
| 11.32 | (1.62) | 76380731 | 0.51 | 0.51 | 0.50 | 0.50 | 3.61 | 319 |
| 11.98 | 14.37 | 74544238 | 0.62 | 0.62 | 0.50 | 0.50 | 3.91 | 396 |
| 10.70 | 7.30 | 48953738 | 0.64 | 0.64 | 0.60 | 0.60 | 5.16 | 711 |
| 10.60 | 7.84 | 39812573 | 0.93 | 0.93 | 0.60 | 0.60 | 4.88 | 588 |
| 10.46 | (1.31) | 29893100 | 0.72 | 0.72 | 0.60 | 0.60 | 4.08 | 426 |
| 11.32 | (1.72) | 33996793 | 0.61 | 0.61 | 0.60 | 0.60 | 3.51 | 319 |
| 11.98 | 14.26 | 34285486 | 0.72 | 0.72 | 0.60 | 0.60 | 3.81 | 396 |
| 10.70 | 7.25 | 2748560 | 0.69 | 0.74 | 0.65 | 0.70 | 5.10 | 711 |
| 10.60 | 7.79 | 1997652 | 0.98 | 1.03 | 0.65 | 0.70 | 4.85 | 588 |
| 10.46 | (1.36) | 1594343 | 0.77 | 0.82 | 0.65 | 0.70 | 4.04 | 426 |
| 11.32 | (1.77) | 878330 | 0.66 | 0.71 | 0.65 | 0.70 | 3.46 | 319 |
| 11.98 | 14.21 | 1020788 | 0.77 | 0.82 | 0.65 | 0.70 | 3.76 | 396 |
| 10.70 | 7.14 | 296163 | 0.79 | 0.79 | 0.75 | 0.75 | 5.02 | 711 |
| 10.60 | 7.68 | 269441 | 1.08 | 1.08 | 0.75 | 0.75 | 4.70 | 588 |
| 10.46 | (1.46) | 314410 | 0.87 | 0.87 | 0.75 | 0.75 | 3.92 | 426 |
| 11.32 | (1.87) | 377580 | 0.76 | 0.76 | 0.75 | 0.75 | 3.37 | 319 |
| 11.98 | 14.09 | 454978 | 0.87 | 0.87 | 0.75 | 0.75 | 3.66 | 396 |
| 10.70 | 6.98 | 14268053 | 0.94 | 0.94 | 0.90 | 0.90 | 4.87 | 711 |
| 10.60 | 7.52 | 13708221 | 1.23 | 1.23 | 0.90 | 0.90 | 4.57 | 588 |
| 10.46 | (1.60) | 12780183 | 1.02 | 1.02 | 0.90 | 0.90 | 3.77 | 426 |
| 11.32 | (2.02) | 15042742 | 0.91 | 0.91 | 0.90 | 0.90 | 3.21 | 319 |
| 11.98 | 13.92 | 17240908 | 1.02 | 1.02 | 0.90 | 0.90 | 3.52 | 396 |
| 10.70 | 6.19 | 3698541 | 1.69 | 1.69 | 1.65 | 1.65 | 4.12 | 711 |
| 10.60 | 6.72 | 3772713 | 1.98 | 1.98 | 1.65 | 1.65 | 3.81 | 588 |
| 10.46 | (2.34) | 4164178 | 1.77 | 1.77 | 1.65 | 1.65 | 3.02 | 426 |
| 11.32 | (2.75) | 5616649 | 1.66 | 1.66 | 1.65 | 1.65 | 2.46 | 319 |
| 11.98 | 13.08 | 7005169 | 1.77 | 1.77 | 1.65 | 1.65 | 2.77 | 396 |
| 10.70 | 6.72 | 504652 | 1.19 | 1.19 | 1.15 | 1.15 | 4.62 | 711 |
| 10.60 | 7.26 | 479264 | 1.48 | 1.48 | 1.15 | 1.15 | 4.32 | 588 |
| 10.46 | (1.85) | 449836 | 1.27 | 1.27 | 1.15 | 1.15 | 3.53 | 426 |
| 11.32 | (2.26) | 511456 | 1.16 | 1.16 | 1.15 | 1.15 | 2.96 | 319 |
| 11.98 | 13.64 | 542629 | 1.27 | 1.27 | 1.15 | 1.15 | 3.26 | 396 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO Income Fund

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $278888938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 11095340 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 279153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 827003 |
|  Cash | 9741 |
|  Deposits with counterparty | 33832 |
|  Foreign currency, at value | 651221 |
|  Receivable for investments sold | 192259 |
|  Receivable for TBA investments sold | 169764736 |
|  Receivable for Fund shares sold | 300379 |
|  Interest and/or dividends receivable | 1009727 |
|  Dividends receivable from Affiliates | 36666 |
|  Reimbursement receivable from PIMCO | 108 |
|  Other assets | 11 |
|  **Total Assets** | 463089114 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $129931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 325572 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 336697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1194944 |
|  Payable for investments purchased | 2513239 |
|  Payable for investments in Affiliates purchased | 37975 |
|  Payable for investments purchased on a delayed-delivery basis | 383186 |
|  Payable for TBA investments purchased | 273360166 |
|  Payable for unfunded loan commitments | 132015 |
|  Deposits from counterparty | 932203 |
|  Payable for Fund shares redeemed | 423338 |
|  Distributions payable | 75940 |
|  Accrued investment advisory fees | 36076 |
|  Accrued supervisory and administrative fees | 42572 |
|  Accrued distribution fees | 2368 |
|  Accrued servicing fees | 3666 |
|  Foreign capital gains tax payable | 1609 |
|  **Total Liabilities** | 279931497 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $183157617 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $196941322 |
|  Distributable earnings (accumulated loss) | (13783705) |
|  **Net Assets** | $183157617 |
|  Cost of investments in securities | $287725360 |
|  Cost of investments in Affiliates | $11580340 |
|  Cost of foreign currency held | $651537 |
|  Proceeds received on short sales | $324280 |
|  Cost or premiums of financial derivative instruments, net | $1947859 |
|  \* Includes repurchase agreements of: | $132905 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $112687910 |
|  I-2 | 48953738 |
|  I-3 | 2748560 |
|  Administrative Class | 296163 |
|  Class A | 14268053 |
|  Class C | 3698541 |
|  Class R | 504652 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 10530013 |
|  I-2 | 4574416 |
|  I-3 | 256835 |
|  Administrative Class | 27674 |
|  Class A | 1333246 |
|  Class C | 345599 |
|  Class R | 47156 |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>** |  |
|  Institutional Class | $10.70 |
|  I-2 | 10.70 |
|  I-3 | 10.70 |
|  Administrative Class | 10.70 |
|  Class A | 10.70 |
|  Class C | 10.70 |
|  Class R | 10.70 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Consolidated Statement of Operations PIMCO Income Fund

---

| | |
|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $9127511 |
|  Dividends, net of foreign taxes\*\* | 89491 |
|  Dividends from Investments in Affiliates | 333276 |
|  Miscellaneous income | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 9553797 |
|  **Expenses:** |  |
|  Investment advisory fees | 411034 |
|  Supervisory and administrative fees | 487672 |
|  Distribution and/or servicing fees - Administrative Class | 689 |
|  Distribution and/or servicing fees - Class A | 34850 |
|  Distribution and/or servicing fees - Class C | 37334 |
|  Distribution and/or servicing fees - Class R | 2448 |
|  Trustee fees | 1058 |
|  Interest expense | 74016 |
|  Miscellaneous expense | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1049567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1048253 |
|  **Net Investment Income (Loss)** | 8505544 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 182321 |
|  Investments in Affiliates | 3411 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1983515 |
|  Over the counter financial derivative instruments | 1523933 |
|  Short sales | 178 |
|  Foreign currency | (61035) |
|  **Net Realized Gain (Loss)** | 3632323 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 1765559 |
|  Investments in Affiliates | (207419) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1220518) |
|  Over the counter financial derivative instruments | (641247) |
|  Short sales | (40) |
|  Foreign currency assets and liabilities | (19719) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (323384) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $11814483 |
|  \* Foreign tax withholdings - Interest | $1607 |
|  \*\* Foreign tax withholdings - Dividends | $13 |
|  \*\*\* Foreign capital gains tax | $1704 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Income Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $8505544 | $6309484 |
|  Net realized gain (loss) | 3632323 | (4252547) |
|  Net change in unrealized appreciation (depreciation) | (323384) | 8016952 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 11814483 | 10073889 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6184155) | (4904946) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (2706428) | (2105488) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (159781) | (91384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (16473) | (17306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (811997) | (776993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (189425) | (201873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (27295) | (25825) |
|  **Total Distributions<sup>(a)</sup>** | (10095554) | (8123815) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 33660634 | 26052360 |
|  **Total Increase (Decrease) in Net Assets** | 35379563 | 28002434 |
|  **Net Assets:** |  |  |
|  Beginning of year | 147778054 | 119775620 |
|  End of year | $183157617 | $147778054 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Consolidated Schedule of Investments PIMCO Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 152.2% | INVESTMENTS IN SECURITIES 152.2% | INVESTMENTS IN SECURITIES 152.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.799% due 05/16/2028 «~ | 468600 | 469927 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.785% (EUR003M + 3.000%) due 02/02/2026 ~ | 17000 | 15823 |
|  8.285% (EUR003M + 5.500%) due 08/15/2028 ~ | 14518 | 14113 |
|  8.682% (US0003M + 4.000%) due 08/14/2026 ~ | 12300 | 10804 |
|  9.802% due 08/15/2028 •  | 116561 | 104773 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  9.305% due 04/20/2028 •  | 31632 | 32314 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.072% due 06/24/2030 •  | 7872 | 7873 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.325% due 10/18/2028 | 24834 | 24849 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.560% due 12/15/2031 •  | 6020 | 6006 |
|  CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC |
|  TBD% - 10.322% due 05/16/2029 «µ | 7300 | 7333 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/03/2031 «µ | 48024 | 48384 |
|  TBD% due 01/03/2031 « | 216976 | 218603 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.552% due 08/02/2027 ~ | 2481 | 2488 |
|  Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
|  TBD% - 8.911% due 11/30/2025 «µ | 40411 | 39719 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.152% due 07/20/2026 « | 173078 | 173078 |
|  12.277% due 11/03/2028 « | 736335 | 747380 |
|  Finastra U.S.A., Inc. | Finastra U.S.A., Inc. | Finastra U.S.A., Inc. |
|  TBD% - 11.428% due 09/13/2029 «µ | 5733 | 5733 |
|  TBD% - 11.428% due 09/13/2029 « | 54714 | 55396 |
|  Hudson's Bay Co. | Hudson's Bay Co. | Hudson's Bay Co. |
|  TBD% due 04/03/2026 « | 24090 | 23745 |
|  iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
|  10.209% due 05/01/2029 | 2507 | 2044 |
|  Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
|  7.439% due 06/30/2027 ~ | 2410 | 1277 |
|  Lealand Finance Co. BV (5.439% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.439% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.439% Cash and 3.000% PIK) |
|  8.439% due 12/31/2027 ~(d) | 6358 | 2766 |
|  MH Sub LLC | MH Sub LLC | MH Sub LLC |
|  8.575% due 05/03/2028 •  | 1668 | 1589 |
|  8.575% due 12/31/2031 | 1129 | 1040 |
|  Numericable Group SA | Numericable Group SA | Numericable Group SA |
|  7.432% (US0003M + 2.750%) due 07/31/2025 ~ | 16400 | 14265 |
|  Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. |
|  10.450% due 11/27/2031 ~ | 23300 | 30079 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « | 60600 | 60600 |
|  Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
|  7.355% (EUR003M + 5.000%) due 03/13/2030 ~ | 235200 | 179817 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(m) | 33548 | 36275 |
|  Project FLASH | Project FLASH | Project FLASH |
|  TBD% - 6.800% due 01/09/2030 «µ | 108450 | 107099 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 75800 | 76823 |
|  Project Luminous | Project Luminous | Project Luminous |
|  7.314% due 12/15/2025 «(m) | 10198 | 10080 |
|  7.314% due 12/15/2027 «(m) | 1361 | 1345 |
|  Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
|  5.642% (EUR001M + 3.250%) due 03/15/2026 «~ | 78539 | 80246 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  TBD% due 04/01/2027 « | 451800 | 488531 |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 144800 | 156259 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  8.112% (EUR003M + 5.500%) due 03/29/2030 ~ | 118900 | 124721 |
|  9.791% due 03/29/2030 ~ | 212355 | 198515 |
|  Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
|  6.000% due 12/23/2025 «•  | 427464 | 423574 |
|  Subcalidora 2 SARL | Subcalidora 2 SARL | Subcalidora 2 SARL |
|  8.105% (EUR003M + 5.750%) due 08/14/2029 «~ | 129849 | 141108 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.299% due 05/13/2027 •  | 55772 | 54891 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  TBD% - 5.475% due 11/28/2025 | 81278 | 81762 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 02/28/2031 •  | 77160 | 76822 |
|  7.049% due 03/22/2030 •  | 19848 | 19839 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.785% (EUR003M + 3.000%) due 12/15/2028 «~ | 20200 | 21680 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.439% due 06/20/2028 ~ | 24394 | 22813 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « | 4351 | 1632 |
|  Total Loan Participations and Assignments (Cost $4,445,940) | Total Loan Participations and Assignments (Cost $4,445,940) | 4425833 |
| CORPORATE BONDS & NOTES 8.5% | CORPORATE BONDS & NOTES 8.5% | CORPORATE BONDS & NOTES 8.5% |
| BANKING & FINANCE 3.8% | BANKING & FINANCE 3.8% | BANKING & FINANCE 3.8% |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.042% due 06/07/2027 ~ | 33700 | 35368 |
|  15.542% due 06/08/2026 ~ | 34840 | 36587 |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% (k) | 352 | 485 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 31150 | 27493 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.792% due 01/07/2032 •  | 5200 | 5276 |
|  14.542% due 05/07/2031 ~ | 13000 | 13686 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 115420 | 108075 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 | 60500 | 64822 |
|  2.625% due 04/28/2025 | 10922 | 11806 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.250% due 04/11/2027 | 28400 | 28187 |
|  6.527% due 11/07/2027 •  | 95200 | 98053 |
|  6.607% due 11/07/2028 | 61400 | 65268 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.202% due 04/25/2029 •  | 14200 | 14430 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.900% due 06/04/2025 •(k)(l) | 2702 | 2690 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 54550 | 54737 |
|  5.674% due 03/12/2028 •  | 20700 | 21072 |
|  5.690% due 03/12/2030 •  | 57200 | 58659 |
|  6.224% due 05/09/2034 •  | 138162 | 143989 |
|  6.490% due 09/13/2029 •  | 25800 | 27134 |
|  6.496% due 09/13/2027 •  | 61100 | 62605 |
|  6.692% due 09/13/2034 •  | 40000 | 42907 |
|  7.437% due 11/02/2033 •  | 22148 | 24730 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  12.782% due 04/30/2031 •  | 5800 | 6158 |
|  22.782% due 04/30/2031 ~ | 6700 | 7543 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  9.542% due 01/08/2031 ~ | 22908 | 23423 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.497% due 05/20/2030 •  | 40200 | 40926 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. |
|  4.282% due 01/08/2026 ~ | 2500 | 2033 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 18100 | 18319 |
|  5.716% due 01/18/2030 •  | 34200 | 34883 |
|  5.936% due 05/30/2035 •  | 8600 | 8670 |
|  6.612% due 10/19/2027 •  | 28400 | 29176 |
|  6.714% due 10/19/2029 •  | 66000 | 69542 |
|  7.003% due 10/19/2034 •  | 42300 | 46090 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 41400 | 42578 |
|  6.840% due 09/13/2034 •  | 41000 | 44555 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.192% due 03/13/2032 •  | 42300 | 42300 |
|  12.282% due 04/05/2027 •  | 9550 | 9817 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.042% due 05/10/2031 •  | 2700 | 2759 |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  4.375% due 04/12/2027 ^(e) | 3700 | 430 |
|  4.450% due 08/17/2026 ^(e) | 3500 | 402 |
|  4.800% due 05/17/2028 ^(e) | 1300 | 153 |
|  5.250% due 05/13/2026 ^(e) | 2200 | 258 |
|  5.950% due 10/20/2025 ^(e) | 2600 | 313 |
|  6.000% due 07/16/2025 ^(e) | 4300 | 507 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 29567 | 26338 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(e) | 17940 | 1772 |
|  3.125% due 10/22/2025 ^(e) | 26950 | 2697 |
|  3.875% due 10/22/2030 ^(e) | 18050 | 1805 |
|  4.800% due 08/06/2030 ^(e) | 2100 | 210 |
|  5.400% due 05/27/2025 ^(e) | 3400 | 340 |
|  5.625% due 01/14/2030 ^(e) | 1300 | 127 |
|  6.150% due 09/17/2025 ^(e) | 1900 | 187 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 65500 | 19122 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  6.316% due 10/03/2029 •  | 7900 | 8260 |
|  Credit Suisse AG AT1 Claim | 272096 | 32652 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 18500 | 18813 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(m) | 37300 | 37347 |
|  5.410% due 01/30/2032 «(m) | 36700 | 36604 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 02/17/2032 ~ | 1200 | 1134 |
|  1.750% due 11/19/2030 ~ | 5400 | 5383 |
|  2.552% due 01/07/2028 •  | 8850 | 8515 |
|  3.547% due 09/18/2031 •  | 146147 | 134443 |
|  5.000% due 09/05/2030 ~ | 6000 | 6858 |
|  6.720% due 01/18/2029 •  | 6776 | 7095 |
|  East Lane Re Ltd. | East Lane Re Ltd. | East Lane Re Ltd. |
|  13.542% due 03/31/2026 ~ | 32100 | 32342 |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.500% due 06/01/2027 | 500 | 493 |
|  4.750% due 12/15/2026 | 2445 | 2435 |
|  4.950% due 04/15/2028 | 3980 | 3943 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 | 7800 | 6769 |
|  Everglades Re Ltd. | Everglades Re Ltd. | Everglades Re Ltd. |
|  14.792% due 05/13/2031 •  | 49280 | 52015 |
|  15.792% due 05/13/2031 •  | 48900 | 51604 |
|  17.042% due 05/13/2027 •  | 31200 | 32787 |
|  FFC Senior Notes Lease-Backed Pass-Through Trust | FFC Senior Notes Lease-Backed Pass-Through Trust | FFC Senior Notes Lease-Backed Pass-Through Trust |
|  5.141% due 07/10/2053 « | 47118 | 39037 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 39225 | 37837 |
|  2.900% due 02/16/2028 | 18359 | 17000 |
|  4.125% due 08/17/2027 | 2700 | 2609 |
|  4.950% due 05/28/2027 | 3700 | 3647 |
|  5.918% due 03/20/2028 | 13273 | 13338 |
|  6.798% due 11/07/2028 | 11573 | 11908 |
|  6.800% due 05/12/2028 | 25627 | 26330 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 | 4800 | 4159 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 01/15/2031 | $— | 5300 | $— | 4946 |
|  5.300% due 01/15/2029 (o) |  | 29811 |  | 29879 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 (o) |  | 26267 |  | 25532 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.042% due 04/08/2032 •  |  | 10600 |  | 10640 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2028 «(c)(m) |  | 18500 |  | 18569 |
|  5.070% due 06/07/2030 «(c)(m) |  | 12000 |  | 12053 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  11.042% due 03/13/2032 ~ |  | 3400 |  | 3396 |
|  12.542% due 03/13/2032 ~ |  | 3600 |  | 3595 |
|  Hexagon RE Ltd. | Hexagon RE Ltd. | Hexagon RE Ltd. | Hexagon RE Ltd. | Hexagon RE Ltd. |
|  11.244% due 01/07/2031 ~ |  | 21312 |  | 23757 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | $— | 11280 |  | 11143 |
|  4.583% due 06/19/2029 •  |  | 73000 |  | 72371 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 |  | 300 |  | 207 |
|  3.950% due 11/01/2027 |  | 5200 |  | 4604 |
|  4.650% due 04/01/2029 |  | 700 |  | 530 |
|  5.950% due 02/15/2028 |  | 8000 |  | 6955 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  12.282% due 06/06/2027 ~ |  | 1350 |  | 1348 |
|  14.032% due 06/06/2027 •  |  | 900 |  | 898 |
|  16.532% due 06/06/2028 ~ |  | 6000 |  | 6044 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  21.292% due 06/08/2026 •  |  | 16150 |  | 17419 |
|  27.292% due 06/08/2026 ~ |  | 7600 |  | 7885 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  29.782% due 06/06/2027 ~ |  | 10100 |  | 10055 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 |  | 44166 |  | 49012 |
|  7.800% due 11/28/2053 |  | 16700 |  | 19346 |
|  Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. |
|  5.450% due 09/10/2034 |  | 8400 |  | 8137 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  5.796% due 01/19/2029 •  |  | 900 |  | 925 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 |  | 1768 |  | 1889 |
|  Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. |
|  7.042% due 04/09/2029 ~ | $— | 6121 |  | 6316 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.462% due 01/05/2028 •  |  | 57700 |  | 58459 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.792% due 05/27/2031 ~ |  | 25200 |  | 26694 |
|  MMcapS Funding Ltd. | MMcapS Funding Ltd. | MMcapS Funding Ltd. | MMcapS Funding Ltd. | MMcapS Funding Ltd. |
|  4.847% (US0003M + 0.290%) due 12/26/2039 ~ |  | 15043 |  | 14667 |
|  5.057% due 12/26/2039 ~ |  | 10100 |  | 8686 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ |  | 8700 |  | 6029 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | $— | 6600 |  | 5721 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  |  | 342 |  | 331 |
|  3.960% due 07/18/2030 •  |  | 57892 |  | 55700 |
|  4.302% due 03/08/2029 •  |  | 79100 |  | 78020 |
|  6.557% due 10/18/2027 •  |  | 30400 |  | 31235 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.032% (T-BILL 3MO + 9.750%) due 04/10/2029 ~(c) |  | 8750 |  | 8750 |
|  14.282% due 12/07/2030 ~ |  | 22346 |  | 23502 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  |  | 1188 |  | 1150 |
|  4.445% due 05/08/2030 •  |  | 163400 |  | 160258 |
|  4.892% due 05/18/2029 •  |  | 13000 |  | 13029 |
|  5.076% due 01/27/2030 •  |  | 177653 |  | 178836 |
|  5.583% due 03/01/2028 •  |  | 42300 |  | 43022 |
|  5.608% due 03/01/2028 ~ |  | 24300 |  | 24522 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 |  | 44978 |  | 43342 |
|  2.750% due 03/09/2028 |  | 40800 |  | 37510 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | $| 51800 | 47831 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.678% due 01/17/2029 ~ | EUR | 2400 | 2610 |
|  10.257% due 01/08/2027 ~ |  | 19700 | 21870 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  13.792% due 06/09/2031 •  | $| 1700 | 1798 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (h) |  | 142178 | 100272 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.792% due 01/07/2028 •  |  | 16100 | 16648 |
|  17.542% due 01/07/2027 •  |  | 73700 | 76261 |
|  Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. |
|  4.861% due 03/22/2037 •  |  | 44369 | 40819 |
|  4.861% (US0003M + 0.300%) due 09/22/2037 ~ |  | 66 | 60 |
|  4.861% due 12/22/2037 ~ |  | 10625 | 9695 |
|  4.871% due 12/22/2036 ~ |  | 48741 | 48375 |
|  4.911% due 06/22/2037 ~ |  | 48367 | 41112 |
|  4.930% due 09/23/2035 •  |  | 18 | 18 |
|  4.931% due 09/22/2037 ~ |  | 42098 | 35362 |
|  4.941% due 12/22/2036 ~ |  | 1315 | 1052 |
|  4.941% due 03/22/2037 ~ |  | 46063 | 37772 |
|  4.951% due 12/22/2036 ~ |  | 2914 | 2404 |
|  4.957% (US0003M + 0.400%) due 06/23/2035 ~ |  | 8461 | 8059 |
|  4.961% due 09/22/2036 ~ |  | 28714 | 26560 |
|  4.961% due 12/22/2037 ~ |  | 2118 | 1800 |
|  4.961% due 03/22/2038 ~ |  | 68297 | 63995 |
|  4.991% due 12/22/2035 ~ |  | 28588 | 26515 |
|  5.011% due 03/22/2038 ~ |  | 7004 | 6033 |
|  5.030% due 09/23/2035 ~ |  | 14943 | 13897 |
|  5.061% due 06/23/2035 ~ |  | 10965 | 9649 |
|  5.141% due 03/23/2035 •  |  | 10537 | 9694 |
|  5.161% due 03/22/2038 ~ |  | 16891 | 13090 |
|  5.181% due 12/22/2036 ~ |  | 30985 | 24788 |
|  5.311% due 09/23/2035 ~ |  | 20535 | 16633 |
|  5.441% due 12/24/2033 ~ |  | 2400 | 2346 |
|  5.448% (US0003M + 0.860%) due 07/03/2033 ~ |  | 915 | 915 |
|  5.461% due 03/22/2038 ~ |  | 14316 | 14245 |
|  5.488% due 01/03/2033 ~ |  | 4272 | 4235 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.282% due 06/07/2027 •  |  | 20100 | 21247 |
|  Pyramid Funding | Pyramid Funding | Pyramid Funding | Pyramid Funding |
|  0.000% due 03/28/2035 « | GBP | 457017 | 576389 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.606% due 01/06/2031 ~ | EUR | 3800 | 4270 |
|  Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. |
|  0.000% due 05/30/2025 «(m) | GBP | 1367 | 1766 |
|  RNHB BV | RNHB BV | RNHB BV | RNHB BV |
|  0.000% due 01/28/2026 «~ | EUR | 14872 | 15990 |
|  0.000% due 07/28/2026 «~ |  | 23920 | 24787 |
|  0.000% due 01/28/2027 «~ |  | 21408 | 22899 |
|  0.000% due 03/01/2027 «~ |  | 11887 | 12768 |
|  0.000% due 10/28/2027 «~ |  | 21450 | 22939 |
|  0.000% due 04/28/2028 «~ |  | 10673 | 12006 |
|  0.000% due 10/28/2028 «~ |  | 22876 | 28119 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.532% due 04/07/2031 ~ | $| 6600 | 6839 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  4.500% due 07/17/2025 |  | 16830 | 16820 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  |  | 11100 | 10671 |
|  3.823% due 11/03/2028 •  |  | 31580 | 30733 |
|  6.534% due 01/10/2029 •  |  | 103000 | 107125 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  3.051% due 12/15/2033 ~ | EUR | 451 | 464 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  2.889% due 06/09/2032 •  | $| 29900 | 25766 |
|  6.447% due 01/12/2027 •  |  | 83300 | 84326 |
|  6.691% due 01/10/2034 •  |  | 131700 | 138539 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  5.500% due 01/15/2029 |  | 12300 | 12591 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (d) |  | 684 | 79 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (d) | 686 | 79 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (d) | 1375 | 166 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (d) | 2067 | 237 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (d) | 2072 | 250 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (d) | 976 | 118 |
|  Taranis Reinsurance DAC | Taranis Reinsurance DAC | Taranis Reinsurance DAC |
|  8.681% due 01/07/2031 ~ | 13300 | 14585 |
|  10.931% due 01/08/2031 ~ | 18600 | 20953 |
|  Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
|  6.250% due 01/14/2031 | 2955 | 998 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  10.282% due 06/07/2032 •  | 15100 | 15784 |
|  11.532% due 06/07/2027 •  | 8900 | 9357 |
|  13.282% due 06/05/2026 •  | 5400 | 5615 |
|  Trafford Centre Finance Ltd. | Trafford Centre Finance Ltd. | Trafford Centre Finance Ltd. |
|  5.368% due 07/28/2038 ~ | 6550 | 7049 |
|  U.S. Capital Funding Ltd. | U.S. Capital Funding Ltd. | U.S. Capital Funding Ltd. |
|  4.831% due 07/10/2043 •  | 38578 | 32309 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 08/07/2026 | 2900 | 2782 |
|  7.500% due 02/15/2028 | 242450 | 261141 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 126092 | 112286 |
|  3.250% due 04/02/2026 ~ | 17100 | 18490 |
|  3.869% due 01/12/2029 •  | 7400 | 7230 |
|  4.194% due 04/01/2031 •  | 36569 | 35266 |
|  5.428% due 02/08/2030 •  | 33800 | 34419 |
|  5.959% due 01/12/2034 •  | 130900 | 136233 |
|  6.246% due 09/22/2029 •  | 92400 | 96603 |
|  6.327% due 12/22/2027 •(o) | 95300 | 97894 |
|  6.373% due 07/15/2026 •  | 65500 | 65765 |
|  6.442% due 08/11/2028 •  | 149385 | 154988 |
|  6.537% due 08/12/2033 •  | 212800 | 228088 |
|  7.750% due 03/01/2029 ~ | 50100 | 61018 |
|  9.016% due 11/15/2033 •  | 34450 | 42111 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  2.569% due 09/22/2026 •  | 11513 | 11387 |
|  Uniti Group LP | Uniti Group LP | Uniti Group LP |
|  4.750% due 04/15/2028 (o) | 22123 | 21157 |
|  10.500% due 02/15/2028 | 12416 | 13199 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.782% due 12/07/2026 ~ | 38700 | 40209 |
|  11.782% due 02/22/2028 ~ | 25300 | 25588 |
|  13.032% due 12/07/2026 ~ | 49500 | 52034 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(m) | 52500 | 53567 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  9.292% due 03/08/2033 ~ | 3550 | 3559 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.875% due 02/15/2029 | 5805 | 5550 |
|  4.500% due 09/01/2026 | 16083 | 16020 |
|  4.500% due 01/15/2028 | 3495 | 3454 |
|  4.625% due 06/15/2025 | 4435 | 4437 |
|  5.750% due 02/01/2027 | 12316 | 12498 |
|  Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. |
|  6.042% due 01/08/2030 ~ | 5700 | 5709 |
|  8.032% due 01/08/2030 ~ | 4500 | 4509 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(e) | 17914 | 0 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 5800 | 5537 |
|  Windmill Re DAC | Windmill Re DAC | Windmill Re DAC |
|  7.986% due 07/05/2028 ~ | 400 | 440 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.792% due 02/21/2028 ~ | 1800 | 1802 |
|  16.032% due 02/26/2031 •  | 4800 | 5038 |
|  Yellow Tulip Assetco BV | Yellow Tulip Assetco BV | Yellow Tulip Assetco BV |
|  0.000% due 07/30/2036 « | 45750 | 50488 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Yellow Tulip Bidco BV | Yellow Tulip Bidco BV | Yellow Tulip Bidco BV |
|  0.000% due 07/30/2036 «~ | 47123 | 40555 |
|  |  | 6985860 |
| INDUSTRIALS 3.4% | INDUSTRIALS 3.4% | INDUSTRIALS 3.4% |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 27202 | 27136 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 8706 | 7504 |
|  4.000% due 07/15/2029 | 3050 | 2634 |
|  4.125% due 01/15/2029 | 1200 | 1037 |
|  5.125% due 01/15/2029 | 23300 | 18319 |
|  5.125% due 07/15/2029 | 51547 | 40452 |
|  5.500% due 01/15/2028 | 42930 | 34360 |
|  5.500% due 10/15/2029 | 34165 | 27120 |
|  5.875% due 02/01/2027 | 3500 | 3379 |
|  8.125% due 02/01/2027 | 45340 | 40579 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 23200 | 20645 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 25710 | 22623 |
|  3.000% due 04/15/2030 | 15887 | 15024 |
|  3.150% due 08/15/2033 | 1312 | 1205 |
|  3.200% due 12/15/2029 | 8761 | 8356 |
|  3.350% due 04/15/2031 | 18954 | 18008 |
|  3.375% due 11/01/2028 | 32763 | 31782 |
|  3.575% due 07/15/2029 | 7754 | 7507 |
|  3.600% due 03/22/2029 | 2822 | 2736 |
|  3.650% due 02/15/2029 | 9941 | 9597 |
|  3.650% due 12/15/2029 | 3148 | 2987 |
|  3.700% due 04/01/2028 | 13899 | 13638 |
|  4.000% due 01/15/2027 | 1076 | 1069 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  6.343% due 08/02/2030 | 10250 | 10900 |
|  6.421% due 08/02/2033 | 8450 | 9023 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 10300 | 10790 |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (h) | 2098 | 1637 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 13187 | 12905 |
|  2.950% due 02/01/2030 | 19314 | 17602 |
|  3.200% due 03/01/2029 | 10000 | 9393 |
|  3.450% due 11/01/2028 | 4404 | 4209 |
|  3.625% due 02/01/2031 | 40180 | 37277 |
|  5.040% due 05/01/2027 | 125660 | 126275 |
|  5.150% due 05/01/2030 | 35000 | 35236 |
|  6.259% due 05/01/2027 | 71656 | 73742 |
|  6.298% due 05/01/2029 (o) | 73606 | 77222 |
|  6.388% due 05/01/2031 | 28100 | 29959 |
|  6.528% due 05/01/2034 | 16300 | 17475 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 11710 | 10526 |
|  3.300% due 06/15/2034 | 2216 | 2069 |
|  3.800% due 03/20/2033 | 3793 | 3665 |
|  4.250% due 05/15/2034 | 10765 | 10386 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 86400 | 76040 |
|  2.600% due 02/15/2033 | 26905 | 22683 |
|  3.187% due 11/15/2036 | 13849 | 11373 |
|  3.419% due 04/15/2033 | 13531 | 12052 |
|  3.469% due 04/15/2034 | 62705 | 55220 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (d) | 222865 | 236147 |
|  Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) |
|  14.000% due 06/01/2031 (d) | 249240 | 272700 |
|  CDW LLC | CDW LLC | CDW LLC |
|  2.670% due 12/01/2026 | 64300 | 62088 |
|  3.276% due 12/01/2028 | 16500 | 15577 |
|  3.569% due 12/01/2031 | 51800 | 46855 |
|  Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) |
|  7.250% due 03/31/2031 (d) | 43694 | 26245 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  0.000% due 10/25/2031 «•  | 148000 | 146861 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.163% due 08/11/2036 | 4665 | 4268 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.773% due 01/10/2033 | $— | 3533 | 3538 |
|  5.880% due 01/10/2028 |  | 471 | 477 |
|  7.507% due 01/10/2032 |  | 3063 | 3265 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 |  | 243097 | 223606 |
|  5.750% due 12/01/2028 |  | 232493 | 196508 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.400% due 03/15/2027 |  | 4145 | 4133 |
|  4.950% due 05/15/2028 |  | 4355 | 4386 |
|  Exela Intermediate LLC  | Exela Intermediate LLC  | Exela Intermediate LLC  | Exela Intermediate LLC  |
|  11.500% due 04/15/2026 (d) |  | 10946 | 1615 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 80600 | 88677 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  4.950% due 03/23/2027 | $— | 24600 | 19680 |
|  4.950% due 02/06/2028 |  | 15900 | 12879 |
|  7.288% due 08/16/2037 |  | 30730 | 22640 |
|  8.625% due 04/28/2034 |  | 141090 | 112872 |
|  Greene King Finance PLC | Greene King Finance PLC | Greene King Finance PLC | Greene King Finance PLC |
|  5.106% due 03/15/2034 |  | 1087 | 1375 |
|  6.399% due 12/15/2034 ~ |  | 427 | 488 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | $— | 3625 | 3574 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 (o) |  | 562314 | 535627 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 |  | 2286 | 1988 |
|  4.000% due 05/15/2034 |  | 52416 | 49231 |
|  Market Bidco Finco PLC | Market Bidco Finco PLC | Market Bidco Finco PLC | Market Bidco Finco PLC |
|  4.750% due 11/04/2027 |  | 43500 | 45656 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  5.070% due 12/15/2030 ~ | $— | 27 | 26 |
|  6.013% due 12/15/2030 |  | 3858 | 5002 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | $— | 5061 | 3675 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (d) |  | 7745 | 6735 |
|  National Football League | National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(m) |  | 76800 | 77602 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 |  | 6710 | 6640 |
|  4.345% due 09/17/2027 |  | 74963 | 72928 |
|  4.810% due 09/17/2030 |  | 212402 | 201880 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 |  | 3480 | 2732 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(e) |  | 105630 | 14596 |
|  5.500% due 04/12/2037 ^(e) |  | 117045 | 16386 |
|  6.000% due 11/15/2026 ^(e) |  | 54167 | 7583 |
|  9.750% due 05/17/2035 ^(e) |  | 43640 | 6764 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  2.750% due 04/21/2027 |  | 7200 | 7234 |
|  5.950% due 01/28/2031 | $— | 176125 | 149255 |
|  6.700% due 02/16/2032 |  | 412739 | 362981 |
|  6.750% due 09/21/2047 |  | 71382 | 48880 |
|  6.950% due 01/28/2060 |  | 57150 | 39041 |
|  7.690% due 01/23/2050 |  | 16197 | 12160 |
|  Prime Property Development Corp. Ltd. | Prime Property Development Corp. Ltd. | Prime Property Development Corp. Ltd. | Prime Property Development Corp. Ltd. |
|  5.250% due 09/30/2029 «(m) |  | 34500 | 33985 |
|  5.440% due 09/30/2031 «(m) |  | 34500 | 33761 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  1.288% due 07/13/2029 |  | 19700 | 19322 |
|  1.985% due 07/13/2033 |  | 26300 | 23841 |
|  2.085% due 01/19/2030 |  | 27600 | 27652 |
|  2.778% due 01/19/2034 |  | 20944 | 19877 |
|  3.061% due 07/13/2031 | $— | 47100 | 40643 |
|  4.193% due 01/19/2032 |  | 28000 | 25534 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.375% due 06/18/2026 |  | 3835 | 4867 |
|  4.625% due 02/16/2026 |  | 45275 | 49545 |
|  5.750% due 10/15/2027 |  | 43671 | 57394 |
|  Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC |
|  7.487% due 03/25/2031 ^(e) |  | 60389 | 54605 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.875% due 07/17/2064 | $— | 48100 | 45046 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 125 | 113 |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |
|  5.152% due 09/20/2029 | 18639 | 18688 |
|  Syngenta Finance NV | Syngenta Finance NV | Syngenta Finance NV |
|  4.892% due 04/24/2025 | 7934 | 7931 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  0.875% due 01/31/2028 | 31400 | 24869 |
|  1.250% due 01/31/2032 | 9800 | 7708 |
|  1.604% due 12/23/2027 | 11200 | 8037 |
|  2.375% due 04/22/2040 | 6300 | 5944 |
|  2.625% due 01/24/2032 | 23700 | 22334 |
|  3.500% due 02/25/2028 | 9100 | 8622 |
|  4.000% due 04/18/2027 | 11700 | 9433 |
|  4.375% due 01/18/2031 | 41600 | 33290 |
|  4.375% due 07/03/2034 | 27175 | 26055 |
|  4.625% due 06/04/2046 | 29100 | 27963 |
|  5.125% due 09/28/2037 | 14500 | 13935 |
|  5.500% due 02/11/2041 | 52700 | 51372 |
|  6.500% due 02/09/2032 | 3000 | 2907 |
|  7.125% due 04/30/2031 | 6800 | 6699 |
|  7.750% due 04/30/2044 | 25300 | 25411 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (h) | 2758 | 2885 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 335 | 336 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | 8094 | 7234 |
|  5.750% due 09/30/2039 | 60217 | 58038 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 952 | 946 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 5107 | 4367 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 8266 | 7350 |
|  3.500% due 09/01/2031 | 2993 | 2849 |
|  4.000% due 10/11/2027 | 2457 | 2429 |
|  4.150% due 02/25/2033 | 3237 | 3104 |
|  5.875% due 04/15/2029 | 98026 | 99919 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 1556 | 1559 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 31870 | 29526 |
|  3.875% due 11/01/2033 | 10800 | 9304 |
|  4.125% due 08/15/2031 | 10300 | 9366 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 (o) | 138600 | 136646 |
|  8.125% due 06/01/2028 | 245800 | 251320 |
|  8.375% due 06/01/2031 (o) | 53075 | 53866 |
|  9.500% due 02/01/2029 | 200900 | 215553 |
|  9.875% due 02/01/2032 | 128350 | 136399 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.300% due 03/22/2027 | 100000 | 100866 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 48000 | 46598 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 « | 1440 | 1423 |
|  |  | 6139678 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 40350 | 40887 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 3358 | 3247 |
|  Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC |
|  1.500% due 02/17/2027 | 137850 | 104340 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 93400 | 63746 |
|  Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC |
|  3.000% due 06/29/2027 | 12000 | 8580 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.750% due 10/15/2031 | 56300 | 55209 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 44031 | 41313 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.500% due 02/01/2031 | 51959 | 44680 |
|  2.950% due 03/01/2026 | 69389 | 68170 |
|  3.000% due 06/15/2028 | 85600 | 80511 |
|  3.150% due 01/01/2026 | 223783 | 220927 |
|  3.250% due 06/01/2031 | 86160 | 76704 |
|  3.300% due 03/15/2027 | 83737 | 81389 |
|  3.300% due 12/01/2027 | 164659 | 158028 |
|  3.450% due 07/01/2025 | 135506 | 134973 |
|  3.500% due 06/15/2025 | 104124 | 103825 |
|  3.500% due 08/01/2050 (o) | 46377 | 30861 |
|  3.750% due 07/01/2028 | 176652 | 169958 |
|  3.750% due 08/15/2042 | 3502 | 2611 |
|  3.950% due 12/01/2047 | 3869 | 2831 |
|  4.000% due 12/01/2046 | 45023 | 33313 |
|  4.200% due 03/01/2029 | 65400 | 63291 |
|  4.250% due 03/15/2046 | 60021 | 46754 |
|  4.300% due 03/15/2045 | 37669 | 29507 |
|  4.400% due 03/01/2032 | 67000 | 62753 |
|  4.450% due 04/15/2042 | 50762 | 41565 |
|  4.500% due 07/01/2040 | 22432 | 19068 |
|  4.550% due 07/01/2030 | 346519 | 335526 |
|  4.600% due 06/15/2043 | 47354 | 39087 |
|  4.650% due 08/01/2028 | 19885 | 19674 |
|  4.750% due 02/15/2044 | 33365 | 27799 |
|  4.950% due 06/08/2025 | 31400 | 31375 |
|  4.950% due 07/01/2050 (o) | 38439 | 32123 |
|  5.450% due 06/15/2027 | 23667 | 23915 |
|  5.900% due 06/15/2032 | 20000 | 20409 |
|  Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
|  5.375% due 03/22/2030 | 1167 | 1084 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 15646 | 16007 |
|  9.750% due 01/06/2027 | 8457 | 8708 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
|  8.750% due 03/15/2032 | 25100 | 30200 |
|  Sprint LLC | Sprint LLC | Sprint LLC |
|  7.625% due 03/01/2026 | 14000 | 14222 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  2.140% due 12/09/2025 | 26100 | 25632 |
|  |  | 2414802 |
|  Total Corporate Bonds & Notes (Cost $16,020,744) | Total Corporate Bonds & Notes (Cost $16,020,744) | 15540340 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| CALIFORNIA 0.0% | CALIFORNIA 0.0% | CALIFORNIA 0.0% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 5190 | 4627 |
|  3.850% due 06/01/2050 | 3295 | 3034 |
|  4.214% due 06/01/2050 | 26895 | 20327 |
|  |  | 27988 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 20569 | 21488 |
|  6.725% due 04/01/2035 | 6177 | 6480 |
|  7.350% due 07/01/2035 | 16846 | 18280 |
|  |  | 46248 |
|  Total Municipal Bonds & Notes (Cost $82,434) | Total Municipal Bonds & Notes (Cost $82,434) | 74236 |
| U.S. GOVERNMENT AGENCIES 62.8% | U.S. GOVERNMENT AGENCIES 62.8% | U.S. GOVERNMENT AGENCIES 62.8% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 11/25/2042 •  | 19 | 13 |
|  0.019% due 09/25/2042 •  | 819 | 444 |
|  1.396% due 03/25/2041 •(a) | 1800 | 166 |
|  1.546% due 11/25/2049 •(a) | 18226 | 2342 |
|  1.576% due 06/25/2037 •(a) | 295 | 30 |
|  1.596% due 03/25/2037 - 03/25/2049 •(a) | 5923 | 684 |
|  1.616% due 12/25/2036 - 02/25/2037 •(a) | 998 | 72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.646% due 04/25/2037 •(a) | $— | 477 | $— | 51 |
|  1.656% due 04/25/2037 •(a) |  | 703 |  | 56 |
|  1.696% due 08/25/2035 - 02/25/2043 •(a) |  | 2922 |  | 297 |
|  1.846% due 01/25/2038 •(a) |  | 1160 |  | 105 |
|  1.896% due 01/25/2040 •(a) |  | 1192 |  | 89 |
|  1.926% due 03/25/2037 •(a) |  | 1465 |  | 131 |
|  1.946% due 05/25/2037 •(a) |  | 434 |  | 35 |
|  1.956% due 06/25/2037 •(a) |  | 1693 |  | 190 |
|  1.986% due 04/25/2037 •(a) |  | 1080 |  | 124 |
|  1.996% due 12/25/2037 •(a) |  | 1007 |  | 95 |
|  2.096% due 10/25/2036 - 06/25/2040 •(a) |  | 1106 |  | 106 |
|  2.146% due 11/25/2035 •(a) |  | 61 |  | 1 |
|  2.196% due 11/25/2036 •(a) |  | 313 |  | 13 |
|  2.246% due 03/25/2036 •(a) |  | 530 |  | 38 |
|  2.336% due 04/25/2037 •(a) |  | 765 |  | 97 |
|  2.500% due 04/25/2042 - 08/25/2042 |  | 11124 |  | 10664 |
|  2.546% due 02/25/2038 •(a) |  | 3412 |  | 401 |
|  2.746% due 02/25/2037 •(a) |  | 278 |  | 31 |
|  3.000% due 06/25/2027 - 06/25/2042 (a) |  | 8065 |  | 265 |
|  3.564% due 04/01/2027 •  |  | 12 |  | 12 |
|  4.000% due 07/01/2041 - 01/01/2059 |  | 4303 |  | 4111 |
|  4.000% due 12/25/2042 - 12/25/2047 (a) |  | 1033 |  | 96 |
|  4.378% due 03/01/2033 •  |  | 4 |  | 4 |
|  4.396% due 12/01/2027 •  |  | 1 |  | 1 |
|  4.500% due 12/25/2039 - 07/25/2040 |  | 3003 |  | 2978 |
|  4.500% due 12/25/2042 (a) |  | 752 |  | 123 |
|  4.526% due 12/25/2036 •  |  | 17 |  | 17 |
|  4.545% due 09/25/2031 •  |  | 572 |  | 567 |
|  4.586% due 03/25/2034 •  |  | 2 |  | 2 |
|  4.616% due 08/25/2034 •  |  | 1 |  | 1 |
|  4.804% due 03/25/2044 •  |  | 2 |  | 2 |
|  4.854% due 06/25/2029 - 08/25/2036 • |  | 7 |  | 7 |
|  4.904% due 06/25/2049 •  |  | 3719 |  | 3631 |
|  5.000% due 08/25/2033 - 06/25/2043 |  | 13762 |  | 14016 |
|  5.076% due 03/25/2038 •  |  | 277 |  | 288 |
|  5.229% due 12/25/2050 •  |  | 13497 |  | 13462 |
|  5.395% due 09/01/2031 •  |  | 28 |  | 28 |
|  5.485% due 04/01/2028 •  |  | 1 |  | 1 |
|  5.500% due 11/25/2032 - 06/01/2048 |  | 4329 |  | 4421 |
|  5.582% due 09/01/2030 •  |  | 2 |  | 2 |
|  5.886% due 10/01/2044 •  |  | 1 |  | 1 |
|  5.950% due 02/01/2034 •  |  | 223 |  | 226 |
|  5.965% due 12/01/2035 •  |  | 12 |  | 12 |
|  6.000% due 06/25/2029 - 09/25/2031 |  | 450 |  | 459 |
|  6.086% due 10/01/2040 •  |  | 8 |  | 8 |
|  6.307% due 08/01/2033 •  |  | 7 |  | 7 |
|  6.380% due 12/01/2033 •  |  | 7 |  | 7 |
|  6.384% due 11/01/2033 •  |  | 5 |  | 5 |
|  6.455% due 04/01/2032 •  |  | 3 |  | 3 |
|  6.500% due 06/25/2028 - 02/25/2033 |  | 26 |  | 27 |
|  6.850% due 12/18/2027 |  | 1 |  | 1 |
|  7.000% due 06/25/2032 - 01/25/2048 |  | 68 |  | 70 |
|  7.008% due 04/01/2033 •  |  | 1 |  | 1 |
|  7.124% due 09/01/2035 •  |  | 2 |  | 2 |
|  7.134% due 10/01/2032 •  |  | 2 |  | 2 |
|  7.153% due 10/01/2036 •  |  | 1 |  | 1 |
|  7.260% due 07/01/2032 •  |  | 4 |  | 4 |
|  7.320% due 03/01/2033 •  |  | 32 |  | 33 |
|  7.500% due 11/25/2030 - 06/25/2042 |  | 12 |  | 13 |
|  7.500% due 06/25/2042 ~ |  | 9 |  | 9 |
|  8.500% due 06/25/2030 |  | 36 |  | 38 |
|  Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA |
|  3.000% due 06/01/2040 |  | 99000 |  | 85809 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 08/15/2056 - 08/15/2057 (b)(h) |  | 127891 |  | 87733 |
|  0.064% due 12/15/2042 •  |  | 1364 |  | 1045 |
|  0.974% due 01/15/2041 •  |  | 771 |  | 699 |
|  1.142% due 09/25/2030 ~(a) |  | 199592 |  | 9639 |
|  1.370% due 06/25/2030 ~(a) |  | 87146 |  | 4932 |
|  1.431% due 05/25/2030 ~(a) |  | 305995 |  | 18369 |
|  1.487% due 11/15/2037 •(a) |  | 3642 |  | 330 |
|  1.587% due 08/15/2037 •(a) |  | 503 |  | 45 |
|  1.737% due 06/15/2038 - 01/15/2042 •(a) |  | 2470 |  | 223 |
|  1.934% due 02/15/2040 •  |  | 437 |  | 396 |
|  1.977% due 03/15/2037 •(a) |  | 2507 |  | 239 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.987% due 03/15/2037 - 06/15/2039 •(a) | $— | 1166 | $— | 115 |
|  2.087% due 09/15/2036 •(a) |  | 976 |  | 78 |
|  2.107% due 09/15/2036 •(a) |  | 589 |  | 58 |
|  2.150% due 01/15/2038 •(a) |  | 10959 |  | 558 |
|  2.187% due 04/15/2036 - 05/15/2036 •(a) |  | 3501 |  | 395 |
|  2.237% due 04/15/2026 •(a) |  | 17 |  | 0 |
|  2.287% due 01/15/2037 •(a) |  | 389 |  | 35 |
|  2.379% due 11/15/2043 •  |  | 8548 |  | 8502 |
|  2.539% due 08/15/2044 •  |  | 4464 |  | 4282 |
|  2.687% due 08/15/2036 •(a) |  | 1006 |  | 110 |
|  3.000% due 03/15/2027 - 10/15/2047 (a) |  | 33259 |  | 5001 |
|  3.000% due 08/01/2032 - 03/01/2049 |  | 161706 |  | 143293 |
|  3.500% due 08/15/2042 - 05/01/2049 |  | 294041 |  | 269058 |
|  3.500% due 12/15/2042 (a) |  | 3348 |  | 519 |
|  4.000% due 08/01/2040 - 08/01/2048 |  | 67320 |  | 63809 |
|  4.000% due 09/15/2048 (a) |  | 4150 |  | 559 |
|  4.027% due 09/25/2035 ~(a) |  | 66349 |  | 10140 |
|  4.500% due 06/01/2048 |  | 1865 |  | 1819 |
|  4.695% due 08/25/2031 •  |  | 4 |  | 4 |
|  4.863% due 12/15/2046 •  |  | 15118 |  | 14838 |
|  4.913% due 06/15/2049 •  |  | 8311 |  | 8136 |
|  5.000% due 01/15/2034 - 05/15/2038 |  | 1935 |  | 1971 |
|  5.500% due 08/15/2036 - 06/15/2041 |  | 12729 |  | 13271 |
|  6.000% due 02/15/2031 - 02/15/2032 |  | 391 |  | 401 |
|  6.035% due 07/25/2044 •  |  | 3 |  | 3 |
|  6.165% due 02/01/2037 •  |  | 1 |  | 1 |
|  6.453% due 04/01/2036 •  |  | 2 |  | 2 |
|  6.495% due 12/01/2037 •  |  | 1 |  | 1 |
|  6.500% due 04/15/2029 - 11/25/2049 |  | 4165 |  | 4379 |
|  6.532% due 01/01/2033 •  |  | 3 |  | 3 |
|  6.546% due 12/01/2034 •  |  | 2 |  | 2 |
|  6.673% due 11/01/2031 •  |  | 5 |  | 5 |
|  6.724% due 10/01/2032 •  |  | 6 |  | 6 |
|  6.733% due 07/01/2034 •  |  | 15 |  | 15 |
|  6.786% due 03/01/2032 •  |  | 41 |  | 41 |
|  6.787% due 05/01/2029 •  |  | 3 |  | 3 |
|  6.854% due 12/01/2033 •  |  | 16 |  | 16 |
|  6.884% due 01/01/2035 •  |  | 10 |  | 10 |
|  7.000% due 06/15/2029 - 03/15/2032 |  | 31 |  | 32 |
|  7.060% due 03/01/2031 •  |  | 4 |  | 4 |
|  7.083% due 09/01/2033 •  |  | 1 |  | 1 |
|  7.098% due 05/01/2033 •  |  | 3 |  | 3 |
|  7.102% due 05/01/2035 •  |  | 9 |  | 9 |
|  7.120% due 08/01/2034 •  |  | 1 |  | 1 |
|  7.153% due 05/01/2037 •  |  | 1 |  | 1 |
|  7.174% due 12/15/2031 - 02/15/2032 • |  | 254 |  | 272 |
|  7.180% due 01/01/2035 •  |  | 17 |  | 18 |
|  7.230% due 09/01/2031 •  |  | 83 |  | 85 |
|  7.238% due 09/01/2034 •  |  | 22 |  | 23 |
|  7.250% due 09/15/2030 |  | 4 |  | 4 |
|  7.258% due 09/01/2037 •  |  | 1 |  | 1 |
|  7.282% due 09/01/2033 •  |  | 21 |  | 21 |
|  7.304% due 11/01/2035 •  |  | 31 |  | 32 |
|  7.346% due 07/01/2033 •  |  | 2 |  | 2 |
|  7.375% due 09/01/2032 •  |  | 17 |  | 17 |
|  7.455% due 11/01/2029 •  |  | 2 |  | 2 |
|  7.500% due 09/15/2030 |  | 34 |  | 36 |
|  7.532% due 07/01/2033 •  |  | 2 |  | 2 |
|  7.559% due 09/01/2037 •  |  | 1 |  | 1 |
|  8.500% due 06/15/2031 |  | 18 |  | 20 |
|  9.326% due 10/15/2031 •  |  | 11 |  | 11 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  0.000% due 10/16/2053 ~(a) |  | 854 |  | 0 |
|  0.023% due 08/16/2048 ~(a) |  | 2806 |  | 1 |
|  1.088% due 03/16/2051 ~(a) |  | 609 |  | 1 |
|  1.766% due 10/20/2047 •(a) |  | 7216 |  | 933 |
|  3.000% due 01/20/2042 - 04/20/2052 |  | 264235 |  | 234294 |
|  3.500% due 03/20/2043 (a) |  | 259 |  | 44 |
|  3.500% due 01/20/2045 - 01/20/2055 |  | 439260 |  | 406052 |
|  4.000% due 06/20/2039 - 06/20/2054 |  | 168984 |  | 158831 |
|  4.000% due 03/20/2043 (a) |  | 730 |  | 84 |
|  4.500% due 07/20/2032 - 02/20/2049 |  | 84845 |  | 82539 |
|  4.625% due 01/20/2026 - 01/20/2035 • |  | 39 |  | 39 |
|  4.750% due 10/20/2025 - 12/20/2033 • |  | 18 |  | 18 |
|  4.823% due 10/20/2062 •  |  | 848 |  | 846 |
|  4.875% due 06/20/2027 - 06/20/2032 • |  | 53 |  | 54 |
|  4.893% due 03/20/2063 •  |  | 139 |  | 139 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 07/20/2033 | $— | 88 | $— | 88 |
|  5.125% due 08/20/2033 •  |  | 2 |  | 3 |
|  5.173% due 11/20/2065 - 08/20/2066 • |  | 16089 |  | 16081 |
|  5.193% due 10/20/2066 •  |  | 5765 |  | 5794 |
|  5.203% due 09/20/2066 •  |  | 2879 |  | 2879 |
|  5.223% due 05/20/2066 - 09/20/2066 •  |  | 35628 |  | 35634 |
|  5.253% due 08/20/2066 •  |  | 5003 |  | 5031 |
|  5.273% due 04/20/2066 - 11/20/2066 •  |  | 12618 |  | 12668 |
|  5.423% due 03/20/2066 - 01/20/2067 •  |  | 14461 |  | 14554 |
|  5.500% due 04/20/2037 |  | 134 |  | 136 |
|  5.573% due 03/20/2066 •  |  | 3535 |  | 3551 |
|  6.100% due 06/15/2028 - 01/15/2029 |  | 108 |  | 110 |
|  6.473% due 04/20/2068 •  |  | 17450 |  | 17630 |
|  6.490% due 01/15/2028 - 01/15/2029 |  | 119 |  | 121 |
|  6.522% due 04/20/2067 •  |  | 16378 |  | 16546 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 04/01/2055 |  | 85000 |  | 69531 |
|  2.500% due 04/01/2055 - 05/01/2055 |  | 110550 |  | 94302 |
|  3.000% due 04/01/2055 - 05/01/2055 |  | 164300 |  | 145511 |
|  3.500% due 04/01/2055 |  | 158000 |  | 144583 |
|  4.000% due 04/01/2055 - 05/01/2055 |  | 1371936 |  | 1284327 |
|  4.500% due 04/01/2055 - 05/01/2055 |  | 2105450 |  | 2019743 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 314400 |  | 309142 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 |  | 50 |  | 51 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  1.500% due 12/01/2040 - 06/01/2051 |  | 1574 |  | 1295 |
|  2.000% due 03/01/2026 - 11/01/2051 |  | 12743 |  | 10333 |
|  2.500% due 08/01/2027 - 10/01/2051 |  | 168473 |  | 145098 |
|  3.000% due 09/01/2025 - 04/01/2052 |  | 2445643 |  | 2177449 |
|  3.500% due 10/01/2025 - 06/01/2051 |  | 562372 |  | 515742 |
|  4.000% due 05/01/2025 - 04/01/2053 |  | 1550464 |  | 1460482 |
|  4.500% due 05/01/2025 - 09/01/2053 |  | 292878 |  | 281567 |
|  5.000% due 05/01/2026 - 08/01/2053 |  | 142840 |  | 140536 |
|  5.500% due 09/01/2025 - 09/01/2053 |  | 780154 |  | 781129 |
|  6.000% due 10/01/2025 - 09/01/2054 |  | 729766 |  | 742402 |
|  6.500% due 02/01/2026 - 12/01/2054 |  | 2188788 |  | 2263026 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2040 - 04/01/2055 |  | 2950 |  | 2730 |
|  3.000% due 04/01/2040 - 05/01/2055 |  | 735957 |  | 675266 |
|  3.500% due 05/01/2055 - 06/01/2055 |  | 1063865 |  | 958706 |
|  4.000% due 04/01/2055 - 06/01/2055 |  | 6258803 |  | 5823739 |
|  4.500% due 04/01/2055 - 06/01/2055 |  | 2164900 |  | 2069207 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 14587495 |  | 14285982 |
|  5.500% due 04/01/2055 - 05/01/2055 |  | 16603479 |  | 16568887 |
|  6.000% due 04/01/2055 - 06/01/2055 |  | 30668238 |  | 31112534 |
|  6.500% due 04/01/2055 - 06/01/2055 |  | 26515175 |  | 27302119 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 04/01/2055 - 05/01/2055 | 1698500 | 1775409 |
|  Total U.S. Government Agencies (Cost $115,394,051) | Total U.S. Government Agencies (Cost $115,394,051) | 114998264 |
| U.S. TREASURY OBLIGATIONS 15.8% | U.S. TREASURY OBLIGATIONS 15.8% | U.S. TREASURY OBLIGATIONS 15.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.250% due 08/15/2046 (s) | 4400 | 2961 |
|  2.500% due 02/15/2045 (s) | 77400 | 55826 |
|  2.500% due 02/15/2046 (s) | 2319 | 1650 |
|  2.500% due 05/15/2046 | 4955 | 3513 |
|  2.750% due 11/15/2047 | 100 | 73 |
|  2.875% due 05/15/2043 (s) | 118245 | 93166 |
|  2.875% due 08/15/2045 | 858035 | 657419 |
|  2.875% due 11/15/2046 | 542700 | 410247 |
|  2.875% due 05/15/2049 | 3300 | 2433 |
|  3.000% due 11/15/2044 | 615851 | 485416 |
|  3.000% due 08/15/2048 (s) | 2585 | 1964 |
|  3.000% due 02/15/2049 (s) | 125029 | 94580 |
|  3.125% due 02/15/2043 (s) | 276604 | 227123 |
|  3.125% due 08/15/2044 (s) | 478709 | 386258 |
|  3.375% due 05/15/2044 | 712349 | 599458 |
|  3.625% due 08/15/2043 (s) | 480378 | 422432 |
|  3.625% due 02/15/2044 (s) | 494809 | 433113 |
|  3.750% due 11/15/2043 (s) | 355213 | 317250 |
|  4.250% due 08/15/2054 | 338200 | 319335 |
|  4.375% due 08/15/2043 | 494700 | 482255 |
|  4.500% due 11/15/2054 | 1910600 | 1883135 |
|  4.625% due 05/15/2054 | 1587700 | 1593313 |
|  6.250% due 05/15/2030 | 845 | 934 |
|  U.S. Treasury Inflation Protected Securities (j) | U.S. Treasury Inflation Protected Securities (j) | U.S. Treasury Inflation Protected Securities (j) |
|  0.125% due 07/15/2030 (q) | 1487714 | 1393966 |
|  0.125% due 01/15/2031 (q) | 23913 | 22094 |
|  0.125% due 07/15/2031 (q) | 113985 | 104706 |
|  0.125% due 01/15/2032 (q) | 98420 | 89113 |
|  0.250% due 07/15/2029 (q) | 1555313 | 1490176 |
|  0.250% due 02/15/2050 | 202871 | 124004 |
|  0.375% due 07/15/2025 (q) | 538353 | 539307 |
|  0.375% due 01/15/2027 (q) | 23025 | 22791 |
|  0.500% due 01/15/2028 (q) | 6034 | 5928 |
|  0.625% due 07/15/2032 (q) | 1188987 | 1110413 |
|  0.625% due 02/15/2043 | 33044 | 25440 |
|  0.750% due 07/15/2028 (q) | 343146 | 339191 |
|  0.750% due 02/15/2042 (q) | 262350 | 210986 |
|  0.750% due 02/15/2045 | 175242 | 133123 |
|  0.875% due 02/15/2047 | 212357 | 160890 |
|  1.000% due 02/15/2046 (q) | 167351 | 132150 |
|  1.000% due 02/15/2048 | 244324 | 187957 |
|  1.000% due 02/15/2049 (q) | 613258 | 467148 |
|  1.125% due 01/15/2033 (q) | 259307 | 248524 |
|  1.375% due 07/15/2033 (s) | 2597472 | 2534725 |
|  1.375% due 02/15/2044 | 133057 | 115945 |
|  1.500% due 02/15/2053 | 333360 | 277653 |
|  1.750% due 01/15/2034 (q) | 530874 | 530152 |
|  1.875% due 07/15/2034 | 4483856 | 4527022 |
|  2.125% due 02/15/2040 | 74501 | 75357 |
|  2.125% due 02/15/2041 | 18709 | 18886 |
|  2.500% due 01/15/2029 (q) | 26519 | 27721 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.500% due 08/15/2026 (q)(s) | 1100 | 1064 |
|  1.625% due 02/15/2026 | 420 | 411 |
|  2.000% due 11/15/2026 | 200 | 194 |
|  2.375% due 03/31/2029 (q)(s) | 1051400 | 991704 |
|  2.625% due 02/15/2029 (q) | 560 | 534 |
|  4.500% due 03/31/2026 (s) | 2204000 | 2213271 |
|  4.500% due 04/15/2027 (q) | 2225400 | 2251305 |
|  Total U.S. Treasury Obligations (Cost $31,673,764) | Total U.S. Treasury Obligations (Cost $31,673,764) | 28847705 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 33.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 33.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 33.2% |
|  20 Times Square Trust | 20 Times Square Trust | 20 Times Square Trust |
|  3.100% due 05/15/2035 ~ | 111830 | 94932 |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 16464 | 16446 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.054% due 01/25/2036 ~ | 18 | 16 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.667% due 07/25/2035 ~ | $— | 134 | $— | 130 |
|  4.675% due 08/25/2036 •  |  | 4849 |  | 1643 |
|  4.712% due 02/25/2036 •  |  | 1181 |  | 750 |
|  4.768% due 11/25/2035 ~ |  | 24 |  | 18 |
|  4.795% due 08/25/2036 •  |  | 105 |  | 40 |
|  4.855% due 06/25/2037 •  |  | 227 |  | 246 |
|  4.935% due 03/25/2036 •  |  | 700 |  | 194 |
|  4.955% due 01/25/2036 •  |  | 2288 |  | 2161 |
|  4.975% due 11/25/2035 •  |  | 1981 |  | 1847 |
|  4.975% due 01/25/2036 •  |  | 356 |  | 333 |
|  5.028% due 07/25/2035 ~ |  | 205 |  | 193 |
|  5.049% due 08/25/2036 ~ |  | 1553 |  | 1360 |
|  5.216% due 11/25/2035 •  |  | 1354 |  | 956 |
|  5.385% due 08/25/2035 •  |  | 2000 |  | 1775 |
|  5.581% due 01/25/2036 ~ |  | 3147 |  | 2379 |
|  5.585% due 01/25/2035 •  |  | 3571 |  | 3168 |
|  5.728% due 05/25/2035 ~ |  | 1403 |  | 1352 |
|  5.814% due 03/25/2036 ~ |  | 9577 |  | 2351 |
|  5.837% due 09/25/2035 ~ |  | 365 |  | 323 |
|  6.098% due 07/25/2035 •  |  | 723 |  | 677 |
|  6.213% due 01/25/2036 ~ |  | 477 |  | 452 |
|  6.694% due 08/25/2036 ~ |  | 3205 |  | 300 |
|  6.925% due 01/25/2035 ~ |  | 179 |  | 170 |
|  AG Trust | AG Trust | AG Trust | AG Trust | AG Trust |
|  6.335% due 07/15/2041 •  |  | 38061 |  | 38141 |
|  Alba PLC | Alba PLC | Alba PLC | Alba PLC | Alba PLC |
|  4.748% due 12/15/2038 •  |  | 454 |  | 571 |
|  4.818% due 03/17/2039 •  |  | 2667 |  | 3308 |
|  American General Mortgage Loan Trust | American General Mortgage Loan Trust | American General Mortgage Loan Trust | American General Mortgage Loan Trust | American General Mortgage Loan Trust |
|  0.000% due 09/25/2048 (h) | $— | 117155 |  | 101179 |
|  0.000% due 03/25/2058 (h) |  | 68671 |  | 55670 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ |  | 5139 |  | 4430 |
|  4.625% due 12/25/2046 •  |  | 21326 |  | 18212 |
|  4.645% due 10/25/2046 •  |  | 157 |  | 81 |
|  4.815% due 09/25/2046 ~ |  | 14275 |  | 13362 |
|  4.815% due 06/25/2047 •  |  | 1236 |  | 1145 |
|  5.335% due 02/25/2047 •  |  | 25651 |  | 9029 |
|  5.555% due 11/25/2046 ~ |  | 143333 |  | 35702 |
|  6.750% due 06/25/2037 þ |  | 9331 |  | 8274 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.715% due 03/25/2046 •  |  | 6273 |  | 5646 |
|  4.755% due 06/25/2046 •  |  | 11161 |  | 2038 |
|  4.795% due 12/25/2046 •  |  | 4848 |  | 4058 |
|  4.815% due 12/25/2046 •  |  | 1786 |  | 1710 |
|  4.835% due 03/25/2046 •  |  | 6794 |  | 6028 |
|  4.973% due 10/25/2034 •  |  | 691 |  | 684 |
|  5.035% due 11/25/2045 •  |  | 138 |  | 96 |
|  5.908% due 09/25/2035 þ |  | 18505 |  | 10212 |
|  6.000% due 06/25/2035 þ |  | 14162 |  | 9717 |
|  6.344% due 09/25/2035 •  |  | 28352 |  | 11263 |
|  6.440% due 12/25/2035 •  |  | 258 |  | 86 |
|  6.440% due 11/25/2045 ~ |  | 18034 |  | 6744 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  2.387% due 07/25/2066 ~ |  | 3345 |  | 2446 |
|  4.800% due 11/25/2067 þ |  | 30905 |  | 30511 |
|  5.338% due 05/27/2069 þ |  | 19562 |  | 19506 |
|  5.985% due 01/25/2069 þ |  | 4538 |  | 4562 |
|  6.197% due 01/25/2069 þ |  | 35354 |  | 35678 |
|  6.500% due 12/25/2067 þ |  | 12954 |  | 13076 |
|  AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust |
|  5.309% due 10/15/2038 •  |  | 7275 |  | 7031 |
|  Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC |
|  5.614% due 01/20/2061 |  | 5031 |  | 6537 |
|  ATLX Trust | ATLX Trust | ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | $— | 14596 |  | 14028 |
|  3.850% due 04/25/2064 þ |  | 3328 |  | 3205 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  0.000% due 11/28/2050 (a) |  | 9500 |  | 6 |
|  0.000% due 11/28/2050 (b)(h) |  | 16523 |  | 17156 |
|  5.357% due 12/28/2049 •  |  | 72601 |  | 93988 |
|  5.563% due 11/28/2050 •  |  | 357006 |  | 463080 |
|  6.207% due 12/28/2049 •  |  | 15118 |  | 19634 |
|  6.213% due 11/28/2050 •  |  | 31368 |  | 40754 |
|  6.957% due 12/28/2049 •  |  | 14835 |  | 19350 |
|  6.963% due 11/28/2050 •  |  | 18535 |  | 24136 |
|  7.457% due 12/28/2049 •  |  | 8841 |  | 11485 |
|  7.463% due 11/28/2050 •  |  | 10550 |  | 13738 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.963% due 11/28/2050 •  |  | 11976 | $— | 15485 |
|  8.463% due 11/28/2050 •  |  | 14908 |  | 19160 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.795% due 07/07/2043 ~(a) | $— | 1297 |  | 15 |
|  2.847% due 04/20/2042 «•  |  | 160580 |  | 122092 |
|  3.110% due 04/25/2050 « |  | 135843 |  | 129730 |
|  3.110% due 08/25/2052 « |  | 45364 |  | 39194 |
|  4.115% due 05/25/2056 •  |  | 56398 |  | 37234 |
|  4.115% due 05/25/2056 ~ |  | 1380523 |  | 1323056 |
|  4.185% due 08/15/2046 ~ |  | 5000 |  | 4456 |
|  4.444% due 11/15/2046 «~ |  | 435816 |  | 427860 |
|  4.444% due 08/15/2053 «~ |  | 160044 |  | 135114 |
|  5.484% due 09/15/2038 ~ |  | 200 |  | 191 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  4.835% due 06/25/2046 •  |  | 1401 |  | 1132 |
|  5.500% due 10/25/2033 |  | 1922 |  | 1918 |
|  5.500% due 12/25/2035 |  | 44 |  | 40 |
|  6.000% due 07/25/2034 |  | 7418 |  | 7347 |
|  6.000% due 03/25/2036 |  | 1094 |  | 1001 |
|  6.000% due 06/25/2046 |  | 88 |  | 76 |
|  6.000% due 07/25/2046 |  | 189 |  | 158 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.906% due 12/20/2034 ~ |  | 100 |  | 72 |
|  2.997% due 03/20/2036 ~ |  | 371 |  | 296 |
|  3.620% due 04/20/2036 ~ |  | 267 |  | 216 |
|  3.748% due 05/26/2037 ~ |  | 29309 |  | 22414 |
|  4.424% due 09/20/2035 ~ |  | 6 |  | 5 |
|  4.485% due 03/20/2036 •  |  | 26 |  | 23 |
|  4.512% due 11/20/2035 ~ |  | 1391 |  | 1163 |
|  4.528% due 06/20/2047 ~ |  | 989 |  | 875 |
|  4.565% due 10/25/2036 •  |  | 3682 |  | 3129 |
|  4.604% due 09/25/2048 ~ |  | 10128 |  | 9540 |
|  4.622% due 10/20/2046 ~ |  | 237 |  | 200 |
|  4.646% due 05/26/2037 •  |  | 3071 |  | 2721 |
|  4.650% due 04/20/2035 ~ |  | 69 |  | 62 |
|  4.735% due 03/25/2037 •  |  | 2164 |  | 1568 |
|  4.754% due 02/20/2047 •  |  | 2291 |  | 2109 |
|  4.793% due 11/20/2035 ~ |  | 1211 |  | 1044 |
|  4.794% due 09/20/2035 ~ |  | 93 |  | 80 |
|  4.805% due 06/25/2037 •  |  | 1211 |  | 917 |
|  4.806% due 05/20/2036 ~ |  | 1313 |  | 1160 |
|  4.814% due 07/20/2036 •  |  | 5626 |  | 5592 |
|  4.814% due 10/20/2036 ~ |  | 2660 |  | 2042 |
|  4.828% due 05/20/2034 ~ |  | 355 |  | 316 |
|  4.835% due 08/25/2036 •  |  | 1080 |  | 891 |
|  4.845% due 05/20/2036 ~ |  | 61 |  | 53 |
|  4.854% due 06/20/2047 •  |  | 7627 |  | 6031 |
|  4.884% due 05/20/2035 •  |  | 4037 |  | 3890 |
|  4.935% due 07/25/2036 •  |  | 16 |  | 11 |
|  4.940% due 09/20/2046 •  |  | 523 |  | 470 |
|  4.994% due 05/20/2036 •  |  | 64846 |  | 16647 |
|  4.995% due 07/25/2037 •  |  | 10451 |  | 9908 |
|  5.005% due 11/20/2035 ~ |  | 2633 |  | 2226 |
|  5.015% due 07/25/2037 •  |  | 6848 |  | 6502 |
|  5.054% due 09/20/2035 •  |  | 2311 |  | 1745 |
|  5.070% due 03/20/2036 ~ |  | 230 |  | 204 |
|  5.109% due 01/20/2047 ~ |  | 51 |  | 44 |
|  5.235% due 05/25/2037 ~ |  | 870 |  | 740 |
|  5.484% due 04/20/2035 •  |  | 8196 |  | 7314 |
|  5.500% due 09/25/2034 |  | 10 |  | 10 |
|  5.500% due 12/20/2034 |  | 114 |  | 114 |
|  5.500% due 04/25/2035 |  | 66 |  | 66 |
|  5.500% due 03/25/2036 |  | 32 |  | 29 |
|  5.697% due 05/25/2035 ~ |  | 7 |  | 7 |
|  5.750% due 01/25/2037 |  | 2064 |  | 1742 |
|  5.973% due 11/20/2035 ~ |  | 1581 |  | 1375 |
|  6.000% due 05/20/2033 |  | 13 |  | 13 |
|  6.000% due 02/25/2034 |  | 338 |  | 323 |
|  6.000% due 09/25/2036 |  | 2318 |  | 1981 |
|  6.000% due 08/25/2037 |  | 2496 |  | 2032 |
|  6.000% due 10/26/2037 ~ |  | 4194 |  | 3828 |
|  6.065% due 06/20/2035 •  |  | 347 |  | 270 |
|  6.388% due 04/25/2037 þ |  | 188 |  | 161 |
|  6.450% due 05/20/2035 ~ |  | 1657 |  | 1487 |
|  6.480% due 12/20/2036 ~ |  | 726 |  | 719 |
|  6.510% due 07/20/2036 ~ |  | 1007 |  | 1022 |
|  7.740% due 10/20/2035 ~ |  | 1131 |  | 1088 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  2.622% due 07/25/2035 ~ |  | 529 |  | 399 |
|  3.200% due 12/25/2032 ~ |  | 131 |  | 109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.206% due 08/25/2035 ~ | $— | 607 | $— | 557 |
|  3.496% due 06/25/2035 ~ |  | 315 |  | 222 |
|  4.021% due 02/25/2035 ~ |  | 275 |  | 236 |
|  4.853% due 01/25/2036 ~ |  | 461 |  | 402 |
|  4.889% due 10/25/2035 ~ |  | 1881 |  | 1766 |
|  5.068% due 02/25/2036 •  |  | 1806 |  | 1656 |
|  5.125% due 02/25/2035 ~ |  | 64 |  | 62 |
|  5.274% due 05/25/2035 ~ |  | 680 |  | 576 |
|  5.336% due 11/20/2046 •  |  | 11 |  | 9 |
|  5.347% due 12/25/2035 ~ |  | 1204 |  | 1090 |
|  5.432% due 05/25/2035 ~ |  | 1525 |  | 1368 |
|  5.432% due 06/25/2035 ~ |  | 66 |  | 57 |
|  5.500% due 03/25/2035 |  | 1514 |  | 1369 |
|  5.500% due 09/25/2035 |  | 1196 |  | 1051 |
|  5.671% due 11/25/2035 •  |  | 919 |  | 815 |
|  5.671% due 11/25/2035 ~ |  | 52 |  | 46 |
|  5.686% due 01/25/2036 ~ |  | 1057 |  | 952 |
|  5.708% due 09/25/2035 ~ |  | 196 |  | 174 |
|  5.742% due 03/25/2033 ~ |  | 60 |  | 58 |
|  5.750% due 07/20/2032 ~ |  | 15 |  | 14 |
|  5.773% due 04/25/2035 ~ |  | 78 |  | 77 |
|  5.899% due 08/25/2035 ~ |  | 1037 |  | 991 |
|  6.000% due 09/25/2037 |  | 74 |  | 61 |
|  6.000% due 07/25/2046 •  |  | 1731 |  | 1500 |
|  6.027% due 01/25/2035 ~ |  | 3909 |  | 3819 |
|  6.131% due 12/25/2033 ~ |  | 20 |  | 19 |
|  6.238% due 09/25/2035 ~ |  | 1397 |  | 1224 |
|  6.362% due 07/25/2035 ~ |  | 279 |  | 267 |
|  6.362% due 07/25/2035 •  |  | 162 |  | 155 |
|  6.411% due 05/25/2034 ~ |  | 146 |  | 142 |
|  6.411% due 05/25/2034 •  |  | 68 |  | 66 |
|  6.608% due 07/25/2034 •  |  | 167 |  | 161 |
|  6.636% due 01/25/2034 ~ |  | 396 |  | 392 |
|  6.928% due 04/25/2033 ~ |  | 139 |  | 138 |
|  6.937% due 02/25/2035 •  |  | 85 |  | 83 |
|  6.997% due 12/25/2033 ~ |  | 157 |  | 154 |
|  7.376% due 06/25/2034 ~ |  | 72 |  | 69 |
|  7.424% due 09/25/2033 ~ |  | 697 |  | 666 |
|  7.495% due 11/25/2035 ~ |  | 60 |  | 56 |
|  7.498% due 11/25/2033 ~ |  | 55 |  | 54 |
|  BANK | BANK | BANK | BANK | BANK |
|  0.308% due 02/15/2061 ~(a) |  | 215517 |  | 1983 |
|  Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust |
|  3.966% due 08/10/2033 |  | 5500 |  | 5117 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  0.000% due 07/25/2053 ~ |  | 190142 |  | 192780 |
|  0.000% due 03/25/2064 •  |  | 4 |  | 4 |
|  8.138% due 03/25/2064 •  |  | 176274 |  | 181629 |
|  Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC |
|  0.000% due 11/16/2062 (h) |  | 34588 |  | 31449 |
|  5.479% due 11/16/2062 •  |  | 478380 |  | 619691 |
|  6.379% (SONIO/N + 1.900%) due 11/16/2062 ~ |  | 42391 |  | 55582 |
|  6.879% (SONIO/N + 2.400%) due 11/16/2062 ~ |  | 21161 |  | 27919 |
|  7.679% due 11/16/2062 •  |  | 14131 |  | 18616 |
|  8.979% (SONIO/N + 4.500%) due 11/16/2062 ~ |  | 7101 |  | 9324 |
|  10.479% (SONIO/N + 6.000%) due 11/16/2062 ~ |  | 7030 |  | 9291 |
|  Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust |
|  4.855% due 01/25/2037 •  | $— | 27 |  | 25 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.140% due 11/25/2054 •  |  | 20776 |  | 20697 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  1.260% due 11/26/2036 •  |  | 4914 |  | 1484 |
|  4.029% due 11/27/2047 ~ |  | 21325 |  | 16514 |
|  4.045% due 06/25/2047 ~ |  | 1182 |  | 985 |
|  4.237% due 06/26/2037 ~ |  | 5877 |  | 5231 |
|  4.237% due 06/27/2037 ~ |  | 4326 |  | 3774 |
|  4.321% due 05/26/2047 ~ |  | 3344 |  | 2788 |
|  4.414% due 09/27/2037 •  |  | 2823 |  | 2700 |
|  4.449% due 07/26/2036 ~ |  | 8491 |  | 3611 |
|  4.473% due 10/26/2035 ~ |  | 2462 |  | 2488 |
|  4.691% due 02/26/2036 ~ |  | 1165 |  | 1100 |
|  4.711% due 05/27/2037 ~ |  | 4448 |  | 4032 |
|  4.775% due 01/25/2037 •  |  | 256 |  | 235 |
|  4.794% due 03/26/2035 ~ |  | 477 |  | 459 |
|  4.795% due 12/20/2035 ~ |  | 9653 |  | 4399 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.795% due 03/25/2037 •  | $— | 2337 | $— | 2111 |
|  4.802% due 08/26/2036 ~ |  | 9342 |  | 8514 |
|  4.815% due 10/25/2036 •  |  | 1022 |  | 1052 |
|  4.826% due 07/26/2036 •  |  | 169 |  | 142 |
|  4.875% due 05/25/2047 ~ |  | 2660 |  | 2441 |
|  5.067% due 10/26/2035 ~ |  | 1496 |  | 1057 |
|  5.074% due 05/26/2037 •  |  | 7265 |  | 5017 |
|  5.076% due 11/26/2035 ~ |  | 120 |  | 116 |
|  5.248% due 05/26/2037 •  |  | 2236 |  | 2151 |
|  5.250% due 02/26/2036 •  |  | 666 |  | 266 |
|  5.250% due 04/26/2037 |  | 1302 |  | 727 |
|  5.686% due 01/26/2036 ~ |  | 805 |  | 649 |
|  5.750% due 04/25/2037 |  | 4837 |  | 2094 |
|  6.000% due 07/26/2036 ~ |  | 7233 |  | 3965 |
|  6.000% due 08/26/2037 ~ |  | 6097 |  | 5565 |
|  6.250% due 12/26/2036 ~ |  | 4573 |  | 3974 |
|  6.425% due 02/26/2036 ~ |  | 10 |  | 9 |
|  6.835% due 10/25/2047 •  |  | 3983 |  | 3001 |
|  8.587% due 12/27/2049 |  | 83 |  | 33 |
|  9.883% due 04/26/2037 ~ |  | 4464 |  | 2156 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.973% due 07/25/2036 •  |  | 1512 |  | 1312 |
|  4.210% due 09/25/2034 ~ |  | 511 |  | 464 |
|  4.321% due 05/25/2047 ~ |  | 1897 |  | 1714 |
|  4.337% due 08/25/2047 ~ |  | 710 |  | 624 |
|  4.429% due 06/25/2047 ~ |  | 4467 |  | 3929 |
|  4.526% due 02/25/2036 •  |  | 253 |  | 233 |
|  4.618% due 04/25/2034 ~ |  | 403 |  | 373 |
|  4.729% due 02/25/2047 •  |  | 1741 |  | 1549 |
|  4.732% due 02/25/2036 •  |  | 4 |  | 3 |
|  4.739% due 08/25/2047 •  |  | 2865 |  | 2501 |
|  4.772% due 02/25/2047 •  |  | 2377 |  | 2096 |
|  4.782% due 02/25/2034 ~ |  | 118 |  | 111 |
|  4.855% due 03/25/2035 •  |  | 336 |  | 309 |
|  4.889% due 11/25/2034 ~ |  | 786 |  | 716 |
|  4.897% due 07/25/2034 ~ |  | 75 |  | 71 |
|  4.933% due 04/25/2034 ~ |  | 205 |  | 198 |
|  4.956% due 02/25/2035 ~ |  | 453 |  | 446 |
|  5.008% due 07/25/2033 •  |  | 43 |  | 40 |
|  5.116% due 01/25/2035 •  |  | 260 |  | 252 |
|  5.172% due 01/25/2035 •  |  | 83 |  | 81 |
|  5.416% due 08/25/2035 •  |  | 147 |  | 137 |
|  5.472% due 08/25/2035 •  |  | 691 |  | 592 |
|  5.619% due 02/25/2036 •  |  | 1016 |  | 915 |
|  5.746% due 05/25/2037 •  |  | 2843 |  | 2359 |
|  6.190% due 08/25/2035 •  |  | 693 |  | 693 |
|  6.316% due 02/25/2036 •  |  | 37 |  | 35 |
|  6.365% due 11/25/2034 ~ |  | 9 |  | 8 |
|  6.373% due 12/25/2046 •  |  | 4018 |  | 3334 |
|  6.398% due 12/25/2046 •  |  | 1353 |  | 1183 |
|  6.411% due 10/25/2033 ~ |  | 83 |  | 77 |
|  6.530% due 02/25/2036 •  |  | 27 |  | 25 |
|  6.600% due 08/25/2035 •  |  | 3969 |  | 2627 |
|  7.010% due 05/25/2034 ~ |  | 15 |  | 14 |
|  7.017% due 01/25/2035 ~ |  | 14 |  | 13 |
|  7.080% due 10/25/2035 ~ |  | 864 |  | 822 |
|  7.195% due 11/25/2034 •  |  | 234 |  | 221 |
|  7.412% due 02/25/2036 •  |  | 987 |  | 888 |
|  8.250% due 07/25/2034 •  |  | 17 |  | 16 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  1.625% due 01/25/2034 ~ |  | 35 |  | 28 |
|  3.165% due 04/25/2035 •  |  | 250 |  | 200 |
|  3.250% due 02/25/2034 ~ |  | 31 |  | 29 |
|  4.055% due 03/25/2036 ~ |  | 5247 |  | 4246 |
|  4.168% due 04/25/2035 ~ |  | 317 |  | 291 |
|  4.243% due 05/25/2036 ~ |  | 8810 |  | 6285 |
|  4.259% due 08/25/2036 ~ |  | 11480 |  | 7743 |
|  4.333% due 04/25/2035 •  |  | 210 |  | 205 |
|  4.346% due 11/25/2036 •  |  | 1981 |  | 913 |
|  4.348% due 09/25/2047 ~ |  | 17896 |  | 8775 |
|  4.357% due 05/25/2036 ~ |  | 8282 |  | 3722 |
|  4.358% due 11/25/2035 ~ |  | 4916 |  | 2667 |
|  4.536% due 08/25/2036 •  |  | 2720 |  | 1273 |
|  4.593% due 02/25/2036 •  |  | 1010 |  | 709 |
|  4.639% due 11/25/2036 •  |  | 4165 |  | 2419 |
|  4.677% due 09/25/2035 •  |  | 839 |  | 348 |
|  4.690% due 05/25/2036 •  |  | 5557 |  | 2664 |
|  4.755% due 02/25/2034 ~ |  | 32 |  | 30 |
|  4.755% due 08/25/2036 •  |  | 8308 |  | 7314 |
|  4.755% due 11/25/2036 •  |  | 3920 |  | 3382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.755% due 06/25/2046 •  | $— | 6121 | $— | 5512 |
|  4.775% due 12/25/2046 •  |  | 2188 |  | 1929 |
|  4.820% due 01/25/2047 ~ |  | 1525 |  | 742 |
|  4.856% due 02/25/2036 •  |  | 5745 |  | 4847 |
|  4.875% due 04/25/2036 •  |  | 2721 |  | 2406 |
|  4.915% due 02/25/2036 •  |  | 1246 |  | 1180 |
|  4.941% due 11/25/2035 ~ |  | 6824 |  | 5260 |
|  4.973% due 05/25/2035 ~ |  | 179 |  | 174 |
|  5.004% due 06/25/2034 ~ |  | 248 |  | 236 |
|  5.023% due 07/25/2035 •  |  | 7246 |  | 4942 |
|  5.043% due 09/25/2035 •  |  | 3286 |  | 1906 |
|  5.075% due 04/25/2034 •  |  | 47 |  | 46 |
|  5.110% due 04/25/2035 •  |  | 434 |  | 559 |
|  5.218% due 01/25/2035 ~ |  | 230 |  | 195 |
|  5.248% due 02/25/2034 •  |  | 35 |  | 33 |
|  5.257% due 05/25/2036 ~ |  | 10 |  | 6 |
|  5.290% due 06/25/2034 •  |  | 1025 |  | 1070 |
|  5.362% due 10/25/2035 ~ |  | 9456 |  | 7880 |
|  5.365% due 11/25/2034 •  |  | 4720 |  | 4004 |
|  5.365% due 05/25/2035 •  |  | 536 |  | 518 |
|  5.409% due 09/25/2035 ~ |  | 3927 |  | 1924 |
|  5.410% due 07/25/2035 •  |  | 1729 |  | 1699 |
|  5.449% due 01/25/2036 ~ |  | 2220 |  | 2102 |
|  5.475% due 04/25/2035 ~ |  | 75 |  | 70 |
|  5.519% due 02/25/2036 ~ |  | 531 |  | 497 |
|  5.551% due 01/25/2034 ~ |  | 88 |  | 85 |
|  5.560% due 01/25/2035 •  |  | 4178 |  | 3962 |
|  5.563% due 01/25/2036 •  |  | 9391 |  | 8910 |
|  5.564% due 05/25/2035 •  |  | 94 |  | 89 |
|  5.588% due 07/25/2035 •  |  | 15980 |  | 10207 |
|  5.631% due 01/25/2035 •  |  | 44 |  | 41 |
|  6.085% due 09/25/2034 •  |  | 6197 |  | 6096 |
|  6.160% due 07/25/2034 •  |  | 2502 |  | 2748 |
|  6.204% due 09/25/2035 •  |  | 3713 |  | 2956 |
|  6.229% due 08/25/2034 •  |  | 458 |  | 446 |
|  6.456% due 09/25/2034 ~ |  | 20 |  | 19 |
|  6.625% due 09/25/2034 ~ |  | 71 |  | 68 |
|  6.785% due 12/25/2033 ~ |  | 166 |  | 160 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.735% due 02/25/2037 •  |  | 22178 |  | 17498 |
|  4.834% due 12/25/2034 •  |  | 638 |  | 560 |
|  4.895% due 04/25/2036 •  |  | 4455 |  | 4422 |
|  4.935% due 05/25/2036 •  |  | 23701 |  | 5387 |
|  4.960% due 04/25/2035 •  |  | 429 |  | 405 |
|  5.035% due 12/25/2035 •  |  | 2673 |  | 1282 |
|  5.125% due 03/25/2034 þ |  | 574 |  | 722 |
|  5.250% due 06/25/2034 þ |  | 1316 |  | 1262 |
|  5.500% due 01/25/2034 þ |  | 3489 |  | 2916 |
|  5.500% due 06/25/2034 þ |  | 141 |  | 135 |
|  5.500% due 08/25/2035 •  |  | 2649 |  | 1594 |
|  5.535% due 10/25/2033 •  |  | 19 |  | 20 |
|  5.615% due 01/25/2034 •  |  | 2154 |  | 1684 |
|  5.750% due 10/25/2033 þ |  | 42 |  | 47 |
|  5.750% due 01/25/2034 þ |  | 3030 |  | 2532 |
|  5.750% due 10/25/2034 þ |  | 2021 |  | 1909 |
|  6.000% due 10/25/2035 þ |  | 4505 |  | 2794 |
|  6.750% due 12/25/2036 þ |  | 1644 |  | 1659 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.595% due 12/25/2046 ~ |  | 2533 |  | 2259 |
|  4.645% due 06/25/2037 •  |  | 34373 |  | 32908 |
|  4.775% due 03/25/2037 •  |  | 33219 |  | 31541 |
|  4.795% due 06/25/2037 •  |  | 6608 |  | 6189 |
|  4.835% due 11/25/2036 •  |  | 12301 |  | 11215 |
|  4.835% due 02/25/2037 •  |  | 7433 |  | 6981 |
|  4.835% due 09/25/2046 •  |  | 13708 |  | 11754 |
|  4.855% due 12/25/2036 •  |  | 3710 |  | 3622 |
|  4.875% due 08/25/2036 •  |  | 7089 |  | 6648 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  |  | 90 |  | 70 |
|  5.116% due 01/26/2036 ~ |  | 3608 |  | 2580 |
|  7.000% due 07/25/2037 •  |  | 29892 |  | 10447 |
|  BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust |
|  4.931% due 05/20/2045 ~ |  | 99 |  | 66 |
|  5.034% due 01/22/2045 •  |  | 413 |  | 385 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  0.611% due 07/15/2053 •(a) |  | 68256 |  | 1718 |
|  1.436% due 12/17/2053 •(a) |  | 208911 |  | 12549 |
|  1.806% due 07/15/2053 •(a) |  | 95325 |  | 4970 |
|  Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. |
|  5.233% due 06/15/2038 •  |  | 2300 |  | 2084 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.661% due 02/15/2039 ~ | 3195 | 3178 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 91408 | 88712 |
|  Bletchley Park Funding PLC | Bletchley Park Funding PLC | Bletchley Park Funding PLC |
|  5.327% due 07/27/2070 •  | 15891 | 20586 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.384% due 08/15/2038 •  | 5581 | 5324 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.684% due 09/15/2036 •  | 3000 | 2870 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 14442 | 14341 |
|  5.234% due 02/15/2036 ~ | 12386 | 12343 |
|  5.332% due 02/15/2039 •  | 21525 | 21474 |
|  5.810% due 04/15/2037 •  | 2964 | 2966 |
|  BXP Trust | BXP Trust | BXP Trust |
|  3.379% due 06/13/2039 | 28700 | 27636 |
|  CALI Mortgage Trust | CALI Mortgage Trust | CALI Mortgage Trust |
|  3.957% due 03/10/2039 | 9000 | 8365 |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.409% due 06/17/2058 ~ | 1190 | 1541 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 «~ | 48600 | 47211 |
|  4.000% due 10/25/2054 •  | 62954 | 61491 |
|  Cendant Mort Capital LLC | Cendant Mort Capital LLC | Cendant Mort Capital LLC |
|  5.637% due 07/25/2033 •  | 34 | 33 |
|  CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
|  1.066% due 11/10/2049 •(a) | 142021 | 1526 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  | 77811 | 70160 |
|  3.250% due 09/25/2063 ~ | 77101 | 69236 |
|  3.250% due 03/25/2064 •  | 47904 | 42972 |
|  3.250% due 08/25/2064 •  | 35971 | 31937 |
|  3.250% due 09/25/2064 •  | 46108 | 40997 |
|  3.375% due 12/25/2064 •  | 14174 | 12699 |
|  3.500% due 06/25/2062 ~ | 37871 | 35121 |
|  5.590% due 09/25/2055 •  | 56969 | 56978 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.551% due 03/25/2037 •  | 2849 | 2681 |
|  4.648% due 01/25/2036 •  | 229 | 207 |
|  4.762% due 12/25/2035 ~ | 34 | 31 |
|  4.835% due 05/25/2036 •  | 8 | 3 |
|  4.906% due 09/25/2036 •  | 7 | 6 |
|  5.109% due 12/25/2037 ~ | 258 | 224 |
|  5.500% due 11/25/2035 | 576 | 414 |
|  6.000% due 10/25/2036 | 453 | 172 |
|  6.000% due 11/25/2036 | 2031 | 812 |
|  6.000% due 12/25/2036 | 1006 | 428 |
|  6.000% due 02/25/2037 | 1503 | 582 |
|  6.000% due 03/25/2037 | 696 | 377 |
|  6.000% due 05/25/2037 | 11284 | 4916 |
|  6.000% due 06/25/2037 | 4761 | 1940 |
|  6.000% due 07/25/2037 | 689 | 307 |
|  6.250% due 10/25/2036 | 4149 | 1572 |
|  6.592% due 06/25/2035 ~ | 18 | 18 |
|  6.681% due 06/25/2035 ~ | 1 | 1 |
|  6.824% due 02/25/2037 ~ | 11 | 11 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.280% due 09/25/2036 ~ | 3212 | 2911 |
|  4.995% due 05/25/2037 ~ | 9774 | 9339 |
|  5.035% due 07/25/2037 •  | 8364 | 7256 |
|  6.300% due 06/25/2036 •  | 8405 | 7442 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.270% due 08/25/2037 þ | 3779 | 3018 |
|  4.575% due 08/25/2037 •  | 5633 | 4717 |
|  5.115% due 08/25/2037 •  | 3763 | 3526 |
|  Chester A PLC | Chester A PLC | Chester A PLC |
|  0.000% due 03/17/2046 (h) | 116570 | 146514 |
|  1.000% due 05/20/2046 | 9 | 38357 |
|  5.859% due 03/17/2046 •  | 198723 | 257259 |
|  6.709% due 03/17/2046 •  | 125536 | 162567 |
|  7.609% due 03/17/2046 •  | 116569 | 151074 |
|  8.459% due 03/17/2046 •  | 71735 | 93026 |
|  8.959% due 03/17/2046 •  | 35868 | 46488 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.585% due 01/25/2036 ~ | $— | 1410 | $— | 1337 |
|  4.615% due 05/25/2036 •  |  | 81 |  | 77 |
|  4.615% due 08/25/2047 •  |  | 3089 |  | 2709 |
|  4.665% due 05/25/2036 •  |  | 158 |  | 150 |
|  4.715% due 01/25/2035 ~ |  | 62 |  | 61 |
|  4.735% due 08/25/2035 •  |  | 179 |  | 173 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  3.250% due 10/25/2058 •  |  | 61781 |  | 55493 |
|  4.750% due 06/25/2064 •  |  | 24430 |  | 24048 |
|  5.000% due 05/25/2062 ~ |  | 18629 |  | 18583 |
|  5.000% due 02/25/2099 þ |  | 22500 |  | 22154 |
|  6.639% due 12/25/2067 þ |  | 23162 |  | 23381 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  5.750% due 06/25/2036 |  | 78 |  | 70 |
|  6.000% due 08/25/2036 |  | 2044 |  | 1874 |
|  Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. |
|  4.885% due 02/25/2035 •  |  | 259 |  | 241 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  1.362% due 10/10/2049 ~(a) |  | 265909 |  | 3318 |
|  3.349% due 02/10/2049 |  | 40000 |  | 39525 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 09/25/2037 ~ |  | 819 |  | 76 |
|  0.000% due 03/25/2052 ~ |  | 375385 |  | 320158 |
|  0.000% due 01/01/2054 ~ |  | 263673 |  | 274203 |
|  0.000% due 10/25/2054 ~ |  | 82511 |  | 87129 |
|  0.000% due 09/25/2060 ~ |  | 109430 |  | 81513 |
|  0.000% due 09/25/2060 ~(a) |  | 665523 |  | 22562 |
|  0.000% due 10/25/2060 ~ |  | 60363 |  | 36360 |
|  0.000% due 10/25/2060 ~(a) |  | 851500 |  | 35880 |
|  0.000% due 05/01/2061 ~ |  | 37371 |  | 21228 |
|  0.000% due 05/01/2061 ~(a) |  | 934887 |  | 30527 |
|  0.000% due 08/01/2061 ~ |  | 22974 |  | 16489 |
|  0.000% due 08/01/2061 ~(a) |  | 1017972 |  | 83832 |
|  0.000% due 12/25/2061 ~ |  | 387690 |  | 309250 |
|  0.000% due 02/01/2062 ~ |  | 722383 |  | 581945 |
|  0.000% due 03/01/2062 ~ |  | 758601 |  | 625059 |
|  0.000% due 07/25/2062 ~ |  | 1105527 |  | 887612 |
|  0.000% due 10/25/2062 ~ |  | 401076 |  | 355227 |
|  0.000% due 02/25/2063 •  |  | 950908 |  | 781254 |
|  0.000% due 10/25/2063 ~ |  | 335902 |  | 252768 |
|  0.000% due 09/25/2064 •  |  | 37 |  | 36 |
|  0.000% due 09/25/2064 •  |  | 522547 |  | 451768 |
|  0.000% due 03/01/2065 ~ |  | 27963 |  | 14833 |
|  0.000% due 03/01/2065 ~(a) |  | 1756504 |  | 48847 |
|  0.000% due 09/25/2068 ~ |  | 434140 |  | 349172 |
|  0.000% due 03/01/2070 ~ |  | 19163 |  | 14327 |
|  0.000% due 03/01/2070 ~(a) |  | 247027 |  | 15648 |
|  0.000% due 09/25/2076 ~ |  | 261091 |  | 213064 |
|  0.000% due 01/25/2082 (a) |  | 389 |  | 377 |
|  0.010% due 01/01/2075 « |  | 1635 |  | 1635 |
|  0.110% due 10/25/2060 ~(a) |  | 751712 |  | 3390 |
|  0.150% due 09/25/2060 ~(a) |  | 602925 |  | 2181 |
|  0.150% due 05/01/2061 ~(a) |  | 837842 |  | 5320 |
|  0.150% due 03/01/2070 ~(a) |  | 229434 |  | 870 |
|  0.151% due 03/01/2065 ~(a) |  | 1338861 |  | 8125 |
|  0.170% due 08/01/2061 ~(a) |  | 924911 |  | 2122 |
|  1.500% due 10/25/2060 ~ |  | 467833 |  | 420652 |
|  1.500% due 03/01/2065 ~ |  | 1199865 |  | 1033438 |
|  1.500% due 03/01/2070 ~ |  | 111404 |  | 103392 |
|  1.750% due 09/25/2060 ~ |  | 268881 |  | 249963 |
|  2.000% due 09/25/2060 ~ |  | 65780 |  | 55448 |
|  2.000% due 08/01/2061 ~ |  | 664637 |  | 604780 |
|  2.125% due 05/01/2061 ~ |  | 632367 |  | 559953 |
|  2.250% due 03/01/2065 ~ |  | 135165 |  | 97803 |
|  2.500% due 10/25/2060 ~ |  | 69657 |  | 56738 |
|  2.500% due 05/01/2061 ~ |  | 68073 |  | 50931 |
|  2.625% due 08/01/2061 ~ |  | 84146 |  | 68430 |
|  2.750% due 09/25/2060 |  | 57244 |  | 48413 |
|  2.750% due 03/01/2065 ~ |  | 101375 |  | 76463 |
|  2.750% due 03/01/2070 ~ |  | 23221 |  | 20558 |
|  2.791% due 10/25/2035 ~ |  | 1399 |  | 628 |
|  2.875% due 05/01/2061 ~ |  | 55309 |  | 41817 |
|  2.875% due 08/01/2061 ~ |  | 58828 |  | 48346 |
|  3.000% due 10/25/2060 ~ |  | 68367 |  | 57642 |
|  3.000% due 03/01/2065 ~ |  | 80097 |  | 60317 |
|  3.000% due 03/01/2070 ~ |  | 26154 |  | 23607 |
|  3.125% due 05/01/2061 ~ |  | 44369 |  | 33287 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.242% due 03/01/2065 ~ | $— | 103877 | $— | 73667 |
|  3.250% due 09/25/2060 |  | 50716 |  | 43010 |
|  3.250% due 08/01/2061 ~ |  | 48403 |  | 40044 |
|  3.465% due 05/25/2047 ~ |  | 14042 |  | 10800 |
|  3.500% due 10/25/2060 ~ |  | 52242 |  | 44400 |
|  3.500% due 05/01/2061 ~ |  | 30998 |  | 23566 |
|  3.500% due 03/01/2070 ~ |  | 20531 |  | 18453 |
|  3.750% due 08/01/2061 ~ |  | 35744 |  | 30234 |
|  3.750% due 01/01/2075 «(c) |  | 381067 |  | 330504 |
|  3.763% due 05/01/2061 ~ |  | 23096 |  | 16116 |
|  3.863% due 10/25/2060 ~ |  | 66433 |  | 54984 |
|  4.000% due 01/25/2066 ~ |  | 7535 |  | 6607 |
|  4.013% due 09/25/2060 ~ |  | 66282 |  | 56731 |
|  4.121% due 10/25/2046 •  |  | 1092 |  | 961 |
|  4.145% due 01/25/2082 ~ |  | 216611 |  | 187951 |
|  4.181% due 03/25/2037 ~ |  | 5655 |  | 4278 |
|  4.279% due 08/01/2061 ~ |  | 28297 |  | 24011 |
|  4.399% due 12/25/2035 ~ |  | 180 |  | 111 |
|  4.426% due 09/25/2064 ~ |  | 85022 |  | 71954 |
|  4.505% due 01/25/2037 •  |  | 125 |  | 111 |
|  4.525% due 03/01/2070 ~ |  | 21753 |  | 20255 |
|  4.565% due 06/25/2036 ~ |  | 350 |  | 336 |
|  4.585% due 09/25/2037 •  |  | 254 |  | 253 |
|  4.714% due 08/25/2036 •  |  | 28068 |  | 11443 |
|  4.755% due 09/25/2036 •  |  | 1740 |  | 1641 |
|  4.765% due 12/25/2034 ~ |  | 46 |  | 44 |
|  4.775% due 03/25/2037 •  |  | 803 |  | 700 |
|  4.785% due 11/25/2036 •  |  | 2437 |  | 1910 |
|  4.821% due 09/25/2037 ~ |  | 3715 |  | 3346 |
|  4.834% due 06/25/2036 ~ |  | 400 |  | 386 |
|  4.846% due 05/20/2047 •  |  | 6125 |  | 5442 |
|  4.935% due 09/25/2036 ~ |  | 269 |  | 255 |
|  4.966% due 12/25/2035 ~ |  | 4458 |  | 3954 |
|  5.078% due 11/25/2036 •  |  | 1194 |  | 1047 |
|  5.112% due 04/25/2035 ~ |  | 757 |  | 719 |
|  5.177% due 03/25/2035 ~ |  | 6664 |  | 6482 |
|  5.187% due 08/25/2035 •  |  | 1922 |  | 1893 |
|  5.250% due 03/25/2037 |  | 1668 |  | 1234 |
|  5.385% due 09/25/2037 •  |  | 1501 |  | 1337 |
|  5.391% due 11/25/2036 •  |  | 774 |  | 521 |
|  5.391% due 11/25/2036 ~ |  | 2161 |  | 1432 |
|  5.465% due 03/25/2036 •  |  | 887 |  | 849 |
|  5.469% due 03/25/2036 ~ |  | 523 |  | 513 |
|  5.481% due 03/25/2037 ~ |  | 457 |  | 423 |
|  5.500% due 11/25/2035 |  | 765 |  | 768 |
|  5.703% due 10/25/2035 ~ |  | 13 |  | 10 |
|  5.750% due 04/25/2047 |  | 3666 |  | 1954 |
|  5.793% due 06/25/2036 ~ |  | 1498 |  | 1426 |
|  5.868% due 07/25/2036 ~ |  | 384 |  | 377 |
|  5.936% due 05/25/2035 ~ |  | 517 |  | 491 |
|  5.988% due 11/25/2036 ~ |  | 2402 |  | 2155 |
|  6.000% due 05/25/2035 |  | 1378 |  | 1415 |
|  6.000% due 05/25/2037 |  | 2162 |  | 1761 |
|  6.000% due 08/25/2037 ~ |  | 10953 |  | 4772 |
|  6.210% due 08/25/2035 •  |  | 137 |  | 130 |
|  6.250% due 11/25/2037 •  |  | 1948 |  | 811 |
|  6.300% due 03/25/2036 ~ |  | 96 |  | 96 |
|  6.373% due 08/25/2035 ~ |  | 10 |  | 10 |
|  6.500% due 10/25/2036 ~ |  | 5382 |  | 2702 |
|  6.760% due 03/25/2034 •  |  | 154 |  | 140 |
|  7.410% due 05/25/2035 •  |  | 9 |  | 9 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.339% due 09/25/2035 ~ |  | 226 |  | 153 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  1.015% due 02/25/2037 •(a) |  | 1310 |  | 91 |
|  4.985% due 01/25/2037 •  |  | 6786 |  | 5567 |
|  5.750% due 12/25/2036 |  | 214 |  | 188 |
|  5.750% due 03/25/2037 |  | 364 |  | 331 |
|  5.750% due 04/25/2037 |  | 2907 |  | 2611 |
|  6.000% due 07/25/2036 |  | 203 |  | 176 |
|  6.000% due 09/25/2036 |  | 3260 |  | 2994 |
|  6.000% due 11/25/2036 |  | 4971 |  | 4648 |
|  6.000% due 05/25/2037 |  | 6769 |  | 6326 |
|  6.000% due 06/25/2037 |  | 2546 |  | 2211 |
|  6.000% due 10/25/2037 |  | 1377 |  | 1257 |
|  CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust |
|  4.934% due 05/15/2031 •  |  | 110 |  | 108 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ |  | 2417 |  | 2390 |
|  6.355% due 11/15/2038 •  |  | 15102 |  | 14469 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  1.665% due 09/25/2061 •  | $— | 23305 | $— | 21154 |
|  4.301% due 03/25/2067 ~ |  | 13051 |  | 12905 |
|  5.903% due 12/25/2068 þ |  | 13828 |  | 13927 |
|  6.393% due 06/25/2069 þ |  | 29243 |  | 29578 |
|  6.421% due 05/25/2069 þ |  | 6453 |  | 6535 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  0.000% due 04/10/2047 •(a) |  | 8941 |  | 0 |
|  0.629% due 08/10/2047 •(a) |  | 27092 |  | 100 |
|  1.298% due 10/10/2049 •(a) |  | 187494 |  | 1897 |
|  2.819% due 01/10/2039 |  | 2200 |  | 2062 |
|  3.140% due 10/10/2036 |  | 13000 |  | 11396 |
|  3.550% due 02/10/2049 |  | 2421 |  | 2413 |
|  4.228% due 05/10/2051 |  | 1400 |  | 1361 |
|  4.353% due 08/10/2030 |  | 19200 |  | 19012 |
|  Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust |
|  6.000% due 05/25/2036 |  | 50 |  | 28 |
|  6.000% due 08/25/2037 •  |  | 1111 |  | 521 |
|  14.584% due 08/25/2037 ~ |  | 803 |  | 359 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  0.515% due 11/25/2035 •(a) |  | 2468 |  | 157 |
|  0.665% due 11/25/2035 •(a) |  | 2200 |  | 135 |
|  0.815% due 08/25/2036 •(a) |  | 7370 |  | 577 |
|  3.158% due 06/25/2037 •  |  | 74 |  | 60 |
|  3.249% due 06/25/2046 ~ |  | 3303 |  | 3198 |
|  3.539% due 05/25/2035 •  |  | 1780 |  | 1413 |
|  4.387% due 08/25/2036 ~ |  | 274 |  | 256 |
|  4.440% due 06/25/2037 •  |  | 1568 |  | 1482 |
|  4.598% due 03/25/2047 •  |  | 2329 |  | 1837 |
|  4.614% due 02/20/2047 ~ |  | 14216 |  | 11430 |
|  4.624% due 03/20/2047 •  |  | 14551 |  | 12443 |
|  4.629% due 12/20/2046 ~ |  | 27682 |  | 24196 |
|  4.644% due 09/20/2046 •  |  | 7139 |  | 6773 |
|  4.644% due 02/20/2047 •  |  | 4623 |  | 3741 |
|  4.645% due 04/25/2047 ~ |  | 10306 |  | 8968 |
|  4.675% due 06/25/2036 •  |  | 6666 |  | 6227 |
|  4.705% due 04/25/2047 •  |  | 9738 |  | 8343 |
|  4.715% due 06/25/2037 •  |  | 12558 |  | 11390 |
|  4.725% due 06/25/2047 •  |  | 9726 |  | 7985 |
|  4.735% due 06/25/2035 •  |  | 3026 |  | 1951 |
|  4.735% due 07/25/2035 •  |  | 2115 |  | 1316 |
|  4.735% due 08/25/2035 •  |  | 895 |  | 568 |
|  4.735% due 05/25/2037 •  |  | 3437 |  | 1441 |
|  4.755% due 06/25/2036 •  |  | 8967 |  | 7557 |
|  4.755% due 11/25/2036 •  |  | 6934 |  | 6848 |
|  4.755% due 01/25/2037 •  |  | 17316 |  | 15206 |
|  4.755% due 05/25/2037 •  |  | 3437 |  | 1446 |
|  4.755% due 07/25/2046 •  |  | 3668 |  | 3560 |
|  4.755% due 09/25/2047 •  |  | 12660 |  | 11693 |
|  4.765% due 05/25/2037 •  |  | 6439 |  | 2715 |
|  4.785% due 06/25/2035 •  |  | 2935 |  | 2050 |
|  4.785% due 07/25/2036 •  |  | 13391 |  | 5203 |
|  4.785% due 11/25/2036 •  |  | 4008 |  | 1789 |
|  4.785% due 03/01/2038 •  |  | 4250 |  | 3139 |
|  4.787% due 09/25/2034 •  |  | 107 |  | 99 |
|  4.795% due 11/25/2036 ~ |  | 2127 |  | 2697 |
|  4.795% due 05/25/2047 ~ |  | 4705 |  | 4315 |
|  4.805% due 02/25/2037 •  |  | 302 |  | 88 |
|  4.815% due 08/25/2046 •  |  | 9840 |  | 8509 |
|  4.815% due 09/25/2046 •  |  | 14697 |  | 14154 |
|  4.815% due 10/25/2046 •  |  | 1936 |  | 1799 |
|  4.825% due 02/25/2037 •  |  | 440 |  | 388 |
|  4.834% due 07/20/2046 •  |  | 4102 |  | 3484 |
|  4.835% due 03/25/2035 •  |  | 1445 |  | 1365 |
|  4.835% due 02/25/2036 •  |  | 1103 |  | 938 |
|  4.835% due 06/25/2036 •  |  | 61 |  | 25 |
|  4.835% due 12/25/2036 •  |  | 325 |  | 68 |
|  4.835% due 08/25/2037 •  |  | 1986 |  | 1264 |
|  4.854% due 03/20/2046 ~ |  | 3443 |  | 2973 |
|  4.854% due 05/20/2046 •  |  | 17148 |  | 15125 |
|  4.855% due 05/25/2035 ~ |  | 2653 |  | 2525 |
|  4.855% due 07/25/2046 ~ |  | 10639 |  | 9617 |
|  4.875% due 05/25/2035 ~ |  | 1208 |  | 1126 |
|  4.875% due 09/25/2047 •  |  | 11035 |  | 10569 |
|  4.879% due 12/25/2035 •  |  | 33 |  | 33 |
|  4.895% due 11/25/2035 •  |  | 162 |  | 151 |
|  4.915% due 01/25/2037 •  |  | 25671 |  | 21586 |
|  4.935% due 04/25/2034 •  |  | 524 |  | 501 |
|  4.935% due 05/25/2035 ~ |  | 8415 |  | 6342 |
|  4.935% due 12/25/2035 •  |  | 24795 |  | 15267 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.935% due 04/25/2036 •  | $— | 6028 | $— | 2218 |
|  4.955% due 07/25/2035 •  |  | 1264 |  | 1139 |
|  4.955% due 08/25/2035 •  |  | 4748 |  | 4551 |
|  4.975% due 12/25/2035 •  |  | 58 |  | 56 |
|  4.975% due 02/25/2036 ~ |  | 1935 |  | 1653 |
|  4.975% due 07/25/2036 •  |  | 1555 |  | 1369 |
|  4.975% due 08/25/2047 •  |  | 43850 |  | 37941 |
|  4.985% due 11/25/2035 •  |  | 2468 |  | 1235 |
|  4.995% due 08/25/2035 •  |  | 3281 |  | 3116 |
|  4.995% due 12/25/2035 •  |  | 279 |  | 252 |
|  4.995% due 02/25/2037 •  |  | 9223 |  | 7814 |
|  4.995% due 10/25/2046 •  |  | 1960 |  | 1834 |
|  4.995% due 08/25/2047 •  |  | 1591 |  | 1353 |
|  5.000% due 08/25/2035 |  | 2355 |  | 1586 |
|  5.015% due 02/25/2036 •  |  | 5178 |  | 4696 |
|  5.015% due 05/25/2036 •  |  | 3386 |  | 2879 |
|  5.035% due 12/25/2035 •  |  | 17224 |  | 13182 |
|  5.055% due 08/25/2035 ~ |  | 525 |  | 483 |
|  5.055% due 11/25/2035 •  |  | 3217 |  | 3026 |
|  5.068% due 03/25/2047 ~ |  | 5189 |  | 4951 |
|  5.074% due 11/20/2035 •  |  | 4412 |  | 3948 |
|  5.094% due 11/20/2035 •  |  | 24129 |  | 23515 |
|  5.095% due 09/25/2035 ~ |  | 1217 |  | 907 |
|  5.095% due 10/25/2035 •  |  | 1258 |  | 837 |
|  5.135% due 09/25/2035 •  |  | 7363 |  | 6637 |
|  5.135% due 12/25/2035 •  |  | 10856 |  | 9403 |
|  5.185% due 01/25/2036 •  |  | 3296 |  | 2034 |
|  5.235% due 08/25/2035 •  |  | 1000 |  | 509 |
|  5.235% due 01/25/2036 •  |  | 1257 |  | 1158 |
|  5.258% due 10/25/2034 •  |  | 3303 |  | 3278 |
|  5.398% due 08/25/2034 •  |  | 1689 |  | 1589 |
|  5.435% due 08/25/2035 •  |  | 3330 |  | 1785 |
|  5.485% due 11/25/2046 •  |  | 559 |  | 501 |
|  5.486% due 12/25/2034 ~ |  | 4049 |  | 3997 |
|  5.500% due 01/25/2035 |  | 12419 |  | 12327 |
|  5.500% due 02/25/2035 |  | 256 |  | 248 |
|  5.500% due 03/25/2035 |  | 14184 |  | 12598 |
|  5.500% due 05/25/2035 |  | 9614 |  | 7744 |
|  5.500% due 06/25/2035 |  | 1917 |  | 1201 |
|  5.500% due 07/25/2035 |  | 2321 |  | 1887 |
|  5.500% due 08/25/2035 |  | 2648 |  | 2272 |
|  5.500% due 09/25/2035 |  | 20314 |  | 14539 |
|  5.500% due 10/25/2035 |  | 2101 |  | 1230 |
|  5.500% due 11/25/2035 |  | 9713 |  | 6311 |
|  5.500% due 12/25/2035 |  | 7579 |  | 3744 |
|  5.500% due 01/25/2036 |  | 4315 |  | 3177 |
|  5.500% due 02/25/2036 |  | 27216 |  | 16719 |
|  5.575% due 06/25/2046 •  |  | 1834 |  | 1665 |
|  5.635% due 12/25/2035 ~ |  | 3949 |  | 3374 |
|  5.635% due 12/25/2035 •  |  | 2245 |  | 2004 |
|  5.701% due 09/25/2034 •  |  | 1082 |  | 1031 |
|  5.750% due 05/25/2036 |  | 250 |  | 95 |
|  5.750% due 08/25/2036 |  | 3417 |  | 1718 |
|  5.750% due 03/25/2037 |  | 3435 |  | 1801 |
|  5.750% due 06/25/2037 |  | 2854 |  | 1226 |
|  5.750% due 07/25/2037 |  | 780 |  | 454 |
|  5.750% due 04/25/2047 |  | 1938 |  | 1018 |
|  5.765% due 11/25/2035 þ |  | 3306 |  | 1595 |
|  5.895% due 11/25/2035 •  |  | 6286 |  | 5911 |
|  5.945% due 07/20/2035 •  |  | 1087 |  | 993 |
|  5.975% due 11/25/2035 ~ |  | 2572 |  | 2261 |
|  5.985% due 08/25/2035 •  |  | 1551 |  | 1335 |
|  6.000% due 11/25/2034 |  | 6149 |  | 6314 |
|  6.000% due 02/25/2035 |  | 16446 |  | 13031 |
|  6.000% due 02/25/2036 |  | 27838 |  | 15540 |
|  6.000% due 03/25/2036 |  | 8864 |  | 4154 |
|  6.000% due 04/25/2036 |  | 12429 |  | 5855 |
|  6.000% due 05/25/2036 |  | 15070 |  | 7633 |
|  6.000% due 06/25/2036 |  | 7185 |  | 3938 |
|  6.000% due 07/25/2036 |  | 7233 |  | 3980 |
|  6.000% due 08/25/2036 |  | 3619 |  | 2084 |
|  6.000% due 11/25/2036 |  | 3866 |  | 2028 |
|  6.000% due 01/25/2037 |  | 820 |  | 679 |
|  6.000% due 02/25/2037 |  | 3279 |  | 1179 |
|  6.000% due 03/25/2037 |  | 3559 |  | 1291 |
|  6.000% due 04/25/2037 |  | 7501 |  | 3446 |
|  6.000% due 05/25/2037 |  | 14089 |  | 6251 |
|  6.000% due 06/25/2037 |  | 478 |  | 214 |
|  6.000% due 08/25/2037 •  |  | 5149 |  | 2516 |
|  6.000% due 01/25/2047 |  | 5767 |  | 3014 |
|  6.010% due 02/25/2035 •  |  | 117 |  | 117 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.035% due 08/25/2035 •  | $— | 94 | $— | 89 |
|  6.074% due 11/25/2035 þ |  | 1715 |  | 827 |
|  6.085% due 08/25/2034 •  |  | 2334 |  | 2304 |
|  6.085% due 10/25/2034 •  |  | 2253 |  | 2220 |
|  6.195% due 08/25/2035 •  |  | 2629 |  | 2435 |
|  6.250% due 10/25/2036 |  | 4616 |  | 2250 |
|  6.250% due 11/25/2036 |  | 4285 |  | 2043 |
|  6.250% due 12/25/2036 |  | 2970 |  | 1240 |
|  6.250% due 11/25/2046 |  | 1989 |  | 901 |
|  6.280% due 06/25/2035 •  |  | 189 |  | 179 |
|  6.500% due 05/25/2036 |  | 2510 |  | 1159 |
|  6.500% due 06/25/2036 |  | 827 |  | 379 |
|  6.500% due 08/25/2036 |  | 2446 |  | 754 |
|  6.500% due 09/25/2036 |  | 6800 |  | 3476 |
|  6.500% due 12/25/2036 |  | 2394 |  | 1039 |
|  6.500% due 08/25/2037 |  | 9608 |  | 4104 |
|  6.500% due 09/25/2037 |  | 17748 |  | 6569 |
|  6.500% due 11/25/2037 |  | 7749 |  | 3538 |
|  6.685% due 10/20/2035 •  |  | 12680 |  | 9108 |
|  6.705% due 10/20/2035 •  |  | 4189 |  | 3746 |
|  7.000% due 08/25/2034 |  | 160 |  | 162 |
|  7.000% due 09/25/2036 |  | 24305 |  | 4870 |
|  7.250% due 08/25/2032 |  | 31 |  | 32 |
|  7.500% due 12/25/2034 |  | 104 |  | 13 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.311% due 02/25/2035 ~ |  | 4116 |  | 3386 |
|  3.380% due 04/20/2036 •  |  | 195 |  | 168 |
|  3.463% due 03/25/2035 ~ |  | 165 |  | 128 |
|  3.704% due 04/25/2035 ~ |  | 366 |  | 293 |
|  3.841% due 05/25/2047 •  |  | 1049 |  | 894 |
|  3.897% due 07/19/2033 •  |  | 309 |  | 298 |
|  4.019% due 05/20/2036 ~ |  | 12261 |  | 11403 |
|  4.023% due 02/25/2034 •  |  | 134 |  | 126 |
|  4.084% due 04/25/2047 •  |  | 2164 |  | 2129 |
|  4.157% due 09/25/2037 ~ |  | 469 |  | 426 |
|  4.330% due 03/25/2037 •  |  | 95 |  | 81 |
|  4.353% due 09/20/2036 •  |  | 561 |  | 495 |
|  4.358% due 02/25/2047 ~ |  | 6460 |  | 5644 |
|  4.383% due 05/20/2036 •  |  | 1712 |  | 1474 |
|  4.387% due 09/20/2035 ~ |  | 3000 |  | 2686 |
|  4.520% due 05/20/2036 •  |  | 1087 |  | 990 |
|  4.524% due 11/25/2037 ~ |  | 9778 |  | 8788 |
|  4.543% due 05/19/2033 •  |  | 102 |  | 94 |
|  4.565% due 06/20/2036 •  |  | 3716 |  | 3272 |
|  4.611% due 11/20/2035 ~ |  | 415 |  | 383 |
|  4.630% due 04/20/2036 •  |  | 838 |  | 759 |
|  4.669% due 11/25/2037 •  |  | 12902 |  | 12162 |
|  4.690% due 11/25/2037 ~ |  | 13554 |  | 12668 |
|  4.693% due 05/20/2036 ~ |  | 2464 |  | 2337 |
|  4.705% due 04/25/2035 •  |  | 982 |  | 931 |
|  4.735% due 04/25/2037 •  |  | 3626 |  | 1187 |
|  4.738% due 04/25/2037 ~ |  | 1257 |  | 1171 |
|  4.779% due 02/20/2036 •  |  | 2524 |  | 2220 |
|  4.785% due 11/25/2035 •  |  | 3482 |  | 1054 |
|  4.785% due 05/25/2037 •  |  | 2561 |  | 919 |
|  4.785% due 08/25/2037 •  |  | 3742 |  | 1159 |
|  4.791% due 10/20/2034 ~ |  | 547 |  | 496 |
|  4.835% due 10/25/2035 •  |  | 1148 |  | 539 |
|  4.835% due 04/25/2046 ~ |  | 240 |  | 230 |
|  4.856% due 09/25/2034 ~ |  | 14 |  | 13 |
|  4.895% due 05/25/2035 ~ |  | 178 |  | 156 |
|  4.905% due 11/20/2035 •  |  | 13486 |  | 11527 |
|  4.915% due 03/25/2036 •  |  | 4854 |  | 4606 |
|  4.933% due 01/25/2036 •  |  | 415 |  | 393 |
|  4.933% due 01/25/2036 ~ |  | 1324 |  | 1254 |
|  4.933% due 09/25/2047 •  |  | 679 |  | 625 |
|  4.935% due 05/25/2036 •  |  | 1872 |  | 569 |
|  4.950% due 08/20/2035 ~ |  | 3292 |  | 3098 |
|  4.974% due 03/20/2036 •  |  | 3044 |  | 2837 |
|  4.975% due 03/25/2035 ~ |  | 189 |  | 175 |
|  4.985% due 05/25/2033 •  |  | 23 |  | 21 |
|  4.997% due 11/20/2034 ~ |  | 1434 |  | 1367 |
|  5.015% due 04/25/2035 •  |  | 2736 |  | 2603 |
|  5.035% due 03/25/2035 •  |  | 1129 |  | 668 |
|  5.035% due 05/25/2035 •  |  | 9885 |  | 8677 |
|  5.075% due 03/25/2035 ~ |  | 2759 |  | 2594 |
|  5.075% due 03/25/2035 •  |  | 6940 |  | 6072 |
|  5.078% due 10/20/2035 •  |  | 818 |  | 811 |
|  5.095% due 02/25/2035 •  |  | 272 |  | 251 |
|  5.115% due 02/25/2035 •  |  | 538 |  | 492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.131% due 03/25/2035 ~ | $— | 52 | $— | 49 |
|  5.135% due 03/25/2035 •  |  | 1829 |  | 979 |
|  5.175% due 02/25/2035 ~ |  | 4659 |  | 4269 |
|  5.195% due 09/25/2034 •  |  | 46 |  | 45 |
|  5.250% due 12/25/2027 |  | 362 |  | 214 |
|  5.250% due 07/25/2034 |  | 113 |  | 112 |
|  5.328% due 05/20/2034 ~ |  | 28 |  | 26 |
|  5.346% due 05/20/2035 ~ |  | 1312 |  | 1275 |
|  5.396% due 09/25/2034 ~ |  | 100 |  | 98 |
|  5.415% due 02/20/2035 •  |  | 84 |  | 85 |
|  5.448% due 07/25/2034 •  |  | 53 |  | 51 |
|  5.500% due 04/25/2035 |  | 11 |  | 9 |
|  5.500% due 05/25/2035 |  | 1589 |  | 1312 |
|  5.500% due 08/25/2035 |  | 3493 |  | 1857 |
|  5.500% due 09/25/2035 |  | 1880 |  | 1161 |
|  5.500% due 10/25/2035 |  | 3792 |  | 2034 |
|  5.500% due 11/25/2035 |  | 218 |  | 113 |
|  5.500% due 12/25/2035 |  | 32 |  | 17 |
|  5.500% due 01/25/2036 |  | 647 |  | 397 |
|  5.536% due 11/20/2035 •  |  | 621 |  | 513 |
|  5.551% due 09/20/2035 ~ |  | 5421 |  | 5147 |
|  5.750% due 08/25/2034 |  | 128 |  | 124 |
|  5.750% due 02/25/2036 |  | 428 |  | 195 |
|  5.750% due 02/25/2037 |  | 186 |  | 79 |
|  5.750% due 03/25/2037 |  | 1945 |  | 846 |
|  5.750% due 05/25/2037 |  | 5414 |  | 2573 |
|  5.750% due 07/25/2037 |  | 1767 |  | 835 |
|  5.817% due 06/25/2047 •  |  | 2469 |  | 2427 |
|  5.850% due 05/25/2036 |  | 2125 |  | 845 |
|  5.855% due 09/20/2034 ~ |  | 55 |  | 52 |
|  5.962% due 11/20/2034 ~ |  | 1010 |  | 973 |
|  6.000% due 12/25/2035 |  | 11 |  | 7 |
|  6.000% due 04/25/2036 |  | 1444 |  | 702 |
|  6.000% due 02/25/2037 |  | 5663 |  | 2349 |
|  6.000% due 03/25/2037 |  | 3429 |  | 1530 |
|  6.000% due 04/25/2037 |  | 259 |  | 124 |
|  6.000% due 05/25/2037 |  | 2894 |  | 1277 |
|  6.000% due 07/25/2037 |  | 6298 |  | 2628 |
|  6.000% due 08/25/2037 |  | 5189 |  | 2271 |
|  6.000% due 09/25/2037 |  | 1938 |  | 997 |
|  6.000% due 10/25/2037 |  | 4399 |  | 3045 |
|  6.000% due 01/25/2038 |  | 7970 |  | 3391 |
|  6.015% due 10/25/2033 ~ |  | 21 |  | 20 |
|  6.164% due 12/19/2033 •  |  | 5 |  | 5 |
|  6.248% due 02/20/2036 •  |  | 489 |  | 452 |
|  6.250% due 09/25/2036 |  | 2031 |  | 790 |
|  6.250% due 10/25/2036 |  | 96 |  | 44 |
|  6.491% due 02/25/2034 ~ |  | 82 |  | 77 |
|  6.500% due 11/25/2036 |  | 7587 |  | 2388 |
|  6.500% due 05/25/2037 |  | 199 |  | 95 |
|  6.500% due 10/25/2037 |  | 14471 |  | 5504 |
|  6.500% due 11/25/2037 |  | 3314 |  | 1126 |
|  6.500% due 12/25/2037 |  | 20899 |  | 8471 |
|  6.500% due 11/25/2047 |  | 12578 |  | 6082 |
|  6.639% due 02/20/2036 •  |  | 2684 |  | 2359 |
|  6.662% due 02/20/2036 •  |  | 684 |  | 593 |
|  6.664% due 05/25/2034 ~ |  | 42 |  | 42 |
|  6.741% due 02/25/2034 •  |  | 2 |  | 2 |
|  6.901% due 12/25/2033 ~ |  | 27 |  | 28 |
|  7.210% due 02/20/2036 •  |  | 3273 |  | 2878 |
|  7.334% due 06/25/2034 ~ |  | 332 |  | 339 |
|  7.789% due 10/20/2034 ~ |  | 914 |  | 913 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.835% due 11/25/2034 •  |  | 3038 |  | 2907 |
|  4.835% due 09/25/2035 •  |  | 477 |  | 395 |
|  5.709% due 01/25/2034 |  | 13119 |  | 12245 |
|  Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust |
|  5.501% due 06/15/2034 •  |  | 1177 |  | 1126 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  2.574% due 01/25/2033 ~ |  | 385 |  | 347 |
|  4.810% due 09/25/2032 ~ |  | 159 |  | 146 |
|  5.085% due 09/25/2035 •  |  | 2231 |  | 1482 |
|  5.250% due 09/25/2035 |  | 425 |  | 334 |
|  5.273% due 11/25/2031 •  |  | 191 |  | 98 |
|  5.585% due 11/25/2034 •  |  | 2736 |  | 2422 |
|  5.610% due 11/25/2031 ~ |  | 396 |  | 235 |
|  6.000% due 09/25/2033 |  | 41 |  | 41 |
|  6.000% due 01/25/2036 |  | 2539 |  | 1505 |
|  6.336% due 11/25/2032 ~ |  | 148 |  | 141 |
|  6.500% due 01/25/2036 |  | 353 |  | 80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 01/25/2036 | $— | 4856 | $— | 866 |
|  7.178% due 04/25/2033 ~ |  | 258 |  | 253 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  4.785% due 10/25/2035 •  |  | 3108 |  | 2629 |
|  5.500% due 08/25/2034 |  | 186 |  | 171 |
|  5.500% due 06/25/2035 |  | 3313 |  | 2376 |
|  5.500% due 10/25/2035 |  | 2652 |  | 1129 |
|  5.518% due 01/25/2034 •  |  | 55 |  | 53 |
|  6.000% due 11/25/2035 |  | 226 |  | 52 |
|  7.553% due 10/25/2033 ~ |  | 10 |  | 10 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  0.000% due 01/25/2058 (h) |  | 161 |  | 157 |
|  0.000% due 01/27/2059 (a) |  | 665347 |  | 0 |
|  0.000% due 04/25/2059 •(a) |  | 319552 |  | 19 |
|  0.000% due 09/25/2059 •  |  | 437 |  | 420 |
|  0.000% due 02/25/2061 •(a) |  | 275329 |  | 1993 |
|  0.000% due 05/25/2061 •  |  | 207 |  | 204 |
|  0.000% due 11/25/2076 (a) |  | 770701 |  | 0 |
|  0.000% due 12/25/2054 (h) |  | 23 |  | 22 |
|  0.010% due 04/25/2058 (a) |  | 10 |  | 9 |
|  0.000% due 07/25/2058 (h) |  | 570 |  | 549 |
|  0.000% due 01/27/2059 (h) |  | 330 |  | 323 |
|  0.000% due 10/25/2060 (h) |  | 490 |  | 479 |
|  0.000% due 11/25/2076 (h) |  | 1252 |  | 1131 |
|  0.388% due 02/25/2061 •(a) |  | 238822 |  | 3595 |
|  0.393% due 05/25/2061 •(a) |  | 408959 |  | 5889 |
|  0.000% due 02/25/2056 (h) |  | 182 |  | 179 |
|  0.000% due 07/25/2057 (h) |  | 223 |  | 216 |
|  1.000% due 02/25/2061 •(a) |  | 118982 |  | 2485 |
|  1.100% due 08/15/2037 •(a) |  | 74590 |  | 270 |
|  1.250% due 02/25/2061 •  |  | 118982 |  | 107030 |
|  1.493% due 05/25/2061 •(a) |  | 460769 |  | 20867 |
|  1.650% due 05/25/2061 •  |  | 281845 |  | 244536 |
|  2.000% due 01/25/2060 ~ |  | 16959 |  | 15197 |
|  2.000% due 10/25/2060 •  |  | 22359 |  | 20099 |
|  2.100% due 05/25/2061 •  |  | 40232 |  | 28630 |
|  2.450% due 05/25/2061 •  |  | 33691 |  | 24236 |
|  2.500% due 07/25/2057 •  |  | 305190 |  | 277360 |
|  2.500% due 02/25/2061 ~ |  | 27143 |  | 22555 |
|  2.694% due 12/25/2048 ~ |  | 214264 |  | 196322 |
|  2.800% due 05/25/2061 •  |  | 28457 |  | 19939 |
|  3.000% due 02/25/2061 •  |  | 20262 |  | 16662 |
|  3.058% due 02/25/2056 ~ |  | 172170 |  | 66719 |
|  3.058% due 02/25/2056 •  |  | 816388 |  | 704047 |
|  3.168% due 07/25/2057 •  |  | 330831 |  | 208302 |
|  3.233% due 07/25/2058 •  |  | 2361258 |  | 1862820 |
|  3.250% due 01/27/2059 •  |  | 301015 |  | 287050 |
|  3.250% due 04/25/2059 •  |  | 134875 |  | 128886 |
|  3.430% due 10/25/2060 ~ |  | 1279947 |  | 1029941 |
|  3.431% due 11/10/2032 |  | 8800 |  | 7253 |
|  3.500% due 04/26/2038 •  |  | 1157 |  | 1132 |
|  3.500% due 11/25/2076 •  |  | 336141 |  | 323523 |
|  3.581% due 01/25/2058 ~ |  | 145153 |  | 118028 |
|  3.588% due 04/25/2059 •  |  | 182996 |  | 133845 |
|  3.631% due 11/30/2037 ~ |  | 4732 |  | 4291 |
|  3.640% due 05/25/2061 •  |  | 76541 |  | 42459 |
|  3.689% due 02/25/2061 ~ |  | 709 |  | 707 |
|  3.700% due 02/25/2061 •  |  | 108000 |  | 69185 |
|  3.793% due 11/25/2076 ~ |  | 287305 |  | 190675 |
|  3.793% due 11/25/2076 •  |  | 143653 |  | 129415 |
|  3.804% due 01/27/2059 •  |  | 237467 |  | 158632 |
|  3.804% due 01/27/2059 ~ |  | 118733 |  | 106485 |
|  3.904% due 04/25/2062 ~ |  | 26874 |  | 25594 |
|  4.000% due 08/27/2037 •  |  | 7673 |  | 7363 |
|  4.000% due 08/01/2057 •  |  | 16365 |  | 15403 |
|  4.262% due 09/25/2057 ~ |  | 147044 |  | 145054 |
|  4.262% due 09/25/2057 •  |  | 363119 |  | 295547 |
|  4.421% due 12/25/2054 ~ |  | 141144 |  | 107831 |
|  4.515% due 06/25/2048 •  |  | 565516 |  | 487735 |
|  4.538% due 08/27/2037 •  |  | 8072 |  | 7065 |
|  4.547% due 05/25/2067 •  |  | 15863 |  | 15789 |
|  4.614% due 02/27/2047 •  |  | 87787 |  | 34380 |
|  4.655% due 05/27/2037 •  |  | 7325 |  | 6449 |
|  4.699% due 05/27/2053 •  |  | 80815 |  | 64233 |
|  4.714% due 10/27/2036 •  |  | 2044 |  | 1572 |
|  4.734% due 10/27/2036 •  |  | 34900 |  | 8801 |
|  4.767% due 04/27/2037 •  |  | 8459 |  | 4231 |
|  4.785% due 11/25/2036 •  |  | 1288 |  | 788 |
|  4.817% due 04/26/2047 •  |  | 7998 |  | 4655 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.854% due 04/27/2036 •  | $— | 7634 | $— | 6806 |
|  4.854% due 05/27/2036 •  |  | 1759 |  | 1547 |
|  4.884% due 10/27/2036 •  |  | 2439 |  | 752 |
|  4.889% due 04/25/2058 ~ |  | 218527 |  | 200007 |
|  4.914% due 05/27/2037 •  |  | 25869 |  | 11290 |
|  4.934% due 02/27/2046 •  |  | 9251 |  | 2648 |
|  4.935% due 07/25/2036 •  |  | 13134 |  | 4885 |
|  4.956% due 07/27/2037 •  |  | 941 |  | 888 |
|  5.000% due 04/25/2037 |  | 212 |  | 176 |
|  5.204% due 09/25/2059 •  |  | 266921 |  | 248162 |
|  5.391% due 11/26/2036 •  |  | 2574 |  | 1704 |
|  5.465% due 08/27/2036 •  |  | 5110 |  | 4217 |
|  5.500% due 03/25/2037 |  | 6188 |  | 2822 |
|  5.561% due 04/25/2036 •  |  | 4930 |  | 3762 |
|  5.587% due 04/25/2037 •  |  | 10961 |  | 2640 |
|  5.746% due 04/25/2037 ~ |  | 38097 |  | 9243 |
|  5.834% due 07/15/2038 •  |  | 28700 |  | 25933 |
|  6.000% due 08/25/2036 |  | 3281 |  | 1479 |
|  6.000% due 02/25/2037 |  | 1531 |  | 851 |
|  6.000% due 04/26/2037 •  |  | 473 |  | 469 |
|  6.000% due 06/25/2037 |  | 2110 |  | 332 |
|  6.079% due 04/25/2037 þ |  | 20805 |  | 5668 |
|  6.172% due 06/25/2046 •  |  | 142701 |  | 135826 |
|  6.250% due 06/25/2036 |  | 9748 |  | 5654 |
|  6.250% due 08/25/2036 |  | 644 |  | 238 |
|  6.935% due 09/26/2036 ~ |  | 400 |  | 377 |
|  7.000% due 08/26/2036 |  | 1444 |  | 390 |
|  7.199% due 06/01/2050 ~ |  | 546008 |  | 544126 |
|  7.617% due 07/25/2049 ~ |  | 541141 |  | 555569 |
|  Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust |
|  0.000% due 07/25/2049 •  |  | 32299 |  | 25930 |
|  0.000% due 07/25/2057 •  |  | 32457 |  | 24095 |
|  0.000% due 09/25/2059 •  |  | 24623 |  | 20392 |
|  0.000% due 10/27/2060 •(a) |  | 53893 |  | 41837 |
|  3.139% due 02/25/2061 |  | 11590 |  | 8981 |
|  3.178% due 09/25/2048 •  |  | 99421 |  | 71784 |
|  3.404% due 01/27/2059 •  |  | 27672 |  | 21942 |
|  3.500% due 05/25/2061 |  | 19401 |  | 15638 |
|  3.657% due 07/25/2049 |  | 22785 |  | 25194 |
|  3.837% due 10/27/2060 •  |  | 7209 |  | 5616 |
|  4.184% due 09/25/2057 ~ |  | 21481 |  | 17839 |
|  12.917% due 10/25/2058 •  |  | 9022 |  | 7436 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ |  | 9873 |  | 9826 |
|  5.549% due 12/25/2069 •  |  | 17726 |  | 17736 |
|  6.093% due 04/25/2069 þ |  | 28241 |  | 28482 |
|  6.147% due 07/25/2069 þ |  | 26077 |  | 26377 |
|  6.272% due 06/25/2069 þ |  | 37161 |  | 37586 |
|  6.615% due 03/25/2068 þ |  | 20971 |  | 21214 |
|  CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust |
|  0.000% due 04/15/2036 ~(a) |  | 175301 |  | 0 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  5.737% due 05/25/2037 •  |  | 13737 |  | 3100 |
|  6.589% due 12/25/2036 þ |  | 15569 |  | 2336 |
|  6.672% due 06/25/2036 þ |  | 207 |  | 53 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.617% due 11/15/2048 |  | 1039 |  | 1036 |
|  Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL |
|  1.000% due 10/24/2050 « |  | 2000 |  | 660 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  3.843% due 04/10/2037 | $— | 2690 |  | 2508 |
|  5.829% due 10/15/2036 •  |  | 26500 |  | 26326 |
|  DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust |
|  1.719% due 09/15/2053 ~(a) |  | 57839 |  | 2629 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 18400 |  | 18870 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.585% due 02/25/2047 •  |  | 4359 |  | 2452 |
|  4.675% due 08/25/2036 •  |  | 2881 |  | 2610 |
|  4.675% due 01/25/2047 •  |  | 2287 |  | 2165 |
|  4.695% due 12/25/2036 •  |  | 2950 |  | 1021 |
|  4.695% due 08/25/2047 •  |  | 27081 |  | 24935 |
|  4.715% due 07/25/2047 ~ |  | 6515 |  | 6035 |
|  4.720% due 10/25/2035 •  |  | 158 |  | 128 |
|  4.735% due 12/25/2036 •  |  | 1795 |  | 1643 |
|  4.735% due 03/25/2037 •  |  | 17340 |  | 16179 |
|  4.735% due 04/25/2037 •  |  | 21003 |  | 14685 |
|  4.755% due 03/25/2037 •  |  | 14984 |  | 7097 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.785% due 04/25/2035 •  | $— | 1435 | $— | 1294 |
|  4.815% due 08/25/2036 •  |  | 3324 |  | 3002 |
|  4.815% due 10/25/2036 •  |  | 13171 |  | 3698 |
|  4.815% due 12/25/2036 •  |  | 2950 |  | 942 |
|  4.815% due 08/25/2047 ~ |  | 8600 |  | 7852 |
|  4.835% due 02/25/2047 •  |  | 6930 |  | 6524 |
|  4.915% due 01/25/2047 ~ |  | 1861 |  | 1636 |
|  4.995% due 08/25/2036 •  |  | 6450 |  | 5768 |
|  5.095% due 08/25/2037 •  |  | 5761 |  | 4659 |
|  5.135% due 06/25/2037 •  |  | 34375 |  | 29696 |
|  5.250% due 09/25/2035 ~ |  | 2446 |  | 2194 |
|  5.405% due 04/25/2047 •  |  | 14183 |  | 12654 |
|  5.431% due 02/25/2036 •  |  | 1543 |  | 1399 |
|  5.500% due 11/25/2035 |  | 1833 |  | 842 |
|  5.500% due 11/25/2035 •  |  | 21 |  | 35 |
|  5.500% due 12/25/2035 |  | 1225 |  | 1031 |
|  5.530% due 02/25/2036 •  |  | 2653 |  | 2405 |
|  5.650% due 10/25/2036 ~ |  | 7946 |  | 6898 |
|  5.785% due 11/25/2035 •  |  | 1237 |  | 2142 |
|  5.900% due 10/25/2036 ~ |  | 3408 |  | 2954 |
|  5.935% due 10/25/2047 ~ |  | 22695 |  | 17999 |
|  6.369% due 10/25/2036 þ |  | 546 |  | 473 |
|  6.386% due 10/25/2036 þ |  | 86 |  | 75 |
|  6.420% due 07/25/2036 ~ |  | 4951 |  | 4275 |
|  6.600% due 10/25/2036 þ |  | 2368 |  | 2055 |
|  Deutsche ALT-B Securities, Inc. Mortgage Loan Trust | Deutsche ALT-B Securities, Inc. Mortgage Loan Trust | Deutsche ALT-B Securities, Inc. Mortgage Loan Trust | Deutsche ALT-B Securities, Inc. Mortgage Loan Trust | Deutsche ALT-B Securities, Inc. Mortgage Loan Trust |
|  4.722% due 06/25/2036 ~ |  | 5797 |  | 5313 |
|  Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |
|  7.150% due 06/25/2034 ~ |  | 4 |  | 4 |
|  Dilosk Rmbs No. 10 STS DAC | Dilosk Rmbs No. 10 STS DAC | Dilosk Rmbs No. 10 STS DAC | Dilosk Rmbs No. 10 STS DAC | Dilosk Rmbs No. 10 STS DAC |
|  3.137% due 09/24/2060 •  |  | 12898 |  | 13943 |
|  Domi BV | Domi BV | Domi BV | Domi BV | Domi BV |
|  3.181% due 06/15/2056 |  | 14728 |  | 15938 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.571% due 03/19/2037 •  | $— | 20660 |  | 16972 |
|  4.611% due 04/19/2047 •  |  | 63 |  | 61 |
|  4.631% due 10/19/2036 •  |  | 18854 |  | 12533 |
|  4.851% due 03/19/2045 •  |  | 866 |  | 821 |
|  4.931% due 02/19/2045 •  |  | 665 |  | 662 |
|  5.091% due 09/19/2045 •  |  | 1218 |  | 637 |
|  5.211% due 11/19/2044 •  |  | 1541 |  | 1499 |
|  5.231% due 11/19/2044 •  |  | 30 |  | 27 |
|  5.251% due 09/19/2044 •  |  | 1971 |  | 1785 |
|  5.443% due 07/19/2044 ~ |  | 218 |  | 206 |
|  5.575% due 04/19/2046 ~ |  | 9189 |  | 7544 |
|  5.657% due 07/19/2044 ~ |  | 5 |  | 5 |
|  Durham Mortgages | Durham Mortgages | Durham Mortgages | Durham Mortgages | Durham Mortgages |
|  0.000% due 05/28/2055 |  | 10 |  | 36 |
|  Durham Mortgages PLC | Durham Mortgages PLC | Durham Mortgages PLC | Durham Mortgages PLC | Durham Mortgages PLC |
|  0.000% due 05/28/2054 (b)(h) |  | 50495 |  | 52760 |
|  0.000% due 05/28/2055 (b)(h) |  | 55498 |  | 55016 |
|  0.000% due 05/28/2054 (h) |  | 10 |  | 4686 |
|  5.263% due 05/28/2054 •  |  | 814594 |  | 1055352 |
|  5.363% due 05/28/2055 •  |  | 702191 |  | 909857 |
|  5.613% due 05/28/2054 •  |  | 51843 |  | 66909 |
|  5.613% due 05/28/2055 •  |  | 45040 |  | 58062 |
|  5.763% due 05/28/2054 •  |  | 44096 |  | 56767 |
|  5.763% due 05/28/2055 •  |  | 46041 |  | 59166 |
|  6.213% due 05/28/2055 •  |  | 33530 |  | 42845 |
|  6.363% due 05/28/2054 •  |  | 36945 |  | 47342 |
|  7.163% due 05/28/2055 •  |  | 28025 |  | 35654 |
|  7.463% due 05/28/2054 •  |  | 1619 |  | 2053 |
|  7.663% due 05/28/2054 •  |  | 25027 |  | 32011 |
|  7.963% due 05/28/2055 •  |  | 27523 |  | 35181 |
|  8.663% due 05/28/2054 •  |  | 10725 |  | 13640 |
|  Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV |
|  0.000% due 08/22/2067 ~ |  | 1830 |  | 54644 |
|  3.284% due 08/22/2067 •  |  | 963729 |  | 1043388 |
|  3.584% due 08/22/2067 •  |  | 66160 |  | 71576 |
|  3.984% due 08/22/2067 •  |  | 46312 |  | 50226 |
|  4.634% due 08/22/2067 •  |  | 44327 |  | 48111 |
|  6.034% due 08/22/2067 •  |  | 28448 |  | 29941 |
|  7.034% due 08/22/2067 •  |  | 11885 |  | 12867 |
|  8.034% due 08/22/2067 •  |  | 19849 |  | 20903 |
|  Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV |
|  0.000% due 07/31/2027 «~ |  | 34038 |  | 43817 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dutch Property Finance BV | Dutch Property Finance BV | Dutch Property Finance BV |
|  3.541% due 04/28/2064 •  | 5239 | 5690 |
|  E-MAC NL BV | E-MAC NL BV | E-MAC NL BV |
|  4.933% due 07/25/2036 •  | 166 | 174 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.522% due 01/26/2060 þ | 16809 | 16868 |
|  5.655% due 02/25/2060 «þ | 26000 | 26067 |
|  5.726% due 01/25/2060 þ | 15495 | 15626 |
|  5.732% due 02/25/2068 þ | 7970 | 7963 |
|  EMF-U.K. PLC | EMF-U.K. PLC | EMF-U.K. PLC |
|  5.559% due 03/13/2046 •  | 10736 | 13821 |
|  Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. |
|  1.000% due 10/24/2050 « | 114838 | 99946 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  | 317 | 407 |
|  4.878% due 06/15/2044 •  | 5200 | 6587 |
|  4.928% due 09/15/2044 •  | 1600 | 2038 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  4.819% due 03/13/2045 •  | 11302 | 14471 |
|  4.979% due 09/13/2045 •  | 11934 | 15332 |
|  5.030% due 09/10/2044 •  | 1199 | 1522 |
|  5.349% due 09/13/2045 •  | 18495 | 23310 |
|  5.529% due 06/13/2045 •  | 1401 | 1797 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 11/25/2074 | 147399 | 139794 |
|  3.500% due 02/25/2075 | 164465 | 156465 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  1.115% due 04/25/2037 •(a) | 2342 | 184 |
|  4.400% due 01/25/2036 •  | 2396 | 1190 |
|  4.504% due 02/25/2036 ~ | 48 | 35 |
|  4.705% due 08/25/2035 ~ | 533 | 442 |
|  4.805% due 02/25/2037 ~ | 157 | 44 |
|  4.820% due 02/25/2036 ~ | 867 | 699 |
|  5.111% due 09/25/2036 ~ | 2058 | 1568 |
|  5.143% due 04/25/2035 •  | 3017 | 2975 |
|  5.185% due 04/25/2036 •  | 1242 | 414 |
|  5.231% due 09/25/2035 •  | 1596 | 1398 |
|  5.295% due 08/25/2034 •  | 49 | 49 |
|  5.342% due 04/25/2036 •  | 575 | 481 |
|  5.514% due 08/25/2035 ~ | 3 | 2 |
|  5.700% due 12/25/2035 ~ | 759 | 579 |
|  5.750% due 02/25/2036 | 2322 | 994 |
|  5.943% due 02/25/2035 ~ | 305 | 289 |
|  6.000% due 11/25/2036 | 916 | 235 |
|  6.079% due 03/25/2035 ~ | 170 | 166 |
|  6.250% due 11/25/2036 | 1765 | 472 |
|  6.250% due 08/25/2037 | 82 | 31 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  0.000% due 10/25/2035 ~ | 37 | 0 |
|  5.140% due 11/25/2037 ~ | 24 | 10 |
|  5.206% due 01/25/2037 ~ | 335 | 176 |
|  5.208% due 05/25/2037 ~ | 1408 | 596 |
|  5.269% due 10/25/2035 ~ | 374 | 346 |
|  5.750% due 05/25/2037 | 136 | 45 |
|  6.351% due 11/25/2037 ~ | 178 | 137 |
|  6.351% due 11/25/2037 •  | 621 | 476 |
|  6.739% due 08/25/2035 •  | 36 | 26 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.260% due 01/25/2034 •  | 1153 | 1093 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.450% due 10/25/2068 ~ | 1000 | 923 |
|  4.250% due 05/25/2067 •  | 17310 | 16223 |
|  6.007% due 01/25/2059 þ | 14114 | 14178 |
|  6.085% due 06/25/2059 þ | 20422 | 20562 |
|  GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. |
|  5.550% due 08/10/2038 | 4494 | 4285 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  3.670% due 11/19/2035 •  | 92 | 81 |
|  3.807% due 03/18/2035 ~ | 2 | 2 |
|  4.075% due 03/18/2035 ~ | 176 | 156 |
|  4.252% due 11/19/2035 •  | 44 | 37 |
|  7.250% due 05/25/2035 ~ | 326 | 304 |
|  7.402% due 03/18/2035 ~ | 70 | 71 |
|  Grace Trust | Grace Trust | Grace Trust |
|  0.301% due 12/10/2040 ~(a) | 174400 | 2557 |
|  Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC |
|  4.698% due 06/18/2039 ~ | 9 | 9 |
|  4.878% due 06/18/2039 •  | 25290 | 32195 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.795% due 01/25/2037 •  | $— | 5488 | $— | 4996 |
|  4.835% due 03/25/2047 •  |  | 8437 |  | 7844 |
|  4.855% due 04/25/2036 •  |  | 7487 |  | 6714 |
|  4.875% due 10/25/2046 •  |  | 8375 |  | 8018 |
|  4.895% due 06/25/2045 ~ |  | 1178 |  | 931 |
|  4.915% due 08/25/2045 •  |  | 125 |  | 105 |
|  4.955% due 10/25/2045 •  |  | 155 |  | 151 |
|  4.975% due 11/25/2045 ~ |  | 25 |  | 24 |
|  5.055% due 10/25/2045 •  |  | 1671 |  | 1583 |
|  5.075% due 09/25/2046 •  |  | 4467 |  | 3600 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  |  | 10574 |  | 11208 |
|  Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC |
|  0.000% due 03/14/2053 (h) |  | 1 |  | 19327 |
|  5.658% due 03/14/2053 •  |  | 198462 |  | 257284 |
|  6.458% due 03/14/2053 •  |  | 64660 |  | 83937 |
|  7.458% due 03/14/2053 •  |  | 30790 |  | 39988 |
|  8.458% due 03/14/2053 •  |  | 24633 |  | 31923 |
|  9.958% due 03/14/2053 •  |  | 15395 |  | 19967 |
|  11.458% due 03/14/2053 •  |  | 9237 |  | 11948 |
|  12.458% due 03/14/2053 •  |  | 18654 |  | 24539 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 | $— | 40306 |  | 35022 |
|  5.390% due 12/15/2036 ~ |  | 17000 |  | 16873 |
|  5.566% due 07/15/2035 •  |  | 6688 |  | 5220 |
|  5.690% due 12/15/2036 ~ |  | 2771 |  | 2761 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  0.000% due 08/10/2044 •(a) |  | 1144 |  | 1 |
|  0.429% due 08/10/2043 •(a) |  | 16328 |  | 7 |
|  0.558% due 11/10/2049 •(a) |  | 113004 |  | 696 |
|  3.278% due 10/10/2048 |  | 884 |  | 881 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.000% due 12/25/2060 ~ |  | 12600 |  | 10781 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 06/25/2061 ~ |  | 288 |  | 273 |
|  0.000% due 06/25/2061 ~(a) |  | 592636 |  | 24419 |
|  0.000% due 01/25/2062 ~(a) |  | 662 |  | 646 |
|  0.000% due 12/27/2067 ~(a) |  | 2903 |  | 2531 |
|  0.000% due 02/27/2062 (h) |  | 1271 |  | 810 |
|  0.000% due 02/25/2063 (h) |  | 1296 |  | 1226 |
|  0.000% due 07/25/2063 (h) |  | 404 |  | 393 |
|  0.000% due 01/25/2064 (b)(h) |  | 86 |  | 84 |
|  0.000% due 03/25/2064 (b)(h) |  | 1 |  | 1 |
|  0.000% due 03/25/2064 (h) |  | 627 |  | 618 |
|  0.000% due 07/25/2064 (b)(h) |  | 128 |  | 125 |
|  0.000% due 07/25/2064 (b)(h) |  | 88 |  | 87 |
|  0.010% due 08/01/2079 « |  | 956 |  | 773 |
|  0.652% due 03/25/2052 ~(a) |  | 242417 |  | 9311 |
|  1.625% due 06/25/2061 ~ |  | 165096 |  | 150362 |
|  2.250% due 06/25/2061 ~ |  | 24938 |  | 20546 |
|  2.500% due 03/25/2052 ~ |  | 242417 |  | 198078 |
|  2.500% due 06/25/2061 ~ |  | 24253 |  | 20192 |
|  2.750% due 06/25/2061 ~ |  | 19676 |  | 16000 |
|  2.959% due 03/25/2052 •  |  | 3749 |  | 1566 |
|  3.152% due 03/25/2052 ~ |  | 15490 |  | 13256 |
|  3.152% due 03/25/2052 •  |  | 3585 |  | 2893 |
|  3.250% due 01/25/2064 ~ |  | 123721 |  | 103802 |
|  3.476% due 07/25/2064 •  |  | 189931 |  | 164525 |
|  3.546% due 03/25/2064 ~ |  | 576013 |  | 481267 |
|  3.638% due 02/25/2063 ~ |  | 339210 |  | 286142 |
|  3.750% due 07/25/2061 •  |  | 25187 |  | 24325 |
|  3.884% due 07/25/2064 ~ |  | 74438 |  | 68054 |
|  3.900% due 09/25/2061 þ |  | 21500 |  | 20790 |
|  4.046% due 06/25/2061 ~ |  | 55798 |  | 42641 |
|  4.106% due 01/25/2062 ~ |  | 778253 |  | 722831 |
|  4.108% due 02/27/2062 ~ |  | 341020 |  | 295300 |
|  4.149% due 12/27/2067 ~ |  | 549251 |  | 464559 |
|  4.436% due 07/25/2063 ~ |  | 409947 |  | 375844 |
|  5.500% due 08/01/2079 « |  | 103781 |  | 98905 |
|  5.827% due 04/25/2065 ~ |  | 253330 |  | 261972 |
|  6.521% due 06/25/2063 ~ |  | 359282 |  | 362406 |
|  6.889% due 03/25/2064 •  |  | 375066 |  | 384365 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.835% due 02/25/2036 •  |  | 3313 |  | 3133 |
|  GSCG Trust | GSCG Trust | GSCG Trust | GSCG Trust | GSCG Trust |
|  2.936% due 09/06/2034 |  | 12950 |  | 10120 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSMBS Mortgage Loan Trust | GSMBS Mortgage Loan Trust | GSMBS Mortgage Loan Trust | GSMBS Mortgage Loan Trust | GSMBS Mortgage Loan Trust |
|  1.000% due 01/01/2075 « | $— | 2462 | $— | 2466 |
|  4.500% due 01/01/2075 « |  | 571951 |  | 519380 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2035 •  |  | 13664 |  | 11905 |
|  4.785% due 03/25/2035 •  |  | 2172 |  | 2028 |
|  4.835% due 06/25/2034 •  |  | 21152 |  | 18869 |
|  7.064% due 10/20/2032 ~ |  | 7576 |  | 7035 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.662% due 09/25/2036 ~ |  | 709 |  | 215 |
|  7.500% due 10/25/2036 •  |  | 1004 |  | 118 |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  4.009% due 04/26/2037 •  |  | 43798 |  | 23324 |
|  4.569% due 02/26/2037 •  |  | 19079 |  | 17851 |
|  4.575% due 10/26/2036 •  |  | 22827 |  | 21295 |
|  4.794% due 11/26/2036 •  |  | 12424 |  | 6709 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.809% due 01/25/2035 ~ |  | 9 |  | 8 |
|  4.065% due 08/25/2034 •  |  | 186 |  | 172 |
|  4.250% due 03/25/2032 |  | 39 |  | 39 |
|  4.286% due 05/25/2035 •  |  | 501 |  | 376 |
|  4.363% due 05/25/2037 ~ |  | 944 |  | 521 |
|  4.475% due 05/25/2037 •  |  | 1267 |  | 1098 |
|  4.632% due 11/25/2035 •  |  | 8 |  | 7 |
|  4.651% due 08/25/2034 ~ |  | 21 |  | 19 |
|  4.683% due 01/25/2036 ~ |  | 3 |  | 4 |
|  4.684% due 04/25/2035 ~ |  | 48 |  | 46 |
|  4.697% due 04/25/2036 •  |  | 712 |  | 466 |
|  4.735% due 01/25/2035 •  |  | 36 |  | 33 |
|  4.735% due 08/25/2035 •  |  | 249 |  | 241 |
|  4.739% due 01/25/2036 ~ |  | 2348 |  | 2185 |
|  4.785% due 06/25/2035 •  |  | 530 |  | 508 |
|  4.875% due 08/25/2046 •  |  | 43701 |  | 9446 |
|  4.885% due 07/25/2037 •  |  | 136 |  | 32 |
|  4.955% due 08/25/2046 •  |  | 34126 |  | 7607 |
|  5.000% due 07/25/2036 |  | 5 |  | 0 |
|  5.059% due 05/25/2037 ~ |  | 6419 |  | 4162 |
|  5.076% due 11/25/2035 •  |  | 5 |  | 5 |
|  5.079% due 12/25/2034 ~ |  | 353 |  | 47 |
|  5.079% due 12/25/2034 •  |  | 388 |  | 51 |
|  5.280% due 10/25/2035 ~ |  | 1296 |  | 682 |
|  5.293% due 04/25/2035 •  |  | 21 |  | 20 |
|  5.439% due 07/25/2035 ~ |  | 770 |  | 477 |
|  5.442% due 08/25/2034 ~ |  | 99 |  | 93 |
|  5.500% due 03/25/2036 |  | 745 |  | 951 |
|  5.500% due 01/25/2037 |  | 228 |  | 851 |
|  5.665% due 11/25/2035 •  |  | 1063 |  | 542 |
|  5.750% due 02/25/2036 |  | 250 |  | 217 |
|  5.808% due 03/25/2037 •  |  | 361 |  | 328 |
|  5.876% due 09/25/2034 ~ |  | 4 |  | 4 |
|  5.880% due 05/25/2034 •  |  | 45 |  | 40 |
|  6.000% due 11/25/2035 |  | 243 |  | 81 |
|  6.000% due 02/25/2036 |  | 345 |  | 153 |
|  6.000% due 03/25/2036 |  | 10160 |  | 3411 |
|  6.000% due 06/25/2036 |  | 239 |  | 548 |
|  6.000% due 07/25/2036 |  | 1557 |  | 909 |
|  6.000% due 09/25/2036 |  | 1291 |  | 555 |
|  6.000% due 01/25/2037 |  | 38 |  | 22 |
|  6.119% due 09/25/2035 ~ |  | 1275 |  | 1154 |
|  6.119% due 09/25/2035 •  |  | 188 |  | 170 |
|  6.250% due 10/25/2036 |  | 9488 |  | 8708 |
|  6.500% due 09/25/2036 |  | 1206 |  | 562 |
|  6.500% due 10/25/2036 |  | 551 |  | 203 |
|  6.623% due 07/25/2035 ~ |  | 919 |  | 479 |
|  6.673% due 05/25/2035 •  |  | 398 |  | 303 |
|  6.699% due 05/25/2035 •  |  | 2054 |  | 1791 |
|  6.767% due 10/25/2035 •  |  | 242 |  | 233 |
|  6.922% due 01/25/2035 •  |  | 139 |  | 130 |
|  6.940% due 04/25/2032 ~ |  | 7 |  | 7 |
|  6.947% due 11/25/2035 •  |  | 150 |  | 79 |
|  7.333% due 09/25/2034 ~ |  | 224 |  | 227 |
|  7.375% due 07/25/2035 ~ |  | 148 |  | 146 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.101% due 08/19/2036 ~ |  | 215 |  | 184 |
|  4.335% due 06/19/2036 ~ |  | 238 |  | 96 |
|  4.595% due 05/25/2038 •  |  | 10133 |  | 8133 |
|  4.611% due 11/19/2036 •  |  | 9092 |  | 7897 |
|  4.651% due 07/19/2047 •  |  | 8169 |  | 7907 |
|  4.691% due 03/19/2037 •  |  | 18725 |  | 17268 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.731% due 01/25/2047 •  | $— | 8648 | $— | 8222 |
|  4.771% due 12/19/2036 •  |  | 1485 |  | 1349 |
|  4.794% due 06/19/2045 ~ |  | 3668 |  | 1696 |
|  4.811% due 09/19/2037 ~ |  | 15311 |  | 13219 |
|  4.811% due 02/19/2046 ~ |  | 1265 |  | 1173 |
|  4.831% due 05/19/2037 •  |  | 31623 |  | 25216 |
|  4.835% due 07/21/2036 •  |  | 5570 |  | 2682 |
|  4.841% due 12/19/2036 •  |  | 40057 |  | 31512 |
|  4.851% due 11/19/2036 •  |  | 11447 |  | 10562 |
|  4.911% due 01/19/2036 ~ |  | 83 |  | 84 |
|  4.911% due 12/19/2036 •  |  | 13992 |  | 13223 |
|  4.931% due 01/19/2036 •  |  | 341 |  | 222 |
|  4.936% due 06/19/2036 ~ |  | 98 |  | 48 |
|  4.971% due 03/19/2035 •  |  | 1029 |  | 1039 |
|  4.971% due 07/19/2045 •  |  | 8189 |  | 7517 |
|  4.991% due 02/19/2036 ~ |  | 3697 |  | 1662 |
|  4.994% due 10/20/2045 •  |  | 5872 |  | 4072 |
|  5.001% due 06/19/2045 •  |  | 12493 |  | 6886 |
|  5.011% due 07/19/2045 •  |  | 1297 |  | 1132 |
|  5.043% due 07/19/2035 •  |  | 3550 |  | 2668 |
|  5.051% due 11/19/2035 ~ |  | 357 |  | 235 |
|  5.051% due 08/19/2045 •  |  | 188 |  | 177 |
|  5.071% due 01/19/2035 ~ |  | 130 |  | 106 |
|  5.091% due 09/19/2035 •  |  | 893 |  | 547 |
|  5.131% due 01/19/2035 ~ |  | 712 |  | 682 |
|  5.180% due 12/19/2035 •  |  | 1379 |  | 699 |
|  5.191% due 01/19/2035 •  |  | 134 |  | 130 |
|  5.211% due 12/19/2034 •  |  | 2115 |  | 1778 |
|  5.231% due 11/19/2034 ~ |  | 27 |  | 21 |
|  5.231% due 11/19/2034 •  |  | 59 |  | 57 |
|  5.231% due 12/19/2034 •  |  | 23 |  | 20 |
|  5.251% due 12/19/2034 •  |  | 10270 |  | 8474 |
|  5.291% due 11/19/2034 •  |  | 10354 |  | 7141 |
|  5.485% due 12/19/2036 ~ |  | 4987 |  | 4456 |
|  5.562% due 06/19/2034 •  |  | 13 |  | 12 |
|  5.807% due 11/19/2034 ~ |  | 15 |  | 15 |
|  5.971% due 02/19/2036 •  |  | 464 |  | 215 |
|  6.435% due 10/25/2037 ~ |  | 10745 |  | 9993 |
|  6.440% due 11/19/2034 ~ |  | 191 |  | 185 |
|  6.468% due 08/19/2034 ~ |  | 798 |  | 783 |
|  6.635% due 01/19/2036 •  |  | 8563 |  | 3520 |
|  6.635% due 10/20/2045 •  |  | 2024 |  | 1513 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  0.475% due 11/05/2038 ~(a) |  | 118960 |  | 656 |
|  2.828% due 11/05/2035 |  | 71800 |  | 59541 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.726% due 04/25/2037 •  |  | 3319 |  | 2995 |
|  4.955% due 01/25/2036 ~ |  | 2083 |  | 2012 |
|  5.055% due 03/25/2035 •  |  | 217 |  | 174 |
|  5.410% due 12/25/2034 •  |  | 147 |  | 138 |
|  5.560% due 03/25/2035 •  |  | 65 |  | 45 |
|  5.635% due 03/25/2035 •  |  | 87 |  | 57 |
|  Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust | Homeward Opportunities Fund Trust |
|  5.082% due 07/25/2067 þ |  | 7662 |  | 7622 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.762% due 09/25/2037 ~ |  | 786 |  | 668 |
|  4.783% due 09/25/2037 ~ |  | 10164 |  | 8447 |
|  5.108% due 01/25/2037 ~ |  | 2136 |  | 1638 |
|  5.954% due 01/25/2037 ~ |  | 696 |  | 450 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.395% due 07/25/2035 •  |  | 692 |  | 665 |
|  5.425% due 07/25/2035 •  |  | 1604 |  | 1413 |
|  ILPT Commercial Mortgage Trust | ILPT Commercial Mortgage Trust | ILPT Commercial Mortgage Trust | ILPT Commercial Mortgage Trust | ILPT Commercial Mortgage Trust |
|  6.564% due 10/15/2039 •  |  | 27100 |  | 27169 |
|  IM Pastor Fondo de Titluzacion Hipotecaria | IM Pastor Fondo de Titluzacion Hipotecaria | IM Pastor Fondo de Titluzacion Hipotecaria | IM Pastor Fondo de Titluzacion Hipotecaria | IM Pastor Fondo de Titluzacion Hipotecaria |
|  2.527% due 03/22/2044 •  |  | 8928 |  | 8683 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.715% due 10/25/2035 •  | $— | 3757 |  | 3428 |
|  4.955% due 04/25/2035 •  |  | 999 |  | 979 |
|  5.075% due 09/25/2034 •  |  | 9 |  | 9 |
|  5.075% due 03/25/2035 ~ |  | 3082 |  | 2967 |
|  5.155% due 05/25/2035 •  |  | 27 |  | 25 |
|  5.287% due 09/25/2034 þ |  | 1151 |  | 1233 |
|  5.302% due 09/25/2034 þ |  | 463 |  | 545 |
|  5.380% due 10/25/2034 •  |  | 31 |  | 31 |
|  5.380% due 11/25/2034 •  |  | 46 |  | 44 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.835% due 05/25/2036 •  |  | 8 |  | 6 |
|  4.915% due 03/25/2037 •  |  | 24115 |  | 20894 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.915% due 09/25/2037 •  | $— | 7481 | $— | 6453 |
|  4.955% due 01/25/2037 •  |  | 16022 |  | 13846 |
|  5.135% due 05/25/2036 •  |  | 292 |  | 269 |
|  5.155% due 09/25/2037 •  |  | 7742 |  | 6719 |
|  5.195% due 05/25/2037 •  |  | 10043 |  | 8523 |
|  5.450% due 03/25/2033 ~ |  | 1088 |  | 1076 |
|  6.535% due 05/25/2036 •  |  | 284 |  | 284 |
|  IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust |
|  6.636% due 01/25/2032 ~ |  | 3 |  | 3 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 |  | 1842 |  | 755 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  6.000% due 06/25/2037 |  | 10325 |  | 6481 |
|  6.500% due 09/25/2037 |  | 90 |  | 48 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.290% due 11/25/2035 ~ |  | 208 |  | 159 |
|  3.505% due 11/25/2037 ~ |  | 5945 |  | 4905 |
|  3.682% due 09/25/2036 •  |  | 2387 |  | 1813 |
|  3.817% due 01/25/2036 ~ |  | 1488 |  | 1158 |
|  4.126% due 03/25/2037 ~ |  | 711 |  | 552 |
|  4.737% due 08/25/2037 ~ |  | 1106 |  | 1075 |
|  4.818% due 09/25/2037 ~ |  | 10218 |  | 5449 |
|  5.653% due 01/25/2036 ~ |  | 60 |  | 57 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.191% due 06/25/2037 •  |  | 4112 |  | 2425 |
|  3.229% due 06/25/2037 •  |  | 8564 |  | 6914 |
|  3.351% due 06/25/2035 •  |  | 43 |  | 34 |
|  3.360% due 05/25/2037 ~ |  | 3003 |  | 2404 |
|  3.373% due 05/25/2036 ~ |  | 12651 |  | 8516 |
|  3.419% due 01/25/2036 ~ |  | 29 |  | 25 |
|  3.464% due 08/25/2037 •  |  | 51 |  | 36 |
|  3.472% due 09/25/2035 •  |  | 3191 |  | 2206 |
|  3.474% due 06/25/2036 •  |  | 183 |  | 114 |
|  3.485% due 07/25/2037 •  |  | 16644 |  | 10926 |
|  3.515% due 06/25/2036 ~ |  | 458 |  | 398 |
|  3.517% due 01/25/2035 •  |  | 297 |  | 281 |
|  3.526% due 05/25/2037 •  |  | 37765 |  | 29072 |
|  3.601% due 06/25/2036 ~ |  | 18957 |  | 12957 |
|  3.669% due 05/25/2036 ~ |  | 7982 |  | 7726 |
|  3.681% due 02/25/2036 •  |  | 2135 |  | 1537 |
|  3.685% due 10/25/2035 •  |  | 4688 |  | 3786 |
|  3.800% due 05/25/2035 •  |  | 1295 |  | 1129 |
|  3.834% due 08/25/2035 ~ |  | 4109 |  | 3019 |
|  3.834% due 08/25/2035 •  |  | 1346 |  | 978 |
|  3.928% due 05/25/2037 ~ |  | 15108 |  | 10245 |
|  4.017% due 12/25/2035 ~ |  | 980 |  | 543 |
|  4.036% due 09/25/2036 ~ |  | 56 |  | 36 |
|  4.040% due 07/25/2036 ~ |  | 5749 |  | 3790 |
|  4.073% due 11/25/2035 •  |  | 1915 |  | 1815 |
|  4.110% due 09/25/2035 •  |  | 4510 |  | 3711 |
|  4.198% due 12/25/2035 ~ |  | 2122 |  | 1308 |
|  4.449% due 12/25/2035 ~ |  | 4528 |  | 3257 |
|  4.503% due 01/25/2037 ~ |  | 2952 |  | 2498 |
|  4.604% due 11/25/2035 ~ |  | 5888 |  | 4203 |
|  4.610% due 06/25/2036 ~ |  | 2979 |  | 2305 |
|  4.658% due 03/25/2035 ~ |  | 13 |  | 12 |
|  4.675% due 07/25/2036 •  |  | 4893 |  | 4756 |
|  4.695% due 10/25/2036 •  |  | 48 |  | 44 |
|  4.701% due 11/25/2035 ~ |  | 2229 |  | 1388 |
|  4.732% due 08/25/2035 •  |  | 1625 |  | 1493 |
|  4.735% due 06/25/2037 •  |  | 7886 |  | 2787 |
|  4.795% due 01/25/2037 •  |  | 3262 |  | 2860 |
|  4.815% due 09/25/2046 •  |  | 5897 |  | 5260 |
|  4.835% due 10/25/2036 •  |  | 1884 |  | 1718 |
|  4.835% due 06/25/2046 ~ |  | 11195 |  | 9752 |
|  4.835% due 11/25/2046 •  |  | 19393 |  | 18476 |
|  4.855% due 04/25/2046 •  |  | 5560 |  | 5012 |
|  4.855% due 05/25/2046 •  |  | 25091 |  | 22750 |
|  4.875% due 04/25/2046 •  |  | 4513 |  | 4069 |
|  4.895% due 04/25/2035 ~ |  | 1447 |  | 1346 |
|  4.895% due 09/25/2046 •  |  | 4553 |  | 4450 |
|  4.915% due 04/25/2035 ~ |  | 3867 |  | 3146 |
|  4.915% due 07/25/2035 ~ |  | 1010 |  | 929 |
|  4.915% due 06/25/2037 •  |  | 11642 |  | 10790 |
|  4.928% due 07/25/2035 ~ |  | 4224 |  | 2243 |
|  4.935% due 02/25/2037 •  |  | 30012 |  | 19857 |
|  4.955% due 06/25/2035 •  |  | 2862 |  | 2310 |
|  4.955% due 07/25/2035 ~ |  | 10828 |  | 7283 |
|  4.995% due 03/25/2035 •  |  | 165 |  | 164 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.995% due 07/25/2035 •  | $— | 1458 | $— | 1176 |
|  5.015% due 11/25/2036 ~ |  | 5497 |  | 5165 |
|  5.075% due 02/25/2035 ~ |  | 820 |  | 753 |
|  5.075% due 07/25/2045 •  |  | 2459 |  | 1960 |
|  5.115% due 02/25/2035 •  |  | 612 |  | 537 |
|  5.135% due 01/25/2035 •  |  | 1210 |  | 929 |
|  5.235% due 08/25/2034 •  |  | 48 |  | 43 |
|  5.235% due 11/25/2034 ~ |  | 4 |  | 4 |
|  5.235% due 07/25/2046 •  |  | 1082 |  | 957 |
|  5.315% due 09/25/2034 •  |  | 51 |  | 45 |
|  5.622% due 04/25/2035 ~ |  | 7 |  | 7 |
|  5.995% due 10/25/2036 •  |  | 6753 |  | 3529 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.308% due 05/25/2036 •  |  | 580 |  | 326 |
|  4.673% due 01/25/2036 ~ |  | 1859 |  | 1196 |
|  4.795% due 06/25/2037 •  |  | 29476 |  | 15177 |
|  4.835% due 06/25/2037 •  |  | 10611 |  | 3820 |
|  5.428% due 11/25/2036 ~ |  | 2980 |  | 1557 |
|  5.843% due 05/26/2037 ~ |  | 15670 |  | 1403 |
|  5.843% due 05/26/2037 •  |  | 7835 |  | 674 |
|  6.000% due 03/25/2036 |  | 1559 |  | 769 |
|  6.000% due 12/27/2036 |  | 20721 |  | 10427 |
|  6.460% due 12/25/2036 þ |  | 2099 |  | 2103 |
|  6.500% due 03/25/2036 |  | 3906 |  | 2129 |
|  6.500% due 12/25/2036 þ |  | 36384 |  | 30935 |
|  6.810% due 08/25/2036 þ |  | 9942 |  | 9673 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  0.236% due 03/05/2042 ~(a) |  | 158100 |  | 1009 |
|  0.360% due 10/05/2040 ~(a) |  | 217800 |  | 2745 |
|  1.301% due 08/15/2049 •(a) |  | 114572 |  | 1425 |
|  1.974% due 01/05/2040 |  | 15870 |  | 14115 |
|  2.287% due 03/05/2042 |  | 33500 |  | 30404 |
|  4.128% due 07/05/2031 |  | 27783 |  | 25816 |
|  4.916% due 04/15/2037 •  |  | 58164 |  | 57052 |
|  5.444% due 06/15/2038 •  |  | 19290 |  | 18869 |
|  5.699% due 11/15/2038 •  |  | 1350 |  | 1346 |
|  5.734% due 03/15/2036 ~ |  | 5000 |  | 4577 |
|  7.235% due 10/05/2040 |  | 70400 |  | 74461 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 •  |  | 144964 |  | 157691 |
|  4.471% due 10/25/2036 ~ |  | 176 |  | 98 |
|  4.513% due 06/25/2036 ~ |  | 103 |  | 69 |
|  4.527% due 06/25/2036 ~ |  | 250 |  | 172 |
|  4.557% due 01/25/2037 ~ |  | 236 |  | 185 |
|  4.578% due 05/25/2036 ~ |  | 1721 |  | 1407 |
|  4.619% due 10/25/2036 •  |  | 580 |  | 422 |
|  4.625% due 07/25/2063 ~ |  | 33175 |  | 32170 |
|  4.682% due 04/25/2037 ~ |  | 3191 |  | 2619 |
|  4.682% due 04/25/2037 •  |  | 300 |  | 246 |
|  4.750% due 01/25/2063 ~ |  | 11916 |  | 11626 |
|  4.758% due 06/25/2037 ~ |  | 194 |  | 149 |
|  5.054% due 08/25/2036 ~ |  | 1720 |  | 1347 |
|  5.063% due 10/25/2033 ~ |  | 9 |  | 9 |
|  5.121% due 08/25/2036 ~ |  | 4640 |  | 3759 |
|  5.203% due 11/25/2035 •  |  | 2927 |  | 2306 |
|  5.243% due 05/25/2036 ~ |  | 625 |  | 532 |
|  5.250% due 11/25/2063 ~ |  | 821 |  | 820 |
|  5.306% due 04/25/2036 ~ |  | 1266 |  | 1102 |
|  5.306% due 04/25/2036 •  |  | 2855 |  | 2490 |
|  5.334% due 08/25/2035 ~ |  | 2 |  | 1 |
|  5.354% due 12/26/2037 ~ |  | 3903 |  | 3048 |
|  5.373% due 02/25/2036 •  |  | 1190 |  | 850 |
|  5.373% due 02/25/2036 ~ |  | 139 |  | 99 |
|  5.416% due 06/25/2036 ~ |  | 1546 |  | 1066 |
|  5.418% due 11/25/2035 ~ |  | 697 |  | 549 |
|  5.423% due 05/25/2036 ~ |  | 468 |  | 413 |
|  5.449% due 07/25/2035 ~ |  | 4 |  | 4 |
|  5.487% due 08/25/2035 •  |  | 520 |  | 459 |
|  5.491% due 06/25/2037 ~ |  | 2182 |  | 1673 |
|  5.500% due 09/25/2035 |  | 1958 |  | 1472 |
|  5.500% due 01/25/2036 |  | 603 |  | 256 |
|  5.500% due 08/25/2037 |  | 2023 |  | 821 |
|  5.590% due 07/25/2035 ~ |  | 82 |  | 78 |
|  5.590% due 03/25/2055 ~ |  | 60332 |  | 60491 |
|  5.673% due 10/25/2035 •  |  | 153 |  | 119 |
|  5.688% due 09/25/2035 •  |  | 96 |  | 90 |
|  5.690% due 02/25/2055 •  |  | 46097 |  | 46256 |
|  5.699% due 08/25/2036 •  |  | 358 |  | 293 |
|  5.709% due 06/25/2035 ~ |  | 504 |  | 507 |
|  5.735% due 11/25/2035 ~ |  | 99 |  | 80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.740% due 04/25/2036 ~ | $— | 519 | $— | 448 |
|  5.750% due 03/25/2037 |  | 340 |  | 123 |
|  5.753% due 04/25/2037 •  |  | 380 |  | 287 |
|  5.844% due 02/25/2034 ~ |  | 2 |  | 2 |
|  5.855% due 04/25/2035 •  |  | 65 |  | 63 |
|  5.987% due 07/25/2035 ~ |  | 478 |  | 460 |
|  5.988% due 04/25/2035 ~ |  | 28 |  | 27 |
|  5.990% due 07/25/2064 •  |  | 14991 |  | 15117 |
|  5.992% due 10/25/2035 •  |  | 158 |  | 153 |
|  5.994% due 10/25/2037 ~ |  | 4250 |  | 3393 |
|  6.000% due 10/25/2034 |  | 1639 |  | 1203 |
|  6.000% due 07/25/2036 |  | 2145 |  | 964 |
|  6.000% due 06/25/2037 |  | 10941 |  | 4000 |
|  6.000% due 08/25/2037 |  | 14605 |  | 6461 |
|  6.057% due 02/25/2035 ~ |  | 5 |  | 5 |
|  6.147% due 06/25/2035 ~ |  | 31 |  | 25 |
|  6.177% due 06/25/2035 •  |  | 26 |  | 26 |
|  6.263% due 10/25/2035 ~ |  | 5 |  | 4 |
|  6.382% due 07/25/2035 ~ |  | 129 |  | 127 |
|  6.500% due 09/25/2035 |  | 123 |  | 77 |
|  6.560% due 10/25/2036 ~ |  | 601 |  | 477 |
|  6.899% due 08/25/2035 ~ |  | 347 |  | 338 |
|  7.000% due 08/25/2037 |  | 765 |  | 387 |
|  7.191% due 07/25/2035 •  |  | 16 |  | 16 |
|  7.500% due 04/01/2055 «(c) |  | 316354 |  | 324362 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  4.203% due 11/26/2036 •  |  | 7048 |  | 6860 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  0.698% due 12/15/2049 ~(a) |  | 157387 |  | 1295 |
|  JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust |
|  4.451% due 01/25/2063 ~ |  | 4671 |  | 4482 |
|  Jubilee Place BV | Jubilee Place BV | Jubilee Place BV | Jubilee Place BV | Jubilee Place BV |
|  3.301% due 09/17/2060 •  |  | 8172 |  | 8864 |
|  Kentmere PLC | Kentmere PLC | Kentmere PLC | Kentmere PLC | Kentmere PLC |
|  0.000% due 01/28/2051 (h) |  | 23182 |  | 25246 |
|  5.335% due 01/28/2051 •  |  | 196233 |  | 254241 |
|  Kinbane DAC | Kinbane DAC | Kinbane DAC | Kinbane DAC | Kinbane DAC |
|  3.224% due 09/25/2062 •  |  | 34422 |  | 37209 |
|  3.473% due 01/24/2063 •  |  | 66849 |  | 72329 |
|  3.774% due 09/25/2062 •  |  | 28699 |  | 31183 |
|  4.274% due 09/25/2062 •  |  | 19800 |  | 21673 |
|  4.774% due 09/25/2062 •  |  | 11900 |  | 13128 |
|  Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC |
|  0.000% due 02/22/2045 ~ |  | 6 |  | 13329 |
|  2.250% due 02/22/2045 |  | 26742 |  | 21034 |
|  5.384% due 02/22/2045 •  |  | 108953 |  | 140389 |
|  6.584% due 02/22/2045 •  |  | 82543 |  | 103507 |
|  Landmark Mortgage Securities PLC | Landmark Mortgage Securities PLC | Landmark Mortgage Securities PLC | Landmark Mortgage Securities PLC | Landmark Mortgage Securities PLC |
|  3.043% due 06/17/2039 •  |  | 724 |  | 766 |
|  4.778% due 06/17/2039 •  |  | 3059 |  | 3896 |
|  4.964% due 04/17/2044 •  |  | 17467 |  | 21961 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  0.000% due 12/25/2056 ~(a) | $— | 716281 |  | 4899 |
|  0.000% due 07/25/2057 ~ |  | 208156 |  | 194761 |
|  0.000% due 04/25/2058 •  |  | 391 |  | 372 |
|  0.000% due 01/28/2070 ~ |  | 4051 |  | 2932 |
|  0.000% due 12/25/2053 (b)(h) |  | 467 |  | 458 |
|  0.000% due 07/25/2057 (h) |  | 615 |  | 594 |
|  0.000% due 08/26/2058 (h) |  | 723 |  | 647 |
|  0.125% due 12/26/2057 ~(a) |  | 344300 |  | 1592 |
|  1.077% due 12/26/2057 ~(a) |  | 66385 |  | 657 |
|  2.986% due 12/25/2056 ~ |  | 452444 |  | 409953 |
|  2.986% due 12/25/2056 •  |  | 263838 |  | 151021 |
|  3.725% due 06/25/2057 ~ |  | 96517 |  | 88501 |
|  3.750% due 04/25/2058 ~ |  | 98069 |  | 95574 |
|  4.000% due 02/25/2058 ~ |  | 114214 |  | 113095 |
|  4.000% due 04/25/2058 ~ |  | 106604 |  | 96238 |
|  4.000% due 08/26/2058 ~ |  | 15610 |  | 16024 |
|  4.147% due 04/25/2058 ~ |  | 51618 |  | 28873 |
|  4.250% due 02/25/2058 ~ |  | 132996 |  | 128766 |
|  4.250% due 08/26/2058 ~ |  | 357273 |  | 346057 |
|  4.320% due 02/25/2058 ~ |  | 132995 |  | 93370 |
|  4.327% due 12/26/2057 ~ |  | 273693 |  | 218881 |
|  4.452% due 01/25/2058 ~ |  | 154725 |  | 139874 |
|  4.500% due 02/25/2058 ~ |  | 132996 |  | 122334 |
|  4.508% due 08/26/2058 ~ |  | 178636 |  | 132852 |
|  4.650% due 11/25/2060 þ |  | 14252 |  | 14237 |
|  5.619% due 01/28/2070 ~ |  | 384240 |  | 378561 |
|  5.813% due 12/25/2053 ~ |  | 1317933 |  | 1317413 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  2.265% due 03/25/2037 •(a) | $— | 11884 | $— | 1075 |
|  4.413% due 12/25/2035 ~ |  | 2881 |  | 461 |
|  4.747% due 07/25/2037 ~ |  | 2732 |  | 1436 |
|  4.755% due 10/25/2036 •  |  | 6474 |  | 1780 |
|  4.855% due 12/25/2036 •  |  | 5849 |  | 1200 |
|  5.035% due 07/25/2036 •  |  | 4795 |  | 1847 |
|  5.088% due 01/25/2036 ~ |  | 680 |  | 647 |
|  5.335% due 12/25/2035 •  |  | 565 |  | 312 |
|  5.500% due 12/25/2035 |  | 25 |  | 14 |
|  5.750% due 12/25/2035 |  | 3245 |  | 2033 |
|  5.752% due 04/25/2036 •  |  | 2770 |  | 1742 |
|  6.000% due 01/25/2036 |  | 103 |  | 85 |
|  6.000% due 08/25/2037 |  | 1218 |  | 1136 |
|  6.500% due 09/25/2037 |  | 4650 |  | 1864 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.675% due 08/25/2036 •  |  | 2427 |  | 2579 |
|  4.735% due 11/25/2035 •  |  | 4 |  | 4 |
|  4.815% due 12/25/2036 •  |  | 2286 |  | 1794 |
|  4.815% due 11/25/2046 ~ |  | 126 |  | 111 |
|  4.835% due 08/25/2046 ~ |  | 6417 |  | 6516 |
|  4.835% due 11/25/2046 •  |  | 8583 |  | 7961 |
|  4.835% due 03/25/2047 •  |  | 51095 |  | 43577 |
|  4.835% due 07/25/2047 •  |  | 7143 |  | 6877 |
|  4.845% due 08/25/2046 •  |  | 4495 |  | 4064 |
|  4.855% due 09/25/2046 •  |  | 70 |  | 69 |
|  4.915% due 03/25/2047 •  |  | 11031 |  | 9451 |
|  5.035% due 12/25/2035 •  |  | 5 |  | 4 |
|  5.035% due 08/25/2037 •  |  | 20713 |  | 19272 |
|  5.535% due 07/25/2047 •  |  | 25830 |  | 18461 |
|  5.610% due 07/25/2035 þ |  | 545 |  | 484 |
|  6.135% due 03/25/2047 •  |  | 6538 |  | 5832 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  2.838% due 01/01/2061 •  |  | 1407 |  | 1472 |
|  3.521% due 05/26/2066 •  |  | 181781 |  | 196623 |
|  4.772% due 12/01/2060 •  |  | 5656 |  | 7194 |
|  4.876% due 01/01/2061 •  |  | 14220 |  | 17896 |
|  5.316% due 01/01/2061 •  |  | 3347 |  | 4264 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  3.304% due 04/25/2036 ~ | $— | 2910 |  | 1877 |
|  4.755% due 11/25/2036 •  |  | 1791 |  | 1580 |
|  4.775% due 12/25/2036 •  |  | 8182 |  | 7433 |
|  4.835% due 02/25/2046 ~ |  | 17449 |  | 12425 |
|  4.995% due 05/25/2037 •  |  | 2751 |  | 2667 |
|  Lux Trust | Lux Trust | Lux Trust | Lux Trust | Lux Trust |
|  7.010% due 08/15/2040 •  |  | 36100 |  | 36509 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  0.205% due 09/10/2039 ~(a) |  | 807900 |  | 3457 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  5.228% due 12/15/2049 •  |  | 3809 |  | 4886 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.269% due 07/25/2035 ~ | $— | 602 |  | 531 |
|  3.498% due 07/25/2035 ~ |  | 135 |  | 121 |
|  3.602% due 09/25/2035 ~ |  | 728 |  | 446 |
|  3.847% due 04/25/2035 ~ |  | 1579 |  | 1430 |
|  3.964% due 09/25/2033 ~ |  | 259 |  | 249 |
|  4.099% due 10/25/2034 •  |  | 127 |  | 116 |
|  4.435% due 12/25/2033 ~ |  | 6 |  | 6 |
|  4.650% due 12/25/2032 ~ |  | 265 |  | 249 |
|  4.915% due 05/25/2037 •  |  | 735 |  | 295 |
|  5.086% due 11/25/2036 ~ |  | 37 |  | 19 |
|  5.115% due 05/25/2047 •  |  | 5903 |  | 4897 |
|  5.350% due 04/25/2034 ~ |  | 388 |  | 388 |
|  5.535% due 09/25/2037 •  |  | 21700 |  | 8633 |
|  5.587% due 09/25/2034 ~ |  | 24 |  | 22 |
|  6.181% due 01/25/2036 ~ |  | 1436 |  | 1399 |
|  6.358% due 05/25/2034 ~ |  | 240 |  | 231 |
|  6.370% due 11/21/2034 ~ |  | 117 |  | 112 |
|  6.625% due 09/25/2033 ~ |  | 8 |  | 8 |
|  6.679% due 09/25/2034 ~ |  | 438 |  | 395 |
|  6.750% due 10/25/2032 •  |  | 29 |  | 29 |
|  6.817% due 12/21/2034 ~ |  | 37 |  | 36 |
|  6.826% due 06/25/2035 ~ |  | 2 |  | 2 |
|  6.868% due 04/21/2034 ~ |  | 3933 |  | 3835 |
|  6.875% due 12/25/2033 ~ |  | 14 |  | 14 |
|  7.141% due 05/25/2034 ~ |  | 59 |  | 56 |
|  7.500% due 07/25/2034 ~ |  | 79 |  | 76 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  5.500% due 07/25/2034 |  | 662 |  | 664 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 08/25/2034 | $— | 1423 | $— | 1397 |
|  5.500% due 04/25/2035 |  | 233 |  | 198 |
|  5.750% due 11/25/2033 |  | 1520 |  | 1463 |
|  7.000% due 06/25/2034 |  | 6 |  | 6 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  5.500% due 06/26/2034 |  | 7 |  | 7 |
|  6.000% due 06/25/2036 |  | 130 |  | 73 |
|  6.000% due 06/25/2036 •  |  | 1028 |  | 596 |
|  6.250% due 01/25/2038 |  | 3836 |  | 2019 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  4.206% due 05/25/2036 ~ |  | 130 |  | 106 |
|  4.785% due 05/25/2035 •  |  | 1439 |  | 712 |
|  4.795% due 07/25/2035 •  |  | 15510 |  | 7636 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  4.500% due 02/25/2033 |  | 106 |  | 100 |
|  6.096% due 10/25/2032 ~ |  | 48 |  | 48 |
|  6.500% due 08/25/2032 ~ |  | 17 |  | 17 |
|  6.886% due 05/25/2032 ~ |  | 132 |  | 130 |
|  7.214% due 10/25/2032 ~ |  | 33 |  | 32 |
|  7.562% due 10/25/2032 ~ |  | 8 |  | 8 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.134% due 11/15/2031 •  |  | 41 |  | 40 |
|  5.174% due 09/15/2030 •  |  | 30 |  | 30 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.575% due 01/25/2037 •  |  | 50582 |  | 15291 |
|  4.578% due 06/25/2037 •  |  | 20433 |  | 9341 |
|  4.655% due 03/25/2037 ~ |  | 24704 |  | 5860 |
|  4.735% due 01/25/2037 •  |  | 6407 |  | 1937 |
|  4.835% due 03/25/2037 •  |  | 17595 |  | 4601 |
|  4.855% due 03/25/2037 •  |  | 14220 |  | 2438 |
|  5.035% due 03/25/2037 •  |  | 211 |  | 50 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.187% due 02/25/2034 •  |  | 259 |  | 223 |
|  4.022% due 09/25/2036 ~ |  | 5508 |  | 4172 |
|  4.034% due 09/25/2037 ~ |  | 3054 |  | 2703 |
|  4.313% due 05/25/2034 ~ |  | 44 |  | 40 |
|  4.456% due 03/25/2036 ~ |  | 1543 |  | 757 |
|  4.735% due 09/25/2037 •  |  | 5344 |  | 3037 |
|  4.750% due 07/25/2033 ~ |  | 55 |  | 53 |
|  4.895% due 04/25/2029 •  |  | 213 |  | 197 |
|  4.895% due 03/25/2030 •  |  | 36 |  | 35 |
|  4.895% due 09/25/2037 •  |  | 9625 |  | 5533 |
|  5.095% due 06/25/2028 •  |  | 287 |  | 268 |
|  5.095% due 11/25/2029 •  |  | 450 |  | 404 |
|  5.115% due 04/25/2028 •  |  | 2 |  | 2 |
|  5.133% due 03/25/2030 •  |  | 75 |  | 66 |
|  5.205% due 04/25/2035 ~ |  | 589 |  | 529 |
|  5.266% due 06/25/2037 •  |  | 3658 |  | 3539 |
|  5.300% due 01/25/2030 •  |  | 2 |  | 1 |
|  5.312% due 09/25/2035 •  |  | 26 |  | 21 |
|  5.313% due 10/25/2028 •  |  | 8 |  | 8 |
|  5.322% due 07/25/2030 •  |  | 65 |  | 63 |
|  5.333% due 11/25/2029 •  |  | 11 |  | 11 |
|  5.380% due 01/25/2029 •  |  | 67 |  | 58 |
|  5.493% due 07/25/2035 ~ |  | 281 |  | 119 |
|  5.543% due 02/25/2035 ~ |  | 638 |  | 603 |
|  5.674% due 05/25/2029 •  |  | 33 |  | 31 |
|  5.793% due 02/25/2036 •  |  | 1096 |  | 1079 |
|  6.144% due 07/25/2035 •  |  | 318 |  | 286 |
|  6.156% due 05/25/2036 •  |  | 5 |  | 5 |
|  6.207% due 12/25/2035 •  |  | 765 |  | 735 |
|  6.244% due 12/25/2035 ~ |  | 1752 |  | 860 |
|  6.250% due 10/25/2036 |  | 1567 |  | 571 |
|  6.269% due 05/25/2036 ~ |  | 145 |  | 142 |
|  6.275% due 05/25/2036 ~ |  | 812 |  | 792 |
|  6.290% due 09/25/2029 ~ |  | 21 |  | 20 |
|  6.293% due 02/25/2033 ~ |  | 9 |  | 9 |
|  6.373% due 01/25/2029 ~ |  | 1196 |  | 1166 |
|  6.375% due 01/25/2029 ~ |  | 1 |  | 1 |
|  6.395% due 12/25/2034 ~ |  | 70 |  | 68 |
|  6.444% due 10/25/2036 ~ |  | 7180 |  | 6111 |
|  6.501% due 02/25/2034 ~ |  | 25 |  | 24 |
|  6.634% due 09/25/2033 ~ |  | 229 |  | 220 |
|  6.912% due 12/25/2034 •  |  | 4 |  | 4 |
|  7.026% due 07/25/2033 ~ |  | 38 |  | 37 |
|  7.268% due 07/25/2034 ~ |  | 359 |  | 349 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.912% due 06/25/2037 ~ |  | 3465 |  | 2066 |
|  6.530% due 08/25/2036 •  |  | 2699 |  | 2307 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrion Square Residential | Merrion Square Residential | Merrion Square Residential |
|  3.473% due 03/24/2081 •  | 92856 | 99622 |
|  MFA Trust | MFA Trust | MFA Trust |
|  2.855% due 07/25/2060 ~ | 5200 | 4316 |
|  4.250% due 02/25/2066 ~ | 3682 | 3507 |
|  4.400% due 03/25/2068 þ | 57898 | 57056 |
|  6.105% due 12/25/2068 þ | 17563 | 17677 |
|  6.775% due 10/25/2058 þ | 19429 | 19681 |
|  MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust |
|  2.694% due 02/12/2040 | 16065 | 14011 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  0.630% due 11/12/2049 ~(a) | 46 | 0 |
|  0.855% due 07/15/2053 ~(a) | 54413 | 2247 |
|  1.782% due 07/15/2053 ~(a) | 96262 | 7148 |
|  2.428% due 04/05/2042 •  | 2000 | 1711 |
|  3.340% due 03/15/2049 | 2237 | 2223 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  2.283% due 06/25/2037 ~ | 10891 | 5694 |
|  3.619% due 11/25/2037 ~ | 883 | 761 |
|  3.647% due 07/25/2035 •  | 120 | 107 |
|  3.932% due 12/25/2037 ~ | 3421 | 2200 |
|  4.103% due 05/25/2036 •  | 7104 | 3810 |
|  4.565% due 09/25/2035 •  | 31 | 20 |
|  4.715% due 01/25/2036 •  | 950 | 508 |
|  4.735% due 08/25/2035 •  | 1071 | 581 |
|  4.880% due 01/25/2035 ~ | 185 | 169 |
|  5.052% due 11/25/2035 ~ | 64 | 26 |
|  5.143% due 08/25/2034 ~ | 391 | 362 |
|  5.266% due 07/25/2034 ~ | 55 | 50 |
|  5.432% due 08/25/2034 ~ | 1 | 1 |
|  5.500% due 11/25/2035 | 38 | 33 |
|  5.791% due 10/25/2034 ~ | 20 | 19 |
|  5.808% due 09/25/2034 ~ | 796 | 788 |
|  6.000% due 08/25/2037 | 272 | 94 |
|  6.000% due 10/25/2037 | 6353 | 3357 |
|  6.215% due 09/25/2034 ~ | 253 | 244 |
|  6.246% due 10/25/2034 ~ | 22 | 22 |
|  6.303% due 07/25/2035 ~ | 12 | 11 |
|  6.320% due 06/25/2036 ~ | 113 | 110 |
|  6.465% due 09/25/2034 ~ | 406 | 391 |
|  6.582% due 07/25/2034 ~ | 85 | 86 |
|  7.013% due 08/25/2036 þ | 5821 | 1224 |
|  Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust |
|  3.517% due 06/26/2047 •  | 35051 | 30547 |
|  3.944% due 04/26/2047 •  | 25950 | 18198 |
|  3.997% due 06/26/2047 •  | 417 | 326 |
|  4.886% due 12/27/2046 •  | 14227 | 12901 |
|  5.127% due 04/26/2047 ~ | 2730 | 1378 |
|  5.250% due 05/26/2037 ~ | 6990 | 3186 |
|  6.250% due 08/26/2047 ~ | 10762 | 5830 |
|  22.131% due 07/26/2036 •  | 2680 | 1812 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  0.000% due 11/25/2069 ~ | 301609 | 317680 |
|  4.000% due 06/25/2064 þ | 31780 | 30892 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.540% due 05/25/2042 ~ | 22578 | 22204 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.735% due 06/25/2047 •  | 1316 | 1116 |
|  4.855% due 04/25/2036 •  | 9059 | 7637 |
|  4.895% due 06/25/2047 •  | 10899 | 9461 |
|  4.935% due 11/25/2035 •  | 12142 | 10054 |
|  5.035% due 08/25/2035 •  | 693 | 688 |
|  MSJP HAUL | MSJP HAUL | MSJP HAUL |
|  0.400% due 09/05/2047 ~(a) | 31700 | 690 |
|  0.887% due 09/05/2047 ~(a) | 53100 | 1180 |
|  NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust |
|  6.500% due 03/25/2034 | 366 | 329 |
|  6.500% due 02/25/2035 | 1110 | 953 |
|  7.500% due 03/25/2034 | 1285 | 1192 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.047% due 08/15/2036 | 10000 | 9267 |
|  3.796% due 11/15/2032 ~ | 21380 | 20287 |
|  3.821% due 02/15/2039 | 34500 | 32002 |
|  New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust |
|  6.667% due 07/25/2036 þ | 1039 | 212 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 1100 | 1088 |
|  5.656% due 04/15/2032 •  | 14615 | 14266 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 1378 | 1321 |
|  3.000% due 07/25/2059 •  | 9300 | 8482 |
|  3.381% due 12/25/2057 ~ | 6971 | 6607 |
|  3.509% due 08/25/2059 ~ | 14641 | 13465 |
|  3.565% due 02/25/2058 ~ | 6370 | 6118 |
|  3.750% due 11/25/2058 ~ | 17041 | 16346 |
|  3.815% due 09/25/2057 ~ | 16055 | 15133 |
|  3.822% due 08/27/2057 ~ | 9122 | 8784 |
|  3.988% due 12/25/2057 ~ | 9674 | 9124 |
|  4.000% due 08/25/2059 ~ | 43642 | 41435 |
|  4.000% due 10/25/2059 ~ | 10491 | 10115 |
|  4.230% due 10/25/2059 ~ | 32731 | 31493 |
|  4.250% due 12/25/2058 ~ | 14559 | 14055 |
|  4.250% due 08/25/2059 ~ | 23370 | 22377 |
|  4.259% due 08/25/2059 ~ | 36603 | 34922 |
|  4.500% due 02/25/2057 ~ | 1587 | 1563 |
|  4.500% due 12/25/2057 ~ | 15745 | 15216 |
|  4.500% due 02/25/2058 ~ | 4343 | 4282 |
|  4.500% due 12/25/2058 ~ | 15290 | 14819 |
|  4.750% due 02/25/2057 ~ | 10440 | 10224 |
|  4.946% due 05/25/2058 ~ | 16016 | 15560 |
|  6.864% due 10/25/2063 þ | 122270 | 123708 |
|  New Rochelle Public Library Trust | New Rochelle Public Library Trust | New Rochelle Public Library Trust |
|  0.000% due 05/01/2058 ~ | 229388 | 205461 |
|  0.000% due 09/25/2062 (h) | 379 | 374 |
|  0.000% due 09/25/2063 (h) | 126 | 124 |
|  0.000% due 11/25/2063 (h) | 383 | 364 |
|  3.691% due 09/25/2063 ~ | 165222 | 139033 |
|  4.426% due 11/25/2063 ~ | 186325 | 164436 |
|  4.565% due 09/25/2062 ~ | 162926 | 141327 |
|  4.790% due 05/01/2058 (h) | 420 | 410 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  3.215% due 07/25/2061 | 3000 | 2586 |
|  3.750% due 02/25/2068 ~ | 11852 | 10969 |
|  5.095% due 08/25/2035 •  | 214 | 193 |
|  5.379% due 06/25/2069 •  | 21576 | 21511 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  3.078% due 12/15/2050 •  | 2097 | 2253 |
|  3.728% due 12/15/2050 •  | 1733 | 1808 |
|  3.978% due 12/15/2050 •  | 2899 | 2971 |
|  4.799% due 12/01/2050 •  | 1032 | 1307 |
|  5.578% due 12/15/2050 •  | 9198 | 11726 |
|  5.828% due 12/15/2050 •  | 2599 | 3266 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 14388 | 13045 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.416% due 10/25/2035 ~ | 199 | 177 |
|  4.755% due 10/25/2036 •  | 1897 | 1595 |
|  4.995% due 04/25/2037 •  | 38 | 39 |
|  5.035% due 02/25/2036 ~ | 613 | 447 |
|  5.264% due 02/25/2036 ~ | 1375 | 1002 |
|  5.435% due 05/25/2035 ~ | 2597 | 2317 |
|  5.500% due 05/25/2033 | 1 | 1 |
|  5.614% due 02/25/2036 ~ | 261 | 197 |
|  5.907% due 08/25/2034 ~ | 808 | 794 |
|  6.000% due 05/25/2033 | 2 | 2 |
|  6.215% due 08/25/2036 ~ | 3987 | 1073 |
|  6.431% due 08/25/2036 ~ | 9905 | 2665 |
|  7.000% due 04/25/2033 | 5 | 5 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  0.000% due 08/27/2047 ~ | 88078 | 69867 |
|  0.469% due 10/25/2036 ~ | 6206 | 3534 |
|  4.262% due 10/26/2036 •  | 3212 | 2799 |
|  5.335% due 07/25/2036 •  | 2381 | 2297 |
|  6.000% due 07/26/2037 | 14301 | 5251 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.490% due 09/25/2046 •  | 67379 | 26499 |
|  NRPLM Trust | NRPLM Trust | NRPLM Trust |
|  0.000% due 09/27/2063 ~ | 6957 | 5500 |
|  4.439% due 11/25/2063 ~ | 7956 | 6642 |
|  4.459% due 09/27/2062 | 7134 | 5810 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  | 26300 | 26123 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.270% due 01/25/2062 ~ | 5240 | 5031 |
|  3.646% due 03/25/2053 ~ | 42458 | 41637 |
|  3.665% due 04/25/2053 ~ | 64910 | 64140 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.110% due 08/25/2062 þ | $— | 17094 | $— | 17010 |
|  5.928% due 11/25/2063 þ |  | 19931 |  | 20017 |
|  6.030% due 01/25/2064 þ |  | 26150 |  | 26349 |
|  6.113% due 03/25/2063 þ |  | 35178 |  | 35332 |
|  6.233% due 05/25/2064 þ |  | 21921 |  | 22200 |
|  6.319% due 01/25/2062 þ |  | 15578 |  | 15640 |
|  6.465% due 10/25/2063 þ |  | 31082 |  | 31431 |
|  6.520% due 07/25/2063 þ |  | 26584 |  | 26891 |
|  6.567% due 06/25/2063 þ |  | 31531 |  | 31896 |
|  6.844% due 04/25/2063 þ |  | 15787 |  | 15977 |
|  7.045% due 09/25/2063 þ |  | 26439 |  | 26817 |
|  7.159% due 10/25/2063 þ |  | 40390 |  | 41211 |
|  OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust |
|  7.408% due 11/15/2040 •  |  | 39252 |  | 39465 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.455% due 07/25/2035 •  |  | 6091 |  | 5962 |
|  5.485% due 04/25/2035 •  |  | 1412 |  | 1417 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  5.135% due 07/25/2037 •  |  | 697 |  | 683 |
|  6.000% due 02/25/2037 |  | 2250 |  | 1879 |
|  Polaris PLC | Polaris PLC | Polaris PLC | Polaris PLC | Polaris PLC |
|  5.248% due 12/23/2058 ~ |  | 2624 |  | 3393 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  3.900% due 10/25/2063 ~ | $— | 18958 |  | 18135 |
|  5.925% due 10/25/2054 þ |  | 55635 |  | 55591 |
|  5.963% due 11/25/2054 þ |  | 33603 |  | 33624 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ |  | 9500 |  | 9104 |
|  4.000% due 07/25/2069 þ |  | 3953 |  | 3799 |
|  4.075% due 06/25/2064 •  |  | 19404 |  | 18357 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.785% due 06/25/2036 •  |  | 26 |  | 25 |
|  7.000% due 07/25/2034 |  | 76 |  | 70 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ |  | 20796 |  | 20956 |
|  6.431% due 05/25/2059 þ |  | 835 |  | 844 |
|  6.584% due 09/25/2058 þ |  | 29503 |  | 29834 |
|  7.225% due 11/25/2058 þ |  | 18183 |  | 18540 |
|  Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC |
|  0.000% due 10/29/2054 •  |  | 1219 |  | 0 |
|  0.000% due 10/29/2054 (b)(h) |  | 85302 |  | 64797 |
|  3.541% (EUR003M + 0.900%) due 10/29/2054 ~ |  | 115833 |  | 123672 |
|  3.991% (EUR003M + 1.350%) due 10/29/2054 ~ |  | 52929 |  | 56099 |
|  4.291% (EUR003M + 1.650%) due 10/29/2054 ~ |  | 38495 |  | 40434 |
|  5.271% (EUR003M + 2.630%) due 10/29/2054 ~ |  | 28871 |  | 30269 |
|  7.141% (EUR003M + 4.500%) due 10/29/2054 ~ |  | 24059 |  | 25154 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | $— | 7385 |  | 7187 |
|  3.750% due 04/25/2055 þ |  | 22500 |  | 21701 |
|  4.000% due 06/25/2053 þ |  | 34441 |  | 33817 |
|  4.000% due 11/25/2053 þ |  | 3407 |  | 3350 |
|  4.000% due 01/25/2054 þ |  | 1849 |  | 1812 |
|  4.000% due 05/25/2054 þ |  | 813 |  | 798 |
|  4.000% due 07/25/2054 þ |  | 833 |  | 812 |
|  4.000% due 08/25/2054 þ |  | 841 |  | 820 |
|  4.000% due 10/25/2054 þ |  | 8502 |  | 8258 |
|  4.000% due 11/25/2054 þ |  | 27338 |  | 26442 |
|  4.200% due 12/25/2064 þ |  | 13281 |  | 12997 |
|  5.228% due 08/25/2069 þ |  | 10242 |  | 10182 |
|  5.699% due 11/25/2029 þ |  | 8182 |  | 8175 |
|  5.870% due 11/25/2029 þ |  | 29207 |  | 29205 |
|  5.897% due 12/25/2029 þ |  | 26693 |  | 26740 |
|  6.414% due 08/25/2029 þ |  | 6155 |  | 6172 |
|  7.026% due 03/25/2029 þ |  | 54094 |  | 54262 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ |  | 16064 |  | 16117 |
|  5.802% due 11/25/2069 þ |  | 40058 |  | 40204 |
|  6.221% due 11/25/2068 þ |  | 5633 |  | 5682 |
|  6.250% due 08/25/2068 þ |  | 27577 |  | 27756 |
|  6.265% due 12/25/2068 þ |  | 9295 |  | 9383 |
|  6.327% due 06/25/2069 þ |  | 18133 |  | 18478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.313% due 12/26/2036 ~ | $— | 10053 | $— | 9581 |
|  4.600% due 02/28/2047 ~ |  | 10851 |  | 7177 |
|  4.674% due 06/27/2036 •  |  | 1000 |  | 870 |
|  4.727% due 09/28/2047 ~ |  | 74718 |  | 53426 |
|  4.756% due 10/26/2036 ~ |  | 6102 |  | 5745 |
|  4.864% due 08/26/2045 •  |  | 86 |  | 84 |
|  4.885% due 03/26/2037 •  |  | 23991 |  | 20562 |
|  4.892% due 12/26/2036 ~ |  | 1539 |  | 1260 |
|  4.934% due 02/26/2037 •  |  | 8098 |  | 6259 |
|  5.048% due 03/26/2036 ~ |  | 5101 |  | 3471 |
|  5.934% due 12/26/2037 •  |  | 16755 |  | 14015 |
|  6.086% due 01/26/2036 •  |  | 2822 |  | 2696 |
|  6.184% due 12/26/2037 •  |  | 18121 |  | 15392 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ |  | 30144 |  | 30011 |
|  5.553% due 03/25/2055 «þ |  | 49700 |  | 49726 |
|  5.582% due 12/25/2044 þ |  | 44444 |  | 44615 |
|  5.653% due 01/25/2045 þ |  | 47752 |  | 47965 |
|  5.846% due 08/25/2044 þ |  | 48179 |  | 48375 |
|  6.808% due 09/25/2043 ~ |  | 9493 |  | 9604 |
|  Regal Trust | Regal Trust | Regal Trust | Regal Trust | Regal Trust |
|  1.723% due 09/29/2031 •  |  | 19 |  | 18 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  1.490% due 12/26/2034 ~ |  | 131 |  | 55 |
|  4.353% due 08/25/2035 ~ |  | 537 |  | 206 |
|  4.585% due 02/25/2047 ~ |  | 31027 |  | 9498 |
|  4.685% due 02/25/2036 •  |  | 5883 |  | 3823 |
|  4.735% due 08/25/2035 ~ |  | 2198 |  | 1587 |
|  4.735% due 04/25/2037 •  |  | 2317 |  | 1726 |
|  4.765% due 03/25/2037 •  |  | 154 |  | 30 |
|  4.775% due 01/25/2037 ~ |  | 1965 |  | 1715 |
|  4.785% due 01/25/2036 •  |  | 1968 |  | 1385 |
|  4.795% due 05/25/2036 ~ |  | 5086 |  | 4626 |
|  4.795% due 07/25/2036 •  |  | 21254 |  | 7076 |
|  4.795% due 09/25/2036 •  |  | 5287 |  | 4843 |
|  4.795% due 11/25/2036 ~ |  | 1793 |  | 958 |
|  4.795% due 01/25/2037 •  |  | 467 |  | 315 |
|  4.795% due 06/25/2046 ~ |  | 40046 |  | 8902 |
|  4.815% due 09/25/2036 •  |  | 2457 |  | 2246 |
|  4.835% due 06/25/2036 •  |  | 110 |  | 79 |
|  4.835% due 05/25/2047 •  |  | 4249 |  | 3886 |
|  4.845% due 09/25/2046 •  |  | 1801 |  | 1770 |
|  4.865% due 05/25/2046 •  |  | 11104 |  | 9998 |
|  4.955% due 12/25/2045 •  |  | 8956 |  | 7412 |
|  4.975% due 02/25/2046 •  |  | 4028 |  | 1577 |
|  4.975% due 05/25/2046 •  |  | 622 |  | 512 |
|  4.995% due 12/25/2045 •  |  | 283 |  | 166 |
|  5.035% due 04/25/2036 •  |  | 16470 |  | 14340 |
|  5.035% due 08/25/2036 •  |  | 3043 |  | 2367 |
|  5.057% due 08/25/2035 ~ |  | 1613 |  | 1342 |
|  5.135% due 11/25/2035 •  |  | 1946 |  | 1598 |
|  5.263% due 04/25/2035 ~ |  | 7060 |  | 5022 |
|  5.299% due 07/25/2035 ~ |  | 2237 |  | 1166 |
|  5.338% due 12/25/2035 ~ |  | 972 |  | 901 |
|  5.388% due 12/25/2035 •  |  | 6137 |  | 5396 |
|  5.500% due 08/25/2035 |  | 995 |  | 732 |
|  5.500% due 03/25/2037 |  | 512 |  | 416 |
|  5.500% due 06/25/2037 |  | 2908 |  | 2244 |
|  5.635% due 01/25/2046 •  |  | 9184 |  | 7298 |
|  5.679% due 07/25/2035 ~ |  | 740 |  | 701 |
|  5.750% due 01/25/2037 |  | 1790 |  | 1334 |
|  5.995% due 09/25/2045 •  |  | 248 |  | 211 |
|  6.000% due 08/25/2035 |  | 298 |  | 262 |
|  6.000% due 10/25/2035 |  | 5341 |  | 1702 |
|  6.000% due 12/25/2035 |  | 4220 |  | 3621 |
|  6.000% due 06/25/2036 |  | 268 |  | 211 |
|  6.000% due 08/25/2036 |  | 14527 |  | 12090 |
|  6.000% due 09/25/2036 |  | 1729 |  | 1382 |
|  6.000% due 01/25/2037 |  | 1290 |  | 980 |
|  6.000% due 02/25/2037 |  | 7006 |  | 5659 |
|  6.000% due 03/25/2037 |  | 5532 |  | 4694 |
|  6.000% due 05/25/2037 |  | 6147 |  | 4974 |
|  6.000% due 06/25/2037 |  | 11053 |  | 8807 |
|  6.108% due 07/25/2035 ~ |  | 4603 |  | 3307 |
|  6.135% due 08/25/2035 •  |  | 142 |  | 115 |
|  6.192% due 11/25/2037 ~ |  | 6323 |  | 5410 |
|  6.500% due 08/25/2036 |  | 12548 |  | 10202 |
|  6.500% due 02/25/2037 |  | 3905 |  | 3257 |
|  6.750% due 06/25/2037 |  | 6127 |  | 2378 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.755% due 08/25/2047 •  | $— | 62315 | $— | 9811 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  7.000% due 11/25/2031 |  | 36 |  | 32 |
|  7.500% due 07/25/2032 |  | 302 |  | 102 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  2.255% due 04/25/2037 •(a) |  | 9684 |  | 1222 |
|  4.735% due 07/25/2035 •  |  | 2781 |  | 1326 |
|  4.745% due 04/25/2037 •  |  | 9684 |  | 2156 |
|  4.785% due 06/25/2036 •  |  | 5894 |  | 1630 |
|  4.885% due 11/25/2034 •  |  | 557 |  | 513 |
|  4.962% due 01/25/2034 ~ |  | 67 |  | 64 |
|  4.985% due 08/25/2033 ~ |  | 417 |  | 386 |
|  5.135% due 07/25/2036 •  |  | 4040 |  | 2610 |
|  5.250% due 09/25/2033 |  | 284 |  | 279 |
|  5.500% due 07/25/2035 |  | 5113 |  | 2985 |
|  5.500% due 09/25/2035 |  | 18728 |  | 8646 |
|  6.000% due 02/25/2036 |  | 6499 |  | 2539 |
|  6.000% due 09/25/2036 |  | 4443 |  | 1284 |
|  6.000% due 11/25/2036 |  | 6355 |  | 2278 |
|  6.000% due 01/25/2037 |  | 3349 |  | 1079 |
|  6.000% due 03/25/2037 |  | 6780 |  | 2097 |
|  6.000% due 04/25/2037 |  | 535 |  | 268 |
|  6.000% due 05/25/2037 |  | 6450 |  | 3311 |
|  6.000% due 07/25/2037 |  | 9959 |  | 3711 |
|  6.000% due 08/25/2037 |  | 639 |  | 309 |
|  6.250% due 11/25/2036 |  | 11682 |  | 4362 |
|  6.500% due 09/25/2036 |  | 3304 |  | 1017 |
|  6.500% due 04/25/2037 |  | 19151 |  | 5263 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  0.000% due 06/20/2048 •  |  | 11278 |  | 15071 |
|  0.000% due 06/20/2048 (h) |  | 950 |  | 9 |
|  4.556% due 08/25/2035 ~ | $— | 1404 |  | 585 |
|  5.458% due 06/20/2048 •  |  | 239135 |  | 309581 |
|  5.500% due 03/25/2036 | $— | 251 |  | 203 |
|  5.500% due 03/25/2037 |  | 1793 |  | 1245 |
|  5.688% due 11/25/2036 ~ |  | 1120 |  | 929 |
|  5.750% due 09/25/2036 |  | 258 |  | 205 |
|  5.854% due 10/25/2037 ~ |  | 4131 |  | 2532 |
|  5.933% due 09/25/2036 ~ |  | 14 |  | 12 |
|  5.958% due 06/20/2048 •  |  | 28170 |  | 36559 |
|  5.982% due 07/27/2037 ~ | $— | 97 |  | 80 |
|  6.000% due 04/25/2037 •  |  | 51 |  | 39 |
|  6.000% due 04/25/2037 |  | 968 |  | 737 |
|  6.000% due 10/25/2037 |  | 301 |  | 139 |
|  6.031% due 10/25/2037 ~ |  | 2616 |  | 2291 |
|  6.276% due 04/25/2037 •  |  | 315 |  | 274 |
|  6.358% due 06/20/2048 •  |  | 24420 |  | 31758 |
|  6.500% due 03/25/2032 | $— | 23 |  | 23 |
|  7.208% due 06/20/2048 •  |  | 12198 |  | 15960 |
|  7.458% due 06/20/2048 •  |  | 322 |  | 414 |
|  8.458% due 06/20/2048 •  |  | 11272 |  | 14608 |
|  9.118% due 06/20/2048 ~ |  | 1900 |  | 2449 |
|  9.458% due 06/20/2048 •  |  | 9398 |  | 12179 |
|  10.958% due 06/20/2048 •  |  | 10347 |  | 13337 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  2.661% due 12/15/2043 •  |  | 3695 |  | 3893 |
|  Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC |
|  0.000% due 08/28/2056 ~(a) |  | 2143 |  | 5 |
|  0.010% due 08/20/2056 « |  | 24190 |  | 31295 |
|  0.000% due 08/28/2056 (h) |  | 73909 |  | 61453 |
|  5.164% due 08/28/2056 •  |  | 2962030 |  | 3818758 |
|  5.464% due 08/28/2056 •  |  | 98285 |  | 126641 |
|  5.664% due 08/28/2056 •  |  | 85685 |  | 109813 |
|  6.064% due 08/28/2056 •  |  | 44102 |  | 56531 |
|  6.964% due 08/28/2056 •  |  | 18901 |  | 23941 |
|  7.464% due 08/28/2056 •  |  | 12600 |  | 16211 |
|  8.464% due 08/28/2056 •  |  | 16380 |  | 20897 |
|  RMAC PLC | RMAC PLC | RMAC PLC | RMAC PLC | RMAC PLC |
|  5.666% due 02/15/2047 •  |  | 7514 |  | 9748 |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  2.697% due 06/12/2044 •  |  | 1083 |  | 1146 |
|  2.817% due 06/12/2044 •  |  | 2137 |  | 2216 |
|  4.730% due 06/12/2044 •  |  | 7389 |  | 9333 |
|  4.731% due 06/12/2044 •  | $— | 18121 |  | 17684 |
|  4.750% due 06/12/2044 •  |  | 34698 |  | 43768 |
|  Roundstone Securities DAC | Roundstone Securities DAC | Roundstone Securities DAC | Roundstone Securities DAC | Roundstone Securities DAC |
|  0.000% due 06/28/2058 ~ |  | 2 |  | 0 |
|  1.000% due 06/28/2058 •  |  | 23143 |  | 20163 |
|  3.269% due 06/28/2058 •  |  | 438206 |  | 471748 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.369% due 06/28/2058 •  |  | 39593 | $— | 42461 |
|  3.569% due 06/28/2058 •  |  | 33617 |  | 35779 |
|  4.000% due 06/28/2058 ~ |  | 63499 |  | 20499 |
|  4.369% due 06/28/2058 •  |  | 28014 |  | 29683 |
|  5.369% due 06/28/2058 •  |  | 16808 |  | 17660 |
|  5.869% due 06/28/2058 •  |  | 8964 |  | 9160 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | $— | 2000 |  | 2006 |
|  Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
|  5.000% due 11/25/2064 «~ |  | 7100 |  | 5895 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  2.992% due 08/20/2047 ~ |  | 2578 |  | 1734 |
|  3.575% due 09/20/2046 •  |  | 184 |  | 123 |
|  3.747% due 07/20/2037 ~ |  | 2572 |  | 1971 |
|  4.285% due 02/20/2047 ~ |  | 1226 |  | 961 |
|  4.477% due 09/20/2046 •  |  | 1369 |  | 779 |
|  4.554% due 11/25/2063 ~ |  | 27977 |  | 27681 |
|  4.752% due 07/20/2037 •  |  | 436 |  | 358 |
|  5.054% due 08/20/2034 •  |  | 138 |  | 125 |
|  5.094% due 06/20/2033 •  |  | 38 |  | 37 |
|  5.114% due 10/20/2034 •  |  | 1092 |  | 1002 |
|  5.134% due 07/20/2033 •  |  | 84 |  | 83 |
|  5.194% due 10/20/2027 •  |  | 2 |  | 2 |
|  5.194% due 04/20/2033 ~ |  | 19 |  | 18 |
|  5.199% due 10/20/2034 •  |  | 47 |  | 37 |
|  5.234% due 10/20/2027 •  |  | 5 |  | 5 |
|  5.504% due 11/20/2034 •  |  | 61 |  | 56 |
|  5.524% due 04/20/2033 •  |  | 147 |  | 144 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ |  | 1900 |  | 1874 |
|  Shamrock Residential DAC | Shamrock Residential DAC | Shamrock Residential DAC | Shamrock Residential DAC | Shamrock Residential DAC |
|  3.373% due 06/24/2071 •  |  | 15249 |  | 16500 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.320% due 01/15/2039 ~ | $— | 74604 |  | 74090 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.358% due 06/28/2050 •  |  | 29082 |  | 37574 |
|  5.608% due 06/20/2060 •  |  | 138792 |  | 179836 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.856% due 05/25/2036 ~ | $— | 4388 |  | 3081 |
|  3.856% due 08/25/2036 ~ |  | 10345 |  | 8086 |
|  3.955% due 05/25/2036 ~ |  | 3374 |  | 1932 |
|  4.080% due 02/25/2036 ~ |  | 304 |  | 259 |
|  4.088% due 11/25/2035 ~ |  | 115 |  | 108 |
|  4.323% due 03/25/2035 ~ |  | 7941 |  | 6614 |
|  4.390% due 07/25/2037 •  |  | 24 |  | 15 |
|  4.515% due 01/25/2036 ~ |  | 2610 |  | 1446 |
|  4.517% due 01/25/2037 ~ |  | 2732 |  | 1982 |
|  4.526% due 11/25/2035 ~ |  | 26 |  | 24 |
|  4.538% due 08/25/2047 ~ |  | 1647 |  | 1531 |
|  4.572% due 09/25/2036 ~ |  | 5822 |  | 5341 |
|  4.607% due 09/25/2036 •  |  | 5827 |  | 3963 |
|  4.719% due 04/25/2035 ~ |  | 31 |  | 29 |
|  4.735% (LIBOR01M + 0.300%) due 09/25/2034 ~ |  | 135 |  | 123 |
|  4.735% due 02/25/2037 •  |  | 1567 |  | 1535 |
|  4.752% due 11/25/2035 ~ |  | 191 |  | 125 |
|  4.755% due 12/25/2036 •  |  | 1403 |  | 1411 |
|  4.795% due 07/25/2035 •  |  | 355 |  | 168 |
|  4.811% due 08/25/2035 ~ |  | 730 |  | 633 |
|  4.849% due 12/25/2035 ~ |  | 128 |  | 74 |
|  4.912% due 02/25/2036 •  |  | 4437 |  | 2317 |
|  4.935% due 10/25/2034 •  |  | 238 |  | 214 |
|  4.975% due 05/25/2035 •  |  | 980 |  | 803 |
|  4.978% due 12/25/2034 ~ |  | 16 |  | 14 |
|  4.987% due 01/25/2035 •  |  | 11 |  | 9 |
|  5.021% due 06/25/2036 •  |  | 2382 |  | 1447 |
|  5.038% due 09/25/2035 •  |  | 765 |  | 682 |
|  5.069% due 12/25/2035 ~ |  | 88 |  | 63 |
|  5.080% due 04/25/2035 •  |  | 492 |  | 493 |
|  5.146% due 04/25/2034 ~ |  | 4 |  | 4 |
|  5.168% due 07/25/2035 •  |  | 1281 |  | 1114 |
|  5.342% due 03/25/2036 ~ |  | 536 |  | 420 |
|  5.393% due 09/25/2036 ~ |  | 2033 |  | 1253 |
|  5.403% due 09/25/2034 ~ |  | 163 |  | 156 |
|  5.529% due 02/25/2035 ~ |  | 611 |  | 620 |
|  5.784% due 10/25/2034 •  |  | 636 |  | 604 |
|  5.795% due 03/25/2035 ~ |  | 184 |  | 168 |
|  5.799% due 05/25/2035 ~ |  | 2632 |  | 1886 |
|  5.822% due 10/25/2035 ~ |  | 1014 |  | 936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.006% due 11/25/2034 ~ | $— | 1062 | $— | 1002 |
|  6.030% due 10/25/2034 ~ |  | 28 |  | 27 |
|  6.048% due 07/25/2034 ~ |  | 650 |  | 638 |
|  6.176% due 01/25/2035 ~ |  | 513 |  | 504 |
|  6.190% due 10/25/2037 •  |  | 2925 |  | 2631 |
|  6.303% due 02/25/2034 ~ |  | 225 |  | 216 |
|  6.346% due 12/25/2034 ~ |  | 145 |  | 144 |
|  6.415% due 04/25/2034 ~ |  | 7 |  | 7 |
|  6.449% due 02/25/2034 ~ |  | 269 |  | 256 |
|  6.735% due 12/25/2037 •  |  | 8715 |  | 7329 |
|  6.873% due 03/25/2034 ~ |  | 212 |  | 198 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.538% due 05/25/2047 ~ |  | 21515 |  | 17209 |
|  3.764% due 05/25/2045 ~ |  | 47 |  | 40 |
|  4.555% due 08/25/2036 ~ |  | 4167 |  | 3670 |
|  4.755% due 01/25/2037 •  |  | 1893 |  | 1688 |
|  4.795% due 06/25/2036 •  |  | 5437 |  | 4464 |
|  4.795% due 01/25/2037 •  |  | 4676 |  | 4126 |
|  4.795% due 07/25/2046 ~ |  | 5456 |  | 4746 |
|  4.815% due 06/25/2036 •  |  | 1303 |  | 1284 |
|  4.815% due 07/25/2046 ~ |  | 2896 |  | 2333 |
|  4.815% due 07/25/2046 •  |  | 9500 |  | 6798 |
|  4.835% due 05/25/2036 •  |  | 6403 |  | 5230 |
|  4.835% due 10/25/2036 •  |  | 1784 |  | 1590 |
|  4.855% due 04/25/2036 ~ |  | 5152 |  | 4653 |
|  4.855% due 05/25/2036 •  |  | 105 |  | 75 |
|  4.855% due 08/25/2036 •  |  | 13171 |  | 10779 |
|  4.855% due 05/25/2046 •  |  | 83 |  | 59 |
|  4.855% due 09/25/2047 •  |  | 9599 |  | 8353 |
|  4.875% due 09/25/2047 •  |  | 7471 |  | 6663 |
|  4.895% due 02/25/2036 •  |  | 27304 |  | 23477 |
|  4.895% due 07/25/2036 •  |  | 7 |  | 4 |
|  4.895% due 05/25/2045 ~ |  | 2649 |  | 2508 |
|  4.931% due 07/19/2035 ~ |  | 707 |  | 675 |
|  4.995% due 02/25/2036 ~ |  | 5774 |  | 4824 |
|  5.022% due 05/25/2036 ~ |  | 149 |  | 30 |
|  5.035% due 08/25/2036 •  |  | 3644 |  | 2647 |
|  5.111% due 05/19/2035 •  |  | 415 |  | 396 |
|  5.285% due 05/25/2047 •  |  | 2449 |  | 1959 |
|  5.535% due 09/25/2047 •  |  | 11565 |  | 9742 |
|  6.095% due 03/25/2046 •  |  | 22 |  | 20 |
|  6.384% due 02/19/2035 ~ |  | 1 |  | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.785% due 03/25/2035 •  |  | 1998 |  | 1792 |
|  4.785% due 04/25/2035 •  |  | 197 |  | 175 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.155% due 11/25/2035 •  |  | 1061 |  | 870 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.609% due 09/25/2033 ~ |  | 76 |  | 61 |
|  5.307% due 07/25/2032 ~ |  | 17 |  | 17 |
|  5.329% due 01/25/2034 •  |  | 34 |  | 34 |
|  5.342% due 09/25/2033 ~ |  | 484 |  | 442 |
|  5.675% due 09/25/2033 •  |  | 50 |  | 48 |
|  5.772% due 11/25/2033 •  |  | 12 |  | 12 |
|  5.784% due 12/25/2033 ~ |  | 575 |  | 572 |
|  5.920% due 11/25/2033 •  |  | 438 |  | 424 |
|  6.009% due 03/25/2033 ~ |  | 37 |  | 36 |
|  6.048% due 12/25/2033 ~ |  | 775 |  | 740 |
|  6.395% due 12/25/2033 ~ |  | 192 |  | 187 |
|  6.718% due 03/25/2033 ~ |  | 695 |  | 621 |
|  6.811% due 07/25/2033 •  |  | 67 |  | 65 |
|  6.869% due 01/25/2034 ~ |  | 4 |  | 4 |
|  6.876% due 11/25/2033 •  |  | 158 |  | 160 |
|  7.435% due 07/25/2032 •  |  | 764 |  | 689 |
|  7.436% due 11/25/2032 ~ |  | 114 |  | 115 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.500% due 04/25/2035 |  | 754 |  | 721 |
|  5.750% due 04/25/2035 |  | 4700 |  | 2550 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  4.358% due 06/25/2037 ~ |  | 2053 |  | 1823 |
|  5.882% due 04/25/2037 ~ |  | 914 |  | 506 |
|  5.986% due 02/25/2037 •  |  | 1570 |  | 1361 |
|  TDA Mixto Fondo de Titulizacion de Activos | TDA Mixto Fondo de Titulizacion de Activos | TDA Mixto Fondo de Titulizacion de Activos | TDA Mixto Fondo de Titulizacion de Activos | TDA Mixto Fondo de Titulizacion de Activos |
|  5.887% due 03/22/2036 |  | 1200 |  | 1307 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.787% due 10/25/2037 •  | $— | 44244 |  | 13997 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  3.130% due 03/25/2044 ~ |  | 873 |  | 857 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.614% due 10/25/2043 ~ | $— | 636 | $— | 580 |
|  4.813% due 04/25/2038 ~ |  | 7957 |  | 5265 |
|  4.853% due 04/25/2036 •  |  | 4535 |  | 4114 |
|  4.920% due 03/25/2044 ~ |  | 2378 |  | 2314 |
|  4.975% due 03/25/2044 •  |  | 28 |  | 27 |
|  5.024% due 04/25/2038 ~ |  | 6343 |  | 4934 |
|  5.205% due 04/25/2045 ~ |  | 97 |  | 95 |
|  5.384% due 12/25/2044 ~ |  | 3800 |  | 3606 |
|  5.808% due 10/25/2043 •  |  | 115 |  | 106 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 481545 |  | 623665 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | $— | 2487 |  | 2374 |
|  3.000% due 10/25/2057 ~ |  | 8700 |  | 8195 |
|  3.000% due 06/25/2058 ~ |  | 16981 |  | 13605 |
|  3.750% due 03/25/2058 ~ |  | 24668 |  | 21325 |
|  3.750% due 09/25/2062 |  | 85640 |  | 81253 |
|  3.961% due 01/25/2063 ~ |  | 8504 |  | 7434 |
|  4.107% due 04/25/2056 ~ |  | 1000 |  | 929 |
|  4.116% due 04/25/2055 ~ |  | 20000 |  | 19322 |
|  4.239% due 03/25/2054 ~ |  | 24000 |  | 23229 |
|  4.416% due 10/27/2064 •  |  | 77545 |  | 77610 |
|  4.492% due 10/25/2064 •  |  | 176516 |  | 177476 |
|  5.109% due 07/25/2065 •  |  | 43937 |  | 44364 |
|  5.725% due 11/25/2064 þ |  | 36073 |  | 36225 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.645% due 01/20/2066 |  | 130954 |  | 169709 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 169110 |  | 218920 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  7.962% due 11/15/2034 «(m) | $— | 60100 |  | 58838 |
|  Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
|  2.982% due 10/10/2040 •  |  | 3093 |  | 3275 |
|  4.900% due 10/10/2040 •  |  | 9222 |  | 11780 |
|  4.950% due 10/10/2040 •  |  | 1983 |  | 2502 |
|  Valley Funding PLC | Valley Funding PLC | Valley Funding PLC | Valley Funding PLC | Valley Funding PLC |
|  0.000% due 05/16/2066 (h) |  | 51095 |  | 48837 |
|  5.466% due 05/16/2066 •  |  | 337183 |  | 436785 |
|  5.966% due 05/16/2066 •  |  | 29536 |  | 38296 |
|  6.466% due 05/16/2066 •  |  | 30820 |  | 39960 |
|  7.466% due 05/16/2066 •  |  | 15924 |  | 20665 |
|  8.466% due 05/16/2066 •  |  | 10274 |  | 13336 |
|  9.966% due 05/16/2066 •  |  | 5650 |  | 7337 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ | $— | 17800 |  | 17300 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ |  | 23890 |  | 22797 |
|  5.041% due 08/25/2067 þ |  | 10754 |  | 10703 |
|  5.218% due 09/25/2069 ~ |  | 26686 |  | 26656 |
|  5.364% due 10/25/2069 ~ |  | 18272 |  | 18247 |
|  5.799% due 07/25/2069 þ |  | 33581 |  | 33730 |
|  5.811% due 05/25/2068 þ |  | 25443 |  | 25487 |
|  5.850% due 12/25/2067 þ |  | 13386 |  | 13388 |
|  5.930% due 03/25/2068 þ |  | 23112 |  | 23161 |
|  5.999% due 02/25/2068 þ |  | 13643 |  | 13679 |
|  6.116% due 03/25/2069 þ |  | 51292 |  | 51750 |
|  6.192% due 06/25/2069 þ |  | 35310 |  | 35642 |
|  6.218% due 06/25/2069 þ |  | 30676 |  | 31072 |
|  6.259% due 12/25/2068 þ |  | 17883 |  | 18024 |
|  6.338% due 04/25/2069 þ |  | 25167 |  | 25503 |
|  6.443% due 08/25/2068 þ |  | 22902 |  | 23116 |
|  6.476% due 06/25/2068 þ |  | 15742 |  | 15868 |
|  6.665% due 09/25/2068 þ |  | 53601 |  | 54163 |
|  6.790% due 10/25/2067 þ |  | 13151 |  | 13205 |
|  6.876% due 11/25/2068 •  |  | 15230 |  | 15454 |
|  7.070% due 10/25/2068 þ |  | 50116 |  | 51122 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 16748 |  | 16932 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  1.947% due 08/25/2036 •  |  | 19009 |  | 6386 |
|  1.956% due 01/25/2037 •  |  | 22868 |  | 8515 |
|  2.858% due 05/20/2036 ~ |  | 296 |  | 280 |
|  7.058% due 08/20/2035 ~ |  | 268 |  | 263 |
|  7.487% due 10/20/2035 ~ |  | 50 |  | 49 |
|  7.507% due 10/20/2035 ~ |  | 172 |  | 166 |
|  7.546% due 10/20/2035 ~ |  | 466 |  | 458 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.423% due 05/25/2037 ~ |  | 4862 |  | 3918 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.474% due 01/25/2037 ~ | $— | 1790 | $— | 1521 |
|  3.489% due 01/25/2037 ~ |  | 2773 |  | 2513 |
|  3.790% due 06/25/2037 ~ |  | 12113 |  | 9994 |
|  3.846% due 01/25/2037 •  |  | 5266 |  | 4588 |
|  3.878% due 05/25/2037 •  |  | 492 |  | 424 |
|  4.041% due 03/25/2037 ~ |  | 12261 |  | 10525 |
|  4.091% due 02/25/2037 ~ |  | 1467 |  | 1250 |
|  4.099% due 03/25/2037 ~ |  | 5782 |  | 5110 |
|  4.174% due 12/25/2046 •  |  | 6923 |  | 5885 |
|  4.182% due 10/25/2036 ~ |  | 534 |  | 489 |
|  4.196% due 06/25/2037 ~ |  | 1131 |  | 989 |
|  4.200% due 02/25/2037 ~ |  | 12935 |  | 12002 |
|  4.218% due 11/25/2036 ~ |  | 1482 |  | 1307 |
|  4.237% due 06/25/2037 ~ |  | 2888 |  | 2522 |
|  4.274% due 02/25/2037 ~ |  | 7061 |  | 6306 |
|  4.307% due 10/25/2036 ~ |  | 128 |  | 117 |
|  4.307% due 11/25/2036 •  |  | 399 |  | 349 |
|  4.313% due 12/25/2036 •  |  | 2307 |  | 2088 |
|  4.354% due 04/25/2037 ~ |  | 6263 |  | 5713 |
|  4.361% due 05/25/2046 •  |  | 8330 |  | 7768 |
|  4.362% due 02/25/2037 ~ |  | 6071 |  | 5586 |
|  4.392% due 01/25/2036 ~ |  | 505 |  | 470 |
|  4.485% due 07/25/2037 •  |  | 6911 |  | 6327 |
|  4.485% due 07/25/2037 ~ |  | 30857 |  | 28227 |
|  4.518% due 12/25/2036 •  |  | 28 |  | 25 |
|  4.601% due 03/25/2036 ~ |  | 1219 |  | 1075 |
|  4.727% due 01/25/2036 •  |  | 172 |  | 170 |
|  4.846% due 08/25/2046 ~ |  | 39 |  | 35 |
|  4.895% due 04/25/2045 •  |  | 5951 |  | 6047 |
|  4.955% due 11/25/2045 •  |  | 1538 |  | 1475 |
|  4.971% due 08/25/2036 ~ |  | 7847 |  | 6868 |
|  4.975% due 12/25/2045 •  |  | 1491 |  | 1369 |
|  5.005% due 10/25/2035 •  |  | 1423 |  | 1299 |
|  5.015% due 01/25/2036 ~ |  | 817 |  | 786 |
|  5.015% due 07/25/2045 •  |  | 2897 |  | 2848 |
|  5.015% due 12/25/2045 •  |  | 2088 |  | 1904 |
|  5.043% due 07/25/2037 ~ |  | 1314 |  | 1183 |
|  5.055% due 01/25/2045 ~ |  | 309 |  | 308 |
|  5.073% due 09/25/2036 ~ |  | 4139 |  | 3748 |
|  5.075% due 08/25/2045 •  |  | 12832 |  | 12885 |
|  5.080% due 03/25/2035 ~ |  | 453 |  | 454 |
|  5.095% due 01/25/2045 •  |  | 1520 |  | 1511 |
|  5.115% due 01/25/2045 •  |  | 1633 |  | 1614 |
|  5.135% due 01/25/2045 •  |  | 26 |  | 26 |
|  5.155% due 11/25/2034 •  |  | 2396 |  | 2325 |
|  5.175% due 11/25/2034 ~ |  | 820 |  | 787 |
|  5.178% due 09/25/2035 •  |  | 152 |  | 141 |
|  5.179% due 12/25/2035 ~ |  | 7816 |  | 7318 |
|  5.195% due 01/25/2045 •  |  | 716 |  | 713 |
|  5.215% due 10/25/2044 •  |  | 593 |  | 577 |
|  5.235% due 10/25/2044 •  |  | 769 |  | 730 |
|  5.315% due 11/25/2034 •  |  | 16 |  | 15 |
|  5.315% due 07/25/2044 •  |  | 2444 |  | 2347 |
|  5.335% due 08/25/2045 •  |  | 1366 |  | 1368 |
|  5.335% due 02/25/2047 ~ |  | 11965 |  | 10666 |
|  5.335% due 03/25/2047 ~ |  | 15053 |  | 13022 |
|  5.337% due 01/25/2035 ~ |  | 729 |  | 679 |
|  5.365% due 01/25/2047 •  |  | 614 |  | 584 |
|  5.375% due 01/25/2047 ~ |  | 2719 |  | 2474 |
|  5.385% due 06/25/2047 •  |  | 7311 |  | 6069 |
|  5.395% due 04/25/2047 •  |  | 1638 |  | 1479 |
|  5.475% due 11/25/2046 ~ |  | 5204 |  | 4395 |
|  5.515% due 10/25/2046 •  |  | 23881 |  | 20492 |
|  5.595% due 09/25/2046 •  |  | 3629 |  | 2964 |
|  5.615% due 06/25/2046 •  |  | 420 |  | 391 |
|  5.615% due 07/25/2046 •  |  | 3730 |  | 3489 |
|  5.625% due 06/25/2046 •  |  | 1048 |  | 959 |
|  5.635% due 02/25/2046 •  |  | 4917 |  | 4266 |
|  5.676% due 02/25/2033 ~ |  | 123 |  | 120 |
|  5.683% due 07/25/2046 •  |  | 5129 |  | 4605 |
|  5.835% due 11/25/2042 •  |  | 67 |  | 64 |
|  5.985% due 11/25/2033 •  |  | 276 |  | 266 |
|  5.995% due 10/25/2045 •  |  | 496 |  | 497 |
|  6.008% due 08/25/2034 •  |  | 266 |  | 260 |
|  6.035% due 08/25/2042 •  |  | 50 |  | 48 |
|  6.110% due 06/25/2033 •  |  | 259 |  | 255 |
|  6.366% due 12/19/2039 ~ |  | 88 |  | 86 |
|  6.555% due 09/25/2033 ~ |  | 647 |  | 645 |
|  6.571% due 08/25/2033 ~ |  | 125 |  | 125 |
|  6.700% due 12/25/2032 ~ |  | 111 |  | 107 |
|  7.262% due 06/25/2033 ~ |  | 340 |  | 334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  0.000% due 12/21/2049 (h) |  | 7 | $— | 37612 |
|  5.431% due 12/21/2049 •  |  | 126351 |  | 163524 |
|  6.108% due 12/21/2049 •  |  | 46014 |  | 59617 |
|  6.608% due 12/21/2049 •  |  | 23010 |  | 29604 |
|  7.108% due 12/21/2049 •  |  | 13146 |  | 16844 |
|  7.608% due 12/21/2049 •  |  | 13146 |  | 16693 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.725% due 06/25/2033 ~ | $— | 120 |  | 111 |
|  3.928% due 09/25/2036 þ |  | 27431 |  | 7369 |
|  4.108% due 10/25/2036 þ |  | 54 |  | 18 |
|  4.192% due 10/25/2036 þ |  | 6335 |  | 1725 |
|  4.815% due 07/25/2046 •  |  | 216 |  | 182 |
|  4.835% due 07/25/2035 •  |  | 594 |  | 512 |
|  4.885% due 05/25/2035 ~ |  | 2573 |  | 2152 |
|  4.895% due 12/25/2036 •  |  | 2470 |  | 2002 |
|  4.955% due 12/25/2035 •  |  | 1272 |  | 1117 |
|  5.035% due 03/25/2036 •  |  | 748 |  | 692 |
|  5.335% due 01/25/2047 •  |  | 13206 |  | 11127 |
|  5.335% due 04/25/2047 ~ |  | 3112 |  | 2523 |
|  5.355% due 12/25/2046 •  |  | 4482 |  | 3608 |
|  5.370% due 05/25/2033 ~ |  | 390 |  | 397 |
|  5.405% due 04/25/2047 •  |  | 4384 |  | 3566 |
|  5.485% due 10/25/2046 •  |  | 9631 |  | 8280 |
|  5.500% due 06/25/2035 |  | 1022 |  | 876 |
|  5.500% due 08/25/2035 |  | 840 |  | 737 |
|  5.500% due 11/25/2035 |  | 303 |  | 243 |
|  5.500% due 04/25/2037 |  | 4673 |  | 4538 |
|  5.555% due 09/25/2046 •  |  | 13465 |  | 11023 |
|  5.575% due 04/25/2046 •  |  | 22698 |  | 18513 |
|  5.605% due 05/25/2046 •  |  | 1927 |  | 1678 |
|  5.750% due 11/25/2035 |  | 378 |  | 359 |
|  5.750% due 01/25/2036 |  | 2738 |  | 2276 |
|  5.885% due 09/25/2035 •  |  | 292 |  | 259 |
|  6.000% due 11/25/2035 |  | 996 |  | 977 |
|  6.000% due 04/25/2036 |  | 1848 |  | 1596 |
|  6.000% due 04/25/2037 |  | 4465 |  | 3937 |
|  6.500% due 11/25/2035 |  | 491 |  | 342 |
|  6.500% due 03/25/2036 |  | 8945 |  | 7084 |
|  6.500% due 07/25/2036 þ |  | 1358 |  | 305 |
|  6.500% due 08/25/2036 |  | 13819 |  | 12025 |
|  6.721% due 07/25/2036 þ |  | 20779 |  | 4667 |
|  6.949% due 07/25/2036 þ |  | 1890 |  | 424 |
|  7.000% due 05/25/2036 þ |  | 2578 |  | 2248 |
|  7.500% due 04/25/2033 |  | 4 |  | 4 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.000% due 07/25/2037 |  | 321 |  | 295 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  0.931% due 01/15/2052 ~(a) |  | 115158 |  | 3152 |
|  1.594% due 10/15/2049 ~(a) |  | 240638 |  | 4032 |
|  3.324% due 01/15/2059 |  | 672 |  | 670 |
|  3.487% due 11/15/2048 |  | 350 |  | 349 |
|  Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
|  4.757% due 12/27/2046 ~ |  | 11247 |  | 5516 |
|  4.794% due 09/27/2047 •  |  | 14256 |  | 13018 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.000% due 06/25/2036 |  | 257 |  | 231 |
|  6.000% due 06/25/2037 |  | 323 |  | 296 |
|  6.000% due 11/25/2037 |  | 542 |  | 522 |
|  6.154% due 04/25/2036 ~ |  | 1444 |  | 1422 |
|  6.351% due 04/25/2037 ~ |  | 72 |  | 63 |
|  6.363% due 01/25/2038 ~ |  | 2973 |  | 2747 |
|  6.662% due 11/25/2037 •  |  | 16 |  | 14 |
|  6.697% due 04/25/2036 ~ |  | 574 |  | 563 |
|  6.704% due 10/25/2036 ~ |  | 779 |  | 724 |
|  7.021% due 08/25/2036 ~ |  | 344 |  | 313 |
|  7.272% due 10/25/2034 ~ |  | 12 |  | 11 |
|  7.340% due 08/25/2035 •  |  | 60 |  | 59 |
|  7.387% due 10/25/2036 ~ |  | 1170 |  | 1059 |
|  WSTN Trust | WSTN Trust | WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 •  |  | 64300 |  | 65458 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $63,959,250) | Total Non-Agency Mortgage-Backed Securities (Cost $63,959,250) | Total Non-Agency Mortgage-Backed Securities (Cost $63,959,250) |  | 60852337 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 27

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 20.6% | ASSET-BACKED SECURITIES 20.6% | ASSET-BACKED SECURITIES 20.6% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
|  Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust |
|  5.117% due 09/15/2032 | 6696 | 6728 |
|  5.215% due 09/15/2032 | 4352 | 4373 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.939% due 02/18/2028 ~ | 35224 | 35253 |
|  Asset-Backed European Securitisation Transaction Twenty-Three SARL | Asset-Backed European Securitisation Transaction Twenty-Three SARL | Asset-Backed European Securitisation Transaction Twenty-Three SARL |
|  3.019% due 03/21/2034 | 3474 | 3766 |
|  Bumper NL BV | Bumper NL BV | Bumper NL BV |
|  3.029% due 03/21/2036 •  | 6400 | 6940 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.927% due 05/17/2027 •  | 14798 | 14804 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.024% due 05/15/2028 •  | 32700 | 32710 |
|  5.079% due 09/15/2027 •  | 4969 | 4972 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.380% due 01/18/2028 | 11300 | 11323 |
|  6.040% due 07/16/2029 | 23006 | 23280 |
|  6.270% due 10/15/2029 | 31500 | 31898 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.610% due 09/15/2027 | 13500 | 13525 |
|  5.750% due 07/17/2028 | 44000 | 44339 |
|  6.310% due 10/15/2027 | 1638 | 1643 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.760% due 05/17/2027 | 19540 | 19510 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.890% due 04/16/2029 | 23400 | 23477 |
|  5.080% due 01/16/2029 | 13000 | 13077 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.709% due 06/16/2027 ~ | 30463 | 30467 |
|  Golden Bar Securitisation | Golden Bar Securitisation | Golden Bar Securitisation |
|  3.437% due 09/22/2043 •  | 20875 | 22729 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.849% due 03/15/2027 ~ | 53542 | 53595 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.864% due 01/20/2027 •  | 40400 | 40436 |
|  Red & Black Auto Italy SRL | Red & Black Auto Italy SRL | Red & Black Auto Italy SRL |
|  3.360% due 07/28/2036 •  | 8421 | 9147 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.965% due 01/18/2033 | 1850 | 1858 |
|  5.141% due 01/18/2033 | 4300 | 4310 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.930% due 09/17/2029 | 37500 | 37793 |
|  5.240% due 05/15/2028 | 50600 | 50731 |
|  5.470% due 12/16/2030 | 79500 | 80652 |
|  5.610% due 07/17/2028 | 60000 | 60443 |
|  5.770% due 11/15/2030 | 110000 | 112392 |
|  Taupe Funding Trust | Taupe Funding Trust | Taupe Funding Trust |
|  0.000% due 08/20/2031 «(h) | 95 | 18194 |
|  6.160% due 08/20/2031 | 12607 | 12793 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.917% due 03/15/2027 •  | 7153 | 7153 |
|  5.009% due 08/16/2027 •  | 28621 | 28667 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.779% due 09/15/2027 ~ | 2775 | 2777 |
|  4.819% due 01/18/2028 •  | 17544 | 17560 |
|  |  | 883315 |
| AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 40900 | 40718 |
|  4.460% due 07/15/2027 | 51386 | 51360 |
|  Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust |
|  4.970% due 09/15/2032 | 12220 | 12303 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.810% due 03/13/2028 | 9102 | 9109 |
|  American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust |
|  4.830% due 03/15/2028 | 12200 | 12218 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.430% due 01/18/2029 | 68100 | 68896 |
|  5.750% due 02/18/2028 | 38503 | 38630 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.380% due 01/17/2034 | 26500 | 26460 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.130% due 10/20/2028 | 86416 | 87343 |
|  5.440% due 02/22/2028 | 16865 | 17093 |
|  5.780% due 04/20/2028 | 35413 | 36177 |
|  6.120% due 04/20/2027 | 43730 | 44261 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 15038 | 15149 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.660% due 03/15/2028 | 16300 | 16420 |
|  5.670% due 04/15/2027 | 11047 | 11065 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 18300 | 12886 |
|  5.025% due 04/20/2026 | 2396 | 1677 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.180% due 10/25/2027 | 60900 | 60756 |
|  4.290% due 01/25/2027 | 43252 | 43199 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 19075 | 19302 |
|  5.570% due 12/15/2026 | 17182 | 17230 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 25200 | 25248 |
|  4.840% due 09/15/2027 | 27704 | 27722 |
|  5.340% due 04/17/2028 | 14700 | 14757 |
|  5.530% due 01/18/2028 | 9740 | 9762 |
|  5.540% due 02/16/2027 | 2169 | 2172 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.670% due 12/15/2027 | 33000 | 33029 |
|  4.750% due 10/15/2027 | 35114 | 35205 |
|  5.340% due 08/16/2027 | 2196 | 2206 |
|  5.500% due 01/16/2029 | 76300 | 77602 |
|  5.650% due 05/17/2027 | 83437 | 83720 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  4.760% due 05/15/2028 | 40300 | 40330 |
|  5.400% due 11/15/2028 | 7100 | 7177 |
|  5.780% due 09/15/2027 | 8603 | 8637 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 10208 | 10081 |
|  4.130% due 04/12/2027 | 927 | 926 |
|  4.260% due 10/10/2029 | 45700 | 45621 |
|  4.310% due 09/10/2030 | 26200 | 26050 |
|  4.500% due 06/12/2028 | 30200 | 30191 |
|  4.530% due 01/10/2029 | 52000 | 52000 |
|  4.550% due 05/10/2030 | 91400 | 91370 |
|  4.610% due 11/10/2027 | 24264 | 24266 |
|  4.620% due 02/10/2028 | 28600 | 28592 |
|  4.640% due 01/10/2030 | 34800 | 34911 |
|  4.680% due 02/10/2028 | 18000 | 18031 |
|  4.740% due 12/10/2030 | 20300 | 20422 |
|  4.740% due 04/10/2031 | 61238 | 61332 |
|  4.780% due 05/10/2028 | 10600 | 10610 |
|  4.840% due 12/10/2027 | 13889 | 13894 |
|  4.850% due 06/12/2028 | 2000 | 2009 |
|  4.910% due 08/10/2029 | 14300 | 14385 |
|  5.080% due 03/11/2030 | 23200 | 23584 |
|  5.210% due 06/10/2030 | 28000 | 28446 |
|  5.330% due 07/10/2029 | 36300 | 36640 |
|  5.380% due 03/12/2029 | 38537 | 39117 |
|  5.420% due 04/10/2028 | 52586 | 52827 |
|  5.500% due 08/10/2027 | 12683 | 12710 |
|  5.620% due 01/10/2029 | 11200 | 11335 |
|  5.630% due 11/10/2027 | 18181 | 18225 |
|  5.710% due 07/10/2028 | 18900 | 19113 |
|  5.710% due 07/10/2029 | 20000 | 20540 |
|  5.740% due 11/13/2029 | 9100 | 9384 |
|  5.760% due 04/12/2027 | 8258 | 8270 |
|  5.820% due 08/10/2028 | 21995 | 22205 |
|  5.900% due 08/10/2027 | 16165 | 16222 |
|  5.980% due 12/10/2027 | 12407 | 12480 |
|  6.090% due 11/10/2026 | 423 | 423 |
|  6.160% due 10/10/2028 | 11500 | 11654 |
|  6.160% due 09/10/2029 | 15200 | 15796 |
|  Centerline Logistics Corp. | Centerline Logistics Corp. | Centerline Logistics Corp. |
|  9.250% due 12/15/2027  | 19839 | 19969 |
|  9.750% due 12/15/2027  | 20817 | 20930 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 | 27000 | 26870 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.400% due 11/26/2027 | $— | 21408 | $— | 21391 |
|  5.220% due 07/25/2029 |  | 54900 |  | 55724 |
|  5.250% due 09/27/2027 |  | 48742 |  | 48884 |
|  5.520% due 06/25/2029 |  | 148000 |  | 150430 |
|  5.530% due 09/27/2027 |  | 36081 |  | 36233 |
|  5.660% due 05/26/2027 |  | 68246 |  | 68467 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 |  | 33349 |  | 33616 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 |  | 22772 |  | 22782 |
|  5.880% due 02/15/2028 |  | 27838 |  | 27993 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.500% due 09/15/2028 |  | 34300 |  | 34307 |
|  4.940% due 12/15/2027 |  | 74376 |  | 74458 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.220% due 08/16/2027 |  | 3853 |  | 3861 |
|  6.240% due 01/16/2029 |  | 13289 |  | 13463 |
|  6.260% due 11/15/2029 |  | 4000 |  | 4122 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.560% due 11/20/2028 |  | 30300 |  | 30400 |
|  4.650% due 10/20/2027 |  | 19800 |  | 19843 |
|  4.690% due 07/20/2027 |  | 28500 |  | 28540 |
|  4.820% due 02/20/2029 |  | 17800 |  | 17956 |
|  4.980% due 08/21/2028 |  | 14600 |  | 14799 |
|  5.310% due 04/20/2027 |  | 17500 |  | 17586 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.450% due 03/15/2028 |  | 22100 |  | 22064 |
|  4.780% due 06/15/2027 |  | 25700 |  | 25706 |
|  4.790% due 04/15/2027 |  | 24056 |  | 24059 |
|  5.280% due 08/15/2030 |  | 16900 |  | 16974 |
|  5.600% due 05/17/2027 |  | 46999 |  | 47056 |
|  5.650% due 12/15/2027 |  | 15100 |  | 15174 |
|  5.820% due 02/15/2027 |  | 17196 |  | 17220 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 |  | 6700 |  | 6839 |
|  5.540% due 04/16/2029 |  | 16800 |  | 17056 |
|  5.760% due 11/15/2027 |  | 20687 |  | 20790 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.430% due 01/18/2028 |  | 4796 |  | 4788 |
|  4.920% due 02/15/2031 |  | 43595 |  | 43577 |
|  4.940% due 11/15/2030 |  | 27500 |  | 27562 |
|  5.690% due 02/15/2030 |  | 21091 |  | 21315 |
|  5.890% due 06/15/2030 |  | 17446 |  | 17679 |
|  6.790% due 10/15/2029 |  | 16547 |  | 16826 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 |  | 14896 |  | 15061 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 |  | 7969 |  | 7986 |
|  5.640% due 03/15/2028 |  | 29646 |  | 29739 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  3.724% due 11/15/2028 |  | 36900 |  | 25910 |
|  3.843% due 09/15/2030 |  | 29300 |  | 20682 |
|  3.945% due 10/15/2026 |  | 26905 |  | 18746 |
|  5.053% due 07/15/2028 |  | 33500 |  | 23728 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.480% due 12/15/2026 | $— | 1877 |  | 1876 |
|  4.590% due 10/15/2027 |  | 77200 |  | 77279 |
|  4.610% due 08/15/2029 |  | 80500 |  | 81067 |
|  4.650% due 02/15/2028 |  | 15375 |  | 15399 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 |  | 18735 |  | 18824 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 07/17/2028 |  | 14500 |  | 14520 |
|  4.760% due 10/15/2027 |  | 33946 |  | 33960 |
|  5.020% due 04/17/2028 |  | 9700 |  | 9739 |
|  5.350% due 08/16/2027 |  | 16041 |  | 16084 |
|  5.770% due 06/15/2027 |  | 23338 |  | 23405 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.430% due 12/17/2029 |  | 36071 |  | 36044 |
|  5.240% due 03/15/2030 |  | 13916 |  | 14009 |
|  5.580% due 06/17/2030 |  | 27785 |  | 28126 |
|  5.590% due 10/15/2029 |  | 8244 |  | 8353 |
|  5.960% due 10/16/2028 |  | 29780 |  | 30185 |
|  6.270% due 08/16/2027 |  | 13336 |  | 13377 |
|  6.370% due 06/15/2028 |  | 18622 |  | 18810 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.210% due 10/20/2027 |  | 56300 |  | 56192 |
|  4.290% due 01/20/2027 |  | 41600 |  | 41529 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.400% due 08/16/2029 | 53100 | 53201 |
|  4.470% due 02/16/2028 | 20183 | 20177 |
|  4.530% due 10/18/2027 | 28500 | 28512 |
|  5.130% due 04/16/2029 | 84800 | 85812 |
|  5.350% due 06/16/2027 | 26898 | 26985 |
|  GMF Canada Leasing Trust Asset-Backed Notes | GMF Canada Leasing Trust Asset-Backed Notes | GMF Canada Leasing Trust Asset-Backed Notes |
|  4.827% due 08/20/2029 | 23700 | 16803 |
|  4.883% due 12/21/2026 | 41173 | 29018 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 | 20516 | 20581 |
|  Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust |
|  5.650% due 02/16/2027 | 21774 | 21836 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 | 68000 | 67981 |
|  4.560% due 03/15/2027 | 145500 | 145520 |
|  4.890% due 02/22/2027 | 209937 | 210274 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | 57600 | 58194 |
|  5.500% due 03/15/2027 | 39100 | 39182 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.620% due 04/17/2028 | 121200 | 121565 |
|  4.770% due 03/15/2027 | 68187 | 68305 |
|  5.800% due 12/15/2026 | 53425 | 53736 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 77000 | 77152 |
|  4.530% due 09/15/2027 | 49200 | 49204 |
|  4.840% due 03/15/2029 | 57200 | 57647 |
|  5.150% due 06/15/2027 | 115080 | 115425 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.520% due 03/15/2029 | 12900 | 12915 |
|  4.600% due 12/15/2027 | 47500 | 47486 |
|  4.640% due 11/15/2027 | 24200 | 24213 |
|  5.460% due 07/16/2029 | 5700 | 5799 |
|  5.610% due 08/15/2028 | 14600 | 14719 |
|  5.700% due 03/15/2027 | 3803 | 3810 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.970% due 10/15/2029 | 21431 | 21455 |
|  5.100% due 10/15/2030 | 13200 | 13220 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 42300 | 42896 |
|  5.590% due 02/17/2032 | 30582 | 30691 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 | 39800 | 39815 |
|  4.510% due 06/15/2027 | 31800 | 31794 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 14700 | 14742 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  1.270% due 09/11/2028 | 3939 | 3878 |
|  4.470% due 03/12/2029 | 9300 | 9303 |
|  4.630% due 12/10/2027 | 27578 | 27620 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.700% due 06/15/2029 | 28600 | 28708 |
|  5.040% due 09/15/2027 | 44322 | 44403 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.350% due 10/20/2027 | 41000 | 40956 |
|  4.470% due 12/21/2026 | 27874 | 27860 |
|  4.670% due 11/22/2027 | 38800 | 38946 |
|  4.840% due 01/20/2027 | 26300 | 26328 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 14486 | 14493 |
|  7.090% due 06/25/2032 | 7372 | 7453 |
|  7.130% due 01/26/2032 | 22661 | 22815 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.911% due 01/18/2033 | 2434 | 2443 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 | 19400 | 19431 |
|  4.710% due 06/15/2028 | 138200 | 138281 |
|  4.850% due 01/16/2029 | 94300 | 94560 |
|  4.880% due 09/15/2027 | 75741 | 75770 |
|  5.250% due 04/17/2028 | 8200 | 8222 |
|  5.410% due 07/15/2027 | 40704 | 40790 |
|  5.630% due 01/16/2029 | 86800 | 87667 |
|  5.710% due 02/16/2027 | 7823 | 7827 |
|  5.800% due 09/15/2027 | 12635 | 12658 |
|  5.910% due 06/15/2027 | 30370 | 30430 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 31700 | 31716 |
|  4.830% due 04/20/2028 | 34100 | 34245 |
|  5.210% due 04/16/2029 | 12600 | 12733 |
|  5.320% due 12/15/2028 | 48900 | 49098 |
|  5.560% due 11/22/2027 | 56300 | 56849 |
|  5.670% due 11/20/2026 | 22038 | 22087 |
|  5.700% due 03/15/2027 | 4724 | 4726 |
|  6.520% due 04/20/2028 | 16200 | 16501 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 39500 | 39858 |
|  5.160% due 05/15/2030 | 36300 | 36943 |
|  5.450% due 12/15/2027 | 46523 | 46678 |
|  5.700% due 10/16/2028 | 20600 | 20870 |
|  5.700% due 08/15/2029 | 12200 | 12524 |
|  5.850% due 05/17/2027 | 9485 | 9510 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.550% due 06/20/2030 | 41300 | 41477 |
|  4.650% due 05/22/2028 | 63100 | 63154 |
|  4.710% due 05/22/2028 | 27062 | 27081 |
|  4.940% due 01/21/2031 | 3650 | 3689 |
|  4.950% due 05/21/2029 | 16200 | 16296 |
|  5.470% due 10/20/2028 | 3100 | 3125 |
|  5.710% due 10/20/2027 | 42245 | 42376 |
|  Taupe Funding Trust | Taupe Funding Trust | Taupe Funding Trust |
|  5.830% due 01/21/2031 | 45369 | 45468 |
|  5.860% due 01/21/2031 | 65104 | 65527 |
|  5.940% due 01/21/2031 | 69065 | 69896 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.790% due 01/20/2027 | 32351 | 32381 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 45000 | 45439 |
|  5.380% due 02/20/2029 | 15000 | 15292 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 56100 | 56244 |
|  4.550% due 08/16/2027 | 46150 | 46179 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 4645 | 4674 |
|  United Auto Credit Securitization Trust | United Auto Credit Securitization Trust | United Auto Credit Securitization Trust |
|  6.170% due 08/10/2026 | 1313 | 1313 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 5940 | 5975 |
|  VStrong Auto Receivables Trust | VStrong Auto Receivables Trust | VStrong Auto Receivables Trust |
|  5.790% due 08/16/2027 | 2767 | 2773 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.710% due 04/17/2028 | 28800 | 28865 |
|  4.820% due 09/15/2027 | 92699 | 92792 |
|  5.440% due 05/17/2027 | 13800 | 13847 |
|  5.560% due 02/15/2028 | 17300 | 17506 |
|  5.620% due 03/15/2027 | 17824 | 17856 |
|  5.750% due 08/16/2027 | 61120 | 61383 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 69100 | 69232 |
|  4.780% due 01/18/2028 | 60605 | 60661 |
|  5.270% due 09/17/2029 | 25900 | 26185 |
|  5.480% due 09/15/2027 | 2893 | 2903 |
|  5.610% due 02/15/2028 | 5915 | 5947 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 21400 | 21587 |
|  5.370% due 02/15/2028 | 24520 | 24601 |
|  |  | 7578989 |
| CASINO SERVICES 0.0% | CASINO SERVICES 0.0% | CASINO SERVICES 0.0% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  0.000% due 03/12/2038 « | 74615 | 47339 |
|  |  | 47339 |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.581% due 10/16/2036 •  | 8346 | 8337 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.431% due 08/17/2041 ~ | 38354 | 38504 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.767% due 02/17/2039 •  | 14095 | 14067 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.899% due 01/17/2037 •  | 11911 | 11898 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 214 | 211 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.632% due 02/18/2040 •  | 100200 | 99960 |
|  6.054% due 03/19/2039 •  | 38000 | 38069 |
|  6.952% due 09/17/2037 •  | 108527 | 108597 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.154% due 09/17/2039 ~ | 84781 | 85226 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.834% due 07/15/2038 •  | 509 | 510 |
|  6.034% due 07/15/2038 •  | 10070 | 10094 |
|  6.384% due 07/15/2038 •  | 13000 | 12950 |
|  6.784% due 07/15/2038 •  | 12125 | 11979 |
|  7.134% due 07/15/2038 •  | 2500 | 2449 |
|  |  | 442851 |
| CREDIT CARD BULLET 0.0% | CREDIT CARD BULLET 0.0% | CREDIT CARD BULLET 0.0% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  3.370% due 04/15/2028 | 14000 | 13992 |
| CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 179500 | 171774 |
|  1.970% due 01/15/2029 | 220500 | 211248 |
|  |  | 383022 |
| HOME EQUITY OTHER 4.6% | HOME EQUITY OTHER 4.6% | HOME EQUITY OTHER 4.6% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.350% due 10/25/2035 •  | 9557 | 9048 |
|  6.460% due 01/25/2035 •  | 1563 | 1509 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.482% due 09/25/2036 •  | 32931 | 28662 |
|  4.695% due 01/25/2037 ~ | 40438 | 28902 |
|  4.715% due 10/25/2036 •  | 34606 | 30686 |
|  4.715% due 11/25/2036 •  | 6000 | 3543 |
|  4.735% due 10/25/2036 •  | 44 | 58 |
|  4.755% due 11/25/2036 •  | 13423 | 5428 |
|  4.935% due 11/25/2036 •  | 2503 | 1012 |
|  5.095% due 03/25/2035 •  | 2471 | 2417 |
|  5.135% due 06/25/2034 •  | 1722 | 1724 |
|  5.215% due 09/25/2033 •  | 629 | 603 |
|  5.335% due 02/25/2034 •  | 1831 | 1828 |
|  5.410% due 06/25/2035 •  | 12702 | 11760 |
|  5.435% due 06/25/2037 ~ | 2244 | 1855 |
|  5.440% due 03/25/2035 •  | 1539 | 1398 |
|  5.560% due 12/25/2032 •  | 26 | 25 |
|  6.205% due 12/25/2033 •  | 4412 | 4479 |
|  6.610% due 01/25/2034 •  | 312 | 182 |
|  7.135% due 07/25/2033 •  | 276 | 264 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.655% due 02/25/2037 •  | 19412 | 19248 |
|  4.705% due 09/25/2036 •  | 1486 | 1412 |
|  4.705% due 02/25/2037 •  | 5000 | 4717 |
|  5.035% due 07/25/2034 •  | 1589 | 1599 |
|  5.305% due 09/25/2035 •  | 3049 | 2921 |
|  5.335% due 10/25/2034 •  | 82 | 96 |
|  5.410% due 10/25/2034 •  | 9 | 11 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 156 | 59 |
|  4.555% due 12/25/2036 •  | 2124 | 1106 |
|  4.575% due 11/25/2036 •  | 7519 | 3094 |
|  4.575% due 12/25/2036 •  | 20387 | 12915 |
|  4.615% due 07/25/2036 •  | 37116 | 8567 |
|  4.675% due 11/25/2036 •  | 27175 | 11181 |
|  4.675% due 12/25/2036 •  | 7286 | 2341 |
|  4.675% due 01/25/2037 •  | 1040 | 627 |
|  4.695% due 12/25/2036 •  | 93269 | 48224 |
|  4.715% due 06/25/2036 •  | 10317 | 9837 |
|  4.715% due 07/25/2036 •  | 43382 | 34792 |
|  4.715% due 10/25/2036 •  | 40417 | 19339 |
|  4.735% due 04/25/2036 •  | 4151 | 4031 |
|  4.735% due 07/25/2036 •  | 34564 | 9641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.775% due 11/25/2036 •  | $— | 6053 | $— | 2490 |
|  4.775% due 01/25/2037 •  |  | 1110 |  | 668 |
|  4.815% due 02/25/2036 •  |  | 6500 |  | 6445 |
|  4.875% due 08/25/2036 •  |  | 23199 |  | 21792 |
|  4.875% due 11/25/2036 •  |  | 8128 |  | 3344 |
|  4.875% due 12/25/2036 •  |  | 7849 |  | 2521 |
|  4.875% due 01/25/2037 •  |  | 19485 |  | 4283 |
|  4.875% due 05/25/2037 •  |  | 19731 |  | 3080 |
|  4.915% due 07/25/2036 •  |  | 17737 |  | 5270 |
|  4.935% due 07/25/2036 •  |  | 31542 |  | 7279 |
|  4.935% due 01/25/2037 •  |  | 1040 |  | 627 |
|  4.975% due 08/25/2036 •  |  | 6878 |  | 6095 |
|  5.035% due 02/25/2036 •  |  | 483 |  | 479 |
|  5.095% due 08/25/2035 •  |  | 3143 |  | 3075 |
|  5.095% due 11/25/2035 •  |  | 306 |  | 328 |
|  5.335% due 09/25/2033 •  |  | 1128 |  | 1122 |
|  5.335% due 12/25/2034 •  |  | 953 |  | 856 |
|  5.365% due 02/25/2036 •  |  | 1376 |  | 1284 |
|  5.395% due 08/25/2035 •  |  | 1718 |  | 1421 |
|  5.410% due 06/25/2034 ~ |  | 5764 |  | 5444 |
|  5.425% due 05/25/2035 •  |  | 3330 |  | 2566 |
|  5.440% due 07/25/2035 •  |  | 11821 |  | 11636 |
|  5.470% due 06/25/2035 •  |  | 4528 |  | 4309 |
|  5.485% due 12/25/2033 ~ |  | 665 |  | 680 |
|  5.560% due 04/25/2035 •  |  | 3371 |  | 3005 |
|  5.605% due 07/25/2033 •  |  | 1520 |  | 1394 |
|  7.630% due 06/25/2034 ~ |  | 847 |  | 697 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.915% due 01/25/2037 •  |  | 5497 |  | 4112 |
|  5.080% due 12/25/2035 •  |  | 8387 |  | 7873 |
|  5.185% due 03/25/2035 •  |  | 9303 |  | 8076 |
|  5.225% due 03/25/2035 •  |  | 2347 |  | 1050 |
|  5.435% due 03/25/2035 •  |  | 276 |  | 263 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  5.140% due 10/25/2035 •  |  | 4555 |  | 4340 |
|  5.335% due 09/25/2034 •  |  | 1458 |  | 1552 |
|  5.335% due 10/25/2034 •  |  | 482 |  | 534 |
|  5.485% due 01/25/2034 •  |  | 391 |  | 393 |
|  6.160% due 10/25/2034 •  |  | 2704 |  | 2893 |
|  6.265% due 12/25/2034 •  |  | 6252 |  | 5617 |
|  6.535% due 12/25/2034 •  |  | 106 |  | 10 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  5.035% due 09/27/2027 •  |  | 8 |  | 8 |
|  5.085% due 09/22/2028 •  |  | 33 |  | 32 |
|  5.315% due 02/25/2029 •  |  | 86 |  | 83 |
|  Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust |
|  4.990% due 04/25/2036 •  |  | 9835 |  | 9606 |
|  5.095% due 03/25/2036 •  |  | 11988 |  | 11154 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.166% due 06/25/2033 •  |  | 998 |  | 938 |
|  3.764% due 05/25/2034 þ |  | 5525 |  | 4683 |
|  3.824% due 04/25/2034 •  |  | 981 |  | 926 |
|  4.583% due 11/25/2034 •  |  | 10851 |  | 9615 |
|  5.185% due 01/25/2036 •  |  | 5059 |  | 4972 |
|  5.254% due 11/25/2033 •  |  | 2 |  | 2 |
|  5.305% due 07/25/2034 ~ |  | 13 |  | 13 |
|  5.305% due 01/25/2036 •  |  | 14093 |  | 13694 |
|  5.350% due 01/25/2035 •  |  | 285 |  | 288 |
|  5.395% due 10/25/2035 •  |  | 2718 |  | 2600 |
|  5.410% due 05/25/2035 •  |  | 9300 |  | 8985 |
|  5.410% due 07/25/2035 •  |  | 11300 |  | 10902 |
|  5.410% due 09/25/2035 •  |  | 12785 |  | 11197 |
|  5.455% due 09/25/2034 •  |  | 672 |  | 679 |
|  5.455% due 10/25/2034 •  |  | 235 |  | 234 |
|  5.455% due 01/25/2035 •  |  | 2072 |  | 2017 |
|  5.485% due 05/25/2035 •  |  | 4588 |  | 4169 |
|  5.485% due 07/25/2035 •  |  | 9000 |  | 8053 |
|  5.530% due 09/25/2034 •  |  | 11378 |  | 10598 |
|  5.605% due 03/25/2035 •  |  | 6952 |  | 6662 |
|  5.710% due 08/25/2035 •  |  | 2782 |  | 2685 |
|  5.995% due 01/25/2035 •  |  | 2184 |  | 2067 |
|  6.160% due 05/25/2034 •  |  | 10161 |  | 9998 |
|  6.160% due 08/25/2035 •  |  | 14800 |  | 13603 |
|  6.190% due 10/25/2034 •  |  | 1813 |  | 1708 |
|  6.310% due 07/25/2034 •  |  | 744 |  | 735 |
|  6.415% due 05/25/2035 •  |  | 1000 |  | 851 |
|  7.210% due 03/25/2033 •  |  | 52 |  | 39 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.810% due 11/25/2032 ~ | $— | 1121 | $— | 1163 |
|  7.960% due 11/25/2032 •  |  | 3 |  | 2 |
|  9.685% due 02/25/2033 •  |  | 992 |  | 931 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.135% due 10/25/2031 •  |  | 8 |  | 7 |
|  5.260% due 08/25/2031 •  |  | 205 |  | 217 |
|  5.835% due 01/25/2033 •  |  | 26 |  | 27 |
|  6.235% due 07/25/2032 •  |  | 32 |  | 33 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.535% due 10/25/2036 •  |  | 7207 |  | 2112 |
|  4.545% due 09/25/2036 •  |  | 9261 |  | 2984 |
|  4.595% due 10/25/2036 ~ |  | 9108 |  | 2669 |
|  4.610% due 10/25/2036 •  |  | 3170 |  | 1746 |
|  4.615% due 07/25/2036 •  |  | 7937 |  | 2136 |
|  4.675% due 09/25/2036 •  |  | 4143 |  | 1335 |
|  4.675% due 10/25/2036 ~ |  | 21556 |  | 6317 |
|  4.735% due 06/25/2036 •  |  | 31762 |  | 8643 |
|  4.735% due 07/25/2036 •  |  | 87448 |  | 54097 |
|  4.755% due 05/25/2036 •  |  | 5285 |  | 1276 |
|  4.785% due 04/25/2036 •  |  | 18516 |  | 10140 |
|  4.795% due 04/25/2036 •  |  | 6572 |  | 2071 |
|  4.815% due 03/25/2036 •  |  | 14089 |  | 12869 |
|  4.915% due 06/25/2036 •  |  | 5436 |  | 1479 |
|  4.915% due 07/25/2036 •  |  | 5189 |  | 1396 |
|  4.975% due 05/25/2036 •  |  | 15332 |  | 3701 |
|  4.995% due 04/25/2036 ~ |  | 6535 |  | 2060 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.260% due 10/25/2034 •  |  | 577 |  | 565 |
|  5.125% due 11/25/2035 •  |  | 25774 |  | 22663 |
|  5.170% due 10/25/2035 ~ |  | 1211 |  | 1195 |
|  5.195% due 02/25/2036 ~ |  | 2728 |  | 2186 |
|  5.560% due 11/25/2034 •  |  | 1526 |  | 1523 |
|  6.235% due 11/25/2034 •  |  | 3311 |  | 2989 |
|  6.310% due 11/25/2034 •  |  | 2189 |  | 1856 |
|  6.535% due 11/25/2034 •  |  | 84 |  | 83 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.584% due 03/25/2036 ~ |  | 11505 |  | 10498 |
|  3.971% due 12/25/2036 •  |  | 1841 |  | 1776 |
|  4.077% due 01/25/2036 •  |  | 17633 |  | 15789 |
|  4.157% due 12/25/2036 •  |  | 6045 |  | 5942 |
|  4.157% due 12/25/2036 ~ |  | 8431 |  | 7736 |
|  4.725% due 11/25/2036 •  |  | 5954 |  | 5799 |
|  4.780% due 11/25/2036 •  |  | 35095 |  | 34071 |
|  5.335% due 06/25/2035 •  |  | 4486 |  | 4395 |
|  5.395% due 11/25/2035 •  |  | 16330 |  | 14116 |
|  5.410% due 10/25/2034 •  |  | 4134 |  | 4100 |
|  5.455% due 05/25/2035 •  |  | 5645 |  | 5556 |
|  5.455% due 07/25/2035 •  |  | 3087 |  | 2991 |
|  5.515% due 04/25/2035 •  |  | 3982 |  | 3610 |
|  5.530% due 02/25/2035 •  |  | 52 |  | 53 |
|  5.545% due 07/25/2035 •  |  | 3794 |  | 3394 |
|  6.084% due 03/15/2032 •  |  | 49 |  | 51 |
|  6.280% due 05/25/2035 •  |  | 7217 |  | 6778 |
|  Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust |
|  5.005% due 04/25/2036 •  |  | 7741 |  | 7312 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.967% due 05/28/2037 •  |  | 2803 |  | 2659 |
|  Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust |
|  4.885% due 03/25/2037 •  |  | 3347 |  | 3336 |
|  5.235% due 03/25/2037 •  |  | 1739 |  | 1741 |
|  5.335% due 03/25/2037 •  |  | 1819 |  | 1821 |
|  5.585% due 03/25/2037 •  |  | 989 |  | 989 |
|  5.935% due 03/25/2037 •  |  | 916 |  | 912 |
|  Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust |
|  5.312% due 04/28/2036 •  |  | 3973 |  | 3962 |
|  Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust |
|  5.372% due 12/28/2040 •  |  | 739 |  | 729 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  2.802% due 09/25/2034 •  |  | 19 |  | 19 |
|  4.575% due 04/25/2037 •  |  | 4850 |  | 4612 |
|  4.685% due 01/25/2037 •  |  | 9797 |  | 9484 |
|  4.695% due 02/25/2037 •  |  | 8408 |  | 8156 |
|  4.735% due 11/25/2036 •  |  | 770 |  | 761 |
|  4.735% due 06/25/2047 •  |  | 272 |  | 270 |
|  4.755% due 08/25/2036 ~ |  | 2976 |  | 2871 |
|  4.775% due 12/25/2036 •  |  | 4340 |  | 4128 |
|  4.785% due 05/25/2037 •  |  | 14775 |  | 12295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.885% due 06/25/2036 •  | $— | 873 | $— | 870 |
|  4.885% due 01/25/2047 •  |  | 10389 |  | 10143 |
|  4.915% due 02/25/2037 •  |  | 26342 |  | 24971 |
|  4.975% due 05/25/2036 •  |  | 21421 |  | 20494 |
|  5.005% due 04/25/2036 •  |  | 15273 |  | 14945 |
|  5.110% due 12/25/2035 •  |  | 4678 |  | 4622 |
|  5.110% due 08/25/2036 ~ |  | 447 |  | 447 |
|  5.124% due 02/25/2036 •  |  | 7105 |  | 6927 |
|  5.175% due 11/25/2035 •  |  | 21155 |  | 21134 |
|  5.195% due 01/25/2037 •  |  | 1138 |  | 1136 |
|  5.215% due 12/25/2035 •  |  | 3594 |  | 3588 |
|  5.235% due 10/27/2032 ~ |  | 13 |  | 13 |
|  5.275% due 08/25/2036 ~ |  | 1400 |  | 1388 |
|  5.337% due 04/25/2035 •  |  | 3222 |  | 3206 |
|  5.385% due 10/25/2037 ~ |  | 6348 |  | 6129 |
|  5.410% due 02/25/2034 •  |  | 1067 |  | 1078 |
|  5.435% due 10/25/2037 •  |  | 6952 |  | 6635 |
|  5.435% due 11/25/2042 ~ |  | 353 |  | 351 |
|  5.440% due 06/25/2035 •  |  | 2968 |  | 2898 |
|  5.455% due 10/25/2035 •  |  | 3948 |  | 3936 |
|  5.465% due 05/25/2035 •  |  | 919 |  | 917 |
|  5.485% due 08/25/2037 •  |  | 682 |  | 605 |
|  5.515% due 06/25/2035 •  |  | 3926 |  | 3921 |
|  5.830% due 01/25/2035 •  |  | 805 |  | 801 |
|  5.896% due 01/25/2035 •  |  | 961 |  | 969 |
|  6.035% due 08/25/2037 •  |  | 29266 |  | 25134 |
|  6.059% due 12/25/2034 •  |  | 13930 |  | 13822 |
|  7.060% due 09/25/2035 •  |  | 4655 |  | 4689 |
|  Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust | Bear Stearns Second Lien Trust |
|  4.625% due 01/25/2037 •  |  | 545 |  | 536 |
|  4.875% due 08/25/2037 •  |  | 3977 |  | 3733 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  6.435% due 03/25/2037 •  |  | 3246 |  | 3179 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.385% due 10/25/2036 •  |  | 7360 |  | 5176 |
|  4.645% due 07/25/2037 •  |  | 5553 |  | 5101 |
|  4.755% due 11/25/2036 •  |  | 519 |  | 507 |
|  5.055% due 11/25/2036 •  |  | 40973 |  | 21517 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.585% due 04/25/2036 •  |  | 15589 |  | 15280 |
|  4.595% due 10/25/2036 •  |  | 13478 |  | 10384 |
|  4.655% due 01/25/2037 •  |  | 23866 |  | 17716 |
|  4.685% due 10/25/2036 •  |  | 4440 |  | 3421 |
|  4.695% due 02/25/2037 •  |  | 7927 |  | 7552 |
|  4.735% due 08/25/2036 •  |  | 4567 |  | 4435 |
|  4.855% due 12/26/2036 •  |  | 8317 |  | 7086 |
|  4.975% due 02/25/2036 •  |  | 9975 |  | 9282 |
|  5.185% due 10/25/2035 •  |  | 691 |  | 680 |
|  5.230% due 09/25/2035 •  |  | 1308 |  | 1280 |
|  5.425% due 06/25/2035 •  |  | 2909 |  | 2901 |
|  5.485% due 05/25/2035 •  |  | 4102 |  | 3969 |
|  6.460% due 05/25/2035 •  |  | 10119 |  | 9643 |
|  CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust |
|  5.350% due 11/25/2034 •  |  | 18 |  | 21 |
|  6.235% due 06/25/2034 •  |  | 409 |  | 409 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.735% due 01/25/2032 ~ |  | 19 |  | 19 |
|  4.895% due 07/25/2032 •  |  | 40 |  | 37 |
|  4.915% due 06/25/2036 •  |  | 22233 |  | 21909 |
|  5.002% due 06/25/2034 ~ |  | 32 |  | 31 |
|  5.002% due 06/25/2034 •  |  | 406 |  | 397 |
|  5.035% due 01/25/2034 •  |  | 439 |  | 451 |
|  5.080% due 03/25/2035 •  |  | 51 |  | 51 |
|  5.085% due 09/25/2032 •  |  | 232 |  | 231 |
|  5.125% due 03/25/2035 •  |  | 1173 |  | 1169 |
|  5.155% due 01/25/2035 •  |  | 44 |  | 44 |
|  5.260% due 01/25/2035 •  |  | 851 |  | 832 |
|  5.365% due 09/25/2034 •  |  | 2704 |  | 2666 |
|  5.395% due 10/25/2035 •  |  | 5228 |  | 5223 |
|  5.560% due 03/25/2035 •  |  | 871 |  | 769 |
|  5.635% due 01/25/2035 •  |  | 1291 |  | 1240 |
|  6.165% due 03/25/2033 •  |  | 61 |  | 60 |
|  6.235% due 10/25/2035 •  |  | 12568 |  | 12006 |
|  6.260% due 09/25/2034 þ |  | 768 |  | 751 |
|  Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust |
|  4.835% due 12/25/2032 þ |  | 591 |  | 590 |
|  5.290% due 06/25/2034 •  |  | 5767 |  | 5784 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.725% due 05/25/2033 |  | 3596 |  | 3424 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.935% due 05/25/2032 •  | $— | 27 | $— | 27 |
|  5.035% due 07/25/2033 •  |  | 6 |  | 6 |
|  5.160% due 03/25/2033 þ |  | 1601 |  | 1602 |
|  CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust |
|  5.395% due 06/25/2034 •  |  | 71 |  | 72 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  |  | 31882 |  | 32318 |
|  Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust |
|  4.534% due 11/25/2036 þ |  | 1304 |  | 1271 |
|  4.596% due 09/25/2036 þ |  | 19791 |  | 19257 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.210% due 10/25/2037 þ |  | 12327 |  | 11854 |
|  4.495% due 07/25/2045 •  |  | 1175 |  | 816 |
|  4.595% due 01/25/2037 ~ |  | 10355 |  | 7523 |
|  4.605% due 05/25/2037 ~ |  | 9943 |  | 8681 |
|  4.605% due 05/25/2037 •  |  | 23474 |  | 16366 |
|  4.625% due 05/25/2037 •  |  | 30057 |  | 20004 |
|  4.635% due 12/25/2036 •  |  | 3061 |  | 2081 |
|  4.695% due 03/25/2037 ~ |  | 26190 |  | 23457 |
|  4.705% due 05/25/2037 •  |  | 25635 |  | 24174 |
|  4.715% due 12/25/2036 •  |  | 4668 |  | 4520 |
|  4.755% due 09/25/2036 •  |  | 4301 |  | 3825 |
|  4.755% due 12/25/2036 •  |  | 6210 |  | 4225 |
|  4.795% due 01/25/2037 ~ |  | 61862 |  | 44932 |
|  4.810% due 12/25/2036 •  |  | 14644 |  | 14137 |
|  4.855% due 12/25/2036 •  |  | 5655 |  | 5578 |
|  4.885% due 08/25/2036 ~ |  | 6021 |  | 5896 |
|  4.935% due 08/25/2036 •  |  | 3528 |  | 3496 |
|  4.935% due 01/25/2037 •  |  | 20139 |  | 14626 |
|  5.035% due 12/25/2035 •  |  | 12323 |  | 11841 |
|  5.065% due 02/25/2035 •  |  | 1076 |  | 1008 |
|  5.110% due 10/25/2035 •  |  | 272 |  | 267 |
|  5.125% due 10/25/2035 •  |  | 3900 |  | 3599 |
|  5.140% due 01/25/2036 •  |  | 2410 |  | 2406 |
|  5.170% due 09/25/2035 •  |  | 1011 |  | 1006 |
|  5.335% due 09/25/2035 •  |  | 6350 |  | 6144 |
|  5.485% due 02/25/2035 •  |  | 68 |  | 58 |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  5.380% due 10/25/2034 •  |  | 4065 |  | 3942 |
|  6.010% due 10/25/2034 •  |  | 499 |  | 423 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.873% due 04/25/2035 ~ |  | 785 |  | 773 |
|  4.276% due 07/25/2034 •  |  | 979 |  | 665 |
|  4.276% due 08/25/2034 •  |  | 2442 |  | 2093 |
|  4.293% due 10/25/2046 ~ |  | 146 |  | 147 |
|  4.430% due 01/25/2037 •  |  | 10954 |  | 10795 |
|  4.575% due 07/25/2037 ~ |  | 41568 |  | 38790 |
|  4.575% due 08/25/2037 ~ |  | 54374 |  | 49879 |
|  4.615% due 06/25/2047 •  |  | 4567 |  | 4313 |
|  4.625% due 11/25/2037 •  |  | 10861 |  | 10286 |
|  4.635% due 06/25/2047 ~ |  | 17171 |  | 15139 |
|  4.665% due 07/25/2037 •  |  | 46686 |  | 41122 |
|  4.665% due 10/25/2047 •  |  | 1135 |  | 1126 |
|  4.685% due 02/25/2036 •  |  | 5540 |  | 5338 |
|  4.685% due 06/25/2047 •  |  | 16412 |  | 15826 |
|  4.695% due 12/25/2036 •  |  | 8205 |  | 7533 |
|  4.695% due 11/25/2037 •  |  | 42108 |  | 39276 |
|  4.695% due 04/25/2046 •  |  | 17898 |  | 16876 |
|  4.715% due 05/25/2035 ~ |  | 13193 |  | 12880 |
|  4.715% due 06/25/2035 ~ |  | 11844 |  | 10741 |
|  4.715% due 02/25/2037 ~ |  | 17090 |  | 15771 |
|  4.715% due 03/25/2037 •  |  | 16666 |  | 16293 |
|  4.715% due 05/25/2037 •  |  | 27645 |  | 26186 |
|  4.715% due 06/25/2037 ~ |  | 13931 |  | 13255 |
|  4.715% due 04/25/2047 •  |  | 9481 |  | 9167 |
|  4.715% due 06/25/2047 •  |  | 38132 |  | 35707 |
|  4.725% due 05/25/2047 •  |  | 955 |  | 912 |
|  4.725% due 10/25/2047 •  |  | 10000 |  | 8630 |
|  4.795% due 11/25/2047 ~ |  | 18494 |  | 17633 |
|  4.835% due 02/25/2037 •  |  | 1454 |  | 1355 |
|  4.835% due 09/25/2037 ~ |  | 25315 |  | 23150 |
|  4.835% due 09/25/2047 •  |  | 22459 |  | 21038 |
|  4.870% due 11/25/2036 •  |  | 13946 |  | 13292 |
|  4.875% due 07/25/2034 •  |  | 3943 |  | 3915 |
|  4.875% due 05/25/2037 •  |  | 2131 |  | 2045 |
|  4.875% due 06/25/2037 •  |  | 3291 |  | 3225 |
|  4.875% due 09/25/2037 •  |  | 4419 |  | 4577 |
|  4.875% due 06/25/2047 •  |  | 45207 |  | 43050 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.875% due 09/25/2047 ~ | $— | 5169 | $— | 5150 |
|  4.885% due 02/25/2037 •  |  | 4156 |  | 4127 |
|  4.895% due 05/25/2037 ~ |  | 10888 |  | 10135 |
|  4.915% due 09/25/2036 •  |  | 16065 |  | 14993 |
|  4.915% due 02/25/2037 •  |  | 14159 |  | 13446 |
|  4.915% due 03/25/2037 •  |  | 21796 |  | 19914 |
|  4.915% due 04/25/2037 ~ |  | 4849 |  | 4242 |
|  4.915% due 12/25/2046 •  |  | 12545 |  | 12122 |
|  4.935% due 01/25/2046 •  |  | 28149 |  | 26791 |
|  4.935% due 04/25/2046 ~ |  | 1558 |  | 1528 |
|  4.935% due 11/25/2047 •  |  | 18756 |  | 17057 |
|  4.955% due 12/25/2036 •  |  | 1799 |  | 1712 |
|  4.955% due 09/25/2046 •  |  | 10351 |  | 9891 |
|  4.960% due 08/25/2036 •  |  | 1054 |  | 1035 |
|  4.990% due 04/25/2036 •  |  | 3953 |  | 3916 |
|  5.015% due 06/25/2037 •  |  | 7893 |  | 7645 |
|  5.025% due 05/25/2036 •  |  | 22800 |  | 21899 |
|  5.035% due 06/25/2033 •  |  | 6 |  | 6 |
|  5.050% due 02/25/2036 •  |  | 6 |  | 6 |
|  5.075% due 05/25/2047 •  |  | 19676 |  | 14488 |
|  5.095% due 08/25/2035 •  |  | 4894 |  | 4815 |
|  5.095% due 07/25/2036 •  |  | 74 |  | 73 |
|  5.115% due 10/25/2035 ~ |  | 5000 |  | 4588 |
|  5.115% due 12/25/2036 •  |  | 7171 |  | 5794 |
|  5.125% due 05/25/2036 •  |  | 118 |  | 118 |
|  5.135% due 12/25/2033 •  |  | 355 |  | 351 |
|  5.135% due 03/25/2036 •  |  | 4424 |  | 3871 |
|  5.140% due 09/25/2035 •  |  | 6379 |  | 6235 |
|  5.155% due 08/25/2035 •  |  | 8200 |  | 7496 |
|  5.170% due 04/25/2036 •  |  | 23215 |  | 23063 |
|  5.175% due 12/25/2034 •  |  | 681 |  | 667 |
|  5.200% due 02/25/2036 •  |  | 8279 |  | 8207 |
|  5.215% due 11/25/2034 •  |  | 247 |  | 239 |
|  5.270% due 02/25/2035 •  |  | 3538 |  | 3442 |
|  5.275% due 10/25/2047 •  |  | 9058 |  | 8861 |
|  5.290% due 08/25/2034 ~ |  | 109 |  | 109 |
|  5.335% due 09/25/2034 •  |  | 185 |  | 179 |
|  5.335% due 11/25/2034 •  |  | 224 |  | 220 |
|  5.335% due 05/25/2036 ~ |  | 384 |  | 377 |
|  5.335% due 03/25/2047 •  |  | 5577 |  | 4308 |
|  5.410% due 10/25/2034 •  |  | 197 |  | 201 |
|  5.410% due 12/25/2035 •  |  | 1024 |  | 1021 |
|  5.425% due 02/25/2036 •  |  | 6000 |  | 5407 |
|  5.440% due 10/25/2035 ~ |  | 5 |  | 5 |
|  5.485% due 07/25/2033 •  |  | 227 |  | 226 |
|  5.485% due 11/25/2034 •  |  | 64 |  | 73 |
|  5.500% due 08/25/2035 •  |  | 1 |  | 1 |
|  5.530% due 05/25/2035 •  |  | 1019 |  | 995 |
|  5.530% due 04/25/2036 ~ |  | 11300 |  | 10891 |
|  5.545% due 08/25/2035 •  |  | 2804 |  | 2770 |
|  5.560% due 11/25/2035 •  |  | 3397 |  | 3360 |
|  5.572% due 11/25/2034 •  |  | 1888 |  | 1839 |
|  5.575% due 01/25/2036 •  |  | 7675 |  | 7567 |
|  5.635% due 10/25/2035 ~ |  | 2183 |  | 2163 |
|  6.010% due 08/25/2034 •  |  | 9484 |  | 8662 |
|  6.085% due 06/25/2035 •  |  | 5351 |  | 5298 |
|  6.160% due 05/25/2035 •  |  | 375 |  | 371 |
|  6.265% due 12/25/2035 •  |  | 9836 |  | 8883 |
|  6.310% due 12/25/2034 •  |  | 1214 |  | 1318 |
|  6.310% due 07/25/2035 ~ |  | 7083 |  | 6971 |
|  6.385% due 08/25/2035 •  |  | 5250 |  | 5003 |
|  6.460% due 01/25/2035 •  |  | 4674 |  | 4541 |
|  6.835% due 10/25/2034 •  |  | 570 |  | 560 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  |  | 3 |  | 3 |
|  4.916% due 08/25/2032 •  |  | 85 |  | 78 |
|  5.485% due 02/25/2035 •  |  | 2785 |  | 2776 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.221% due 08/25/2035 •  |  | 7129 |  | 6710 |
|  3.418% due 12/25/2035 •  |  | 19631 |  | 17859 |
|  3.664% due 10/25/2034 •  |  | 1582 |  | 1484 |
|  3.788% due 12/25/2035 •  |  | 1709 |  | 1624 |
|  4.554% due 07/25/2037 ~ |  | 4216 |  | 2770 |
|  4.654% due 07/25/2037 ~ |  | 3898 |  | 2560 |
|  4.715% due 06/25/2036 •  |  | 6916 |  | 4638 |
|  4.774% due 07/25/2037 •  |  | 4127 |  | 2711 |
|  4.935% due 06/25/2036 •  |  | 15655 |  | 10498 |
|  4.955% due 03/25/2036 •  |  | 3340 |  | 3027 |
|  5.350% due 01/25/2034 •  |  | 817 |  | 874 |
|  6.780% due 05/25/2035 þ |  | 1765 |  | 1624 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit-Based Asset Servicing & Securitization Mortgage Loan Asset-Backed Certificates | Credit-Based Asset Servicing & Securitization Mortgage Loan Asset-Backed Certificates | Credit-Based Asset Servicing & Securitization Mortgage Loan Asset-Backed Certificates |
|  3.498% due 11/25/2035 •  | 3594 | 3402 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.341% due 04/25/2037 ~ | 16 | 9 |
|  3.341% due 04/25/2037 •  | 2039 | 1171 |
|  3.376% due 01/25/2037 ~ | 463 | 136 |
|  3.485% due 07/25/2036 •  | 14719 | 13914 |
|  4.555% due 11/25/2036 ~ | 58 | 26 |
|  4.715% due 10/25/2036 •  | 10670 | 7611 |
|  4.895% due 11/25/2036 •  | 5156 | 2329 |
|  4.915% due 10/25/2036 •  | 1893 | 1256 |
|  DFC HEL Trust | DFC HEL Trust | DFC HEL Trust |
|  6.310% due 12/25/2031 •  | 1242 | 1172 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.485% due 05/25/2037 •  | 28795 | 28183 |
|  5.935% due 05/25/2037 ~ | 1148 | 1129 |
|  5.935% due 05/25/2037 •  | 444 | 438 |
|  6.035% due 05/25/2037 •  | 35744 | 31971 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.175% due 05/25/2040 ~ | 31 | 30 |
|  5.535% due 08/25/2040 ~ | 210 | 211 |
|  5.535% due 11/25/2041 •  | 28 | 27 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.125% due 07/25/2035 ~ | 8380 | 8180 |
|  5.335% due 10/25/2035 •  | 2524 | 2510 |
|  5.335% due 01/25/2036 •  | 5686 | 5547 |
|  Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust |
|  4.605% due 04/25/2037 •  | 25048 | 23146 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.440% due 04/25/2035 •  | 50 | 49 |
|  5.500% due 04/25/2035 •  | 1904 | 1823 |
|  5.935% due 12/25/2034 •  | 168 | 166 |
|  6.160% due 12/25/2034 •  | 756 | 730 |
|  6.235% due 04/25/2035 •  | 4623 | 4092 |
|  6.910% due 12/25/2034 •  | 501 | 459 |
|  8.335% due 12/25/2034 •  | 985 | 969 |
|  FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust |
|  5.140% due 11/25/2035 ~ | 223 | 221 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.674% due 11/25/2036 •  | 1567 | 966 |
|  4.715% due 07/25/2036 •  | 14345 | 11022 |
|  4.815% due 05/25/2036 ~ | 21373 | 15783 |
|  4.914% due 11/25/2036 •  | 9431 | 5809 |
|  5.080% due 02/25/2036 •  | 6571 | 5713 |
|  5.605% due 03/25/2035 •  | 2395 | 2046 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.485% due 09/25/2033 •  | 77 | 77 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  4.000% due 10/01/2034 ~ | 53628 | 53273 |
|  Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust |
|  4.846% due 02/27/2035 •  | 1209 | 1135 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  3.873% due 05/25/2035 •  | 1078 | 0 |
|  4.505% due 08/25/2037 •  | 4071 | 2032 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.535% due 08/25/2036 ~ | 4632 | 1456 |
|  4.565% due 11/25/2036 ~ | 20633 | 7301 |
|  4.595% due 08/25/2036 ~ | 30716 | 9654 |
|  4.655% due 01/25/2037 •  | 22245 | 10090 |
|  4.675% due 08/25/2036 ~ | 7863 | 2471 |
|  4.705% due 10/25/2036 •  | 8353 | 7557 |
|  4.735% due 10/25/2036 •  | 4958 | 1983 |
|  4.775% due 02/25/2036 •  | 5808 | 5620 |
|  4.775% due 02/25/2037 ~ | 17634 | 5579 |
|  4.935% due 05/25/2036 ~ | 6609 | 4190 |
|  4.975% due 04/25/2036 ~ | 28358 | 25703 |
|  5.050% due 11/25/2035 •  | 2892 | 2646 |
|  5.110% due 01/25/2036 •  | 44985 | 36954 |
|  5.305% due 11/25/2034 •  | 1862 | 1671 |
|  5.365% due 06/25/2035 •  | 1137 | 1052 |
|  5.395% due 04/25/2035 •  | 5257 | 4522 |
|  5.440% due 04/25/2035 •  | 6013 | 852 |
|  5.485% due 11/25/2034 •  | 4274 | 4019 |
|  5.500% due 06/25/2035 ~ | 2266 | 2203 |
|  5.590% due 06/25/2035 •  | 22416 | 18527 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | $— | 2 | $— | 1 |
|  4.695% due 08/25/2036 •  |  | 2311 |  | 2125 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.555% due 05/25/2036 •  |  | 5950 |  | 1263 |
|  4.575% due 03/25/2036 ~ |  | 19 |  | 6 |
|  4.635% due 03/25/2037 ~ |  | 30280 |  | 8406 |
|  4.675% due 06/25/2036 •  |  | 59295 |  | 11259 |
|  4.755% due 06/25/2036 •  |  | 34482 |  | 6574 |
|  4.775% due 10/25/2036 •  |  | 36050 |  | 8737 |
|  4.775% due 02/25/2037 •  |  | 7913 |  | 2263 |
|  4.795% due 03/25/2036 •  |  | 19131 |  | 6216 |
|  4.795% due 05/25/2036 ~ |  | 21035 |  | 4502 |
|  4.795% due 11/25/2036 •  |  | 16639 |  | 4023 |
|  4.815% due 03/25/2036 •  |  | 12438 |  | 4200 |
|  4.875% due 05/25/2047 •  |  | 5267 |  | 3057 |
|  4.895% due 04/25/2047 •  |  | 3328 |  | 1463 |
|  4.915% due 06/25/2036 •  |  | 2594 |  | 670 |
|  4.935% due 01/25/2036 •  |  | 4217 |  | 1323 |
|  4.975% due 03/25/2036 •  |  | 21999 |  | 9987 |
|  5.075% due 04/25/2047 •  |  | 10219 |  | 4475 |
|  5.135% due 08/25/2037 •  |  | 852 |  | 833 |
|  5.170% due 06/25/2035 •  |  | 2177 |  | 2136 |
|  5.230% due 08/25/2035 •  |  | 4304 |  | 4203 |
|  5.344% due 09/25/2035 ~ |  | 152 |  | 102 |
|  5.410% due 06/25/2034 •  |  | 503 |  | 486 |
|  5.679% due 09/25/2036 ~ |  | 8993 |  | 2310 |
|  5.772% due 11/25/2036 ~ |  | 6901 |  | 2015 |
|  5.917% due 03/25/2037 •  |  | 33201 |  | 6233 |
|  6.000% due 11/25/2037 |  | 559 |  | 299 |
|  6.376% due 09/25/2036 þ |  | 8086 |  | 2073 |
|  6.423% due 11/25/2036 þ |  | 20032 |  | 5837 |
|  6.483% due 03/25/2037 þ |  | 9280 |  | 2589 |
|  6.500% due 10/25/2037 |  | 4942 |  | 2794 |
|  6.500% due 11/25/2037 |  | 12684 |  | 4710 |
|  6.692% due 09/25/2036 þ |  | 8854 |  | 2267 |
|  6.720% due 04/25/2034 þ |  | 1782 |  | 1757 |
|  6.948% due 06/25/2036 þ |  | 18418 |  | 4186 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.610% due 10/25/2036 •  |  | 1495 |  | 7 |
|  4.505% due 12/25/2036 ~ |  | 628 |  | 310 |
|  4.525% due 01/25/2037 ~ |  | 6025 |  | 3610 |
|  4.555% due 12/25/2036 ~ |  | 922 |  | 456 |
|  4.595% due 08/25/2036 •  |  | 4362 |  | 3524 |
|  4.595% due 11/25/2036 •  |  | 914 |  | 429 |
|  4.605% due 12/25/2036 •  |  | 4881 |  | 2412 |
|  4.615% due 11/25/2035 ~ |  | 180 |  | 13 |
|  4.695% due 12/25/2046 •  |  | 4851 |  | 2439 |
|  4.705% due 03/25/2047 •  |  | 11284 |  | 9274 |
|  4.715% due 06/25/2036 •  |  | 4162 |  | 4073 |
|  4.715% due 08/25/2036 •  |  | 5082 |  | 4967 |
|  4.715% due 11/25/2036 •  |  | 56530 |  | 26418 |
|  4.735% due 06/25/2036 •  |  | 26869 |  | 14897 |
|  4.735% due 12/25/2036 ~ |  | 429 |  | 424 |
|  4.755% due 04/25/2036 ~ |  | 1746 |  | 1149 |
|  4.775% due 01/25/2037 ~ |  | 1126 |  | 1100 |
|  4.805% due 03/25/2047 •  |  | 1924 |  | 1524 |
|  4.835% due 11/25/2036 ~ |  | 12493 |  | 5855 |
|  4.885% due 06/25/2036 •  |  | 7100 |  | 6001 |
|  4.915% due 06/25/2036 ~ |  | 3256 |  | 1797 |
|  4.915% due 08/25/2036 •  |  | 21708 |  | 20290 |
|  4.955% due 02/25/2046 •  |  | 475 |  | 439 |
|  4.975% due 02/25/2036 •  |  | 8279 |  | 7990 |
|  5.080% due 11/25/2035 •  |  | 8287 |  | 7986 |
|  5.110% due 11/25/2035 •  |  | 66 |  | 64 |
|  5.215% due 07/25/2045 ~ |  | 3927 |  | 3912 |
|  5.320% due 07/25/2045 •  |  | 6976 |  | 6403 |
|  5.335% due 11/25/2035 •  |  | 3034 |  | 2955 |
|  5.380% due 11/25/2035 •  |  | 4016 |  | 3751 |
|  5.410% due 03/25/2035 •  |  | 2897 |  | 2770 |
|  6.160% due 12/25/2034 •  |  | 5427 |  | 5265 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.735% due 10/25/2036 •  |  | 1064 |  | 1061 |
|  4.735% due 11/25/2036 •  |  | 392 |  | 383 |
|  4.861% due 10/25/2035 •  |  | 2582 |  | 2555 |
|  5.005% due 05/25/2036 •  |  | 15044 |  | 15296 |
|  5.050% due 04/25/2036 •  |  | 352 |  | 349 |
|  5.095% due 04/25/2036 •  |  | 7055 |  | 6717 |
|  5.140% due 01/25/2036 ~ |  | 3319 |  | 3168 |
|  5.140% due 02/25/2036 •  |  | 14696 |  | 15551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.140% due 04/25/2036 •  | $— | 14812 | $— | 14564 |
|  5.195% due 11/25/2032 •  |  | 128 |  | 118 |
|  5.380% due 11/25/2035 •  |  | 6747 |  | 6579 |
|  5.380% due 12/25/2035 •  |  | 2810 |  | 2708 |
|  5.500% due 08/25/2035 •  |  | 2610 |  | 2505 |
|  5.635% due 06/25/2032 •  |  | 225 |  | 222 |
|  5.635% due 07/25/2035 ~ |  | 5354 |  | 5300 |
|  5.935% due 03/25/2035 •  |  | 771 |  | 712 |
|  6.085% due 12/25/2034 •  |  | 1215 |  | 1217 |
|  6.635% due 06/25/2034 •  |  | 1698 |  | 1703 |
|  6.985% due 03/25/2033 •  |  | 3044 |  | 2866 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.483% due 12/25/2036 þ |  | 12174 |  | 4014 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.535% due 10/25/2036 •  |  | 2210 |  | 751 |
|  4.575% due 12/25/2036 •  |  | 26959 |  | 23316 |
|  4.575% due 01/25/2037 •  |  | 44756 |  | 33721 |
|  4.655% due 10/25/2036 •  |  | 15296 |  | 5215 |
|  4.715% due 10/25/2036 •  |  | 4352 |  | 1207 |
|  4.755% due 10/25/2036 •  |  | 7796 |  | 2668 |
|  4.775% due 12/25/2036 •  |  | 25967 |  | 6314 |
|  4.810% due 05/25/2037 •  |  | 1878 |  | 1865 |
|  4.815% due 04/25/2037 •  |  | 13624 |  | 7009 |
|  4.915% due 10/25/2036 •  |  | 1737 |  | 596 |
|  4.930% due 02/25/2036 •  |  | 5105 |  | 4865 |
|  4.955% due 04/25/2037 •  |  | 6883 |  | 3544 |
|  4.960% due 02/25/2036 •  |  | 16250 |  | 13700 |
|  5.020% due 12/25/2035 •  |  | 6162 |  | 5898 |
|  5.020% due 01/25/2036 •  |  | 3513 |  | 3480 |
|  5.050% due 01/25/2036 •  |  | 7185 |  | 6833 |
|  5.215% due 01/25/2036 •  |  | 5700 |  | 4896 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.595% due 11/25/2036 •  |  | 8186 |  | 7371 |
|  4.595% due 07/25/2037 •  |  | 344 |  | 188 |
|  4.605% due 04/25/2037 •  |  | 3205 |  | 2260 |
|  4.625% due 04/25/2037 •  |  | 1178 |  | 796 |
|  4.625% due 07/25/2037 •  |  | 22412 |  | 8973 |
|  4.625% due 07/25/2037 ~ |  | 22412 |  | 8973 |
|  4.635% due 07/25/2037 •  |  | 14740 |  | 8063 |
|  4.655% due 04/25/2037 ~ |  | 37510 |  | 28768 |
|  4.675% due 11/25/2036 ~ |  | 7998 |  | 6473 |
|  4.755% due 04/25/2037 ~ |  | 7879 |  | 6913 |
|  4.915% due 08/25/2036 •  |  | 12515 |  | 11583 |
|  4.995% due 06/25/2036 •  |  | 7824 |  | 7097 |
|  5.035% due 03/25/2036 •  |  | 18868 |  | 17055 |
|  5.095% due 03/25/2036 •  |  | 14859 |  | 13973 |
|  5.215% due 10/25/2035 •  |  | 13050 |  | 12565 |
|  5.500% due 08/25/2035 •  |  | 8950 |  | 8788 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.495% due 05/25/2037 •  |  | 5158 |  | 1074 |
|  4.545% due 05/25/2037 •  |  | 10238 |  | 2132 |
|  4.595% due 05/25/2037 •  |  | 31977 |  | 6658 |
|  4.735% due 01/25/2037 •  |  | 74912 |  | 25631 |
|  4.755% due 08/25/2036 •  |  | 58665 |  | 16089 |
|  4.835% due 03/25/2036 •  |  | 9581 |  | 5014 |
|  4.955% due 08/25/2036 •  |  | 29786 |  | 8168 |
|  5.380% due 02/25/2035 •  |  | 396 |  | 400 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  3.045% due 10/25/2035 •  |  | 6100 |  | 5294 |
|  4.434% due 11/25/2036 •  |  | 8759 |  | 8198 |
|  4.655% due 08/25/2036 ~ |  | 1981 |  | 1480 |
|  4.665% due 05/25/2037 •  |  | 23550 |  | 23063 |
|  4.675% due 05/25/2037 •  |  | 32875 |  | 29936 |
|  4.695% due 08/25/2036 •  |  | 2782 |  | 2741 |
|  4.705% due 07/25/2036 ~ |  | 20249 |  | 18277 |
|  4.755% due 03/25/2037 •  |  | 2682 |  | 2660 |
|  4.784% due 11/25/2036 •  |  | 1794 |  | 1885 |
|  4.840% due 07/25/2036 ~ |  | 12650 |  | 12465 |
|  4.870% due 05/25/2036 •  |  | 21333 |  | 19178 |
|  4.915% due 04/25/2036 •  |  | 14332 |  | 14550 |
|  4.915% due 08/25/2036 •  |  | 16669 |  | 12448 |
|  4.945% due 02/25/2036 ~ |  | 2800 |  | 2769 |
|  4.975% due 03/25/2036 •  |  | 33706 |  | 32237 |
|  5.020% due 05/25/2035 ~ |  | 236 |  | 234 |
|  5.020% due 01/25/2036 •  |  | 10645 |  | 10849 |
|  5.080% due 05/25/2035 •  |  | 16317 |  | 14038 |
|  5.095% due 07/25/2036 •  |  | 3200 |  | 3004 |
|  5.140% due 09/25/2035 •  |  | 3402 |  | 3402 |
|  5.230% due 01/25/2037 •  |  | 2350 |  | 2118 |
|  5.365% due 06/25/2035 •  |  | 16467 |  | 15432 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.410% due 12/25/2035 ~ | $— | 8591 | $— | 8020 |
|  5.500% due 06/25/2035 •  |  | 11812 |  | 9648 |
|  6.330% due 07/25/2036 þ |  | 4828 |  | 1304 |
|  6.910% due 07/25/2036 þ |  | 6884 |  | 1856 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.615% due 09/25/2036 •  |  | 9865 |  | 2636 |
|  4.635% due 12/25/2036 •  |  | 13631 |  | 4695 |
|  4.655% due 11/25/2036 •  |  | 6585 |  | 1970 |
|  4.675% due 08/25/2036 •  |  | 5526 |  | 2196 |
|  4.725% due 07/25/2036 •  |  | 12280 |  | 8498 |
|  4.735% due 05/25/2036 ~ |  | 43536 |  | 23012 |
|  4.735% due 06/25/2036 ~ |  | 53066 |  | 24906 |
|  4.735% due 07/25/2036 •  |  | 8934 |  | 3433 |
|  4.735% due 09/25/2036 •  |  | 36783 |  | 23565 |
|  4.745% due 08/25/2036 •  |  | 25077 |  | 12832 |
|  4.745% due 10/25/2036 •  |  | 40379 |  | 22013 |
|  4.755% due 05/25/2036 •  |  | 8368 |  | 2461 |
|  4.755% due 08/25/2036 •  |  | 55688 |  | 22148 |
|  4.755% due 09/25/2036 •  |  | 2926 |  | 785 |
|  4.755% due 10/25/2036 •  |  | 47475 |  | 15216 |
|  4.755% due 12/25/2036 •  |  | 21837 |  | 14867 |
|  4.755% due 05/25/2046 •  |  | 5661 |  | 5372 |
|  4.775% due 12/25/2036 •  |  | 32724 |  | 11296 |
|  4.815% due 03/25/2046 •  |  | 69010 |  | 24446 |
|  4.835% due 01/25/2036 •  |  | 12839 |  | 12476 |
|  4.875% due 02/25/2036 •  |  | 7433 |  | 7319 |
|  4.875% due 11/25/2036 •  |  | 11884 |  | 3557 |
|  4.895% due 12/25/2036 •  |  | 22471 |  | 7768 |
|  4.915% due 08/25/2036 •  |  | 21326 |  | 8490 |
|  4.955% due 05/25/2036 •  |  | 25454 |  | 7522 |
|  5.035% due 01/25/2036 •  |  | 31157 |  | 28339 |
|  5.065% due 01/25/2046 •  |  | 38532 |  | 36911 |
|  5.215% due 08/25/2035 •  |  | 319 |  | 313 |
|  5.230% due 06/25/2034 •  |  | 940 |  | 958 |
|  5.290% due 07/25/2034 •  |  | 1276 |  | 1252 |
|  5.560% due 07/25/2033 •  |  | 2175 |  | 2152 |
|  5.635% due 11/25/2034 •  |  | 3242 |  | 3058 |
|  5.665% due 06/25/2033 •  |  | 1822 |  | 1870 |
|  5.860% due 02/25/2035 •  |  | 8445 |  | 7783 |
|  7.510% due 03/25/2033 •  |  | 21 |  | 22 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 08/25/2036 •  |  | 4696 |  | 1584 |
|  4.535% due 10/25/2036 •  |  | 36884 |  | 11991 |
|  4.535% due 11/25/2036 •  |  | 296 |  | 89 |
|  4.535% due 01/25/2037 •  |  | 39515 |  | 11209 |
|  4.635% due 08/25/2036 •  |  | 10029 |  | 3019 |
|  4.635% due 10/25/2036 •  |  | 7101 |  | 3468 |
|  4.635% due 11/25/2036 •  |  | 13241 |  | 7823 |
|  4.635% due 01/25/2037 •  |  | 31406 |  | 8908 |
|  4.655% due 08/25/2036 •  |  | 6596 |  | 2427 |
|  4.675% due 10/25/2036 •  |  | 30414 |  | 9898 |
|  4.695% due 10/25/2036 •  |  | 29666 |  | 13124 |
|  4.725% due 10/25/2036 •  |  | 52178 |  | 20138 |
|  4.725% due 01/25/2037 •  |  | 25328 |  | 6659 |
|  4.735% due 03/25/2036 ~ |  | 6255 |  | 3721 |
|  4.735% due 04/25/2036 •  |  | 24215 |  | 4917 |
|  4.735% due 08/25/2036 •  |  | 48172 |  | 15963 |
|  4.735% due 05/25/2037 •  |  | 5865 |  | 5257 |
|  4.755% due 08/25/2036 •  |  | 7927 |  | 2687 |
|  4.755% due 10/25/2036 •  |  | 6315 |  | 3084 |
|  4.755% due 01/25/2037 •  |  | 34680 |  | 9836 |
|  4.835% due 04/25/2036 •  |  | 62679 |  | 9650 |
|  4.855% due 10/25/2036 •  |  | 8281 |  | 4045 |
|  4.855% due 11/25/2036 •  |  | 17976 |  | 5428 |
|  4.855% due 05/25/2037 •  |  | 737 |  | 714 |
|  4.875% due 11/25/2036 •  |  | 2455 |  | 1451 |
|  4.895% due 01/25/2037 •  |  | 21613 |  | 6130 |
|  4.915% due 06/25/2036 ~ |  | 3803 |  | 1337 |
|  4.915% due 08/25/2036 •  |  | 49012 |  | 15972 |
|  4.925% due 10/25/2036 •  |  | 5798 |  | 2248 |
|  4.955% due 06/25/2036 •  |  | 1494 |  | 1385 |
|  4.975% due 02/25/2036 •  |  | 8992 |  | 3275 |
|  5.005% due 01/25/2036 ~ |  | 1630 |  | 1625 |
|  5.015% due 01/25/2036 •  |  | 170 |  | 171 |
|  5.050% due 01/25/2036 •  |  | 11797 |  | 10516 |
|  5.185% due 03/25/2035 •  |  | 8294 |  | 7763 |
|  5.185% due 10/25/2035 ~ |  | 10548 |  | 10068 |
|  5.365% due 06/25/2035 •  |  | 147 |  | 155 |
|  5.410% due 05/25/2035 •  |  | 692 |  | 720 |
|  5.440% due 03/25/2035 •  |  | 3236 |  | 3210 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.485% due 05/25/2035 •  | $— | 2000 | $— | 1972 |
|  5.585% due 08/25/2037 •  |  | 16677 |  | 14542 |
|  9.085% due 05/25/2033 •  |  | 2942 |  | 2818 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.955% due 02/25/2036 ~ |  | 1154 |  | 1129 |
|  5.175% due 01/25/2037 ~ |  | 9491 |  | 3795 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.775% due 04/25/2037 •  |  | 33995 |  | 13061 |
|  4.775% due 05/25/2037 •  |  | 13841 |  | 9486 |
|  4.915% due 05/25/2037 •  |  | 24443 |  | 16849 |
|  4.935% due 04/25/2037 •  |  | 20822 |  | 8057 |
|  5.075% due 05/25/2037 •  |  | 15273 |  | 10576 |
|  5.285% due 10/25/2037 •  |  | 25851 |  | 15614 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.872% due 03/25/2037 þ |  | 21639 |  | 4357 |
|  4.413% due 11/25/2037 •  |  | 14481 |  | 7073 |
|  4.555% due 11/25/2037 •  |  | 5803 |  | 1854 |
|  4.575% due 04/25/2047 •  |  | 8370 |  | 3336 |
|  4.591% due 11/25/2037 ~ |  | 21798 |  | 7009 |
|  4.635% due 05/25/2037 •  |  | 2791 |  | 306 |
|  4.635% due 07/25/2037 •  |  | 3608 |  | 777 |
|  4.675% due 10/25/2037 •  |  | 20233 |  | 3017 |
|  4.725% due 08/25/2037 •  |  | 6824 |  | 6209 |
|  4.735% due 06/25/2037 •  |  | 14080 |  | 3732 |
|  4.735% due 08/25/2037 •  |  | 1915 |  | 1878 |
|  4.735% due 09/25/2037 •  |  | 43304 |  | 12390 |
|  4.755% due 03/25/2037 •  |  | 5052 |  | 1337 |
|  4.755% due 04/25/2037 •  |  | 9818 |  | 4652 |
|  4.755% due 05/25/2037 •  |  | 5819 |  | 3461 |
|  4.755% due 07/25/2037 •  |  | 2598 |  | 1500 |
|  4.765% due 03/25/2037 •  |  | 19857 |  | 6679 |
|  4.805% due 05/25/2037 •  |  | 7047 |  | 1987 |
|  4.815% due 04/25/2047 •  |  | 23403 |  | 9328 |
|  4.915% due 08/25/2037 •  |  | 971 |  | 784 |
|  4.935% due 03/25/2037 •  |  | 25135 |  | 19068 |
|  4.975% due 04/25/2047 •  |  | 1417 |  | 565 |
|  5.035% due 12/25/2036 •  |  | 9677 |  | 9340 |
|  5.035% due 01/25/2037 •  |  | 14485 |  | 13605 |
|  5.155% due 05/25/2036 •  |  | 44 |  | 44 |
|  5.185% due 09/25/2035 ~ |  | 1776 |  | 1759 |
|  5.230% due 09/25/2035 •  |  | 44 |  | 43 |
|  5.305% due 05/25/2036 •  |  | 4037 |  | 3376 |
|  5.335% due 02/25/2047 •  |  | 22453 |  | 13161 |
|  5.365% due 07/25/2035 ~ |  | 6258 |  | 6220 |
|  5.380% due 02/25/2036 •  |  | 1291 |  | 1289 |
|  5.410% due 04/25/2036 •  |  | 1948 |  | 1924 |
|  5.440% due 06/25/2036 •  |  | 2926 |  | 2349 |
|  5.470% due 02/25/2036 •  |  | 498 |  | 471 |
|  5.560% due 08/25/2036 •  |  | 1574 |  | 1780 |
|  6.910% due 06/25/2034 •  |  | 338 |  | 336 |
|  7.997% due 04/25/2035 •  |  | 260 |  | 212 |
|  MESA Trust | MESA Trust | MESA Trust | MESA Trust | MESA Trust |
|  7.660% due 11/25/2031 •  |  | 721 |  | 625 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  |  | 4412 |  | 3963 |
|  4.535% due 10/25/2036 •  |  | 3923 |  | 1717 |
|  4.535% due 11/25/2036 •  |  | 1476 |  | 833 |
|  4.545% due 03/25/2037 •  |  | 2676 |  | 1138 |
|  4.565% due 10/25/2036 •  |  | 13356 |  | 11908 |
|  4.565% due 12/25/2036 •  |  | 40124 |  | 24900 |
|  4.565% due 01/25/2037 ~ |  | 20150 |  | 9175 |
|  4.575% due 10/25/2036 ~ |  | 34175 |  | 14961 |
|  4.575% due 11/25/2036 •  |  | 2489 |  | 1192 |
|  4.575% due 05/25/2037 ~ |  | 12748 |  | 11451 |
|  4.575% due 05/25/2037 •  |  | 7796 |  | 5976 |
|  4.585% due 10/25/2036 ~ |  | 14205 |  | 7390 |
|  4.585% due 12/25/2036 •  |  | 3884 |  | 1965 |
|  4.595% due 09/25/2036 •  |  | 221 |  | 97 |
|  4.615% due 02/25/2037 •  |  | 23889 |  | 7623 |
|  4.615% due 03/25/2037 •  |  | 23835 |  | 10138 |
|  4.615% due 05/25/2037 •  |  | 10243 |  | 9201 |
|  4.625% due 05/25/2037 •  |  | 12251 |  | 9391 |
|  4.635% due 09/25/2036 •  |  | 2616 |  | 1150 |
|  4.635% due 02/25/2037 ~ |  | 8336 |  | 3628 |
|  4.635% due 05/25/2037 ~ |  | 3289 |  | 1880 |
|  4.655% due 10/25/2036 •  |  | 1210 |  | 530 |
|  4.655% due 11/25/2036 ~ |  | 10088 |  | 4832 |
|  4.665% due 10/25/2036 •  |  | 8114 |  | 4221 |
|  4.665% due 02/25/2037 •  |  | 29022 |  | 9264 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.685% due 12/25/2036 •  | $— | 4193 | $— | 2121 |
|  4.685% due 03/25/2037 •  |  | 39638 |  | 16860 |
|  4.685% due 05/25/2037 •  |  | 15909 |  | 14291 |
|  4.695% due 09/25/2036 •  |  | 41108 |  | 18329 |
|  4.695% due 02/25/2037 ~ |  | 20223 |  | 8802 |
|  4.695% due 05/25/2037 •  |  | 9850 |  | 7550 |
|  4.715% due 08/25/2036 •  |  | 26193 |  | 13069 |
|  4.735% due 06/25/2036 •  |  | 4924 |  | 2482 |
|  4.735% due 09/25/2036 •  |  | 13319 |  | 4616 |
|  4.755% due 09/25/2036 •  |  | 23232 |  | 10211 |
|  4.765% due 02/25/2037 ~ |  | 6926 |  | 3015 |
|  4.795% due 03/25/2036 •  |  | 2066 |  | 1711 |
|  4.895% due 09/25/2036 ~ |  | 3533 |  | 1553 |
|  4.935% due 04/25/2036 •  |  | 11788 |  | 11194 |
|  4.935% due 08/25/2036 •  |  | 10527 |  | 5251 |
|  4.975% due 03/25/2036 ~ |  | 72770 |  | 60320 |
|  4.975% due 03/25/2036 •  |  | 4370 |  | 4273 |
|  4.990% due 01/25/2036 ~ |  | 15700 |  | 12834 |
|  5.015% due 01/25/2036 •  |  | 7581 |  | 7345 |
|  5.015% due 02/25/2036 •  |  | 2917 |  | 2898 |
|  5.035% due 12/25/2035 •  |  | 17327 |  | 16232 |
|  5.055% due 12/25/2035 •  |  | 4837 |  | 4747 |
|  5.095% due 01/25/2035 •  |  | 954 |  | 961 |
|  5.110% due 09/25/2035 •  |  | 301 |  | 288 |
|  5.140% due 02/25/2035 •  |  | 705 |  | 697 |
|  5.175% due 01/25/2034 •  |  | 4568 |  | 4600 |
|  5.215% due 01/25/2035 •  |  | 3371 |  | 3378 |
|  5.245% due 04/25/2034 •  |  | 1975 |  | 2000 |
|  5.260% due 08/25/2034 •  |  | 101 |  | 98 |
|  5.320% due 11/25/2034 ~ |  | 1709 |  | 1628 |
|  5.335% due 05/25/2034 •  |  | 8634 |  | 9000 |
|  5.335% due 08/25/2034 •  |  | 10295 |  | 10476 |
|  5.350% due 07/25/2034 •  |  | 1727 |  | 1779 |
|  5.350% due 09/25/2034 •  |  | 6816 |  | 6745 |
|  5.365% due 07/25/2035 •  |  | 3141 |  | 3058 |
|  5.395% due 03/25/2035 •  |  | 4577 |  | 4381 |
|  5.410% due 07/25/2034 •  |  | 237 |  | 250 |
|  5.410% due 07/25/2035 •  |  | 3750 |  | 3280 |
|  5.425% due 06/25/2035 •  |  | 2880 |  | 2855 |
|  5.470% due 01/25/2035 •  |  | 2114 |  | 1879 |
|  5.470% due 03/25/2035 ~ |  | 2526 |  | 2249 |
|  5.470% due 07/25/2035 ~ |  | 2096 |  | 2054 |
|  5.495% due 09/25/2034 •  |  | 323 |  | 332 |
|  5.515% due 03/25/2033 •  |  | 13 |  | 13 |
|  5.530% due 01/25/2035 •  |  | 2614 |  | 2281 |
|  5.685% due 07/25/2037 ~ |  | 14010 |  | 12380 |
|  8.235% due 02/25/2047 •  |  | 24337 |  | 20018 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.785% due 02/25/2033 •  |  | 227 |  | 238 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.535% due 12/25/2036 ~ |  | 3130 |  | 1498 |
|  4.535% due 04/25/2037 ~ |  | 5811 |  | 3009 |
|  4.575% due 12/25/2036 •  |  | 38472 |  | 18424 |
|  4.605% due 04/25/2037 •  |  | 8209 |  | 4250 |
|  4.755% due 04/25/2036 •  |  | 6662 |  | 4645 |
|  4.785% due 04/25/2037 •  |  | 17284 |  | 8951 |
|  4.945% due 02/25/2036 •  |  | 650 |  | 614 |
|  4.955% due 04/25/2036 •  |  | 10157 |  | 7077 |
|  5.425% due 05/25/2035 •  |  | 4918 |  | 4839 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.505% due 11/25/2036 •  |  | 7748 |  | 2489 |
|  4.545% due 11/25/2036 •  |  | 28744 |  | 9235 |
|  4.585% due 11/25/2036 •  |  | 1472 |  | 473 |
|  4.655% due 11/25/2036 •  |  | 19655 |  | 6314 |
|  4.735% due 07/25/2036 •  |  | 6358 |  | 2519 |
|  4.895% due 07/25/2036 •  |  | 24745 |  | 9804 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.775% due 10/25/2036 •  |  | 2144 |  | 601 |
|  4.775% due 11/25/2036 •  |  | 19668 |  | 3697 |
|  5.750% due 04/25/2037 ~ |  | 2170 |  | 1060 |
|  6.000% due 02/25/2037 ~ |  | 112 |  | 104 |
|  6.122% due 01/25/2047 þ |  | 92 |  | 87 |
|  6.254% due 01/25/2047 þ |  | 5638 |  | 2636 |
|  6.263% due 01/25/2047 þ |  | 7043 |  | 2090 |
|  6.419% due 09/25/2046 þ |  | 13201 |  | 2737 |
|  6.465% due 09/25/2046 þ |  | 3523 |  | 1160 |
|  6.604% due 09/25/2046 þ |  | 9207 |  | 1907 |
|  Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust |
|  4.735% due 06/25/2037 ~ |  | 45450 |  | 41303 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.610% due 06/25/2037 •  | $— | 185 | $— | 181 |
|  4.685% due 06/25/2037 •  |  | 2774 |  | 2432 |
|  4.840% due 03/25/2037 •  |  | 2403 |  | 2382 |
|  4.855% due 03/25/2037 •  |  | 11347 |  | 10919 |
|  4.885% due 03/25/2037 •  |  | 8000 |  | 7238 |
|  4.975% due 09/25/2036 •  |  | 29047 |  | 28643 |
|  4.990% due 09/25/2036 •  |  | 1338 |  | 1272 |
|  5.050% due 04/25/2037 •  |  | 17031 |  | 16243 |
|  5.075% due 04/25/2037 ~ |  | 1796 |  | 1777 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.795% due 05/25/2036 •  |  | 7062 |  | 7104 |
|  4.852% due 11/25/2033 þ |  | 51 |  | 47 |
|  5.080% due 12/25/2035 •  |  | 5152 |  | 4931 |
|  5.170% due 10/25/2035 •  |  | 35480 |  | 30526 |
|  5.175% due 08/25/2034 ~ |  | 85 |  | 85 |
|  5.200% due 02/25/2035 ~ |  | 11455 |  | 11320 |
|  5.215% due 03/25/2035 •  |  | 807 |  | 801 |
|  5.380% due 09/25/2035 •  |  | 10035 |  | 9959 |
|  5.410% due 06/25/2035 •  |  | 4529 |  | 4389 |
|  5.440% due 07/25/2035 •  |  | 10260 |  | 10178 |
|  5.485% due 07/25/2035 •  |  | 32115 |  | 31416 |
|  5.500% due 03/25/2035 •  |  | 2853 |  | 2834 |
|  5.560% due 03/25/2035 •  |  | 3758 |  | 3653 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.625% due 04/25/2037 •  |  | 12818 |  | 12382 |
|  4.665% due 04/25/2037 •  |  | 2881 |  | 2850 |
|  4.775% due 04/25/2037 ~ |  | 14485 |  | 13339 |
|  4.935% due 04/25/2037 •  |  | 7785 |  | 6672 |
|  5.155% due 03/25/2036 ~ |  | 5500 |  | 5460 |
|  5.290% due 03/25/2036 •  |  | 16347 |  | 15977 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.735% due 07/25/2036 ~ |  | 20781 |  | 19354 |
|  4.870% due 03/25/2036 •  |  | 264 |  | 264 |
|  4.915% due 03/25/2036 •  |  | 4024 |  | 3953 |
|  5.065% due 02/25/2036 ~ |  | 2289 |  | 2123 |
|  5.095% due 11/25/2035 •  |  | 7501 |  | 7216 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.615% due 09/25/2037 •  |  | 26230 |  | 24844 |
|  4.695% due 03/25/2037 ~ |  | 86954 |  | 56454 |
|  4.735% due 06/25/2036 ~ |  | 1207 |  | 880 |
|  4.775% due 01/25/2037 ~ |  | 1092 |  | 363 |
|  5.125% due 01/25/2036 •  |  | 11300 |  | 10453 |
|  5.170% due 01/25/2036 ~ |  | 14500 |  | 14014 |
|  5.260% due 06/25/2034 •  |  | 254 |  | 250 |
|  5.320% due 01/25/2036 •  |  | 3000 |  | 2544 |
|  5.350% due 10/25/2035 •  |  | 10291 |  | 10018 |
|  5.605% due 06/25/2035 •  |  | 21000 |  | 20857 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.555% due 03/25/2037 •  |  | 795 |  | 773 |
|  4.565% due 07/25/2037 •  |  | 3569 |  | 2279 |
|  4.575% due 01/25/2037 ~ |  | 27261 |  | 16948 |
|  4.575% due 03/25/2037 ~ |  | 26413 |  | 17614 |
|  4.575% due 03/25/2037 •  |  | 26941 |  | 14887 |
|  4.585% due 03/25/2037 •  |  | 37320 |  | 18626 |
|  4.605% due 05/25/2037 ~ |  | 6074 |  | 3245 |
|  4.615% due 04/25/2037 ~ |  | 20489 |  | 11420 |
|  4.615% due 07/25/2037 •  |  | 4192 |  | 2676 |
|  4.625% due 07/25/2037 •  |  | 860 |  | 759 |
|  4.635% due 07/25/2036 •  |  | 7604 |  | 4358 |
|  4.655% due 04/25/2037 ~ |  | 101533 |  | 69868 |
|  4.655% due 05/25/2037 •  |  | 92883 |  | 55929 |
|  4.675% due 04/25/2037 ~ |  | 6676 |  | 3536 |
|  4.685% due 03/25/2037 ~ |  | 4606 |  | 2299 |
|  4.715% due 02/25/2037 ~ |  | 18648 |  | 8793 |
|  4.715% due 02/25/2037 •  |  | 10483 |  | 6624 |
|  4.735% due 05/25/2037 •  |  | 6947 |  | 3711 |
|  4.745% due 04/25/2037 •  |  | 2885 |  | 1632 |
|  5.005% due 01/25/2036 •  |  | 54206 |  | 42056 |
|  5.230% due 05/25/2034 ~ |  | 1793 |  | 1842 |
|  5.305% due 05/25/2035 •  |  | 3941 |  | 3342 |
|  5.335% due 01/25/2034 •  |  | 9210 |  | 8773 |
|  5.860% due 11/25/2034 •  |  | 12 |  | 13 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  5.065% due 12/25/2035 •  |  | 2539 |  | 2467 |
|  5.095% due 12/25/2035 •  |  | 8709 |  | 7594 |
|  5.125% due 11/25/2035 •  |  | 8863 |  | 8518 |
|  5.170% due 11/25/2035 •  |  | 5889 |  | 5024 |
|  5.290% due 10/25/2032 •  |  | 1126 |  | 1282 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  3.119% due 10/25/2035 þ | 6125 | 3420 |
|  4.715% due 10/25/2037 •  | 8811 | 9355 |
|  4.735% due 07/25/2037 •  | 13780 | 12319 |
|  4.765% due 03/25/2037 •  | 9228 | 9250 |
|  4.955% due 07/25/2037 •  | 6392 | 5717 |
|  5.110% due 06/25/2036 •  | 4923 | 4088 |
|  5.335% due 10/25/2036 •  | 5739 | 5506 |
|  5.455% due 03/25/2036 •  | 3263 | 2846 |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  5.380% due 09/25/2035 •  | 4000 | 3595 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.155% due 05/25/2035 •  | 4876 | 4821 |
|  5.170% due 08/25/2035 ~ | 53 | 52 |
|  5.170% due 09/25/2035 •  | 1572 | 1539 |
|  5.215% due 08/25/2035 •  | 4000 | 3703 |
|  5.260% due 07/25/2035 ~ | 17000 | 16171 |
|  5.365% due 05/25/2035 •  | 22971 | 21511 |
|  5.410% due 07/25/2035 •  | 21655 | 17579 |
|  5.440% due 06/25/2035 •  | 11823 | 11342 |
|  5.470% due 05/25/2035 •  | 4784 | 3852 |
|  5.485% due 10/25/2034 ~ | 2700 | 2667 |
|  5.485% due 06/25/2035 •  | 4641 | 3972 |
|  5.605% due 03/25/2035 •  | 17052 | 15960 |
|  5.755% due 01/25/2036 •  | 6000 | 5729 |
|  6.010% due 02/25/2035 •  | 12810 | 12590 |
|  6.160% due 02/25/2035 •  | 3247 | 2970 |
|  6.205% due 10/25/2034 •  | 17186 | 16428 |
|  6.235% due 09/25/2034 •  | 2610 | 2512 |
|  6.235% due 12/25/2034 ~ | 12377 | 12343 |
|  6.235% due 12/25/2034 •  | 3973 | 3914 |
|  6.310% due 10/25/2034 •  | 3846 | 3412 |
|  6.310% due 12/25/2034 •  | 8426 | 7928 |
|  6.535% due 09/25/2034 •  | 3062 | 2629 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  6.160% due 10/25/2034 •  | 4024 | 3626 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.565% due 09/25/2036 •  | 27961 | 5229 |
|  4.575% due 09/25/2036 ~ | 24948 | 6198 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.745% due 06/25/2047 •  | 8176 | 7583 |
|  4.930% due 07/25/2036 •  | 1824 | 1735 |
|  4.975% due 05/25/2036 •  | 2610 | 2491 |
|  5.305% due 02/25/2036 •  | 1234 | 1166 |
|  5.917% due 04/25/2035 þ | 2751 | 2706 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.935% due 02/25/2037 •  | 2629 | 2580 |
|  5.135% due 11/25/2046 •  | 983 | 898 |
|  5.195% due 10/25/2046 •  | 5435 | 5293 |
|  5.410% due 02/25/2046 •  | 19158 | 18798 |
|  6.085% due 05/25/2039 •  | 1320 | 1367 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.344% due 09/25/2044 þ | 25076 | 25037 |
|  6.025% due 02/25/2044 ~ | 11685 | 11758 |
|  6.141% due 04/25/2044 ~ | 60562 | 61104 |
|  6.147% due 06/25/2044 þ | 67720 | 68375 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.991% due 08/25/2033 •  | 573 | 530 |
|  5.512% due 04/25/2037 þ | 6555 | 1678 |
|  5.580% due 11/25/2036 þ | 12329 | 4063 |
|  5.612% due 04/25/2037 þ | 853 | 222 |
|  5.675% due 06/25/2037 þ | 3891 | 975 |
|  5.731% due 11/25/2036 þ | 548 | 186 |
|  5.744% due 06/25/2037 þ | 137503 | 34899 |
|  5.761% due 04/25/2037 þ | 2781 | 744 |
|  5.797% due 08/25/2036 þ | 662 | 241 |
|  5.812% due 11/25/2036 þ | 9025 | 3098 |
|  5.879% due 06/25/2037 þ | 8523 | 2216 |
|  5.893% due 06/25/2037 þ | 6639 | 1730 |
|  5.906% due 06/25/2037 þ | 23928 | 6249 |
|  6.011% due 05/25/2036 þ | 9006 | 4290 |
|  6.066% due 02/25/2036 þ | 270 | 227 |
|  6.115% due 08/25/2036 þ | 17329 | 6662 |
|  6.120% due 11/25/2036 þ | 683 | 247 |
|  6.203% due 06/25/2037 þ | 38172 | 10638 |
|  7.750% due 09/25/2037 þ | 29328 | 11769 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.780% due 12/25/2036 •  | 15000 | 14049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.875% due 12/25/2035 ~ | $— | 16533 | $— | 14970 |
|  4.975% due 02/25/2036 ~ |  | 1232 |  | 1191 |
|  5.035% due 02/25/2036 ~ |  | 357 |  | 356 |
|  5.080% due 02/25/2036 •  |  | 2205 |  | 2141 |
|  5.135% due 12/25/2035 •  |  | 20157 |  | 18052 |
|  5.185% due 04/25/2034 •  |  | 2393 |  | 2393 |
|  5.305% due 04/25/2034 •  |  | 1321 |  | 1330 |
|  5.305% due 10/25/2035 •  |  | 11246 |  | 10883 |
|  5.320% due 11/25/2035 •  |  | 7000 |  | 6685 |
|  5.380% due 09/25/2035 •  |  | 9573 |  | 9386 |
|  5.380% due 10/25/2035 •  |  | 700 |  | 612 |
|  5.485% due 08/25/2035 •  |  | 1527 |  | 1506 |
|  5.500% due 07/25/2035 •  |  | 6066 |  | 5993 |
|  6.010% due 04/25/2034 •  |  | 1660 |  | 1644 |
|  6.115% due 08/25/2035 •  |  | 12534 |  | 11611 |
|  6.415% due 04/25/2034 •  |  | 2821 |  | 2897 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.655% due 02/25/2037 ~ |  | 5636 |  | 5488 |
|  4.675% due 10/25/2036 •  |  | 18281 |  | 18093 |
|  4.685% due 11/25/2036 ~ |  | 61482 |  | 55179 |
|  4.715% due 07/25/2036 •  |  | 16370 |  | 15970 |
|  4.715% due 09/25/2036 •  |  | 1123 |  | 1108 |
|  4.775% due 11/25/2036 •  |  | 6826 |  | 6358 |
|  4.855% due 04/25/2037 •  |  | 5865 |  | 5713 |
|  4.875% due 01/25/2037 •  |  | 4167 |  | 4045 |
|  4.945% due 04/25/2036 •  |  | 23954 |  | 22007 |
|  4.955% due 07/25/2036 •  |  | 9739 |  | 8619 |
|  4.975% due 07/25/2036 •  |  | 19860 |  | 17341 |
|  4.995% due 04/25/2036 ~ |  | 2935 |  | 2934 |
|  5.035% due 02/25/2036 •  |  | 3805 |  | 3788 |
|  5.050% due 11/25/2035 •  |  | 14897 |  | 14160 |
|  5.095% due 10/25/2035 •  |  | 9281 |  | 9029 |
|  5.115% due 04/25/2037 •  |  | 31397 |  | 30323 |
|  5.115% due 05/25/2037 •  |  | 582 |  | 577 |
|  5.140% due 09/25/2035 •  |  | 6925 |  | 6616 |
|  5.140% due 11/25/2035 •  |  | 259 |  | 252 |
|  5.155% due 01/25/2036 •  |  | 1757 |  | 1736 |
|  5.185% due 04/25/2034 •  |  | 885 |  | 873 |
|  5.275% due 09/25/2034 ~ |  | 503 |  | 492 |
|  5.305% due 11/25/2035 •  |  | 10475 |  | 9049 |
|  5.320% due 12/25/2035 •  |  | 1516 |  | 1374 |
|  5.335% due 11/25/2035 •  |  | 6763 |  | 6633 |
|  5.395% due 08/25/2035 ~ |  | 3524 |  | 3496 |
|  5.470% due 08/25/2035 •  |  | 4230 |  | 4129 |
|  5.680% due 03/25/2035 •  |  | 530 |  | 523 |
|  5.980% due 09/25/2034 ~ |  | 895 |  | 833 |
|  6.160% due 11/25/2034 •  |  | 116 |  | 116 |
|  6.160% due 08/25/2035 •  |  | 4551 |  | 4396 |
|  6.235% due 01/25/2034 •  |  | 2163 |  | 2185 |
|  6.235% due 04/25/2035 •  |  | 1982 |  | 1924 |
|  6.385% due 11/25/2034 •  |  | 802 |  | 798 |
|  6.910% due 11/25/2034 •  |  | 1948 |  | 1928 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.783% due 05/25/2035 ~ |  | 1658 |  | 1327 |
|  2.133% due 11/25/2035 ~ |  | 8994 |  | 6229 |
|  2.133% due 11/25/2035 •  |  | 4000 |  | 3566 |
|  4.238% due 12/25/2033 •  |  | 1316 |  | 1285 |
|  4.615% due 05/25/2037 •  |  | 22440 |  | 16281 |
|  4.745% due 09/25/2037 ~ |  | 8138 |  | 7802 |
|  4.925% due 09/25/2047 •  |  | 4148 |  | 3625 |
|  5.110% due 11/25/2037 •  |  | 9127 |  | 8798 |
|  5.155% due 11/25/2037 •  |  | 4873 |  | 4101 |
|  5.230% due 03/25/2031 •  |  | 148 |  | 127 |
|  5.365% due 11/25/2037 •  |  | 5416 |  | 4403 |
|  5.410% due 12/26/2034 •  |  | 186 |  | 169 |
|  6.185% due 12/25/2037 ~ |  | 4876 |  | 4223 |
|  9.310% due 12/26/2034 •  |  | 532 |  | 77 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  |  | 446 |  | 96 |
|  4.635% due 07/25/2036 •  |  | 19442 |  | 7622 |
|  4.695% due 12/25/2036 •  |  | 6194 |  | 5748 |
|  4.715% due 07/25/2036 •  |  | 10027 |  | 8453 |
|  4.735% due 07/25/2036 ~ |  | 19395 |  | 7603 |
|  4.735% due 09/25/2036 •  |  | 3811 |  | 1284 |
|  4.755% due 07/25/2036 ~ |  | 5038 |  | 1650 |
|  4.755% due 12/25/2036 •  |  | 28753 |  | 6191 |
|  4.835% due 12/25/2036 •  |  | 66224 |  | 23980 |
|  4.915% due 07/25/2036 •  |  | 3549 |  | 1391 |
|  5.080% due 10/25/2035 •  |  | 3363 |  | 2723 |
|  5.110% due 01/25/2035 •  |  | 746 |  | 676 |
|  5.155% due 10/25/2035 •  |  | 963 |  | 831 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.715% due 10/25/2036 •  | $— | 14196 | $— | 12910 |
|  4.755% due 07/25/2036 ~ |  | 8469 |  | 1764 |
|  4.895% due 07/25/2036 •  |  | 7926 |  | 1658 |
|  4.975% due 02/25/2036 •  |  | 1183 |  | 582 |
|  5.140% due 10/25/2035 •  |  | 2000 |  | 1859 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.337% due 04/25/2035 •  |  | 464 |  | 449 |
|  4.515% due 06/25/2037 ~ |  | 3843 |  | 2516 |
|  4.585% due 06/25/2037 ~ |  | 10679 |  | 6993 |
|  4.605% due 07/25/2037 ~ |  | 1330 |  | 1170 |
|  4.605% due 08/25/2037 ~ |  | 7878 |  | 6832 |
|  4.635% due 06/25/2037 •  |  | 124348 |  | 84313 |
|  4.645% due 06/25/2037 •  |  | 15744 |  | 10309 |
|  4.655% due 01/25/2037 ~ |  | 588 |  | 427 |
|  4.655% due 02/25/2037 ~ |  | 181 |  | 49 |
|  4.715% due 06/25/2037 •  |  | 4705 |  | 3081 |
|  4.735% due 03/25/2037 •  |  | 8354 |  | 7946 |
|  4.755% due 01/25/2037 •  |  | 29707 |  | 21552 |
|  4.775% due 11/25/2036 •  |  | 59889 |  | 16463 |
|  4.840% due 12/25/2036 •  |  | 9244 |  | 9159 |
|  4.895% due 06/25/2036 •  |  | 4575 |  | 4404 |
|  4.900% due 02/25/2036 •  |  | 11221 |  | 10498 |
|  4.900% due 06/25/2036 •  |  | 1209 |  | 1070 |
|  4.915% due 07/25/2036 •  |  | 9251 |  | 8414 |
|  4.915% due 01/25/2037 •  |  | 12929 |  | 9379 |
|  4.935% due 10/25/2036 •  |  | 20626 |  | 19682 |
|  4.935% due 11/25/2036 •  |  | 6588 |  | 6212 |
|  4.952% due 03/25/2036 •  |  | 975 |  | 853 |
|  4.990% due 03/25/2036 •  |  | 14893 |  | 14633 |
|  5.035% due 01/25/2037 •  |  | 16471 |  | 15917 |
|  5.125% due 12/25/2035 •  |  | 7646 |  | 7088 |
|  5.175% due 02/25/2037 •  |  | 19337 |  | 5214 |
|  5.185% due 06/25/2035 •  |  | 17750 |  | 16113 |
|  5.185% due 03/25/2036 •  |  | 315 |  | 312 |
|  5.290% due 01/25/2035 •  |  | 107 |  | 91 |
|  5.335% due 10/25/2037 ~ |  | 1781 |  | 1351 |
|  5.385% due 09/25/2037 •  |  | 3220 |  | 2665 |
|  5.410% due 08/25/2035 •  |  | 8802 |  | 6583 |
|  5.410% due 11/25/2035 •  |  | 3946 |  | 3885 |
|  5.470% due 05/25/2035 •  |  | 3704 |  | 3701 |
|  5.515% due 07/25/2035 •  |  | 1254 |  | 1248 |
|  5.735% due 11/25/2033 •  |  | 61 |  | 63 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.695% due 07/25/2036 ~ |  | 28127 |  | 20614 |
|  4.715% due 06/25/2036 •  |  | 9331 |  | 9173 |
|  4.735% due 07/25/2036 •  |  | 358 |  | 353 |
|  4.780% due 07/25/2036 •  |  | 31381 |  | 18085 |
|  5.035% due 01/25/2036 ~ |  | 300 |  | 296 |
|  5.050% due 01/25/2036 •  |  | 43003 |  | 34854 |
|  5.055% due 01/25/2036 ~ |  | 30008 |  | 28161 |
|  5.065% due 11/25/2035 ~ |  | 9571 |  | 9369 |
|  5.155% due 04/25/2033 ~ |  | 142 |  | 149 |
|  5.155% due 04/25/2035 •  |  | 397 |  | 393 |
|  5.155% due 07/25/2035 •  |  | 8707 |  | 8339 |
|  5.155% due 10/25/2035 ~ |  | 16861 |  | 16461 |
|  5.170% due 09/25/2035 •  |  | 19778 |  | 17728 |
|  5.185% due 07/25/2035 •  |  | 2660 |  | 2529 |
|  5.200% due 08/25/2035 •  |  | 12209 |  | 11905 |
|  5.215% due 02/25/2035 •  |  | 4784 |  | 4717 |
|  5.215% due 03/25/2035 •  |  | 6893 |  | 6604 |
|  5.260% due 05/25/2034 •  |  | 252 |  | 243 |
|  5.335% due 04/25/2035 •  |  | 17440 |  | 16394 |
|  5.365% due 09/25/2034 ~ |  | 292 |  | 253 |
|  5.365% due 06/25/2035 •  |  | 1432 |  | 1379 |
|  5.385% due 07/25/2033 •  |  | 628 |  | 611 |
|  5.385% due 08/25/2033 •  |  | 2896 |  | 2805 |
|  5.410% due 01/25/2035 •  |  | 4200 |  | 3897 |
|  5.410% due 05/25/2035 •  |  | 25492 |  | 23171 |
|  5.515% due 05/25/2035 •  |  | 1256 |  | 824 |
|  5.560% due 07/25/2033 ~ |  | 445 |  | 440 |
|  5.710% due 11/25/2034 •  |  | 5203 |  | 5401 |
|  5.710% due 12/25/2034 •  |  | 512 |  | 495 |
|  5.935% due 11/25/2034 ~ |  | 1887 |  | 2039 |
|  6.160% due 10/25/2034 •  |  | 2171 |  | 2300 |
|  6.160% due 11/25/2034 ~ |  | 1948 |  | 2068 |
|  6.760% due 11/25/2034 •  |  | 96 |  | 104 |
|  7.060% due 08/25/2033 •  |  | 2 |  | 2 |
|  7.210% due 10/25/2033 •  |  | 102 |  | 115 |
|  7.435% due 06/25/2033 •  |  | 2235 |  | 2237 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.435% due 11/25/2034 •  | $— | 2222 | $— | 2308 |
|  7.585% due 08/25/2033 •  |  | 1046 |  | 970 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.856% due 02/25/2035 •  |  | 5938 |  | 6243 |
|  4.975% due 05/25/2031 •  |  | 2721 |  | 1954 |
|  5.140% due 02/25/2035 •  |  | 3758 |  | 3797 |
|  5.185% due 02/25/2035 •  |  | 2425 |  | 2245 |
|  6.464% due 05/25/2031 •  |  | 4810 |  | 3586 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.575% due 08/25/2046 •  |  | 15509 |  | 14760 |
|  4.585% due 09/25/2036 ~ |  | 4328 |  | 4195 |
|  4.595% due 03/25/2036 •  |  | 9800 |  | 9504 |
|  4.595% due 04/25/2036 •  |  | 3447 |  | 3427 |
|  4.595% due 01/25/2037 •  |  | 14062 |  | 13259 |
|  4.655% due 10/25/2037 •  |  | 33831 |  | 21212 |
|  4.665% due 01/25/2037 •  |  | 35212 |  | 20088 |
|  4.665% due 05/25/2047 ~ |  | 1425 |  | 1384 |
|  4.675% due 01/25/2037 •  |  | 4620 |  | 4315 |
|  4.695% due 05/25/2036 •  |  | 7542 |  | 7387 |
|  4.705% due 04/25/2036 •  |  | 4693 |  | 4617 |
|  4.735% due 03/25/2037 •  |  | 16154 |  | 10749 |
|  4.745% due 08/25/2046 •  |  | 3244 |  | 2945 |
|  4.795% due 03/25/2037 •  |  | 3504 |  | 1317 |
|  4.855% due 02/25/2037 •  |  | 2946 |  | 2891 |
|  4.870% due 07/25/2036 •  |  | 46869 |  | 46156 |
|  4.870% due 09/25/2036 •  |  | 49824 |  | 48369 |
|  4.935% due 03/25/2037 •  |  | 15234 |  | 5731 |
|  4.935% due 11/25/2037 •  |  | 5750 |  | 5222 |
|  4.960% due 07/25/2036 •  |  | 2528 |  | 2477 |
|  5.005% due 10/25/2036 •  |  | 3225 |  | 3195 |
|  5.035% due 01/25/2037 •  |  | 12207 |  | 9962 |
|  5.035% due 03/25/2037 •  |  | 5246 |  | 1975 |
|  5.055% due 05/25/2036 •  |  | 17714 |  | 17301 |
|  5.055% due 02/25/2037 •  |  | 1736 |  | 1701 |
|  5.065% due 05/25/2035 •  |  | 8 |  | 8 |
|  5.110% due 04/25/2035 •  |  | 4695 |  | 4535 |
|  5.110% due 06/25/2035 •  |  | 2969 |  | 2875 |
|  5.140% due 02/25/2036 •  |  | 9749 |  | 9724 |
|  5.230% due 02/25/2036 ~ |  | 4889 |  | 4802 |
|  5.335% due 05/25/2035 •  |  | 447 |  | 445 |
|  5.380% due 05/25/2035 •  |  | 115 |  | 114 |
|  5.410% due 05/25/2035 •  |  | 7853 |  | 7656 |
|  5.425% due 05/25/2035 •  |  | 444 |  | 431 |
|  5.440% due 11/25/2035 •  |  | 996 |  | 992 |
|  5.485% due 05/25/2035 •  |  | 677 |  | 628 |
|  5.535% due 10/25/2037 •  |  | 88461 |  | 38631 |
|  5.605% due 02/25/2035 •  |  | 234 |  | 213 |
|  6.085% due 05/25/2035 •  |  | 35 |  | 35 |
|  6.435% due 08/25/2037 ~ |  | 679 |  | 677 |
|  6.535% due 11/25/2035 •  |  | 3000 |  | 2946 |
|  7.060% due 11/25/2035 •  |  | 3197 |  | 3132 |
|  7.810% due 08/25/2037 •  |  | 22510 |  | 20897 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  5.260% due 01/25/2035 •  |  | 933 |  | 967 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.125% due 09/25/2035 •  |  | 7089 |  | 6751 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.290% due 09/25/2036 •  |  | 9633 |  | 4004 |
|  4.775% due 07/25/2037 •  |  | 1533 |  | 1493 |
|  4.975% due 07/25/2037 •  |  | 4960 |  | 4408 |
|  4.975% due 08/25/2037 •  |  | 17870 |  | 7880 |
|  5.055% due 04/25/2037 •  |  | 13172 |  | 12811 |
|  5.410% due 07/25/2035 •  |  | 6076 |  | 4656 |
|  5.560% due 04/25/2036 •  |  | 613 |  | 614 |
|  5.635% due 04/25/2036 •  |  | 1857 |  | 1847 |
|  6.685% due 10/25/2038 •  |  | 789 |  | 788 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.848% due 01/25/2064 •  |  | 34023 |  | 34162 |
|  6.125% due 02/25/2064 •  |  | 21262 |  | 21403 |
|  6.290% due 05/25/2064 •  |  | 65538 |  | 66174 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  5.125% due 10/25/2035 •  |  | 3780 |  | 3449 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.545% due 04/25/2037 •  |  | 41 |  | 15 |
|  4.605% due 07/25/2047 •  |  | 11227 |  | 6470 |
|  4.660% due 05/25/2037 •  |  | 27117 |  | 25320 |
|  4.675% due 05/25/2037 ~ |  | 17208 |  | 15196 |
|  4.685% due 05/25/2037 •  |  | 13375 |  | 11814 |
|  4.735% due 01/25/2037 •  |  | 28285 |  | 24308 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.343% due 10/25/2036 •  | 11897 | 4139 |
|  4.735% due 05/25/2036 •  | 8698 | 6715 |
|  4.915% due 08/25/2036 •  | 8190 | 5186 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.870% due 07/25/2036 •  | 2358 | 2349 |
|  4.895% due 04/25/2037 ~ | 6132 | 6029 |
|  4.915% due 07/25/2036 •  | 6795 | 6688 |
|  4.945% due 05/25/2036 •  | 3824 | 3800 |
|  4.990% due 05/25/2036 •  | 3440 | 3274 |
|  5.035% due 04/25/2037 •  | 5000 | 3620 |
|  6.160% due 11/25/2035 •  | 256 | 256 |
|  6.985% due 11/25/2035 •  | 12883 | 12443 |
|  |  | 8500242 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.655% due 01/25/2037 ~ | 9165 | 5088 |
|  4.755% due 01/25/2037 •  | 51443 | 28562 |
|  4.875% due 01/25/2037 ~ | 30736 | 17065 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.989% due 10/25/2046 •  | 4 | 5 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.190% due 12/25/2035 þ | 8695 | 8510 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.151% due 01/25/2037 þ | 26441 | 7467 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.250% due 10/25/2030 þ | 3073 | 1539 |
|  4.250% due 01/25/2037 þ | 527 | 264 |
|  4.407% due 07/25/2036 •  | 2763 | 2735 |
|  4.434% due 11/25/2036 •  | 3698 | 3340 |
|  4.535% due 03/25/2047 •  | 95 | 64 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.615% due 02/25/2037 •  | 2818 | 577 |
|  4.735% due 02/25/2037 •  | 3353 | 687 |
|  4.895% due 02/25/2037 ~ | 2775 | 569 |
|  4.915% due 04/25/2037 •  | 51314 | 13735 |
|  5.155% due 04/25/2037 •  | 7338 | 1953 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.852% due 11/25/2033 ~ | 5 | 5 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.915% due 10/25/2046 •  | 2734 | 2370 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.955% due 05/25/2036 •  | 14091 | 5598 |
|  5.035% due 03/25/2036 •  | 10000 | 5064 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.675% due 01/25/2037 •  | 15186 | 9415 |
|  5.035% due 12/25/2035 •  | 10613 | 9560 |
|  5.055% due 12/25/2036 •  | 38715 | 22830 |
|  6.535% due 08/25/2037 •  | 7000 | 6933 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.450% due 02/25/2032 | 45 | 11 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.855% due 03/25/2037 •  | 425 | 422 |
|  |  | 154368 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  ABSC Manufactured Housing Contract Resecuritization Trust | ABSC Manufactured Housing Contract Resecuritization Trust | ABSC Manufactured Housing Contract Resecuritization Trust |
|  8.400% due 12/02/2030 ~ | 4310 | 4326 |
|  BankAmerica Manufactured Housing Contract Trust | BankAmerica Manufactured Housing Contract Trust | BankAmerica Manufactured Housing Contract Trust |
|  7.223% due 12/10/2025 ~ | 5000 | 535 |
|  Bombardier Capital Mortgage Securitization Corp. | Bombardier Capital Mortgage Securitization Corp. | Bombardier Capital Mortgage Securitization Corp. |
|  6.530% due 10/15/2028 •  | 127 | 126 |
|  7.935% due 12/15/2030 •  | 2068 | 2116 |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.220% due 03/15/2028 ~ | 471 | 475 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.060% due 09/01/2029 ~ | 7260 | 1073 |
|  Greenpoint Manufactured Housing | Greenpoint Manufactured Housing | Greenpoint Manufactured Housing |
|  8.573% due 06/08/2031 •  | 4058 | 4002 |
|  |  | 12653 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
|  Bombardier Capital Mortgage Securitization Corp. | Bombardier Capital Mortgage Securitization Corp. | Bombardier Capital Mortgage Securitization Corp. |
|  6.975% due 12/15/2029 •  | 8918 | 663 |
|  7.180% due 12/15/2029 •  | 22628 | 1732 |
|  7.575% due 06/15/2030 •  | 16139 | 1229 |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 5482 | 5566 |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  6.440% due 12/01/2030 | 1322 | 1332 |
|  7.860% due 03/01/2030 ~ | 11208 | 3416 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.360% due 06/01/2030 ~ | 49814 | 13920 |
|  7.490% due 07/01/2031 þ | 8203 | 8334 |
|  7.770% due 09/01/2031 þ | 3883 | 3948 |
|  7.960% due 05/01/2031 | 21173 | 4467 |
|  7.970% due 05/01/2032 | 7164 | 1019 |
|  8.200% due 05/01/2031 | 29477 | 6404 |
|  8.260% due 12/01/2030 •  | 74286 | 13884 |
|  8.310% due 05/01/2032 •  | 40754 | 6043 |
|  8.850% due 12/01/2030 •  | 1831 | 247 |
|  Mid-State Trust | Mid-State Trust | Mid-State Trust |
|  4.864% due 07/15/2038 | 158 | 158 |
|  Newcastle Investment Trust | Newcastle Investment Trust | Newcastle Investment Trust |
|  8.114% due 05/01/2033 ~ | 32162 | 31688 |
|  Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. |
|  7.945% due 03/15/2049 | 2929 | 422 |
|  |  | 104472 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 09/25/2046 ~ | 2088 | 1994 |
|  5.500% due 08/25/2036 | 125 | 125 |
|  5.685% due 07/25/2036 •  | 567 | 500 |
|  5.693% due 10/25/2036 •  | 36 | 18 |
|  6.000% due 08/25/2036 | 2023 | 2013 |
|  6.500% due 08/25/2036 | 3103 | 973 |
|  6.685% due 04/25/2036 •  | 5520 | 5722 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.507% due 03/25/2036 þ | 1773 | 830 |
|  4.835% due 11/25/2046 ~ | 8132 | 7981 |
|  4.855% due 06/25/2037 •  | 6302 | 5747 |
|  4.885% due 10/25/2036 •  | 1438 | 1437 |
|  4.885% due 01/25/2037 •  | 2500 | 2413 |
|  4.915% due 11/25/2036 •  | 2500 | 2334 |
|  5.110% due 03/25/2037 •  | 20862 | 20849 |
|  5.135% due 11/25/2046 •  | 12375 | 10540 |
|  5.749% due 08/25/2035 þ | 14 | 13 |
|  5.830% due 11/25/2034 þ | 2162 | 2178 |
|  5.935% due 07/25/2037 •  | 8380 | 8158 |
|  6.485% due 05/25/2036 þ | 11060 | 4027 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.915% due 04/25/2036 •  | 6108 | 5426 |
|  4.935% due 03/25/2036 ~ | 884 | 912 |
|  5.115% due 03/25/2036 •  | 24222 | 20896 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.540% due 09/25/2036 •  | 5417 | 5126 |
|  4.550% due 07/25/2036 •  | 227 | 221 |
|  4.555% due 11/25/2036 •  | 13225 | 12540 |
|  4.585% due 12/25/2036 •  | 7180 | 6130 |
|  4.595% due 11/25/2036 •  | 122 | 122 |
|  4.619% due 04/25/2035 •  | 2788 | 2741 |
|  4.715% due 12/25/2036 •  | 4778 | 1942 |
|  4.715% due 03/25/2037 •  | 19732 | 10290 |
|  4.735% due 05/25/2036 •  | 1115 | 1093 |
|  4.735% due 08/25/2036 •  | 20728 | 19980 |
|  4.745% due 09/25/2036 •  | 27170 | 25186 |
|  4.745% due 11/25/2036 •  | 3900 | 3281 |
|  4.755% due 12/25/2037 •  | 13755 | 12512 |
|  4.815% due 02/25/2036 •  | 10797 | 10202 |
|  4.855% due 12/25/2037 •  | 10965 | 9974 |
|  4.870% due 04/25/2036 •  | 9023 | 8498 |
|  4.875% due 01/25/2038 •  | 268 | 146 |
|  4.895% due 07/25/2036 •  | 14895 | 14632 |
|  4.924% due 03/25/2036 •  | 17240 | 16544 |
|  5.005% due 02/25/2036 •  | 22712 | 21435 |
|  5.015% due 02/25/2036 •  | 977 | 974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.095% due 01/25/2036 •  | $— | 299 | $— | 298 |
|  5.140% due 11/25/2036 •  |  | 6571 |  | 6388 |
|  5.155% due 11/25/2035 •  |  | 16795 |  | 15665 |
|  5.215% due 09/25/2035 •  |  | 1318 |  | 1314 |
|  5.215% due 06/25/2036 •  |  | 8191 |  | 8019 |
|  5.245% due 10/25/2035 •  |  | 6305 |  | 7177 |
|  5.260% due 05/25/2034 •  |  | 1994 |  | 1969 |
|  5.335% due 07/25/2035 •  |  | 4536 |  | 4494 |
|  5.380% due 09/25/2035 •  |  | 10120 |  | 9280 |
|  5.385% due 07/25/2033 •  |  | 2576 |  | 2703 |
|  5.410% due 05/25/2035 •  |  | 15543 |  | 15106 |
|  5.440% due 09/25/2035 •  |  | 30600 |  | 29344 |
|  5.560% due 12/25/2034 •  |  | 411 |  | 444 |
|  5.620% due 12/25/2034 ~ |  | 2042 |  | 2047 |
|  5.710% due 07/25/2034 •  |  | 2394 |  | 2373 |
|  5.860% due 10/25/2034 •  |  | 780 |  | 784 |
|  5.935% due 03/25/2034 •  |  | 211 |  | 203 |
|  6.145% due 05/25/2034 •  |  | 60 |  | 59 |
|  6.235% due 09/25/2034 •  |  | 581 |  | 622 |
|  6.310% due 07/25/2034 ~ |  | 1135 |  | 1137 |
|  6.910% due 03/25/2034 •  |  | 1403 |  | 1306 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.794% due 11/25/2034 ~ |  | 1381 |  | 1313 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.755% due 07/25/2036 •  |  | 26141 |  | 8223 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.233% due 05/25/2037 þ |  | 19 |  | 19 |
|  4.605% due 02/25/2037 ~ |  | 21416 |  | 16267 |
|  4.615% due 02/25/2037 •  |  | 11172 |  | 10334 |
|  4.755% due 05/25/2036 •  |  | 12609 |  | 10893 |
|  4.895% due 02/25/2037 •  |  | 7148 |  | 5752 |
|  4.955% due 11/25/2035 •  |  | 1397 |  | 1195 |
|  4.957% due 01/25/2036 þ |  | 4520 |  | 3995 |
|  4.995% due 05/25/2036 •  |  | 2312 |  | 2330 |
|  5.185% due 10/25/2035 •  |  | 357 |  | 393 |
|  5.195% due 11/25/2035 •  |  | 4545 |  | 3899 |
|  6.437% due 11/25/2035 •  |  | 3253 |  | 2125 |
|  6.640% due 04/25/2036 þ |  | 7384 |  | 7235 |
|  7.000% due 02/25/2037 ~ |  | 2376 |  | 2445 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  5.487% due 10/25/2051 þ |  | 22884 |  | 22891 |
|  5.851% due 12/25/2054 þ |  | 44227 |  | 44204 |
|  5.926% due 10/25/2054 þ |  | 26558 |  | 26533 |
|  5.963% due 09/25/2054 þ |  | 27561 |  | 27558 |
|  6.721% due 07/25/2051 þ |  | 344 |  | 344 |
|  6.996% due 07/25/2054 þ |  | 28544 |  | 28575 |
|  7.125% due 04/25/2054 þ |  | 59114 |  | 59426 |
|  7.143% due 03/25/2054 þ |  | 32160 |  | 32386 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  5.487% due 11/25/2026 þ |  | 13248 |  | 13256 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  5.035% due 09/25/2045 •  |  | 1621 |  | 1592 |
|  5.935% due 09/25/2047 •  |  | 6240 |  | 6152 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.785% due 08/25/2036 •  |  | 15521 |  | 15394 |
|  4.785% due 10/25/2036 •  |  | 1786 |  | 1737 |
|  4.825% due 02/25/2037 •  |  | 13613 |  | 12871 |
|  4.960% due 07/25/2036 •  |  | 7683 |  | 7450 |
|  5.215% due 07/25/2035 ~ |  | 49 |  | 49 |
|  5.245% due 07/25/2035 •  |  | 6500 |  | 6382 |
|  5.302% due 12/25/2034 þ |  | 215 |  | 196 |
|  5.305% due 02/25/2034 •  |  | 271 |  | 272 |
|  5.425% due 10/25/2033 •  |  | 1364 |  | 1359 |
|  5.431% due 12/25/2034 •  |  | 566 |  | 508 |
|  5.455% due 03/25/2035 •  |  | 1698 |  | 1698 |
|  5.455% due 06/25/2035 •  |  | 2793 |  | 2786 |
|  5.492% due 01/25/2035 þ |  | 433 |  | 359 |
|  5.515% due 03/25/2035 •  |  | 7313 |  | 7276 |
|  5.530% due 05/25/2035 •  |  | 4750 |  | 4871 |
|  5.560% due 06/25/2035 •  |  | 2100 |  | 2050 |
|  5.590% due 02/25/2035 •  |  | 6164 |  | 6116 |
|  5.619% due 04/25/2034 •  |  | 4307 |  | 3897 |
|  5.635% due 01/25/2035 •  |  | 3856 |  | 3716 |
|  5.670% due 10/25/2034 þ |  | 428 |  | 425 |
|  5.710% due 02/25/2035 •  |  | 465 |  | 397 |
|  6.015% due 08/25/2034 •  |  | 1457 |  | 1460 |
|  6.340% due 02/25/2034 •  |  | 370 |  | 327 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.595% due 08/25/2036 •  |  | 6371 |  | 2073 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.595% due 11/25/2036 •  | 137 | 38 |
|  4.715% due 08/25/2036 •  | 35493 | 14605 |
|  4.755% due 09/25/2036 •  | 17560 | 12290 |
|  4.755% due 10/25/2036 •  | 62249 | 20670 |
|  4.755% due 11/25/2036 •  | 7162 | 2000 |
|  4.775% due 08/25/2036 •  | 33231 | 10811 |
|  4.935% due 05/25/2036 •  | 6418 | 3309 |
|  5.015% due 12/25/2035 •  | 1650 | 1611 |
|  5.035% due 11/25/2035 ~ | 25156 | 21114 |
|  5.035% due 12/25/2035 •  | 13201 | 10187 |
|  5.395% due 01/25/2036 •  | 473 | 446 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.485% due 06/25/2037 •  | 3427 | 1712 |
|  4.705% due 04/25/2037 ~ | 2179 | 1598 |
|  4.715% due 09/25/2037 •  | 18707 | 17350 |
|  4.715% due 11/25/2037 •  | 5446 | 4321 |
|  4.735% due 06/25/2037 •  | 1596 | 957 |
|  4.855% due 11/25/2037 •  | 8971 | 4946 |
|  4.915% due 03/25/2037 •  | 27645 | 12897 |
|  4.915% due 09/25/2037 •  | 14795 | 5096 |
|  5.605% due 12/25/2035 •  | 4695 | 4630 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.877% due 01/25/2055 þ | 28497 | 28585 |
|  5.889% due 02/25/2055 þ | 64969 | 65020 |
|  5.977% due 01/25/2055 þ | 47294 | 47408 |
|  |  | 1113992 |
| OTHER ABS 10.2% | OTHER ABS 10.2% | OTHER ABS 10.2% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.386% due 04/15/2035 •  | 76900 | 76553 |
|  5.582% due 10/15/2034 ~ | 38400 | 38392 |
|  5.592% due 07/15/2034 ~ | 26050 | 26049 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.490% due 10/23/2034 ~ | 25550 | 25496 |
|  Academic Loan Funding Trust | Academic Loan Funding Trust | Academic Loan Funding Trust |
|  5.266% due 12/26/2044 •  | 1255 | 1228 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 11700 | 11685 |
|  5.010% due 12/26/2031 | 3359 | 3364 |
|  5.040% due 04/26/2032 | 10400 | 10385 |
|  5.070% due 10/27/2031 | 10200 | 10214 |
|  5.900% due 04/25/2031 | 1391 | 1403 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 | 29045 | 29037 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.990% due 02/15/2033 | 97700 | 98271 |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.419% due 12/02/2034 •  | 32100 | 32101 |
|  5.755% due 07/20/2034 •  | 22700 | 22700 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 52800 | 52810 |
|  ALESCO Preferred Funding Ltd. | ALESCO Preferred Funding Ltd. | ALESCO Preferred Funding Ltd. |
|  0.000% due 12/23/2034 ~ | 4379 | 3632 |
|  4.884% due 07/15/2037 •  | 5688 | 5489 |
|  4.884% due 09/23/2037 •  | 9937 | 9241 |
|  4.894% due 12/23/2036 •  | 1053 | 1048 |
|  4.904% due 09/23/2036 •  | 6920 | 6609 |
|  4.924% due 06/23/2036 •  | 10447 | 10160 |
|  4.964% due 07/15/2037 •  | 27000 | 22815 |
|  4.964% due 09/23/2037 •  | 2255 | 1838 |
|  5.014% due 06/23/2036 •  | 27500 | 22825 |
|  5.014% due 12/23/2036 •  | 7500 | 6431 |
|  5.034% due 12/23/2035 •  | 20821 | 19988 |
|  5.064% due 09/23/2036 •  | 12000 | 10200 |
|  5.164% due 03/23/2035 •  | 5000 | 4500 |
|  5.214% due 12/23/2034 •  | 3735 | 3361 |
|  5.249% due 07/30/2034 •  | 6977 | 6488 |
|  5.314% due 05/01/2034 •  | 2176 | 2133 |
|  5.314% due 09/23/2038 •  | 41010 | 39164 |
|  5.514% due 09/23/2038 •  | 10000 | 9000 |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.543% due 01/19/2033 •  | 19800 | 19804 |
|  5.724% due 10/15/2034 •  | 7369 | 7373 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 35200 | 35094 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 75350 | 74948 |
|  5.393% due 01/20/2035 •  | 19700 | 19656 |
|  5.730% due 04/22/2034 ~ | 31800 | 31823 |
|  5.993% due 04/20/2037 •  | 136100 | 136474 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 1000 | 927 |
|  2.871% due 01/28/2039 | 9700 | 9130 |
|  2.875% due 07/27/2039 | 2000 | 1856 |
|  3.000% due 01/21/2040 | 2000 | 1869 |
|  3.177% due 10/25/2038 | 5600 | 5387 |
|  3.400% due 04/25/2038 | 106000 | 102148 |
|  3.619% due 04/25/2038 | 19900 | 19377 |
|  3.793% due 10/25/2037 | 26600 | 26173 |
|  3.900% due 07/28/2037 | 57971 | 57320 |
|  3.928% due 04/25/2038 | 60500 | 58722 |
|  4.169% due 04/25/2038 | 2000 | 1897 |
|  4.300% due 07/25/2036 | 36892 | 36451 |
|  4.430% due 07/25/2037 | 16878 | 16546 |
|  4.620% due 04/25/2037 | 5439 | 5443 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.093% due 04/20/2036 •  | 76200 | 76856 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.505% due 10/20/2030 ~ | 1215 | 1216 |
|  5.543% due 04/17/2034 •(c) | 86100 | 86100 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.681% due 12/15/2038 •  | 93400 | 101157 |
|  3.706% due 11/15/2037 •  | 54500 | 59035 |
|  3.886% due 05/15/2038 •  | 20750 | 22466 |
|  4.551% due 12/15/2038 •  | 3200 | 3467 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 84300 | 84032 |
|  5.592% due 04/25/2034 •  | 12800 | 12794 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  | 48560 | 52604 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 12267 | 12595 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.576% due 01/20/2035 ~ | 83300 | 83185 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.377% due 10/20/2034 •  | 1000 | 996 |
|  5.396% due 01/18/2035 •  | 77600 | 77600 |
|  5.510% due 10/23/2032 ~ | 79382 | 79377 |
|  5.738% due 10/24/2031 •  | 17943 | 17953 |
|  Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC |
|  3.811% due 01/15/2035 •  | 39100 | 42339 |
|  4.541% due 01/15/2035 •  | 13500 | 14630 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.285% due 04/23/2035 •  | 63700 | 63700 |
|  5.440% due 10/23/2034 ~ | 22500 | 22434 |
|  5.493% due 10/20/2034 ~ | 66800 | 66732 |
|  5.533% due 07/19/2034 ~ | 78400 | 78488 |
|  5.538% due 07/16/2034 •  | 39400 | 39336 |
|  5.788% due 07/16/2034 ~ | 6300 | 6304 |
|  5.943% due 10/20/2034 ~ | 12400 | 12415 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.705% due 01/18/2035 •  | 12300 | 12310 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.316% due 01/15/2035 •  | 7000 | 6956 |
|  5.643% due 04/20/2034 •  | 100860 | 100859 |
|  5.734% due 07/15/2034 •  | 2500 | 2503 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.820% due 04/17/2036 | 22400 | 22502 |
|  5.260% due 04/17/2036 | 26100 | 26191 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 63676 | 63701 |
|  5.523% due 11/15/2030 ~ | 9880 | 9884 |
|  5.705% due 04/19/2034 •  | 7000 | 7005 |
|  Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
|  5.922% due 04/15/2037 ~ | 43000 | 43064 |
|  Buckingham CDO Ltd. | Buckingham CDO Ltd. | Buckingham CDO Ltd. |
|  0.432% due 04/05/2041 •  | 643393 | 40834 |
|  0.432% due 09/05/2051 •  | 990065 | 1238 |
|  Camber PLC | Camber PLC | Camber PLC |
|  5.785% due 11/09/2053 •  | 198149 | 20 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.382% due 07/15/2034 ~ | 4400 | 4382 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 37500 | 37669 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.699% due 10/16/2028 •  | 129300 | 129413 |
|  5.949% due 10/16/2028 •  | 10100 | 10109 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ | 108200 | 107810 |
|  5.513% due 07/20/2032 •  | 9367 | 9366 |
|  5.535% due 07/20/2031 •  | 5648 | 5654 |
|  5.635% due 05/15/2031 •  | 3876 | 3876 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 17420 | 17423 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.022% due 07/20/2032 •  | 71650 | 71496 |
|  5.538% due 07/16/2031 •  | 50617 | 50647 |
|  Cathedral Lake Ltd. | Cathedral Lake Ltd. | Cathedral Lake Ltd. |
|  5.775% due 01/20/2035 ~ | 11500 | 11493 |
|  5.812% due 04/25/2034 •  | 1200 | 1201 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.675% due 04/20/2032 ~ | 18487 | 18497 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  5.820% due 09/16/2030 | 1868 | 1878 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 | 8700 | 8258 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 6278 | 6280 |
|  5.555% due 10/18/2030 •  | 9063 | 9067 |
|  5.623% due 04/17/2035 •  | 13000 | 13010 |
|  5.704% due 01/15/2035 •  | 43000 | 43082 |
|  5.704% due 07/15/2036 ~ | 18100 | 18114 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.330% due 05/25/2055 | 36312 | 36723 |
|  5.820% due 05/25/2055 | 20000 | 20323 |
|  5.990% due 06/25/2054 •  | 57868 | 58469 |
|  6.060% due 05/25/2055 | 16500 | 16836 |
|  6.240% due 05/25/2055 •  | 38064 | 38944 |
|  6.500% due 06/25/2054 | 58032 | 60497 |
|  6.890% due 05/25/2055 | 4400 | 4489 |
|  7.330% due 06/25/2054 | 21256 | 22294 |
|  7.580% due 06/25/2054 | 17110 | 17902 |
|  8.210% due 06/25/2054 | 4000 | 4220 |
|  8.490% due 05/25/2055 | 5600 | 5753 |
|  10.120% due 06/25/2054 | 7965 | 8244 |
|  Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP |
|  4.940% due 01/25/2052 | 20400 | 13924 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 673 | 587 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2053 «(h) | 238601 | 137797 |
|  0.000% due 11/25/2054 «(h) | 42490 | 21503 |
|  5.150% due 11/25/2054  | 134486 | 134874 |
|  5.350% due 11/25/2054  | 159337 | 161185 |
|  5.450% due 11/25/2054  | 41033 | 41460 |
|  5.750% due 11/25/2054  | 20518 | 20744 |
|  6.250% due 11/25/2053 | 282717 | 284468 |
|  6.400% due 11/25/2053 | 610576 | 633132 |
|  6.600% due 11/25/2054  | 26481 | 26739 |
|  6.950% due 11/25/2053 | 159797 | 164742 |
|  7.400% due 11/25/2053 | 159797 | 165344 |
|  8.750% due 11/25/2054  | 15412 | 15547 |
|  9.100% due 11/25/2053 | 93191 | 97056 |
|  9.350% due 11/25/2053 | 86551 | 87299 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.493% due 01/20/2035 ~ | 48400 | 48674 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 36279 | 36245 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.756% due 11/15/2033 •  | 58628 | 63506 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.394% due 07/21/2030 •  | 5112 | 5537 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.310% due 08/15/2033 «•  | 104500 | 112996 |
|  Davis Square Funding Ltd. | Davis Square Funding Ltd. | Davis Square Funding Ltd. |
|  5.220% due 10/08/2040 •  | 583584 | 206050 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.360% due 10/08/2040 •  | $— | 44806 | $— | 11607 |
|  5.540% due 10/08/2040 •  |  | 52400 |  | 11907 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 |  | 70900 |  | 71009 |
|  Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. | Dewolf Park CLO Ltd. |
|  5.484% due 10/15/2030 •  |  | 5107 |  | 5110 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  |  | 137400 |  | 137604 |
|  6.132% due 01/15/2037 •  |  | 92200 |  | 92554 |
|  Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. |
|  3.940% due 01/25/2038 |  | 32500 |  | 31770 |
|  4.600% due 07/25/2037 |  | 899 |  | 884 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 |  | 3500 |  | 3317 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.080% due 02/22/2027 |  | 44200 |  | 44308 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  |  | 100200 |  | 100188 |
|  5.363% due 04/20/2034 ~ |  | 2000 |  | 1994 |
|  5.443% due 10/19/2029 ~ |  | 61511 |  | 61542 |
|  5.684% due 01/15/2031 •  |  | 2497 |  | 2498 |
|  5.684% due 05/20/2034 •  |  | 2000 |  | 2001 |
|  Duke Funding High Grade Ltd. | Duke Funding High Grade Ltd. | Duke Funding High Grade Ltd. | Duke Funding High Grade Ltd. | Duke Funding High Grade Ltd. |
|  0.321% due 08/02/2049 •  |  | 776047 |  | 5041 |
|  0.402% due 08/02/2049 •  |  | 285269 |  | 1923 |
|  0.779% due 08/02/2049 •  |  | 102000 |  | 10 |
|  Education Funding Trust | Education Funding Trust | Education Funding Trust | Education Funding Trust | Education Funding Trust |
|  3.557% due 02/01/2050 |  | 46117 |  | 39893 |
|  4.108% due 02/01/2050 |  | 8585 |  | 8560 |
|  4.714% due 02/01/2050 |  | 33266 |  | 32845 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.430% due 07/25/2034 ~ |  | 72500 |  | 72065 |
|  5.600% due 01/25/2035 ~ |  | 77200 |  | 77162 |
|  5.900% due 01/25/2035 ~ |  | 8500 |  | 8512 |
|  6.150% due 01/25/2035 ~ |  | 13400 |  | 13433 |
|  Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. | Flatiron CLO Ltd. |
|  5.476% due 11/16/2034 •(c) |  | 41100 |  | 41100 |
|  Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. | Fortress Credit Bsl Ltd. |
|  5.380% due 07/23/2032 •  |  | 31367 |  | 31325 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  |  | 744 |  | 744 |
|  Generate CLO Ltd. | Generate CLO Ltd. | Generate CLO Ltd. | Generate CLO Ltd. | Generate CLO Ltd. |
|  6.123% due 10/20/2036 ~ |  | 127900 |  | 128290 |
|  Goal Structured Solutions Trust | Goal Structured Solutions Trust | Goal Structured Solutions Trust | Goal Structured Solutions Trust | Goal Structured Solutions Trust |
|  5.116% due 09/25/2041 •  |  | 5327 |  | 5272 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  |  | 93310 |  | 93280 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.523% due 04/20/2033 •  |  | 45904 |  | 45897 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  6.500% due 07/20/2055 |  | 8303 |  | 8152 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 |  | 16400 |  | 16484 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.120% due 03/25/2060 |  | 42400 |  | 42498 |
|  5.150% due 10/27/2059 |  | 14592 |  | 14641 |
|  5.220% due 03/25/2060 |  | 20600 |  | 20663 |
|  5.250% due 10/27/2059 |  | 5808 |  | 5828 |
|  5.320% due 03/25/2060 |  | 22100 |  | 22210 |
|  5.390% due 03/25/2060 |  | 13900 |  | 13964 |
|  5.550% due 06/25/2059 |  | 8400 |  | 8527 |
|  5.690% due 03/25/2060 |  | 7300 |  | 7333 |
|  5.880% due 06/25/2059 |  | 18023 |  | 18178 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.520% due 04/22/2033 •  |  | 75500 |  | 75512 |
|  6.140% due 04/22/2033 •  |  | 32300 |  | 32410 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.845% due 01/15/2039 •  |  | 78600 |  | 85057 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | $— | 54500 |  | 54500 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.914% due 01/22/2039 «•  |  | 85000 |  | 91966 |
|  3.975% due 11/17/2037 •  |  | 88800 |  | 96153 |
|  4.094% due 07/18/2038 •  |  | 69000 |  | 74718 |
|  4.413% due 01/25/2037 •  |  | 101575 |  | 110207 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  | 35700 | 38637 |
|  Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. |
|  6.350% due 05/22/2039 •  | 2339 | 2333 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.698% due 09/17/2041 | 7057 | 6250 |
|  1.901% due 12/17/2026 | 18972 | 18163 |
|  Hout Bay Corp. | Hout Bay Corp. | Hout Bay Corp. |
|  0.913% due 07/05/2041 •  | 34165 | 37 |
|  1.043% due 07/05/2041 ^•(e) | 4046 | 0 |
|  4.422% due 07/05/2041 •  | 463545 | 77852 |
|  HPS Loan Management Ltd. | HPS Loan Management Ltd. | HPS Loan Management Ltd. |
|  5.692% due 01/23/2035 •  | 3165 | 3167 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.293% due 01/16/2033 •  | 45100 | 45027 |
|  5.443% due 10/20/2034 •  | 75900 | 75738 |
|  5.573% due 04/17/2034 •  | 12100 | 12100 |
|  Indigo Credit Management DAC | Indigo Credit Management DAC | Indigo Credit Management DAC |
|  4.004% due 07/15/2038 •  | 93500 | 101100 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.684% due 07/15/2034 •  | 15625 | 15635 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  2.341% due 01/15/2034 «•(c) | 80900 | 87477 |
|  3.725% due 10/30/2038 •  | 70200 | 75829 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  | 83300 | 83037 |
|  5.570% due 07/25/2035 •  | 79100 | 79117 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.473% due 07/26/2030 •  | 5991 | 6482 |
|  Jupiter High-Grade CDO Ltd. | Jupiter High-Grade CDO Ltd. | Jupiter High-Grade CDO Ltd. |
|  0.257% due 06/08/2042 «•  | 34500 | 0 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 8451 | 8230 |
|  KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust |
|  1.269% due 04/25/2038 «~(a) | 5760 | 115 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.564% due 04/15/2031 •  | 2541 | 2543 |
|  5.632% due 04/15/2035 •  | 12250 | 12232 |
|  5.644% due 04/15/2034 •  | 6000 | 5999 |
|  5.748% due 02/09/2035 ~ | 92500 | 92461 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 953 | 927 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.585% due 04/20/2031 •  | 9678 | 9682 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 1000 | 995 |
|  5.400% due 10/15/2034 •  | 53700 | 53534 |
|  5.573% due 07/20/2034 •  | 42800 | 42756 |
|  Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust |
|  4.770% due 10/15/2029 | 434 | 433 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 4040 | 3976 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 18900 | 18677 |
|  5.120% due 07/20/2032 | 2005 | 2006 |
|  5.530% due 06/21/2032 | 20100 | 20402 |
|  Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP |
|  5.760% due 12/22/2064 | 103452 | 104689 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 45400 | 45553 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 120200 | 119569 |
|  5.358% due 04/15/2035 •  | 2000 | 1990 |
|  5.361% due 10/19/2034 •  | 76700 | 76418 |
|  5.413% due 10/20/2029 •  | 4216 | 4217 |
|  5.495% due 10/21/2030 ~ | 29601 | 29616 |
|  5.532% due 07/27/2031 ~ | 2178 | 2183 |
|  5.540% due 10/22/2034 ~ | 10200 | 10209 |
|  5.545% due 04/20/2032 •  | 29045 | 29048 |
|  5.644% due 10/15/2032 ~ | 49991 | 50023 |
|  5.652% due 01/22/2035 •  | 12625 | 12613 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 27951 | 27972 |
|  5.652% due 04/15/2035 •  | 15100 | 15113 |
|  5.762% due 01/25/2032 ~ | 8753 | 8764 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MAN Euro CLO DAC | MAN Euro CLO DAC | MAN Euro CLO DAC |
|  4.535% due 10/15/2036 •  | 86900 | 94129 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.502% due 04/15/2032 ~ | 50017 | 50030 |
|  Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. |
|  5.493% due 01/20/2032 ~ | 7139 | 7134 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  0.000% due 04/16/2029 «(h) | 7 | 0 |
|  7.130% due 12/15/2033 | 22253 | 22571 |
|  Marzio Finance SRL | Marzio Finance SRL | Marzio Finance SRL |
|  3.380% due 09/28/2049 •  | 6117 | 6650 |
|  Mercury CDO Ltd. | Mercury CDO Ltd. | Mercury CDO Ltd. |
|  5.433% due 12/08/2040 •  | 6000 | 107 |
|  MidOcean Credit CLO | MidOcean Credit CLO | MidOcean Credit CLO |
|  5.523% due 04/20/2033 •  | 17617 | 17620 |
|  MMcapS Funding Ltd. | MMcapS Funding Ltd. | MMcapS Funding Ltd. |
|  5.030% due 12/01/2035 •  | 9100 | 8554 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.609% due 01/16/2031 •  | 2978 | 2978 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.461% due 10/15/2034 ~ | 78100 | 77650 |
|  5.762% due 04/15/2034 ~ | 45900 | 45941 |
|  Nassau Ltd. | Nassau Ltd. | Nassau Ltd. |
|  5.714% due 07/15/2031 •  | 3995 | 3996 |
|  National Collegiate Commutation Trust | National Collegiate Commutation Trust | National Collegiate Commutation Trust |
|  0.000% due 03/25/2038 •  | 61425 | 10062 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.572% due 04/15/2036 •  | 13400 | 13386 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 8887 | 8549 |
|  5.884% due 07/16/2040 ~ | 11421 | 11492 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.330% due 04/15/2069 | 17259 | 15937 |
|  1.690% due 05/15/2069 | 214 | 202 |
|  3.238% due 11/15/2045 ~ | 115536 | 108052 |
|  5.484% due 12/15/2059 •  | 4182 | 4181 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 20700 | 20808 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.504% due 12/27/2066 ~ | 1286 | 1302 |
|  6.049% due 03/15/2072 •  | 67998 | 68476 |
|  7.230% due 03/15/2072 | 52400 | 55271 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.875% due 09/27/2066 •  | 872 | 872 |
|  6.544% due 02/20/2041 •  | 41484 | 42476 |
|  6.640% due 02/20/2041 | 40226 | 41635 |
|  Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. |
|  5.591% due 01/28/2030 •  | 23769 | 23780 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.360% due 07/17/2036 •  | 62500 | 62500 |
|  5.370% due 10/14/2036 •  | 73800 | 73801 |
|  5.587% due 04/14/2035 •  | 18800 | 18767 |
|  New Mountain CLO Ltd. | New Mountain CLO Ltd. | New Mountain CLO Ltd. |
|  6.243% due 04/20/2036 •  | 5000 | 5009 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.532% due 07/25/2030 ~ | 4393 | 4387 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ | 39288 | 39300 |
|  5.565% due 11/13/2031 ~ | 12141 | 12130 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.340% due 07/20/2034 •  | 43800 | 43602 |
|  5.592% due 07/15/2034 •  | 84500 | 84475 |
|  6.002% due 10/15/2034 •  | 7750 | 7756 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 108600 | 108492 |
|  5.443% due 10/20/2030 •  | 47752 | 47759 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.563% due 04/20/2034 •  | 62000 | 61982 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 17805 | 17239 |
|  5.850% due 09/15/2036 ~ | 18764 | 19008 |
|  5.940% due 05/15/2034 | 2232 | 2244 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 28700 | 28697 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 19800 | 19808 |
|  5.300% due 02/08/2033 | 4600 | 4590 |
|  5.860% due 02/09/2032 | 14411 | 14446 |
|  5.890% due 02/08/2033 | 500 | 499 |
|  6.334% due 04/08/2031 | 873 | 874 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.443% due 07/20/2030 ~ | 7811 | 7814 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.961% due 10/15/2032 | 10600 | 10601 |
|  5.156% due 07/15/2032 | 12500 | 12524 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  0.000% due 04/15/2032 «•  | 8513 | 7224 |
|  5.065% due 03/15/2032 | 13389 | 13410 |
|  5.092% due 07/15/2032 | 28167 | 28157 |
|  5.162% due 04/15/2032 « | 10447 | 10463 |
|  5.183% due 06/15/2032 | 27695 | 27784 |
|  5.331% due 01/15/2032 | 11832 | 11890 |
|  5.617% due 04/15/2032 « | 9486 | 9541 |
|  5.637% due 07/15/2032 | 8600 | 8627 |
|  5.750% due 06/15/2032 | 19498 | 19616 |
|  5.823% due 04/15/2032 « | 5435 | 5472 |
|  5.871% due 07/15/2032 | 7900 | 7931 |
|  5.992% due 06/15/2032 | 6499 | 6526 |
|  6.093% due 11/15/2031 | 7614 | 7693 |
|  6.117% due 12/15/2031 | 7671 | 7760 |
|  6.258% due 10/15/2031 | 18878 | 19033 |
|  6.261% due 04/15/2032 « | 5726 | 5794 |
|  6.278% due 10/15/2031 | 8088 | 8173 |
|  6.319% due 08/15/2031 | 8729 | 8809 |
|  6.660% due 07/15/2031 | 2285 | 2308 |
|  7.464% due 06/16/2031 | 7476 | 7492 |
|  7.600% due 12/16/2030 | 5314 | 5326 |
|  7.625% due 04/15/2031 | 5944 | 5953 |
|  8.050% due 03/15/2030 •  | 1033 | 1036 |
|  8.803% due 12/16/2030 •  | 2916 | 2947 |
|  9.099% due 04/15/2031 | 4700 | 4754 |
|  10.273% due 04/15/2032 « | 7048 | 7304 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.380% due 05/21/2034 •  | 21660 | 21621 |
|  5.613% due 04/20/2035 ~ | 39185 | 39229 |
|  5.734% due 10/15/2034 •  | 14700 | 14708 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(c) | 156900 | 168875 |
|  3.339% due 08/15/2033 «•(c) | 79100 | 85531 |
|  3.526% due 05/15/2033 •  | 74404 | 80494 |
|  3.546% due 05/15/2034 •  | 120160 | 129963 |
|  3.690% due 05/15/2034 •  | 66700 | 72376 |
|  3.765% due 01/15/2033 •  | 19779 | 21420 |
|  3.806% due 08/15/2033 •  | 65894 | 71251 |
|  4.206% due 05/15/2033 •  | 1000 | 1081 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 74400 | 74171 |
|  Performer Funding PLC | Performer Funding PLC | Performer Funding PLC |
|  0.000% due 06/21/2035 (h) | 81 | 0 |
|  0.000% due 06/21/2035 (h) | 164310 | 101514 |
|  6.464% due 06/21/2035 •  | 185225 | 238820 |
|  7.464% due 06/21/2035 •  | 129635 | 168297 |
|  8.464% (SONIO/N + 4.000%) due 06/21/2035 ~ | 86490 | 114119 |
|  9.964% due 06/21/2035 •  | 37025 | 48777 |
|  11.964% due 06/21/2035 •  | 55585 | 73215 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | 46500 | 46413 |
|  5.513% due 10/11/2034 •  | 45000 | 44921 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.013% due 11/17/2040 | 6022 | 5500 |
|  2.709% due 02/17/2041 | 10590 | 9797 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.870% due 12/23/2027 «•  | 174657 | 174863 |
|  Providus CLO DAC | Providus CLO DAC | Providus CLO DAC |
|  3.945% due 10/15/2038 •  | 69000 | 74710 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.530% due 04/25/2032 •  | 29933 | 29957 |
|  5.722% due 04/23/2034 •  | 14510 | 14517 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.960% due 08/16/2032 | 23977 | 23983 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.880% due 07/15/2031 | $— | 7120 | $— | 7150 |
|  6.300% due 02/18/2031 |  | 3065 |  | 3078 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.502% due 01/15/2033 •  |  | 80150 |  | 80191 |
|  5.613% due 04/20/2035 ~ |  | 24100 |  | 24118 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 |  | 20700 |  | 20805 |
|  5.830% due 07/15/2036 |  | 10500 |  | 10720 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  |  | 29600 |  | 32030 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.582% due 10/23/2030 •  | $— | 1483 |  | 1484 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 |  | 1000 |  | 931 |
|  3.572% due 04/28/2038 |  | 52900 |  | 51578 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  |  | 72100 |  | 72111 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.362% due 07/20/2034 •  |  | 67800 |  | 67532 |
|  Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
|  4.828% due 09/07/2039 •  |  | 20138 |  | 12006 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  |  | 59400 |  | 59391 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.831% due 12/15/2039 •  |  | 260 |  | 253 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  3.073% due 10/25/2039 •  |  | 3874 |  | 3941 |
|  5.254% due 03/25/2026 ~ | $— | 19594 |  | 19566 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2052 «(h) |  | 4955 |  | 6235 |
|  0.000% due 09/15/2053 (h) |  | 3 |  | 1231 |
|  0.000% due 02/16/2055 «(h) |  | 34 |  | 32701 |
|  0.000% due 10/16/2056 «(h) |  | 13 |  | 6578 |
|  0.000% due 10/15/2058 «(h) |  | 23 |  | 5879 |
|  3.940% due 02/16/2055 |  | 211789 |  | 205230 |
|  4.550% due 02/16/2055 |  | 83593 |  | 81914 |
|  4.950% due 02/16/2055 |  | 24146 |  | 23671 |
|  4.990% due 10/16/2056 |  | 245461 |  | 243751 |
|  5.060% due 03/16/2054 |  | 37592 |  | 37850 |
|  5.090% due 10/16/2056 |  | 12190 |  | 12300 |
|  5.240% due 03/15/2056 |  | 2429 |  | 2456 |
|  5.285% due 09/15/2054 •  |  | 2916 |  | 2909 |
|  5.370% due 10/15/2058 |  | 108553 |  | 109686 |
|  5.380% due 07/15/2053 |  | 108536 |  | 110420 |
|  5.447% due 06/17/2052 ~ |  | 11236 |  | 11251 |
|  5.447% due 07/15/2053 •  |  | 120269 |  | 120458 |
|  5.500% due 06/17/2052 |  | 45631 |  | 46589 |
|  5.550% due 03/15/2052 |  | 51566 |  | 52967 |
|  5.647% due 03/15/2052 •  |  | 51566 |  | 51662 |
|  5.670% due 11/15/2052 |  | 1906 |  | 1936 |
|  5.699% due 10/16/2056 •  |  | 12744 |  | 12878 |
|  5.770% due 10/16/2056 |  | 128108 |  | 129746 |
|  5.799% due 02/16/2055 ~ |  | 208998 |  | 211887 |
|  5.799% due 03/15/2056 •  |  | 9106 |  | 9161 |
|  5.950% due 02/16/2055 |  | 26277 |  | 26013 |
|  5.999% due 09/15/2053 ~ |  | 123025 |  | 125960 |
|  6.149% due 10/16/2056 •  |  | 374502 |  | 381958 |
|  6.149% due 10/15/2058 •  |  | 166449 |  | 169556 |
|  6.150% due 09/15/2053 |  | 75784 |  | 79766 |
|  6.150% due 10/15/2058 |  | 36608 |  | 37739 |
|  6.199% due 05/16/2050 •  |  | 6181 |  | 6252 |
|  6.250% due 03/15/2052 |  | 11819 |  | 12134 |
|  6.360% due 10/16/2056 |  | 19950 |  | 20367 |
|  6.500% due 03/15/2052 |  | 4315 |  | 4490 |
|  6.580% due 10/15/2058 |  | 9225 |  | 9429 |
|  6.930% due 09/15/2053 |  | 43966 |  | 46737 |
|  7.230% due 10/15/2058 |  | 35988 |  | 36428 |
|  7.540% due 09/15/2053 |  | 8999 |  | 9484 |
|  7.560% due 10/16/2056 |  | 64173 |  | 65775 |
|  8.290% due 03/15/2052 |  | 4600 |  | 4786 |
|  8.870% due 09/15/2053 |  | 18543 |  | 19873 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  0.000% due 02/15/2046 «(h) |  | 50 |  | 951 |
|  0.925% due 06/15/2050 ~ |  | 104421 |  | 99533 |
|  1.170% due 02/15/2046 |  | 141746 |  | 131501 |
|  2.550% due 02/15/2046 |  | 54100 |  | 45588 |
|  0.000% due 02/15/2046 «(h) |  | 950 |  | 18064 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.546% due 05/16/2050 ~ | $— | 61521 | $— | 58964 |
|  4.800% due 02/27/2034 |  | 34700 |  | 34729 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  1.000% due 04/25/2034 «(c) |  | 14379 |  | 17408 |
|  4.710% due 04/25/2034 « |  | 89591 |  | 89668 |
|  4.840% due 04/25/2034 «(c) |  | 9178 |  | 9186 |
|  5.160% due 04/25/2034 « |  | 7136 |  | 7142 |
|  5.460% due 04/25/2034 « |  | 5239 |  | 5244 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  3.020% due 02/25/2040 |  | 1758 |  | 1723 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.564% due 04/15/2031 ~ |  | 7877 |  | 7874 |
|  5.580% due 01/25/2032 •  |  | 53560 |  | 53570 |
|  5.734% due 07/15/2034 •  |  | 13000 |  | 13006 |
|  5.742% due 10/25/2034 ~ |  | 15700 |  | 15712 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.574% due 04/15/2031 •  |  | 9356 |  | 9365 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  5.973% due 01/20/2037 •  |  | 79000 |  | 79143 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  |  | 35500 |  | 35556 |
|  5.490% due 01/23/2032 •  |  | 13282 |  | 13277 |
|  5.535% due 04/19/2034 •  |  | 11250 |  | 11222 |
|  6.093% due 01/20/2037 ~ |  | 21325 |  | 21366 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 |  | 29700 |  | 29637 |
|  Tallman Park CLO Ltd. | Tallman Park CLO Ltd. | Tallman Park CLO Ltd. | Tallman Park CLO Ltd. | Tallman Park CLO Ltd. |
|  5.615% due 04/20/2034 •  |  | 31100 |  | 31123 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  |  | 84500 |  | 84415 |
|  5.908% due 01/16/2037 •  |  | 43800 |  | 43857 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  4.830% due 12/03/2025 |  | 2410 |  | 2411 |
|  5.080% due 06/21/2050 |  | 8300 |  | 8332 |
|  5.290% due 06/20/2050 |  | 8300 |  | 8340 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 |  | 4292 |  | 4299 |
|  7.580% due 04/15/2029 |  | 6525 |  | 6564 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ |  | 19447 |  | 19441 |
|  Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC | Tikehau CLO DAC |
|  3.885% due 04/15/2032 •  |  | 1089 |  | 1177 |
|  Trainer Wortham CBO Ltd. | Trainer Wortham CBO Ltd. | Trainer Wortham CBO Ltd. | Trainer Wortham CBO Ltd. | Trainer Wortham CBO Ltd. |
|  5.158% due 01/04/2040 •  | $— | 4690 |  | 1730 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  |  | 56500 |  | 56492 |
|  5.520% due 10/25/2032 •  |  | 16786 |  | 16772 |
|  Trapeza CDO Ltd. | Trapeza CDO Ltd. | Trapeza CDO Ltd. | Trapeza CDO Ltd. | Trapeza CDO Ltd. |
|  4.839% due 11/09/2042 •  |  | 11086 |  | 10615 |
|  4.889% due 11/09/2042 •  |  | 14000 |  | 12250 |
|  4.892% due 01/27/2040 •  |  | 20803 |  | 19347 |
|  4.908% due 04/06/2042 •  |  | 8093 |  | 6798 |
|  Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. |
|  5.725% due 10/20/2034 •  |  | 25800 |  | 25820 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  5.220% due 10/02/2039 ^•(e) |  | 5843 |  | 51 |
|  Tricon American Homes | Tricon American Homes | Tricon American Homes | Tricon American Homes | Tricon American Homes |
|  1.482% due 11/17/2039 |  | 16028 |  | 14810 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  |  | 5500 |  | 5466 |
|  5.370% due 01/25/2035 •  |  | 5000 |  | 5001 |
|  5.493% due 01/20/2032 •  |  | 5176 |  | 5178 |
|  5.630% due 01/25/2034 •  |  | 57500 |  | 57475 |
|  5.640% due 01/25/2034 •  |  | 109400 |  | 109345 |
|  5.655% due 07/20/2031 ~ |  | 10017 |  | 10021 |
|  5.670% due 04/25/2033 •  |  | 97600 |  | 97668 |
|  Tropic CDO Ltd. | Tropic CDO Ltd. | Tropic CDO Ltd. | Tropic CDO Ltd. | Tropic CDO Ltd. |
|  4.854% due 07/15/2036 •  |  | 17969 |  | 17475 |
|  4.884% due 07/15/2036 •  |  | 28754 |  | 27604 |
|  TruPS Financials Note Securitization Ltd. | TruPS Financials Note Securitization Ltd. | TruPS Financials Note Securitization Ltd. | TruPS Financials Note Securitization Ltd. | TruPS Financials Note Securitization Ltd. |
|  5.756% due 03/30/2039 •  |  | 155484 |  | 152763 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.532% due 10/20/2033 ~ |  | 28700 |  | 28643 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.443% due 07/20/2037 •  |  | 18229 |  | 18240 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  4.039% due 01/20/2037 •  | 83700 | 90595 |
|  U.S. Capital Funding Ltd. | U.S. Capital Funding Ltd. | U.S. Capital Funding Ltd. |
|  4.831% due 10/10/2040 •  | 26140 | 24310 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | 2801 | 2771 |
|  7.900% due 10/20/2028 | 8032 | 8156 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 3435 | 3398 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.433% due 10/20/2034 • | 14700 | 14656 |
|  5.545% due 07/20/2030 ~ | 403 | 403 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ | 93820 | 93821 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 • | 137800 | 137782 |
|  5.493% due 07/20/2032 • | 27014 | 27010 |
|  5.564% due 10/15/2030 • | 327 | 327 |
|  5.644% due 10/17/2032 ~ | 18387 | 18404 |
|  5.822% due 04/15/2037 • | 13330 | 13356 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.764% due 07/15/2034 • | 10000 | 10005 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.615% due 04/18/2036 • | 11250 | 11250 |
|  5.624% due 10/15/2034 • | 65800 | 65536 |
|  |  | 18593307 |
|  Total Asset-Backed Securities (Cost $39,265,490) | Total Asset-Backed Securities (Cost $39,265,490) | 37828542 |
| SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 453635 | 313377 |
|  1.000% due 07/09/2029 | 32794 | 25488 |
|  3.500% due 07/09/2041 þ | 383591 | 222819 |
|  4.125% due 07/09/2035 þ | 550755 | 343080 |
|  4.125% due 07/09/2046 þ | 15284 | 9413 |
|  5.000% due 01/09/2038 þ | 113563 | 74937 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (h) | 13616855 | 2226720 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 23763600 | 481169 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 508700 | 135538 |
|  3.800% due 05/13/2060 | 115235 | 74101 |
|  5.375% due 03/12/2029 | 128700 | 129844 |
|  5.375% due 02/19/2030 | 248700 | 250697 |
|  5.500% due 03/12/2034 | 118400 | 117926 |
|  5.625% due 02/19/2035 | 213700 | 212553 |
|  5.750% due 03/12/2054 | 113700 | 104538 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (j) | 11432418 | 488162 |
|  3.000% due 12/03/2026 (j) | 6798017 | 319729 |
|  4.000% due 11/30/2028 (j) | 4892007 | 231619 |
|  4.000% due 08/24/2034 (j) | 5230779 | 238255 |
|  4.625% due 05/04/2033 | 130300 | 137805 |
|  6.875% due 05/13/2037 | 87400 | 89637 |
|  7.000% due 09/03/2026 | 8802000 | 421784 |
|  7.500% due 06/03/2027 | 4087500 | 195554 |
|  7.500% due 05/26/2033 | 451600 | 19898 |
|  7.750% due 05/29/2031 | 5392900 | 247816 |
|  7.750% due 11/23/2034 | 5735230 | 252003 |
|  8.500% due 03/01/2029 | 8892700 | 429950 |
|  8.500% due 05/31/2029 | 2444800 | 118110 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.350% due 08/12/2040 | 24900 | 5624 |
|  5.400% due 08/12/2034 | 211380 | 52497 |
|  6.150% due 08/12/2032 | 2229659 | 609759 |
|  6.900% due 08/12/2037 | 448008 | 120443 |
|  6.950% due 08/12/2031 | 2185193 | 636042 |
|  7.300% due 08/12/2033 | 1767972 | 508259 |
|  7.600% due 08/12/2039 | 715171 | 201658 |
|  Republic of Greece Government International Bond | Republic of Greece Government International Bond | Republic of Greece Government International Bond |
|  2.000% due 04/22/2027 | 29093 | 31388 |
|  3.900% due 01/30/2033 | 46724 | 52586 |
|  4.000% due 01/30/2037 | 78168 | 87027 |
|  4.200% due 01/30/2042 | 33323 | 36716 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 6781400 | 328451 |
|  8.000% due 01/31/2030 |  | 1169600 | 61135 |
|  8.500% due 01/31/2037 |  | 3587800 | 162751 |
|  8.875% due 02/28/2035 |  | 10265100 | 501212 |
|  9.000% due 01/31/2040 |  | 798200 | 36001 |
|  10.500% due 12/21/2026 |  | 5257200 | 296795 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.750% due 07/13/2030 | EUR | 82700 | 74895 |
|  2.000% due 04/14/2033 |  | 23900 | 19258 |
|  2.750% due 04/14/2041 |  | 44400 | 29197 |
|  2.875% due 04/13/2042 |  | 43200 | 28322 |
|  3.750% due 02/07/2034 |  | 25720 | 23128 |
|  5.125% due 09/24/2031 |  | 159600 | 166958 |
|  5.250% due 03/10/2030 |  | 136700 | 149005 |
|  5.250% due 05/30/2032 |  | 78700 | 82075 |
|  5.375% due 03/22/2031 |  | 80200 | 85983 |
|  5.500% due 09/18/2028 |  | 34700 | 38958 |
|  5.625% due 02/22/2036 |  | 32350 | 32395 |
|  5.625% due 05/30/2037 |  | 98100 | 96898 |
|  5.875% due 07/11/2032 (c) | 5.875% due 07/11/2032 (c) | 300000 | 322217 |
|  6.250% due 09/10/2034 |  | 138600 | 148782 |
|  6.375% due 09/18/2033 |  | 50400 | 55617 |
|  Russia Government International Bond | Russia Government International Bond | Russia Government International Bond | Russia Government International Bond |
|  5.100% due 03/28/2035 « | $| 5600 | 0 |
|  5.250% due 06/23/2047 « |  | 560200 | 0 |
|  5.625% due 04/04/2042 |  | 405400 | 283780 |
|  5.875% due 09/16/2043 |  | 124400 | 85144 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | EUR | 78700 | 84075 |
|  3.750% due 03/05/2037 |  | 110700 | 115282 |
|  5.125% due 01/13/2028 | $| 165500 | 167589 |
|  5.375% due 01/13/2031 |  | 77600 | 79563 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  5.250% due 03/13/2030 |  | 258921 | 241163 |
|  6.125% due 10/24/2028 |  | 76500 | 75817 |
|  7.625% due 04/26/2029 |  | 253315 | 260916 |
|  44.165% due 09/06/2028 ~ | TRY | 577600 | 14320 |
|  45.031% due 05/20/2026 ~ |  | 72900 | 1926 |
|  45.031% due 08/19/2026 ~ |  | 52700 | 1366 |
|  45.031% due 05/17/2028 ~ |  | 12055300 | 300507 |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(i) | $| 971 | 500 |
|  0.000% due 02/01/2034 þ(i) |  | 3627 | 1442 |
|  0.000% due 02/01/2035 þ(i) |  | 3065 | 1701 |
|  0.000% due 02/01/2036 þ(i) |  | 2555 | 1411 |
|  1.750% due 02/01/2034 þ |  | 4646 | 2485 |
|  1.750% due 02/01/2035 þ |  | 6423 | 3372 |
|  1.750% due 02/01/2036 þ |  | 6702 | 3468 |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.000% due 03/31/2038 ^(e) | 7.000% due 03/31/2038 ^(e) | 8428 | 1579 |
|  7.650% due 04/21/2025 ^(e) | 7.650% due 04/21/2025 ^(e) | 40703 | 7292 |
|  9.250% due 09/15/2027 ^(e) | 9.250% due 09/15/2027 ^(e) | 60703 | 12747 |
|  9.250% due 05/07/2028 ^(e) | 9.250% due 05/07/2028 ^(e) | 75546 | 14560 |
|  11.750% due 10/21/2026 ^(e) | 11.750% due 10/21/2026 ^(e) | 6260 | 1324 |
|  11.950% due 08/05/2031 ^(e) | 11.950% due 08/05/2031 ^(e) | 64700 | 13264 |
|  Total Sovereign Issues (Cost $15,095,298) | Total Sovereign Issues (Cost $15,095,298) | Total Sovereign Issues (Cost $15,095,298) | 14771148 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Dreamwell Ltd. «(f)(m) |  | 1460 | 13 |
|  SSB Manufacturing Co. «(f)(m) | SSB Manufacturing Co. «(f)(m) | 1460 | 0 |
|  |  |  | 13 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Intelsat Emergence SA «(m) | Intelsat Emergence SA «(m) | 7981591 | 268856 |
|  MNEQ Holdings, Inc. «(f)(m) | MNEQ Holdings, Inc. «(f)(m) | 438 | 2 |
|  UBS Group AG |  | 245819 | 7466 |
|  |  |  | 276324 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  NVHL SA 'A' «(f)(m) |  | 8220 | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  NVHL SA 'B' «(f)(m) | 8220 | 5 |
|  NVHL SA 'C' «(f)(m) | 8220 | 5 |
|  NVHL SA 'D' «(f)(m) | 8220 | 5 |
|  NVHL SA 'E' «(f)(m) | 8220 | 5 |
|  NVHL SA 'F' «(f)(m) | 8220 | 5 |
|  NVHL SA 'G' «(f)(m) | 8220 | 5 |
|  NVHL SA 'H' «(f)(m) | 8220 | 5 |
|  NVHL SA 'I' «(f)(m) | 8220 | 5 |
|  NVHL SA 'J' «(f)(m) | 8220 | 5 |
|  |  | 51 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holding Lux SA «(m) | 39510 | 995 |
|  Foresea Holdings SA « | 230111 | 5796 |
|  Westmoreland Mining Holdings «(f)(m) | 143733 | 153 |
|  Westmoreland Mining LLC «(f)(m) | 452949 | 1486 |
|  |  | 8430 |
|  Total Common Stocks (Cost $679,231) | Total Common Stocks (Cost $679,231) | 284818 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil 'D' - Exp. 06/10/2071 «(m) | 3 | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA - Exp. 02/17/2027 « | 183119 | 362 |
|  Total Warrants (Cost $38,404) | Total Warrants (Cost $38,404) | 362 |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  ADLER Group SA «(f) | 520871 | 0 |
|  AGFC Capital Trust | AGFC Capital Trust | AGFC Capital Trust |
|  6.314% due 01/15/2067 ~ | 105720000 | 74608 |
|  Brighthouse Holdings LLC |  |  |
|  6.500% due 07/27/2037 þ(k) | 5245000 | 4747 |
|  Encina Private Credit LLC « | 24670 | 0 |
|  Nationwide Building Society ~ | 895621 | 151183 |
|  Stichting AK Rabobank Certificaten | Stichting AK Rabobank Certificaten | Stichting AK Rabobank Certificaten |
|  6.500% þ | 292136200 | 355543 |
|  |  | 586081 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 500 | 245 |
|  Total Preferred Securities (Cost $621,020) | Total Preferred Securities (Cost $621,020) | 586326 |
| REAL ESTATE INVESTMENT TRUSTS 0.2% | REAL ESTATE INVESTMENT TRUSTS 0.2% | REAL ESTATE INVESTMENT TRUSTS 0.2% |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  Uniti Group, Inc. | 1130016 | 5695 |
|  VICI Properties, Inc. | 11625222 | 379215 |
|  Total Real Estate Investment Trusts (Cost $155,661) | Total Real Estate Investment Trusts (Cost $155,661) | 384910 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| REPURCHASE AGREEMENTS (n) 0.1% | REPURCHASE AGREEMENTS (n) 0.1% | REPURCHASE AGREEMENTS (n) 0.1% |
|  |  | 132905 |
| SHORT-TERM NOTES 0.0% | SHORT-TERM NOTES 0.0% | SHORT-TERM NOTES 0.0% |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.749% due 03/25/2026 | 18261 | 18307 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.295% due 04/10/2025 - 06/26/2025 (g)(h)(q)(s) | 143832 | 142905 |
| Total Short-Term Instruments (Cost $294,073) | Total Short-Term Instruments (Cost $294,073) | 294117 |
| Total Investments in Securities (Cost $287,725,360) | Total Investments in Securities (Cost $287,725,360) | 278888938 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 6.1% | INVESTMENTS IN AFFILIATES 6.1% | INVESTMENTS IN AFFILIATES 6.1% |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
| AFFILIATED INVESTMENTS 0.3% | AFFILIATED INVESTMENTS 0.3% | AFFILIATED INVESTMENTS 0.3% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Clear Channel Outdoor Holdings, Inc. (f) | 50862666 | 56458 |
|  iHeartMedia, Inc. 'A' (f) | 9028024 | 14896 |
|  iHeartMedia, Inc. 'B' «(f) | 12214441 | 17735 |
|  |  | 89089 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amsurg Equity «(f)(m) | 5968052 | $— | 279018 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Sierra Hamilton Holder LLC « | 15369768 |  | 1 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Windstream Services LLC «(f) | 5118377 |  | 114834 |
| Total Common Stocks (Cost $968,698) | Total Common Stocks (Cost $968,698) |  | 482942 |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1090240158 |  | 10612398 |
| Total Short-Term Instruments (Cost $10,611,642) | Total Short-Term Instruments (Cost $10,611,642) |  | 10612398 |
| Total Investments in Affiliates (Cost $11,580,340) | Total Investments in Affiliates (Cost $11,580,340) |  | 11095340 |
| Total Investments 158.3% (Cost $299,305,700) | Total Investments 158.3% (Cost $299,305,700) | $— | 289984278 |
|  Financial Derivative Instruments (p)(r) (0.2)<br> (Cost or Premiums, net $1,947,859) | Financial Derivative Instruments (p)(r) (0.2)<br> (Cost or Premiums, net $1,947,859) |  | (425485) |
| Other Assets and Liabilities, net (58.1)% | Other Assets and Liabilities, net (58.1)% |  | (106401176) |
| Net Assets 100.0% |  | $— | 183157617 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

(d) Payment in-kind security.

(e) Security is not accruing income as of the date of this report.

(f) Security did not produce income within the last twelve months.

(g) Coupon represents a weighted average yield to maturity.

(h) Zero coupon security.

(i) Security becomes interest bearing at a future date.

(j) Principal amount of security is adjusted for inflation.

(k) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(l) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(m) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $249375 | $279018 | 0.15% |
|  Constellation Oil 'D' - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Deloitte LLP0. 5.250% due 01/30/2030 | 10/30/2024 | 37300 | 37347 | 0.02 |
|  Deloitte LLP0. 5.410% due 01/30/2032 | 10/30/2024 | 36700 | 36604 | 0.02 |
|  Dreamwell Ltd. | 04/24/2024 | 2431 | 13 | 0.00 |
|  Drillco Holding Lux SA | 06/08/2023 | 790 | 995 | 0.00 |
|  Hardwood Funding LLC 4.980% due 06/07/2028 | 03/11/2025 | 18500 | 18569 | 0.01 |
|  Hardwood Funding LLC 5.070% due 06/07/2030 | 03/11/2025 | 12000 | 12053 | 0.01 |
|  Intelsat Emergence SA | 06/19/2017 - 02/23/2024 | 612233 | 268856 | 0.15 |
|  MNEQ Holdings, Inc. | 03/10/2023 | 4 | 2 | 0.00 |
|  NVHL SA 'A' | 03/09/2012 | 0 | 6 | 0.00 |
|  NVHL SA 'B' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'C' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'D' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'E' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'F' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'G' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'H' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'I' | 03/09/2012 | 0 | 5 | 0.00 |
|  NVHL SA 'J' | 03/09/2012 | 0 | 5 | 0.00 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 76800 | 77602 | 0.04 |
|  Prime Property Development Corp. Ltd. 5.250% due 09/30/2029 | 09/17/2024 | 34500 | 33985 | 0.02 |
|  Prime Property Development Corp. Ltd. 5.440% due 09/30/2031 | 09/17/2024 | 34500 | 33761 | 0.02 |
|  Project Alpha Investindustrial 4.594% due 02/27/2026 | 02/28/2025 | 34801 | 36275 | 0.02 |
|  Project Luminous 7.314% due 12/15/2025 | 09/20/2023 | 10148 | 10080 | 0.01 |
|  Project Luminous 7.314% due 12/15/2027 | 04/24/2024 | 1313 | 1345 | 0.00 |
|  Ripon Investments Financing Ltd. 0.000% due 05/30/2025 | 01/11/2023 | 1661 | 1766 | 0.00 |
|  SSB Manufacturing Co. | 06/29/2023 | 2432 | 0 | 0.00 |
|  Sierra Hamilton Holder LLC | 07/31/2017 | 3896 | 1 | 0.00 |
|  Turkeys First National Bank 7.962% due 11/15/2034 | 09/18/2024 | 60100 | 58838 | 0.03 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 52500 | 53567 | 0.03 |
|  Westmoreland Mining Holdings | 12/08/2014 - 03/26/2019 | 4033 | 153 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 1885 | 1486 | 0.00 |
|  |  | $1287902 | $962367 | 0.53% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(n) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BAR | 0.150% | 03/27/2025 | 04/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132905 | Barclays Bank PLC 4.500% due 01/08/2026 | $(133598) | $132905 | $132908 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133598) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132908 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 41

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BAR | 0.000% | 03/27/2025 | 04/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129931) | $(129931) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129931) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500% | 04/01/2055 | $32175 | $(24266) | $(24298) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2040 | 300 | (270) | (271) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2055 | 23700 | (18780) | (18840) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 04/01/2055 | 9150 | (7612) | (7610) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2055 | 201000 | (166376) | (167150) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108300 | (106976) | (107403) |
|  Total Short Sales (0.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325572) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/<br>(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BAR | $132908 | $(129931) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11572 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129931) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $(129931) | $0 | $0 | $(129931) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129931) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129931) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(129931) |

---

(o) Securities with an aggregate market value of $142,193 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(36594) at a weighted average interest rate of 0.664%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(p) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 1942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | $(483) | $(145) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 1973 | 1973 | (491) | (250) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 3918 | 3918 | (1083) | (847) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 1942 | 1942 | (698) | (1053) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 1973 | 1973 | (552) | (893) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 3918 | 3918 | (1264) | (1476) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4571) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4664) |

---

42 PIMCO INCOME FUND See Accompanying Notes

------

March 31, 2025

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 394 | $54886 | $(499) | $440 | $(11346) |
|  Long Gilt June Futures  | 06/2025 | 99278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11758536 | (83966) | 126960 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 14033 | 2907243 | 12774 | 0 | (110) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 131658 | 14239636 | 169390 | 0 | (4114) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 95982 | 10674998 | 145655 | 1499 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 13372 | 1526080 | 12537 | 1254 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15570) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 2667 | $(642580) | $9802 | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 17383 | (4168443) | 33153 | 652 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 16414 | (3926537) | 31229 | 103 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 2497 | (602370) | 8275 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 2038 | (490088) | 8401 | 25 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 11966 | (842351) | (797) | 0 | (8007) |
|  Euro-BOBL June Futures  | 06/2025 | 11497 | (1464330) | 10916 | 373 | (3481) |
|  Euro-Bund June Futures  | 06/2025 | 21406 | (2981938) | 73345 | 0 | 0 |
|  Euro-Schatz June Futures  | 06/2025 | 76 | (8789) | (1) | 2 | (7) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 61239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7182186) | (91927) | 0 | (11482) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 4165 | (509171) | (751) | 0 | (1822) |
|  |  |  |  | $81645 | $1155 | $(24799) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40369) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.000)% | Quarterly | 06/20/2026 | 0.589% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Airbus Finance BV | 1.000% | Quarterly | 06/20/2028 | 0.296% | 25700 | $167 | $457 | $624 | $0 | $(43) |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.287 | $2400 | 31 | (18) | 13 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 5700 | 88 | (41) | 47 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 23900 | (48) | 408 | 360 | 0 | (10) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.852 | 1000 | (8) | 15 | 7 | 0 | (12) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.920 | 37600 | 69 | 84 | 153 | 4 | (23) |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2026 | 0.538 | 6700 | 744 | (375) | 369 | 0 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2026 | 0.803 | 8800 | 1089 | (459) | 630 | 0 | (10) |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2027 | 0.948 | 16700 | 1581 | (118) | 1463 | 0 | (6) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2025 | 0.436 | 59800 | 4589 | (3882) | 707 | 0 | (2) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | 0.460 | 20000 | 903 | (219) | 684 | 0 | (4) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.999 | 47500 | 4865 | (758) | 4107 | 0 | (64) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | 44800 | 471 | 41 | 512 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 8900 | 99 | 39 | 138 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 0.131 | 6400 | (461) | 477 | 16 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.127 | 34900 | (3725) | 3977 | 252 | 0 | (3) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 0.163 | 55200 | (1884) | 2513 | 629 | 0 | (14) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 0.211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10378) | 14032 | 3654 | 0 | (163) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 0.237 | 28700 | (2120) | 2649 | 529 | 0 | (21) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.317 | $13300 | 302 | (189) | 113 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.368 | 62700 | 1390 | (706) | 684 | 0 | (21) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2027 | 0.396 | 6600 | 0 | 87 | 87 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.492 | 51600 | (104) | 916 | 812 | 0 | (14) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.547 | 10000 | (46) | 206 | 160 | 0 | (5) |
|  |  |  |  |  |  | $(2386) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 43

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/ (Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/ (Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-35 5-Year Index | (1.000)% | Quarterly | 12/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1977) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1335) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $217028 | $(25440) | $25613 | $173 | $289 | $0 |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 1472 | (48) | 51 | 3 | 1 | 0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 1050548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42963 | 783 | 851 | 0 |
|  CDX.EM-37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 18081 | (1487) | 1443 | (44) | 14 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 103850 | (8556) | 8026 | (530) | 66 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 20100 | (1363) | 1204 | (159) | 16 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 324300 | (17949) | 13409 | (4540) | 179 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 112200 | (3866) | 1600 | (2266) | 37 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 152600 | (4431) | 290 | (4141) | 28 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 107100 | (3852) | (196) | (4048) | 15 | 0 |
|  CDX.HY-34 5-Year Index | 5.000 | Quarterly | 06/20/2025 | 7920 | 731 | (644) | 87 | 2 | 0 |
|  CDX.HY-35 5-Year Index | 5.000 | Quarterly | 12/20/2025 | 12710 | 1217 | (850) | 367 | 5 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 713856 | 17256 | 13432 | 30688 | 461 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 292992 | 7110 | 9474 | 16584 | 614 | 0 |
|  CDX.HY-38 5-Year Index | 5.000 | Quarterly | 06/20/2027 | 55997 | 84 | 2970 | 3054 | 3 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 52050 | (630) | 3686 | 3056 | 35 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 26558 | 0 | 1549 | 1549 | 0 | (12) |
|  CDX.HY-41 5-Year Index | 5.000 | Quarterly | 12/20/2028 | 9306 | 115 | 446 | 561 | 0 | (1) |
|  CDX.HY-42 5-Year Index | 5.000 | Quarterly | 06/20/2029 | 13205 | 700 | 83 | 783 | 3 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 2924445 | 211900 | (50919) | 160981 | 739 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 1802300 | 92364 | 3568 | 95932 | 1737 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2800 | 62 | (27) | 35 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 14660 | 7 | 215 | 222 | 1 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 4400 | (1) | 75 | 74 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 20100 | 162 | 217 | 379 | 1 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 23500 | 281 | 183 | 464 | 2 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 3533200 | 78991 | (10996) | 67995 | 22 | (16) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1270100 | 23296 | 62 | 23358 | 227 | 0 |
|  iTraxx Main 43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1178000 | 26303 | (3434) | 22869 | 0 | (1914) |
|  |  |  |  |  | $350776 | $63493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1943) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 474600 | $15524 | $(1460) | $14064 | $0 | $(2069) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2032 | 556500 | 46561 | 120036 | 166597 | 0 | (3424) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 47000 | (200) | 2138 | 1938 | 0 | (399) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 48700 | (134) | (1124) | (1258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 269700 | 16765 | 2145 | 18910 | 0 | (2468) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 | 500150 | (1189) | 392166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390977 | 0 | (4706) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 3700 | 443 | 97 | 540 | 0 | (60) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 09/20/2026 | 155370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15083) | 27919 | 12836 | 0 | (637) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 45730000 | (2247) | (2102) | (4349) | 315 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 275310000 | 859 | 64461 | 65320 | 0 | (4076) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 | 1037000000 | 10945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270261 | 281206 | 0 | (18329) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 487930000 | 6321 | 30955 | 37276 | 0 | (10395) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 93523200 | 560 | 30929 | 31489 | 0 | (3288) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 251200000 | 14320 | 19920 | 34240 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11819) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 45656000 | 44542 | 8602 | 53144 | 0 | (2636) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 11112000 | 4659 | 5720 | 10379 | 0 | (655) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.688 | Annual | 04/04/2025 | $260300 | (2037) | (4109) | (6146) | 0 | (15) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 04/04/2025 | 84500 | (663) | (1330) | (1993) | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.697 | Annual | 04/04/2025 | 246400 | (1933) | (3861) | (5794) | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.781 | Annual | 04/09/2025 | 287400 | (2220) | (4249) | (6469) | 0 | (16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.721 | Annual | 04/10/2025 | 165700 | (1251) | (2573) | (3824) | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.785 | Annual | 04/10/2025 | 201000 | (1548) | (2960) | (4508) | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.790 | Annual | 04/10/2025 | 201500 | (1552) | (2957) | (4509) | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.835 | Annual | 04/10/2025 | 201000 | (1533) | (2873) | (4406) | 0 | (11) |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.500% | Annual | 05/22/2025 | $21464640 | $(60961) | $(19736) | $(80697) | $102 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.900 | Annual | 06/06/2025 | 12635250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298900) | 9374 | 89 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.620 | Annual | 07/24/2025 | 1798800 | 13491 | 23378 | 36869 | 133 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | 1948100 | 24790 | 23972 | 48762 | 226 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 1401600 | 301 | 25262 | 25563 | 129 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 6228000 | 46405 | (82700) | (36295) | 279 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 233830 | 3897 | (234) | 3663 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.590 | Annual | 07/23/2026 | 1277500 | 17566 | 23017 | 40583 | 33 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.645 | Annual | 07/24/2026 | 1955700 | 27967 | 31923 | 59890 | 46 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.243 | Annual | 08/07/2026 | 605500 | 8174 | 14663 | 22837 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/20/2026 | 262500 | 360 | (1044) | (684) | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 01/04/2027 | 415700 | (35297) | 13359 | (21938) | 0 | (42) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/11/2027 | 246000 | (19628) | 7590 | (12038) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/12/2027 | 152500 | (12177) | 4705 | (7472) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 287000 | (24222) | 9449 | (14773) | 0 | (13) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.443 | Semi-Annual | 01/18/2027 | 69300 | (5818) | 2275 | (3543) | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 146200 | (12381) | 4825 | (7556) | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 956100 | (91992) | 45006 | (46986) | 0 | (44) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.600 | Semi-Annual | 02/15/2027 | 218900 | (17689) | 7345 | (10344) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 301850 | (29094) | 14715 | (14379) | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 324900 | (20928) | 9649 | (11279) | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 05/03/2027 | 230500 | (16197) | 521 | (15676) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/13/2027 | 4602700 | 6299 | (59621) | (53322) | 482 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 1353910 | 60418 | 58795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119213 | 5 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 1141300 | 83500 | (7868) | 75632 | 21 | (22) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 06/17/2027 | 475000 | (21295) | (3306) | (24601) | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 06/21/2027 | 326200 | (17356) | 1674 | (15682) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 06/28/2027 | 323400 | (10029) | (3177) | (13206) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.880 | Annual | 09/30/2027 | 832600 | (31564) | 8550 | (23014) | 56 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 1290000 | (24936) | (9746) | (34682) | 95 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.550 | Semi-Annual | 12/18/2027 | 467500 | (343) | 41196 | 40853 | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 386810 | 27642 | (8470) | 19172 | 0 | (36) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 197000 | (907) | 1622 | 715 | 60 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 8700 | 0 | 98 | 98 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 17500 | 0 | 186 | 186 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 6300 | 0 | 30 | 30 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 2000 | (7) | 19 | 12 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 4886285 | 34553 | (63953) | (29400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 1844111 | 49187 | (3105) | 46082 | 0 | (592) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.700 | Annual | 07/21/2028 | 165400 | (8264) | 960 | (7304) | 63 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.675 | Annual | 07/24/2028 | 168000 | (8579) | 1016 | (7563) | 64 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.748 | Annual | 07/25/2028 | 253100 | (12159) | 1476 | (10683) | 98 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.468 | Annual | 07/27/2028 | 164800 | (9863) | 1201 | (8662) | 62 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 09/05/2028 | 291300 | (1056) | 1037 | (19) | 137 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 101680 | 0 | 791 | 791 | 0 | (52) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 152270 | 0 | 1162 | 1162 | 0 | (78) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 1157596 | 5177 | (7283) | (2106) | 0 | (629) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 86750 | (8272) | 361 | (7911) | 26 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/20/2029 | 120300 | (13896) | 3426 | (10470) | 36 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 144450 | (16714) | 4183 | (12531) | 44 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 310100 | (744) | 3939 | 3195 | 186 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 105000 | (247) | 1454 | 1207 | 64 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 444540 | (586) | 6603 | 6017 | 0 | (222) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 429370 | (13903) | 4388 | (9515) | 0 | (247) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 931450 | 67824 | 56722 | 124546 | 0 | (488) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 4021540 | 218355 | 178103 | 396458 | 0 | (2314) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 7592290 | (21879) | 58986 | 37107 | 0 | (5247) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 07/12/2029 | 611000 | 3603 | (13137) | (9534) | 419 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 3450470 | (54502) | (11641) | (66143) | 0 | (2834) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 10590940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117413) | 90742 | (26671) | 0 | (9967) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 1833235 | 180095 | (37230) | 142865 | 0 | (1486) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 298600 | (586) | (1874) | (2460) | 0 | (316) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 3164010 | 134190 | (39718) | 94472 | 16 | (3083) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 5206670 | 64926 | 173674 | 238600 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5928) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/22/2030 | 335900 | (6539) | 464 | (6075) | 395 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.650 | Semi-Annual | 07/15/2030 | 1390000 | 4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225291 | 229944 | 0 | (1243) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.711 | Semi-Annual | 07/28/2030 | 129300 | 25490 | (4539) | 20951 | 0 | (118) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.678 | Semi-Annual | 07/29/2030 | 122100 | 24301 | (4332) | 19969 | 0 | (111) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.674 | Semi-Annual | 08/05/2030 | 119100 | 23799 | (4321) | 19478 | 0 | (109) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 47200 | (103) | 163 | 60 | 60 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.685 | Semi-Annual | 09/24/2030 | 150000 | 30405 | (6157) | 24248 | 0 | (144) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.725% | Semi-Annual | 09/25/2030 | $150000 | $30062 | $(6094) | $23968 | $0 | $(145) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.610 | Semi-Annual | 10/01/2030 | 150000 | 31144 | (5142) | 26002 | 0 | (143) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 61554 | 0 | 612 | 612 | 0 | (82) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 152700 | 0 | 1509 | 1509 | 0 | (204) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 123500 | 0 | 1197 | 1197 | 0 | (165) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 120900 | 0 | 1026 | 1026 | 0 | (162) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 219000 | 0 | 1748 | 1748 | 0 | (293) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 164600 | 0 | 1193 | 1193 | 0 | (221) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 287200 | 0 | 1991 | 1991 | 0 | (385) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 268800 | 0 | 1840 | 1840 | 0 | (361) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 123000 | 0 | 816 | 816 | 0 | (165) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 121200 | 0 | 692 | 692 | 0 | (163) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 79200 | 0 | 277 | 277 | 0 | (107) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 63600 | 0 | 178 | 178 | 0 | (86) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 102100 | 0 | 229 | 229 | 0 | (138) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 183100 | 0 | 390 | 390 | 0 | (247) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 127100 | 0 | 257 | 257 | 0 | (171) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 79200 | 0 | 29 | 29 | 0 | (107) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 79700 | 0 | 27 | 27 | 0 | (108) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 79700 | 0 | 6 | 6 | 0 | (108) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 50200 | 0 | (10) | (10) | 0 | (68) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 79700 | 0 | (31) | (31) | 0 | (108) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 79400 | 0 | (47) | (47) | 0 | (107) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 79700 | 0 | (91) | (91) | 0 | (108) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 219500 | 41566 | (8651) | 32915 | 0 | (232) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.700 | Semi-Annual | 12/18/2030 | 757500 | 27068 | 98683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125751 | 0 | (832) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 3023360 | 59184 | (25723) | 33461 | 0 | (4216) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 473880 | (21722) | 7226 | (14496) | 0 | (707) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 103800 | 0 | 2773 | 2773 | 0 | (152) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 173510 | 0 | 3507 | 3507 | 0 | (268) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 05/13/2031 | 3309700 | (279) | (64965) | (65244) | 4966 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 243400 | 11752 | 31190 | 42942 | 0 | (322) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 6260230 | 69407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102264) | (32857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9866 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4540220 | (19339) | 41634 | 22295 | 0 | (7388) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 318670 | 22 | 7927 | 7949 | 0 | (494) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.370 | Semi-Annual | 07/19/2031 | 54100 | 9691 | (1504) | 8187 | 0 | (72) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 07/20/2031 | 178300 | 32057 | (4972) | 27085 | 0 | (237) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 737500 | 1053 | (2376) | (1323) | 0 | (1361) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 3532550 | (63978) | (25119) | (89097) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6742) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 42350 | (378) | (5549) | (5927) | 67 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 144550 | (2262) | (18655) | (20917) | 231 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 02/08/2032 | 182700 | (27818) | 4609 | (23209) | 312 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 127720 | (18423) | 3137 | (15286) | 221 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/18/2032 | 262800 | (29548) | (2685) | (32233) | 436 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 172450 | (25414) | 4420 | (20994) | 300 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 2456150 | 97137 | (29553) | 67584 | 0 | (4619) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 324550 | (45166) | (1395) | (46561) | 583 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.900 | Semi-Annual | 05/18/2032 | 5143500 | (37783) | 695392 | 657609 | 0 | (9210) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 44875 | 8386 | (151) | 8235 | 0 | (83) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 413273 | 62250 | (923) | 61327 | 0 | (763) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 07/12/2032 | 651050 | (535) | (14394) | (14929) | 1362 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 2041770 | 202158 | 46142 | 248300 | 0 | (4234) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 7665070 | 44541 | 170441 | 214982 | 0 | (19874) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 5784570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256973) | 324154 | 67181 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15223) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/14/2033 | 340200 | (14842) | 317 | (14525) | 878 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 1192605 | 80322 | (1285) | 79037 | 0 | (2899) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2033 | 223900 | (6237) | 268 | (5969) | 585 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 07/10/2033 | 117200 | (1886) | 242 | (1644) | 310 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 07/12/2033 | 112600 | (914) | 227 | (687) | 300 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 59500 | (584) | 192 | (392) | 159 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 64000 | (604) | 212 | (392) | 171 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 08/23/2033 | 188900 | (1410) | 755 | (655) | 508 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 | 95000 | (404) | 400 | (4) | 257 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 239500 | 911 | 947 | 1858 | 650 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 282100 | 2212 | 1241 | 3453 | 770 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 222000 | 5616 | 917 | 6533 | 615 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 159000 | 3897 | 681 | 4578 | 441 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 157500 | 4054 | 669 | 4723 | 437 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 200700 | 2883 | 957 | 3840 | 552 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 93700 | 2454 | 409 | 2863 | 260 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 97400 | 2352 | 447 | 2799 | 270 | 0 |

---

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| | | |
|:---|:---|:---|
| **46** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200% | Annual | 10/18/2033 | $78200 | $2210 | $347 | $2557 | $218 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 98300 | 2940 | 434 | 3374 | 274 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 49200 | 1513 | 217 | 1730 | 137 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 49200 | 1613 | 212 | 1825 | 138 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 46000 | 2026 | 173 | 2199 | 130 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 56700 | (207) | 3177 | 2970 | 160 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 52000 | (212) | 2877 | 2665 | 147 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 100800 | (423) | 5707 | 5284 | 285 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 103100 | (469) | (3381) | (3850) | 0 | (290) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 103200 | (450) | (1698) | (2148) | 0 | (288) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 102600 | (431) | (1078) | (1509) | 0 | (286) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 890960 | (27654) | 9810 | (17844) | 2416 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 51800 | (220) | (115) | (335) | 0 | (144) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 105100 | (451) | (335) | (786) | 0 | (292) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 51600 | (223) | 248 | 25 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 51600 | (223) | 10 | (213) | 0 | (143) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 51600 | (236) | 522 | 286 | 0 | (142) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 103600 | (471) | 1330 | 859 | 0 | (285) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 105300 | (495) | 1186 | 691 | 0 | (290) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 105000 | 0 | 1301 | 1301 | 0 | (288) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 100400 | (459) | 1645 | 1186 | 0 | (276) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 52100 | (217) | 146 | (71) | 144 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 31300 | (131) | 96 | (35) | 87 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 52000 | (213) | (176) | (389) | 143 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 103700 | (420) | (277) | (697) | 286 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 104100 | (427) | (113) | (540) | 288 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 | 51100 | (221) | (293) | (514) | 141 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 51000 | (256) | 159 | (97) | 142 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 | 41000 | (206) | 310 | 104 | 114 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 207200 | (927) | 2716 | 1789 | 582 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 106500 | (453) | (322) | (775) | 296 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 | 53400 | (203) | 19 | (184) | 149 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 105800 | (394) | 110 | (284) | 295 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 107500 | (403) | 532 | 129 | 305 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 52700 | (199) | 273 | 74 | 150 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 106800 | (368) | 983 | 615 | 304 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 107000 | (364) | 2186 | 1822 | 307 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 107000 | (423) | 2312 | 1889 | 308 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 108800 | (379) | 2910 | 2531 | 314 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.105 | Annual | 04/24/2034 | 219100 | (728) | 4992 | 4264 | 631 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 106500 | (305) | 2151 | 1846 | 307 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 319800 | (898) | 6785 | 5887 | 922 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 105800 | (286) | 2609 | 2323 | 306 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 162700 | (529) | 5106 | 4577 | 473 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 108900 | (440) | (1630) | (2070) | 0 | (317) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 1168910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 161600 | (493) | (1563) | (2056) | 0 | (473) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 107000 | (349) | (1617) | (1966) | 0 | (314) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 217900 | (665) | (56) | (721) | 0 | (635) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 167900 | (571) | (70) | (641) | 0 | (490) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 109800 | (423) | 222 | (201) | 0 | (323) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 109900 | (434) | 743 | 309 | 0 | (322) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 109700 | (373) | 2079 | 1706 | 0 | (319) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 109900 | (437) | 1490 | 1053 | 0 | (321) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 109300 | (402) | 1759 | 1357 | 0 | (319) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 109300 | (361) | 2736 | 2375 | 0 | (317) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 165300 | (579) | 3899 | 3320 | 0 | (481) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 52600 | (187) | 1203 | 1016 | 0 | (153) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 109400 | (388) | 3082 | 2694 | 0 | (318) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 164600 | (593) | 4385 | 3792 | 0 | (478) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 108700 | (370) | 2800 | 2430 | 0 | (316) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 109200 | (390) | 2315 | 1925 | 0 | (319) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 110200 | (408) | 2865 | 2457 | 0 | (321) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 110200 | (397) | 2761 | 2364 | 0 | (321) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 109900 | (396) | 2435 | 2039 | 0 | (321) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 206700 | (845) | 4663 | 3818 | 0 | (604) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 66600 | (265) | 1469 | 1204 | 0 | (195) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 109900 | (401) | 2029 | 1628 | 0 | (322) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 55300 | (209) | 1826 | 1617 | 0 | (161) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 109500 | (415) | 3206 | 2791 | 0 | (319) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 110100 | (413) | 3116 | 2703 | 0 | (321) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

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Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408% | Annual | 09/05/2034 | $104200 | $(412) | $4006 | $3594 | $0 | $(302) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 110300 | (436) | 4217 | 3781 | 0 | (320) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 55100 | (264) | 2975 | 2711 | 0 | (158) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 55500 | (254) | 2932 | 2678 | 0 | (160) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 14600 | (64) | 721 | 657 | 0 | (42) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 206500 | (893) | 10155 | 9262 | 0 | (597) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 110600 | (393) | 5798 | 5405 | 0 | (319) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 110000 | (395) | 5612 | 5217 | 0 | (317) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 114400 | (416) | (2966) | (3382) | 337 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 114500 | (408) | (3692) | (4100) | 337 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 115300 | (392) | (3630) | (4022) | 340 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 172400 | (578) | (5289) | (5867) | 508 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 | 57600 | (193) | (1743) | (1936) | 170 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 115200 | (323) | (3079) | (3402) | 341 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 114400 | (340) | (2874) | (3214) | 339 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 114500 | (358) | (2665) | (3023) | 341 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 230500 | (744) | (5644) | (6388) | 686 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 192200 | (629) | (4373) | (5002) | 572 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 115800 | (371) | (2544) | (2915) | 345 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 192200 | (639) | (4840) | (5479) | 572 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 192200 | (639) | (4596) | (5235) | 572 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 192700 | (694) | (5102) | (5796) | 574 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 385500 | (1311) | (7010) | (8321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 195000 | (760) | 1940 | 1180 | 597 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 195100 | (868) | 954 | 86 | 597 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 98100 | (440) | 1001 | 561 | 301 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 26840 | 764 | (832) | (68) | 83 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 51300 | (273) | 432 | 159 | 0 | (159) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 119400 | (382) | 2760 | 2378 | 376 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 119100 | (378) | 1939 | 1561 | 375 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 118900 | (312) | 947 | 635 | 373 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 59800 | (157) | 526 | 369 | 187 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 99700 | (274) | 1225 | 951 | 313 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 119200 | (346) | 1543 | 1197 | 375 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 118500 | (318) | 1548 | 1230 | 373 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 209600 | (572) | 2401 | 1829 | 661 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 59700 | (161) | 1133 | 972 | 189 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 182500 | (504) | 4139 | 3635 | 580 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 119700 | (329) | 3296 | 2967 | 381 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 60000 | (168) | 1804 | 1636 | 192 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 119900 | (327) | 3497 | 3170 | 383 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 60150 | (231) | (377) | (608) | 0 | (194) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 120600 | (435) | (969) | (1404) | 0 | (389) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 60300 | (213) | (298) | (511) | 0 | (194) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 120600 | (420) | (642) | (1062) | 0 | (388) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 119700 | (355) | (1018) | (1373) | 0 | (387) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 199600 | (569) | (2913) | (3482) | 0 | (650) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 241600 | (710) | (2604) | (3314) | 0 | (786) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 121100 | (351) | (848) | (1199) | 0 | (393) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 51390 | 0 | 4302 | 4302 | 0 | (324) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 68390 | 0 | 4666 | 4666 | 0 | (437) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 27170 | 0 | 1573 | 1573 | 0 | (175) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.900 | Semi-Annual | 03/12/2050 | 1085000 | 7579 | 555632 | 563211 | 0 | (4356) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.950 | Semi-Annual | 12/11/2050 | 1343300 | 5165 | 688485 | 693650 | 0 | (5510) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.150 | Semi-Annual | 03/30/2051 | 3900 | 796 | 1124 | 1920 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 | 66100 | 9153 | 20028 | 29181 | 0 | (323) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 3516800 | 591007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653670 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16691) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 89100 | 34101 | 618 | 34719 | 0 | (432) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 06/15/2052 | 75000 | 39117 | (6) | 39111 | 0 | (316) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 54400 | 18804 | 1651 | 20455 | 0 | (283) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.975 | Semi-Annual | 06/17/2052 | 97800 | 41087 | 10331 | 51418 | 0 | (410) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.025 | Semi-Annual | 06/22/2052 | 75000 | 38806 | (54) | 38752 | 0 | (317) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.035 | Semi-Annual | 06/28/2052 | 48500 | 5217 | 20295 | 25512 | 0 | (208) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 11/15/2052 | 1152760 | (47105) | 13293 | (33812) | 0 | (8581) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 724700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175728 | 85734 | 261462 | 0 | (3813) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 56400 | (6615) | (634) | (7249) | 383 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 77700 | (5123) | (1729) | (6852) | 552 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.550 | Annual | 07/21/2053 | 42100 | (8856) | (1007) | (9863) | 267 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 | 41900 | (8910) | (997) | (9907) | 265 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.508 | Annual | 07/25/2053 | 64400 | (14023) | (1533) | (15556) | 406 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 31400 | 505 | (543) | (38) | 238 | 0 |

---

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| | | |
|:---|:---|:---|
| **48** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880% | Annual | 10/16/2053 | $31800 | $794 | $(549) | $245 | $243 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 30800 | 715 | (531) | 184 | 235 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 112780 | (612) | 11148 | 10536 | 0 | (783) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 42500 | (364) | (1560) | (1924) | 315 | 0 |
|  Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 | 608600 | (896) | (5054) | (5950) | 70 | 0 |
|  Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 | 307400 | (426) | (2551) | (2977) | 35 | 0 |
|  Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 | 508300 | (614) | (4213) | (4827) | 58 | 0 |
|  Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 | 1282200 | (1118) | (10603) | (11721) | 147 | 0 |
|  Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 | 1272700 | (990) | (10517) | (11507) | 146 | 0 |
|  Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 | 1260600 | (945) | (10415) | (11360) | 145 | 0 |
|  Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 920300 | (1059) | (12393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13452) | 279 | 0 |
|  Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 227200 | (218) | (3057) | (3275) | 69 | 0 |
|  Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 1041400 | (1033) | (14013) | (15046) | 315 | 0 |
|  Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 759770 | 0 | (9487) | (9487) | 229 | 0 |
|  Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 1963600 | (1584) | (26400) | (27984) | 594 | 0 |
|  Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 2297450 | 0 | (28454) | (28454) | 691 | 0 |
|  Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 488500 | (298) | (6562) | (6860) | 148 | 0 |
|  Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 1164990 | 0 | (14128) | (14128) | 350 | 0 |
|  Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 1944090 | 0 | (23539) | (23539) | 585 | 0 |
|  Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 3492020 | 0 | (42087) | (42087) | 1050 | 0 |
|  Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | 2720760 | 0 | (32594) | (32594) | 818 | 0 |
|  Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 391960 | 0 | (4685) | (4685) | 118 | 0 |
|  Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 2718360 | 0 | (32014) | (32014) | 817 | 0 |
|  Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 2200950 | 0 | (25322) | (25322) | 661 | 0 |
|  Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 280100 | 205 | (3740) | (3535) | 84 | 0 |
|  Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 | 141400 | 125 | (1886) | (1761) | 43 | 0 |
|  Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 | 141500 | 138 | (1887) | (1749) | 43 | 0 |
|  Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 | 72600 | 265 | (956) | (691) | 22 | 0 |
|  Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 314300 | 1177 | (4140) | (2963) | 94 | 0 |
|  Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 750900 | 3511 | (9849) | (6338) | 223 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 | 3312400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26375) | 7796 | 7506 | 0 |
|  Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 2222000 | 14904 | 7484 | 22388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11834 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | 112300 | (182) | 3705 | 3523 | 175 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 | 91600 | (138) | 3490 | 3352 | 146 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 112700 | (163) | 3900 | 3737 | 184 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 114400 | (175) | 4194 | 4019 | 189 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 | 89800 | (155) | 3986 | 3831 | 165 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 69000 | (104) | (1971) | (2075) | 0 | (117) |
|  Receive | 3-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 92500 | (126) | (2415) | (2541) | 0 | (156) |
|  Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 116300 | (197) | (873) | (1070) | 0 | (180) |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 | 67700 | (191) | 2090 | 1899 | 268 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 69400 | (183) | (567) | (750) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 70000 | (195) | (520) | (715) | 0 | (277) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 70100 | (188) | 2019 | 1831 | 0 | (271) |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 61000 | (161) | (1344) | (1505) | 264 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 954400 | 5636 | 25624 | 31260 | 1826 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 | 637200 | 586 | 402 | 988 | 45 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 | 525100 | 488 | 331 | 819 | 37 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 | 1964800 | 1848 | 1233 | 3081 | 139 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 07/31/2028 | 1328900 | 1271 | 830 | 2101 | 94 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 | 793900 | 754 | 496 | 1250 | 56 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 | 1339900 | 1368 | 819 | 2187 | 95 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 | 1358100 | 1386 | 830 | 2216 | 97 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 08/02/2028 | 1383600 | 1424 | 843 | 2267 | 99 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 | 1353700 | 1635 | 781 | 2416 | 97 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 | 629400 | 537 | 405 | 942 | 45 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/04/2028 | 1625100 | 1489 | 1026 | 2515 | 116 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 | 663400 | 615 | 417 | 1032 | 47 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 | 673900 | 633 | 423 | 1056 | 48 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 | 674700 | 805 | 391 | 1196 | 48 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 | 1354200 | 1094 | 882 | 1976 | 97 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 08/07/2028 | 1402200 | 1250 | 891 | 2141 | 100 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 | 407700 | 372 | 257 | 629 | 29 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 | 565500 | 5 | 150 | 155 | 105 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 | 565500 | 0 | 153 | 153 | 105 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 | 551100 | 0 | 161 | 161 | 103 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 | 551100 | 0 | 190 | 190 | 103 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 | 551100 | 0 | 223 | 223 | 103 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 | 551100 | 0 | 231 | 231 | 103 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 | 1707100 | 0 | 734 | 734 | 319 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 | 758300 | 0 | 361 | 361 | 142 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

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Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month ZAR-JIBAR | 8.203% | Quarterly | 01/10/2031 | ZAR | 2861600 | $0 | $2286 | $2286 | $538 | $0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 06/17/2025 | AUD | 755720 | (8233) | 5568 | (2665) | 0 | (16) |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 |  | 26340 | (732) | 403 | (329) | 15 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 1525200 | (44781) | 28995 | (15786) | 1727 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 1665500 | (23460) | 45625 | 22165 | 7240 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 1291700 | (4830) | 20951 | 16121 | 5967 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 578500 | 7641 | (878) | 6763 | 2855 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 06/17/2025 | EUR | 875000 | 81 | 13961 | 14042 | 72 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.363 | Annual | 06/30/2025 |  | 32000 | 2710 | (2130) | 580 | 3 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.135 | Annual | 07/24/2025 |  | 375000 | 21877 | (16071) | 5806 | 30 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.155 | Annual | 07/27/2025 |  | 600000 | 0 | 9462 | 9462 | 49 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.230 | Annual | 07/29/2025 |  | 300000 | 18107 | (13134) | 4973 | 25 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 |  | 20500 | 1517 | (915) | 602 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 226800 | (22990) | 13853 | (9137) | 138 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 96600 | (9973) | 5944 | (4029) | 58 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 428500 | (45037) | 27707 | (17330) | 326 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 491000 | (45034) | 30733 | (14301) | 380 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 235750 | (21680) | 14895 | (6785) | 190 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.750 | Annual | 09/21/2027 |  | 721700 | (30289) | 27915 | (2374) | 493 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 126800 | 3508 | 1621 | 5129 | 164 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 121000 | 3826 | 1471 | 5297 | 160 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 03/21/2029 |  | 9616100 | 25497 | 218109 | 243606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13022 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 116900 | (219) | 711 | 492 | 0 | (203) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 74900 | (102) | 508 | 406 | 0 | (142) |
|  Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 03/20/2030 |  | 2341400 | 23882 | 41812 | 65694 | 4434 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 917869 | (12692) | 4801 | (7891) | 2027 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 |  | 252900 | (6296) | 6098 | (198) | 828 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 68000 | 2684 | 2402 | 5086 | 249 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 202700 | 8465 | 3702 | 12167 | 753 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 68000 | (210) | 1161 | 951 | 256 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 69500 | (220) | 1140 | 920 | 262 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 73400 | (175) | (2794) | (2969) | 308 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 74200 | (199) | 1920 | 1721 | 0 | (307) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 72900 | (183) | (1355) | (1538) | 295 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 115200 | (299) | (1731) | (2030) | 469 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 73000 | (199) | (69) | (268) | 294 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 73000 | (189) | (700) | (889) | 291 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 72900 | (185) | (1109) | (1294) | 0 | (1294) |
|  Pay | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/20/2050 |  | 62400 | (3236) | 934 | (2302) | 452 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 06/17/2050 |  | 626000 | (58467) | 363837 | 305370 | 0 | (3183) |
|  Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 2557071 | 9381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115446 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13731) |
|  Pay | 6-Month EUR-EURIBOR | 0.500 | Annual | 09/21/2052 |  | 400 | (190) | 10 | (180) | 2 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 3771700 | 54146 | 282685 | 336831 | 0 | (1941) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 2537600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198036 | 8785 | 206821 | 0 | (19992) |
|  Pay | 28-Day MXN-TIIE | 8.410 | Lunar | 12/11/2025 | MXN | 8240000 | (25) | (990) | (1015) | 0 | (32) |
|  Pay | 28-Day MXN-TIIE | 8.780 | Lunar | 12/15/2025 |  | 1750000 | (4) | 42 | 38 | 0 | (6) |
|  Pay | 28-Day MXN-TIIE | 8.556 | Lunar | 12/18/2025 |  | 1337800 | (3) | (74) | (77) | 0 | (6) |
|  Receive | 28-Day MXN-TIIE | 9.328 | Lunar | 12/18/2025 |  | 2978000 | 5 | (682) | (677) | 9 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.103 | Lunar | 12/22/2025 |  | 1486300 | 5 | 318 | 323 | 8 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.410 | Lunar | 02/05/2026 |  | 8240000 | (10479) | 10726 | 247 | 0 | (12) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.556 | Lunar | 07/27/2028 |  | 1337800 | (688) | 1439 | 751 | 16 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 |  | 1164600 | 0 | 2255 | 2255 | 30 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 851700 | 0 | 1600 | 1600 | 22 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 1043200 | 0 | 2265 | 2265 | 27 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 1058100 | 0 | 2320 | 2320 | 29 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 4434100 | 0 | 9584 | 9584 | 117 | 0 |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.328 | Lunar | 05/29/2031 |  | 2978000 | 0 | (6040) | (6040) | 0 | (55) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.780 | Lunar | 01/30/2034 |  | 1750000 | 129 | 965 | 1094 | 12 | 0 |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 8.103 | Lunar | 01/04/2038 |  | 1486300 | 4285 | (1016) | 3269 | 0 | (190) |
|  Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 2416000 | (10821) | 29207 | 18386 | 341 | 0 |
|  Pay | CAONREPO | 2.625 | Semi-Annual | 03/19/2027 |  | 172700 | (4292) | 4966 | 674 | 59 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 03/19/2027 |  | 376200 | (6203) | 9579 | 3376 | 133 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 12/17/2027 |  | 132800 | (3112) | 4030 | 918 | 60 | 0 |
|  Pay | CAONREPO | 3.400 | Semi-Annual | 06/20/2029 |  | 34700 | (109) | 1123 | 1014 | 24 | 0 |
|  Receive | CAONREPO | 1.000 | Semi-Annual | 06/16/2047 |  | 14000 | 4098 | (888) | 3210 | 0 | (54) |
|  Receive | CAONREPO | 1.300 | Semi-Annual | 06/16/2047 |  | 340700 | 89216 | (22924) | 66292 | 0 | (1186) |
|  Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 105100 | (17065) | 2448 | (14617) | 196 | 0 |
|  Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 97100 | (15050) | 2307 | (12743) | 186 | 0 |
|  Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 188200 | (28892) | 4490 | (24402) | 362 | 0 |
|  Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 136900 | (21740) | 3314 | (18426) | 299 | 0 |
|  Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 263700 | (37627) | 6655 | (30972) | 603 | 0 |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | UKRPI | 4.400% | Maturity | 10/15/2031 | GBP | 119600 | $(12820) | $3288 | $(9532) | $302 | $0 |
|  Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 267100 | (32869) | 7272 | (25597) | 930 | 0 |
|  |  |  |  |  |  |  | $1919298 | $7206831 | $9126129 | $142490 | $(288774) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291161) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4664) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40369) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291664) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336697) |

---

(q) Securities with an aggregate market value of $4,725,028 and cash of $33,832 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(503) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(r) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 33508498 | $222117 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1288) |
|  | 04/2025 | $138720 | 20726690 | 0 | (532) |
|  | 04/2025 | 23109 | 30895 | 0 | (114) |
|  | 05/2025 | 1044575 | $142629 | 0 | (1529) |
|  | 05/2025 | 30850 | 23109 | 109 | 0 |
|  | 05/2025 | $568230 | 4114709 | 234 | (604) |
|  | 05/2025 | 222117 | 33396040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | 0 |
|  | 06/2025 | 2699020 | $369360 | 0 | (4055) |
|  | 06/2025 | $178363 | 1287153 | 0 | (282) |
|  | 07/2025 | 2047687 | $284216 | 505 | (111) |
|  | 08/2025 | 2048003 | 284015 | 0 | (485) |
|  BOA | 04/2025 | 109628 | 68094 | 0 | (407) |
|  | 04/2025 | 1651131 | 1146476 | 0 | (955) |
|  | 04/2025 | 202364 | 218557 | 0 | (259) |
|  | 04/2025 | 231123377 | 13968 | 79 | 0 |
|  | 04/2025 | 57595398 | 39273 | 178 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $7090 | 11175 | $0 | $(108) |
|  | 04/2025 | 13958 | 231123377 | 0 | (70) |
|  | 04/2025 | 121 | 1346 | 7 | 0 |
|  | 05/2025 | 1022056 | $139629 | 0 | (1422) |
|  | 05/2025 | 517990419 | 31099 | 57 | (1) |
|  | 05/2025 | $1040 | 8079 | 0 | 0 |
|  | 05/2025 | 33479 | 2876489 | 98 | 0 |
|  | 05/2025 | 30780 | 1271800 | 1577 | (685) |
|  | 06/2025 | 1567534 | $215932 | 50 | (991) |
|  | 06/2025 | 281804 | 197 | 5 | 0 |
|  | 06/2025 | $87380 | 631307 | 0 | (37) |
|  | 06/2025 | 48392 | 70562405 | 0 | (329) |
|  | 06/2025 | 719 | 28241 | 0 | (30) |
|  | 08/2025 | 1593560 | $222749 | 1379 | 0 |
|  | 08/2025 | 42429 | 1301 | 13 | 0 |
|  BPS | 04/2025 | 6516776 | 1135353 | 468 | (7117) |
|  | 04/2025 | 5092 | 3562 | 23 | 0 |
|  | 04/2025 | 13435 | 11136 | 0 | (142) |
|  | 04/2025 | 217318 | $235859 | 873 | 0 |
|  | 04/2025 | 7071635 | 8942440 | 0 | (192340) |
|  | 04/2025 | 3184597327 | 192099 | 912 | 0 |
|  | 04/2025 | 215462 | 58746 | 780 | 0 |
|  | 04/2025 | 11958823 | 79559 | 0 | (172) |
|  | 04/2025 | 8698710 | 5923 | 18 | 0 |
|  | 04/2025 | 17332 | 1651 | 3 | 0 |
|  | 04/2025 | 121591 | 91095 | 596 | 0 |
|  | 04/2025 | 490396 | 12769 | 0 | (89) |
|  | 04/2025 | 31408298 | 957178 | 11391 | 0 |
|  | 04/2025 | $72428 | 114425 | 0 | (929) |
|  | 04/2025 | 1136936 | 6516776 | 5454 | (388) |
|  | 04/2025 | 1213 | 1734 | 0 | (8) |
|  | 04/2025 | 8677623 | 8058295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35808 | 0 |
|  | 04/2025 | 582876 | 9586277016 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7630) |
|  | 04/2025 | 307453 | 26697118 | 4530 | 0 |
|  | 04/2025 | 1367498 | 203876264 | 0 | (8232) |
|  | 04/2025 | 282658 | 410449484 | 0 | (3960) |
|  | 04/2025 | 4303 | 7434 | 0 | (83) |
|  | 04/2025 | 36299 | 1361849 | 0 | (639) |
|  | 04/2025 | 620720 | 20329729 | 0 | (8510) |
|  | 04/2025 | 388 | 7133 | 0 | 0 |
|  | 04/2025 | 2291525 | $125276 | 432 | 0 |
|  | 05/2025 | 501085 | 568095 | 0 | (330) |
|  | 05/2025 | 3811573 | 524599 | 145 | (1570) |
|  | 05/2025 | 8058295 | 8691765 | 0 | (35768) |
|  | 05/2025 | 1524174298 | 91620 | 276 | 0 |
|  | 05/2025 | $40422 | 234664 | 451 | 0 |
|  | 05/2025 | 3562 | 5085 | 0 | (23) |
|  | 05/2025 | 31088 | 28811 | 116 | 0 |
|  | 05/2025 | 33927 | 26213 | 0 | (68) |
|  | 05/2025 | 114959 | 1908011741 | 0 | (603) |
|  | 05/2025 | 301308 | 25847567 | 354 | 0 |
|  | 05/2025 | 79559 | 11918749 | 172 | 0 |
|  | 05/2025 | 1651 | 17332 | 0 | (3) |
|  | 05/2025 | 38272 | 51196 | 0 | (103) |
|  | 05/2025 | 6254 | 245099 | 0 | (189) |
|  | 06/2025 | 3301096 | $453104 | 0 | (3611) |
|  | 06/2025 | 23006901 | 16150 | 484 | 0 |
|  | 06/2025 | 67379 | 17439 | 85 | 0 |
|  | 06/2025 | $200000 | 1153180 | 0 | (481) |
|  | 06/2025 | 80843 | 581202 | 2 | (434) |
|  | 06/2025 | 5924 | 8667310 | 0 | (20) |
|  | 06/2025 | 480096 | 1867256 | 2722 | (1934) |
|  | 06/2025 | 38783 | 1524767 | 0 | (2014) |
|  | 07/2025 | 9533876 | $293379 | 4572 | 0 |
|  | 08/2025 | 13754493 | 421245 | 3475 | (22) |
|  | 08/2025 | $4361 | 142754 | 0 | (24) |
|  | 09/2025 | 415649 | $113562 | 1403 | 0 |
|  | 10/2025 | 6220955 | 1038885 | 395 | (5094) |
|  | 05/2029 | 42498 | 146100 | 2606 | 0 |
|  | 07/2029 | 5643 | 19410 | 338 | 0 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 04/2025 | 14458 | $8993 | $0 | $(42) |
|  | 04/2025 | 1074212 | 187073 | 0 | (1172) |
|  | 04/2025 | 218546 | 243334 | 0 | (3694) |
|  | 04/2025 | 11206 | 13435 | 52 | 0 |
|  | 04/2025 | 176268429 | $10687 | 100 | 0 |
|  | 04/2025 | 67924 | 18635 | 362 | 0 |
|  | 04/2025 | 401920 | 4589 | 0 | (113) |
|  | 04/2025 | 79833 | 21714 | 66 | (80) |
|  | 04/2025 | 3157797 | 81721 | 0 | (970) |
|  | 04/2025 | $13038 | 20730 | 0 | (84) |
|  | 04/2025 | 184117 | 1074212 | 4128 | 0 |
|  | 04/2025 | 6174 | 5715 | 5 | 0 |
|  | 04/2025 | 4755036 | 3669575 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14864) |
|  | 04/2025 | 146293 | 2396183259 | 0 | (2568) |
|  | 04/2025 | 18731 | 68756 | 0 | (233) |
|  | 04/2025 | 202 | 17596 | 3 | 0 |
|  | 04/2025 | 2750 | 30652 | 163 | 0 |
|  | 04/2025 | 1983 | 3535 | 24 | 0 |
|  | 04/2025 | 49698 | 180149 | 0 | (663) |
|  | 04/2025 | 53131 | 71036 | 0 | (259) |
|  | 04/2025 | 947787 | 36476296 | 3348 | (8652) |
|  | 04/2025 | 2272 | 41630 | 4 | (8) |
|  | 05/2025 | 13435 | 11225 | 0 | (52) |
|  | 05/2025 | 3669575 | $4754691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14839 | 0 |
|  | 05/2025 | 5989814 | 153002 | 1550 | (249) |
|  | 05/2025 | $1413 | 14869 | 1 | 0 |
|  | 05/2025 | 162741 | 6411420 | 0 | (4956) |
|  | 06/2025 | 139133 | $38346 | 553 | 0 |
|  | 06/2025 | 11919258 | 283993 | 10 | (1327) |
|  | 06/2025 | $83587 | 323787 | 0 | (189) |
|  | 06/2025 | 783953 | 31232881 | 0 | (34649) |
|  | 07/2025 | 67874 | $18388 | 0 | (35) |
|  | 07/2025 | $9048 | 400863 | 502 | (180) |
|  | 08/2025 | 9516 | $2576 | 0 | (5) |
|  | 09/2025 | 41411 | 11352 | 125 | 0 |
|  BSH | 04/2025 | 7326771 | 1296329 | 12383 | 0 |
|  | 04/2025 | 319554527 | 2127810 | 0 | (2695) |
|  | 04/2025 | 868327 | 231033 | 0 | (5201) |
|  | 04/2025 | $1258655 | 7326771 | 25290 | 0 |
|  | 04/2025 | 6873 | 24998 | 0 | (70) |
|  | 05/2025 | 323199 | $85855 | 0 | (2028) |
|  | 05/2025 | $2127810 | 318478280 | 2676 | 0 |
|  | 06/2025 | 479666 | $130054 | 278 | (527) |
|  | 06/2025 | $200000 | 1150500 | 0 | (944) |
|  | 06/2025 | 139715 | 538679 | 0 | (1013) |
|  | 07/2025 | 801647 | $216006 | 173 | (1796) |
|  | 08/2025 | 183450 | 50000 | 228 | 0 |
|  | 09/2025 | 25092 | 6873 | 72 | 0 |
|  CBK | 04/2025 | 1180700 | 733866 | 0 | (3895) |
|  | 04/2025 | 8145998 | 1425667 | 2851 | (4692) |
|  | 04/2025 | 42713 | 48580 | 300 | 0 |
|  | 04/2025 | 8945 | 1259 | 0 | (37) |
|  | 04/2025 | 1104079 | 1395128 | 0 | (31066) |
|  | 04/2025 | 2885161840 | 173894 | 698 | 0 |
|  | 04/2025 | 628883 | 172532 | 3343 | 0 |
|  | 04/2025 | 10032084 | 116409 | 12 | (882) |
|  | 04/2025 | 1069910 | 285565 | 0 | (5545) |
|  | 04/2025 | 40379372 | 1232408 | 16366 | 0 |
|  | 04/2025 | $7301 | 11551 | 0 | (84) |
|  | 04/2025 | 1418620 | 8145998 | 8887 | 0 |
|  | 04/2025 | 3100 | 4441 | 3 | (17) |
|  | 04/2025 | 73986 | 68401 | 66 | (90) |
|  | 04/2025 | 69341 | 53588 | 0 | (119) |
|  | 04/2025 | 360232 | 5900400034 | 0 | (6183) |
|  | 04/2025 | 113391 | 9721706 | 138 | 0 |
|  | 04/2025 | 16758 | 24522425 | 0 | (99) |
|  | 04/2025 | 4119 | 7192 | 0 | (36) |
|  | 04/2025 | 79674 | 290131 | 0 | (703) |
|  | 04/2025 | 14747 | 147888 | 0 | (35) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $5373 | 206023 | $0 | $(80) |
|  | 04/2025 | 1173819 | 38487697 | 0 | (14787) |
|  | 05/2025 | 1852021978 | $111490 | 500 | 0 |
|  | 05/2025 | 402456 | 4685 | 0 | (11) |
|  | 05/2025 | 7192 | 4122 | 36 | 0 |
|  | 05/2025 | 542271 | 143416 | 0 | (3992) |
|  | 05/2025 | 147618 | 14747 | 35 | 0 |
|  | 05/2025 | 84 | 3 | 0 | 0 |
|  | 05/2025 | $400000 | 2286030 | 0 | (1829) |
|  | 05/2025 | 25259 | 23288 | 0 | (37) |
|  | 05/2025 | 105989 | 1760903140 | 0 | (449) |
|  | 06/2025 | 15297778 | $16308 | 205 | 0 |
|  | 06/2025 | 909037 | 125435 | 0 | (332) |
|  | 06/2025 | 1663486256 | 1157515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24511 | 0 |
|  | 06/2025 | 548510 | 149176 | 394 | (230) |
|  | 06/2025 | $1000000 | 5798620 | 4489 | (1232) |
|  | 06/2025 | 79844 | 576367 | 0 | (102) |
|  | 06/2025 | 4429 | 17192 | 0 | (1) |
|  | 07/2025 | 302795 | $82249 | 311 | (282) |
|  | 07/2025 | 16377545 | 503394 | 7273 | 0 |
|  | 07/2025 | $25667 | 150083 | 126 | 0 |
|  | 07/2025 | 4025 | 162975 | 0 | (201) |
|  | 08/2025 | 470484 | $126444 | 90 | (1316) |
|  | 08/2025 | 20051064 | 615243 | 6192 | 0 |
|  | 09/2025 | 89975 | 24135 | 0 | (144) |
|  | 11/2025 | 107652 | 29155 | 17 | 0 |
|  | 12/2025 | 73022 | 19726 | 0 | (31) |
|  CIB | 04/2025 | $1010 | 1767 | 0 | (6) |
|  DUB | 04/2025 | 125572 | $78104 | 0 | (359) |
|  | 04/2025 | 7896074 | 8290573 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248793) |
|  | 04/2025 | 878278 | 240824 | 4539 | 0 |
|  | 04/2025 | 21457500 | 145860 | 2801 | 0 |
|  | 04/2025 | 64976 | 37114 | 223 | 0 |
|  | 04/2025 | $1386 | 9600 | 6 | 0 |
|  | 04/2025 | 496782 | 393018 | 10899 | 0 |
|  | 04/2025 | 238634 | 3942243991 | 0 | (2169) |
|  | 04/2025 | 49553 | 4262408 | 210 | 0 |
|  | 04/2025 | 1038 | 1828 | 0 | 0 |
|  | 04/2025 | 53722 | 196510 | 0 | (246) |
|  | 04/2025 | 12049 | 16134 | 0 | (41) |
|  | 04/2025 | 3769 | 142986 | 0 | (63) |
|  | 05/2025 | 9582 | $1385 | 0 | (6) |
|  | 05/2025 | 449496 | 581793 | 1196 | 0 |
|  | 05/2025 | 227043687 | 13656 | 49 | 0 |
|  | 05/2025 | 15057 | 3960 | 0 | (132) |
|  | 05/2025 | 15788 | 11808 | 37 | 0 |
|  | 06/2025 | 723867364 | 506422 | 13506 | 0 |
|  | 06/2025 | 48844 | 13409 | 140 | 0 |
|  | 09/2025 | 148117 | 40290 | 128 | 0 |
|  FAR | 04/2025 | 820419 | 509879 | 0 | (2759) |
|  | 04/2025 | 2797229 | 491770 | 1583 | 0 |
|  | 04/2025 | 95468 | 106240 | 0 | (1670) |
|  | 04/2025 | 14209 | 2003 | 0 | (57) |
|  | 04/2025 | 757828 | 208746 | 4867 | 0 |
|  | 04/2025 | 228622504 | 1518582 | 0 | (5670) |
|  | 04/2025 | 498770 | 133777 | 0 | (1884) |
|  | 04/2025 | $1530735 | 2432828 | 0 | (10583) |
|  | 04/2025 | 487354 | 2797229 | 2834 | 0 |
|  | 04/2025 | 780 | 287661 | 0 | (8) |
|  | 04/2025 | 1059883 | 158149943 | 0 | (5479) |
|  | 04/2025 | 14 | 157 | 1 | 0 |
|  | 04/2025 | 2841 | 93099 | 0 | (37) |
|  | 04/2025 | 2793340 | $152378 | 195 | 0 |
|  | 05/2025 | 2432828 | 1531088 | 10566 | 0 |
|  | 05/2025 | 238330 | 64000 | 0 | (813) |
|  | 05/2025 | $291770 | 1667838 | 0 | (1273) |
|  | 05/2025 | 144946 | 1045640 | 0 | (640) |
|  | 05/2025 | 1518582 | 227852279 | 5654 | 0 |
|  | 06/2025 | 345918 | $94084 | 108 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $200000 | 1153360 | $0 | $(450) |
|  | 06/2025 | 301725 | 1166962 | 0 | (1211) |
|  | 07/2025 | 1041639 | $144946 | 569 | 0 |
|  | 07/2025 | 195330 | 52280 | 0 | (760) |
|  GLM | 04/2025 | 24614211 | 4319778 | 26194 | (19817) |
|  | 04/2025 | 2681648967 | 161496 | 616 | 0 |
|  | 04/2025 | 80462766 | 54829 | 210 | 0 |
|  | 04/2025 | 541929 | 144345 | 0 | (3086) |
|  | 04/2025 | 354608 | 8829 | 0 | (258) |
|  | 04/2025 | 229071 | 6923 | 24 | 0 |
|  | 04/2025 | $4236503 | 24614211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76899 | 0 |
|  | 04/2025 | 289408 | 4764526118 | 0 | (3610) |
|  | 04/2025 | 22845 | 33412297 | 0 | (147) |
|  | 04/2025 | 1201473 | $65853 | 395 | 0 |
|  | 05/2025 | 993791 | 135690 | 0 | (1461) |
|  | 05/2025 | 889908393 | 53363 | 32 | 0 |
|  | 05/2025 | 64405 | 17292 | 0 | (223) |
|  | 05/2025 | $161496 | 2684071415 | 0 | (627) |
|  | 06/2025 | 144 | $37 | 0 | 0 |
|  | 06/2025 | $400000 | 2345120 | 5745 | 0 |
|  | 06/2025 | 98232 | 710755 | 103 | 0 |
|  | 06/2025 | 54829 | 80172083 | 0 | (220) |
|  | 06/2025 | 176087 | 679962 | 0 | (998) |
|  | 07/2025 | 88244 | 2870393 | 0 | (1292) |
|  | 08/2025 | 6923 | 227285 | 0 | (19) |
|  | 10/2025 | 7130100 | $1171043 | 0 | (25052) |
|  IND | 04/2025 | $2681 | 18543 | 7 | 0 |
|  | 05/2025 | 18509 | $2681 | 0 | (6) |
|  JPM | 04/2025 | 9721930 | 1687617 | 447 | (16504) |
|  | 04/2025 | 125470 | 139609 | 0 | (2213) |
|  | 04/2025 | 156607 | 164718 | 0 | (4622) |
|  | 04/2025 | 488787 | 616083 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15307) |
|  | 04/2025 | 267145423 | 16172 | 139 | 0 |
|  | 04/2025 | 668084 | 183820 | 4085 | 0 |
|  | 04/2025 | 2545080 | 29166 | 0 | (553) |
|  | 04/2025 | 70448472 | 466824 | 0 | (2863) |
|  | 04/2025 | 789188 | 19629 | 0 | (596) |
|  | 04/2025 | 5506051 | 167913 | 2095 | 0 |
|  | 04/2025 | $31345 | 49653 | 0 | (319) |
|  | 04/2025 | 1690601 | 9721930 | 13072 | 0 |
|  | 04/2025 | 10503 | 15097 | 8 | (20) |
|  | 04/2025 | 10722 | 9922 | 7 | 0 |
|  | 04/2025 | 39899 | 30701 | 0 | (241) |
|  | 04/2025 | 56400 | 926936901 | 0 | (799) |
|  | 04/2025 | 79783 | 6887616 | 652 | 0 |
|  | 04/2025 | 1138578 | 169721081 | 0 | (7029) |
|  | 04/2025 | 16758 | 24511616 | 0 | (107) |
|  | 04/2025 | 201 | 268 | 0 | (1) |
|  | 04/2025 | 6007 | 229299 | 0 | (105) |
|  | 04/2025 | 435784 | 14280347 | 0 | (5723) |
|  | 04/2025 | 121487 | $6609 | 0 | (10) |
|  | 05/2025 | 1062209 | 145421 | 0 | (1172) |
|  | 05/2025 | 3766665 | 4861111 | 0 | (4148) |
|  | 05/2025 | 595272334 | 35857 | 182 | 0 |
|  | 05/2025 | 639783 | 14435 | 0 | (1679) |
|  | 05/2025 | $532480 | 3859883 | 685 | (473) |
|  | 05/2025 | 466824 | 70212258 | 2866 | 0 |
|  | 05/2025 | 431623 | 18762526 | 43563 | (774) |
|  | 06/2025 | 755575 | $103522 | 0 | (1014) |
|  | 06/2025 | 3190824 | 155501 | 1168 | 0 |
|  | 06/2025 | 458 | 119 | 1 | 0 |
|  | 06/2025 | $1065538 | 6227686 | 12071 | (117) |
|  | 06/2025 | 435032 | 1687693 | 784 | (1222) |
|  | 06/2025 | 13372 | 529334 | 0 | (468) |
|  | 07/2025 | 1973505 | $273445 | 170 | (263) |
|  | 07/2025 | 9648351 | 296683 | 4409 | 0 |
|  | 07/2025 | $600000 | 3515550 | 4176 | 0 |
|  | 08/2025 | 1868675 | $259034 | 87 | (641) |
|  | 08/2025 | 9506527 | 291665 | 2904 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 04/2025 | 439155 | $275815 | $1731 | $(322) |
|  | 04/2025 | 192786 | 216216 | 0 | (1695) |
|  | 04/2025 | 280519 | 353609 | 0 | (8752) |
|  | 04/2025 | 212912 | 20441 | 31 | (771) |
|  | 04/2025 | 8177647 | 252774 | 6500 | 0 |
|  | 04/2025 | $11583 | 18381 | 0 | (97) |
|  | 04/2025 | 1934408 | 2767824 | 0 | (10946) |
|  | 04/2025 | 74 | 511 | 0 | 0 |
|  | 04/2025 | 248578 | 230496 | 1743 | (1086) |
|  | 04/2025 | 174472 | 135013 | 35 | (104) |
|  | 04/2025 | 23920 | 392766400 | 0 | (365) |
|  | 04/2025 | 92755 | 8052818 | 1332 | 0 |
|  | 04/2025 | 1383 | 2402 | 0 | (19) |
|  | 04/2025 | 1708 | 2281 | 0 | (10) |
|  | 04/2025 | 286867 | 9423878 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3062) |
|  | 04/2025 | 25092 | 459259 | 0 | (71) |
|  | 04/2025 | 1376942 | $75428 | 411 | 0 |
|  | 05/2025 | 2763733 | 1934408 | 10971 | 0 |
|  | 05/2025 | 1883529 | 259713 | 113 | (341) |
|  | 05/2025 | 510 | 74 | 0 | 0 |
|  | 05/2025 | 357025209 | 21476 | 80 | 0 |
|  | 05/2025 | 216849 | 6456 | 43 | 0 |
|  | 05/2025 | $262598 | 1903704 | 344 | (217) |
|  | 06/2025 | 994185928 | $687689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10495 | 0 |
|  | 06/2025 | $1633 | 33697 | 0 | (4) |
|  | 06/2025 | 72446 | 279646 | 0 | (453) |
|  | 06/2025 | 1949 | 77123 | 0 | (84) |
|  | 07/2025 | 946104 | $131285 | 149 | 0 |
|  | 07/2025 | 4835786 | 148378 | 1889 | 0 |
|  | 07/2025 | $88 | 2874 | 0 | (1) |
|  | 08/2025 | 1807214 | $251010 | 441 | (481) |
|  | 08/2025 | 4529235 | 138428 | 853 | 0 |
|  MYI | 04/2025 | 265800 | 46289 | 0 | (290) |
|  | 04/2025 | 1139232 | 795107 | 3413 | 0 |
|  | 04/2025 | 5502 | 768 | 0 | (29) |
|  | 04/2025 | 745 | 204 | 3 | 0 |
|  | 04/2025 | $19622 | 31189 | 0 | (133) |
|  | 04/2025 | 45629 | 265800 | 950 | 0 |
|  | 04/2025 | 4451 | 6370 | 0 | (24) |
|  | 04/2025 | 715 | 957 | 0 | (3) |
|  | 04/2025 | 3792 | 143390 | 0 | (94) |
|  | 04/2025 | 61902 | 2023699 | 0 | (957) |
|  | 05/2025 | 329154373 | $19776 | 50 | 0 |
|  | 05/2025 | $1857 | 71057 | 0 | (61) |
|  | 06/2025 | 528790 | $72921 | 0 | (238) |
|  | 06/2025 | $32264 | 127974 | 698 | 0 |
|  | 06/2025 | 19195 | 756139 | 0 | (905) |
|  | 10/2025 | 265800 | $43710 | 0 | (879) |
|  NGF | 06/2025 | 350026039 | 245658 | 7313 | 0 |
|  RYL | 04/2025 | $6389 | 64500 | 28 | 0 |
|  | 06/2025 | 871 | $120 | 0 | (1) |
|  SCX | 04/2025 | 341638 | 430393 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10918) |
|  | 04/2025 | 18459196 | 122468 | 0 | (601) |
|  | 04/2025 | 14508 | 8284 | 47 | 0 |
|  | 04/2025 | 229058 | 60703 | 0 | (1614) |
|  | 04/2025 | 4386906 | 135169 | 3055 | 0 |
|  | 04/2025 | $107865 | 99534 | 0 | (239) |
|  | 04/2025 | 65133 | 50455 | 42 | 0 |
|  | 04/2025 | 172897 | 2828784943 | 0 | (3243) |
|  | 04/2025 | 16758 | 24485557 | 0 | (124) |
|  | 04/2025 | 31718 | 55327 | 0 | (306) |
|  | 04/2025 | 83032 | 2731746 | 0 | (764) |
|  | 05/2025 | 1758131 | $243886 | 1252 | 0 |
|  | 05/2025 | 139407194 | 8390 | 36 | 0 |
|  | 05/2025 | 55327 | 31740 | 304 | 0 |
|  | 05/2025 | 56511 | 15047 | 0 | (319) |
|  | 05/2025 | 20 | 15 | 0 | 0 |
|  | 05/2025 | $149036 | 22356933 | 602 | (80) |
|  | 06/2025 | 242567 | $33403 | 0 | (156) |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | 136844 | $37250 | $73 | $0 |
|  | 06/2025 | $46710 | 340914 | 456 | 0 |
|  | 07/2025 | 180264 | $48000 | 0 | (927) |
|  | 08/2025 | 3950926 | 121080 | 1071 | 0 |
|  SSB | 04/2025 | 763239 | 852183 | 0 | (10526) |
|  | 04/2025 | 1474583 | 1866561 | 0 | (38232) |
|  | 05/2025 | 814699 | 924329 | 143 | 0 |
|  | 05/2025 | 2826878 | 3657732 | 6360 | 0 |
|  UAG | 04/2025 | 1098119 | 1384368 | 0 | (34127) |
|  | 04/2025 | 146920040 | 8857 | 32 | 0 |
|  | 04/2025 | $11083 | 183323224 | 0 | (76) |
|  | 04/2025 | 1045113 | 155496089 | 0 | (8403) |
|  | 04/2025 | 9620 | 386581 | 329 | (13) |
|  | 04/2025 | 12 | 391 | 0 | 0 |
|  | 05/2025 | 933467 | $1204726 | 0 | (998) |
|  | 05/2025 | $8857 | 147126663 | 0 | (39) |
|  | 05/2025 | 4194 | 170832 | 109 | 0 |
|  | 06/2025 | 3100000 | $151644 | 1704 | 0 |
|  | 06/2025 | $36539 | 141017 | 0 | (217) |
|  | 08/2025 | 10164 | 452204 | 25 | 0 |
|  | 11/2025 | 4012 | 189086 | 0 | (83) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1020089) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.180% | 07/21/2032 | 174900 | $28054 | $13644 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.180 | 07/21/2032 | 285300 | 45762 | 79502 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110 | 07/26/2032 | 122300 | 19813 | 9314 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 177300 | 28722 | 50731 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 140900 | 18592 | 3962 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 158900 | 20967 | 39837 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.170 | 07/19/2032 | 141400 | 22426 | 10915 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.170 | 07/19/2032 | 159400 | 25281 | 44514 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252419 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus TRY | 40.500 | 05/07/2025 | 65200 | $(2635) | $(2632) |
|  | Call - OTC USD versus TRY | 51.500 | 05/07/2025 | 65200 | (1841) | (378) |
| UAG | Put - OTC USD versus TRY | 37.700 | 05/07/2025 | 23300 | (559) | (53) |
|  | Call - OTC USD versus TRY | 45.900 | 05/07/2025 | 23300 | (371) | (232) |
|  | Put - OTC USD versus TRY | 39.750 | 08/11/2025 | 21900 | (684) | (157) |
|  | Call - OTC USD versus TRY | 51.750 | 08/11/2025 | 21900 | (481) | (697) |
|  | Put - OTC USD versus TRY | 40.575 | 08/19/2025 | 33300 | (1168) | (409) |
|  | Call - OTC USD versus TRY | 52.725 | 08/19/2025 | 33300 | (724) | (1066) |
|  | Put - OTC USD versus TRY | 41.600 | 11/12/2025 | 23600 | (898) | (242) |
|  | Call - OTC USD versus TRY | 56.900 | 11/12/2025 | 23600 | (658) | (1147) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7013) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.738% | 04/28/2025 | 134400 | $(484) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1131) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 04/28/2025 | 134400 | (484) | (195) |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400 | 04/07/2025 | 122000 | (246) | (317) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 122000 | (246) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510% | 04/07/2025 | 73200 | $(254) | $(52) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 73200 | (254) | (18) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 73300 | (280) | (171) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 73300 | (280) | (37) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 73700 | (264) | (190) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 73700 | (264) | (38) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 73900 | (241) | (172) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 73900 | (241) | (339) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 98600 | (176) | (326) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 98600 | (176) | (76) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 202100 | (749) | (1447) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 202100 | (749) | (296) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 202600 | (841) | (898) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 202600 | (841) | (777) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 242400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024) | (308) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 242400 | (1024) | (260) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 121900 | (554) | (698) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 121900 | (554) | (83) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 122100 | (542) | (654) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 122100 | (542) | (133) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 122000 | (482) | (770) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 122000 | (482) | (145) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 122400 | (461) | (920) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 122400 | (461) | (208) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 122300 | (522) | (561) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 122300 | (522) | (454) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 122000 | (537) | (646) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 122000 | (537) | (93) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 73300 | (277) | (60) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 73300 | (277) | (11) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 113100 | (426) | (322) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 113100 | (426) | (127) |
|  |  |  |  |  |  | $(16720) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12935) |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYC Call - OTC 1-Year Interest Rate Cap  | 0.026% | 1-Day USD-SOFR Compounded-OIS | 07/23/2025 | 1798800 | $(15754) | $(15257) |
| Put - OTC 1-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2025 | 1798800 | (15754) | (15) |
| FAR Call - OTC 2-Year Interest Rate Cap  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 605500 | (10445) | (15009) |
| MYC Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 1277500 | (22593) | (26453) |
| NGF Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 1955700 | (35887) | (38519) |
| FAR Put - OTC 2-Year Interest Rate Floor  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 605500 | (10445) | (489) |
| MYC Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 1277500 | (22593) | (1306) |
| NGF Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 1955700 | (35887) | (2185) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169358) | $(99233) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(196097) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119181) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Israel Government International Bond | 1.000% | Quarterly | 06/20/2029 | 0.793% | $9400 | $(101) | $180 | $79 | $0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 10600 | (464) | 451 | 0 | (13) |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 47700 | (2287) | 2169 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 3100 | (276) | 250 | 0 | (26) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2025 | 1.276 | 2600 | (445) | 444 | 0 | (1) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 | 69 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 | 14000 | (223) | 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 0 |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 6100 | (219) | 204 | 0 | (15) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.570 | 67700 | (340) | 983 | 643 | 0 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| DUB | Eskom « | 4.650% | Quarterly | 06/30/2029 |  | <sup>¨</sup> % | $50500 | $0 | $2886 | $2886 | $0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 217041 | 0 | 1487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 119626 | 0 | 904 | 904 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 |  | 17500 | (769) | 747 | 0 | (22) |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 59100 | (2190) | 2044 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 |  | 25400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | 0 | (210) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.733 |  | 18800 | 2628 | (891) | 1737 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 19200 | (261) | 422 | 161 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.859 |  | 73400 | (1997) | 2465 | 468 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.830 |  | 1560 | (65) | 72 | 7 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 |  | 9700 | (102) | 96 | 0 | (6) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 84000 | (714) | 414 | 0 | (300) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 |  | 8900 | (400) | 389 | 0 | (11) |
| JPM | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 8800 | (339) | 317 | 0 | (22) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 69900 | (845) | 1430 | 585 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.859 |  | 16400 | (472) | 577 | 105 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 |  | 21600 | (169) | 295 | 126 | 0 |
| MYC | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 61200 | (2202) | 2051 | 0 | (151) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 |  | 70400 | (6276) | 5694 | 0 | (582) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 13800 | (234) | 350 | 116 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.859 |  | 41100 | (1057) | 1319 | 262 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 |  | 3700 | (51) | 68 | 17 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 |  | 48100 | 74 | 221 | 295 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 |  | 40060 | (136) | 392 | 256 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 |  | 17400 | (336) | 390 | 54 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 |  | 82600 | (872) | 818 | 0 | (54) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 |  | 229100 | (10035) | 9751 | 0 | (284) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39880) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1961) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.7-1 Index « | 0.090% | Monthly | 08/25/2037 | $29823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20753) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4164) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 3215 | (2287) | 2038 | 0 | (249) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 249 | (7) | 7 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 320 | (1) | 1 | 0 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 3046 | (824) | 585 | 0 | (239) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 9378 | (6553) | 5244 | 0 | (1309) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 17 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 736 | (23) | 22 | 0 | (1) |
|  | PRIMEX.ARM.2-AAA Index « | 4.580 | Monthly | 12/25/2037 | 1041 | 31 | (17) | 14 | 0 |
| CBK | ABX.HE.AA.6-1 Index « | 0.320 | Monthly | 07/25/2045 | 5007 | (2441) | 2074 | 0 | (367) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 72026 | (50188) | 40132 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10056) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 66 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 965 | (35) | 35 | 0 | 0 |
| DUB | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 13130 | (9149) | 7316 | 0 | (1833) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 10731 | (7635) | 6805 | 0 | (830) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 62000 | (1006) | 1053 | 47 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 210 | (5) | 5 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 9810 | (986) | 990 | 4 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 400 | (8) | 8 | 0 | 0 |
| FBF | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 21180 | (18854) | 15269 | 0 | (3585) |
|  | ABX.HE.AA.7-1 Index « | 0.150 | Monthly | 08/25/2037 | 51 | (40) | 36 | 0 | (4) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 63037 | (45249) | 36448 | 0 | (8801) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 44303 | (32588) | 29161 | 0 | (3427) |
| GST | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 5467 | (1473) | 1044 | 0 | (429) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 70698 | (25781) | 15909 | 0 | (9872) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 21611 | (5021) | 3350 | 0 | (1671) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 401450 | (4763) | 5069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 5000 | (8) | 2 | 0 | (6) |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 70800 | 109 | (292) | 0 | (183) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 73 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 16019 | (18) | 20 | 2 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 192970 | (8170) | 8253 | 83 | 0 |
|  | CMBX.NA.AS.9 Index | 1.000 | Monthly | 09/17/2058 | 20000 | (1505) | 1499 | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| JPM | ABX.HE.AA.6-2 Index « | 0.170% | Monthly | 05/25/2046 | $711 | $(300) | $180 | $0 | $(120) |
|  | ABX.HE.AA.7-1 Index « | 0.150 | Monthly | 08/25/2037 | 14 | (8) | 7 | 0 | (1) |
|  | ABX.HE.AA.7-2 Index « | 1.920 | Monthly | 01/25/2038 | 150 | (84) | 47 | 0 | (37) |
| JPS | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 319300 | (5507) | 5751 | 244 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 11362 | (504) | 505 | 1 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 294311 | (2633) | 2760 | 127 | 0 |
| MEI | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 4313 | (1122) | 783 | 0 | (339) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 11 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 2808 | (195) | 195 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 155396 | (12168) | 12235 | 67 | 0 |
| MYC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 42365 | (7352) | 4025 | 0 | (3327) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 15005 | (10442) | 8347 | 0 | (2095) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 8038 | (5720) | 5098 | 0 | (622) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 81300 | (1373) | 1435 | 62 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 52 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 1252 | (93) | 93 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 8829 | (878) | 882 | 4 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 748 | (31) | 30 | 0 | (1) |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 454800 | (1564) | 1911 | 347 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 82900 | 392 | (351) | 41 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 125500 | (139) | 1 | 0 | (138) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 446 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 795 | (44) | 44 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 68673 | 79 | (49) | 30 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 800 | 0 | (1) | 0 | (1) |
| UAG | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 1004 | (59) | 59 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294984) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53713) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | 233540 | 1.186% | Maturity | 06/20/2025 | $205200 | $1647 | $(1341) | $306 | $0 |
| JPM | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | N/A | 1.186 | Maturity | 06/20/2025 | 393500 | 3279 | (1409) | 1870 | 0 |
| MYC | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | N/A | 1.186 | Maturity | 06/20/2025 | 404400 | 3454 | (1595) | 1859 | 0 |
|  | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | 77785 | 4.310 | Maturity | 06/20/2025 | 17000 | 0 | 46 | 46 | 0 |
|  |  |  |  |  |  |  |  | $8380 | $(4299) | $4081 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326484) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55674) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $2137 | $0 | $0 | $2137 | $(9000) | $0 | $0 | $(9000) | $(6863) | $7486 | $623 |
|  BOA | 3443 | 0 | 79 | 3522 | (5294) | (3010) | (4426) | (12730) | (9208) | 14981 | 5773 |
|  BOM | 0 | 0 | 0 | 0 | 0 | (1326) | 0 | (1326) | (1326) | 0 | (1326) |
|  BPS | 78884 | 0 | 306 | 79190 | (282530) | (319) | (145) | (282994) | (203804) | 226205 | 22401 |
|  BRC | 25835 | 0 | 200 | 26035 | (75044) | (1017) | (1549) | (77610) | (51575) | 60393 | 8818 |
|  BSH | 41100 | 0 | 0 | 41100 | (14274) | 0 | 0 | (14274) | 26826 | (24270) | 2556 |
|  CBK | 76843 | 0 | 643 | 77486 | (78539) | (402) | (10438) | (89379) | (11893) | 39623 | 27730 |
|  CIB | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | (6) | 0 | (6) |
|  DUB | 35079 | 93146 | 5328 | 133553 | (251809) | 0 | (2685) | (254494) | (120941) | 209600 | 88659 |
|  FAR | 26377 | 0 | 0 | 26377 | (33294) | (18916) | 0 | (52210) | (25833) | 32229 | 6396 |
|  FBF | 0 | 0 | 0 | 0 | 0 | 0 | (15817) | (15817) | (15817) | 11759 | (4058) |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  GLM | $110218 | $60045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $170263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56810) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5194) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(62004) | $108259 | $(62440) | $45819 |
|  GST | 0 | 0 | 2764 | 2764 | 0 | 0 | (12840) | (12840) | (10076) | 5367 | (4709) |
|  IND | 7 | 0 | 0 | 7 | (6) | 0 | 0 | (6) | 1 | 0 | 1 |
|  JPM | 93571 | 0 | 2686 | 96257 | (68983) | 0 | (180) | (69163) | 27094 | (14741) | 12353 |
|  JPS | 0 | 0 | 372 | 372 | 0 | 0 | 0 | 0 | 372 | (470) | (98) |
|  MBC | 37161 | 0 | 0 | 37161 | (28881) | 0 | 0 | (28881) | 8280 | (1950) | 6330 |
|  MEI | 0 | 0 | 67 | 67 | 0 | 0 | (339) | (339) | (272) | 159 | (113) |
|  MYC | 0 | 99228 | 2971 | 102199 | 0 | (43841) | (7116) | (50957) | 51242 | 34480 | 85722 |
|  MYI | 5114 | 0 | 0 | 5114 | (3613) | 0 | 0 | (3613) | 1501 | 3794 | 5295 |
|  NGF | 7313 | 0 | 0 | 7313 | 0 | (41153) | 0 | (41153) | (33840) | 36465 | 2625 |
|  RYL | 28 | 0 | 0 | 28 | (1) | 0 | 0 | (1) | 27 | 0 | 27 |
|  SAL | 0 | 0 | 418 | 418 | 0 | 0 | (139) | (139) | 279 | (184) | 95 |
|  SCX | 6938 | 0 | 0 | 6938 | (19291) | 0 | 0 | (19291) | (12353) | 14230 | 1877 |
|  SSB | 6503 | 0 | 0 | 6503 | (48758) | 0 | 0 | (48758) | (42255) | 57802 | 15547 |
|  UAG | 2199 | 0 | 0 | 2199 | (43956) | (4003) | 0 | (47959) | (45760) | 48817 | 3057 |
|  Total Over the Counter | $558750 | $252419 | $15834 | $827003 | $(1020089) | $(119181) | $(55674) | $(1194944) |  |  |  |

---

(s) Securities with an aggregate market value of $803,390 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $131308 | $131308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5355 | 0 | 0 | 142490 | 147845 |
|  | $0 | $5355 | $0 | $0 | $273798 | $279153 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $558750 | $0 | $558750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 252419 | 252419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11753 | 0 | 0 | 4081 | 15834 |
|  | $0 | $11753 | $0 | $558750 | $256500 | $827003 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106156 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 61

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4664 | $4664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 40369 | 40369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2890 | 0 | 0 | 288774 | 291664 |
|  | $0 | $2890 | $0 | $0 | $333807 | $336697 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1020089 | $0 | $1020089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 7013 | 112168 | 119181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 55674 | 0 | 0 | 0 | 55674 |
|  | $0 | $55674 | $0 | $1027102 | $112168 | $1194944 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531641 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $27793 | $27793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (860559) | (860559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 580024 | 0 | 0 | 2236257 | 2816281 |
|  | $0 | $580024 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403491 | $1983515 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1258332 | $0 | $1258332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 54323 | 0 | (67197) | (12874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 10719 | 102152 | 112871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 158531 | 0 | 0 | 7073 | 165604 |
|  | $0 | $158531 | $54323 | $1269051 | $42028 | $1523933 |
|  | $0 | $738555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269051 | $1445519 | $3507448 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1435) | $(1435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 263751 | 263751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (352039) | 0 | 0 | (1130795) | (1482834) |
|  | $0 | $(352039) | $0 | $0 | $(868479) | $(1220518) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(577669) | $0 | $(577669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (5666) | (5666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (14963) | 67345 | 52382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (107618) | 0 | 0 | (2676) | (110294) |
|  | $0 | $(107618) | $0 | $(592632) | $59003 | $(641247) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459657) | $0 | $(592632) | $(809476) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861765) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $1031283 | $3394550 | $4425833 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 5979977 | 1005883 | 6985860 |
| &nbsp;&nbsp; Industrials | 0 | 5846046 | 293632 | 6139678 |
| &nbsp;&nbsp; Utilities | 0 | 2414802 | 0 | 2414802 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 27988 | 0 | 27988 |
| &nbsp;&nbsp; Illinois | 0 | 46248 | 0 | 46248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  U.S. Government Agencies | $0 | $114998264 | $0 | $114998264 |
|  U.S. Treasury Obligations | 0 | 28847705 | 0 | 28847705 |
|  Non-Agency Mortgage-Backed Securities | 0 | 58356867 | 2495470 | 60852337 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 865121 | 18194 | 883315 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 7578989 | 0 | 7578989 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 47339 | 47339 |
| &nbsp;&nbsp; CMBS Other | 0 | 442851 | 0 | 442851 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Credit Card Bullet | $0 | $13992 | $0 | $13992 |
| &nbsp;&nbsp; Credit Card Other | 0 | 383022 | 0 | 383022 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8500242 | 0 | 8500242 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 154368 | 0 | 154368 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 12653 | 0 | 12653 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 104472 | 0 | 104472 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1113992 | 0 | 1113992 |
| &nbsp;&nbsp; Other ABS | 0 | 17636205 | 957102 | 18593307 |
|  Sovereign Issues | 0 | 14771148 | 0 | 14771148 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Staples | 0 | 0 | 13 | 13 |
| &nbsp;&nbsp; Financials | 7466 | 0 | 268858 | 276324 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 51 | 51 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 8430 | 8430 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 0 | 0 | 362 | 362 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 586081 | 0 | 586081 |
| &nbsp;&nbsp; Industrials | 0 | 245 | 0 | 245 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 384910 | 0 | 0 | 384910 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 132905 | 0 | 132905 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 18307 | 0 | 18307 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 142905 | 0 | 142905 |
|  | $392376 | $270006678 | $8489884 | $278888938 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and<br>Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Affiliated Investments | $71354 | $0 | $411588 | $482942 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 10612398 | 0 | 0 | 10612398 |
|  | $10683752 | $0 | $411588 | $11095340 |
|  Total Investments | $11076128 | $270006678 | $8901472 | $289984278 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(325572) | $0 | $(325572) |
|  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 | 127775 | 151378 | 0 | 279153 |
|  Over the counter | 0 | 821712 | 5291 | 827003 |
|  | $127775 | $973090 | $5291 | $1106156 |
|  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 | (22841) | (313353) | 0 | (336194) |
|  Over the counter | 0 | (1141567) | (53377) | (1194944) |
|  | $(22841) | $(1454920) | $(53377) | $(1531138) |
|  Total Financial Derivative Instruments | $104934 | $(481830) | $(48086) | (424982) |
|  Totals | $11181062 | $269199276 | $8853386 | $289233724 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<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 |
|  Loan Participations and Assignments | $1852767 | $1812834 | $(325179) | $8675 | $(3305) | $47126 | $1632 | $0 | $3394550 | $36109 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 82319 | 984005 | (28788) | 1434 | 703 | (17134) | 0 | (16656) | 1005883 | (17919) |
| &nbsp;&nbsp; Industrials | 79608 | 217148 | (1445) | (1) | 25 | (1703) | 0 | 0 | 293632 | (1714) |
|  Non-Agency Mortgage-Backed Securities | 2165173 | 2410543 | (1176536) | 6229 | 7878 | (111428) | 0 | (806389) | 2495470 | 7825 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 75523 | 0 | (44013) | 0 | 0 | (523) | 0 | (12793) | 18194 | (475) |
| &nbsp;&nbsp; Automobile Sequential | 283576 | 0 | (63100) | 3 | 4 | 1308 | 0 | (221791) | 0 | 1247 |
| &nbsp;&nbsp; Home Equity Other | 87024 | 6948 | (19771) | 93 | 220 | 782 | 0 | (75296) | 0 | 315 |
| &nbsp;&nbsp; Home Equity Sequential | 27 | 0 | (10) | 0 | 0 | (1) | 0 | (16) | 0 | 0 |
| &nbsp;&nbsp; Casino Services | 51989 | 0 | (2101) | 0 | (168) | (2381) | 0 | 0 | 47339 | (2688) |
| &nbsp;&nbsp; Whole Loan Collateral | 43094 | 0 | (9210) | 6 | (9) | 298 | 0 | (34179) | 0 | 79 |
| &nbsp;&nbsp; Other ABS | 492953 | 759704 | (214790) | 2642 | (19516) | (13861) | 0 | (50030) | 957102 | (22841) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Discretionary | 18 | 0 | (2431) | 0 | 0 | 2413 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Consumer Staples<sup>(3)</sup> | 19 | 2431 | 0 | 0 | 0 | (2437) | 0 | 0 | 13 | (2437) |
| &nbsp;&nbsp; Energy | 265 | 0 | (451) | 0 | 186 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Financials | 218814 | 4 | 0 | 0 | 0 | 50040 | 0 | 0 | 268858 | 50044 |
| &nbsp;&nbsp; Health Care | 44 | 0 | 0 | 0 | 0 | 7 | 0 | 0 | 51 | 6 |
| &nbsp;&nbsp; Industrials | 7316 | 925 | 0 | 0 | 0 | 189 | 0 | 0 | 8430 | 190 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 371 | 0 | 0 | 0 | 0 | (9) | 0 | 0 | 362 | (9) |
|  | $5440900 | $6194542 | $(1887825) | $19081 | $(13982) | $(47314) | $1632 | $(1217150) | $8489884 | $47732 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 63

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup>** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | $22975 | $0 | $0 | $0 | $0 | $(5240) | $0 | $0 | $17735 | $(5240) |
| &nbsp;&nbsp; Health Care | 295175 | 0 | 0 | 0 | 0 | (16157) | 0 | 0 | 279018 | (16157) |
| &nbsp;&nbsp; Industrials | 134618 | 0 | (127269) | 0 | 97645 | (104993) | 0 | 0 | 1 | 0 |
| &nbsp;&nbsp; Utilities | 161623 | 0 | 0 | 0 | 0 | (46789) | 0 | 0 | 114834 | (46789) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | 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 | $3385 | $1208 | $(17) | $0 | $2 | $713 | $0 | $0 | $5291 | $1279 |
|  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 | $(45481) | $27132 | $(18778) | $0 | $9306 | $(25556) | $0 | $0 | $(53377) | $(10525) |
|  Totals | $6013195 | $6222882 | $(2033889) | $19081 | $92971 | $(245336) | $1632 | $(1217150) | $8853386 | $(29700) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | Input Value(s) | **Weighted**<br> **Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $173078 | Comparable Companies | EBITDA Multiple |  | 14.000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135355 | Discounted Cash Flow | Discount Rate |  | 5.487-14.360 | 7.780 |
|  | 80246 | Discounted Cash<br>Flow/Indicative<br>Market Quotation | Discount Rate/<br>Broker Quote | % | 7.261/90.000 |  |
|  | 141108 | Indicative Market Quotation | Broker Quote |  | 100.500 |  |
|  | 848764 | Recent Transaction | Purchase Price |  | 98.754-100.000 | 99.806 |
|  | 1015999 | Third Party Vendor | Broker Quote |  | 37.500-101.500 | 101.200 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 293052 | Discounted Cash Flow | Discount Rate |  | 5.394-12.000 | 7.451 |
|  | 134676 | Proxy Pricing | Base Price |  | 100.000-101.959 | 100.734 |
|  | 1766 | Discounted Cash Flow | Discount Rate |  | 10.000 |  |
|  | 576389 | Recent Transaction | Purchase Price |  | 97.635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 293632 | Discounted Cash Flow | Discount Rate |  | 5.051-7.890 | 6.660 |
|  Non-Agency Mortgage-Backed Securities | 875805 | Discounted Cash Flow | Discount Rate |  | 5.598-10.000 | 7.010 |
|  | 168924 | Other Valuation Techniques<sup>(4)</sup> |  |  |  |  |
|  | 1397635 | Proxy Pricing | Base Price |  | 80.214-117.785 | 93.675 |
|  | 53106 | Recent Transaction | Purchase Price |  | 83.030-97.141 | 95.575 |
|  Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS Other | 18194 | Discounted Cash Flow | Discount Rate |  | 8.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 47339 | Discounted Cash Flow | Discount Rate |  | 6.527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 91966 | Other Valuation Techniques<sup>(4)</sup> |  |  |  |  |
|  | 128647 | Proxy Pricing | Base Price |  | 100.000-120.958 | 102.836 |
|  | 286004 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 450485 | Discounted Cash Flow | Discount Rate |  | 4.642-24.000 | 10.229 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 13 | Indicative Market Quotation | Broker Quote |  | 8.750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 268857 | Comparable Companies | EBITDA Multiple |  | 4.660 |  |
|  | 1 | Indicative Market Quotation | Broker Quote |  | 4.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 51 | Discounted Cash Flow | Discount Rate |  | 20.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 8430 | Indicative Market Quotation | Broker Quote | $— | 1.063-25.188 | 20.888 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 362 | Option Pricing Model | Volatility |  | 32.500 |  |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 17735 | Reference Instrument | Stock Price w/<br>Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 279018 | Comparable Companies | EBITDA Multiple |  | 14.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1 | Expected Recovery | Price | $— | 0.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 114834 | Comparable Companies | EBITDA Multiple |  | 4.609 |  |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Input Value(s)** | **Weighted**<br> **Average** |
|  Financial Derivative Instruments - Assets | 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 | $5291 | Indicative Market Quotation | Broker Quote |  | 0.329-5.703 | 3.279 |
|  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 | (53377) | Indicative Market Quotation | Broker Quote | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00-92.50 | 87.081 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8853386 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Sector type updated from Industrials to Consumer Staples since prior fiscal year end.

<sup>(4)</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.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

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------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO Income Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established MLM 766, LLC, a Delaware limited liability company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Fund shall be collectively referred to as the "Board."

In this reporting period, the Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

---

| | |
|:---|:---|
| **66** | **PIMCO INCOME FUND** |

---

------

March 31, 2025

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting

period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

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------

Notes to Financial Statements (Cont.)

important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures

provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Fund's annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Fund's consolidated financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly

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|:---|:---|
| **68** | **PIMCO INCOME FUND** |

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March 31, 2025

provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a

quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

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Notes to Financial Statements (Cont.)

exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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|:---|:---|
| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable

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|:---|:---|
| **70** | **PIMCO INCOME FUND** |

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March 31, 2025

inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

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Notes to Financial Statements (Cont.)

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.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying

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|:---|:---|
| **72** | **PIMCO INCOME FUND** |

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March 31, 2025

rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by 'back-solving' if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the

security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. The Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the 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 March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $7513918 | $67357771 | $(64259900) | $3411 | $(2802) | $10612398 | $333276 | $0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

An affiliate includes any company in which the Fund owns 5% or more of the company's outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>, except number of shares).

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market<br>Value at<br>03/31/2024 | **Purchases**<br> **at cost** | Proceeds<br>from Sale | Net<br>Realized<br>Gain/(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market<br>Value at<br>03/31/2025 | Dividend<br>Income | Shares<br>Held at<br>03/31/2025 |
|  Amsurg Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(16157) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 5968052 |
|  Clear Channel Outdoor Holdings, Inc. | 83923 | 0 | 0 | 0 | (27465) | 56458 | 0 | 50862666 |
|  iHeartMedia, Inc. 'A' | 18869 | 0 | 0 | 0 | (3973) | 14896 | 0 | 9028024 |
|  iHeartMedia, Inc. 'B' | 22975 | 0 | 0 | 0 | (5240) | 17735 | 0 | 12214441 |
|  Neiman Marcus Group Ltd. LLC | 134616 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97645 | (104993) | 0 | 0 | 0 |
|  Sierra Hamilton Holder LLC | 2 | 0 | (1) | 0 | 0 | 1 | 0 | 15369768 |
|  Windstream Units | 161623 | 0 | 0 | 0 | (46789) | 114834 | 0 | 5118377 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

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Notes to Financial Statements (Cont.)

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of

bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools

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| **74** | **PIMCO INCOME FUND** |

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March 31, 2025

created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the

characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

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Notes to Financial Statements (Cont.)

shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Fund invests in REITs, the Fund will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of March 31, 2025, as applicable, are disclosed in the Notes to Consolidated Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"),

which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their

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| **76** | **PIMCO INCOME FUND** |

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prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit the Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

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"Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33<sup>1</sup>⁄<sub>3</sub>% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a

forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as

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realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future

investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreementsare bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

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Notes to Financial Statements (Cont.)

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed

coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other

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|:---|:---|
| **80** | **PIMCO INCOME FUND** |

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March 31, 2025

obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

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Notes to Financial Statements (Cont.)

the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater

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| | |
|:---|:---|
| **82** | **PIMCO INCOME FUND** |

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March 31, 2025

price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Distribution Rate Risk is the risk that the Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to the Fund.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Fund's prospectus and Statement of Additional

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **83** |

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Notes to Financial Statements (Cont.)

Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/ or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human

errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular

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|:---|:---|
| **84** | **PIMCO INCOME FUND** |

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March 31, 2025

organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect

to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

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Notes to Financial Statements (Cont.)

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | **Institutional**<br> **Class** | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
| 0.25% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.40% | 0.40% | 0.40% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs

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|:---|:---|
| **86** | **PIMCO INCOME FUND** |

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March 31, 2025

of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee

for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the amount waived and/or reimbursed was $1,313,502.

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2025, for the PIMCO Income Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. There were no waivers and or Reimbursement by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

---

------

Notes to Financial Statements (Cont.)

of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the

Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Income Fund | $1753449558 | $1736619886 | $56872325 | $10828206 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3554132 | $37707364 | 2829233 | $29490695 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1559248 | 16545326 | 1523371 | 15873660 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 152860 | 1614616 | 132134 | 1376187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 9965 | 105836 | 10477 | 109181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 302084 | 3206798 | 323283 | 3365601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 87218 | 927452 | 73498 | 766652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 7530 | 79900 | 8078 | 84276 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 542494 | 5754470 | 443599 | 4621391 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 215756 | 2288447 | 170102 | 1772403 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 14818 | 157193 | 8723 | 90979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1522 | 16140 | 1634 | 17007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 69499 | 736922 | 67895 | 707121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 16982 | 180050 | 18398 | 191570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 2565 | 27202 | 2469 | 25718 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1846013) | (19570485) | (1743400) | (18110696) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (957486) | (10145512) | (795441) | (8259991) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (99351) | (1054686) | (104826) | (1091696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (9238) | (97818) | (16755) | (173438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (331898) | (3517101) | (319870) | (3325406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (114600) | (1214966) | (134146) | (1392150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (8164) | (86514) | (8343) | (86704) |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 3169923 | $33660634 | 2490113 | $26052360 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 31% of the Fund.

14. BASIS FOR CONSOLIDATION

The consolidated financial statements include the accounts of the Fund and MLM 766, LLC, a Delaware limited liability company (the "Subsidiary"). Similarly, the Consolidated Schedule of Investments

includes the portfolio holdings of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated in consolidation. The Subsidiary was formed on April 30, 2018, as a wholly-owned subsidiary of the Fund and acts as an investment vehicle in order to acquire residential mortgage loans consistent with the Fund's investment objectives and policies. The net assets of the Subsidiary as of period end represented less than 0.01% of the Fund's consolidated net assets.

---

| | |
|:---|:---|
| **88** | **PIMCO INCOME FUND** |

---

------

March 31, 2025

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains

tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss Deferral-<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss Deferral-<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Income Fund | $328045 | $0 | $(2254323) | $(75940) | $(11235462) | $0 | $(546025) | $(13783705) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, short positions, partnerships, other temporary differences, and convertible securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Income Fund | $6038983 | $5196479 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Income Fund | $301416706 | $14103478 | $(16341052) | $(2237574) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

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------

Notes to Financial Statements (Cont.) March 31, 2025

purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, short positions, partnerships, other temporary differences, and convertible securities.

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Fund made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Income Fund | $10095554 | $0 | $0 | $8123815 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **90** | **PIMCO INCOME FUND** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO Income Fund and its subsidiary (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2025, the related consolidated statement of operations for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights (consolidated) for each of the five years in the period ended March 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MEI | Merrill Lynch International |
| BAR | Barclays PLC Corporate RRP/REPO trading | FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Capital Services LLC |
| BOA | Bank of America N.A. | FBF | Credit Suisse International | MYI | Morgan Stanley & Co. International PLC |
| BOM | Bank of Montreal | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SAL | Citigroup Global Markets, Inc. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| CIB | Canadian Imperial Bank of Commerce | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HUF | Hungarian Forint | NZD | New Zealand Dollar |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| CHF | Swiss Franc | INR | Indian Rupee | SEK | Swedish Krona |
| CLP | Chilean Peso | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | THB | Thai Baht |
| DKK | Danish Krone | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| HKD | Hong Kong Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CMBX | Commercial Mortgage-Backed Index | PRIMEX.ARM | Prime Mortgage-Backed Securities Index—Adjustable Rate Mortgage |
| BOBL | Bundesobligation, the German word for federal government bond | EUR001M | 1 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR003M | 3 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.EM | Credit Derivatives Index - Emerging Markets | EUR006M | 6 Month EUR Swap Rate | UKRPI | United Kingdom Retail Prices Index |
| CDX.HY | Credit Derivatives Index - High Yield | LIBOR01M | 1 Month USD-LIBOR | US0003M | ICE 3-Month USD LIBOR |
| CDX.IG | Credit Derivatives Index - Investment Grade | MUTKCALM | Tokyo Overnight Average Rate |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BABs | Build America Bonds | DAC | Designated Activity Company | RMBS | Residential Mortgage-Backed Security |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBD | To-Be-Determined |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CBO | Collateralized Bond Obligation | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CDO | Collateralized Debt Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **92** | **PIMCO INCOME FUND** |

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------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | **Net Investment**<br> **Income\*** | **Net Realized**<br> **Capital Gains\*** | **Paid-in Surplus or**<br> **Other Capital<br>Sources\*\*** | **Total (per**<br> **common share)** |
|  October 2024 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  November 2024 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  December 2024 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  January 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  February 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  March 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
| I-2 | **Net Investment**<br> **Income\*** | **Net Realized**<br> **Capital Gains\*** | **Paid-in Surplus or**<br> **Other Capital**<br> **Sources\*\*** | **Total (per**<br> **common share)** |
|  October 2024 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  November 2024 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  December 2024 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  January 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  February 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  March 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
| I-3 | **Net Investment**<br> **Income\*** | **Net Realized**<br> **Capital Gains\*** | **Paid-in Surplus or**<br> **Other Capital<br>Sources\*\*** | Total (per<br>common share) |
|  October 2024 | $0.0536 | $0.0000 | $0.0000 | $0.0536 |
|  November 2024 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  December 2024 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  January 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  February 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
|  March 2025 | $0.0537 | $0.0000 | $0.0000 | $0.0537 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  November 2024 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  December 2024 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  January 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  February 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
|  March 2025 | $0.0528 | $0.0000 | $0.0000 | $0.0528 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  November 2024 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  December 2024 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  January 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  February 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  March 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **93** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
|  November 2024 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  December 2024 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  January 2025 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  February 2025 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  March 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  November 2024 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  December 2024 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  January 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  February 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  March 2025 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **94** | **PIMCO INCOME FUND** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Fund's fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Fund intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Income Fund | 0.00% | 0.00% | $7143262 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **96** | **PIMCO INCOME FUND** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| **Trustee** | **Number of Votes<br>For** | **Number of Votes<br>Withheld** |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **97** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **98** | **PIMCO INCOME FUND** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

------

![LOGO](g930136g75h91.jpg)

PIMS0766FSTMAR_033125

------

![LOGO](g940907g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

PIMCO Total Return Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Total Return Fund](#tx940907_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx940907_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx940907_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx940907_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx940907_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx940907_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx940907_7) | 48 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx940907_8) | 68 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx940907_9) | 73 |
| &nbsp;&nbsp; [Glossary](#tx940907_10) | 74 |
| &nbsp;&nbsp; [Distribution Information](#tx940907_11) | 75 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx940907_12) | 77 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx940907_13) | 78 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx940907_14) | 79 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx940907_15) | 80 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the PIMCO Total Return Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Total Return Fund (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a

particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact the Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, the Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause the Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may

---

| | |
|:---|:---|
| **2** | **PIMCO TOTAL RETURN FUND** |

---

------

contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Fund and its investments.

Certain instruments in which the Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain

derivatives markets) for applicable tough legacy contracts. Certain of the Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Fund and issuers in which it invests. For example, if a bank at which the Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Fund and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund's diversification status as of period end:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO Total Return Fund | 05/11/87 | 05/11/87 | 04/30/08 | 04/27/18 | 09/08/94 | 01/13/97 | 01/13/97 | 12/31/02 | Diversified |

---

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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| | |
|:---|:---|
| Important Information About the PIMCO Total Return Fund | (Cont.) |

---

Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT

reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Fund's shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PIMCO TOTAL RETURN FUND** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

---

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---

| | |
|:---|:---|
| Financial Highlights | PIMCO Total Return Fund (Consolidated) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.56 | $0.39 | $0.13 | $0.52 | $(0.40) | $0.00 | $0.00 | $(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.36 | (0.09) | 0.27 | (0.21) | 0.00 | (0.13) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.83) | (0.56) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.20 | (0.60) | (0.40) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.22 | 0.13 | 0.35 | (0.24) | (0.38) | 0.00 | (0.62) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.38 | 0.13 | 0.51 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.36 | (0.10) | 0.26 | (0.20) | 0.00 | (0.13) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.84) | (0.57) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.19 | (0.60) | (0.41) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.21 | 0.13 | 0.34 | (0.23) | (0.38) | 0.00 | (0.61) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.37 | 0.14 | 0.51 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.35 | (0.09) | 0.26 | (0.20) | 0.00 | (0.13) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.84) | (0.57) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.19 | (0.60) | (0.41) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.21 | 0.13 | 0.34 | (0.23) | (0.38) | 0.00 | (0.61) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.36 | 0.14 | 0.50 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.34 | (0.09) | 0.25 | (0.19) | 0.00 | (0.13) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.25 | (0.83) | (0.58) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.18 | (0.60) | (0.42) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.19 | 0.14 | 0.33 | (0.22) | (0.38) | 0.00 | (0.60) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.36 | 0.13 | 0.49 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.33 | (0.09) | 0.24 | (0.18) | 0.00 | (0.13) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.24 | (0.83) | (0.59) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.17 | (0.60) | (0.43) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.18 | 0.14 | 0.32 | (0.21) | (0.38) | 0.00 | (0.59) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.29 | 0.14 | 0.43 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.27 | (0.09) | 0.18 | (0.12) | 0.00 | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.17 | (0.82) | (0.65) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.09 | (0.60) | (0.51) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.11 | 0.13 | 0.24 | (0.13) | (0.38) | 0.00 | (0.51) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.33 | 0.14 | 0.47 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.31 | (0.09) | 0.22 | (0.16) | 0.00 | (0.13) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.22 | (0.83) | (0.61) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.14 | (0.60) | (0.46) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.16 | 0.13 | 0.29 | (0.18) | (0.38) | 0.00 | (0.56) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $8.68 | 6.22% | $34437824 | 0.53% | 0.53% | 0.46% | 0.46% | 4.49% | 606% |
| 8.56 | 3.27 | 42614284 | 0.51 | 0.51 | 0.46 | 0.46 | 4.32 | 469 |
| 8.63 | (5.75) | 44432756 | 0.49 | 0.49 | 0.46 | 0.46 | 3.09 | 377 |
| 9.58 | (4.02) | 51678056 | 0.46 | 0.46 | 0.46 | 0.46 | 1.97 | 289 |
| 10.22 | 3.25 | 52033884 | 0.47 | 0.47 | 0.46 | 0.46 | 2.06 | 430 |
| 8.68 | 6.12 | 5346377 | 0.63 | 0.63 | 0.56 | 0.56 | 4.37 | 606 |
| 8.56 | 3.17 | 4757258 | 0.61 | 0.61 | 0.56 | 0.56 | 4.23 | 469 |
| 8.63 | (5.85) | 4276414 | 0.59 | 0.59 | 0.56 | 0.56 | 2.99 | 377 |
| 9.58 | (4.11) | 4428616 | 0.56 | 0.56 | 0.56 | 0.56 | 1.86 | 289 |
| 10.22 | 3.15 | 4682354 | 0.57 | 0.57 | 0.56 | 0.56 | 1.96 | 430 |
| 8.68 | 6.06 | 170898 | 0.68 | 0.73 | 0.61 | 0.66 | 4.32 | 606 |
| 8.56 | 3.12 | 139332 | 0.66 | 0.71 | 0.61 | 0.66 | 4.18 | 469 |
| 8.63 | (5.89) | 136834 | 0.64 | 0.69 | 0.61 | 0.66 | 3.03 | 377 |
| 9.58 | (4.16) | 92075 | 0.61 | 0.66 | 0.61 | 0.66 | 1.81 | 289 |
| 10.22 | 3.10 | 107994 | 0.62 | 0.67 | 0.61 | 0.66 | 1.94 | 430 |
| 8.68 | 5.96 | 630807 | 0.78 | 0.78 | 0.71 | 0.71 | 4.23 | 606 |
| 8.56 | 3.02 | 731886 | 0.76 | 0.76 | 0.71 | 0.71 | 4.05 | 469 |
| 8.63 | (5.99) | 1069278 | 0.74 | 0.74 | 0.71 | 0.71 | 2.79 | 377 |
| 9.58 | (4.26) | 1569483 | 0.71 | 0.71 | 0.71 | 0.71 | 1.72 | 289 |
| 10.22 | 2.99 | 1668610 | 0.72 | 0.72 | 0.71 | 0.71 | 1.82 | 430 |
| 8.68 | 5.86 | 4112833 | 0.87 | 0.87 | 0.80 | 0.80 | 4.14 | 606 |
| 8.56 | 2.93 | 4553670 | 0.85 | 0.85 | 0.80 | 0.80 | 3.98 | 469 |
| 8.63 | (6.07) | 5217377 | 0.83 | 0.83 | 0.80 | 0.80 | 2.74 | 377 |
| 9.58 | (4.34) | 6460966 | 0.80 | 0.80 | 0.80 | 0.80 | 1.62 | 289 |
| 10.22 | 2.90 | 7991147 | 0.81 | 0.81 | 0.80 | 0.80 | 1.72 | 430 |
| 8.68 | 5.07 | 115574 | 1.62 | 1.62 | 1.55 | 1.55 | 3.39 | 606 |
| 8.56 | 2.16 | 126074 | 1.60 | 1.60 | 1.55 | 1.55 | 3.22 | 469 |
| 8.63 | (6.78) | 154869 | 1.58 | 1.58 | 1.55 | 1.55 | 1.96 | 377 |
| 9.58 | (5.06) | 222903 | 1.55 | 1.55 | 1.55 | 1.55 | 0.87 | 289 |
| 10.22 | 2.13 | 353523 | 1.56 | 1.56 | 1.55 | 1.55 | 1.01 | 430 |
| 8.68 | 5.60 | 374610 | 1.12 | 1.12 | 1.05 | 1.05 | 3.89 | 606 |
| 8.56 | 2.68 | 386149 | 1.10 | 1.10 | 1.05 | 1.05 | 3.73 | 469 |
| 8.63 | (6.31) | 414747 | 1.08 | 1.08 | 1.05 | 1.05 | 2.47 | 377 |
| 9.58 | (4.58) | 549527 | 1.05 | 1.05 | 1.05 | 1.05 | 1.37 | 289 |
| 10.22 | 2.64 | 677048 | 1.06 | 1.06 | 1.05 | 1.05 | 1.48 | 430 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | PIMCO Total Return Fund |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** | **Assets:** |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $59301153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 2839088 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 16223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 226240 |
|  Cash | 28446 |
|  Deposits with counterparty | 30617 |
|  Foreign currency, at value | 80102 |
|  Receivable for investments sold | 234330 |
|  Receivable for TBA investments sold | 32180879 |
|  Receivable for Fund shares sold | 45515 |
|  Interest and/or dividends receivable | 276906 |
|  Dividends receivable from Affiliates | 12935 |
|  Reimbursement receivable from PIMCO | 21 |
|  **Total Assets** | 95272455 |
|  **Liabilities:** | **Liabilities:** |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $212875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 360882 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 38609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 218263 |
|  Payable for investments purchased | 362837 |
|  Payable for investments in Affiliates purchased | 13304 |
|  Payable for investments purchased on a delayed-delivery basis | 14229 |
|  Payable for TBA investments purchased | 48343964 |
|  Payable for unfunded loan commitments | 5860 |
|  Deposits from counterparty | 296562 |
|  Payable for Fund shares redeemed | 184746 |
|  Distributions payable | 12692 |
|  Accrued investment advisory fees | 9091 |
|  Accrued supervisory and administrative fees | 8413 |
|  Accrued distribution fees | 268 |
|  Accrued servicing fees | 919 |
|  Foreign capital gains tax payable | 18 |
|  **Total Liabilities** | 50083532 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $45188923 |
|  **Net Assets Consist of:** | **Net Assets Consist of:** |
|  Paid in capital | $55550085 |
|  Distributable earnings (accumulated loss) | (10361162) |
|  **Net Assets** | $45188923 |
|  Cost of investments in securities | $62624317 |
|  Cost of investments in Affiliates | $2878799 |
|  Cost of foreign currency held | $79902 |
|  Proceeds received on short sales | $359014 |
|  Cost or premiums of financial derivative instruments, net | $181711 |
|  \* Includes repurchase agreements of: | $326555 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
|  **Net Assets:** | **Net Assets:** |
|  Institutional Class | $34437824 |
|  I-2 | 5346377 |
|  I-3 | 170898 |
|  Administrative Class | 630807 |
|  Class A | 4112833 |
|  Class C | 115574 |
|  Class R | 374610 |
|  **Shares Issued and Outstanding:** | **Shares Issued and Outstanding:** |
|  Institutional Class | 3968084 |
|  I-2 | 616039 |
|  I-3 | 19692 |
|  Administrative Class | 72684 |
|  Class A | 473903 |
|  Class C | 13317 |
|  Class R | 43164 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |
|  Institutional Class | $8.68 |
|  I-2 | 8.68 |
|  I-3 | 8.68 |
|  Administrative Class | 8.68 |
|  Class A | 8.68 |
|  Class C | 8.68 |
|  Class R | 8.68 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Statement of Operations | PIMCO Total Return Fund |

---

---

| | |
|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** | **Investment Income:** |
|  Interest, net of foreign taxes\* | $2256951 |
|  Dividends | 3774 |
|  Dividends from Investments in Affiliates | 183193 |
|  Miscellaneous income | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2445544 |
|  **Expenses:** |  |
|  Investment advisory fees | 122048 |
|  Supervisory and administrative fees | 112157 |
|  Distribution and/or servicing fees - Administrative Class | 1718 |
|  Distribution and/or servicing fees - Class A | 10832 |
|  Distribution and/or servicing fees - Class C | 1188 |
|  Distribution and/or servicing fees - Class R | 1898 |
|  Trustee fees | 348 |
|  Interest expense | 33025 |
|  Miscellaneous expense | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 283240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 282982 |
|  **Net Investment Income (Loss)** | 2162562 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1155962) |
|  Investments in Affiliates | 685 |
|  Exchange-traded or centrally cleared financial derivative instruments | (66408) |
|  Over the counter financial derivative instruments | 483327 |
|  Short sales | 56 |
|  Foreign currency | (38677) |
|  **Net Realized Gain (Loss)** | (776979) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 1411521 |
|  Investments in Affiliates | 11267 |
|  Exchange-traded or centrally cleared financial derivative instruments | 232264 |
|  Over the counter financial derivative instruments | (113323) |
|  Short sales | (8) |
|  Foreign currency assets and liabilities | 8219 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1549940 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2935523 |
|  \* Foreign tax withholdings | $199 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

---

| | |
|:---|:---|
| Consolidated Statements of Changes in Net Assets | PIMCO Total Return Fund |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br> March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2162562 | $2292480 |
|  Net realized gain (loss) | (776979) | (1527657) |
|  Net change in unrealized appreciation (depreciation) | 1549940 | 885584 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2935523 | 1650407 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1775845) | (1089730) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (226671) | (109612) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (7018) | (3452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (30247) | (20211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (186832) | (105592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (4233) | (1985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (15423) | (7728) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (651893) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | (68192) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | (2194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | (13432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | (72955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | (2082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0 | (6000) |
|  **Total Distributions<sup>(a)</sup>** | (2246269) | (2155058) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (8808984) | (1888971) |
|  **Total Increase (Decrease) in Net Assets** | (8119730) | (2393622) |
|  **Net Assets:** |  |  |
|  Beginning of year | 53308653 | 55702275 |
|  End of year | $45188923 | $53308653 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund |

---

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 131.2% | INVESTMENTS IN SECURITIES 131.2% | INVESTMENTS IN SECURITIES 131.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.799% due 05/16/2028 «~ | 92000 | 92261 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.802% due 08/15/2028 | 11195 | 10063 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 «•  | 73573 | 69408 |
|  CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC |
|  TBD% - 10.322% due 05/16/2029 «µ | 2500 | 2511 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/03/2031 «µ | 4493 | 4527 |
|  8.823% due 01/03/2031 « | 20301 | 20453 |
|  Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
|  TBD% - 8.911% due 11/30/2025 «µ | 5587 | 5491 |
|  KRE 1330 Broadway Owner LLC | KRE 1330 Broadway Owner LLC | KRE 1330 Broadway Owner LLC |
|  6.137% - 9.322% due 11/10/2025 « | 107121 | 61593 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/24/2026 « | 15300 | 15300 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(l) | 10112 | 10934 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 26500 | 26858 |
|  Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
|  5.642% (EUR001M + 3.250%) due 03/15/2026 «~ | 52360 | 53497 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  TBD% due 02/04/2032 | 7700 | 7679 |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 10300 | 10184 |
|  Total Loan Participations and Assignments<br>(Cost $443,368) | Total Loan Participations and Assignments<br>(Cost $443,368) | 390759 |
| CORPORATE BONDS & NOTES 24.5% | CORPORATE BONDS & NOTES 24.5% | CORPORATE BONDS & NOTES 24.5% |
| BANKING & FINANCE 15.1% | BANKING & FINANCE 15.1% | BANKING & FINANCE 15.1% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 5300 | 4887 |
|  6.339% due 09/18/2027 •  | 5200 | 5319 |
|  6.575% due 10/13/2026 •  | 5500 | 5555 |
|  Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America |
|  8.500% due 08/01/2032 | 45000 | 44875 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 4900 | 4736 |
|  3.000% due 10/29/2028 | 643 | 604 |
|  4.450% due 10/01/2025 | 22600 | 22569 |
|  4.450% due 04/03/2026 | 3900 | 3897 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  7.583% due 10/14/2026 •  | 1100 | 1116 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 54500 | 51464 |
|  4.250% due 06/15/2026 | 1500 | 1488 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.042% due 06/07/2027 ~ | 8000 | 8396 |
|  15.542% due 06/08/2026 ~ | 8000 | 8401 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.950% due 01/15/2028 | 600 | 590 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 890 | 807 |
|  4.750% due 06/09/2027 | 2372 | 2371 |
|  5.800% due 05/01/2025 | 3800 | 3803 |
|  6.848% due 01/03/2030 •  | 8400 | 8777 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 28500 | 25154 |
|  American Express Co. | American Express Co. | American Express Co. |
|  2.550% due 03/04/2027 | 1960 | 1895 |
|  5.085% due 01/30/2031 ~ | 5000 | 5065 |
|  6.338% due 10/30/2026 •  | 7700 | 7775 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 2600 | 2232 |
|  4.250% due 02/15/2028 | 6678 | 6610 |
|  4.900% due 02/15/2029 | 53900 | 54092 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 | 23000 | 22274 |
|  3.375% due 10/15/2026 | 4165 | 4091 |
|  3.650% due 03/15/2027 | 275 | 270 |
|  5.200% due 02/15/2029 | 5300 | 5386 |
|  5.800% due 11/15/2028 | 825 | 856 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.950% due 07/15/2026 | 6200 | 6085 |
|  6.500% due 02/08/2029 (n) | 16200 | 16298 |
|  7.950% due 08/11/2028 | 20600 | 21755 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.125% due 03/01/2027 | 20663 | 20891 |
|  5.150% due 03/01/2029 | 4800 | 4886 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.792% due 01/07/2032 •  | 600 | 609 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 8000 | 8009 |
|  5.388% due 08/27/2026 ~ | 5900 | 5924 |
|  5.573% due 03/25/2027 ~ | 25000 | 25170 |
|  5.620% due 05/08/2026 | 6000 | 6064 |
|  5.684% due 02/23/2026 | 5400 | 5456 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 1000 | 966 |
|  4.125% due 08/01/2025 | 33233 | 33121 |
|  4.875% due 10/01/2025 | 3800 | 3799 |
|  5.125% due 04/10/2030 | 3400 | 3383 |
|  5.375% due 07/15/2029 | 1100 | 1109 |
|  6.250% due 04/15/2028 | 8318 | 8614 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 17549 | 16432 |
|  5.750% due 03/01/2029 | 6100 | 6215 |
|  6.375% due 05/04/2028 | 1900 | 1967 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 10600 | 10869 |
|  6.033% due 03/13/2035 •  | 11100 | 11416 |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  2.750% due 01/11/2026 | 7600 | 7471 |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  4.875% due 01/11/2029 | 500 | 492 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 19200 | 19012 |
|  5.565% due 01/17/2030 | 37900 | 38916 |
|  5.739% due 03/14/2028 •(n) | 24800 | 25011 |
|  6.527% due 11/07/2027 •  | 15800 | 16273 |
|  6.607% due 11/07/2028 | 15800 | 16795 |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  3.466% due 09/23/2036 •(k) | 3000 | 2649 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.197% due 10/24/2026 •  | 26600 | 26099 |
|  2.551% due 02/04/2028 •  | 38300 | 36959 |
|  3.384% due 04/02/2026 •  | 24550 | 24549 |
|  3.419% due 12/20/2028 •  | 30498 | 29563 |
|  3.559% due 04/23/2027 •  | 9086 | 8989 |
|  3.824% due 01/20/2028 •  | 6035 | 5961 |
|  3.970% due 03/05/2029 •  | 820 | 806 |
|  4.271% due 07/23/2029 •  | 850 | 840 |
|  4.376% due 04/27/2028 •  | 8460 | 8426 |
|  4.827% due 07/22/2026 •  | 1579 | 1580 |
|  4.979% due 01/24/2029 ~(n) | 8000 | 8082 |
|  5.080% due 01/20/2027 •  | 2782 | 2792 |
|  5.710% due 09/15/2027 ~ | 15000 | 15200 |
|  5.933% due 09/15/2027 •  | 48200 | 49154 |
|  6.204% due 11/10/2028 •  | 5897 | 6130 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.253% due 09/16/2026 •  | 26400 | 26584 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.543% due 02/01/2029 •  | 1368 | 1371 |
|  4.975% due 03/14/2030 •  | 11300 | 11464 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.896% due 07/13/2026 | 11100 | 11282 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.852% due 05/07/2026 •  | 48600 | 48499 |
|  2.894% due 11/24/2032 •  | 2209 | 1916 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.837% due 09/10/2028 •  | $— | 20600 | $— | 20622 |
|  4.942% due 09/10/2030 •  |  | 2100 |  | 2094 |
|  5.335% due 09/10/2035 •  |  | 19800 |  | 19323 |
|  5.674% due 03/12/2028 •  |  | 26700 |  | 27180 |
|  5.690% due 03/12/2030 •  |  | 16500 |  | 16921 |
|  5.848% due 03/12/2028 •  |  | 46500 |  | 47136 |
|  5.851% due 03/21/2035 ~ |  | 2900 |  | 3693 |
|  6.238% due 09/13/2027 •  | $— | 29000 |  | 29517 |
|  6.375% due 12/15/2025 ~(i)(k) |  | 1100 |  | 1422 |
|  6.490% due 09/13/2029 •  | $— | 17500 |  | 18405 |
|  6.496% due 09/13/2027 •  |  | 42300 |  | 43342 |
|  7.325% due 11/02/2026 •  |  | 40000 |  | 40581 |
|  7.385% due 11/02/2028 •  |  | 31700 |  | 33682 |
|  7.437% due 11/02/2033 •  |  | 3191 |  | 3563 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 |  | 4500 |  | 4481 |
|  6.150% due 04/02/2030 (c) |  | 1400 |  | 1395 |
|  6.600% due 06/10/2029 |  | 12600 |  | 12951 |
|  8.000% due 05/25/2028 |  | 18100 |  | 19333 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  3.875% due 08/15/2030 |  | 3300 |  | 3099 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 |  | 2000 |  | 1757 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  |  | 39900 |  | 37177 |
|  2.219% due 06/09/2026 •  |  | 23200 |  | 23086 |
|  2.871% due 04/19/2032 •  |  | 5800 |  | 5102 |
|  4.625% due 02/25/2031 •(i)(k)(n) |  | 12400 |  | 10705 |
|  5.125% due 01/13/2029 •  |  | 16800 |  | 16983 |
|  5.198% due 01/10/2030 •  |  | 33000 |  | 33340 |
|  5.497% due 05/20/2030 •  |  | 26700 |  | 27182 |
|  5.786% due 01/13/2033 ~ |  | 2800 |  | 2864 |
|  Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. |
|  4.282% due 01/08/2026 ~ |  | 300 |  | 244 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 (n) |  | 1700 |  | 1771 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.450% due 10/01/2033 |  | 4076 |  | 3195 |
|  3.400% due 06/21/2029 (n) |  | 28441 |  | 26580 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 |  | 4750 |  | 4836 |
|  5.876% due 01/14/2031 ~ |  | 13300 |  | 13628 |
|  5.936% due 05/30/2035 •  |  | 4900 |  | 4940 |
|  6.612% due 10/19/2027 •  |  | 29050 |  | 29844 |
|  6.714% due 10/19/2029 •  |  | 16700 |  | 17596 |
|  7.003% due 10/19/2034 •  |  | 5400 |  | 5884 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 (n) |  | 13116 |  | 12411 |
|  4.550% due 10/01/2029 (n) |  | 16500 |  | 15023 |
|  8.300% due 03/15/2028 (n) |  | 1900 |  | 1969 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  2.250% due 04/01/2028 |  | 2500 |  | 2322 |
|  3.900% due 03/15/2027 |  | 3090 |  | 3039 |
|  4.125% due 06/15/2026 |  | 8500 |  | 8438 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.350% due 04/15/2030 |  | 1200 |  | 1174 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  |  | 3000 |  | 3078 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.192% due 03/13/2032 •  |  | 5500 |  | 5500 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.927% due 05/10/2028 •  |  | 22600 |  | 22679 |
|  4.985% due 07/24/2026 •  |  | 12200 |  | 12204 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 |  | 7900 |  | 8287 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 |  | 7750 |  | 7834 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  |  | 13100 |  | 11671 |
|  3.070% due 02/24/2028 •  |  | 71900 |  | 69892 |
|  4.658% due 05/24/2028 •  |  | 2400 |  | 2403 |
|  5.174% due 02/13/2030 •  |  | 7700 |  | 7802 |
|  Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. |
|  9.352% due 06/07/2029 •  |  | 20000 |  | 20140 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.210% due 09/01/2031 |  | 2600 |  | 2656 |
|  5.550% due 03/01/2028 |  | 20310 |  | 20582 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.004% due 09/24/2026 •  | 6000 | 5895 |
|  1.106% due 02/24/2027 •  | 24700 | 23938 |
|  4.375% due 08/04/2025 | 22300 | 22246 |
|  4.655% due 08/22/2028 •  | 32000 | 31970 |
|  5.447% due 03/05/2030 •  | 14750 | 15106 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.250% due 03/15/2026 | 5390 | 5253 |
|  2.750% due 04/15/2031 | 2700 | 2341 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.650% due 08/20/2027 | 7300 | 7326 |
|  5.750% due 07/02/2026 | 2500 | 2538 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 9600 | 8552 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  1.500% due 01/27/2031 | 2786 | 2378 |
|  1.625% due 04/23/2027 þ | 28900 | 30668 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 27900 | 8145 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 7800 | 7588 |
|  1.907% due 06/16/2026 •  | 13200 | 13120 |
|  5.229% due 03/11/2027 ~ | 21850 | 21949 |
|  6.316% due 10/03/2029 •  | 20550 | 21486 |
|  Credit Suisse AG AT1 Claim | 27500 | 3300 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.900% due 03/15/2027 | 500 | 483 |
|  3.700% due 06/15/2026 | 600 | 593 |
|  4.800% due 09/01/2028 | 4000 | 3994 |
|  5.600% due 06/01/2029 | 3100 | 3169 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.621% due 09/11/2026 •  | 9200 | 9077 |
|  4.298% due 04/01/2028 •  | 18900 | 18768 |
|  5.427% due 03/01/2028 •  | 3700 | 3763 |
|  5.705% due 03/01/2030 •  | 5600 | 5764 |
|  6.259% due 09/22/2026 •  | 11500 | 11582 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 19900 | 21375 |
|  1.625% due 01/20/2027 | 46900 | 49737 |
|  2.129% due 11/24/2026 •  | 22800 | 22393 |
|  2.311% due 11/16/2027 •  | 30400 | 29221 |
|  3.035% due 05/28/2032 •  | 400 | 350 |
|  3.547% due 09/18/2031 •  | 50250 | 46226 |
|  3.729% due 01/14/2032 •  | 800 | 720 |
|  5.000% due 09/05/2030 ~ | 12000 | 13716 |
|  5.578% due 11/16/2027 •  | 18300 | 18373 |
|  6.119% due 07/14/2026 •  | 6200 | 6221 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  3.600% due 07/01/2029 | 13617 | 12991 |
|  4.450% due 07/15/2028 | 43490 | 43212 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.127% due 09/16/2026 •  | 12100 | 11908 |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC |
|  3.950% due 01/15/2028 | 3900 | 3824 |
|  East Lane Re Ltd. | East Lane Re Ltd. | East Lane Re Ltd. |
|  13.542% due 03/31/2026 ~ | 13400 | 13501 |
|  Empower Finance LP | Empower Finance LP | Empower Finance LP |
|  1.357% due 09/17/2027 | 15600 | 14460 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 15100 | 13484 |
|  3.750% due 08/15/2029 | 14900 | 13977 |
|  4.500% due 06/01/2027 | 7800 | 7698 |
|  4.750% due 12/15/2026 | 4100 | 4083 |
|  4.950% due 04/15/2028 | 25572 | 25334 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.000% due 09/15/2025 | 58500 | 57600 |
|  1.550% due 03/15/2028 | 38144 | 35010 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  3.375% due 04/15/2026 | 880 | 870 |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 06/13/2025 | 4540 | 4526 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 185300 | 202800 |
|  Everglades Re Ltd. | Everglades Re Ltd. | Everglades Re Ltd. |
|  17.042% due 05/13/2027 •  | 1650 | 1734 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  3.500% due 07/01/2026 | 5600 | 5528 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.250% due 10/04/2034 | 3600 | 3490 |
|  6.500% due 06/04/2029 | 900 | 917 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 | 6100 | 6113 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  2.450% due 03/15/2031 | 4900 | 4222 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 | 8290 | 7919 |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  8.292% due 01/08/2027 •  | 1400 | 1432 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.330% due 11/25/2025 | 1700 | 1832 |
|  2.386% due 02/17/2026 | 4575 | 4928 |
|  2.900% due 02/16/2028 | 7129 | 6601 |
|  3.250% due 09/15/2025 | 7800 | 8449 |
|  3.375% due 11/13/2025 | 17400 | 17194 |
|  4.000% due 11/13/2030 | 12500 | 11198 |
|  4.134% due 08/04/2025 | 800 | 795 |
|  4.389% due 01/08/2026 | 500 | 497 |
|  4.542% due 08/01/2026 | 9200 | 9085 |
|  4.687% due 06/09/2025 | 2600 | 2597 |
|  5.113% due 05/03/2029 | 7650 | 7378 |
|  5.125% due 06/16/2025 | 32700 | 32679 |
|  5.800% due 03/08/2029 | 57900 | 57362 |
|  5.875% due 11/07/2029 | 9000 | 8907 |
|  5.918% due 03/20/2028 | 13500 | 13566 |
|  6.125% due 03/08/2034 | 1600 | 1536 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.875% due 08/15/2029 | 700 | 718 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 8200 | 7999 |
|  GAIF Bond Issuer Pty. Ltd. | GAIF Bond Issuer Pty. Ltd. | GAIF Bond Issuer Pty. Ltd. |
|  3.400% due 09/30/2026 | 5400 | 5302 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.400% due 04/10/2028 | 1842 | 1706 |
|  5.709% due 05/08/2027 ~ | 12100 | 12152 |
|  Glitner Banki HF | Glitner Banki HF | Glitner Banki HF |
|  0.000% due 12/31/2030 « | 27 | 0 |
|  Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. |
|  2.150% due 08/15/2030 | 5575 | 4834 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 | 400 | 347 |
|  4.000% due 01/15/2030 | 19400 | 18354 |
|  4.000% due 01/15/2031 | 2800 | 2613 |
|  5.300% due 01/15/2029 | 3100 | 3107 |
|  5.375% due 04/15/2026 | 1500 | 1506 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.948% due 10/21/2027 •  | 8600 | 8251 |
|  5.049% due 07/23/2030 •  | 22400 | 22591 |
|  5.207% due 01/28/2031 ~ | 33200 | 33659 |
|  5.425% due 08/10/2026 •  | 29300 | 29394 |
|  5.441% due 01/28/2031 ~ | 33300 | 33471 |
|  5.798% due 08/10/2026 •  | 31500 | 31629 |
|  6.484% due 10/24/2029 •  | 38500 | 40677 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 20700 | 20149 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 10100 | 9817 |
|  Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP |
|  0.904% due 08/12/2025 | 10400 | 10256 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.042% due 04/08/2032 •  | 1300 | 1305 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 9301 | 9309 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  1.250% due 11/19/2027 (n) | 10700 | 9878 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 2590 | 2275 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2028 «(c)(l) | 8900 | 8933 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.070% due 06/07/2030 «(c)(l) | $— | 5800 | $— | 5826 |
|  5.210% due 06/07/2032 «(c)(l) |  | 13900 |  | 13996 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.750% due 09/15/2030 |  | 9455 |  | 8413 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.050% due 03/15/2031 |  | 3100 |  | 2599 |
|  3.100% due 02/15/2030 |  | 2800 |  | 2571 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  11.042% due 03/13/2032 ~ |  | 400 |  | 399 |
|  12.542% due 03/13/2032 ~ |  | 400 |  | 399 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 |  | 600 |  | 536 |
|  4.200% due 04/15/2029 |  | 3600 |  | 3453 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.375% due 12/15/2029 |  | 7600 |  | 7066 |
|  3.500% due 09/15/2030 |  | 2800 |  | 2567 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.899% due 03/03/2029 ~ |  | 2000 |  | 2005 |
|  5.390% due 03/03/2029 ~ |  | 5000 |  | 5010 |
|  5.546% due 03/04/2030 •  |  | 19700 |  | 20135 |
|  5.597% due 05/17/2028 •  |  | 5600 |  | 5693 |
|  5.875% due 09/28/2026 ~(i)(k) |  | 16600 |  | 21335 |
|  5.887% due 08/14/2027 •  | $— | 25600 |  | 26009 |
|  5.929% due 08/14/2027 •  |  | 26300 |  | 26647 |
|  6.254% due 03/09/2034 •  |  | 8550 |  | 9042 |
|  7.390% due 11/03/2028 •  |  | 61500 |  | 65372 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 (n) |  | 24000 |  | 16564 |
|  3.950% due 11/01/2027 |  | 4400 |  | 3896 |
|  4.650% due 04/01/2029 (n) |  | 7300 |  | 5528 |
|  5.950% due 02/15/2028 |  | 11567 |  | 10057 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 •  |  | 25700 |  | 25493 |
|  3.875% due 05/16/2027 •(i)(k) |  | 200 |  | 184 |
|  4.017% due 03/28/2028 •  |  | 7600 |  | 7517 |
|  4.250% due 05/16/2031 •(i)(k) |  | 200 |  | 168 |
|  5.066% due 03/25/2031 ~ |  | 2000 |  | 2008 |
|  5.335% due 03/19/2030 •  |  | 9600 |  | 9782 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  12.282% due 06/06/2027 ~ |  | 250 |  | 250 |
|  14.032% due 06/06/2027 •  |  | 250 |  | 250 |
|  16.532% due 06/06/2028 ~ |  | 700 |  | 705 |
|  29.782% due 06/06/2027 ~ |  | 1300 |  | 1294 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.625% due 09/01/2028 |  | 4400 |  | 4286 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 |  | 3900 |  | 4328 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.300% due 11/15/2028 |  | 3250 |  | 2980 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 |  | 335 |  | 286 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  |  | 25900 |  | 24779 |
|  1.578% due 04/22/2027 •  |  | 9900 |  | 9602 |
|  2.182% due 06/01/2028 •  |  | 56450 |  | 53734 |
|  2.739% due 10/15/2030 •  |  | 5800 |  | 5324 |
|  2.947% due 02/24/2028 •  |  | 39550 |  | 38431 |
|  3.540% due 05/01/2028 •  |  | 2000 |  | 1960 |
|  3.960% due 01/29/2027 •  |  | 6500 |  | 6469 |
|  4.323% due 04/26/2028 •  |  | 1835 |  | 1826 |
|  4.603% due 10/22/2030 •  |  | 25000 |  | 24841 |
|  4.851% due 07/25/2028 •  |  | 7660 |  | 7710 |
|  4.915% due 01/24/2029 ~ |  | 5800 |  | 5856 |
|  4.979% due 07/22/2028 •(n) |  | 18400 |  | 18567 |
|  5.012% due 01/23/2030 •  |  | 39700 |  | 40150 |
|  5.126% due 09/22/2027 ~ |  | 5000 |  | 5020 |
|  5.218% due 10/22/2028 •  |  | 11100 |  | 11156 |
|  5.288% due 07/22/2028 •  |  | 25500 |  | 25618 |
|  5.299% due 07/24/2029 •  |  | 25600 |  | 26126 |
|  5.560% due 01/23/2028 •  |  | 39600 |  | 40051 |
|  6.070% due 10/22/2027 •  |  | 20464 |  | 20951 |
|  6.087% due 10/23/2029 •  |  | 5000 |  | 5236 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.358% due 12/08/2026 •  |  | 27200 |  | 27520 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 |  | 10600 |  | 8410 |
|  2.650% due 11/15/2033 |  | 4800 |  | 3737 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.050% due 02/15/2030 | $— | 6700 | $— | 5966 |
|  4.250% due 08/15/2029 (n) |  | 5549 |  | 5287 |
|  4.375% due 10/01/2025 |  | 900 |  | 898 |
|  4.750% due 12/15/2028 |  | 3300 |  | 3251 |
|  6.250% due 01/15/2036 |  | 6300 |  | 6250 |
|  Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
|  1.900% due 03/01/2028 |  | 3524 |  | 3278 |
|  Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. |
|  7.042% due 04/09/2029 ~ |  | 2434 |  | 2512 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  3.750% due 07/01/2029 |  | 300 |  | 290 |
|  Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
|  4.500% due 02/01/2029 (k) |  | 2500 |  | 2472 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 7000 |  | 6930 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 |  | 9534 |  | 9636 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 41200 |  | 28823 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.375% due 03/22/2028 |  | 2300 |  | 2280 |
|  4.947% due 06/27/2025 ~(i)(k) |  | 1900 |  | 2058 |
|  5.087% due 11/26/2028 •  | $— | 5650 |  | 5708 |
|  5.419% due 11/26/2028 ~ |  | 25400 |  | 25462 |
|  5.462% due 01/05/2028 •  |  | 21600 |  | 21884 |
|  5.985% due 08/07/2027 •  |  | 1100 |  | 1118 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 |  | 7200 |  | 7499 |
|  2.250% due 05/13/2025 |  | 41100 |  | 44408 |
|  3.250% due 11/13/2028 |  | 10900 |  | 11653 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.792% due 05/27/2031 ~ | $— | 2600 |  | 2754 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 |  | 6200 |  | 5175 |
|  2.700% due 09/15/2030 |  | 900 |  | 793 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.550% due 11/08/2027 |  | 3000 |  | 3015 |
|  4.650% due 03/15/2030 |  | 1300 |  | 1303 |
|  5.350% due 11/15/2044 |  | 5000 |  | 4890 |
|  MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding |
|  5.333% due 07/10/2026 ~ |  | 58800 |  | 59238 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  3.450% due 12/18/2026 |  | 17500 |  | 17235 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.640% due 10/13/2027 •  |  | 6200 |  | 5933 |
|  5.197% due 01/16/2031 ~ |  | 15700 |  | 15947 |
|  5.422% due 02/22/2029 •  |  | 18800 |  | 19235 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  |  | 12300 |  | 10593 |
|  2.201% due 07/10/2031 •  |  | 29200 |  | 25534 |
|  5.382% due 07/10/2030 •  |  | 19800 |  | 20216 |
|  5.414% due 09/13/2028 •  |  | 24400 |  | 24880 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ |  | 1000 |  | 693 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.106% due 03/19/2027 •  |  | 9900 |  | 10734 |
|  3.772% due 01/24/2029 •  | $— | 2276 |  | 2227 |
|  3.790% due 03/21/2030 •  |  | 2900 |  | 3201 |
|  4.654% due 10/18/2030 •  | $— | 25700 |  | 25500 |
|  4.679% due 07/17/2026 •  |  | 1711 |  | 1711 |
|  5.042% due 07/19/2030 •  |  | 3100 |  | 3127 |
|  5.123% due 02/01/2029 •  |  | 7400 |  | 7503 |
|  5.173% due 01/16/2030 •  |  | 23841 |  | 24161 |
|  5.449% due 07/20/2029 •  |  | 3400 |  | 3478 |
|  5.652% due 04/13/2028 •  |  | 4700 |  | 4798 |
|  5.656% due 04/18/2030 •  |  | 800 |  | 825 |
|  6.407% due 11/01/2029 •  |  | 33800 |  | 35681 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.447% due 10/15/2027 •  |  | 7600 |  | 7592 |
|  5.040% due 10/15/2027 ~ |  | 20100 |  | 20140 |
|  5.224% due 05/26/2028 •  |  | 25000 |  | 25096 |
|  5.255% due 01/12/2029 •  |  | 16000 |  | 16070 |
|  5.296% due 07/14/2028 •  |  | 59500 |  | 59761 |
|  5.436% due 01/14/2028 •  |  | 11800 |  | 11894 |
|  5.882% due 10/30/2026 |  | 24000 |  | 24537 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 18150 | 17963 |
|  Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding |
|  5.800% due 07/27/2026 | 15800 | 16017 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 6990 | 6059 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  | 34800 | 33482 |
|  5.264% due 11/10/2026 | 15500 | 15745 |
|  6.557% due 10/18/2027 •  | 24075 | 24736 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.032% (T-BILL 3MO + 9.750%)<br>due 04/10/2029 ~(c) | 1100 | 1100 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  | 25900 | 25067 |
|  4.892% due 05/18/2029 •  | 14600 | 14633 |
|  5.583% due 03/01/2028 •  | 20400 | 20748 |
|  5.608% due 03/01/2028 ~ | 18300 | 18467 |
|  5.778% due 03/01/2035 •  | 12900 | 13168 |
|  8.000% due 08/10/2025 •(i)(k) | 1200 | 1207 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 30200 | 28687 |
|  2.000% due 03/09/2026 | 23900 | 23031 |
|  2.450% due 09/15/2028 | 500 | 451 |
|  2.750% due 03/09/2028 | 8550 | 7861 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 44500 | 44150 |
|  2.172% due 07/14/2028 | 1500 | 1385 |
|  2.679% due 07/16/2030 | 9500 | 8474 |
|  5.594% due 07/02/2027 | 11300 | 11520 |
|  5.613% due 07/02/2027 ~ | 12900 | 13015 |
|  5.842% due 01/18/2028 | 13500 | 13869 |
|  6.070% due 07/12/2028 | 12000 | 12457 |
|  6.181% due 01/18/2033 | 6000 | 6310 |
|  Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
|  3.875% due 08/26/2026 | 2850 | 2819 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 | 21990 | 19847 |
|  3.625% due 10/01/2029 | 14300 | 13379 |
|  5.250% due 01/15/2026 | 33800 | 33864 |
|  Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust |
|  4.125% due 02/01/2029 | 4700 | 4597 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.678% due 01/17/2029 ~ | 300 | 326 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 45794 | 32296 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 (n) | 19900 | 20290 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  3.150% due 08/15/2030 | 19300 | 16954 |
|  6.875% due 07/15/2029 | 4800 | 4988 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(l) | 15000 | 16559 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.792% due 01/07/2028 •  | 2200 | 2275 |
|  17.542% due 01/07/2027 •  | 9100 | 9416 |
|  Primerica, Inc. | Primerica, Inc. | Primerica, Inc. |
|  2.800% due 11/19/2031 | 3000 | 2607 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  1.250% due 08/16/2026 | 14000 | 13428 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 15100 | 10553 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.282% due 06/07/2027 •  | 7800 | 8245 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.606% due 01/06/2031 ~ | 300 | 337 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  2.200% due 06/15/2028 | 550 | 512 |
|  3.875% due 04/15/2025 | 2800 | 2799 |
|  3.950% due 08/15/2027 | 1100 | 1088 |
|  4.625% due 11/01/2025 | 6600 | 6598 |
|  4.875% due 06/01/2026 | 6600 | 6622 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.150% due 06/15/2030 | 6300 | 5795 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. |
|  0.000% due 05/30/2025 « (l) | 456 | 589 |
|  RNHB BV | RNHB BV | RNHB BV |
|  0.000% due 01/28/2026 «~ | 1382 | 1485 |
|  0.000% due 07/28/2026 «~ | 2222 | 2303 |
|  0.000% due 01/28/2027 «~ | 1989 | 2127 |
|  0.000% due 03/01/2027 «~ | 1104 | 1186 |
|  0.000% due 10/28/2027 «~ | 1993 | 2131 |
|  0.000% due 04/28/2028 «~ | 992 | 1115 |
|  0.000% due 10/28/2028 «~ | 2125 | 2612 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.100% due 12/10/2029 | 5100 | 5133 |
|  Sanders Re Ltd. | Sanders Re Ltd. | Sanders Re Ltd. |
|  17.292% due 04/09/2029 •  | 17400 | 17310 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 800 | 782 |
|  3.450% due 06/02/2025 | 18700 | 18652 |
|  5.353% due 09/06/2030 •(n) | 15600 | 15541 |
|  5.473% due 03/20/2029 ~ | 5400 | 5432 |
|  5.970% due 03/20/2029 ~ | 25400 | 25522 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 25600 | 26625 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.884% due 07/15/2050 | 24900 | 24291 |
|  2.328% due 07/15/2052 | 12200 | 11369 |
|  Scentre Group Trust | Scentre Group Trust | Scentre Group Trust |
|  3.625% due 01/28/2026 (n) | 7100 | 7040 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | 4100 | 4128 |
|  6.500% due 03/11/2029 | 1500 | 1534 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.488% due 12/14/2026 •  | 25200 | 24621 |
|  1.792% due 06/09/2027 •  | 16000 | 15444 |
|  6.446% due 01/10/2029 •  | 25400 | 26347 |
|  6.447% due 01/12/2027 •  | 31000 | 31382 |
|  6.691% due 01/10/2034 •  | 32100 | 33767 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 | 29800 | 30121 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 11600 | 11311 |
|  6.170% due 01/09/2027 •(n) | 33846 | 34201 |
|  6.187% due 07/06/2027 •  | 1500 | 1526 |
|  6.301% due 01/09/2029 •  | 19800 | 20523 |
|  6.750% due 02/08/2028 •  | 400 | 414 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 (n) | 2000 | 1945 |
|  State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. |
|  4.782% due 11/23/2029 | 4650 | 4695 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 27600 | 26410 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.700% due 12/01/2031 | 600 | 509 |
|  2.750% due 11/18/2030 | 4160 | 3651 |
|  Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners |
|  6.520% due 03/20/2028 «(l) | 9900 | 10003 |
|  6.740% due 03/20/2030 «(l) | 8400 | 8545 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 | 22107 | 20232 |
|  2.472% due 01/14/2029 | 18800 | 17435 |
|  5.240% due 04/15/2030 | 44100 | 44978 |
|  5.520% due 01/13/2028 | 19000 | 19509 |
|  5.880% due 07/13/2026 | 2300 | 2340 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.200% due 03/07/2027 | 10600 | 10750 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.300% due 11/01/2028 | 4900 | 4523 |
|  2.700% due 07/15/2031 | 1800 | 1567 |
|  4.200% due 04/15/2032 | 6300 | 5915 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.400% due 08/22/2025 | 12700 | 12718 |
|  5.625% due 08/23/2027 | 12500 | 12683 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  5.150% due 03/19/2029 | 5450 | 5427 |
|  Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC |
|  5.801% due 10/13/2040 | 21024 | 26737 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  2.800% due 03/10/2027 | 6900 | 6689 |
|  4.568% due 12/17/2026 | 4000 | 4007 |
|  5.156% due 01/10/2028 | 13000 | 13223 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  10.282% due 06/07/2032 •  | 2200 | 2300 |
|  11.532% due 06/07/2027 •  | 1300 | 1367 |
|  13.282% due 06/05/2026 •  | 700 | 728 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.900% due 10/28/2026 •  | 5800 | 5839 |
|  UBS AG | UBS AG | UBS AG |
|  0.250% due 01/05/2026 | 2100 | 2233 |
|  5.650% due 09/11/2028 | 600 | 621 |
|  7.500% due 02/15/2028 | 22400 | 24127 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 ~ | 2000 | 2079 |
|  0.650% due 09/10/2029 | 1200 | 1158 |
|  1.000% due 06/24/2027 ~ | 1500 | 1587 |
|  1.305% due 02/02/2027 •  | 31700 | 30831 |
|  2.125% due 10/13/2026 ~ | 1360 | 1466 |
|  2.125% due 11/15/2029 ~ | 800 | 933 |
|  2.193% due 06/05/2026 •  | 53250 | 53002 |
|  2.250% due 06/09/2028 ~ | 1100 | 1339 |
|  2.875% due 04/02/2032 ~ | 2200 | 2278 |
|  3.091% due 05/14/2032 •  | 3300 | 2939 |
|  3.869% due 01/12/2029 •  | 43400 | 42401 |
|  4.125% due 04/15/2026 | 38200 | 38056 |
|  4.194% due 04/01/2031 •  | 2550 | 2459 |
|  4.253% due 03/23/2028 | 4200 | 4148 |
|  4.282% due 01/09/2028 | 500 | 494 |
|  4.375% due 02/10/2031 •(i)(k)(n) | 2000 | 1718 |
|  4.550% due 04/17/2026 | 5300 | 5303 |
|  4.751% due 05/12/2028 •  | 2800 | 2802 |
|  5.711% due 01/12/2027 •  | 42000 | 42335 |
|  5.959% due 01/12/2034 •  | 19000 | 19774 |
|  6.246% due 09/22/2029 •  | 18900 | 19760 |
|  6.301% due 09/22/2034 •  | 10000 | 10633 |
|  6.327% due 12/22/2027 •  | 42600 | 43760 |
|  6.373% due 07/15/2026 •  | 250 | 251 |
|  6.442% due 08/11/2028 •  | 21900 | 22721 |
|  7.000% due 09/30/2027 ~ | 900 | 1192 |
|  7.750% due 03/01/2029 ~ | 2600 | 3167 |
|  9.016% due 11/15/2033 •  | 19950 | 24386 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  2.569% due 09/22/2026 •  | 13600 | 13451 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.782% due 12/07/2026 ~ | 16800 | 17455 |
|  13.542% due 12/07/2028 •  | 25000 | 26500 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  3.000% due 01/15/2030 | 23000 | 21134 |
|  4.125% due 01/15/2026 | 3000 | 2985 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 18250 | 18263 |
|  4.750% due 04/01/2028 (c) | 8500 | 8523 |
|  5.750% due 04/01/2034 | 2600 | 2616 |
|  Virgin Money U.K. PLC | Virgin Money U.K. PLC | Virgin Money U.K. PLC |
|  4.000% due 09/03/2027 ~ | 2300 | 2927 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 ~ | 4700 | 4796 |
|  2.188% due 04/30/2026 •  | 3329 | 3322 |
|  2.393% due 06/02/2028 •(n) | 20160 | 19244 |
|  3.000% due 10/23/2026 | 4263 | 4170 |
|  3.526% due 03/24/2028 •  | 34900 | 34206 |
|  3.584% due 05/22/2028 •  | 860 | 842 |
|  3.908% due 04/25/2026 •  | 3000 | 2998 |
|  4.808% due 07/25/2028 •  | 7967 | 7994 |
|  4.900% due 01/24/2028 ~ | 6300 | 6337 |
|  5.198% due 01/23/2030 •  | 22400 | 22780 |
|  5.574% due 07/25/2029 •  | 48317 | 49640 |
|  5.707% due 04/22/2028 •  | 18900 | 19315 |
|  6.303% due 10/23/2029 •  | 20600 | 21667 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.250% due 04/01/2026 | 800 | 798 |
|  Windmill Re DAC | Windmill Re DAC | Windmill Re DAC |
|  7.986% due 07/05/2028 ~ | 250 | 275 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.792% due 02/21/2028 ~ | 300 | 300 |
|  14.532% due 02/26/2031 •  | 670 | 709 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.250% due 10/01/2026 | 1700 | 1691 |
|  Yellow Tulip Assetco BV | Yellow Tulip Assetco BV | Yellow Tulip Assetco BV |
|  0.000% due 07/30/2036 « | 4250 | 4690 |
|  Yellow Tulip Bidco BV | Yellow Tulip Bidco BV | Yellow Tulip Bidco BV |
|  0.000% due 07/30/2036 «~ | 4377 | 3767 |
|  |  | 6823898 |
| INDUSTRIALS 6.8% | INDUSTRIALS 6.8% | INDUSTRIALS 6.8% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  1.300% due 02/10/2028 | 4600 | 4186 |
|  1.800% due 02/10/2031 | 6100 | 5059 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 12328 | 11871 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 13000 | 12775 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1124 | 1055 |
|  3.600% due 09/15/2028 | 2861 | 2798 |
|  5.250% due 10/01/2030 | 8409 | 8457 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  4.000% due 01/15/2031 | 1100 | 1029 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 12179 | 12150 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 07/15/2029 | 4000 | 3139 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 2100 | 1869 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 1212 | 1067 |
|  3.000% due 04/15/2030 | 13021 | 12313 |
|  3.150% due 08/15/2033 | 20357 | 18696 |
|  3.200% due 12/15/2029 | 10667 | 10174 |
|  3.250% due 04/15/2030 | 5542 | 5184 |
|  3.350% due 04/15/2031 | 10147 | 9640 |
|  3.375% due 11/01/2028 | 7403 | 7182 |
|  3.500% due 08/15/2033 | 3826 | 3443 |
|  3.575% due 07/15/2029 | 5480 | 5305 |
|  3.600% due 03/22/2029 | 5163 | 5007 |
|  3.650% due 02/15/2029 | 4504 | 4348 |
|  3.650% due 12/15/2029 | 3323 | 3153 |
|  3.700% due 04/01/2028 | 3282 | 3220 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.750% due 04/20/2029 | 8000 | 7835 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.150% due 03/02/2028 | 35060 | 35696 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 | 7500 | 7532 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 22600 | 22502 |
|  4.375% due 12/15/2028 | 28900 | 28160 |
|  6.125% due 11/21/2026 | 36300 | 36987 |
|  6.250% due 01/21/2029 | 43100 | 44698 |
|  6.375% due 11/21/2030 | 40000 | 41904 |
|  6.500% due 11/21/2033 (n) | 7800 | 8199 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 (n) | 8809 | 8588 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  2.220% due 07/01/2028 | 2900 | 2642 |
|  3.080% due 07/01/2051 | 7000 | 4475 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 | 15400 | 15433 |
|  5.141% due 03/19/2027 ~ | 22600 | 22570 |
|  5.281% due 03/21/2028 ~ | 33500 | 33473 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 75579 | 73961 |
|  2.700% due 02/01/2027 | 8125 | 7839 |
|  2.750% due 02/01/2026 | 63290 | 62182 |
|  3.250% due 02/01/2028 | 6700 | 6427 |
|  5.040% due 05/01/2027 | 7968 | 8007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.150% due 05/01/2030 | $— | 30741 | $— | 30948 |
|  6.298% due 05/01/2029 |  | 4500 |  | 4721 |
|  6.388% due 05/01/2031 |  | 8100 |  | 8636 |
|  6.858% due 05/01/2054 |  | 500 |  | 544 |
|  7.008% due 05/01/2064 |  | 1100 |  | 1193 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 678 |  | 609 |
|  3.300% due 06/15/2034 |  | 4672 |  | 4362 |
|  3.350% due 12/15/2030 |  | 3735 |  | 3563 |
|  3.800% due 03/20/2033 |  | 1264 |  | 1222 |
|  4.250% due 05/15/2034 |  | 4656 |  | 4493 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 |  | 145195 |  | 120398 |
|  3.419% due 04/15/2033 |  | 15254 |  | 13587 |
|  4.300% due 11/15/2032 |  | 8280 |  | 7906 |
|  5.050% due 07/12/2027 |  | 2600 |  | 2633 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 1300 |  | 1187 |
|  4.250% due 12/15/2027 |  | 5506 |  | 5377 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  2.250% due 01/15/2029 (n) |  | 1250 |  | 1126 |
|  3.500% due 06/01/2041 |  | 7900 |  | 5477 |
|  3.700% due 04/01/2051 (n) |  | 2200 |  | 1388 |
|  3.850% due 04/01/2061 |  | 2040 |  | 1240 |
|  4.400% due 04/01/2033 (n) |  | 1850 |  | 1673 |
|  4.908% due 07/23/2025 |  | 8620 |  | 8618 |
|  6.100% due 06/01/2029 |  | 6900 |  | 7127 |
|  6.484% due 10/23/2045 |  | 1500 |  | 1427 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 |  | 5090 |  | 4795 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group | Cigna Group |
|  4.375% due 10/15/2028 |  | 1420 |  | 1410 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  0.000% due 10/25/2031 «•  |  | 43000 |  | 42669 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  3.910% due 10/01/2050 |  | 24400 |  | 18084 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  1.375% due 11/01/2027 |  | 12490 |  | 11492 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  3.700% due 12/06/2026 |  | 2800 |  | 2761 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  4.375% due 01/15/2028 |  | 4889 |  | 4793 |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  3.400% due 05/09/2027 |  | 1600 |  | 1566 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.250% due 08/15/2029 |  | 3700 |  | 3456 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  8.353% due 07/10/2031 |  | 132 |  | 144 |
|  Dell International LLC | Dell International LLC | Dell International LLC | Dell International LLC | Dell International LLC |
|  6.020% due 06/15/2026 |  | 6997 |  | 7088 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 |  | 1681 |  | 1571 |
|  Emory University | Emory University | Emory University | Emory University | Emory University |
|  2.143% due 09/01/2030 |  | 7300 |  | 6448 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  1.600% due 10/04/2026 |  | 400 |  | 383 |
|  5.250% due 04/05/2027 |  | 5000 |  | 5064 |
|  5.900% due 11/15/2026 |  | 2300 |  | 2347 |
|  6.000% due 11/15/2028 (n) |  | 21100 |  | 21966 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  2.900% due 05/15/2025 |  | 1500 |  | 1497 |
|  4.950% due 05/15/2028 |  | 4991 |  | 5027 |
|  4.950% due 06/15/2028 (n) |  | 1100 |  | 1108 |
|  5.550% due 05/15/2034 |  | 5250 |  | 5250 |
|  5.700% due 04/01/2035 |  | 2400 |  | 2419 |
|  6.050% due 12/01/2026 |  | 6200 |  | 6337 |
|  6.100% due 12/01/2028 |  | 1500 |  | 1566 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  6.500% due 07/01/2027 |  | 5000 |  | 5135 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 (n) |  | 2430 |  | 2266 |
|  4.625% due 08/01/2027 |  | 5000 |  | 4999 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 |  | 4400 |  | 4070 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  1.150% due 03/01/2026 | 4000 | 3878 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.250% due 03/15/2028 | 600 | 579 |
|  4.300% due 01/15/2029 | 1760 | 1736 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  2.650% due 06/01/2030 | 37580 | 33845 |
|  5.150% due 03/15/2027 | 21500 | 21718 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 05/12/2030 | 17200 | 17064 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  3.250% due 02/12/2032 | 11800 | 9730 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 | 13055 | 12743 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  3.875% due 10/27/2027 | 1417 | 1389 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 9000 | 8718 |
|  2.900% due 05/15/2030 | 8292 | 7521 |
|  3.200% due 08/15/2029 | 5300 | 4964 |
|  Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
|  3.450% due 10/15/2027 | 23200 | 22385 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 14700 | 15114 |
|  6.510% due 02/23/2042 | 800 | 836 |
|  Hamilton College | Hamilton College | Hamilton College |
|  4.750% due 07/01/2113 | 29370 | 24198 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.200% due 06/01/2028 (n) | 10150 | 10277 |
|  5.375% due 09/01/2026 | 26700 | 26851 |
|  5.500% due 06/01/2033 | 5100 | 5121 |
|  5.875% due 02/01/2029 | 1700 | 1752 |
|  Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
|  3.000% due 01/15/2029 | 1349 | 1271 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 10000 | 9136 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.250% due 06/30/2029 | 7600 | 7677 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.650% due 09/17/2026 | 73100 | 70040 |
|  2.100% due 09/15/2028 | 33000 | 30034 |
|  4.850% due 03/25/2027 | 22000 | 22005 |
|  5.250% due 01/08/2027 | 16400 | 16532 |
|  5.300% due 01/08/2029 | 6500 | 6564 |
|  5.353% due 03/25/2027 ~ | 30000 | 29984 |
|  5.500% due 03/30/2026 | 17500 | 17651 |
|  5.511% due 08/04/2025 ~ | 43900 | 43993 |
|  5.950% due 09/21/2026 | 11800 | 12009 |
|  6.000% due 07/11/2025 | 70300 | 70501 |
|  6.250% due 11/03/2025 | 25000 | 25201 |
|  6.500% due 01/16/2029 | 8400 | 8818 |
|  Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
|  5.809% due 05/08/2027 | 1400 | 1430 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 34025 | 33543 |
|  3.875% due 07/26/2029 | 30650 | 29439 |
|  4.250% due 07/21/2025 | 1566 | 1562 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 | 10000 | 10817 |
|  Infor, Inc. | Infor, Inc. | Infor, Inc. |
|  1.750% due 07/15/2025 | 12500 | 12375 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 6300 | 4678 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  1.230% due 10/01/2025 | 8700 | 8541 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 7656 | 6658 |
|  2.950% due 11/15/2029 | 461 | 423 |
|  4.000% due 05/15/2034 | 3802 | 3571 |
|  JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. |
|  4.125% due 05/18/2031 | 6785 | 6094 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
|  5.050% due 03/15/2029 | 4300 | 4358 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 | 1200 | 1213 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | 31300 | 31813 |
|  6.000% due 08/15/2029 | 11300 | 11556 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 13600 | 11699 |
|  Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 |
|  2.050% due 09/15/2030 | 14600 | 12565 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 (n) | 9200 | 10013 |
|  LKQ Corp. | LKQ Corp. | LKQ Corp. |
|  5.750% due 06/15/2028 | 615 | 629 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  3.500% due 10/15/2032 (n) | 7000 | 6245 |
|  5.450% due 09/15/2026 | 16500 | 16687 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 19100 | 19142 |
|  4.600% due 03/01/2028 | 20900 | 20988 |
|  5.000% due 03/01/2032 | 5500 | 5525 |
|  5.200% due 03/01/2035 | 9900 | 9953 |
|  5.650% due 05/01/2045 | 6400 | 6418 |
|  Mather Foundation | Mather Foundation | Mather Foundation |
|  2.675% due 10/01/2031 | 1050 | 894 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 4300 | 4242 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  4.875% due 06/06/2025 | 300 | 299 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 (c) | 3200 | 3203 |
|  Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC |
|  6.500% due 06/20/2027 | 630 | 633 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 | 11770 | 10291 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 | 256 | 251 |
|  4.700% due 04/15/2048 | 7200 | 5897 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(l) | 27600 | 27888 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 10900 | 9673 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  1.875% due 06/22/2025 | 4700 | 4670 |
|  2.700% due 06/22/2030 | 31100 | 27834 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.201% due 09/17/2028 | 3100 | 3279 |
|  3.522% due 09/17/2025 | 122700 | 121422 |
|  4.345% due 09/17/2027 | 132300 | 128709 |
|  4.810% due 09/17/2030 | 41900 | 39824 |
|  NXP BV | NXP BV | NXP BV |
|  2.700% due 05/01/2025 | 4788 | 4780 |
|  3.150% due 05/01/2027 | 4100 | 3984 |
|  3.875% due 06/18/2026 | 37682 | 37357 |
|  5.350% due 03/01/2026 | 13800 | 13867 |
|  OCI NV | OCI NV | OCI NV |
|  6.700% due 03/16/2033 | 5100 | 5440 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.800% due 04/01/2027 | 300 | 291 |
|  6.000% due 08/03/2055 | 5000 | 4997 |
|  6.125% due 08/03/2065 | 8100 | 8095 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  3.218% due 11/15/2050 | 8900 | 5850 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  5.350% due 03/30/2029 | 3600 | 3671 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  10.000% due 02/07/2033 | 13700 | 14282 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  5.125% due 11/17/2027 | 932 | 948 |
|  President & Fellows of Harvard College | President & Fellows of Harvard College | President & Fellows of Harvard College |
|  2.517% due 10/15/2050 | 550 | 338 |
|  Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
|  4.600% due 12/15/2027 | 1700 | 1709 |
|  4.625% due 12/15/2029 | 4100 | 4083 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 3801 | 3644 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 5548 | 5683 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.200% due 09/02/2025 | 11900 | 11717 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.700% due 03/01/2029 | 1900 | 1782 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 29100 | 28575 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  3.800% due 01/08/2026 | 600 | 594 |
|  5.125% due 08/08/2025 | 300 | 300 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  6.875% due 09/19/2033 | 18100 | 19405 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 380 | 366 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  4.911% due 09/01/2027 | 4400 | 4403 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.750% due 03/15/2028 | 7190 | 6641 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 (n) | 6800 | 6528 |
|  9.375% due 11/30/2029 (n) | 8000 | 8544 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 3939 | 3677 |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |
|  5.152% due 09/20/2029 | 29700 | 29778 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.361% due 08/15/2050 | 1400 | 982 |
|  Syngenta Finance NV | Syngenta Finance NV | Syngenta Finance NV |
|  4.892% due 04/24/2025 | 3751 | 3750 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  1.500% due 02/15/2026 | 21400 | 20820 |
|  2.050% due 02/15/2028 | 1000 | 934 |
|  3.875% due 04/15/2030 | 17657 | 16932 |
|  4.200% due 10/01/2029 | 7300 | 7170 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 4635 | 4231 |
|  7.000% due 10/15/2028 | 3900 | 4176 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  0.875% due 01/31/2028 | 13400 | 10613 |
|  1.250% due 01/31/2032 | 7800 | 6135 |
|  2.625% due 01/24/2032 | 7300 | 6879 |
|  4.000% due 04/18/2027 | 1900 | 1532 |
|  4.375% due 01/18/2031 | 6400 | 5121 |
|  4.375% due 07/03/2034 | 700 | 671 |
|  4.625% due 06/04/2046 | 1900 | 1826 |
|  5.500% due 02/11/2041 | 1000 | 975 |
|  6.500% due 02/09/2032 | 900 | 872 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 275 | 287 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 3341 | 3320 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 7902 | 7026 |
|  2.900% due 11/01/2029 | 1320 | 1234 |
|  3.100% due 01/07/2030 | 3783 | 3597 |
|  3.450% due 06/01/2029 | 3662 | 3551 |
|  3.450% due 01/07/2030 | 1502 | 1429 |
|  3.500% due 09/01/2031 | 5426 | 5164 |
|  3.750% due 03/03/2028 | 944 | 931 |
|  4.000% due 10/11/2027 | 1879 | 1857 |
|  4.150% due 02/25/2033 | 9272 | 8891 |
|  4.300% due 02/15/2027 | 718 | 715 |
|  5.450% due 08/15/2038 | 30135 | 30477 |
|  5.800% due 07/15/2037 | 45377 | 46159 |
|  5.875% due 04/15/2029 | 30999 | 31597 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 1900 | 1871 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  6.250% due 01/15/2030 | 13000 | 13203 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 6800 | 6704 |
|  8.125% due 06/01/2028 | 10000 | 10225 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.875% due 02/01/2032 | $| 1400 | 1488 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.250% due 05/15/2029 | GBP | 10000 | 12049 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  4.500% due 05/15/2025 | $| 11358 | 11351 |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  1.800% due 08/15/2028 |  | 3000 | 2736 |
|  4.650% due 05/15/2027 |  | 12010 | 12041 |
|  4.700% due 05/15/2030 |  | 9100 | 9023 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 |  | 3700 | 3612 |
|  4.750% due 11/13/2028 |  | 39500 | 39060 |
|  4.950% due 03/25/2027 |  | 15000 | 15025 |
|  5.050% due 03/27/2028 |  | 22300 | 22298 |
|  5.350% due 03/27/2030 |  | 1800 | 1796 |
|  5.650% due 03/25/2032 |  | 12200 | 12153 |
|  5.700% due 09/12/2026 |  | 6800 | 6883 |
|  6.000% due 11/16/2026 |  | 25950 | 26408 |
|  6.200% due 11/16/2028 |  | 13950 | 14475 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  3.450% due 06/01/2026 |  | 9200 | 9034 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 |  | 4800 | 4683 |
|  Weir Group PLC | Weir Group PLC | Weir Group PLC | Weir Group PLC |
|  2.200% due 05/13/2026 |  | 18700 | 18163 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.200% due 06/15/2025 |  | 5600 | 5578 |
|  4.700% due 09/15/2028 |  | 6100 | 6111 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  3.250% due 11/01/2026 |  | 2400 | 2358 |
|  |  |  | 3075686 |
| UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% |
|  Adani Renewable Energy RJ Ltd. | Adani Renewable Energy RJ Ltd. | Adani Renewable Energy RJ Ltd. | Adani Renewable Energy RJ Ltd. |
|  4.625% due 10/15/2039 |  | 6960 | 5500 |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.950% due 06/01/2028 |  | 5800 | 5687 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 (n) |  | 10600 | 9066 |
|  3.950% due 07/15/2030 |  | 18167 | 17045 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  1.400% due 03/15/2026 |  | 8400 | 8126 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  3.150% due 08/01/2027 |  | 2900 | 2805 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.200% due 10/01/2028 (n) |  | 6600 | 6759 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 |  | 10700 | 9410 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.927% due 08/15/2030 |  | 3200 | 3326 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.250% due 06/01/2025 |  | 9100 | 9072 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  4.950% due 07/01/2027 |  | 900 | 907 |
|  Edison International | Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 |  | 13300 | 13131 |
|  5.750% due 06/15/2027 |  | 4700 | 4747 |
|  EDP Finance BV | EDP Finance BV | EDP Finance BV | EDP Finance BV |
|  1.710% due 01/24/2028 |  | 38300 | 35380 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.700% due 05/23/2028 |  | 5000 | 5135 |
|  6.000% due 04/22/2064 |  | 9200 | 8706 |
|  6.375% due 01/13/2055 |  | 7100 | 7139 |
|  9.125% due 03/15/2033 •(i)(n) |  | 13700 | 15443 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
|  2.875% due 07/12/2041 |  | 2800 | 1916 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 |  | 17400 | 16758 |
|  2.125% due 07/12/2028 |  | 11300 | 10392 |
|  2.500% due 07/12/2031 |  | 800 | 687 |
|  4.625% due 06/15/2027 |  | 35600 | 35578 |
|  5.000% due 06/15/2032 |  | 12900 | 12709 |
|  5.125% due 06/26/2029 |  | 2500 | 2528 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 16400 | 19130 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  2.250% due 06/01/2030 | 2600 | 2314 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  2.750% due 03/15/2027 | 770 | 746 |
|  3.950% due 06/15/2025 | 933 | 932 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 8500 | 8238 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  1.600% due 01/15/2026 | 5500 | 5363 |
|  2.250% due 09/01/2030 | 7000 | 6090 |
|  3.900% due 07/15/2027 | 2000 | 1967 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2013 | 1946 |
|  India Green Power Holdings | India Green Power Holdings | India Green Power Holdings |
|  4.000% due 02/22/2027 | 4766 | 4547 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 6370 | 6067 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
|  2.950% due 05/14/2030 (n) | 20900 | 19084 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  3.550% due 05/15/2027 | 4400 | 4302 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  1.350% due 03/15/2031 | 290 | 239 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  1.950% due 10/01/2030 | 18300 | 15558 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.250% due 06/01/2030 | 46790 | 41409 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 17600 | 17376 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 3200 | 3224 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 49425 | 48999 |
|  4.400% due 10/15/2029 | 32625 | 32058 |
|  4.750% due 10/15/2031 | 20250 | 19858 |
|  5.550% due 11/01/2026 | 2700 | 2737 |
|  5.650% due 11/01/2028 | 7200 | 7418 |
|  5.700% due 11/01/2054 | 11400 | 10678 |
|  6.050% due 09/01/2033 | 36100 | 37604 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 28879 | 27096 |
|  2.500% due 02/01/2031 | 39700 | 34138 |
|  2.950% due 03/01/2026 | 4050 | 3979 |
|  3.150% due 01/01/2026 | 35240 | 34790 |
|  3.250% due 06/01/2031 | 18660 | 16612 |
|  3.300% due 03/15/2027 | 9400 | 9136 |
|  3.300% due 12/01/2027 | 10000 | 9597 |
|  3.300% due 08/01/2040 | 10719 | 7890 |
|  3.450% due 07/01/2025 | 13300 | 13248 |
|  3.500% due 06/15/2025 | 16990 | 16941 |
|  3.500% due 08/01/2050 | 51900 | 34537 |
|  3.750% due 07/01/2028 | 12700 | 12219 |
|  3.950% due 12/01/2047 | 24400 | 17855 |
|  4.200% due 03/01/2029 | 26800 | 25936 |
|  4.400% due 03/01/2032 | 26200 | 24539 |
|  4.500% due 12/15/2041 | 10400 | 8348 |
|  4.550% due 07/01/2030 | 29903 | 28954 |
|  4.650% due 08/01/2028 | 6100 | 6035 |
|  6.100% due 01/15/2029 (n) | 25250 | 26096 |
|  6.400% due 06/15/2033 | 15500 | 16208 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  3.300% due 03/15/2051 | 100 | 66 |
|  5.100% due 02/15/2029 | 1500 | 1529 |
|  5.300% due 02/15/2031 | 15200 | 15518 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ | 46200 | 46436 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  1.900% due 01/15/2031 | 1900 | 1633 |
|  ReNew Wind Energy AP2 | ReNew Wind Energy AP2 | ReNew Wind Energy AP2 |
|  4.500% due 07/14/2028 | 11600 | 10782 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 1299 | 1329 |
|  9.750% due 01/06/2027 | 10474 | 10786 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. |
|  1.850% due 12/01/2030 | 600 | 508 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 2037 | 1734 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.500% due 06/01/2031 | 7760 | 6698 |
|  2.750% due 02/01/2032 | 18550 | 15804 |
|  3.650% due 06/01/2051 | 15000 | 10289 |
|  4.400% due 09/06/2026 | 3600 | 3583 |
|  4.875% due 02/01/2027 | 5100 | 5119 |
|  5.150% due 06/01/2029 | 9300 | 9363 |
|  5.250% due 03/15/2030 | 7500 | 7547 |
|  5.350% due 03/01/2026 | 18600 | 18681 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 | 6830 | 6633 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 | 257 | 253 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  2.140% due 12/09/2025 | 18500 | 18168 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | 18667 | 17445 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  3.850% due 06/01/2025 | 500 | 499 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 19800 | 20023 |
|  5.088% due 05/01/2029 | 10475 | 10544 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  1.375% due 10/15/2027 | 3725 | 3446 |
|  1.800% due 10/15/2030 | 5538 | 4758 |
|  |  | 1189164 |
|  Total Corporate Bonds & Notes<br>(Cost $11,304,663) | Total Corporate Bonds & Notes<br>(Cost $11,304,663) | 11088748 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  2.211% due 06/01/2025 | 4500 | 4484 |
|  2.534% due 06/01/2028 | 5100 | 4847 |
|  2.584% due 06/01/2029 | 3600 | 3367 |
|  2.704% due 06/01/2030 | 5100 | 4707 |
|  California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 |
|  7.500% due 04/01/2034 | 2 | 2 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.487% due 06/01/2036 | 7235 | 5996 |
|  3.850% due 06/01/2050 | 12185 | 11220 |
|  4.214% due 06/01/2050 | 3900 | 2948 |
|  Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 |
|  6.507% due 08/01/2043 | 200 | 219 |
|  University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 |
|  4.858% due 05/15/2112 | 6770 | 5833 |
|  University of California Revenue Bonds, Series 2020 | University of California Revenue Bonds, Series 2020 | University of California Revenue Bonds, Series 2020 |
|  1.316% due 05/15/2027 | 5700 | 5377 |
|  |  | 49000 |
| CONNECTICUT 0.0% | CONNECTICUT 0.0% | CONNECTICUT 0.0% |
|  Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 | Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 | Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 |
|  5.910% due 06/01/2033 | 165 | 177 |
| FLORIDA 0.0% | FLORIDA 0.0% | FLORIDA 0.0% |
|  State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 | State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 | State Board of Administration Finance Corp., Florida Revenue Bonds, Series 2024 |
|  5.526% due 07/01/2034 | 5100 | 5236 |
| GEORGIA 0.1% | GEORGIA 0.1% | GEORGIA 0.1% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 | 48877 | 53675 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 17

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| LOUISIANA 0.0% | LOUISIANA 0.0% | LOUISIANA 0.0% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 | 3300 | 3356 |
|  Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Authority Series 2022 |
|  4.275% due 02/01/2036 | 1600 | 1547 |
|  |  | 4903 |
| NEW YORK 0.2% | NEW YORK 0.2% | NEW YORK 0.2% |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  1.827% due 03/15/2029 | 800 | 734 |
|  2.027% due 03/15/2031 | 23000 | 19979 |
|  2.127% due 03/15/2032 | 23000 | 19546 |
|  2.227% due 03/15/2033 | 23000 | 19170 |
|  2.277% due 03/15/2034 | 19000 | 15880 |
|  |  | 75309 |
| RHODE ISLAND 0.0% | RHODE ISLAND 0.0% | RHODE ISLAND 0.0% |
|  Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 | Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 | Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 |
|  6.060% due 05/15/2035 | 165 | 177 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 |
|  1.329% due 11/01/2025 | 1000 | 982 |
|  1.946% due 11/01/2028 | 2435 | 2253 |
|  2.046% due 11/01/2029 | 1400 | 1272 |
|  2.096% due 11/01/2030 | 1750 | 1555 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 | 58673 | 59494 |
|  5.169% due 04/01/2041 | 34500 | 34910 |
|  |  | 100466 |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  2.951% due 06/01/2031 | 1630 | 1445 |
|  3.401% due 06/01/2034 | 10930 | 9319 |
|  3.501% due 06/01/2035 | 9935 | 8348 |
|  |  | 19112 |
|  Total Municipal Bonds & Notes<br>(Cost $330,966) | Total Municipal Bonds & Notes<br>(Cost $330,966) | 308055 |
| U.S. GOVERNMENT AGENCIES 53.3% | U.S. GOVERNMENT AGENCIES 53.3% | U.S. GOVERNMENT AGENCIES 53.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 02/25/2033 - 11/25/2040 •  | 349 | 306 |
|  0.000% due 03/25/2036 (b)(g) | 554 | 504 |
|  1.616% due 02/25/2037 •(a) | 6 | 0 |
|  1.646% due 06/25/2037 •(a) | 39 | 3 |
|  1.696% due 12/25/2042 •(a) | 784 | 91 |
|  1.796% due 05/25/2037 - 01/25/2040 •(a) | 389 | 28 |
|  1.812% due 03/25/2036 ~(a) | 4621 | 245 |
|  1.846% due 08/25/2042 •(a) | 5090 | 731 |
|  1.926% due 03/25/2037 •(a) | 20 | 2 |
|  2.096% due 07/25/2036 •(a) | 215 | 19 |
|  2.118% due 05/25/2044 ~(a) | 3916 | 233 |
|  2.146% due 12/25/2036 - 06/25/2037 •(a) | 142 | 8 |
|  2.186% due 12/25/2036 •(a) | 74 | 8 |
|  2.196% due 07/25/2037 •(a) | 48 | 6 |
|  2.242% due 01/25/2031 ~(a) | 192749 | 12040 |
|  2.257% due 12/25/2038 ~(a) | 4309 | 294 |
|  2.306% due 05/25/2037 •(a) | 19 | 2 |
|  2.344% due 06/25/2055 ~(a) | 3888 | 230 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.393% due 10/25/2043 •  | $— | 13738 | $— | 13156 |
|  3.000% due 08/25/2040 - 09/01/2057 |  | 49919 |  | 45724 |
|  3.500% due 08/25/2042 |  | 13390 |  | 12570 |
|  4.000% due 07/25/2040 - 01/01/2059 |  | 16067 |  | 15143 |
|  4.045% due 12/01/2029 |  | 8530 |  | 8414 |
|  4.300% due 11/01/2029 |  | 11735 |  | 11707 |
|  4.378% due 03/01/2033 •  |  | 7 |  | 7 |
|  4.500% due 01/25/2035 - 09/25/2041 |  | 70361 |  | 68603 |
|  4.526% due 07/25/2037 •  |  | 36 |  | 35 |
|  4.586% due 03/25/2034 •  |  | 4 |  | 4 |
|  4.596% due 03/25/2036 •  |  | 231 |  | 227 |
|  4.616% due 08/25/2034 •  |  | 3 |  | 3 |
|  4.704% due 04/25/2036 - 05/25/2037 •  |  | 163 |  | 162 |
|  4.704% due 04/25/2037 ~ |  | 265 |  | 263 |
|  4.737% due 12/25/2042 ~ |  | 3548 |  | 3534 |
|  4.754% due 01/25/2033 - 05/25/2048 •  |  | 12901 |  | 12604 |
|  4.754% due 03/25/2036 ~ |  | 38 |  | 38 |
|  4.774% due 11/25/2036 - 06/25/2037 •  |  | 129 |  | 127 |
|  4.804% due 05/25/2034 - 03/25/2044 •  |  | 844 |  | 839 |
|  4.804% due 12/25/2036 - 04/25/2043 ~ |  | 221 |  | 217 |
|  4.814% due 03/25/2037 •  |  | 3 |  | 3 |
|  4.824% due 01/25/2037 •  |  | 161 |  | 159 |
|  4.834% due 07/25/2037 •  |  | 153 |  | 152 |
|  4.854% due 06/25/2029 - 06/25/2047 •  |  | 18059 |  | 17748 |
|  4.854% due 07/25/2034 - 03/25/2040 ~ |  | 614 |  | 609 |
|  4.862% due 04/18/2028 •  |  | 1 |  | 1 |
|  4.864% due 09/25/2035 •  |  | 11 |  | 11 |
|  4.884% due 11/25/2040 •  |  | 1414 |  | 1402 |
|  4.894% due 06/25/2036 ~ |  | 116 |  | 115 |
|  4.904% due 10/25/2030 - 04/25/2047 •  |  | 24736 |  | 24324 |
|  4.904% due 08/25/2037 ~ |  | 192 |  | 191 |
|  4.912% due 10/18/2030 •  |  | 51 |  | 51 |
|  4.914% due 07/25/2036 •  |  | 333 |  | 332 |
|  4.954% due 08/25/2030 - 12/25/2049 •  |  | 26298 |  | 25938 |
|  4.955% due 12/01/2036 •  |  | 7 |  | 7 |
|  4.974% due 10/25/2040 •  |  | 13 |  | 13 |
|  5.000% due 09/18/2027 - 04/25/2035 |  | 238 |  | 239 |
|  5.000% due 04/25/2043 •  |  | 749 |  | 708 |
|  5.004% due 09/25/2041 •  |  | 281 |  | 280 |
|  5.012% due 12/18/2031 •  |  | 10 |  | 10 |
|  5.034% due 08/25/2037 •  |  | 1622 |  | 1618 |
|  5.054% due 06/25/2030 ~ |  | 51 |  | 51 |
|  5.054% due 12/25/2032 - 07/25/2034 •  |  | 475 |  | 475 |
|  5.104% due 03/25/2040 •  |  | 326 |  | 326 |
|  5.124% due 03/25/2038 •  |  | 23 |  | 23 |
|  5.129% due 01/25/2051 •  |  | 22429 |  | 22449 |
|  5.174% due 06/25/2037 •  |  | 54 |  | 54 |
|  5.176% due 10/25/2042 •  |  | 2761 |  | 2776 |
|  5.204% due 04/25/2031 - 02/25/2033 ~ |  | 164 |  | 164 |
|  5.204% due 03/25/2038 - 11/25/2039 •  |  | 66 |  | 66 |
|  5.229% due 12/25/2050 •  |  | 6891 |  | 6873 |
|  5.240% due 09/25/2054 •  |  | 25181 |  | 25196 |
|  5.274% due 02/25/2038 ~ |  | 65 |  | 65 |
|  5.286% due 05/01/2030 •  |  | 1 |  | 1 |
|  5.290% due 01/25/2055 •  |  | 24798 |  | 24872 |
|  5.354% due 04/25/2032 •  |  | 1 |  | 0 |
|  5.354% due 04/25/2032 - 11/25/2033 ~ |  | 446 |  | 449 |
|  5.500% due 08/25/2035 |  | 16 |  | 16 |
|  5.540% due 12/25/2053 - 02/25/2055 •  |  | 50526 |  | 50878 |
|  5.590% due 02/25/2055 •  |  | 33026 |  | 33301 |
|  5.645% due 08/01/2027 •  |  | 2 |  | 2 |
|  5.730% due 08/01/2027 •  |  | 1 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.742% due 09/01/2034 •  | $— | 8 | $— | 8 |
|  5.750% due 12/20/2027 - 08/25/2034 |  | 270 |  | 277 |
|  5.865% due 11/01/2037 •  |  | 3 |  | 3 |
|  5.885% due 06/01/2043 •  |  | 753 |  | 761 |
|  5.886% due 07/01/2042 - 12/01/2044 •  |  | 3231 |  | 3269 |
|  5.895% due 11/01/2031 •  |  | 25 |  | 25 |
|  5.936% due 09/01/2041 •  |  | 1377 |  | 1388 |
|  5.960% due 12/01/2034 •  |  | 7 |  | 7 |
|  6.000% due 05/17/2027 - 10/25/2044 |  | 2802 |  | 2906 |
|  6.010% due 12/01/2034 •  |  | 8 |  | 8 |
|  6.027% due 11/01/2034 •  |  | 46 |  | 46 |
|  6.086% due 10/01/2030 - 10/01/2040 •  |  | 322 |  | 323 |
|  6.118% due 03/01/2035 •  |  | 4 |  | 4 |
|  6.163% due 09/01/2035 •  |  | 236 |  | 238 |
|  6.180% due 11/01/2035 •  |  | 487 |  | 502 |
|  6.187% due 01/01/2035 •  |  | 447 |  | 453 |
|  6.208% due 02/01/2035 •  |  | 322 |  | 326 |
|  6.250% due 02/25/2029 |  | 50 |  | 50 |
|  6.265% due 12/01/2035 •  |  | 7 |  | 7 |
|  6.272% due 01/01/2035 •  |  | 799 |  | 817 |
|  6.288% due 08/01/2035 •  |  | 23 |  | 23 |
|  6.294% due 02/01/2035 •  |  | 53 |  | 54 |
|  6.307% due 12/01/2034 •  |  | 132 |  | 134 |
|  6.309% due 01/01/2036 •  |  | 30 |  | 30 |
|  6.314% due 01/01/2035 •  |  | 318 |  | 321 |
|  6.320% due 02/01/2027 •  |  | 4 |  | 4 |
|  6.323% due 11/01/2034 •  |  | 3 |  | 3 |
|  6.335% due 10/01/2034 •  |  | 199 |  | 200 |
|  6.340% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.357% due 02/01/2035 •  |  | 10 |  | 10 |
|  6.375% due 01/01/2035 •  |  | 9 |  | 9 |
|  6.381% due 12/01/2034 •  |  | 5 |  | 5 |
|  6.397% due 11/01/2035 •  |  | 281 |  | 286 |
|  6.405% due 11/01/2035 •  |  | 42 |  | 43 |
|  6.409% due 04/01/2033 •  |  | 4 |  | 4 |
|  6.410% due 06/01/2035 •  |  | 56 |  | 57 |
|  6.415% due 11/01/2034 •  |  | 62 |  | 63 |
|  6.417% due 02/01/2035 •  |  | 36 |  | 36 |
|  6.420% due 12/01/2034 •  |  | 2 |  | 2 |
|  6.425% due 01/01/2036 •  |  | 41 |  | 42 |
|  6.435% due 12/01/2033 •  |  | 110 |  | 112 |
|  6.478% due 12/01/2035 •  |  | 60 |  | 61 |
|  6.497% due 12/01/2033 •  |  | 43 |  | 44 |
|  6.500% due 07/18/2027 - 06/25/2044 |  | 2954 |  | 3041 |
|  6.504% due 02/01/2035 •  |  | 100 |  | 102 |
|  6.534% due 02/01/2035 •  |  | 399 |  | 405 |
|  6.537% due 11/01/2035 •  |  | 83 |  | 84 |
|  6.540% due 10/01/2035 •  |  | 39 |  | 40 |
|  6.547% due 05/01/2035 •  |  | 19 |  | 20 |
|  6.550% due 03/01/2035 •  |  | 1 |  | 2 |
|  6.563% due 01/01/2035 - 04/01/2035 •  |  | 116 |  | 119 |
|  6.576% due 09/01/2035 •  |  | 10 |  | 10 |
|  6.583% due 11/01/2035 - 12/01/2036 •  |  | 31 |  | 32 |
|  6.606% due 12/01/2033 •  |  | 78 |  | 79 |
|  6.621% due 04/01/2038 •  |  | 1 |  | 1 |
|  6.633% due 12/01/2030 •  |  | 2 |  | 2 |
|  6.653% due 08/25/2037 ~ |  | 16 |  | 16 |
|  6.662% due 03/01/2033 •  |  | 12 |  | 12 |
|  6.673% due 03/01/2034 •  |  | 187 |  | 192 |
|  6.675% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.677% due 12/01/2034 •  |  | 3 |  | 3 |
|  6.678% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.682% due 01/01/2037 •  |  | 4 |  | 4 |
|  6.700% due 05/01/2035 •  |  | 412 |  | 421 |
|  6.712% due 03/01/2034 •  |  | 1 |  | 1 |
|  6.726% due 12/01/2027 •  |  | 24 |  | 24 |
|  6.748% due 03/01/2036 •  |  | 63 |  | 64 |
|  6.797% due 03/01/2036 •  |  | 9 |  | 9 |
|  6.803% due 05/25/2035 ~ |  | 874 |  | 897 |
|  6.803% due 04/01/2036 •  |  | 16 |  | 17 |
|  6.828% due 03/01/2036 •  |  | 74 |  | 75 |
|  6.842% due 01/01/2036 •  |  | 5 |  | 5 |
|  6.850% due 12/01/2026 •  |  | 2 |  | 2 |
|  6.857% due 04/01/2034 •  |  | 10 |  | 11 |
|  6.860% due 03/01/2034 •  |  | 286 |  | 292 |
|  6.875% due 08/01/2027 •  |  | 11 |  | 11 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.876% due 04/01/2027 •  | $— | 3 | $— | 3 |
|  6.897% due 06/01/2035 •  |  | 25 |  | 25 |
|  6.912% due 02/01/2036 •  |  | 48 |  | 49 |
|  6.914% due 09/01/2035 •  |  | 296 |  | 299 |
|  6.925% due 09/01/2034 •  |  | 30 |  | 30 |
|  6.944% due 11/01/2035 •  |  | 124 |  | 127 |
|  6.952% due 11/01/2034 •  |  | 88 |  | 90 |
|  6.971% due 02/01/2036 •  |  | 27 |  | 27 |
|  6.988% due 05/01/2033 •  |  | 4 |  | 5 |
|  7.000% due 12/18/2026 - 01/25/2048 |  | 399 |  | 406 |
|  7.008% due 07/01/2033 •  |  | 1 |  | 1 |
|  7.014% due 05/01/2036 •  |  | 61 |  | 63 |
|  7.019% due 11/01/2035 •  |  | 167 |  | 171 |
|  7.038% due 10/01/2035 •  |  | 31 |  | 31 |
|  7.041% due 11/01/2034 •  |  | 160 |  | 167 |
|  7.125% due 12/01/2025 - 09/01/2036 •  |  | 3 |  | 3 |
|  7.135% due 11/01/2025 •  |  | 1 |  | 1 |
|  7.166% due 05/01/2038 •  |  | 2232 |  | 2319 |
|  7.185% due 08/01/2026 - 07/01/2035 •  |  | 50 |  | 51 |
|  7.200% due 08/01/2035 •  |  | 69 |  | 70 |
|  7.207% due 09/01/2035 •  |  | 2 |  | 2 |
|  7.214% due 09/01/2037 •  |  | 5 |  | 5 |
|  7.220% due 07/01/2026 - 09/01/2035 •  |  | 185 |  | 189 |
|  7.242% due 05/01/2035 •  |  | 282 |  | 288 |
|  7.258% due 09/01/2035 •  |  | 40 |  | 41 |
|  7.260% due 08/01/2033 - 06/01/2035 •  |  | 52 |  | 53 |
|  7.265% due 09/01/2029 - 09/01/2035 •  |  | 115 |  | 116 |
|  7.268% due 11/01/2035 - 05/01/2037 •  |  | 35 |  | 36 |
|  7.277% due 09/01/2033 •  |  | 2 |  | 2 |
|  7.282% due 11/01/2035 •  |  | 74 |  | 75 |
|  7.293% due 06/01/2035 •  |  | 46 |  | 47 |
|  7.300% due 09/01/2034 •  |  | 637 |  | 651 |
|  7.301% due 09/01/2033 •  |  | 8 |  | 8 |
|  7.310% due 08/01/2032 - 07/01/2035 •  |  | 99 |  | 101 |
|  7.315% due 05/01/2035 •  |  | 4 |  | 4 |
|  7.316% due 06/01/2035 •  |  | 608 |  | 626 |
|  7.326% due 04/01/2035 •  |  | 134 |  | 135 |
|  7.353% due 05/01/2034 •  |  | 23 |  | 24 |
|  7.375% due 08/01/2035 •  |  | 75 |  | 77 |
|  7.381% due 08/01/2035 •  |  | 307 |  | 313 |
|  7.383% due 08/01/2035 •  |  | 1 |  | 1 |
|  7.398% due 08/01/2035 •  |  | 117 |  | 119 |
|  7.409% due 10/01/2035 •  |  | 64 |  | 65 |
|  7.410% due 10/01/2034 •  |  | 61 |  | 62 |
|  7.415% due 07/01/2034 •  |  | 2 |  | 2 |
|  7.430% due 07/01/2035 •  |  | 2 |  | 2 |
|  7.435% due 06/01/2034 •  |  | 0 |  | 1 |
|  7.450% due 10/01/2027 •  |  | 8 |  | 8 |
|  7.460% due 05/01/2035 •  |  | 5 |  | 5 |
|  7.487% due 09/01/2035 •  |  | 23 |  | 23 |
|  7.500% due 08/20/2027 - 07/25/2041 |  | 63 |  | 65 |
|  7.500% due 06/19/2041 ~ |  | 6 |  | 6 |
|  7.510% due 09/01/2035 •  |  | 91 |  | 92 |
|  7.522% due 08/01/2035 •  |  | 33 |  | 34 |
|  7.529% due 07/01/2035 •  |  | 30 |  | 30 |
|  7.538% due 06/01/2033 •  |  | 4 |  | 4 |
|  7.564% due 06/01/2035 •  |  | 3 |  | 4 |
|  7.594% due 09/01/2037 •  |  | 1 |  | 1 |
|  7.599% due 05/01/2035 •  |  | 5 |  | 5 |
|  7.787% due 07/01/2035 •  |  | 22 |  | 22 |
|  8.000% due 07/18/2027 - 03/01/2030 |  | 1 |  | 1 |
|  8.500% due 02/17/2027 |  | 8 |  | 9 |
|  Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA | Fannie Mae, TBA |
|  3.000% due 06/01/2040 |  | 599000 |  | 519188 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 02/15/2041 •  |  | 9 |  | 6 |
|  1.537% due 06/15/2042 - 08/15/2042 •(a) |  | 13863 |  | 1412 |
|  1.787% due 02/15/2038 •(a) |  | 76 |  | 5 |
|  1.837% due 05/15/2039 •(a) |  | 116 |  | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.987% due 03/15/2037 •(a) | $— | 95 | $— | 9 |
|  2.000% due 06/15/2052 (a) |  | 319912 |  | 41357 |
|  2.037% due 08/15/2036 •(a) |  | 51 |  | 5 |
|  2.047% due 12/15/2041 •(a) |  | 4834 |  | 658 |
|  2.081% due 11/15/2038 ~(a) |  | 6345 |  | 526 |
|  2.086% due 05/15/2038 ~(a) |  | 469 |  | 37 |
|  2.117% due 09/15/2036 •(a) |  | 70 |  | 7 |
|  2.187% due 11/15/2036 •(a) |  | 2593 |  | 224 |
|  2.211% due 06/15/2039 ~(a) |  | 2536 |  | 196 |
|  2.313% due 10/15/2041 ~(a) |  | 1226 |  | 74 |
|  2.379% due 09/15/2043 - 12/15/2043 •  |  | 6654 |  | 6617 |
|  2.875% due 04/25/2026 |  | 13600 |  | 13415 |
|  2.939% due 04/25/2029 |  | 2600 |  | 2468 |
|  3.000% due 03/01/2027 |  | 1 |  | 1 |
|  3.000% due 08/15/2027 (a) |  | 831 |  | 19 |
|  3.500% due 07/01/2029 - 10/01/2047 |  | 37224 |  | 34612 |
|  3.933% due 05/15/2033 •  |  | 58 |  | 62 |
|  4.000% due 10/01/2033 - 05/01/2048 |  | 33248 |  | 31873 |
|  4.500% due 06/01/2025 - 02/01/2046 |  | 2250 |  | 2217 |
|  4.598% due 08/15/2032 ~ |  | 34 |  | 33 |
|  4.653% due 10/15/2043 •  |  | 23247 |  | 22828 |
|  4.695% due 08/25/2031 •  |  | 52 |  | 55 |
|  4.713% due 07/15/2034 - 05/15/2037 •  |  | 131 |  | 130 |
|  4.713% due 05/15/2036 - 04/15/2037 ~ |  | 325 |  | 321 |
|  4.763% due 08/15/2035 - 02/15/2037 •  |  | 72 |  | 72 |
|  4.783% due 07/15/2034 •  |  | 70 |  | 70 |
|  4.793% due 08/15/2040 - 10/15/2040 •  |  | 13697 |  | 13512 |
|  4.803% due 02/15/2037 •  |  | 6 |  | 6 |
|  4.813% due 12/15/2029-11/15/2043 •  |  | 1717 |  | 1695 |
|  4.813% due 07/15/2036-01/15/2043 ~ |  | 294 |  | 290 |
|  4.863% due 06/15/2031 - 05/15/2041 •  |  | 611 |  | 604 |
|  4.873% due 05/15/2036 •  |  | 183 |  | 182 |
|  4.883% due 11/15/2042 •  |  | 3327 |  | 3309 |
|  4.903% due 08/25/2027 •  |  | 25600 |  | 25606 |
|  4.913% due 11/15/2030 - 12/15/2031 •  |  | 1 |  | 1 |
|  4.943% due 01/25/2036 ~ |  | 1117 |  | 1076 |
|  4.963% due 06/15/2030 - 12/15/2032 •  |  | 14 |  | 14 |
|  4.983% due 01/15/2041 •  |  | 423 |  | 422 |
|  5.000% due 08/15/2034 - 07/01/2040 |  | 1716 |  | 1745 |
|  5.000% due 03/15/2043 •  |  | 298 |  | 283 |
|  5.013% due 02/15/2032 - 03/15/2044 •  |  | 1505 |  | 1501 |
|  5.043% due 05/15/2032 - 07/15/2037 •  |  | 979 |  | 978 |
|  5.053% due 10/15/2037 ~ |  | 239 |  | 238 |
|  5.063% due 12/15/2032 - 11/15/2037 •  |  | 793 |  | 794 |
|  5.093% due 10/15/2037 ~ |  | 318 |  | 318 |
|  5.133% due 08/15/2037 •  |  | 1162 |  | 1162 |
|  5.173% due 10/15/2037 •  |  | 459 |  | 459 |
|  5.183% due 05/15/2037 •  |  | 351 |  | 351 |
|  5.193% due 05/15/2040 •  |  | 7 |  | 7 |
|  5.213% due 08/15/2036 •  |  | 8 |  | 8 |
|  5.229% due 03/15/2050 •  |  | 5721 |  | 5749 |
|  5.280% due 11/25/2054 •  |  | 20434 |  | 20461 |
|  5.313% due 11/15/2039 •  |  | 7 |  | 7 |
|  5.373% due 07/15/2037 •  |  | 102 |  | 103 |
|  5.454% due 05/25/2043 •  |  | 2428 |  | 2469 |
|  5.500% due 05/15/2033 - 03/01/2038 |  | 1127 |  | 1171 |
|  5.540% due 02/25/2055 •  |  | 33263 |  | 33489 |
|  5.835% due 02/25/2045 •  |  | 3806 |  | 3667 |
|  5.950% due 06/15/2028 |  | 1385 |  | 1396 |
|  6.000% due 07/15/2026 - 10/15/2036 |  | 3919 |  | 4063 |
|  6.035% due 07/25/2044 •  |  | 574 |  | 553 |
|  6.097% due 03/01/2035 •  |  | 124 |  | 125 |
|  6.250% due 12/15/2028 |  | 27 |  | 27 |
|  6.320% due 02/01/2037 •  |  | 1 |  | 1 |
|  6.392% due 04/01/2036 •  |  | 65 |  | 67 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.429% due 01/01/2034 •  | $— | 199 | $— | 204 |
|  6.500% due 03/01/2026 - 10/25/2043 |  | 10594 |  | 10825 |
|  6.508% due 03/01/2035 •  |  | 3 |  | 3 |
|  6.519% due 05/01/2035 •  |  | 397 |  | 405 |
|  6.521% due 01/01/2037 •  |  | 10 |  | 10 |
|  6.531% due 11/01/2028 •  |  | 26 |  | 26 |
|  6.684% due 11/01/2035 •  |  | 322 |  | 331 |
|  6.725% due 10/01/2035 •  |  | 1389 |  | 1438 |
|  6.769% due 08/01/2035 •  |  | 2 |  | 2 |
|  6.783% due 02/01/2037 •  |  | 1 |  | 2 |
|  6.816% due 04/01/2036 •  |  | 2 |  | 2 |
|  6.847% due 06/01/2033 •  |  | 23 |  | 24 |
|  6.855% due 05/01/2037 •  |  | 23 |  | 23 |
|  6.870% due 11/01/2035 •  |  | 429 |  | 439 |
|  7.000% due 06/01/2026 - 10/25/2043 |  | 3876 |  | 4032 |
|  7.054% due 10/01/2035 •  |  | 436 |  | 446 |
|  7.068% due 09/01/2035 •  |  | 6 |  | 6 |
|  7.089% due 10/01/2035 •  |  | 569 |  | 584 |
|  7.093% due 02/01/2036 •  |  | 17 |  | 17 |
|  7.118% due 05/01/2037 •  |  | 6 |  | 6 |
|  7.125% due 10/01/2035 •  |  | 16 |  | 16 |
|  7.216% due 09/01/2035 •  |  | 2 |  | 2 |
|  7.245% due 05/01/2036 •  |  | 13 |  | 13 |
|  7.276% due 03/01/2036 •  |  | 4 |  | 4 |
|  7.312% due 09/01/2035 •  |  | 370 |  | 379 |
|  7.316% due 08/01/2035 •  |  | 596 |  | 613 |
|  7.329% due 05/01/2037 •  |  | 1 |  | 1 |
|  7.345% due 08/01/2035 •  |  | 26 |  | 26 |
|  7.356% due 09/01/2035 •  |  | 5 |  | 5 |
|  7.379% due 07/01/2035 •  |  | 238 |  | 243 |
|  7.404% due 07/01/2030 •  |  | 47 |  | 48 |
|  7.427% due 06/01/2035 •  |  | 1610 |  | 1665 |
|  7.428% due 02/01/2026 •  |  | 6 |  | 6 |
|  7.454% due 07/01/2035 •  |  | 236 |  | 241 |
|  7.481% due 08/01/2035 •  |  | 1 |  | 1 |
|  7.482% due 07/01/2027 - 01/01/2028 •  |  | 1 |  | 0 |
|  7.487% due 06/01/2037 •  |  | 1 |  | 1 |
|  7.500% due 09/20/2026 - 10/01/2036 |  | 398 |  | 410 |
|  7.500% due 08/01/2035 •  |  | 3 |  | 3 |
|  7.643% due 07/01/2032 •  |  | 1 |  | 1 |
|  7.647% due 11/01/2034 •  |  | 10 |  | 11 |
|  8.500% due 05/01/2025 - 11/01/2027 |  | 1 |  | 0 |
|  11.861% due 08/15/2037 •  |  | 202 |  | 265 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.500% due 03/15/2043 - 04/20/2052 |  | 53611 |  | 45776 |
|  3.000% due 07/20/2046 - 08/20/2052 |  | 247598 |  | 219430 |
|  3.500% due 10/15/2041 - 03/20/2055 |  | 339399 |  | 311586 |
|  4.000% due 05/20/2041 - 03/15/2052 |  | 70237 |  | 66251 |
|  4.000% due 02/20/2044 (a) |  | 9007 |  | 1008 |
|  4.500% due 08/15/2033 - 11/20/2049 |  | 56261 |  | 54744 |
|  4.625% due 07/20/2025 - 07/20/2034 •  |  | 1176 |  | 1178 |
|  4.640% due 04/20/2063 - 05/20/2063 •  |  | 516 |  | 513 |
|  4.654% due 08/20/2045 •  |  | 2078 |  | 2026 |
|  4.750% due 10/20/2025 - 10/20/2033 •  |  | 436 |  | 436 |
|  4.750% due 07/20/2035 |  | 348 |  | 346 |
|  4.773% due 11/20/2068 ~ |  | 423 |  | 421 |
|  4.787% due 05/20/2047 •  |  | 492 |  | 474 |
|  4.834% due 11/20/2037 ~ |  | 105 |  | 103 |
|  4.844% due 09/20/2052 •  |  | 6753 |  | 6572 |
|  4.844% due 01/20/2072 ~ |  | 53100 |  | 52254 |
|  4.853% due 05/20/2065 •  |  | 663 |  | 662 |
|  4.875% due 04/20/2025 - 04/20/2041 •  |  | 952 |  | 959 |
|  4.883% due 02/20/2067 •  |  | 2103 |  | 2100 |
|  4.884% due 07/20/2049 •  |  | 1415 |  | 1380 |
|  4.890% due 04/20/2065 •  |  | 6 |  | 6 |
|  4.893% due 06/20/2067 •  |  | 1055 |  | 1054 |
|  4.900% due 06/20/2065 •  |  | 3899 |  | 3894 |
|  4.910% due 09/20/2065 •  |  | 4995 |  | 4988 |
|  4.923% due 01/20/2061 - 07/20/2063 •  |  | 908 |  | 907 |
|  4.973% due 05/20/2065 •  |  | 1957 |  | 1952 |
|  4.993% due 04/20/2062 - 06/20/2065 •  |  | 3203 |  | 3194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.994% due 02/20/2074 •  | $— | 16793 | $— | 16723 |
|  5.000% due 04/20/2025 - 08/20/2030 •  |  | 369 |  | 370 |
|  5.000% due 07/15/2033 - 06/20/2050 |  | 2772 |  | 2783 |
|  5.003% due 06/20/2065 •  |  | 1956 |  | 1951 |
|  5.023% due 03/20/2062 - 09/20/2065 •  |  | 7876 |  | 7859 |
|  5.043% due 08/20/2065 •  |  | 18028 |  | 17996 |
|  5.083% due 12/20/2065 •  |  | 7868 |  | 7855 |
|  5.118% due 02/20/2060 •  |  | 143 |  | 144 |
|  5.123% due 04/20/2070 •  |  | 19492 |  | 19424 |
|  5.144% due 01/20/2073 ~ |  | 12098 |  | 12138 |
|  5.170% due 02/20/2060 •  |  | 1207 |  | 1211 |
|  5.173% due 12/20/2065 - 10/20/2066 •  |  | 13229 |  | 13227 |
|  5.214% due 02/20/2073 ~ |  | 55584 |  | 55976 |
|  5.224% due 02/20/2073 ~ |  | 8203 |  | 8258 |
|  5.224% due 03/20/2073 •  |  | 76209 |  | 76725 |
|  5.244% due 01/20/2073 ~ |  | 77394 |  | 77867 |
|  5.273% due 04/20/2066 - 11/20/2066 •  |  | 10621 |  | 10674 |
|  5.314% due 08/20/2073 ~ |  | 16145 |  | 16324 |
|  5.343% due 07/20/2065 •  |  | 535 |  | 536 |
|  5.364% due 12/20/2072 •  |  | 71787 |  | 72783 |
|  5.423% due 01/20/2066 - 03/20/2066 •  |  | 16172 |  | 16281 |
|  5.444% due 06/20/2073 - 11/20/2073 ~ |  | 93627 |  | 95469 |
|  5.473% due 02/20/2066 •  |  | 10392 |  | 10421 |
|  5.484% due 11/20/2072 •  |  | 78865 |  | 80096 |
|  5.500% due 04/20/2025 - 10/20/2025 •  |  | 1 |  | 1 |
|  5.500% due 03/16/2034 |  | 356 |  | 355 |
|  5.573% due 03/20/2066 •  |  | 4143 |  | 4162 |
|  5.656% due 11/20/2067 •  |  | 1988 |  | 2006 |
|  6.000% due 04/15/2028 - 12/20/2041 |  | 534 |  | 554 |
|  6.500% due 04/15/2026 - 09/20/2038 |  | 44 |  | 46 |
|  6.522% due 04/20/2067 •  |  | 4429 |  | 4468 |
|  6.625% due 06/20/2041 •  |  | 2 |  | 2 |
|  6.723% due 06/20/2067 •  |  | 7842 |  | 7926 |
|  7.000% due 10/20/2025 - 10/15/2034 |  | 74 |  | 74 |
|  7.500% due 07/15/2025 - 02/15/2035 |  | 39 |  | 39 |
|  8.000% due 08/20/2025 - 10/20/2031 |  | 71 |  | 74 |
|  8.500% due 06/15/2026 - 04/15/2031 |  | 44 |  | 48 |
|  9.000% due 02/15/2026 - 11/15/2030 |  | 17 |  | 18 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 04/01/2055 - 05/01/2055 |  | 180700 |  | 147806 |
|  2.500% due 04/01/2055 - 05/01/2055 |  | 457450 |  | 390212 |
|  3.000% due 04/01/2055 - 05/01/2055 |  | 516400 |  | 457420 |
|  3.500% due 04/01/2055 - 05/01/2055 |  | 494500 |  | 451772 |
|  4.000% due 04/01/2055 - 05/01/2055 |  | 483600 |  | 452713 |
|  4.500% due 04/01/2055 - 05/01/2055 |  | 410100 |  | 393374 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 531400 |  | 522513 |
|  5.500% due 04/01/2055 - 05/01/2055 |  | 262100 |  | 262489 |
|  6.000% due 05/01/2055 |  | 263000 |  | 266721 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.110% due 08/01/2025 |  | 1 |  | 1 |
|  5.310% due 05/01/2027 |  | 6 |  | 6 |
|  5.320% due 04/01/2027 |  | 7 |  | 7 |
|  5.510% due 11/01/2027 |  | 15 |  | 15 |
|  5.600% due 09/01/2028 |  | 43 |  | 44 |
|  5.780% due 08/01/2027 |  | 1 |  | 1 |
|  5.820% due 07/01/2027 |  | 57 |  | 58 |
|  5.870% due 07/01/2028 |  | 17 |  | 17 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.020% due 08/01/2028 | 16 | 16 |
|  6.070% due 07/01/2026 | 9 | 9 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.000% due 03/01/2026 - 03/01/2052 | 21117 | 16808 |
|  2.500% due 02/01/2040 - 03/01/2040 | 4890 | 4381 |
|  3.000% due 12/01/2025 - 08/01/2052 | 1079682 | 944071 |
|  3.500% due 04/01/2025 - 09/01/2050 | 82852 | 80568 |
|  4.000% due 06/01/2025 - 02/01/2053 | 315783 | 298138 |
|  4.500% due 04/01/2025 - 08/01/2053 | 412825 | 395902 |
|  5.000% due 04/01/2025 - 08/01/2054 | 450253 | 443148 |
|  5.500% due 11/01/2025 - 01/01/2055 | 2607709 | 2608759 |
|  6.000% due 03/01/2026 - 06/01/2054 | 263618 | 269020 |
|  6.500% due 05/01/2027 - 01/01/2054 | 8974 | 9319 |
|  7.500% due 08/01/2026 - 09/01/2030 | 4 | 3 |
|  8.000% due 09/01/2025 - 08/01/2032 | 748 | 772 |
|  8.500% due 05/01/2025 - 09/01/2031 | 180 | 181 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2055 - 05/01/2055 | 97760 | 81296 |
|  3.000% due 04/01/2055 - 05/01/2055 | 4414774 | 3826034 |
|  3.500% due 05/01/2055 | 80500 | 72560 |
|  4.000% due 04/01/2055 - 06/01/2055 | 1678759 | 1562181 |
|  4.500% due 04/01/2040 - 06/01/2055 | 1931752 | 1846610 |
|  5.000% due 05/01/2055 | 3032264 | 2969521 |
|  5.500% due 05/01/2055 | 306000 | 305354 |
|  6.000% due 05/01/2055 - 06/01/2055 | 1892900 | 1919883 |
|  6.500% due 05/01/2055 - 06/01/2055 | 330300 | 340100 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.365% due 01/15/2030 •  | 199 | 204 |
|  Total U.S. Government Agencies<br>(Cost $24,134,745) | Total U.S. Government Agencies<br>(Cost $24,134,745) | 24072609 |
| U.S. TREASURY OBLIGATIONS 14.9% | U.S. TREASURY OBLIGATIONS 14.9% | U.S. TREASURY OBLIGATIONS 14.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (r) | 1602270 | 1041976 |
|  1.375% due 08/15/2050 | 188040 | 95878 |
|  1.750% due 08/15/2041 | 331100 | 224527 |
|  1.875% due 02/15/2041 | 495600 | 347907 |
|  2.000% due 02/15/2050 (p)(r) | 34500 | 20886 |
|  2.250% due 05/15/2041 (p)(r) | 196500 | 145717 |
|  2.250% due 08/15/2049 | 299820 | 193478 |
|  2.375% due 11/15/2049 (p) | 151100 | 100000 |
|  2.750% due 11/15/2042 | 420200 | 326985 |
|  2.875% due 05/15/2043 | 252260 | 198758 |
|  2.875% due 08/15/2045 | 321230 | 246124 |
|  2.875% due 05/15/2049 (p)(r) | 185660 | 136895 |
|  3.000% due 05/15/2042 (p)(r) | 23200 | 18903 |
|  3.000% due 11/15/2044 (p)(r) | 56000 | 44139 |
|  3.000% due 05/15/2045 | 800850 | 628401 |
|  3.000% due 11/15/2045 (p)(r) | 80700 | 63019 |
|  3.000% due 02/15/2048 (p)(r) | 40900 | 31188 |
|  3.000% due 08/15/2048 | 128100 | 97311 |
|  3.000% due 02/15/2049 (p) | 100880 | 76312 |
|  3.125% due 02/15/2043 (p)(r) | 79700 | 65443 |
|  3.125% due 08/15/2044 (p) | 194200 | 156695 |
|  3.125% due 05/15/2048 (p) | 154300 | 120152 |
|  3.250% due 05/15/2042 | 362742 | 306652 |
|  3.375% due 11/15/2048 (p) | 33900 | 27525 |
|  3.625% due 08/15/2043 (p)(r) | 43200 | 37989 |
|  4.250% due 08/15/2054 | 117500 | 110946 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 11/15/2054 | 64200 | 63277 |
|  4.625% due 05/15/2044 | 24700 | 24787 |
|  4.625% due 02/15/2055 | 26400 | 26582 |
|  U.S. Treasury Inflation Protected Securities (h) | U.S. Treasury Inflation Protected Securities (h) | U.S. Treasury Inflation Protected Securities (h) |
|  0.125% due 07/15/2031 (p) | 249798 | 229463 |
|  0.125% due 01/15/2032 (p) | 209787 | 189949 |
|  0.125% due 02/15/2051 | 734752 | 423068 |
|  0.125% due 02/15/2052 | 87394 | 49557 |
|  0.250% due 02/15/2050 | 142437 | 87064 |
|  0.625% due 02/15/2043 | 829 | 638 |
|  0.750% due 02/15/2045 | 187205 | 142211 |
|  0.875% due 02/15/2047 | 107757 | 81641 |
|  1.000% due 02/15/2046 | 84983 | 67107 |
|  1.000% due 02/15/2049 | 10981 | 8365 |
|  1.375% due 02/15/2044 | 15672 | 13656 |
|  1.500% due 02/15/2053 | 207955 | 173205 |
|  2.125% due 02/15/2054 | 139901 | 134357 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 11/15/2034 | 52600 | 52764 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2041 (a) | 26600 | 12620 |
|  0.000% due 05/15/2041 (a) | 25400 | 11882 |
|  0.000% due 08/15/2041 (a) | 26300 | 12130 |
|  0.000% due 11/15/2041 (a) | 27800 | 12649 |
|  0.000% due 08/15/2042 (a) | 96900 | 42351 |
|  Total U.S. Treasury Obligations<br>(Cost $8,660,774) | Total U.S. Treasury Obligations<br>(Cost $8,660,774) | 6723129 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 20.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.3% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 22000 | 21626 |
|  1345 Avenue of the Americas & Park Avenue Plaza Trust | 1345 Avenue of the Americas & Park Avenue Plaza Trust | 1345 Avenue of the Americas & Park Avenue Plaza Trust |
|  5.278% due 08/10/2035 | 511 | 509 |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  3.597% due 02/10/2036 | 31607 | 29897 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.910% due 09/25/2035 •  | 831 | 715 |
|  4.054% due 01/25/2036 ~ | 190 | 169 |
|  4.675% due 08/25/2036 •  | 10418 | 3529 |
|  4.975% due 11/25/2035 •  | 7 | 6 |
|  5.216% due 11/25/2035 •  | 131 | 92 |
|  5.538% due 10/25/2035 •  | 249 | 232 |
|  5.547% due 03/25/2036 ~ | 111 | 56 |
|  5.585% due 03/25/2035 •  | 2307 | 2011 |
|  5.837% due 09/25/2035 ~ | 44 | 39 |
|  6.098% due 07/25/2035 •  | 249 | 233 |
|  6.337% due 01/25/2036 •  | 886 | 633 |
|  7.102% due 08/25/2035 •  | 124 | 123 |
|  7.625% due 11/25/2035 •  | 46 | 45 |
|  9.250% due 07/25/2035 •  | 5 | 5 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.584% due 11/25/2035 •  | 1900 | 1273 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.795% due 12/25/2046 •  | 428 | 359 |
|  6.440% due 12/25/2035 •  | 1194 | 401 |
|  6.440% due 11/25/2045 ~ | 2724 | 1019 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 7800 | 7105 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 3847 | 3833 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.010% due 10/15/2027 « | 547 | 150 |
|  2.627% due 01/15/2032 | 4200 | 3760 |
|  2.847% due 04/20/2042 «•  | 36960 | 28097 |
|  3.110% due 04/25/2050 « | 35935 | 34317 |
|  3.110% due 08/25/2052 « | 12000 | 10368 |
|  3.819% due 07/14/2037 | 5000 | 4758 |
|  4.091% due 08/10/2038 •  | 5681 | 5507 |
|  4.115% due 05/25/2056 •  | 12379 | 8172 |
|  4.115% due 05/25/2056 ~ | 303031 | 290416 |
|  4.444% due 11/15/2046 «~ | 95692 | 93945 |
|  4.444% due 08/15/2053 «~ | 35100 | 29632 |
|  7.782% due 10/15/2027 «•(l) | 49980 | 48210 |
|  8.176% due 10/15/2027 «~ | 98497 | 98494 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 11/25/2035 | $— | 206 | $— | 180 |
|  6.000% due 07/25/2046 |  | 562 |  | 487 |
|  Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust |
|  3.705% due 09/15/2048 |  | 30450 |  | 30236 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 •  |  | 76 |  | 70 |
|  3.512% due 10/20/2046 ~ |  | 789 |  | 673 |
|  4.485% due 03/20/2036 •  |  | 65 |  | 57 |
|  4.535% due 04/25/2037 •  |  | 111 |  | 93 |
|  4.622% due 10/20/2046 ~ |  | 836 |  | 705 |
|  4.814% due 10/20/2036 ~ |  | 5086 |  | 3905 |
|  4.814% due 12/20/2046 ~ |  | 599 |  | 534 |
|  4.825% due 09/20/2047 ~ |  | 1236 |  | 1081 |
|  4.855% due 04/25/2037 •  |  | 951 |  | 794 |
|  4.927% due 02/20/2036 ~ |  | 882 |  | 787 |
|  4.940% due 09/20/2046 •  |  | 630 |  | 567 |
|  5.014% due 05/20/2035 •  |  | 225 |  | 206 |
|  5.109% due 01/20/2047 ~ |  | 24 |  | 20 |
|  5.235% due 05/25/2037 ~ |  | 2006 |  | 1707 |
|  5.460% due 05/20/2036 ~ |  | 268 |  | 231 |
|  5.482% due 04/20/2036 •  |  | 792 |  | 694 |
|  5.500% due 09/25/2034 |  | 791 |  | 756 |
|  5.697% due 05/25/2035 ~ |  | 9 |  | 9 |
|  5.750% due 10/25/2035 |  | 698 |  | 577 |
|  5.750% due 09/25/2036 |  | 383 |  | 353 |
|  6.000% due 09/25/2036 |  | 1219 |  | 1204 |
|  6.000% due 09/25/2036 •  |  | 68 |  | 58 |
|  6.000% due 03/25/2037 |  | 2800 |  | 2193 |
|  6.000% due 08/25/2037 |  | 2453 |  | 2000 |
|  6.253% due 10/25/2036 þ |  | 200 |  | 175 |
|  6.337% due 01/25/2037 þ |  | 198 |  | 183 |
|  6.388% due 04/25/2037 þ |  | 658 |  | 563 |
|  6.629% due 11/20/2034 ~ |  | 909 |  | 890 |
|  7.621% due 09/20/2034 •  |  | 15 |  | 13 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.125% due 02/25/2035 •  |  | 73 |  | 71 |
|  5.125% due 02/25/2035 ~ |  | 137 |  | 133 |
|  5.500% due 05/25/2037 |  | 179 |  | 136 |
|  5.671% due 11/25/2035 •  |  | 111 |  | 98 |
|  5.686% due 01/25/2036 •  |  | 508 |  | 458 |
|  5.691% due 07/25/2035 •  |  | 43 |  | 40 |
|  5.750% due 07/20/2032 ~ |  | 9 |  | 9 |
|  5.899% due 08/25/2035 ~ |  | 115 |  | 110 |
|  5.899% due 08/25/2035 •  |  | 918 |  | 877 |
|  6.000% due 07/25/2046 •  |  | 296 |  | 256 |
|  6.326% due 07/25/2035 ~ |  | 609 |  | 506 |
|  6.362% due 07/25/2035 •  |  | 124 |  | 119 |
|  6.411% due 05/25/2034 •  |  | 54 |  | 53 |
|  6.608% due 07/25/2034 •  |  | 21 |  | 20 |
|  6.870% due 05/25/2033 •  |  | 1 |  | 1 |
|  6.937% due 02/25/2035 •  |  | 149 |  | 145 |
|  7.424% due 09/25/2033 •  |  | 143 |  | 136 |
|  BANK | BANK | BANK | BANK | BANK |
|  2.403% due 03/15/2063 |  | 54030 |  | 47998 |
|  2.649% due 01/15/2063 |  | 76897 |  | 69127 |
|  2.920% due 12/15/2052 |  | 26900 |  | 24668 |
|  3.071% due 08/15/2061 |  | 2827 |  | 2739 |
|  3.183% due 08/15/2061 |  | 25500 |  | 23614 |
|  3.393% due 03/15/2064 •  |  | 38300 |  | 34702 |
|  3.488% due 11/15/2050 |  | 6400 |  | 6083 |
|  4.005% due 02/15/2052 |  | 17268 |  | 16715 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  2.595% due 02/15/2053 |  | 2913 |  | 2786 |
|  2.639% due 02/15/2053 |  | 8250 |  | 7452 |
|  4.314% due 12/15/2051 |  | 7000 |  | 6902 |
|  4.600% due 06/15/2055 •  |  | 5000 |  | 4896 |
|  5.617% due 07/15/2037 •  |  | 10923 |  | 10805 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  0.000% due 03/25/2064 •  |  | 1 |  | 1 |
|  8.138% due 03/25/2064 •  |  | 40385 |  | 41612 |
|  Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC |
|  0.000% due 11/16/2062 (g) |  | 12152 |  | 11050 |
|  5.479% due 11/16/2062 •  |  | 168079 |  | 217728 |
|  6.379% (SONIO/N + 1.900%) due 11/16/2062 ~ |  | 14894 |  | 19528 |
|  6.879% (SONIO/N + 2.400%) due 11/16/2062 ~ |  | 7434 |  | 9808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.679% due 11/16/2062 •  |  | 4964 | $— | 6539 |
|  8.979% (SONIO/N + 4.500%) due 11/16/2062 ~ |  | 2494 |  | 3275 |
|  10.479% (SONIO/N + 6.000%) due 11/16/2062 ~ |  | 2470 |  | 3264 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 •  | $— | 36294 |  | 30997 |
|  5.000% due 10/25/2051 •  |  | 403 |  | 375 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.973% due 07/26/2036 ~ |  | 339 |  | 300 |
|  4.312% due 08/26/2036 •  |  | 6045 |  | 4055 |
|  4.452% due 03/26/2037 þ |  | 2999 |  | 2971 |
|  4.589% due 01/26/2047 •  |  | 2345 |  | 2309 |
|  4.775% due 03/26/2037 •  |  | 1035 |  | 848 |
|  4.855% due 05/25/2047 ~ |  | 30 |  | 28 |
|  4.875% due 05/25/2047 ~ |  | 3159 |  | 2899 |
|  5.250% due 06/26/2036 |  | 28659 |  | 10584 |
|  5.250% due 04/26/2037 |  | 9527 |  | 5317 |
|  5.250% due 04/26/2037 ~ |  | 2581 |  | 2294 |
|  5.250% due 06/26/2037 |  | 691 |  | 608 |
|  5.500% due 11/25/2034 |  | 1243 |  | 1074 |
|  5.826% due 05/26/2036 •  |  | 1641 |  | 1019 |
|  6.000% due 10/26/2037 •  |  | 1222 |  | 831 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  0.000% due 10/25/2034 ~ |  | 6 |  | 4 |
|  3.250% due 02/25/2033 •  |  | 7 |  | 6 |
|  4.000% due 05/25/2034 ~ |  | 1 |  | 1 |
|  4.210% due 09/25/2034 ~ |  | 201 |  | 182 |
|  4.321% due 05/25/2047 ~ |  | 4973 |  | 4493 |
|  4.429% due 06/25/2047 ~ |  | 7397 |  | 6507 |
|  4.526% due 02/25/2036 •  |  | 1806 |  | 1660 |
|  4.732% due 02/25/2036 •  |  | 31 |  | 22 |
|  4.855% due 03/25/2035 •  |  | 658 |  | 605 |
|  4.913% due 11/25/2030 •  |  | 336 |  | 333 |
|  5.125% due 01/25/2035 ~ |  | 119 |  | 103 |
|  5.172% due 01/25/2035 •  |  | 23 |  | 23 |
|  5.239% due 07/25/2034 ~ |  | 25 |  | 23 |
|  5.239% due 07/25/2034 •  |  | 22 |  | 21 |
|  5.253% due 08/25/2033 •  |  | 3 |  | 3 |
|  5.366% due 04/25/2034 ~ |  | 335 |  | 300 |
|  5.416% due 08/25/2035 •  |  | 1296 |  | 1208 |
|  5.852% due 02/25/2034 •  |  | 149 |  | 140 |
|  5.876% due 02/25/2047 •  |  | 1094 |  | 966 |
|  5.954% due 01/25/2034 •  |  | 487 |  | 468 |
|  5.967% due 11/25/2034 ~ |  | 625 |  | 577 |
|  6.091% due 07/25/2034 ~ |  | 25 |  | 25 |
|  6.300% due 06/25/2035 •  |  | 15 |  | 14 |
|  6.500% due 01/25/2034 •  |  | 5 |  | 5 |
|  6.530% due 02/25/2036 •  |  | 592 |  | 563 |
|  6.574% due 04/25/2033 •  |  | 7 |  | 7 |
|  6.625% due 04/25/2033 •  |  | 89 |  | 90 |
|  6.631% due 10/25/2035 •  |  | 4656 |  | 4614 |
|  6.715% due 05/25/2033 •  |  | 139 |  | 132 |
|  6.948% due 01/25/2034 •  |  | 349 |  | 349 |
|  7.080% due 10/25/2035 ~ |  | 2044 |  | 1945 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.250% due 02/25/2034 •  |  | 10 |  | 9 |
|  4.055% due 03/25/2036 ~ |  | 3048 |  | 2466 |
|  4.259% due 08/25/2036 ~ |  | 3178 |  | 2143 |
|  4.333% due 04/25/2035 •  |  | 1 |  | 1 |
|  4.346% due 11/25/2036 •  |  | 2623 |  | 1209 |
|  4.358% due 11/25/2035 ~ |  | 2089 |  | 1133 |
|  4.488% due 03/25/2036 ~ |  | 1454 |  | 1181 |
|  4.536% due 08/25/2036 •  |  | 36 |  | 17 |
|  4.593% due 02/25/2036 •  |  | 412 |  | 289 |
|  4.639% due 11/25/2036 •  |  | 521 |  | 302 |
|  4.676% due 11/25/2036 •  |  | 1407 |  | 729 |
|  4.690% due 05/25/2036 •  |  | 3714 |  | 1781 |
|  4.755% due 02/25/2034 ~ |  | 516 |  | 487 |
|  4.755% due 08/25/2036 ~ |  | 4329 |  | 3685 |
|  4.755% due 01/25/2047 •  |  | 1568 |  | 1327 |
|  4.775% due 08/25/2036 •  |  | 8331 |  | 7454 |
|  4.798% due 05/25/2036 •  |  | 3365 |  | 1422 |
|  4.821% due 03/25/2036 •  |  | 5360 |  | 3132 |
|  4.835% due 02/25/2034 ~ |  | 7 |  | 7 |
|  4.915% due 02/25/2036 •  |  | 498 |  | 472 |
|  4.923% due 09/25/2034 •  |  | 81 |  | 73 |
|  5.023% due 07/25/2035 •  |  | 4314 |  | 2942 |
|  5.043% due 09/25/2035 •  |  | 9362 |  | 5431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.218% due 01/25/2035 ~ | $— | 1382 | $— | 1168 |
|  5.248% due 02/25/2034 •  |  | 437 |  | 417 |
|  5.449% due 01/25/2036 ~ |  | 2120 |  | 2007 |
|  5.564% due 05/25/2035 •  |  | 123 |  | 117 |
|  5.564% due 05/25/2035 ~ |  | 11426 |  | 10884 |
|  5.582% due 12/25/2046 •  |  | 156 |  | 111 |
|  6.229% due 08/25/2034 •  |  | 12 |  | 12 |
|  6.653% due 12/25/2033 •  |  | 212 |  | 206 |
|  6.943% due 05/25/2035 ~ |  | 35 |  | 34 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.835% due 11/25/2034 •  |  | 614 |  | 520 |
|  5.500% due 01/25/2034 þ |  | 14 |  | 12 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.595% due 12/25/2046 ~ |  | 10436 |  | 9308 |
|  Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. | Bear Stearns Mortgage Securities, Inc. |
|  5.892% due 06/25/2030 •  |  | 1 |  | 1 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  |  | 868 |  | 675 |
|  5.116% due 01/26/2036 ~ |  | 674 |  | 482 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.484% due 03/15/2036 •  |  | 700 |  | 635 |
|  5.620% due 02/15/2037 •  |  | 17000 |  | 15187 |
|  BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust |
|  4.931% due 05/20/2045 ~ |  | 7 |  | 5 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.700% due 02/15/2053 |  | 9343 |  | 8930 |
|  3.458% due 03/15/2055 |  | 34330 |  | 31146 |
|  4.016% due 03/15/2052 |  | 32609 |  | 31451 |
|  4.232% due 01/15/2052 |  | 36036 |  | 34961 |
|  4.443% due 05/15/2055 ~ |  | 36500 |  | 34984 |
|  Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. | Beneria Cowen & Pritzer Collateral Funding Corp. |
|  5.233% due 06/15/2038 •  |  | 17400 |  | 15764 |
|  BFLD Trust | BFLD Trust | BFLD Trust | BFLD Trust | BFLD Trust |
|  5.584% due 10/15/2035 ~ |  | 14300 |  | 11240 |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.661% due 02/15/2039 ~ |  | 8078 |  | 8036 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ |  | 11612 |  | 11270 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.384% due 08/15/2038 •  |  | 4853 |  | 4629 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.684% due 09/15/2036 •  |  | 4740 |  | 4535 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  3.202% due 12/09/2041 |  | 3681 |  | 3403 |
|  5.068% due 04/15/2039 •  |  | 23901 |  | 23735 |
|  5.133% due 01/15/2034 •  |  | 1295 |  | 1291 |
|  5.163% due 10/15/2036 •  |  | 25107 |  | 24916 |
|  Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
|  2.874% due 11/15/2052 |  | 7900 |  | 7207 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 |  | 5207 |  | 5031 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  |  | 12759 |  | 11504 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.551% due 03/25/2037 •  |  | 54 |  | 51 |
|  4.648% due 01/25/2036 •  |  | 2605 |  | 2361 |
|  4.738% due 09/25/2036 ~ |  | 169 |  | 153 |
|  4.790% due 12/25/2035 •  |  | 673 |  | 593 |
|  4.953% due 12/25/2035 •  |  | 3114 |  | 2955 |
|  4.953% due 12/25/2035 ~ |  | 1679 |  | 1593 |
|  5.089% due 03/25/2037 •  |  | 1372 |  | 1329 |
|  5.500% due 03/25/2037 |  | 20 |  | 1 |
|  5.707% due 09/25/2036 •  |  | 20 |  | 17 |
|  5.745% due 02/25/2037 •  |  | 648 |  | 638 |
|  5.986% due 02/25/2037 ~ |  | 100 |  | 99 |
|  6.000% due 11/25/2036 |  | 1054 |  | 421 |
|  6.000% due 02/25/2037 |  | 547 |  | 212 |
|  6.000% due 03/25/2037 |  | 506 |  | 274 |
|  6.583% due 02/25/2037 •  |  | 4 |  | 3 |
|  6.667% due 02/25/2037 ~ |  | 70 |  | 68 |
|  6.694% due 02/25/2037 •  |  | 5 |  | 5 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.935% due 06/25/2035 •  |  | 1312 |  | 553 |
|  5.000% due 07/25/2037 |  | 1040 |  | 339 |
|  6.000% due 02/25/2037 |  | 1260 |  | 434 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.270% due 08/25/2037 þ | 514 | 411 |
|  4.735% due 08/25/2037 •  | 2951 | 2718 |
|  5.115% due 08/25/2037 •  | 3017 | 2827 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.585% due 01/25/2036 ~ | 180 | 171 |
|  4.615% due 05/25/2036 •  | 279 | 265 |
|  4.615% due 07/25/2036 •  | 173 | 162 |
|  4.685% due 08/25/2035 •  | 91 | 87 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  5.500% due 02/25/2026 | 6 | 6 |
|  6.000% due 08/25/2036 | 204 | 187 |
|  6.000% due 04/25/2037 | 3448 | 3269 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.209% due 05/10/2049 | 17500 | 17176 |
|  3.778% due 09/10/2058 | 21895 | 21725 |
|  4.579% due 05/15/2054 ~ | 36400 | 35864 |
|  5.614% due 10/15/2036 •  | 7400 | 7364 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  4.935% due 05/25/2032 ~ | 24 | 24 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 10/25/2054 ~ | 24937 | 26333 |
|  0.000% due 02/25/2058 ~(a) | 3681 | 0 |
|  0.000% due 02/25/2058 •  | 32 | 25 |
|  0.000% due 02/25/2058 •(a) | 18715 | 1 |
|  0.000% due 02/25/2063 •  | 351706 | 288957 |
|  0.000% due 09/25/2064 •  | 148998 | 128818 |
|  0.110% due 02/25/2058 •(a) | 16004 | 76 |
|  0.450% due 02/25/2058 ~(a) | 16004 | 247 |
|  3.500% due 02/25/2058 ~ | 3160 | 2209 |
|  3.500% due 02/25/2058 •  | 11019 | 8891 |
|  4.121% due 10/25/2046 •  | 883 | 777 |
|  4.399% due 12/25/2035 ~ | 803 | 496 |
|  4.426% due 09/25/2064 ~ | 28341 | 23985 |
|  4.505% due 01/25/2037 •  | 161 | 142 |
|  4.660% due 05/25/2035 •  | 184 | 177 |
|  4.775% due 03/25/2037 •  | 708 | 617 |
|  4.841% due 04/25/2037 •  | 599 | 533 |
|  5.235% due 08/25/2035 •  | 245 | 238 |
|  5.451% due 08/25/2035 ~ | 1269 | 1126 |
|  5.500% due 11/25/2035 | 420 | 422 |
|  5.607% due 07/25/2046 •  | 1574 | 1482 |
|  6.210% due 08/25/2035 •  | 1900 | 1805 |
|  6.250% due 11/25/2037 •  | 2329 | 969 |
|  6.743% due 02/25/2034 •  | 47 | 47 |
|  6.830% due 09/25/2035 •  | 64 | 63 |
|  7.230% due 10/25/2035 ~ | 1957 | 2028 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  5.263% due 09/25/2035 •  | 5534 | 4899 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 09/25/2036 | 178 | 163 |
|  6.000% due 06/25/2037 | 386 | 335 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 1674 | 1655 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  2.950% due 08/15/2057 | 7700 | 7075 |
|  3.091% due 10/10/2049 | 10964 | 10576 |
|  3.510% due 09/10/2050 | 19203 | 18606 |
|  3.545% due 02/10/2036 | 40182 | 39408 |
|  4.228% due 05/10/2051 | 45152 | 43904 |
|  Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust |
|  4.500% due 04/01/2029 | 62 | 62 |
|  Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust | Countrywide Alternative Loan Resecuritization Trust |
|  6.000% due 05/25/2036 | 752 | 424 |
|  6.000% due 08/25/2037 •  | 984 | 461 |
|  14.584% due 08/25/2037 ~ | 994 | 444 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.624% due 09/20/2046 ~ | 426 | 436 |
|  4.635% due 04/25/2047 •  | 3073 | 3016 |
|  4.785% due 05/25/2036 •  | 2022 | 786 |
|  4.785% due 08/25/2036 ~ | 933 | 376 |
|  4.785% due 05/25/2037 ~ | 115 | 36 |
|  4.795% due 11/25/2036 ~ | 3149 | 3992 |
|  4.815% due 07/25/2046 ~ | 351 | 369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.815% due 09/25/2046 •  | $— | 3475 | $— | 3366 |
|  4.825% due 02/25/2037 •  |  | 4888 |  | 4310 |
|  4.855% due 05/25/2035 ~ |  | 46 |  | 44 |
|  4.855% due 07/25/2046 ~ |  | 97 |  | 87 |
|  4.894% due 07/20/2035 •  |  | 14 |  | 14 |
|  4.895% due 11/25/2035 •  |  | 329 |  | 306 |
|  4.902% due 10/25/2035 •  |  | 60 |  | 45 |
|  4.935% due 04/25/2036 •  |  | 5222 |  | 1838 |
|  4.935% due 09/25/2046 •  |  | 904 |  | 727 |
|  4.935% due 10/25/2046 •  |  | 65 |  | 50 |
|  4.955% due 12/25/2035 •  |  | 353 |  | 321 |
|  4.955% due 07/25/2036 •  |  | 10851 |  | 9309 |
|  4.955% due 07/25/2046 ~ |  | 418 |  | 297 |
|  4.975% due 01/25/2036 ~ |  | 212 |  | 192 |
|  4.985% due 08/25/2034 •  |  | 7 |  | 7 |
|  4.985% due 10/25/2036 ~ |  | 1560 |  | 706 |
|  4.995% due 12/25/2035 •  |  | 14 |  | 13 |
|  5.015% due 06/25/2034 •  |  | 759 |  | 739 |
|  5.015% due 02/25/2036 •  |  | 845 |  | 766 |
|  5.034% due 11/20/2035 •  |  | 6 |  | 5 |
|  5.095% due 09/25/2035 ~ |  | 240 |  | 179 |
|  5.115% due 10/25/2035 ~ |  | 1056 |  | 609 |
|  5.135% due 10/25/2035 •  |  | 555 |  | 364 |
|  5.235% due 12/25/2035 •  |  | 657 |  | 557 |
|  5.250% due 06/25/2035 |  | 213 |  | 160 |
|  5.500% due 07/25/2035 |  | 1038 |  | 529 |
|  5.500% due 11/25/2035 |  | 3752 |  | 2086 |
|  5.500% due 12/25/2035 |  | 798 |  | 486 |
|  5.500% due 02/25/2036 |  | 781 |  | 452 |
|  5.535% due 02/25/2036 •  |  | 1704 |  | 1333 |
|  5.635% due 12/25/2035 ~ |  | 132 |  | 113 |
|  5.635% due 02/25/2036 ~ |  | 199 |  | 181 |
|  5.735% due 10/25/2035 •  |  | 7177 |  | 5000 |
|  5.750% due 03/25/2037 ~ |  | 486 |  | 255 |
|  5.750% due 07/25/2037 |  | 92 |  | 54 |
|  5.975% due 11/25/2035 ~ |  | 133 |  | 117 |
|  6.000% due 10/25/2033 |  | 167 |  | 169 |
|  6.000% due 03/25/2035 |  | 130 |  | 60 |
|  6.000% due 04/25/2036 |  | 792 |  | 355 |
|  6.000% due 05/25/2036 |  | 879 |  | 410 |
|  6.000% due 06/25/2036 |  | 6779 |  | 3716 |
|  6.000% due 08/25/2036 |  | 1553 |  | 885 |
|  6.000% due 08/25/2036 •  |  | 759 |  | 437 |
|  6.000% due 11/25/2036 |  | 42 |  | 22 |
|  6.000% due 02/25/2037 |  | 5023 |  | 1973 |
|  6.000% due 03/25/2037 |  | 1131 |  | 400 |
|  6.000% due 04/25/2037 |  | 2605 |  | 1241 |
|  6.000% due 05/25/2037 |  | 240 |  | 117 |
|  6.000% due 08/25/2037 |  | 4334 |  | 2564 |
|  6.010% due 06/25/2034 •  |  | 4640 |  | 4931 |
|  6.015% due 11/25/2047 ~ |  | 1669 |  | 1439 |
|  6.115% due 01/25/2036 •  |  | 17 |  | 16 |
|  6.250% due 12/25/2033 |  | 9 |  | 10 |
|  6.250% due 11/25/2036 |  | 296 |  | 219 |
|  6.250% due 08/25/2037 |  | 1678 |  | 792 |
|  6.500% due 05/25/2036 |  | 1687 |  | 779 |
|  6.500% due 09/25/2036 |  | 615 |  | 324 |
|  6.500% due 08/25/2037 |  | 6422 |  | 2743 |
|  6.500% due 09/25/2037 |  | 1389 |  | 514 |
|  7.605% due 07/25/2035 ~ |  | 412 |  | 365 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.704% due 04/25/2035 •  |  | 40 |  | 32 |
|  4.019% due 05/20/2036 ~ |  | 577 |  | 538 |
|  4.330% due 03/25/2037 •  |  | 195 |  | 166 |
|  4.358% due 02/25/2047 ~ |  | 243 |  | 212 |
|  4.490% due 10/20/2035 •  |  | 14 |  | 14 |
|  4.500% due 09/25/2035 |  | 284 |  | 249 |
|  4.520% due 05/20/2036 •  |  | 4446 |  | 4050 |
|  4.590% due 11/25/2037 •  |  | 1374 |  | 1233 |
|  4.652% due 06/20/2034 ~ |  | 98 |  | 91 |
|  4.736% due 10/25/2033 •  |  | 411 |  | 209 |
|  4.933% due 09/25/2047 •  |  | 578 |  | 532 |
|  4.975% due 03/25/2035 ~ |  | 143 |  | 133 |
|  4.997% due 11/20/2034 ~ |  | 600 |  | 572 |
|  5.000% due 09/25/2035 |  | 14 |  | 8 |
|  5.015% due 04/25/2035 ~ |  | 26 |  | 25 |
|  5.075% due 03/25/2035 ~ |  | 68 |  | 65 |
|  5.095% due 02/25/2035 •  |  | 77 |  | 71 |
|  5.095% due 02/25/2035 ~ |  | 247 |  | 232 |
|  5.115% due 02/25/2035 •  |  | 68 |  | 62 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.115% due 03/25/2036 ~ | $— | 9 | $— | 2 |
|  5.135% due 02/25/2036 ~ |  | 5 |  | 2 |
|  5.145% due 10/25/2035 ~ |  | 1197 |  | 964 |
|  5.160% due 11/25/2034 •  |  | 1030 |  | 985 |
|  5.195% due 09/25/2034 •  |  | 16 |  | 15 |
|  5.448% due 07/25/2034 •  |  | 280 |  | 268 |
|  5.500% due 01/25/2035 |  | 160 |  | 160 |
|  5.500% due 09/25/2035 |  | 260 |  | 250 |
|  5.500% due 10/25/2035 |  | 1166 |  | 639 |
|  5.500% due 11/25/2035 |  | 481 |  | 240 |
|  5.595% due 04/25/2046 •  |  | 5313 |  | 1466 |
|  5.750% due 12/25/2035 |  | 963 |  | 459 |
|  5.750% due 02/25/2037 |  | 826 |  | 369 |
|  5.750% due 07/25/2037 |  | 353 |  | 167 |
|  5.835% due 04/20/2035 ~ |  | 65 |  | 61 |
|  5.962% due 11/20/2034 ~ |  | 58 |  | 56 |
|  6.000% due 05/25/2036 |  | 1195 |  | 544 |
|  6.000% due 07/25/2036 |  | 2590 |  | 1284 |
|  6.000% due 12/25/2036 |  | 83 |  | 37 |
|  6.000% due 02/25/2037 |  | 2428 |  | 2009 |
|  6.000% due 07/25/2037 |  | 540 |  | 242 |
|  6.000% due 09/25/2037 |  | 249 |  | 129 |
|  6.164% due 12/19/2033 •  |  | 7 |  | 7 |
|  6.248% due 02/20/2036 •  |  | 8 |  | 7 |
|  6.250% due 07/19/2031 •  |  | 8 |  | 8 |
|  6.250% due 09/25/2036 |  | 728 |  | 321 |
|  6.250% due 02/25/2038 |  | 832 |  | 376 |
|  6.306% due 06/19/2031 •  |  | 16 |  | 16 |
|  6.662% due 02/20/2036 •  |  | 1523 |  | 1321 |
|  6.741% due 02/25/2034 •  |  | 2 |  | 2 |
|  6.804% due 07/20/2034 ~ |  | 62 |  | 60 |
|  7.210% due 02/20/2036 •  |  | 30 |  | 27 |
|  7.743% due 08/25/2034 •  |  | 287 |  | 268 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.749% due 01/25/2034 •  |  | 179 |  | 160 |
|  4.775% due 06/25/2035 ~ |  | 513 |  | 493 |
|  6.500% due 11/25/2034 |  | 132 |  | 127 |
|  7.500% due 11/25/2034 |  | 47 |  | 49 |
|  7.500% due 06/25/2035 |  | 157 |  | 160 |
|  Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust | Credit Suisse Commercial Mortgage Trust |
|  5.501% due 06/15/2034 •  |  | 6495 |  | 6217 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  0.098% due 06/25/2032 •  |  | 1 |  | 1 |
|  5.083% due 03/25/2032 •  |  | 119 |  | 114 |
|  5.500% due 09/25/2035 |  | 1944 |  | 1354 |
|  5.585% due 09/25/2034 ~ |  | 218 |  | 391 |
|  7.500% due 05/25/2032 |  | 28 |  | 30 |
|  7.500% due 12/25/2032 |  | 1 |  | 1 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  5.500% due 10/25/2035 |  | 442 |  | 186 |
|  5.567% due 05/25/2034 •  |  | 274 |  | 275 |
|  6.000% due 11/25/2035 |  | 12 |  | 9 |
|  6.428% due 10/25/2033 ~ |  | 26 |  | 25 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  0.000% due 01/25/2058 (g) |  | 103 |  | 100 |
|  0.010% due 04/25/2058 (a) |  | 7 |  | 7 |
|  0.000% due 02/25/2056 (g) |  | 61 |  | 60 |
|  0.000% due 07/25/2057 (g) |  | 112 |  | 108 |
|  2.257% due 08/15/2037 |  | 5248 |  | 5160 |
|  2.500% due 07/25/2057 •  |  | 153361 |  | 139376 |
|  2.750% due 07/25/2057 •  |  | 1059 |  | 1028 |
|  3.000% due 11/25/2056 •  |  | 27752 |  | 23798 |
|  3.058% due 02/25/2056 •  |  | 290063 |  | 250149 |
|  3.058% due 02/25/2056 ~ |  | 61172 |  | 23705 |
|  3.168% due 07/25/2057 •  |  | 166246 |  | 104674 |
|  3.431% due 11/10/2032 |  | 2200 |  | 1813 |
|  3.500% due 04/26/2038 •  |  | 133 |  | 130 |
|  3.581% due 01/25/2058 ~ |  | 93084 |  | 75689 |
|  4.097% due 04/28/2037 •  |  | 1990 |  | 1825 |
|  4.485% due 07/27/2037 ~ |  | 6048 |  | 5532 |
|  4.515% due 06/25/2048 •  |  | 311869 |  | 268975 |
|  4.889% due 04/25/2058 ~ |  | 159929 |  | 146375 |
|  5.194% due 07/15/2032 ~ |  | 379 |  | 375 |
|  5.834% due 07/15/2038 •  |  | 4800 |  | 4337 |
|  5.837% due 04/25/2037 ~ |  | 15662 |  | 3816 |
|  5.863% due 02/25/2037 ~ |  | 2575 |  | 577 |
|  6.000% due 07/25/2036 |  | 779 |  | 375 |
|  6.000% due 04/25/2037 |  | 821 |  | 261 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.079% due 04/25/2037 þ | $— | 892 | $— | 243 |
|  6.284% due 10/15/2037 •  |  | 6800 |  | 6736 |
|  7.000% due 08/25/2037 •  |  | 4540 |  | 2193 |
|  7.199% due 06/01/2050 ~ |  | 270333 |  | 269401 |
|  Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust | Credit Suisse Mortgage Capital Trust |
|  0.000% due 07/25/2057 •  |  | 9252 |  | 6868 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.615% due 03/25/2068 þ |  | 6168 |  | 6239 |
|  CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust |
|  5.254% due 04/15/2036 •  |  | 39401 |  | 38833 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 1261 |  | 202 |
|  6.220% due 09/25/2036 þ |  | 1598 |  | 459 |
|  6.672% due 06/25/2036 þ |  | 1297 |  | 330 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.329% due 06/15/2052 |  | 5955 |  | 5580 |
|  3.903% due 03/15/2052 |  | 1640 |  | 1623 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.212% due 06/15/2033 ~ |  | 22950 |  | 21493 |
|  5.829% due 10/15/2036 •  |  | 4080 |  | 4053 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.535% due 10/25/2036 •  |  | 5 |  | 4 |
|  4.635% due 08/25/2037 ~ |  | 411 |  | 323 |
|  4.675% due 08/25/2036 •  |  | 1546 |  | 1400 |
|  4.915% due 01/25/2047 ~ |  | 3023 |  | 2657 |
|  5.095% due 02/25/2036 ~ |  | 5295 |  | 5187 |
|  5.500% due 12/25/2035 |  | 489 |  | 412 |
|  6.005% due 10/25/2036 •  |  | 280 |  | 243 |
|  6.369% due 10/25/2036 þ |  | 364 |  | 315 |
|  6.386% due 10/25/2036 þ |  | 364 |  | 315 |
|  6.800% due 07/25/2036 þ |  | 405 |  | 350 |
|  Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. |
|  4.763% due 11/27/2036 ~ |  | 257 |  | 257 |
|  DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
|  2.956% due 05/10/2041 |  | 56700 |  | 49912 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.611% due 04/19/2047 •  |  | 502 |  | 488 |
|  5.251% due 09/19/2044 •  |  | 29 |  | 26 |
|  5.443% due 07/19/2044 ~ |  | 7 |  | 7 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.583% due 10/15/2043 •  |  | 13700 |  | 13041 |
|  Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV |
|  0.000% due 08/22/2067 ~ |  | 170 |  | 5076 |
|  3.284% due 08/22/2067 •  |  | 89527 |  | 96927 |
|  3.584% due 08/22/2067 •  |  | 6146 |  | 6649 |
|  3.984% due 08/22/2067 •  |  | 4302 |  | 4666 |
|  4.634% due 08/22/2067 •  |  | 4118 |  | 4470 |
|  6.034% due 08/22/2067 •  |  | 2643 |  | 2782 |
|  7.034% due 08/22/2067 •  |  | 1104 |  | 1195 |
|  8.034% due 08/22/2067 •  |  | 1844 |  | 1942 |
|  Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV |
|  0.000% due 07/31/2027 «~ |  | 3162 |  | 4070 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.522% due 01/26/2060 þ | $— | 3012 |  | 3023 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  3.548% due 04/17/2041 •  |  | 739 |  | 790 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | $— | 115544 |  | 115513 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.655% due 03/25/2035 •  |  | 17 |  | 10 |
|  4.705% due 08/25/2035 ~ |  | 562 |  | 466 |
|  4.805% due 02/25/2037 ~ |  | 15 |  | 4 |
|  5.295% due 08/25/2034 •  |  | 45 |  | 45 |
|  5.500% due 05/25/2035 ~ |  | 1031 |  | 652 |
|  6.250% due 08/25/2037 |  | 399 |  | 149 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  3.515% due 10/25/2036 ~ |  | 332 |  | 260 |
|  4.705% due 02/25/2035 •  |  | 4 |  | 4 |
|  5.140% due 11/25/2037 ~ |  | 939 |  | 396 |
|  5.206% due 01/25/2037 ~ |  | 14 |  | 7 |
|  5.269% due 10/25/2035 ~ |  | 1109 |  | 1024 |
|  5.987% due 11/25/2035 ~ |  | 345 |  | 303 |
|  6.739% due 08/25/2035 •  |  | 404 |  | 292 |
|  6.971% due 09/25/2035 ~ |  | 693 |  | 668 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  First Nationwide Mortgage-Backed Pass-Through Trust | First Nationwide Mortgage-Backed Pass-Through Trust | First Nationwide Mortgage-Backed Pass-Through Trust |
|  6.750% due 08/21/2031 | 38 | 38 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 •  | 78280 | 66563 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  3.962% due 05/25/2035 ~ | 389 | 337 |
|  5.519% due 04/19/2036 ~ | 1096 | 1051 |
|  Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC |
|  4.698% due 06/18/2039 •  | 95 | 95 |
|  4.718% due 06/18/2039 •  | 61 | 79 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.835% due 10/25/2046 ~ | 256 | 231 |
|  4.875% due 06/25/2045 ~ | 130 | 119 |
|  4.975% due 04/25/2036 ~ | 82 | 73 |
|  4.975% due 11/25/2045 ~ | 121 | 114 |
|  5.115% due 10/25/2046 ~ | 677 | 527 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 | 15528 | 13493 |
|  5.517% due 07/15/2031 •  | 4225 | 3296 |
|  5.566% due 07/15/2035 •  | 5590 | 4363 |
|  5.616% due 11/15/2032 •  | 2850 | 2838 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.001% due 09/10/2052 | 10000 | 9162 |
|  3.541% due 01/10/2043 ~ | 1550 | 1445 |
|  3.621% due 10/10/2035 | 17200 | 16946 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 06/25/2052 ~ | 46719 | 38205 |
|  2.500% due 09/25/2052 ~ | 25344 | 20725 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 01/25/2064 (b)(g) | 20 | 20 |
|  0.000% due 07/25/2064 (b)(g) | 39 | 38 |
|  2.500% due 01/25/2052 ~ | 55692 | 45680 |
|  2.500% due 04/25/2052 •  | 36305 | 29778 |
|  2.500% due 07/25/2059 ~ | 75938 | 70794 |
|  3.000% due 08/26/2052 ~ | 161966 | 138119 |
|  3.000% due 09/25/2052 •  | 63904 | 54498 |
|  3.000% due 12/25/2052 ~ | 102445 | 87238 |
|  3.250% due 01/25/2064 ~ | 29184 | 24485 |
|  3.750% due 07/25/2061 •  | 6633 | 6406 |
|  3.884% due 07/25/2064 ~ | 22500 | 20570 |
|  5.000% due 01/25/2052 ~ | 8048 | 7536 |
|  5.827% due 04/25/2065 ~ | 66691 | 68966 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.795% due 05/25/2036 •  | 68 | 66 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 09/25/2035 ~ | 2739 | 2346 |
|  7.500% due 06/25/2043 | 1635 | 1468 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.172% due 03/25/2037 ~ | 2275 | 1177 |
|  4.286% due 05/25/2035 •  | 8 | 6 |
|  4.449% due 04/25/2035 •  | 65 | 54 |
|  4.632% due 11/25/2035 •  | 3277 | 2889 |
|  4.697% due 04/25/2036 •  | 28 | 18 |
|  4.735% due 07/25/2035 ~ | 34 | 29 |
|  4.739% due 01/25/2036 ~ | 34 | 32 |
|  4.785% due 01/25/2034 ~ | 2 | 2 |
|  4.870% due 05/25/2035 ~ | 320 | 291 |
|  5.000% due 05/25/2037 | 1 | 2 |
|  5.058% due 06/25/2034 ~ | 83 | 81 |
|  5.076% due 11/25/2035 •  | 2 | 2 |
|  5.500% due 06/25/2035 | 691 | 706 |
|  5.507% due 07/25/2035 •  | 3 | 3 |
|  5.665% due 11/25/2035 •  | 1508 | 769 |
|  5.880% due 03/25/2033 •  | 2 | 2 |
|  6.000% due 03/25/2032 | 2 | 2 |
|  6.000% due 11/25/2035 | 8094 | 2731 |
|  6.000% due 02/25/2036 | 2407 | 1035 |
|  6.000% due 01/25/2037 | 471 | 290 |
|  6.000% due 03/25/2037 | 13 | 7 |
|  6.000% due 07/25/2037 | 130 | 85 |
|  6.119% due 09/25/2035 •  | 8 | 7 |
|  6.250% due 09/25/2036 | 199 | 198 |
|  6.500% due 09/25/2036 | 2089 | 972 |
|  6.902% due 04/25/2035 ~ | 210 | 211 |
|  6.940% due 04/25/2032 ~ | 32 | 31 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.335% due 06/19/2036 ~ | 1815 | 731 |
|  4.691% due 03/19/2037 •  | 14687 | 13544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.794% due 06/19/2045 ~ | $— | 8698 | $— | 4023 |
|  4.831% due 09/19/2046 ~ |  | 1295 |  | 1131 |
|  4.871% due 05/19/2035 •  |  | 4405 |  | 4228 |
|  4.911% due 06/19/2035 ~ |  | 379 |  | 370 |
|  4.936% due 06/19/2036 ~ |  | 3412 |  | 1685 |
|  4.991% due 06/19/2034 ~ |  | 186 |  | 170 |
|  5.031% due 04/19/2034 ~ |  | 97 |  | 90 |
|  5.043% due 07/19/2035 •  |  | 147 |  | 111 |
|  5.071% due 01/19/2035 ~ |  | 625 |  | 508 |
|  5.131% due 01/19/2035 ~ |  | 754 |  | 722 |
|  5.151% due 01/19/2035 ~ |  | 28 |  | 25 |
|  5.231% due 11/19/2034 ~ |  | 63 |  | 48 |
|  6.023% due 08/19/2036 ~ |  | 53 |  | 52 |
|  6.032% due 04/19/2034 •  |  | 7 |  | 6 |
|  6.435% due 10/25/2037 ~ |  | 533 |  | 496 |
|  7.442% due 12/19/2035 ~ |  | 1 |  | 1 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 34800 |  | 28858 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.955% due 01/25/2036 ~ |  | 237 |  | 229 |
|  5.175% due 12/25/2034 ~ |  | 500 |  | 475 |
|  5.295% due 08/25/2029 ~ |  | 233 |  | 227 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.875% due 11/25/2035 ~ |  | 7931 |  | 7357 |
|  Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust |
|  5.000% due 10/25/2051 •  |  | 4833 |  | 4498 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.175% due 11/25/2034 •  |  | 161 |  | 159 |
|  5.215% due 10/25/2034 •  |  | 42 |  | 41 |
|  5.302% due 09/25/2034 þ |  | 77 |  | 90 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  5.915% due 07/25/2035 •  |  | 277 |  | 259 |
|  IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust | IndyMac Adjustable Rate Mortgage Trust |
|  6.622% due 01/25/2032 ~ |  | 25 |  | 24 |
|  6.636% due 01/25/2032 ~ |  | 60 |  | 58 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 |  | 886 |  | 363 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.802% due 08/25/2036 •  |  | 659 |  | 521 |
|  5.653% due 01/25/2036 ~ |  | 1511 |  | 1431 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  5.035% due 11/25/2035 •  |  | 273 |  | 156 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.191% due 06/25/2037 •  |  | 4362 |  | 2572 |
|  3.229% due 06/25/2037 •  |  | 1056 |  | 852 |
|  3.260% due 02/25/2035 ~ |  | 216 |  | 193 |
|  3.419% due 01/25/2036 ~ |  | 77 |  | 68 |
|  3.485% due 07/25/2037 •  |  | 888 |  | 583 |
|  3.517% due 01/25/2035 •  |  | 28 |  | 26 |
|  3.600% due 01/25/2036 ~ |  | 1816 |  | 1638 |
|  3.685% due 10/25/2035 •  |  | 233 |  | 188 |
|  3.714% due 04/25/2037 ~ |  | 4692 |  | 4128 |
|  3.783% due 04/25/2037 ~ |  | 3196 |  | 2901 |
|  3.834% due 08/25/2035 ~ |  | 226 |  | 166 |
|  3.834% due 08/25/2035 •  |  | 194 |  | 141 |
|  3.845% due 12/25/2035 •  |  | 1527 |  | 1320 |
|  3.851% due 03/25/2036 •  |  | 1206 |  | 831 |
|  3.987% due 05/25/2036 •  |  | 1423 |  | 1192 |
|  4.110% due 09/25/2035 •  |  | 4902 |  | 4035 |
|  4.720% due 12/25/2034 ~ |  | 31 |  | 29 |
|  4.732% due 08/25/2035 •  |  | 15 |  | 13 |
|  4.735% due 06/25/2037 •  |  | 688 |  | 243 |
|  4.795% due 02/25/2037 ~ |  | 8745 |  | 8607 |
|  4.835% due 11/25/2046 •  |  | 259 |  | 247 |
|  4.855% due 05/25/2046 •  |  | 44 |  | 40 |
|  4.895% due 04/25/2035 ~ |  | 38 |  | 35 |
|  4.915% due 07/25/2035 ~ |  | 660 |  | 606 |
|  5.075% due 07/25/2045 •  |  | 24 |  | 19 |
|  5.215% due 05/25/2034 •  |  | 1 |  | 1 |
|  5.235% due 11/25/2034 ~ |  | 19 |  | 18 |
|  5.255% due 11/25/2034 •  |  | 515 |  | 469 |
|  5.333% due 10/25/2034 ~ |  | 829 |  | 795 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.715% due 03/25/2037 ~ |  | 592 |  | 507 |
|  4.799% due 12/25/2036 ~ |  | 381 |  | 432 |
|  4.799% due 12/25/2036 •  |  | 164 |  | 160 |
|  4.890% due 05/25/2037 •  |  | 1989 |  | 1765 |
|  5.843% due 05/26/2037 •  |  | 12218 |  | 9464 |
|  6.550% due 05/25/2036 þ |  | 9 |  | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 | $— | 8599 | $— | 7804 |
|  3.474% due 12/15/2049 •  |  | 1658 |  | 1641 |
|  3.648% due 12/15/2049 •  |  | 8606 |  | 8432 |
|  3.916% due 06/10/2042 ~ |  | 17100 |  | 15549 |
|  4.916% due 04/15/2037 •  |  | 10349 |  | 10151 |
|  5.699% due 11/15/2038 •  |  | 2231 |  | 2224 |
|  5.817% due 12/15/2031 ~ |  | 1029 |  | 1006 |
|  7.235% due 10/05/2040 |  | 7500 |  | 7933 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 •  |  | 41657 |  | 45315 |
|  2.500% due 11/25/2051 ~ |  | 2536 |  | 2079 |
|  2.500% due 12/25/2051 ~ |  | 1485 |  | 1216 |
|  2.500% due 02/25/2052 •  |  | 7937 |  | 6490 |
|  3.000% due 01/25/2052 •  |  | 4599 |  | 3943 |
|  3.000% due 03/25/2052 ~ |  | 73253 |  | 62563 |
|  3.500% due 10/25/2046 •  |  | 717 |  | 655 |
|  3.500% due 10/25/2048 •  |  | 265 |  | 240 |
|  3.500% due 09/25/2052 •  |  | 7521 |  | 6652 |
|  4.262% due 07/27/2037 ~ |  | 3291 |  | 3040 |
|  4.471% due 10/25/2036 ~ |  | 29 |  | 16 |
|  4.578% due 05/25/2036 ~ |  | 965 |  | 789 |
|  4.619% due 10/25/2036 ~ |  | 422 |  | 298 |
|  4.619% due 10/25/2036 •  |  | 569 |  | 412 |
|  4.625% due 07/25/2063 ~ |  | 4952 |  | 4801 |
|  4.682% due 04/25/2037 •  |  | 137 |  | 112 |
|  5.000% due 08/25/2051 •  |  | 9296 |  | 9132 |
|  5.000% due 12/25/2051 ~ |  | 10240 |  | 10059 |
|  5.000% due 04/25/2052 •  |  | 17465 |  | 17107 |
|  5.000% due 05/25/2052 ~ |  | 20784 |  | 19419 |
|  5.054% due 08/25/2036 ~ |  | 178 |  | 139 |
|  5.054% due 08/25/2036 •  |  | 652 |  | 512 |
|  5.203% due 11/25/2035 •  |  | 677 |  | 534 |
|  5.250% due 11/25/2063 ~ |  | 821 |  | 820 |
|  5.285% due 08/25/2035 ~ |  | 424 |  | 420 |
|  5.306% due 04/25/2036 •  |  | 1782 |  | 1565 |
|  5.363% due 12/25/2037 ~ |  | 47 |  | 36 |
|  5.373% due 02/25/2036 •  |  | 5 |  | 3 |
|  5.373% due 02/25/2036 ~ |  | 4885 |  | 3487 |
|  5.481% due 10/25/2035 •  |  | 226 |  | 158 |
|  5.487% due 08/25/2035 •  |  | 403 |  | 356 |
|  5.500% due 07/25/2036 |  | 352 |  | 152 |
|  5.590% due 07/25/2035 ~ |  | 39 |  | 37 |
|  5.590% due 07/25/2035 •  |  | 1220 |  | 1175 |
|  5.673% due 10/25/2035 •  |  | 571 |  | 444 |
|  5.676% due 11/25/2033 ~ |  | 2 |  | 2 |
|  5.686% due 07/25/2035 ~ |  | 167 |  | 162 |
|  5.688% due 09/25/2035 •  |  | 44 |  | 41 |
|  5.735% due 11/25/2035 •  |  | 419 |  | 341 |
|  5.740% due 04/25/2036 •  |  | 451 |  | 390 |
|  5.740% due 04/25/2036 ~ |  | 545 |  | 471 |
|  5.750% due 01/25/2036 |  | 16 |  | 7 |
|  5.774% due 10/25/2036 •  |  | 6912 |  | 5441 |
|  5.774% due 10/25/2036 ~ |  | 13 |  | 10 |
|  5.784% due 10/25/2035 •  |  | 3713 |  | 3500 |
|  5.844% due 02/25/2034 ~ |  | 85 |  | 79 |
|  5.987% due 07/25/2035 ~ |  | 350 |  | 338 |
|  5.992% due 10/25/2035 •  |  | 2109 |  | 2055 |
|  6.147% due 06/25/2035 ~ |  | 118 |  | 96 |
|  6.382% due 07/25/2035 ~ |  | 20 |  | 20 |
|  6.428% due 06/25/2035 •  |  | 221 |  | 226 |
|  6.500% due 07/25/2036 |  | 2636 |  | 846 |
|  6.500% due 08/25/2036 |  | 374 |  | 117 |
|  6.813% due 07/25/2035 •  |  | 3 |  | 3 |
|  6.862% due 08/25/2035 •  |  | 257 |  | 243 |
|  6.869% due 02/25/2036 •  |  | 26 |  | 18 |
|  7.191% due 07/25/2035 •  |  | 24 |  | 23 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  2.180% due 05/13/2053 |  | 10000 |  | 8231 |
|  3.057% due 11/13/2052 |  | 7900 |  | 6966 |
|  Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC |
|  0.000% due 02/22/2045 ~ |  | 2 |  | 4720 |
|  2.250% due 02/22/2045 |  | 9470 |  | 7449 |
|  5.384% due 02/22/2045 •  |  | 38586 |  | 49719 |
|  6.584% due 02/22/2045 •  |  | 29232 |  | 36656 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.558% due 11/05/2044 | $— | 2400 |  | 1869 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 | 3633 | 1690 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  0.000% due 12/25/2056 ~(a) | 359569 | 2459 |
|  0.000% due 07/25/2057 ~ | 81481 | 76238 |
|  0.000% due 01/25/2058 •  | 27 | 27 |
|  0.000% due 12/25/2053 (b)(g) | 150 | 147 |
|  0.000% due 07/25/2057 (g) | 241 | 233 |
|  2.986% due 12/25/2056 ~ | 227124 | 205794 |
|  2.986% due 12/25/2056 •  | 132445 | 75812 |
|  4.000% due 02/25/2058 ~ | 13377 | 13246 |
|  4.250% due 02/25/2058 ~ | 15577 | 15081 |
|  4.320% due 02/25/2058 ~ | 15577 | 10936 |
|  4.327% due 12/26/2057 ~ | 262085 | 235872 |
|  4.452% due 01/25/2058 ~ | 22699 | 20520 |
|  4.500% due 02/25/2058 ~ | 15577 | 14328 |
|  5.813% due 12/25/2053 ~ | 423446 | 423279 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.413% due 12/25/2035 ~ | 3323 | 531 |
|  4.755% due 08/25/2036 ~ | 2573 | 1763 |
|  5.085% due 06/25/2037 •  | 186 | 165 |
|  5.088% due 01/25/2036 ~ | 732 | 697 |
|  5.500% due 01/25/2036 | 512 | 247 |
|  5.752% due 04/25/2036 •  | 500 | 315 |
|  6.000% due 07/25/2036 | 3667 | 1807 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.815% due 11/25/2046 ~ | 126 | 111 |
|  4.835% due 08/25/2046 •  | 3724 | 3567 |
|  4.835% due 08/25/2046 ~ | 420 | 426 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.755% due 11/25/2036 •  | 115 | 101 |
|  4.795% due 12/25/2036 ~ | 822 | 790 |
|  4.835% due 02/25/2046 ~ | 36 | 26 |
|  5.155% due 04/25/2036 ~ | 4879 | 4222 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 47900 | 44679 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.269% due 07/25/2035 ~ | 265 | 234 |
|  4.435% due 12/25/2033 ~ | 4 | 4 |
|  4.538% due 03/25/2035 •  | 133 | 123 |
|  4.645% due 04/25/2046 •  | 1850 | 1669 |
|  4.915% due 05/25/2037 •  | 606 | 244 |
|  5.035% due 05/25/2047 •  | 1 | 1 |
|  5.115% due 12/25/2034 •  | 766 | 744 |
|  5.803% due 12/25/2033 •  | 4 | 4 |
|  6.221% due 05/25/2034 ~ | 35 | 34 |
|  6.510% due 10/25/2034 ~ | 408 | 394 |
|  6.750% due 10/25/2032 •  | 65 | 65 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  | 6786 | 654 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 173 | 97 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  4.795% due 07/25/2035 •  | 1893 | 932 |
|  7.000% due 08/25/2034 | 1254 | 891 |
|  7.000% due 05/25/2035 | 338 | 225 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  6.500% due 08/25/2032 •  | 868 | 854 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.134% due 11/15/2031 •  | 304 | 293 |
|  5.174% due 09/15/2030 •  | 39 | 38 |
|  5.314% due 11/15/2031 •  | 6 | 6 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.009% due 10/20/2029 ~ | 323 | 313 |
|  5.294% due 08/15/2032 •  | 15 | 15 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.578% due 06/25/2037 •  | 648 | 296 |
|  4.655% due 03/25/2037 ~ | 695 | 165 |
|  5.035% due 03/25/2037 •  | 1839 | 434 |
|  6.000% due 03/25/2037 | 1040 | 90 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.935% due 11/25/2035 •  | 4 | 3 |
|  5.050% due 06/25/2035 ~ | 532 | 514 |
|  5.050% due 06/25/2035 •  | 839 | 812 |
|  5.055% due 10/25/2028 •  | 8 | 8 |
|  5.095% due 06/25/2028 •  | 93 | 87 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.095% due 09/25/2029 •  | $— | 2 | $— | 2 |
|  5.095% due 11/25/2029 •  |  | 51 |  | 46 |
|  5.133% due 04/25/2029 •  |  | 92 |  | 89 |
|  5.175% due 03/25/2028 ~ |  | 4 |  | 4 |
|  5.215% due 03/25/2028 •  |  | 1 |  | 1 |
|  5.266% due 06/25/2037 •  |  | 232 |  | 224 |
|  5.312% due 09/25/2035 •  |  | 3185 |  | 2551 |
|  5.353% due 11/25/2029 •  |  | 23 |  | 22 |
|  5.379% due 10/25/2028 •  |  | 10 |  | 10 |
|  5.543% due 02/25/2035 •  |  | 1324 |  | 1259 |
|  5.584% due 08/25/2034 ~ |  | 153 |  | 145 |
|  6.039% due 11/25/2035 •  |  | 857 |  | 830 |
|  6.058% due 05/25/2033 ~ |  | 617 |  | 602 |
|  6.144% due 07/25/2035 •  |  | 106 |  | 95 |
|  6.156% due 05/25/2036 •  |  | 123 |  | 121 |
|  6.190% due 12/25/2032 •  |  | 51 |  | 50 |
|  6.207% due 12/25/2035 •  |  | 190 |  | 183 |
|  6.293% due 02/25/2033 ~ |  | 4 |  | 4 |
|  6.501% due 02/25/2034 ~ |  | 2 |  | 2 |
|  6.912% due 12/25/2034 •  |  | 5 |  | 5 |
|  6.971% due 05/25/2033 ~ |  | 3 |  | 3 |
|  7.627% due 09/25/2035 •  |  | 759 |  | 729 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  5.750% due 11/25/2067 þ |  | 26122 |  | 26103 |
|  Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
|  3.732% due 05/15/2048 |  | 9229 |  | 9186 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  2.428% due 04/05/2042 •  |  | 17000 |  | 14540 |
|  3.793% due 04/15/2055 ~ |  | 45800 |  | 41972 |
|  4.071% due 03/15/2052 |  | 3635 |  | 3517 |
|  5.603% due 12/15/2038 •  |  | 37010 |  | 35971 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  2.922% due 06/25/2037 •  |  | 2397 |  | 1352 |
|  3.455% due 11/25/2037 •  |  | 6155 |  | 4307 |
|  3.647% due 07/25/2035 •  |  | 129 |  | 114 |
|  4.448% due 06/25/2036 •  |  | 7690 |  | 5596 |
|  4.695% due 03/25/2036 •  |  | 529 |  | 350 |
|  4.715% due 01/25/2036 •  |  | 5414 |  | 2895 |
|  4.725% due 12/25/2035 ~ |  | 13 |  | 10 |
|  4.745% due 01/25/2035 •  |  | 2 |  | 2 |
|  4.755% due 01/25/2035 •  |  | 858 |  | 811 |
|  4.947% due 09/25/2035 •  |  | 1358 |  | 419 |
|  5.551% due 07/25/2035 •  |  | 2578 |  | 2132 |
|  6.000% due 02/25/2036 |  | 92 |  | 89 |
|  6.000% due 10/25/2037 |  | 1333 |  | 704 |
|  6.201% due 02/25/2047 þ |  | 1154 |  | 402 |
|  6.283% due 06/25/2036 •  |  | 59 |  | 58 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.895% due 04/25/2036 •  |  | 2550 |  | 2411 |
|  4.935% due 09/25/2037 ~ |  | 4380 |  | 3317 |
|  5.215% due 02/25/2035 ~ |  | 75 |  | 75 |
|  NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust |
|  7.500% due 03/25/2034 |  | 339 |  | 315 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  |  | 2790 |  | 2759 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.000% due 03/25/2052 •  |  | 35408 |  | 30196 |
|  6.864% due 10/25/2063 þ |  | 16480 |  | 16674 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.153% due 05/25/2036 ~ |  | 1724 |  | 1445 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  3.078% due 12/15/2050 •  |  | 28097 |  | 30188 |
|  4.742% due 12/01/2050 •  |  | 287 |  | 363 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 •  | $— | 11 |  | 0 |
|  4.416% due 10/25/2035 ~ |  | 26 |  | 24 |
|  5.435% due 05/25/2035 ~ |  | 1426 |  | 1272 |
|  6.320% due 03/25/2047 þ |  | 427 |  | 399 |
|  7.000% due 02/19/2030 •  |  | 328 |  | 324 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  |  | 114370 |  | 113598 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  2.500% due 10/25/2051 ~ |  | 59479 |  | 48786 |
|  3.000% due 01/25/2052 •  |  | 101349 |  | 86432 |
|  3.000% due 02/25/2052 •  |  | 15882 |  | 13564 |
|  3.665% due 04/25/2053 ~ |  | 6217 |  | 6144 |
|  6.113% due 03/25/2063 þ |  | 1613 |  | 1620 |
|  6.120% due 11/25/2062 •  |  | 15256 |  | 15277 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.520% due 07/25/2063 þ | $— | 6375 | $— | 6448 |
|  7.045% due 09/25/2063 þ |  | 7204 |  | 7307 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  |  | 250 |  | 236 |
|  Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC |
|  0.000% due 10/29/2054 •  |  | 481 |  | 0 |
|  0.000% due 10/29/2054 (b)(g) |  | 33620 |  | 25538 |
|  3.541% (EUR003M + 0.900%) due 10/29/2054 ~ |  | 45653 |  | 48743 |
|  3.991% (EUR003M + 1.350%) due 10/29/2054 ~ |  | 20861 |  | 22110 |
|  4.291% (EUR003M + 1.650%) due 10/29/2054 ~ |  | 15172 |  | 15936 |
|  5.271% (EUR003M + 2.630%) due 10/29/2054 ~ |  | 11379 |  | 11930 |
|  7.141% (EUR003M + 4.500%) due 10/29/2054 ~ |  | 9482 |  | 9913 |
|  RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust |
|  4.815% due 12/25/2034 ~ | $— | 12178 |  | 11076 |
|  5.750% due 04/25/2035 |  | 5832 |  | 4978 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  3.740% due 09/27/2037 •  |  | 9301 |  | 8034 |
|  4.000% due 10/26/2037 |  | 5361 |  | 3740 |
|  4.655% due 10/27/2036 •  |  | 940 |  | 873 |
|  4.674% due 08/27/2037 •  |  | 347 |  | 341 |
|  4.764% due 02/27/2037 •  |  | 1112 |  | 1027 |
|  Regal Trust | Regal Trust | Regal Trust | Regal Trust | Regal Trust |
|  1.723% due 09/29/2031 •  |  | 7 |  | 6 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.353% due 08/25/2035 ~ |  | 1254 |  | 480 |
|  4.735% due 08/25/2035 ~ |  | 180 |  | 130 |
|  4.735% due 02/25/2037 •  |  | 1187 |  | 1047 |
|  4.765% due 03/25/2037 •  |  | 965 |  | 189 |
|  4.795% due 05/25/2036 ~ |  | 5295 |  | 4816 |
|  4.795% due 09/25/2036 •  |  | 970 |  | 889 |
|  4.805% due 12/25/2036 •  |  | 13 |  | 11 |
|  4.815% due 07/25/2036 •  |  | 1386 |  | 1260 |
|  4.815% due 08/25/2036 ~ |  | 1678 |  | 1681 |
|  4.815% due 09/25/2036 •  |  | 21 |  | 19 |
|  4.835% due 11/25/2036 •  |  | 632 |  | 451 |
|  4.855% due 06/25/2037 •  |  | 757 |  | 668 |
|  4.975% due 02/25/2046 •  |  | 829 |  | 431 |
|  5.250% due 06/25/2025 |  | 23 |  | 23 |
|  5.638% due 02/25/2036 •  |  | 596 |  | 513 |
|  5.995% due 09/25/2045 •  |  | 129 |  | 110 |
|  6.000% due 08/25/2036 |  | 755 |  | 628 |
|  6.000% due 09/25/2036 |  | 1395 |  | 1115 |
|  6.000% due 11/25/2036 |  | 843 |  | 666 |
|  6.000% due 01/25/2037 |  | 5 |  | 4 |
|  6.250% due 03/25/2037 |  | 731 |  | 582 |
|  6.500% due 07/25/2037 |  | 234 |  | 191 |
|  6.500% due 09/25/2037 |  | 827 |  | 684 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 10/25/2031 |  | 67 |  | 65 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.500% due 08/25/2034 |  | 39 |  | 39 |
|  5.750% due 02/25/2036 |  | 520 |  | 192 |
|  6.000% due 04/25/2037 |  | 197 |  | 99 |
|  6.000% due 05/25/2037 |  | 112 |  | 57 |
|  6.000% due 07/25/2037 |  | 1086 |  | 405 |
|  6.250% due 08/25/2036 |  | 67 |  | 44 |
|  6.250% due 11/25/2036 |  | 1776 |  | 663 |
|  6.250% due 09/25/2037 |  | 1934 |  | 786 |
|  6.500% due 08/25/2036 |  | 1314 |  | 381 |
|  6.500% due 09/25/2036 |  | 1108 |  | 341 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  4.936% due 02/25/2037 •  |  | 1419 |  | 943 |
|  5.277% due 07/27/2037 •  |  | 3253 |  | 2385 |
|  5.500% due 12/25/2034 |  | 124 |  | 119 |
|  5.552% due 02/25/2036 •  |  | 773 |  | 733 |
|  6.000% due 06/25/2036 |  | 452 |  | 342 |
|  6.000% due 07/25/2036 |  | 429 |  | 374 |
|  6.000% due 10/25/2036 |  | 4155 |  | 3319 |
|  6.000% due 06/25/2037 |  | 206 |  | 159 |
|  6.500% due 03/25/2032 |  | 36 |  | 36 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.798% due 12/15/2043 •  |  | 1314 |  | 1626 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC |
|  0.000% due 08/28/2056 ~(a) |  | 714 | $— | 2 |
|  0.010% due 08/20/2056 « |  | 8063 |  | 10432 |
|  0.000% due 08/28/2056 (g) |  | 24635 |  | 20483 |
|  5.464% due 08/28/2056 •  |  | 32762 |  | 42214 |
|  5.664% due 08/28/2056 •  |  | 28562 |  | 36605 |
|  6.064% due 08/28/2056 •  |  | 14701 |  | 18844 |
|  6.964% due 08/28/2056 •  |  | 6300 |  | 7980 |
|  7.464% due 08/28/2056 •  |  | 4200 |  | 5404 |
|  8.464% due 08/28/2056 •  |  | 5460 |  | 6966 |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  2.697% due 06/12/2044 •  |  | 1026 |  | 1090 |
|  4.730% due 06/12/2044 •  |  | 14309 |  | 18123 |
|  Roundstone Securities DAC | Roundstone Securities DAC | Roundstone Securities DAC | Roundstone Securities DAC | Roundstone Securities DAC |
|  0.000% due 06/28/2058 ~ |  | 2 |  | 0 |
|  1.000% due 06/28/2058 •  |  | 19957 |  | 17387 |
|  3.269% due 06/28/2058 •  |  | 377864 |  | 406786 |
|  3.369% due 06/28/2058 •  |  | 34142 |  | 36615 |
|  3.569% due 06/28/2058 •  |  | 28988 |  | 30853 |
|  4.000% due 06/28/2058 ~ |  | 54756 |  | 17677 |
|  4.369% due 06/28/2058 •  |  | 24158 |  | 25597 |
|  5.369% due 06/28/2058 •  |  | 14495 |  | 15230 |
|  5.869% due 06/28/2058 •  |  | 7730 |  | 7899 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.575% due 09/20/2046 •  | $— | 1224 |  | 822 |
|  4.801% due 01/20/2047 ~ |  | 656 |  | 473 |
|  4.834% due 07/20/2036 •  |  | 11 |  | 10 |
|  4.854% due 06/20/2036 •  |  | 311 |  | 288 |
|  5.094% due 06/20/2033 •  |  | 1 |  | 1 |
|  5.134% due 07/20/2033 •  |  | 30 |  | 30 |
|  5.194% due 10/20/2027 •  |  | 5 |  | 5 |
|  5.234% due 10/20/2027 •  |  | 62 |  | 59 |
|  5.306% due 01/20/2047 •  |  | 898 |  | 671 |
|  5.364% due 05/20/2034 •  |  | 105 |  | 99 |
|  5.384% due 09/20/2033 •  |  | 40 |  | 39 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.583% due 05/15/2038 ~ |  | 34140 |  | 33676 |
|  SREIT Trust | SREIT Trust | SREIT Trust | SREIT Trust | SREIT Trust |
|  5.133% due 10/15/2038 ~ |  | 200 |  | 198 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.292% due 11/15/2036 •  |  | 17500 |  | 17357 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ |  | 40 |  | 40 |
|  4.117% due 04/25/2036 ~ |  | 1720 |  | 912 |
|  4.526% due 11/25/2035 ~ |  | 71 |  | 65 |
|  4.635% due 05/25/2036 •  |  | 1051 |  | 923 |
|  4.735% (LIBOR01M + 0.300%) due 09/25/2034 ~ |  | 717 |  | 653 |
|  4.735% due 08/25/2036 •  |  | 2117 |  | 1660 |
|  4.775% due 02/25/2036 ~ |  | 875 |  | 654 |
|  4.811% due 08/25/2035 ~ |  | 17 |  | 15 |
|  4.849% due 12/25/2035 ~ |  | 541 |  | 314 |
|  4.912% due 02/25/2036 •  |  | 1476 |  | 771 |
|  5.038% due 09/25/2035 •  |  | 264 |  | 235 |
|  5.069% due 12/25/2035 ~ |  | 972 |  | 699 |
|  5.342% due 03/25/2036 ~ |  | 241 |  | 189 |
|  5.407% due 09/25/2034 •  |  | 2 |  | 1 |
|  5.608% due 11/25/2036 ~ |  | 1586 |  | 1212 |
|  6.035% due 01/25/2035 ~ |  | 84 |  | 77 |
|  6.190% due 10/25/2037 •  |  | 353 |  | 318 |
|  6.346% due 12/25/2034 ~ |  | 7 |  | 6 |
|  6.527% due 02/25/2034 •  |  | 176 |  | 170 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ |  | 6 |  | 6 |
|  4.695% due 03/25/2037 ~ |  | 909 |  | 367 |
|  4.775% due 03/25/2037 •  |  | 151 |  | 29 |
|  4.815% due 06/25/2036 •  |  | 286 |  | 281 |
|  4.815% due 07/25/2046 ~ |  | 359 |  | 289 |
|  4.855% due 04/25/2036 ~ |  | 148 |  | 134 |
|  4.855% due 05/25/2036 •  |  | 44 |  | 32 |
|  4.875% due 05/25/2046 •  |  | 7306 |  | 2593 |
|  4.895% due 02/25/2036 •  |  | 54 |  | 50 |
|  4.931% due 07/19/2035 ~ |  | 690 |  | 658 |
|  4.931% due 07/19/2035 •  |  | 379 |  | 370 |
|  5.055% due 12/25/2035 ~ |  | 1057 |  | 880 |
|  5.091% due 09/19/2032 ~ |  | 238 |  | 229 |
|  5.131% due 01/19/2034 •  |  | 75 |  | 72 |
|  5.271% due 10/19/2033 •  |  | 187 |  | 173 |
|  5.285% due 05/25/2047 •  |  | 6667 |  | 5334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.035% due 12/25/2035 •  | $— | 805 | $— | 670 |
|  6.226% due 02/25/2036 •  |  | 3364 |  | 2868 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  7.500% due 10/25/2036 |  | 2200 |  | 1268 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  4.817% due 06/25/2034 þ |  | 39 |  | 38 |
|  5.329% due 01/25/2034 •  |  | 429 |  | 419 |
|  6.699% due 03/25/2033 •  |  | 242 |  | 239 |
|  6.811% due 07/25/2033 •  |  | 5 |  | 5 |
|  6.876% due 11/25/2033 •  |  | 19 |  | 19 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.032% due 04/15/2027 •  |  | 5 |  | 5 |
|  5.750% due 04/25/2035 |  | 1291 |  | 701 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  5.454% due 10/25/2037 •  |  | 354 |  | 276 |
|  5.986% due 02/25/2037 •  |  | 134 |  | 116 |
|  6.240% due 04/25/2037 •  |  | 124 |  | 60 |
|  6.974% due 01/25/2037 ~ |  | 1024 |  | 644 |
|  SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust |
|  5.085% due 12/25/2035 •  |  | 869 |  | 750 |
|  5.750% due 12/25/2035 |  | 571 |  | 513 |
|  6.000% due 04/25/2036 |  | 347 |  | 122 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ |  | 455 |  | 106 |
|  6.470% due 09/25/2036 þ |  | 5583 |  | 131 |
|  6.500% due 07/25/2036 |  | 4587 |  | 1021 |
|  6.515% due 07/25/2037 þ |  | 716 |  | 266 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.585% due 09/25/2037 ~ |  | 448 |  | 444 |
|  5.135% due 12/25/2033 •  |  | 100 |  | 97 |
|  5.777% due 10/25/2046 •  |  | 18555 |  | 17625 |
|  5.808% due 10/25/2043 •  |  | 128 |  | 118 |
|  5.989% due 06/25/2047 ~ |  | 5629 |  | 5445 |
|  5.989% due 06/25/2047 •  |  | 3536 |  | 3127 |
|  6.014% due 07/25/2036 •  |  | 18213 |  | 14723 |
|  6.039% due 03/25/2037 ~ |  | 4727 |  | 3360 |
|  6.057% due 09/25/2047 •  |  | 11174 |  | 7605 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ |  | 807 |  | 771 |
|  2.900% due 10/25/2059 ~ |  | 6739 |  | 6433 |
|  4.509% due 02/25/2055 •  |  | 7648 |  | 7358 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 25022 |  | 32392 |
|  TTAN | TTAN | TTAN | TTAN | TTAN |
|  5.284% due 03/15/2038 •  | $— | 695 |  | 693 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  4.241% due 06/15/2051 •  |  | 7000 |  | 6862 |
|  4.296% due 08/15/2051 |  | 5975 |  | 5865 |
|  4.313% due 05/15/2051 |  | 10000 |  | 9778 |
|  4.334% due 10/15/2051 |  | 17486 |  | 17026 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 11/25/2051 •  |  | 179194 |  | 146980 |
|  2.500% due 11/25/2051 ~ |  | 8558 |  | 7598 |
|  2.500% due 12/25/2051 •  |  | 79061 |  | 64554 |
|  3.000% due 01/25/2052 ~ |  | 57125 |  | 48717 |
|  5.000% due 11/25/2051 •  |  | 1905 |  | 1777 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ |  | 7550 |  | 7338 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ |  | 818 |  | 781 |
|  5.811% due 05/25/2068 þ |  | 613 |  | 614 |
|  5.850% due 12/25/2067 þ |  | 7381 |  | 7382 |
|  5.999% due 02/25/2068 þ |  | 3744 |  | 3754 |
|  6.193% due 03/25/2068 þ |  | 3653 |  | 3666 |
|  6.443% due 08/25/2068 þ |  | 5798 |  | 5852 |
|  6.665% due 09/25/2068 þ |  | 9608 |  | 9708 |
|  7.070% due 10/25/2068 þ |  | 8470 |  | 8640 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 4553 |  | 4603 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  4.210% due 08/20/2035 •  |  | 382 |  | 356 |
|  7.507% due 10/20/2035 ~ |  | 90 |  | 87 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.727% due 04/25/2037 •  |  | 1258 |  | 1145 |
|  3.878% due 05/25/2037 •  |  | 563 |  | 485 |
|  3.981% due 03/25/2036 •  |  | 7329 |  | 6365 |
|  4.091% due 02/25/2037 •  |  | 226 |  | 192 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.092% due 12/25/2046 •  | $— | 3807 | $— | 3412 |
|  4.142% due 12/25/2036 ~ |  | 4433 |  | 3940 |
|  4.218% due 11/25/2036 •  |  | 10 |  | 9 |
|  4.274% due 02/25/2037 ~ |  | 6172 |  | 5512 |
|  4.313% due 12/25/2036 •  |  | 3710 |  | 3357 |
|  4.354% due 04/25/2037 ~ |  | 343 |  | 313 |
|  4.356% due 12/25/2036 •  |  | 31 |  | 28 |
|  4.362% due 02/25/2037 ~ |  | 2929 |  | 2695 |
|  4.422% due 05/25/2037 •  |  | 35 |  | 29 |
|  4.483% due 04/25/2035 •  |  | 1014 |  | 984 |
|  4.541% due 02/25/2037 •  |  | 2228 |  | 1984 |
|  4.584% due 08/25/2036 •  |  | 499 |  | 447 |
|  4.720% due 12/25/2035 •  |  | 3757 |  | 3442 |
|  4.727% due 01/25/2036 •  |  | 1860 |  | 1837 |
|  4.731% due 05/25/2046 ~ |  | 154 |  | 133 |
|  4.834% due 09/25/2036 •  |  | 2085 |  | 1788 |
|  4.975% due 12/25/2045 •  |  | 150 |  | 150 |
|  5.005% due 10/25/2035 •  |  | 234 |  | 214 |
|  5.015% due 07/25/2045 •  |  | 110 |  | 108 |
|  5.043% due 07/25/2037 ~ |  | 137 |  | 122 |
|  5.080% due 03/25/2035 ~ |  | 419 |  | 419 |
|  5.081% due 08/25/2036 •  |  | 66 |  | 61 |
|  5.081% due 08/25/2046 •  |  | 3452 |  | 3129 |
|  5.131% due 12/25/2035 ~ |  | 399 |  | 369 |
|  5.158% due 03/25/2037 ~ |  | 6884 |  | 6343 |
|  5.164% due 08/25/2036 •  |  | 4826 |  | 4612 |
|  5.175% due 11/25/2034 ~ |  | 258 |  | 247 |
|  5.178% due 09/25/2035 •  |  | 4603 |  | 4276 |
|  5.255% due 11/25/2045 •  |  | 121 |  | 114 |
|  5.255% due 12/25/2045 •  |  | 94 |  | 86 |
|  5.395% due 04/25/2047 •  |  | 4197 |  | 3798 |
|  5.405% due 05/25/2047 ~ |  | 6126 |  | 5348 |
|  5.415% due 11/25/2034 •  |  | 125 |  | 119 |
|  5.433% due 07/25/2047 •  |  | 1722 |  | 1461 |
|  5.635% due 08/25/2046 •  |  | 49 |  | 45 |
|  5.717% due 05/25/2035 •  |  | 5756 |  | 5707 |
|  6.008% due 08/25/2034 •  |  | 76 |  | 75 |
|  6.035% due 06/25/2042 •  |  | 109 |  | 101 |
|  6.135% due 10/25/2046 •  |  | 3931 |  | 3671 |
|  6.343% due 01/25/2033 ~ |  | 40 |  | 39 |
|  6.555% due 09/25/2033 •  |  | 192 |  | 192 |
|  6.790% due 09/25/2033 •  |  | 9 |  | 9 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  0.000% due 12/21/2049 (g) |  | 4 |  | 19042 |
|  5.431% due 12/21/2049 •  |  | 63968 |  | 82788 |
|  6.108% due 12/21/2049 •  |  | 23296 |  | 30183 |
|  6.608% due 12/21/2049 •  |  | 11648 |  | 14986 |
|  7.108% due 12/21/2049 •  |  | 6656 |  | 8528 |
|  7.608% due 12/21/2049 •  |  | 6656 |  | 8452 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.928% due 09/25/2036 þ | $— | 2777 |  | 746 |
|  4.755% due 02/25/2037 •  |  | 6206 |  | 4784 |
|  4.830% due 06/25/2033 •  |  | 598 |  | 506 |
|  4.885% due 04/25/2035 ~ |  | 3195 |  | 2652 |
|  5.370% due 05/25/2033 •  |  | 83 |  | 84 |
|  5.500% due 11/25/2035 |  | 320 |  | 293 |
|  5.500% due 06/25/2037 |  | 463 |  | 446 |
|  5.605% due 05/25/2046 •  |  | 1969 |  | 1715 |
|  6.000% due 04/25/2036 |  | 997 |  | 862 |
|  6.768% due 07/25/2036 þ |  | 1106 |  | 248 |
|  6.949% due 07/25/2036 þ |  | 1890 |  | 424 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  7.125% due 07/25/2037 ~ |  | 418 |  | 387 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 |  | 9400 |  | 8533 |
|  3.311% due 06/15/2052 |  | 8800 |  | 8154 |
|  3.472% due 11/15/2050 |  | 10070 |  | 9736 |
|  3.615% due 12/15/2049 |  | 3224 |  | 3190 |
|  3.749% due 06/15/2036 ~ |  | 500 |  | 459 |
|  3.862% due 12/15/2039 |  | 41000 |  | 38853 |
|  4.023% due 03/15/2052 |  | 33712 |  | 32804 |
|  4.442% due 09/15/2061 |  | 4000 |  | 3959 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.154% due 04/25/2036 •  |  | 479 |  | 472 |
|  6.353% due 03/25/2036 ~ |  | 21 |  | 21 |
|  7.305% due 07/25/2034 •  |  | 2 |  | 2 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 6280 | 4342 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $9,857,028) | Total Non-Agency Mortgage-Backed Securities (Cost $9,857,028) | 9173710 |
| ASSET-BACKED SECURITIES 9.0% | ASSET-BACKED SECURITIES 9.0% | ASSET-BACKED SECURITIES 9.0% |
| AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.817% due 09/16/2026 ~ | 1373 | 1373 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.829% due 05/15/2026 ~ | 1109 | 1109 |
|  |  | 2482 |
| AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.760% due 11/15/2026 | 665 | 665 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.250% due 04/20/2029 | 20700 | 21064 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  5.990% due 09/25/2026 | 6888 | 6922 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.720% due 11/16/2026 | 1020 | 1022 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 | 802 | 802 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 | 14164 | 14248 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 | 4321 | 4369 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.030% due 12/15/2026 | 1153 | 1153 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.740% due 09/16/2026 | 3364 | 3366 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.730% due 09/25/2026 | 14900 | 14857 |
|  3.890% due 09/25/2028 | 31800 | 31113 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.710% due 03/18/2026 | 621 | 622 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  5.770% due 05/15/2026 | 2311 | 2311 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  2.820% due 04/10/2029 | 4909 | 4827 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  6.310% due 07/15/2027 | 1237 | 1237 |
|  Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
|  4.930% due 06/25/2036 | 9400 | 9558 |
|  |  | 118136 |
| CASINO SERVICES 0.1% | CASINO SERVICES 0.1% | CASINO SERVICES 0.1% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  0.000% due 03/12/2038 « | 87719 | 55652 |
| CMBS OTHER 2.1% | CMBS OTHER 2.1% | CMBS OTHER 2.1% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.581% due 10/16/2036 •  | 10016 | 10004 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.784% due 11/15/2036 •  | 55619 | 55702 |
|  5.799% due 01/15/2037 •  | 82731 | 82854 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.514% due 11/17/2038 ~ | 2098 | 2087 |
|  5.597% due 01/20/2037 •  | 8419 | 8383 |
|  6.561% due 06/17/2039 ~ | 32144 | 32211 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.781% due 12/16/2036 ~ | 10311 | 10320 |
|  6.117% due 03/19/2039 •  | 50220 | 50234 |
|  6.453% due 08/19/2038 ~ | 853 | 853 |
|  Brightspire Capital Ltd. | Brightspire Capital Ltd. | Brightspire Capital Ltd. |
|  5.581% due 08/19/2038 ~ | 3683 | 3677 |
|  BSPDF Issuer Ltd. | BSPDF Issuer Ltd. | BSPDF Issuer Ltd. |
|  5.634% due 10/15/2036 ~ | 637 | 638 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  5.754% due 12/15/2038 •  | 525 | 526 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.615% due 07/15/2039 •  | 34989 | 35096 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 19542 | 19165 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.245% due 01/19/2039 ~ | 23661 | 23694 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.931% due 07/16/2035 ~ | 10533 | 10473 |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.049% due 04/20/2037 ~ | 21041 | 20896 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.767% due 02/17/2039 •  | 55487 | 55380 |
|  LCCM Trust | LCCM Trust | LCCM Trust |
|  5.884% due 11/15/2038 •  | 9151 | 9235 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 1452 | 1450 |
|  5.734% due 11/15/2038 ~ | 37250 | 37298 |
|  5.899% due 01/17/2037 •  | 88336 | 88234 |
|  Lument Finance Trust, Inc. | Lument Finance Trust, Inc. | Lument Finance Trust, Inc. |
|  5.604% due 06/15/2039 •  | 34388 | 34412 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 7531 | 7422 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 27882 | 27873 |
|  6.952% due 09/17/2037 •  | 23310 | 23325 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 33150 | 33090 |
|  5.531% due 07/16/2036 •  | 2004 | 2004 |
|  5.667% due 02/19/2037 •  | 21716 | 21717 |
|  6.134% due 12/15/2035 •  | 15540 | 15549 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 3028 | 3024 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 6227 | 6236 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.787% due 06/25/2037 •  | 5682 | 5700 |
|  6.872% due 10/25/2039 •  | 1739 | 1751 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 59066 | 58636 |
|  5.699% due 11/15/2038 ~ | 93985 | 93827 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.634% due 03/15/2038 •  | 17919 | 17900 |
|  5.969% due 02/15/2039 •  | 48850 | 48704 |
|  |  | 959580 |
| HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% | HOME EQUITY OTHER 1.6% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.215% due 10/25/2035 •  | 801 | 795 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.295% due 12/25/2030 ~ | 386 | 381 |
|  5.485% due 03/25/2034 ~ | 1078 | 1048 |
|  5.530% due 05/25/2032 ~ | 127 | 133 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  5.305% due 01/25/2035 •  | 332 | 330 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 8 | 3 |
|  4.655% due 12/25/2036 •  | 5121 | 1305 |
|  4.755% due 08/25/2036 ~ | 4540 | 1044 |
|  4.835% due 12/25/2036 •  | 19744 | 5032 |
|  4.875% due 08/25/2036 •  | 5834 | 1340 |
|  5.095% due 11/25/2035 •  | 933 | 999 |
|  5.260% due 12/25/2045 •  | 2768 | 2101 |
|  5.365% due 02/25/2036 •  | 1032 | 963 |
|  5.410% due 11/25/2033 •  | 892 | 892 |
|  5.410% due 12/25/2034 ~ | 175 | 163 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.080% due 12/25/2035 •  | 2479 | 2327 |
|  5.155% due 06/25/2035 ~ | 1463 | 1395 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.764% due 05/25/2034 þ | 686 | 660 |
|  5.305% due 07/25/2034 ~ | 31 | 31 |
|  7.810% due 11/25/2032 ~ | 1711 | 1774 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.545% due 09/25/2036 •  | 3806 | 1226 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.585% due 09/25/2036 •  | $— | 19652 | $— | 6331 |
|  4.735% due 06/25/2036 •  |  | 17285 |  | 4703 |
|  4.815% due 03/25/2036 •  |  | 5252 |  | 2901 |
|  4.975% due 05/25/2036 •  |  | 21777 |  | 5256 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.075% due 01/25/2036 •  |  | 7675 |  | 7017 |
|  5.560% due 11/25/2034 •  |  | 1144 |  | 1142 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.515% due 05/25/2037 ~ |  | 142 |  | 100 |
|  5.195% due 10/25/2034 •  |  | 1 |  | 1 |
|  5.784% due 04/15/2033 •  |  | 458 |  | 457 |
|  7.659% due 08/15/2032 ~ |  | 3007 |  | 2868 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.775% due 12/25/2036 •  |  | 1954 |  | 1859 |
|  5.235% due 10/27/2032 ~ |  | 135 |  | 135 |
|  5.435% due 11/25/2042 ~ |  | 49 |  | 49 |
|  5.485% due 08/25/2037 •  |  | 3617 |  | 3209 |
|  6.048% due 06/25/2035 •  |  | 7306 |  | 7291 |
|  6.673% due 06/25/2043 •  |  | 182 |  | 184 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.595% due 10/25/2036 •  |  | 2856 |  | 2201 |
|  4.685% due 10/25/2036 •  |  | 3346 |  | 2578 |
|  4.695% due 02/25/2037 •  |  | 30195 |  | 28766 |
|  CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust |
|  5.230% due 07/25/2034 ~ |  | 253 |  | 296 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.995% due 02/25/2033 ~ |  | 23 |  | 23 |
|  5.075% due 08/25/2032 ~ |  | 393 |  | 388 |
|  5.095% due 11/25/2032 •  |  | 1 |  | 1 |
|  CIT Group Home Equity Loan Trust | CIT Group Home Equity Loan Trust | CIT Group Home Equity Loan Trust | CIT Group Home Equity Loan Trust | CIT Group Home Equity Loan Trust |
|  5.485% due 09/25/2030 ~ |  | 183 |  | 183 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.210% due 10/25/2037 þ |  | 1374 |  | 1321 |
|  4.605% due 07/25/2045 •  |  | 6197 |  | 4300 |
|  4.625% due 05/25/2037 •  |  | 8084 |  | 5380 |
|  4.695% due 07/25/2045 •  |  | 2885 |  | 2002 |
|  4.705% due 05/25/2037 •  |  | 2969 |  | 2944 |
|  4.755% due 12/25/2036 •  |  | 7519 |  | 4119 |
|  4.935% due 08/25/2036 •  |  | 8645 |  | 8565 |
|  5.170% due 09/25/2035 •  |  | 1321 |  | 1313 |
|  7.264% due 01/25/2037 þ |  | 778 |  | 331 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.555% due 03/25/2036 •  |  | 909 |  | 897 |
|  3.873% due 04/25/2035 ~ |  | 687 |  | 676 |
|  4.400% due 10/25/2032 ~ |  | 202 |  | 220 |
|  4.575% due 07/25/2037 ~ |  | 144 |  | 143 |
|  4.575% due 08/25/2037 ~ |  | 9304 |  | 8535 |
|  4.665% due 10/25/2047 •  |  | 499 |  | 495 |
|  4.689% due 01/25/2037 •  |  | 24 |  | 24 |
|  4.715% due 02/25/2037 ~ |  | 4109 |  | 3792 |
|  4.715% due 03/25/2037 •  |  | 1245 |  | 1216 |
|  4.795% due 11/25/2047 ~ |  | 1238 |  | 1180 |
|  4.835% due 08/25/2034 ~ |  | 301 |  | 294 |
|  4.875% due 09/25/2037 •  |  | 928 |  | 962 |
|  4.875% due 09/25/2047 ~ |  | 8915 |  | 8882 |
|  4.935% due 10/25/2034 ~ |  | 1156 |  | 1118 |
|  5.020% due 06/25/2036 ~ |  | 2199 |  | 2163 |
|  5.115% due 12/25/2036 •  |  | 303 |  | 245 |
|  5.125% due 05/25/2036 •  |  | 169 |  | 169 |
|  5.175% due 12/25/2034 •  |  | 1154 |  | 1131 |
|  5.335% due 11/25/2034 •  |  | 197 |  | 193 |
|  5.395% due 02/25/2036 •  |  | 4994 |  | 4868 |
|  5.583% due 08/25/2035 •  |  | 17821 |  | 17228 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.179% due 08/25/2032 •  |  | 1082 |  | 1031 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.554% due 07/25/2037 ~ |  | 208 |  | 137 |
|  6.780% due 05/25/2035 þ |  | 658 |  | 606 |
|  Credit-Based Asset Servicing & Securitization Mortgage Loan Trust | Credit-Based Asset Servicing & Securitization Mortgage Loan Trust | Credit-Based Asset Servicing & Securitization Mortgage Loan Trust | Credit-Based Asset Servicing & Securitization Mortgage Loan Trust | Credit-Based Asset Servicing & Securitization Mortgage Loan Trust |
|  3.274% due 03/25/2037 þ |  | 4266 |  | 1475 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.341% due 04/25/2037 ~ |  | 631 |  | 363 |
|  4.555% due 11/25/2036 ~ |  | 76 |  | 34 |
|  4.735% due 11/25/2036 ~ |  | 7362 |  | 3326 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.254% due 09/15/2029 ~ |  | 78 |  | 76 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.175% due 05/25/2040 ~ | 10 | 10 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.185% due 01/25/2034 ~ | 8 | 8 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.754% due 11/25/2036 ~ | 7674 | 4727 |
|  4.815% due 05/25/2036 ~ | 5502 | 4063 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.335% due 08/25/2034 ~ | 115 | 107 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  3.873% due 05/25/2035 ~ | 917 | 814 |
|  4.575% due 08/25/2037 ~ | 2262 | 1129 |
|  4.715% due 08/25/2037 ~ | 2347 | 1172 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.495% due 01/25/2037 •  | 26 | 12 |
|  4.535% due 08/25/2036 ~ | 338 | 106 |
|  4.565% due 11/25/2036 ~ | 35334 | 12503 |
|  4.585% due 01/25/2037 ~ | 11364 | 5155 |
|  4.595% due 08/25/2036 ~ | 6925 | 2176 |
|  4.775% due 02/25/2037 ~ | 41329 | 13075 |
|  4.915% due 02/25/2037 ~ | 15695 | 4998 |
|  4.935% due 05/25/2036 ~ | 9686 | 6142 |
|  4.975% due 04/25/2036 ~ | 2716 | 2461 |
|  5.095% due 01/25/2036 ~ | 6412 | 6172 |
|  5.365% due 07/25/2034 ~ | 19 | 20 |
|  5.500% due 06/25/2035 ~ | 2789 | 2711 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | 5 | 2 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  7.000% due 09/25/2037 ~ | 6 | 6 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.471% due 03/25/2036 ~ | 3974 | 1646 |
|  4.575% due 03/25/2036 ~ | 38 | 12 |
|  4.635% due 03/25/2037 ~ | 498 | 138 |
|  4.675% due 04/25/2047 ~ | 961 | 900 |
|  4.675% due 05/25/2047 ~ | 2522 | 1464 |
|  4.775% due 09/25/2036 ~ | 8186 | 1850 |
|  4.795% due 05/25/2036 ~ | 13453 | 2879 |
|  4.795% due 07/25/2037 •  | 299 | 290 |
|  5.035% due 03/25/2037 •  | 1750 | 700 |
|  5.035% due 05/25/2047 •  | 141 | 86 |
|  5.335% due 08/25/2037 ~ | 273 | 268 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.525% due 01/25/2037 ~ | 2495 | 1495 |
|  4.555% due 12/25/2036 ~ | 5096 | 2518 |
|  4.615% due 11/25/2035 ~ | 351 | 26 |
|  4.915% due 06/25/2036 ~ | 3326 | 1836 |
|  4.915% due 08/25/2036 ~ | 1340 | 1083 |
|  4.975% due 04/25/2036 ~ | 2984 | 1994 |
|  5.755% due 12/25/2034 •  | 820 | 718 |
|  6.085% due 10/25/2034 •  | 120 | 123 |
|  6.310% due 03/25/2034 ~ | 1779 | 1478 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.035% due 11/25/2032 •  | 154 | 142 |
|  5.530% due 05/25/2035 ~ | 408 | 405 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.665% due 04/25/2037 ~ | 2677 | 2577 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.555% due 12/25/2036 •  | 89 | 26 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.535% due 10/25/2036 •  | 133 | 45 |
|  4.655% due 12/25/2036 •  | 473 | 120 |
|  4.775% due 12/25/2036 •  | 4312 | 1048 |
|  5.215% due 11/25/2035 ~ | 1799 | 1665 |
|  IMC Home Equity Loan Trust | IMC Home Equity Loan Trust | IMC Home Equity Loan Trust |
|  5.690% due 07/25/2026 •  | 2 | 2 |
|  Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust |
|  4.708% due 10/25/2033 •  | 33 | 33 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.555% due 04/25/2037 ~ | 864 | 609 |
|  4.645% due 04/25/2037 ~ | 2777 | 1958 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  3.045% due 10/25/2035 •  | 1050 | 1032 |
|  4.595% due 08/25/2036 ~ | 185 | 81 |
|  4.655% due 08/25/2036 ~ | 19 | 15 |
|  4.675% due 08/25/2036 •  | 103 | 103 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.755% due 07/25/2036 •  | $— | 4993 | $— | 1367 |
|  6.337% due 08/25/2036 þ |  | 1515 |  | 903 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.525% due 06/25/2037 ~ |  | 4422 |  | 2931 |
|  4.635% due 06/25/2037 •  |  | 2387 |  | 1583 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.755% due 12/25/2036 •  |  | 17185 |  | 11700 |
|  4.795% due 03/25/2046 •  |  | 1522 |  | 1184 |
|  4.955% due 08/25/2045 ~ |  | 3870 |  | 3791 |
|  4.995% due 10/25/2034 ~ |  | 10 |  | 10 |
|  5.485% due 06/25/2035 •  |  | 4736 |  | 4632 |
|  5.710% due 02/25/2035 ~ |  | 2363 |  | 2315 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 01/25/2037 •  |  | 82 |  | 23 |
|  4.735% due 08/25/2036 •  |  | 3961 |  | 1457 |
|  4.915% due 03/25/2036 ~ |  | 4864 |  | 2908 |
|  4.915% due 10/25/2036 •  |  | 4205 |  | 3749 |
|  5.185% due 10/25/2035 ~ |  | 6367 |  | 6077 |
|  5.365% due 06/25/2035 •  |  | 650 |  | 686 |
|  5.971% due 11/25/2035 þ |  | 96 |  | 70 |
|  6.219% due 02/25/2036 þ |  | 170 |  | 144 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.775% due 04/25/2037 •  |  | 2101 |  | 807 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.555% due 11/25/2037 •  |  | 1432 |  | 458 |
|  4.591% due 11/25/2037 ~ |  | 10203 |  | 3281 |
|  4.655% due 08/25/2037 ~ |  | 7121 |  | 3498 |
|  4.675% due 02/25/2037 ~ |  | 849 |  | 240 |
|  4.735% due 08/25/2037 •  |  | 29823 |  | 14649 |
|  4.915% due 08/25/2037 •  |  | 1491 |  | 732 |
|  4.955% due 03/25/2037 ~ |  | 22832 |  | 21190 |
|  4.955% due 04/25/2037 •  |  | 2237 |  | 1072 |
|  5.075% due 03/25/2037 •  |  | 6123 |  | 5684 |
|  5.335% due 02/25/2047 •  |  | 13457 |  | 7888 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 12/25/2036 •  |  | 2426 |  | 1228 |
|  4.495% due 05/25/2037 •  |  | 751 |  | 675 |
|  4.525% due 01/25/2037 •  |  | 4710 |  | 2145 |
|  4.535% due 07/25/2036 ~ |  | 126 |  | 46 |
|  4.535% due 11/25/2036 •  |  | 1184 |  | 668 |
|  4.545% due 03/25/2037 •  |  | 5592 |  | 2378 |
|  4.575% due 11/25/2036 •  |  | 11966 |  | 5731 |
|  4.575% due 05/25/2037 •  |  | 3272 |  | 2508 |
|  4.585% due 10/25/2036 ~ |  | 11306 |  | 5882 |
|  4.585% due 11/25/2036 •  |  | 13095 |  | 7391 |
|  4.585% due 12/25/2036 •  |  | 1677 |  | 849 |
|  4.615% due 03/25/2037 •  |  | 21545 |  | 9163 |
|  4.635% due 02/25/2037 ~ |  | 1795 |  | 781 |
|  4.650% due 03/25/2037 •  |  | 8551 |  | 3377 |
|  4.665% due 10/25/2036 •  |  | 1352 |  | 704 |
|  4.665% due 11/25/2036 ~ |  | 11786 |  | 6652 |
|  4.685% due 12/25/2036 •  |  | 7276 |  | 3681 |
|  4.685% due 05/25/2037 •  |  | 1347 |  | 1210 |
|  4.695% due 02/25/2037 ~ |  | 760 |  | 331 |
|  4.735% due 06/25/2036 •  |  | 5549 |  | 2797 |
|  4.735% due 09/25/2036 •  |  | 14800 |  | 5130 |
|  4.755% due 09/25/2036 •  |  | 9011 |  | 3961 |
|  4.775% due 03/25/2037 •  |  | 2779 |  | 1182 |
|  4.795% due 02/25/2037 ~ |  | 3641 |  | 1162 |
|  4.935% due 08/25/2036 •  |  | 13036 |  | 6503 |
|  5.170% due 07/25/2035 •  |  | 3295 |  | 3223 |
|  5.365% due 11/25/2034 •  |  | 215 |  | 208 |
|  5.435% due 03/25/2033 •  |  | 390 |  | 381 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.710% due 09/25/2032 •  |  | 287 |  | 285 |
|  5.785% due 02/25/2033 •  |  | 260 |  | 272 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.535% due 12/25/2036 ~ |  | 12894 |  | 6171 |
|  4.755% due 04/25/2036 •  |  | 3990 |  | 2782 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.485% due 11/25/2036 •  |  | 5 |  | 2 |
|  4.735% due 07/25/2036 •  |  | 7834 |  | 3104 |
|  4.895% due 07/25/2036 •  |  | 24024 |  | 9519 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.595% due 11/25/2036 ~ |  | 3174 |  | 920 |
|  5.750% due 04/25/2037 ~ |  | 540 |  | 264 |
|  5.940% due 11/25/2036 •  |  | 1585 |  | 586 |
|  6.000% due 02/25/2037 •  |  | 332 |  | 185 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.077% due 10/25/2046 þ | $— | 2350 | $— | 567 |
|  6.226% due 10/25/2036 þ |  | 987 |  | 274 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.110% due 03/25/2035 ~ |  | 106 |  | 114 |
|  5.155% due 10/25/2035 •  |  | 586 |  | 574 |
|  5.215% due 03/25/2035 •  |  | 509 |  | 505 |
|  5.320% due 05/25/2034 ~ |  | 503 |  | 504 |
|  7.435% due 01/25/2033 ~ |  | 1091 |  | 921 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.095% due 10/25/2036 ~ |  | 20078 |  | 4446 |
|  5.235% due 02/25/2037 •  |  | 1745 |  | 481 |
|  6.532% due 10/25/2036 þ |  | 2596 |  | 546 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.635% due 01/25/2037 ~ |  | 3457 |  | 1150 |
|  4.735% due 06/25/2036 ~ |  | 1581 |  | 1153 |
|  4.735% due 09/25/2036 ~ |  | 12336 |  | 4851 |
|  4.735% due 03/25/2037 •  |  | 3563 |  | 1191 |
|  4.775% due 11/25/2036 •  |  | 8006 |  | 2434 |
|  4.795% due 03/25/2037 •  |  | 2949 |  | 986 |
|  4.855% due 01/25/2037 ~ |  | 15550 |  | 5172 |
|  4.935% due 10/25/2036 ~ |  | 4158 |  | 1855 |
|  5.145% due 12/25/2033 ~ |  | 166 |  | 165 |
|  5.260% due 06/25/2034 •  |  | 7 |  | 7 |
|  6.310% due 03/25/2035 •  |  | 3222 |  | 3188 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.535% due 01/25/2037 •  |  | 8063 |  | 4721 |
|  4.575% due 01/25/2037 ~ |  | 18149 |  | 10627 |
|  4.605% due 05/25/2037 ~ |  | 3183 |  | 1700 |
|  4.615% due 04/25/2037 ~ |  | 5931 |  | 2954 |
|  4.655% due 01/25/2037 ~ |  | 6825 |  | 3996 |
|  4.655% due 04/25/2037 ~ |  | 14955 |  | 10266 |
|  4.675% due 04/25/2037 ~ |  | 2404 |  | 1360 |
|  4.685% due 03/25/2037 ~ |  | 1105 |  | 552 |
|  4.685% due 07/25/2037 •  |  | 2268 |  | 1448 |
|  4.715% due 02/25/2037 ~ |  | 6952 |  | 3278 |
|  4.765% due 04/25/2037 •  |  | 1925 |  | 935 |
|  4.975% due 01/25/2036 •  |  | 6595 |  | 6185 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  5.125% due 11/25/2035 •  |  | 9620 |  | 9246 |
|  5.290% due 10/25/2032 •  |  | 975 |  | 1110 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.335% due 10/25/2036 •  |  | 1670 |  | 1602 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.235% due 12/25/2034 ~ |  | 10529 |  | 10499 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.115% due 12/25/2035 •  |  | 375 |  | 368 |
|  5.380% due 05/25/2035 •  |  | 2489 |  | 2330 |
|  5.785% due 01/25/2035 •  |  | 592 |  | 575 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.575% due 09/25/2036 ~ |  | 17586 |  | 4369 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.645% due 01/25/2037 ~ |  | 2497 |  | 2397 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  5.135% due 11/25/2046 •  |  | 5426 |  | 4958 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.991% due 08/25/2033 •  |  | 35 |  | 32 |
|  5.135% due 08/25/2032 ~ |  | 104 |  | 100 |
|  5.155% due 11/25/2034 •  |  | 188 |  | 164 |
|  5.893% due 06/25/2037 þ |  | 8030 |  | 2092 |
|  5.906% due 06/25/2037 þ |  | 8997 |  | 2350 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.005% due 01/25/2036 •  |  | 1362 |  | 1342 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.675% due 10/25/2036 •  |  | 978 |  | 968 |
|  4.695% due 11/25/2036 •  |  | 3596 |  | 3327 |
|  4.775% due 11/25/2036 •  |  | 1331 |  | 1240 |
|  4.870% due 06/25/2036 •  |  | 11512 |  | 11339 |
|  4.995% due 04/25/2036 ~ |  | 602 |  | 601 |
|  5.015% due 06/25/2033 •  |  | 646 |  | 616 |
|  5.050% due 03/25/2036 ~ |  | 1200 |  | 1172 |
|  5.530% due 03/25/2035 ~ |  | 2286 |  | 2283 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  |  | 223 |  | 48 |
|  4.565% due 05/25/2037 ~ |  | 375 |  | 285 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.755% due 07/25/2036 ~ | 2137 | 700 |
|  4.915% due 07/25/2036 •  | 2748 | 900 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.735% due 10/25/2036 •  | 8891 | 8316 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.615% due 08/25/2037 ~ | 399 | 392 |
|  4.655% due 01/25/2037 ~ | 2405 | 1745 |
|  4.755% due 01/25/2037 •  | 2296 | 1666 |
|  4.795% due 02/25/2037 ~ | 7676 | 2061 |
|  4.955% due 02/25/2037 •  | 9905 | 2666 |
|  4.995% due 05/25/2036 ~ | 1660 | 1615 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.585% due 09/25/2036 ~ | 1057 | 1048 |
|  4.735% due 06/25/2036 ~ | 177 | 170 |
|  5.035% due 01/25/2036 ~ | 970 | 954 |
|  5.335% due 05/25/2035 ~ | 3623 | 3562 |
|  5.365% due 09/25/2034 ~ | 58 | 51 |
|  5.365% due 01/25/2035 •  | 9943 | 9763 |
|  5.434% due 09/25/2034 ~ | 145 | 148 |
|  5.560% due 01/25/2035 ~ | 3957 | 3420 |
|  5.635% due 12/25/2034 ~ | 753 | 752 |
|  5.815% due 04/25/2033 ~ | 129 | 131 |
|  6.010% due 01/25/2035 •  | 4313 | 3552 |
|  6.160% due 01/25/2035 ~ | 3998 | 2036 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.615% due 01/25/2037 ~ | 2190 | 1284 |
|  4.665% due 01/25/2037 •  | 16106 | 9188 |
|  4.705% due 04/25/2036 •  | 5050 | 4969 |
|  4.881% due 12/25/2034 ~ | 589 | 584 |
|  5.335% due 05/25/2037 •  | 1325 | 1296 |
|  6.435% due 08/25/2037 ~ | 680 | 678 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.685% due 04/25/2037 •  | 9438 | 3447 |
|  4.735% due 01/25/2037 •  | 11491 | 5192 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.343% due 10/25/2036 •  | 1298 | 448 |
|  |  | 718888 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.407% due 07/25/2036 •  | 1342 | 1328 |
|  4.695% due 03/25/2037 ~ | 1406 | 1388 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.675% due 04/25/2037 ~ | 4568 | 1216 |
|  4.895% due 02/25/2037 ~ | 414 | 85 |
|  5.155% due 04/25/2037 •  | 2213 | 589 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.775% due 10/25/2046 •  | 3513 | 3436 |
|  |  | 8042 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.490% due 07/01/2031 þ | 77 | 78 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.279% due 07/25/2036 •  | 3 | 2 |
|  5.358% due 10/25/2036 ~ | 576 | 257 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.851% due 05/25/2036 þ | 2000 | 728 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.745% due 10/25/2036 ~ | 6000 | 4857 |
|  4.755% due 04/25/2036 ~ | 1822 | 1782 |
|  4.915% due 08/25/2036 ~ | 2086 | 2021 |
|  4.915% due 10/25/2036 ~ | 3261 | 2145 |
|  5.635% due 01/25/2035 ~ | 1007 | 1006 |
|  5.860% due 10/25/2034 •  | 510 | 513 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.485% due 06/25/2034 ~ | 453 | 448 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  5.035% due 06/25/2044 ~ | 715 | 649 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.785% due 10/25/2036 •  | 5330 | 5186 |
|  5.035% due 03/25/2036 •  | 3968 | 3916 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.075% due 01/25/2036 •  | $— | 2181 | 2009 |
|  5.431% due 12/25/2034 ~ |  | 82 | 82 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 03/25/2036 ~ |  | 8823 | 5467 |
|  4.935% due 05/25/2036 •  |  | 9072 | 4678 |
|  5.395% due 01/25/2036 •  |  | 1098 | 1034 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.202% due 02/25/2037 þ |  | 28400 | 9376 |
|  4.635% due 11/25/2037 •  |  | 361 | 196 |
|  4.735% due 11/25/2037 •  |  | 4696 | 2573 |
|  5.035% due 12/25/2036 ~ |  | 1078 | 1055 |
|  5.135% due 03/25/2037 ~ |  | 1715 | 874 |
|  5.335% due 06/25/2036 •  |  | 10065 | 9649 |
|  5.410% due 12/25/2035 •  |  | 421 | 418 |
|  |  |  | 60921 |
| OTHER ABS 4.8% | OTHER ABS 4.8% | OTHER ABS 4.8% | OTHER ABS 4.8% |
|  ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. | ACAS CLO Ltd. |
|  5.445% due 10/18/2028 ~ |  | 769 | 769 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.730% due 04/22/2034 ~ |  | 20000 | 20014 |
|  Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO |
|  5.505% due 10/20/2030 ~ |  | 879 | 880 |
|  5.565% due 04/20/2031 ~ |  | 583 | 583 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.594% due 04/20/2032 •  |  | 16093 | 17405 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.632% due 04/22/2031 •  | $— | 1215 | 1214 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.484% due 01/20/2032 •  |  | 13372 | 14467 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.893% due 07/17/2037 ~ | $— | 27450 | 27471 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.536% due 05/15/2032 •  |  | 5167 | 5593 |
|  3.604% due 01/20/2032 •  |  | 205 | 222 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.405% due 10/15/2031 •  |  | 13924 | 15046 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | $— | 13871 | 13876 |
|  BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. |
|  3.695% due 01/15/2033 •  |  | 10144 | 10974 |
|  BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC |
|  1.050% due 01/15/2031 |  | 292 | 310 |
|  3.505% due 01/15/2031 •  |  | 10811 | 11693 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.385% due 04/15/2031 •  |  | 3096 | 3345 |
|  3.497% due 07/22/2032 •  |  | 17313 | 18704 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  |  | 22119 | 23929 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | $— | 38800 | 38974 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.530% due 08/14/2030 •  |  | 672 | 672 |
|  5.534% due 04/17/2031 ~ |  | 1146 | 1147 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ |  | 15645 | 16923 |
|  3.485% due 01/15/2031 •  |  | 22939 | 24682 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | $— | 5351 | 5351 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.538% due 07/16/2031 •  |  | 8452 | 8457 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  |  | 3654 | 3655 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.932% due 07/15/2037 •  |  | 39000 | 39058 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ |  | 305 | 305 |
|  5.508% due 10/24/2030 ~ |  | 17917 | 17936 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 |  | 1211 | 1141 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2053 «(g) |  | 70300 | 40664 |
|  0.000% due 11/25/2054 «(g) |  | 11030 | 5612 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.150% due 11/25/2054 | $— | 35672 | $— | 35778 |
|  5.350% due 11/25/2054 |  | 42022 |  | 42496 |
|  5.450% due 11/25/2054 |  | 10776 |  | 10886 |
|  5.750% due 11/25/2054 |  | 5381 |  | 5439 |
|  6.250% due 11/25/2053 |  | 83323 |  | 83839 |
|  6.400% due 11/25/2053 |  | 179510 |  | 186149 |
|  6.600% due 11/25/2054 |  | 6945 |  | 7012 |
|  6.950% due 11/25/2053 |  | 47030 |  | 48487 |
|  7.400% due 11/25/2053 |  | 47030 |  | 48662 |
|  8.750% due 11/25/2054 |  | 4039 |  | 4073 |
|  9.100% due 11/25/2053 |  | 27459 |  | 28598 |
|  9.350% due 11/25/2053 |  | 25480 |  | 25700 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.585% due 04/20/2030 ~ |  | 4786 |  | 4788 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  |  | 4016 |  | 4339 |
|  3.336% due 08/15/2032 •  |  | 1053 |  | 1139 |
|  3.435% due 10/15/2031 •  |  | 33310 |  | 36025 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | $— | 1100 |  | 1043 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.416% due 05/15/2034 •  |  | 18182 |  | 19641 |
|  3.445% due 04/15/2033 •  |  | 29019 |  | 31362 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.443% due 10/19/2029 ~ | $— | 1372 |  | 1373 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  |  | 3819 |  | 3818 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  |  | 26491 |  | 28614 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | $— | 7386 |  | 7390 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  |  | 21715 |  | 21709 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.523% due 04/20/2033 •  |  | 8463 |  | 8462 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 |  | 7286 |  | 5690 |
|  4.000% due 04/20/2049 |  | 14597 |  | 12180 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  1.040% due 07/15/2031 |  | 2633 |  | 2754 |
|  3.424% due 10/20/2031 •  |  | 27581 |  | 29817 |
|  3.425% due 10/15/2031 •  |  | 18550 |  | 20048 |
|  3.545% due 07/15/2031 •  |  | 23216 |  | 25115 |
|  3.635% due 01/15/2032 •  |  | 10954 |  | 11842 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.684% due 07/15/2034 •  | $— | 15625 |  | 15635 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.649% due 07/14/2031 •  |  | 1496 |  | 1495 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  |  | 31071 |  | 33392 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | $— | 4296 |  | 4298 |
|  5.514% due 07/15/2030 ~ |  | 11097 |  | 11105 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.610% due 07/15/2026 |  | 664 |  | 666 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.393% due 07/20/2030 ~ |  | 1221 |  | 1222 |
|  5.555% due 07/20/2030 •  |  | 2754 |  | 2751 |
|  5.635% due 04/20/2031 •  |  | 12744 |  | 12742 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 |  | 750 |  | 715 |
|  MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC |
|  3.674% due 10/20/2032 •  |  | 1863 |  | 2017 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.585% due 07/15/2032 •  |  | 14469 |  | 15696 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | $— | 6744 |  | 6749 |
|  Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. |
|  5.735% due 12/18/2030 ~ |  | 815 |  | 815 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ |  | 309 |  | 309 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 |  | 3037 |  | 3049 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 |  | 16616 |  | 14537 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.609% due 01/16/2031 •  | 531 | 531 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ | 6100 | 6105 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  3.610% due 12/15/2059 | 1241 | 1234 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.544% due 02/20/2041 •  | 4849 | 4965 |
|  6.640% due 02/20/2041 | 5328 | 5514 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.662% due 12/21/2029 ~ | 1286 | 1287 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.474% due 01/20/2032 •  | 1469 | 1590 |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ | 32941 | 35547 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.675% due 07/20/2029 •  | 122 | 122 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.584% due 09/22/2034 •  | 30046 | 32480 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  | 4879 | 4880 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 1096 | 1061 |
|  5.110% due 06/16/2036 ~ | 2249 | 2249 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ | 5519 | 5523 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.505% due 10/15/2031 •  | 5469 | 5916 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.355% due 07/20/2029 ~ | 4914 | 4916 |
|  Performer Funding PLC | Performer Funding PLC | Performer Funding PLC |
|  0.000% due 06/21/2035 (g) | 27414 | 16927 |
|  6.464% due 06/21/2035 •  | 30900 | 39841 |
|  7.464% due 06/21/2035 •  | 21700 | 28172 |
|  8.464% (SONIO/N + 4.000%) due 06/21/2035 ~ | 14400 | 19000 |
|  9.964% due 06/21/2035 •  | 6200 | 8168 |
|  11.964% due 06/21/2035 •  | 9300 | 12250 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.870% due 12/23/2027 «•  | 46803 | 46858 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.530% due 04/25/2032 •  | 7361 | 7367 |
|  5.678% due 07/24/2032 •  | 53015 | 53052 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.582% due 10/23/2030 •  | 14587 | 14598 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | 24693 | 26721 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.664% due 05/07/2031 •  | 400 | 401 |
|  SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust |
|  5.545% due 06/15/2040 •  | 1330 | 1320 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.148% due 04/25/2049 | 1961 | 1943 |
|  5.718% due 07/25/2049 | 184 | 183 |
|  6.518% due 04/27/2025 | 231 | 231 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2052 «(g) | 1320 | 1661 |
|  0.000% due 09/15/2053 (g) | 1 | 362 |
|  3.940% due 02/16/2055 | 28910 | 28014 |
|  5.550% due 03/15/2052 | 13079 | 13434 |
|  5.647% due 03/15/2052 •  | 13079 | 13103 |
|  5.799% due 02/16/2055 ~ | 11999 | 12165 |
|  5.999% due 09/15/2053 ~ | 36156 | 37019 |
|  6.150% due 09/15/2053 | 22273 | 23443 |
|  6.250% due 03/15/2052 | 3000 | 3080 |
|  6.500% due 03/15/2052 | 1100 | 1145 |
|  6.930% due 09/15/2053 | 12921 | 13735 |
|  7.540% due 09/15/2053 | 2644 | 2787 |
|  8.290% due 03/15/2052 | 1195 | 1243 |
|  8.870% due 09/15/2053 | 5450 | 5841 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  4.546% due 05/16/2050 ~ | 47566 | 45589 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  1.000% due 04/25/2034 «(c) | 5725 | 6931 |
|  4.710% due 04/25/2034 « | 35688 | 35719 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.840% due 04/25/2034 «(c) | $— | 3656 | 3659 |
|  5.160% due 04/25/2034 « |  | 2843 | 2845 |
|  5.460% due 04/25/2034 « |  | 2088 | 2090 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  3.020% due 02/25/2040 |  | 829 | 813 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 4195 | 4193 |
|  5.662% due 07/26/2031 ~ |  | 2862 | 2863 |
|  5.675% due 01/21/2031 ~ |  | 238 | 238 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 210 | 201 |
|  Sunrun Demeter Issuer | Sunrun Demeter Issuer | Sunrun Demeter Issuer | Sunrun Demeter Issuer |
|  2.270% due 01/30/2057 |  | 35467 | 30857 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  6.093% due 01/20/2037 ~ |  | 14075 | 14102 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  5.050% due 09/20/2029 |  | 21200 | 21387 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.366% due 02/15/2034 •  |  | 18766 | 20181 |
|  3.709% due 01/12/2032 •  |  | 10976 | 11822 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  0.506% due 10/02/2039 •  | $— | 2660 | 24 |
|  5.220% due 10/02/2039 ^•(d) |  | 13598 | 119 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.545% due 07/20/2030 ~ |  | 4398 | 4397 |
|  5.575% due 09/07/2030 ~ |  | 20781 | 20789 |
|  5.605% due 07/20/2030 •  |  | 3814 | 3813 |
|  5.624% due 07/15/2031 ~ |  | 6068 | 6070 |
|  5.655% due 07/18/2031 •  |  | 1029 | 1029 |
|  5.685% due 04/20/2032 •  |  | 17140 | 17143 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  5.675% due 07/20/2032 •  |  | 22667 | 22678 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.514% due 04/17/2030 •  |  | 5108 | 5103 |
|  5.774% due 10/15/2030 ~ |  | 471 | 471 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.704% due 01/15/2031 ~ |  | 1224 | 1225 |
|  |  |  | 2156868 |
|  Total Asset-Backed Securities (Cost $4,320,366) | Total Asset-Backed Securities (Cost $4,320,366) | Total Asset-Backed Securities (Cost $4,320,366) | 4080647 |
| SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  6.125% due 03/15/2034 |  | 15700 | 15302 |
|  7.125% due 05/13/2054 |  | 55300 | 53005 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (g) |  | 2672000 | 436943 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 |  | 67100 | 49389 |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  3.125% due 04/16/2030 | $— | 1600 | 1516 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  3.800% due 05/13/2060 |  | 47500 | 30545 |
|  5.375% due 03/12/2029 |  | 31800 | 32083 |
|  5.500% due 03/12/2034 |  | 27000 | 26892 |
|  5.750% due 03/12/2054 |  | 3900 | 3586 |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  5.875% due 10/17/2031 |  | 20800 | 21125 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.000% due 12/20/2044 |  | 20860000 | 134787 |
|  2.200% due 03/20/2064 |  | 9406000 | 55751 |
|  2.300% due 12/20/2054 |  | 15900000 | 102043 |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  3.000% due 01/13/2026 | $— | 2600 | 2570 |
|  5.062% due 10/23/2026 ~ |  | 7450 | 7501 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.875% due 04/03/2029 |  | 1700 | 1719 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (h) |  | 90704 | 4131 |
|  5.000% due 04/27/2051 | $— | 26100 | 20073 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

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------

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| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 05/13/2030 | $— | 12500 | $— | 12765 |
|  6.000% due 05/07/2036 |  | 1100 |  | 1065 |
|  6.875% due 05/13/2037 |  | 11400 |  | 11692 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  2.750% due 11/20/2025 (h) |  | 1599 |  | 1001 |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  4.950% due 04/28/2031 | $— | 8000 |  | 7770 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.350% due 08/12/2040 |  | 6400 |  | 1446 |
|  5.940% due 02/12/2029 |  | 3000 |  | 853 |
|  6.150% due 08/12/2032 |  | 323630 |  | 88506 |
|  6.950% due 08/12/2031 |  | 355000 |  | 103329 |
|  7.300% due 08/12/2033 |  | 353300 |  | 101567 |
|  Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta |
|  2.050% due 08/17/2026 | $— | 6000 |  | 5835 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 |  | 31300 |  | 22723 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 |  | 93800 |  | 66313 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 172400 |  | 121093 |
|  4.450% due 09/01/2034 |  | 349200 |  | 259148 |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  4.400% due 04/16/2050 | $— | 46200 |  | 39700 |
|  5.103% due 04/23/2048 |  | 600 |  | 576 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  5.125% due 09/18/2034 |  | 5300 |  | 5259 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.100% due 11/19/2036 |  | 4100 |  | 3979 |
|  8.500% due 01/31/2037 |  | 720900 |  | 32702 |
|  8.875% due 02/28/2035 |  | 1609600 |  | 78592 |
|  10.500% due 12/21/2026 |  | 5965100 |  | 336759 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.000% due 01/28/2032 |  | 33500 |  | 28717 |
|  2.000% due 04/14/2033 |  | 5190 |  | 4182 |
|  3.000% due 02/27/2027 | $— | 5240 |  | 5043 |
|  3.624% due 05/26/2030 |  | 25050 |  | 25311 |
|  5.250% due 03/10/2030 |  | 12000 |  | 13080 |
|  5.250% due 05/30/2032 |  | 30900 |  | 32225 |
|  5.625% due 05/30/2037 |  | 29200 |  | 28842 |
|  6.250% due 09/10/2034 |  | 5700 |  | 6119 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 |  | 17800 |  | 19016 |
|  3.750% due 03/05/2037 |  | 22200 |  | 23119 |
|  4.750% due 01/18/2028 | $— | 34700 |  | 34900 |
|  4.750% due 01/16/2030 |  | 13600 |  | 13604 |
|  4.875% due 07/18/2033 |  | 12100 |  | 11963 |
|  5.000% due 01/16/2034 |  | 12600 |  | 12522 |
|  5.125% due 01/13/2028 |  | 37900 |  | 38378 |
|  5.375% due 01/13/2031 |  | 57500 |  | 58955 |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 |  | 16450 |  | 15976 |
|  2.050% due 09/23/2036 |  | 15500 |  | 12218 |
|  3.125% due 05/15/2027 |  | 19600 |  | 20905 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  7.625% due 05/15/2034 | $— | 20500 |  | 20685 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.500% due 10/22/2061 |  | 16400 |  | 5836 |
|  4.375% due 07/31/2054 |  | 178073 |  | 199062 |
|  Total Sovereign Issues (Cost $3,037,975) | Total Sovereign Issues (Cost $3,037,975) | Total Sovereign Issues (Cost $3,037,975) |  | 2932292 |

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| | | |
|:---|:---|:---|
|  | <br>SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV (e) | 775108 | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNEQ Holdings, Inc. «(e)(l) | 7633 | 34 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Drillco Holding Lux SA «(l) | 195636 | 4928 |
|  Foresea Holdings SA « | 1161108 | 29245 |
|  |  | 34173 |
|  Total Common Stocks (Cost $32,812) | Total Common Stocks (Cost $32,812) | 34207 |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(i)(n) | 2400000 | 2138 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(i) | 5200000 | 4992 |
|  Discover Financial Services | Discover Financial Services | Discover Financial Services |
|  6.125% due 06/23/2025 •(i) | 19900000 | 19850 |
|  Encina Private Credit LLC « | 3411 | 0 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  5.700% due 09/15/2025 •(i) | 13900000 | 13852 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(i) | 5200000 | 5057 |
|  |  | 45889 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 8700 | 4263 |
|  Total Preferred Securities (Cost $55,108) | Total Preferred Securities (Cost $55,108) | 50152 |
| REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  CBL & Associates Properties, Inc. | 26809 | 713 |
|  Total Real Estate Investment Trusts (Cost $372) | Total Real Estate Investment Trusts (Cost $372) | 713 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 11900 | 11877 |
|  4.640% due 04/17/2025 | 21900 | 21853 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.550% due 04/14/2025 | 10900 | 10881 |
|  4.640% due 04/09/2025 | 6000 | 5993 |

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.950% due 04/25/2025 | 3300 | $— | 3289 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 13000 |  | 12949 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/23/2025 | 2600 |  | 2592 |
|  |  |  | 69434 |
| REPURCHASE AGREEMENTS (m) 0.7% | REPURCHASE AGREEMENTS (m) 0.7% | REPURCHASE AGREEMENTS (m) 0.7% | REPURCHASE AGREEMENTS (m) 0.7% |
|  |  |  | 326555 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.301% due 04/10/2025 - 06/26/2025 (f)(g)(p)(r) | 50435 |  | 50143 |
| Total Short-Term Instruments (Cost $446,140) | Total Short-Term Instruments (Cost $446,140) |  | 446132 |
| Total Investments in Securities (Cost $62,624,317) | Total Investments in Securities (Cost $62,624,317) |  | 59301153 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% |
| MUTUAL FUNDS (j) 0.1% | MUTUAL FUNDS (j) 0.1% | MUTUAL FUNDS (j) 0.1% | MUTUAL FUNDS (j) 0.1% |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 586600 |  | 29556 |
| Total Mutual Funds (Cost $29,652) | Total Mutual Funds (Cost $29,652) |  | 29556 |
| SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% |
|  PIMCO Short Asset Portfolio | 240852200 |  | 2357943 |
|  PIMCO Short-Term Floating NAV Portfolio III | 46392995 |  | 451589 |
| Total Short-Term Instruments (Cost $2,849,147) | Total Short-Term Instruments (Cost $2,849,147) |  | 2809532 |
| Total Investments in Affiliates (Cost $2,878,799) | Total Investments in Affiliates (Cost $2,878,799) |  | 2839088 |
| Total Investments 137.5% (Cost $65,503,116) | Total Investments 137.5% (Cost $65,503,116) | $— | 62140241 |
|  Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $181,711) | Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $181,711) |  | (14409) |
| Other Assets and Liabilities, net (37.5)% | Other Assets and Liabilities, net (37.5)% |  | (16936909) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 45188923 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

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---

| | |
|:---|:---|
| ~ | 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.  |

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---

| | | |
|:---|:---|:---|
| **30** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

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------

March 31, 2025

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Principal amount of security is adjusted for inflation.

(i) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) Institutional Class Shares of each Fund.

(k) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(l) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  BAMLL Commercial Mortgage Securities Trust 7.782% due 10/15/2027 | 09/21/2023 | $47924 | $48210 | 0.11% |
|  Drillco Holding Lux SA | 06/08/2023 | 3913 | 4928 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2028 | 03/11/2025 | 8900 | 8933 | 0.02 |
|  Hardwood Funding LLC 5.070% due 06/07/2030 | 03/11/2025 | 5800 | 5826 | 0.01 |
|  Hardwood Funding LLC 5.210% due 06/07/2032 | 03/11/2025 | 13900 | 13996 | 0.03 |
|  MNEQ Holdings, Inc. | 06/02/2020 | 149 | 34 | 0.00 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 27600 | 27888 | 0.06 |
|  Pinnacol Assurance 0.000% due 06/25/2034 | 06/23/2014 | 15000 | 16559 | 0.04 |
|  Project Alpha Investindustrial 4.594% due 02/27/2026 | 02/28/2025 | 10489 | 10934 | 0.02 |
|  Ripon Investments 0.000% due 05/30/2025 | 01/11/2023 | 554 | 589 | 0.00 |
|  Strategic Credit Opportunities Partners 6.520% due 03/20/2028 | 02/20/2025 | 9900 | 10003 | 0.02 |
|  Strategic Credit Opportunities Partners 6.740% due 03/20/2030 | 03/20/2025 | 8400 | 8545 | 0.02 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156445 | 0.34% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(m) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BAR | 0.150% | 03/27/2025 | 04/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212403 | Barclays Bank PLC 4.500% due 01/08/2026 | $(213510) | $212403 | $212407 |
| JPS | 4.390 | 07/30/2024 | TBD<sup>(2)</sup> | 114152 | U.S. Treasury Bonds 1.380% due 11/15/2040 | (118611) | 114152 | 117843 |
|  |  |  |  |  | U.S. Treasury Note 1.880% due 02/15/2032 | (2445) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334566) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330250 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BAR | 0.000% | 03/27/2025 | 04/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212875) | $(212875) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212875) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 04/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322874 | $(299306) | $(300876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2055 | 61000 | (59708) | (60006) |
|  Total Short Sales (0.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360882) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 31

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BAR | $212407 | $(212875) | $0 | $(468) | $12602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12134 |
|  JPS | 117843 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117843 | (121056) | (3213) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212875) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $(211174) | $0 | $0 | $(211174) |
|  Preferred Securities | 0 | (1701) | 0 | 0 | (1701) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212875) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(212875) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212875) |

---

(n) Securities with an aggregate market value of $226,111 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(63160) at a weighted average interest rate of 0.172%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $109.000 | 04/25/2025 | 743 | $743 | $(185) | $(55) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 691 | 691 | (172) | (88) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 1320 | 1320 | (365) | (286) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 743 | 743 | (267) | (403) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 691 | 691 | (193) | (313) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 1320 | 1320 | (426) | (497) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1608) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1642) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 5758 | $496755 | $7407 | $480 | $0 |
|  Long Gilt June Futures  | 06/2025 | 914 | 108255 | (1785) | 1169 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 85481 | 9245304 | 111297 | 0 | (2671) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 34609 | 3849170 | 61871 | 541 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 4717 | 538328 | 3259 | 442 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 1837 | 224573 | (829) | 804 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2671) |

---

---

| | | |
|:---|:---|:---|
| 32.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-BOBL June Futures  | 06/2025 | 113 | $(14392) | $113 | $3 | $(34) |
|  Euro-Bund June Futures  | 06/2025 | 3761 | (523922) | 12734 | 41 | (1993) |
|  |  |  |  | $12847 | $44 | $(2027) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | $(4698) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.188% | $2300 | $444 | $(361) | $83 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2028 | 0.787 | 1100 | 154 | (12) | 142 | 0 | 0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.920 | 3600 | 447 | 65 | 512 | 0 | (3) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2025 | 0.257 | 10600 | (402) | 423 | 21 | 1 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.287 | 13300 | 118 | (46) | 72 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 7900 | 120 | (55) | 65 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.482 | 1700 | 3 | 20 | 23 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 75100 | (382) | 1513 | 1131 | 0 | (30) |
|  Barclays Bank PLC | 1.000 | Quarterly | 06/20/2025 | 0.323 | 10600 | 29 | (8) | 21 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.393 | $8000 | 28 | 33 | 61 | 0 | (1) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.471 | 17200 | (91) | 249 | 158 | 0 | (9) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.513 | 8200 | (477) | 565 | 88 | 0 | (1) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2027 | 0.603 | 44900 | (2000) | 2475 | 475 | 0 | (10) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.852 | 1900 | (32) | 45 | 13 | 0 | (24) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.920 | 118800 | 258 | 226 | 484 | 8 | (77) |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.318 | 7500 | (34) | 184 | 150 | 0 | (11) |
|  Energy Transfer Operating LP | 1.000 | Quarterly | 12/20/2025 | 0.208 | $3300 | (42) | 62 | 20 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2025 | 0.436 | 4400 | 197 | (145) | 52 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | 26100 | 169 | 129 | 298 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 2900 | 34 | 11 | 45 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 7100 | 1374 | (823) | 551 | 0 | (6) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 6963 | 882 | 4 | 886 | 3 | 0 |
|  Hess Corp. | 1.000 | Quarterly | 12/20/2026 | 0.151 | 1900 | (21) | 49 | 28 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 0.131 | 89600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14030) | 14251 | 221 | 0 | (4) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.317 | $3300 | 75 | (47) | 28 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.368 | 9300 | 212 | (111) | 101 | 0 | (3) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.453 | 3700 | (60) | 114 | 54 | 0 | (2) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.492 | 42050 | 48 | 614 | 662 | 0 | (11) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.547 | 8500 | (21) | 157 | 136 | 0 | (4) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2029 | 0.644 | 14200 | 257 | (35) | 222 | 0 | (11) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 3400 | (36) | 73 | 37 | 0 | (3) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 12/20/2028 | 0.825 | 6300 | (135) | 180 | 45 | 0 | (14) |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.199 | $6800 | 49 | 45 | 94 | 0 | (3) |
|  |  |  |  |  |  | $(12865) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-40 5-Year Index | 1.000% | Quarterly | 06/20/2028 | $1100 | $5 | $16 | $21 | $0 | $0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 400 | 4 | 4 | 8 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 830300 | 18200 | (2221) | 15979 | 5 | (10) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 591900 | 10848 | 37 | 10885 | 158 | 0 |
|  CDX.iTraxx Asia Ex-Japan 42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 12200 | 170 | (20) | 150 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2184) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 33

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 178370 | $(5687) | $401 | $(5286) | $778 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/11/2052 | 19400 | 0 | 13967 | 13967 | 0 | (190) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/15/2052 | 16500 | 1632 | 10237 | 11869 | 0 | (161) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 1300 | 156 | 34 | 190 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 5.160 | Annual | 05/31/2025 | $947300 | (40) | (2951) | (2991) | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | 503200 | 367 | 3124 | 3491 | 34 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 879430 | (16401) | 14172 | (2229) | 0 | (827) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 62500 | (123) | (393) | (516) | 0 | (66) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 59400 | 0 | 576 | 576 | 0 | (79) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 49200 | 0 | 418 | 418 | 0 | (66) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 106700 | 0 | 852 | 852 | 0 | (143) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 59200 | 0 | 338 | 338 | 0 | (80) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 133600 | 0 | 468 | 468 | 0 | (180) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 129000 | 0 | 362 | 362 | 0 | (174) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 204400 | 0 | 458 | 458 | 0 | (276) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 241800 | 0 | 515 | 515 | 0 | (326) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 242900 | 0 | 491 | 491 | 0 | (327) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 161100 | 0 | 59 | 59 | 0 | (218) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 140400 | 0 | 48 | 48 | 0 | (190) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 116900 | 0 | 8 | 8 | 0 | (158) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 74700 | 0 | (15) | (15) | 0 | (101) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 111100 | 0 | (66) | (66) | 0 | (150) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.796 | Annual | 12/31/2031 | 22800 | 0 | (174) | (174) | 0 | (43) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 446230 | (8427) | (2828) | (11255) | 0 | (852) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 228600 | 7564 | (1642) | 5922 | 0 | (488) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/15/2033 | 206900 | 2589 | 570 | 3159 | 0 | (551) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 08/15/2033 | 312700 | 2155 | 821 | 2976 | 0 | (837) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.709 | Annual | 08/15/2033 | 303200 | 1576 | 783 | 2359 | 0 | (812) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.718 | Annual | 08/15/2033 | 437940 | 1986 | 1125 | 3111 | 0 | (1174) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/15/2033 | 235900 | 781 | 600 | 1381 | 0 | (633) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.753 | Annual | 08/15/2033 | 1680 | 3 | 4 | 7 | 0 | (5) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.751 | Annual | 11/15/2034 | 88200 | 0 | (79) | (79) | 0 | (271) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.883 | Annual | 11/15/2034 | 119700 | 0 | (1355) | (1355) | 0 | (370) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 37800 | (128) | (288) | (416) | 0 | (122) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 29500 | (87) | (253) | (340) | 0 | (95) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 41800 | (119) | (610) | (729) | 0 | (136) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 70100 | (206) | (756) | (962) | 0 | (228) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 36300 | (105) | (254) | (359) | 0 | (118) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 487900 | 24891 | (4609) | 20282 | 0 | (1602) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.617 | Annual | 02/15/2048 | 105500 | 0 | 20479 | 20479 | 0 | (598) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 616800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222533 | 0 | (3245) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1299650 | 36784 | 53346 | 90130 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3648) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 | 57700 | 0 | 469 | 469 | 0 | (448) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 270400 | 4212 | 10845 | 15057 | 0 | (2021) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 02/15/2055 | 6700 | 0 | 26 | 26 | 0 | (52) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 | 16800 | 0 | (30) | (30) | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 146600 | 17814 | (3553) | 14261 | 0 | (1071) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 42400 | 4047 | (53) | 3994 | 0 | (54) |
| Pay | 1-Year BRL-CDI | 11.463 | Maturity | 01/04/2027 | 310700 | 0 | (2349) | (2349) | 92 | 0 |
| Pay | 1-Year BRL-CDI | 11.548 | Maturity | 01/04/2027 | 2520500 | 0 | (18320) | (18320) | 748 | 0 |
| Pay | 1-Year BRL-CDI | 11.754 | Maturity | 01/04/2027 | 213300 | 0 | (1420) | (1420) | 63 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 | 171600 | (186) | (2402) | (2588) | 870 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 52500 | (89) | (394) | (483) | 0 | (81) |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 668600 | (9294) | 15765 | 6471 | 672 | 0 |
| Pay | 3-Month NZD-BBR | 4.250 | Semi-Annual | 12/21/2027 | 64900 | 46 | 1118 | 1164 | 77 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 323800 | (3547) | 7856 | 4309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 16400 | (97) | 184 | 87 | 43 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 154300 | (4425) | 6351 | 1926 | 713 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 305200 | 1364 | 2204 | 3568 | 1506 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 63800 | (313) | (2257) | (2570) | 39 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 153600 | (835) | (5571) | (6406) | 92 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 214200 | (1615) | (7048) | (8663) | 163 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 233700 | (851) | (5956) | (6807) | 181 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 133700 | (5957) | 2109 | (3848) | 108 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 23900 | (46) | (373) | (419) | 0 | (37) |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 6-Month EUR-EURIBOR | 2.050% | Annual | 10/05/2029 | EUR | 37600 | $0 | $304 | $304 | $0 | $(61) |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 |  | 56000 | 0 | 435 | 435 | 0 | (91) |
| Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 |  | 91700 | 0 | 695 | 695 | 0 | (149) |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 28900 | (75) | (594) | (669) | 118 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 20700 | (49) | (790) | (839) | 87 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 24800 | (62) | (461) | (523) | 101 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 22500 | (58) | (338) | (396) | 92 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 21200 | (58) | (20) | (78) | 85 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 20900 | (54) | (200) | (254) | 83 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 21300 | (54) | (324) | (378) | 0 | (378) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 1043650 | (33405) | (8407) | (41812) | 4414 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 624870 | 26886 | 24042 | 50928 | 0 | (4923) |
| Receive | CAONREPO | 4.820 | Semi-Annual | 07/13/2025 | CAD | 300 | (1) | (1) | (2) | 0 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 |  | 589500 | (3954) | (22093) | (26047) | 0 | (1119) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 90500 | (1) | (1057) | (1058) | 0 | (184) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 |  | 121400 | (57) | (1734) | (1791) | 0 | (248) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 48700 | 176 | (1141) | (965) | 0 | (100) |
| Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 |  | 147900 | (557) | (8474) | (9031) | 0 | (336) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 38200 | 0 | (145) | (145) | 0 | (87) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 71800 | 1 | (920) | (919) | 0 | (165) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 336100 | 193 | (6420) | (6227) | 0 | (779) |
|  |  |  |  |  |  |  | $159109 | $179225 | $338334 | $12567 | $(31994) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $175471 | $196885 | $372356 | $12743 | $(32234) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4698) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32269) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38609) |

---

(p) Securities with an aggregate market value of $956,982 and cash of $30,617 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(35) for closed swap agreements is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | $11686 | 1758705 | $51 | $(11) |
|  | 04/2025 | 101485 | 135676 | 0 | (502) |
|  | 05/2025 | 26491 | $3617 | 0 | (39) |
|  | 05/2025 | 1310531 | 8716 | 0 | (51) |
|  | 05/2025 | 135480 | 101485 | 479 | 0 |
|  | 05/2025 | $29520 | 213763 | 12 | (31) |
|  | 06/2025 | 48410 | $6621 | 0 | (77) |
|  | 06/2025 | $50664 | 368193 | 306 | (30) |
|  | 07/2025 | 106379 | $14765 | 26 | (6) |
|  | 08/2025 | 106396 | 14755 | 0 | (25) |
|  BOA | 04/2025 | 52110658 | 3151 | 20 | 0 |
|  | 04/2025 | 8872398 | 6050 | 27 | 0 |
|  | 04/2025 | 5353 | 3977 | 0 | (7) |
|  | 04/2025 | $40 | 972 | 2 | 0 |
|  | 04/2025 | 36494 | 33739 | 35 | (46) |
|  | 04/2025 | 3149 | 52110658 | 0 | (17) |
|  | 04/2025 | 60 | 675 | 4 | 0 |
|  | 04/2025 | 2224 | 23690 | 133 | 0 |
|  | 05/2025 | 25902 | $3539 | 0 | (36) |
|  | 05/2025 | 77119838 | 4630 | 9 | 0 |
|  | 05/2025 | $4876 | 418961 | 14 | 0 |
|  | 05/2025 | 64000 | 2844736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6569 | 0 |
|  | 06/2025 | 1069795 | $148248 | 338 | (99) |
|  | 06/2025 | 323741 | 226 | 6 | 0 |
|  | 06/2025 | $9201 | 66479 | 0 | (4) |
|  | 06/2025 | 7438 | 10845232 | 0 | (50) |
|  | 08/2025 | 108907 | $15223 | 94 | 0 |
|  | 08/2025 | 7751 | 238 | 2 | 0 |
|  BPS | 04/2025 | 1394288 | 242660 | 0 | (1676) |
|  | 04/2025 | 10730 | 11555 | 0 | (48) |
|  | 04/2025 | 430447135 | 25965 | 125 | 0 |
|  | 04/2025 | 32711 | 8919 | 118 | 0 |
|  | 04/2025 | 149600 | 1009 | 11 | 0 |
|  | 04/2025 | 3723 | 355 | 1 | 0 |
|  | 04/2025 | 10656 | 8006 | 74 | 0 |
|  | 04/2025 | 5296062 | 161399 | 1919 | 0 |
|  | 04/2025 | $31195 | 49283 | 0 | (400) |
|  | 04/2025 | 243149 | 1394288 | 1261 | (74) |
|  | 04/2025 | 3327 | 4754 | 0 | (23) |
|  | 04/2025 | 555 | 13503 | 30 | 0 |
|  | 04/2025 | 54035 | 887071037 | 0 | (797) |
|  | 04/2025 | 46209 | 4012926 | 686 | 0 |
|  | 04/2025 | 32400 | 4834302 | 7 | (176) |
|  | 04/2025 | 42861 | 62235392 | 0 | (603) |
|  | 04/2025 | 56877 | 76205 | 0 | (157) |
|  | 04/2025 | 131796 | 4317613 | 0 | (1774) |
|  | 04/2025 | 335812 | $18359 | 63 | 0 |
|  | 05/2025 | 171643 | 23665 | 17 | (40) |
|  | 05/2025 | 229220983 | 13779 | 41 | 0 |
|  | 05/2025 | 467717 | 3122 | 0 | (7) |
|  | 05/2025 | 76084 | 56877 | 152 | 0 |
|  | 05/2025 | $11573 | 10730 | 48 | 0 |
|  | 05/2025 | 14331 | 237850163 | 0 | (75) |
|  | 05/2025 | 43886 | 3764699 | 52 | 0 |
|  | 05/2025 | 355 | 3723 | 0 | (1) |
|  | 06/2025 | 47790 | $6542 | 0 | (70) |
|  | 06/2025 | 2615977 | 1836 | 55 | 0 |
|  | 06/2025 | 9954 | 2576 | 13 | 0 |
|  | 06/2025 | $36422 | 264890 | 227 | 0 |
|  | 06/2025 | 81019 | 314511 | 370 | (394) |
|  | 07/2025 | 1949230 | $59968 | 921 | 0 |
|  | 08/2025 | 1977990 | 60685 | 603 | 0 |
|  | 10/2025 | 1346900 | 224956 | 87 | (1077) |
|  | 05/2029 | 12803 | 44014 | 786 | 0 |
|  | 07/2029 | 1291 | 4440 | 77 | 0 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 04/2025 | 91873 | $1049 | $0 | $(26) |
|  | 04/2025 | 2652 | 1545 | 40 | 0 |
|  | 04/2025 | 141724 | 3548 | 1 | (85) |
|  | 04/2025 | $2595 | 4126 | 0 | (17) |
|  | 04/2025 | 43715 | 40226 | 0 | (218) |
|  | 04/2025 | 1160464 | 895558 | 0 | (3628) |
|  | 04/2025 | 33288 | 544933477 | 0 | (606) |
|  | 04/2025 | 2790 | 10240 | 0 | (35) |
|  | 04/2025 | 1071 | 91767 | 3 | 0 |
|  | 04/2025 | 1414 | 6241 | 0 | (5) |
|  | 04/2025 | 559 | 6231 | 33 | 0 |
|  | 04/2025 | 1264 | 2253 | 16 | 0 |
|  | 04/2025 | 7990 | 10683 | 0 | (39) |
|  | 04/2025 | 162508 | 6263230 | 459 | (1441) |
|  | 05/2025 | 895558 | $1160380 | 3621 | 0 |
|  | 05/2025 | 92028 | 1071 | 0 | (3) |
|  | 05/2025 | $13634 | 12570 | 0 | (20) |
|  | 05/2025 | 6474 | 5002 | 0 | (13) |
|  | 05/2025 | 303 | 3194 | 0 | 0 |
|  | 05/2025 | 53257 | 2095703 | 0 | (1355) |
|  | 06/2025 | 23200 | $6293 | 0 | (10) |
|  | 06/2025 | 302555 | 7190 | 0 | (63) |
|  | 06/2025 | $13925 | 53940 | 0 | (31) |
|  | 06/2025 | 116734 | 4609147 | 0 | (5464) |
|  BSH | 04/2025 | 198800 | $35213 | 375 | 0 |
|  | 04/2025 | 46162 | 12296 | 0 | (262) |
|  | 04/2025 | $34621 | 198800 | 217 | 0 |
|  | 04/2025 | 74280 | 11155383 | 94 | 0 |
|  | 04/2025 | 9059 | 32949 | 0 | (92) |
|  | 05/2025 | 11117812 | $74280 | 0 | (93) |
|  | 06/2025 | 85925 | 23518 | 175 | 0 |
|  | 06/2025 | $26649 | 102736 | 0 | (196) |
|  | 07/2025 | 200973 | $53950 | 0 | (598) |
|  | 08/2025 | 179242 | 48513 | 0 | (109) |
|  | 09/2025 | 47598 | 12995 | 94 | (2) |
|  CBK | 04/2025 | 2664393 | 465294 | 0 | (1615) |
|  | 04/2025 | 6504 | 7397 | 46 | 0 |
|  | 04/2025 | 401098837 | 24174 | 98 | 0 |
|  | 04/2025 | 113911 | 31251 | 605 | 0 |
|  | 04/2025 | 1098095 | 12812 | 2 | (33) |
|  | 04/2025 | 280993 | 75086 | 0 | (1364) |
|  | 04/2025 | 9375679 | 286356 | 4003 | 0 |
|  | 04/2025 | $464002 | 2664393 | 2907 | 0 |
|  | 04/2025 | 1051406 | 1498020 | 16 | (10393) |
|  | 04/2025 | 1030 | 7320 | 31 | 0 |
|  | 04/2025 | 91731 | 84453 | 28 | (440) |
|  | 04/2025 | 4216 | 3250 | 0 | (17) |
|  | 04/2025 | 69372 | 1135683131 | 0 | (1237) |
|  | 04/2025 | 133481 | 11629660 | 2317 | 0 |
|  | 04/2025 | 2507 | 3668710 | 0 | (15) |
|  | 04/2025 | 47524 | 172462 | 0 | (592) |
|  | 04/2025 | 10313 | 393610 | 0 | (138) |
|  | 04/2025 | 205270 | 6736251 | 0 | (2412) |
|  | 05/2025 | 1439554 | $1012088 | 10222 | 0 |
|  | 05/2025 | 274234519 | 16509 | 74 | 0 |
|  | 05/2025 | 6 | 0 | 0 | 0 |
|  | 05/2025 | $278253 | 1599426 | 328 | 0 |
|  | 05/2025 | 13285 | 12248 | 0 | (20) |
|  | 05/2025 | 14281 | 237259002 | 0 | (61) |
|  | 06/2025 | 104328 | $14396 | 0 | (38) |
|  | 06/2025 | 187825320 | 130696 | 2767 | 0 |
|  | 06/2025 | 4296 | 1168 | 1 | 0 |
|  | 06/2025 | $187041 | 1087571 | 1126 | 0 |
|  | 06/2025 | 8386 | 60533 | 0 | (11) |
|  | 07/2025 | 29560 | $8139 | 115 | 0 |
|  | 07/2025 | 3103272 | 95387 | 1380 | 0 |
|  | 08/2025 | 60776 | 16302 | 0 | (190) |
|  | 08/2025 | 4101146 | 125770 | 1198 | 0 |
|  | 09/2025 | 48834 | 13369 | 132 | 0 |
|  | 11/2025 | 13989 | 3789 | 2 | 0 |
|  | 12/2025 | 104189 | 28549 | 376 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  DUB | 04/2025 | 232490 | $259399 | $0 | $(3391) |
|  | 04/2025 | 7856 | 1134 | 0 | (5) |
|  | 04/2025 | 1775714 | 1862797 | 0 | (57282) |
|  | 04/2025 | 140242 | 38460 | 731 | 0 |
|  | 04/2025 | 11127100 | 75638 | 1452 | 0 |
|  | 04/2025 | 7066 | 4036 | 24 | 0 |
|  | 04/2025 | 18388 | 13737 | 51 | 0 |
|  | 04/2025 | $232103 | 368126 | 0 | (2080) |
|  | 04/2025 | 1019 | 1466 | 0 | 0 |
|  | 04/2025 | 61230 | 48441 | 1343 | 0 |
|  | 04/2025 | 26703 | 443397057 | 0 | (102) |
|  | 04/2025 | 7424 | 638589 | 31 | 0 |
|  | 04/2025 | 3276 | 5702 | 0 | (39) |
|  | 04/2025 | 10611 | 38892 | 0 | (28) |
|  | 04/2025 | 51854 | 69432 | 0 | (176) |
|  | 05/2025 | 368126 | $232156 | 2077 | 0 |
|  | 05/2025 | 5057 | 6545 | 13 | 0 |
|  | 05/2025 | 33769931 | 2031 | 7 | 0 |
|  | 05/2025 | 5702 | 3279 | 39 | 0 |
|  | 05/2025 | 69331 | 51854 | 164 | 0 |
|  | 05/2025 | $1134 | 7842 | 5 | 0 |
|  | 06/2025 | 328681239 | $228833 | 5060 | 0 |
|  | 09/2025 | 39011 | 10611 | 34 | 0 |
|  FAR | 04/2025 | 439639 | 276992 | 2283 | 0 |
|  | 04/2025 | 1143100 | 200000 | 0 | (317) |
|  | 04/2025 | 11089 | 12440 | 0 | (94) |
|  | 04/2025 | 577903 | 606993 | 0 | (17893) |
|  | 04/2025 | 121437 | 33450 | 780 | 0 |
|  | 04/2025 | 60595 | 16223 | 0 | (258) |
|  | 04/2025 | $199070 | 1143100 | 1247 | 0 |
|  | 04/2025 | 621 | 558 | 10 | 0 |
|  | 04/2025 | 1639 | 11628 | 46 | 0 |
|  | 04/2025 | 695 | 256494 | 0 | (7) |
|  | 04/2025 | 75705 | 11367029 | 198 | (117) |
|  | 04/2025 | 2357 | 77221 | 0 | (31) |
|  | 04/2025 | 2621543 | $143007 | 183 | 0 |
|  | 05/2025 | 7954134 | 53012 | 0 | (197) |
|  | 05/2025 | $200000 | 1149530 | 220 | 0 |
|  | 05/2025 | 7530 | 54322 | 0 | (33) |
|  | 06/2025 | 51277 | 198287 | 0 | (215) |
|  | 07/2025 | 54114 | $7530 | 30 | 0 |
|  | 07/2025 | 9409 | 2519 | 0 | (36) |
|  GLM | 04/2025 | 3795088 | 672756 | 9378 | (1675) |
|  | 04/2025 | 40094 | 27931 | 68 | 0 |
|  | 04/2025 | 321270368 | 19348 | 74 | 0 |
|  | 04/2025 | 13689569 | 9328 | 35 | 0 |
|  | 04/2025 | 65298 | 17421 | 0 | (339) |
|  | 04/2025 | 68503 | 1706 | 0 | (50) |
|  | 04/2025 | $648189 | 3795089 | 16863 | 0 |
|  | 04/2025 | 47617 | 782694375 | 0 | (669) |
|  | 04/2025 | 3418 | 4998688 | 0 | (22) |
|  | 04/2025 | 182600 | $10008 | 60 | 0 |
|  | 05/2025 | 25185 | 3439 | 0 | (37) |
|  | 05/2025 | 131771441 | 7902 | 5 | 0 |
|  | 05/2025 | $19348 | 321560586 | 0 | (75) |
|  | 06/2025 | 18818 | 135772 | 11 | (45) |
|  | 06/2025 | 9328 | 13639882 | 0 | (37) |
|  | 06/2025 | 32942 | 665671 | 0 | (745) |
|  | 06/2025 | 33033 | 127557 | 0 | (187) |
|  | 07/2025 | 368981 | $11344 | 166 | 0 |
|  | 10/2025 | 1304900 | 214261 | 0 | (4640) |
|  IND | 04/2025 | 15176 | 2194 | 0 | (5) |
|  | 04/2025 | $299129 | 263788 | 0 | (962) |
|  | 05/2025 | 263157 | $299484 | 961 | 0 |
|  | 05/2025 | $2194 | 15147 | 5 | 0 |
|  JPM | 04/2025 | 1166080 | $203236 | 117 | (1225) |
|  | 04/2025 | 33194 | 34913 | 0 | (980) |
|  | 04/2025 | 46040409 | 2789 | 26 | 0 |
|  | 04/2025 | 105934 | 29149 | 649 | 0 |
|  | 04/2025 | 599400 | 3995 | 0 | (2) |
|  | 04/2025 | 38865 | 10303 | 0 | (272) |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 19695 | $14747 | $88 | $0 |
|  | 04/2025 | 132075 | 3285 | 0 | (100) |
|  | 04/2025 | 905047 | 27600 | 344 | 0 |
|  | 04/2025 | $5671 | 8989 | 0 | (54) |
|  | 04/2025 | 200000 | 1166080 | 4344 | 0 |
|  | 04/2025 | 6488 | 9285 | 0 | (36) |
|  | 04/2025 | 15860 | 14684 | 18 | 0 |
|  | 04/2025 | 12789 | 210200370 | 0 | (181) |
|  | 04/2025 | 69768 | 6077019 | 1194 | 0 |
|  | 04/2025 | 42696 | 6398294 | 112 | (150) |
|  | 04/2025 | 2507 | 3667093 | 0 | (16) |
|  | 04/2025 | 18480 | 715638 | 0 | (276) |
|  | 04/2025 | 94115 | 3086046 | 0 | (1177) |
|  | 04/2025 | 352 | 6474 | 1 | 0 |
|  | 05/2025 | 26919 | $3685 | 0 | (30) |
|  | 05/2025 | 88394674 | 5325 | 27 | 0 |
|  | 05/2025 | 2755277 | 18319 | 0 | (112) |
|  | 05/2025 | 9825 | 2676 | 4 | 0 |
|  | 05/2025 | $27663 | 200524 | 36 | (25) |
|  | 05/2025 | 199771 | 8582835 | 14607 | (1850) |
|  | 06/2025 | 29776 | 217326 | 292 | 0 |
|  | 06/2025 | 78828 | 1619576 | 0 | (493) |
|  | 06/2025 | 77020 | 298488 | 107 | (267) |
|  | 06/2025 | 8421 | 333367 | 0 | (294) |
|  | 07/2025 | 102525 | $14206 | 9 | (14) |
|  | 07/2025 | 1971067 | 60598 | 889 | 0 |
|  | 08/2025 | 97079 | 13457 | 5 | (33) |
|  | 08/2025 | 1964752 | 60227 | 548 | 0 |
|  MBC | 04/2025 | 4292 | 3000 | 17 | 0 |
|  | 04/2025 | 14576 | 16466 | 0 | (10) |
|  | 04/2025 | 418 | 61 | 0 | 0 |
|  | 04/2025 | 20474 | 26548 | 101 | 0 |
|  | 04/2025 | 26908500 | 181488 | 2086 | 0 |
|  | 04/2025 | 10115 | 1011 | 5 | 0 |
|  | 04/2025 | 167602 | 125460 | 714 | 0 |
|  | 04/2025 | 1407680 | 43515 | 1122 | 0 |
|  | 04/2025 | $2994 | 4810 | 12 | 0 |
|  | 04/2025 | 22796 | 20984 | 28 | (133) |
|  | 04/2025 | 35832 | 27847 | 162 | (23) |
|  | 04/2025 | 15116 | 1311412 | 205 | 0 |
|  | 04/2025 | 1012 | 1763 | 0 | (11) |
|  | 04/2025 | 68702 | 2256968 | 0 | (732) |
|  | 04/2025 | 401541 | $21967 | 90 | 0 |
|  | 05/2025 | 123482 | 17046 | 13 | (9) |
|  | 05/2025 | 52865807 | 3180 | 12 | 0 |
|  | 05/2025 | 8329506 | 55475 | 5 | (251) |
|  | 05/2025 | 16633 | 495 | 3 | 0 |
|  | 05/2025 | $3000 | 4286 | 0 | (17) |
|  | 05/2025 | 13642 | 98899 | 18 | (11) |
|  | 05/2025 | 61 | 418 | 0 | 0 |
|  | 06/2025 | 33856519 | $23531 | 469 | 0 |
|  | 06/2025 | $19200 | 74107 | 0 | (123) |
|  | 07/2025 | 49151 | $6820 | 8 | 0 |
|  | 07/2025 | 1154424 | 35422 | 451 | 0 |
|  | 08/2025 | 181028 | 25189 | 66 | (25) |
|  | 08/2025 | 1088912 | 33281 | 205 | 0 |
|  MYI | 04/2025 | 20200 | 3518 | 0 | (22) |
|  | 04/2025 | 1467131 | 1024675 | 5120 | (8) |
|  | 04/2025 | 122 | 33 | 1 | 0 |
|  | 04/2025 | 70273 | 52502 | 198 | 0 |
|  | 04/2025 | $2708 | 4305 | 0 | (18) |
|  | 04/2025 | 3468 | 20200 | 72 | 0 |
|  | 04/2025 | 1015 | 1453 | 0 | (5) |
|  | 04/2025 | 629 | 4502 | 24 | 0 |
|  | 04/2025 | 2375610 | 2202494 | 5946 | 0 |
|  | 04/2025 | 6622 | 216477 | 0 | (102) |
|  | 05/2025 | 2202494 | $2379462 | 0 | (5948) |
|  | 05/2025 | 49158676 | 2954 | 7 | 0 |
|  | 06/2025 | 50409 | 6952 | 0 | (23) |
|  | 06/2025 | $4398 | 17443 | 95 | 0 |
|  | 10/2025 | 20200 | $3322 | 0 | (67) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  NGF | 06/2025 | 39799360 | $27932 | $832 | $0 |
|  RYL | 04/2025 | $1044 | 961 | 0 | (5) |
|  | 04/2025 | 998 | 10080 | 4 | 0 |
|  SCX | 04/2025 | 938100 | $6359 | 104 | 0 |
|  | 04/2025 | 94281 | 25568 | 0 | (95) |
|  | 04/2025 | 745575 | 22973 | 519 | 0 |
|  | 04/2025 | $7702 | 5961 | 4 | (6) |
|  | 04/2025 | 41504 | 679055332 | 0 | (779) |
|  | 04/2025 | 55370 | 4823158 | 949 | 0 |
|  | 04/2025 | 4806 | 724378 | 24 | 0 |
|  | 04/2025 | 2507 | 3663194 | 0 | (19) |
|  | 04/2025 | 19962 | 656762 | 0 | (184) |
|  | 05/2025 | 201754 | $27987 | 144 | 0 |
|  | 05/2025 | 20642443 | 1242 | 5 | 0 |
|  | 05/2025 | 721949 | 4806 | 0 | (24) |
|  | 05/2025 | $23 | 30 | 0 | 0 |
|  | 06/2025 | 2272126 | $312213 | 0 | (2141) |
|  | 08/2025 | 651323 | 19962 | 178 | 0 |
|  SSB | 04/2025 | 7689 | 5350 | 7 | 0 |
|  | 04/2025 | 960583 | 1215928 | 0 | (24905) |
|  | 04/2025 | $2938 | 4220 | 0 | (6) |
|  UAG | 04/2025 | 41492719 | $2501 | 9 | 0 |
|  | 04/2025 | $2834 | 46914475 | 0 | (17) |
|  | 04/2025 | 22376 | 3329188 | 0 | (180) |
|  | 04/2025 | 712 | 28733 | 27 | 0 |
|  | 05/2025 | 2501 | 41551073 | 0 | (11) |
|  | 06/2025 | 6110 | 23581 | 0 | (36) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176736) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.360% | 07/14/2025 | 1360000 | $1360 | $1168 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.500 | 07/21/2025 | 2462000 | 2093 | 3141 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 06/09/2025 | 1219000 | 1219 | 1007 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/30/2025 | 1398500 | 1189 | 1309 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 05/05/2025 | 1395800 | 1186 | 1465 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 06/18/2025 | 713800 | 764 | 725 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.650 | 08/04/2025 | 2109400 | 2637 | 4239 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.070 | 06/04/2025 | 100 | 3 | 1 |
| JPM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.650 | 08/12/2025 | 83100 | 71 | 180 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.700 | 08/13/2025 | 623300 | 623 | 1503 |
| MAA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.400 | 07/14/2025 | 1995800 | 1996 | 1867 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.460 | 06/16/2025 | 688300 | 757 | 456 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.570 | 06/20/2025 | 1398000 | 1608 | 1345 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 06/26/2025 | 1421400 | 1563 | 1619 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.450 | 07/17/2025 | 235200 | 223 | 261 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.650 | 08/04/2025 | 680700 | 834 | 1368 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 05/06/2025 | 122300 | 219 | 116 |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 08/05/2025 | 2063100 | 2820 | 3814 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25584 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell <br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 72900 | $(100) | $(59) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 77400 | (147) | (98) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 156700 | (205) | (161) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 145500 | (127) | (139) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 145500 | (165) | (166) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 68600 | (70) | (70) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 68000 | (82) | (82) |
|  |  |  |  |  |  | $(896) | $(775) |

---

---

| | | |
|:---|:---|:---|
| 40.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2025

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus TRY | TRY | 40.300 | 05/19/2025 | 200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6069) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.519% | 07/14/2025 | 161900 | $(1360) | $(1610) |
| BOM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.738 | 04/28/2025 | 87100 | (314) | (733) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 04/28/2025 | 87100 | (314) | (126) |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400 | 04/07/2025 | 34600 | (70) | (90) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 34600 | (70) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 25300 | (88) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 25300 | (88) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 21300 | (81) | (50) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 21300 | (81) | (11) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 21600 | (77) | (56) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 21600 | (77) | (11) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 21400 | (70) | (50) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 21400 | (70) | (98) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 27800 | (50) | (92) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 27800 | (50) | (21) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.489 | 07/21/2025 | 292900 | (2092) | (2848) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.626 | 06/09/2025 | 145000 | (1218) | (1448) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 42300 | (157) | (303) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 42300 | (157) | (62) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 40000 | (166) | (177) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.836 | 04/30/2025 | 166400 | (1189) | (2182) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 40000 | (166) | (153) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.778 | 05/05/2025 | 166100 | (1186) | (1844) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.530 | 06/18/2025 | 83900 | (750) | (701) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 08/04/2025 | 251100 | (2638) | (4325) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 73800 | (312) | (94) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 73800 | (312) | (79) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 31900 | (145) | (183) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 31900 | (145) | (22) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 32200 | (143) | (172) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 32200 | (143) | (35) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 36000 | (142) | (227) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 36000 | (142) | (43) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 35200 | (132) | (265) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 35200 | (133) | (60) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 37100 | (158) | (170) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 37100 | (158) | (138) |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.739 | 08/12/2025 | 9900 | (72) | (192) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 08/13/2025 | 73300 | (624) | (1478) |
| MAA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.522 | 07/14/2025 | 237500 | (1996) | (2380) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 34600 | (152) | (183) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 34600 | (152) | (26) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.490 | 06/16/2025 | 80900 | (761) | (581) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.580 | 06/20/2025 | 164300 | (1587) | (1606) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.670 | 06/26/2025 | 167000 | (1563) | (2185) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.515 | 07/17/2025 | 27800 | (222) | (282) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.708 | 08/04/2025 | 81200 | (836) | (1421) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 22200 | (84) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 22200 | (84) | (3) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.628 | 08/05/2025 | 245600 | (2821) | (3641) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 30100 | (113) | (86) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 30100 | (113) | (34) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25824) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32619) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 41

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MSC | Call - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2055 | $— | 102.352 | 05/06/2025 | 349500 | $(232) | $(178) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31152) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39641) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Peru Government International Bond | 1.000% | Quarterly | 12/20/2027 | 0.530 | $11500 | $(281) | $425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 90600 | (4513) | 4401 | 0 | (112) |
| BPS | Chile Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.331 | 21600 | (619) | 1002 | 383 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 25000 | (1199) | 1137 | 0 | (62) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 5000 | (446) | 405 | 0 | (41) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 | 2200 | 6 | 7 | 13 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.830 | 500 | (16) | 18 | 2 | 0 |
| BRC | Chile Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.331 | 46900 | (1519) | 2350 | 831 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 43700 | (2009) | 2031 | 22 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 8500 | (413) | 402 | 0 | (11) |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 | 37700 | (1873) | 1892 | 19 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 9400 | (338) | 315 | 0 | (23) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 53100 | (2713) | 2647 | 0 | (66) |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 27860 | 0 | 191 | 191 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | 12141 | 0 | 92 | 92 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 9100 | (406) | 395 | 0 | (11) |
| GST | Chile Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.331 | 30200 | (875) | 1410 | 535 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 44310 | (1711) | 1601 | 0 | (110) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 20976 | (1870) | 1697 | 0 | (173) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 | 400 | (5) | 8 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 2000 | (21) | 20 | 0 | (1) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 | 5900 | (50) | 29 | 0 | (21) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 20000 | (961) | 936 | 0 | (25) |
| JPM | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 4900 | (189) | 177 | 0 | (12) |
| MYC | Chile Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.331 | 38500 | (1146) | 1829 | 683 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 | 17300 | (622) | 579 | 0 | (43) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 | 18974 | (1692) | 1535 | 0 | (157) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 | 2000 | 6 | 6 | 12 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 | 700 | (2) | 6 | 4 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 | 1300 | (25) | 29 | 4 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 5700 | (60) | 56 | 0 | (4) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 385900 | (18192) | 17714 | 0 | (478) |
|  |  |  |  |  |  |  | $(43754) | $45342 | $2938 | $(1350) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value<sup>(5)</sup>** | **Swap Agreements,**<br> **at Value<sup>(5)</sup>** |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | 73339 | $14264 | $244 | $14508 | $0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $4744 | (1354) | 982 | 0 | (372) |
| GST | CDX.iTraxx Crossover 38 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2027 | 61808 | 9746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1309) | 8437 | 0 |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 85644 | 17117 | (175) | 16942 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105726 | 21484 | (570) | 20914 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61257 | $(828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) |

---

---

| | | |
|:---|:---|:---|
| 42.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2025

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | 26611 | 1.186% | Maturity | 06/20/2025 | $5800 | $0 | $0 | $0 | $0 |
|  | Pay | iBoxx USD Liquid<br>Investment<br>Grade Index | 1700000 | 3.630% (FEDL01 less<br>a specified spread) | Monthly | 09/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184773 | 0 | (164) | 0 | (164) |
| MYC | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | N/A | 1.186 | Maturity | 06/20/2025 | 32200 | 332 | (255) | 77 | 0 |
|  | Receive | iBoxx USD Liquid<br>Investment<br>Grade Index | 8694 | 4.310 | Maturity | 06/20/2025 | 1900 | 0 | 5 | 5 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Pay | iBoxx USD Investment<br>Grade Corporate<br>Bond ETF | 800000 | 3.630% (FEDL01<br>less a<br>specified spread) | Monthly | 04/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87688 | $0 | $930 | $930 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1886) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $874 | $0 | $0 | $874 | $(772) | $0 | $0 | $(772) | $102 | $(90) | $12 |
|  BOA | 7253 | 1168 | 144 | 8565 | (259) | (7679) | (112) | (8050) | 515 | (440) | 75 |
|  BOM | 0 | 0 | 0 | 0 | 0 | (859) | 0 | (859) | (859) | 0 | (859) |
|  BPS | 7744 | 0 | 14906 | 22650 | (7392) | (90) | (267) | (7749) | 14901 | (3730) | 11171 |
|  BRC | 4173 | 0 | 853 | 5026 | (13059) | (300) | (383) | (13742) | (8716) | 10381 | 1665 |
|  BSH | 955 | 0 | 0 | 955 | (1352) | 0 | 0 | (1352) | (397) | 1179 | 782 |
|  CBK | 27774 | 3141 | 949 | 31864 | (18580) | (2961) | (89) | (21630) | 10234 | (6057) | 4177 |
|  DUB | 11031 | 1007 | 283 | 12321 | (63103) | (1448) | (11) | (64562) | (52241) | 58053 | 5812 |
|  FAR | 4997 | 7739 | 0 | 12736 | (19198) | (9747) | 0 | (28945) | (16209) | 18728 | 2519 |
|  GLM | 26660 | 0 | 0 | 26660 | (8521) | (1488) | 0 | (10009) | 16651 | (18600) | (1949) |
|  GST | 0 | 0 | 25917 | 25917 | 0 | (623) | (330) | (953) | 24964 | (25460) | (496) |
|  IND | 966 | 0 | 0 | 966 | (967) | 0 | 0 | (967) | (1) | 0 | (1) |
|  JPM | 23417 | 1683 | 20914 | 46014 | (7587) | (1740) | (12) | (9339) | 36675 | (21273) | 15402 |
|  MAA | 0 | 1867 | 0 | 1867 | 0 | (2380) | 0 | (2380) | (513) | 421 | (92) |
|  MBC | 5792 | 0 | 0 | 5792 | (1345) | 0 | 0 | (1345) | 4447 | (4020) | 427 |
|  MSC | 0 | 0 | 0 | 0 | 0 | (178) | 0 | (178) | (178) | 0 | (178) |
|  MYC | 0 | 5165 | 785 | 5950 | 0 | (6305) | (682) | (6987) | (1037) | 474 | (563) |
|  MYI | 11463 | 0 | 0 | 11463 | (6193) | 0 | 0 | (6193) | 5270 | 2290 | 7560 |
|  NGF | 832 | 3814 | 0 | 4646 | 0 | (3761) | 0 | (3761) | 885 | (1000) | (115) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (82) | 0 | (82) | (82) | 0 | (82) |
|  RYL | 4 | 0 | 0 | 4 | (5) | 0 | 0 | (5) | (1) | 0 | (1) |
|  SCX | 1927 | 0 | 0 | 1927 | (3248) | 0 | 0 | (3248) | (1321) | 1486 | 165 |
|  SSB | 7 | 0 | 0 | 7 | (24911) | 0 | 0 | (24911) | (24904) | 28205 | 3301 |
|  UAG | 36 | 0 | 0 | 36 | (244) | 0 | 0 | (244) | (208) | 171 | (37) |
|  Total Over the Counter | $135905 | $25584 | $64751 | $226240 | $(176736) | $(39641) | $(1886) | $(218263) |  |  |  |

---

(r) Securities with an aggregate market value of $121,388 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3480 | $3480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 176 | 0 | 0 | 12567 | 12743 |
|  | $0 | $176 | $0 | $0 | $16047 | $16223 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $135905 | $0 | $135905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 25584 | 25584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63739 | 930 | 0 | 82 | 64751 |
|  | $0 | $63739 | $930 | $135905 | $25666 | $226240 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | $135905 | $41713 | $242463 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1642 | $1642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4698 | 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 275 | 0 | 0 | 31994 | 32269 |
|  | $0 | $275 | $0 | $0 | $38334 | $38609 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $176736 | $0 | $176736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 775 | 0 | 6069 | 32797 | 39641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1722 | 164 | 0 | 0 | 1886 |
|  | $0 | $2497 | $164 | $182805 | $32797 | $218263 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2772 | $164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256872 |

---

---

| | | |
|:---|:---|:---|
| 44.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2025

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $13730 | $13730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197571) | (197571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21391 | 0 | 0 | 96042 | 117433 |
|  | $0 | $21391 | $0 | $0 | $(87799) | $(66408) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $348513 | $0 | $348513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (3310) | 0 | 3412 | 12086 | 12188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3433 | 0 | 2860 | 90041 | 96334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 27670 | (1310) | 0 | (68) | 26292 |
|  | $0 | $27793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1310) | $354785 | $102059 | $483327 |
|  | $0 | $49184 | $(1310) | $354785 | $14260 | $416919 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1135) | $(1135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 183038 | 183038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (5267) | 0 | 0 | 55628 | 50361 |
|  | $0 | $(5267) | $0 | $0 | $237531 | $232264 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102267) | $0 | $(102267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 3844 | 10529 | 14373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 121 | 0 | (4588) | (14111) | (18578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (7373) | 772 | 0 | (250) | (6851) |
|  | $0 | $(7252) | $772 | $(103011) | $(3832) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113323) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12519) | $772 | $(103011) | $233699 | $118941 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 45

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $27926 | $362833 | $390759 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 6738031 | 85867 | 6823898 |
| &nbsp;&nbsp; Industrials | 0 | 3005129 | 70557 | 3075686 |
| &nbsp;&nbsp; Utilities | 0 | 1189164 | 0 | 1189164 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 49000 | 0 | 49000 |
| &nbsp;&nbsp; Connecticut | 0 | 177 | 0 | 177 |
| &nbsp;&nbsp; Florida | 0 | 5236 | 0 | 5236 |
| &nbsp;&nbsp; Georgia | 0 | 53675 | 0 | 53675 |
| &nbsp;&nbsp; Louisiana | 0 | 4903 | 0 | 4903 |
| &nbsp;&nbsp; New York | 0 | 75309 | 0 | 75309 |
| &nbsp;&nbsp; Rhode Island | 0 | 177 | 0 | 177 |
| &nbsp;&nbsp; Texas | 0 | 100466 | 0 | 100466 |
| &nbsp;&nbsp; West Virginia | 0 | 19112 | 0 | 19112 |
|  U.S. Government Agencies | 0 | 24072609 | 0 | 24072609 |
|  U.S. Treasury Obligations | 0 | 6723129 | 0 | 6723129 |
|  Non-Agency Mortgage-Backed Securities | 0 | 8815995 | 357715 | 9173710 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2482 | 0 | 2482 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 118136 | 0 | 118136 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 55652 | 55652 |
| &nbsp;&nbsp; CMBS Other | 0 | 959580 | 0 | 959580 |
| &nbsp;&nbsp; Home Equity Other | 0 | 718888 | 0 | 718888 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 8042 | 0 | 8042 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 78 | 0 | 78 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 60921 | 0 | 60921 |
| &nbsp;&nbsp; Other ABS | 0 | 2010829 | 146039 | 2156868 |
|  Sovereign Issues | 0 | 2932292 | 0 | 2932292 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 0 | 34 | 34 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 34173 | 34173 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 45889 | 0 | 45889 |
| &nbsp;&nbsp; Industrials | 0 | 4263 | 0 | 4263 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 713 | 0 | 0 | 713 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 69434 | 0 | 69434 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 326555 | 0 | 326555 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 50143 | 0 | 50143 |
|  | $713 | $58187570 | $1112870 | $59301153 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | $29556 | $0 | $0 | $29556 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 2809532 | 0 | 0 | 2809532 |
|  | $2839088 | $0 | $0 | $2839088 |
|  Total Investments | $2839801 | $58187570 | $1112870 | $62140241 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(360882) | $0 | $(360882) |
|  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 | 1693 | 14530 | 0 | 16223 |
|  Over the counter | 0 | 225957 | 283 | 226240 |
|  | $1693 | $240487 | $283 | $242463 |
|  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 | (2027) | (36547) | 0 | (38574) |
|  Over the counter | 0 | (217891) | (372) | (218263) |
|  | $(2027) | $(254438) | $(372) | $(256837) |
|  Total Financial Derivative Instruments | $(334) | $(13951) | $(89) | $(14374) |
|  Totals | $2839467 | $57812737 | $1112781 | $61764985 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<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 |
|  Loan Participations and Assignments | $282580 | $173354 | $(90566) | $253 | $(3182) | $394 | $0 | $0 | $362833 | $(5608) |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 23224 | 70048 | (7239) | 378 | 53 | (597) | 0 | 0 | 85867 | (617) |
| &nbsp;&nbsp; Industrials | 27600 | 43043 | 0 | (2) | 0 | (84) | 0 | 0 | 70557 | (84) |
|  Non-Agency Mortgage-Backed Securities | 307200 | 205452 | (129914) | 1352 | 773 | 6158 | 0 | (33306) | 357715 | 5855 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup>** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Casino Services | $61118 | $0 | $(2471) | $0 | $(196) | $(2799) | $0 | $0 | $55652 | $(3160) |
| &nbsp;&nbsp; Home Equity Other | 4894 | 0 | (1499) | 35 | 99 | 76 | 0 | (3605) | 0 | 18 |
| &nbsp;&nbsp; Whole Loan Collateral | 295 | 0 | (222) | 1 | 19 | (9) | 0 | (84) | 0 | 0 |
| &nbsp;&nbsp; Other ABS | 64224 | 106945 | (21377) | 661 | (5840) | 1426 | 0 | 0 | 146039 | (1611) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 149 | 0 | 0 | 0 | (115) | 0 | 0 | 34 | (115) |
| &nbsp;&nbsp; Industrials | 32732 | 0 | 0 | 0 | 0 | 1441 | 0 | 0 | 34173 | 1441 |
|  | $803867 | $598991 | $(253288) | $2678 | $(8275) | $5892 | $0 | $(36995) | $1112870 | $(3881) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $144 | $0 | $0 | $0 | $139 | $0 | $0 | $283 | $139 |
|  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 | $(310) | $0 | $(24) | $0 | $137 | $(175) | $0 | $0 | $(372) | $(174) |
|  Totals | $803557 | $599135 | $(253312) | $2678 | $(8138) | $5856 | $0 | $(36995) | $1112781 | $(3916) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average% |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188714 | Discounted Cash Flow | Discount Rate | 6.790-9.730 | 8.110 |
|  | 53498 | Discounted Cash Flow /<br> Indicative Market Quotation | Discount Rate /Broker Quote%% | 7.261/90.000 |  |
|  | 69408 | Indicative Market Quotation | Broker Quote | 94.338 |  |
|  | 26233 | Recent Transaction | Purchase Price | 100.000 |  |
|  | 24980 | Third Party Vendor | Broker Quote | 100.750 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 33874 | Discounted Cash Flow | Discount Rate | 6.150-12.000 | 7.856 |
|  | 51993 | Proxy Pricing | Base Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000-101.959 | 100.177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 70557 | Discounted Cash Flow | Discount Rate | 5.051-7.890 | 6.768 |
|  Non-Agency Mortgage-Backed Securities | 308960 | Discounted Cash Flow | Discount Rate | 5.598-20.000 | 7.073 |
|  | 44685 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  | 4070 | Proxy Pricing | Base Price | 117.785 |  |
|  Asset-Backed Securities | Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 55652 | Discounted Cash Flow | Discount Rate | 6.527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 94795 | Discounted Cash Flow | Discount Rate | 7.110-24.000 | 9.998 |
|  | 51244 | Proxy Pricing | Base Price | 100.00-120.958 | 102.835 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 34 | Indicative Market Quotation | Broker Quote | 4.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 34173 | Indicative Market Quotation | Broker Quote | $25.188 |  |
|  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 | 283 | Indicative Market Quotation | Broker quote | 0.329-0.392 | 0.350 |
|  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 | (372) | Indicative Market Quotation | Broker quote | $92.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112781 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO Total Return Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established MLM 700, a Delaware limited liability company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Fund shall be collectively referred to as the "Board."

In this reporting period, the Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

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| **48** | **PIMCO TOTAL RETURN FUND** |

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has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting

period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Fund has made significant updates to the content of its

shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Fund's annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Fund's consolidated financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the

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| **50** | **PIMCO TOTAL RETURN FUND** |

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reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the

NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

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Notes to Financial Statements (Cont.)

are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any

new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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| **52** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3).Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to

market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

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Notes to Financial Statements (Cont.)

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does

not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. The Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's

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| **54** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### Investment in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2024 | **Purchases**<br> **at Cost** | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $753674 | $18384275 | $(18687100) | $685 | $55 | $451589 | $59748 | $0 |

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#### Investments in PIMCO Senior Loan Active Exchange-Traded Fund

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not

receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

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Notes to Financial Statements (Cont.)

(including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private

transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured

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| | |
|:---|:---|
| **56** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Fund invests in REITs, the Fund will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt

sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of March 31, 2025, as applicable, are disclosed in the Notes to Consolidated Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely

payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

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Notes to Financial Statements (Cont.)

TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty.

Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated

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| | |
|:---|:---|
| **58** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding

borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

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Notes to Financial Statements (Cont.)

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Funds use a specified exchange-traded fund as the underlying instrument for the option contract. The Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the

underlying instrument is a single futures contract.

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| | |
|:---|:---|
| **60** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure

value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

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Notes to Financial Statements (Cont.)

an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap

less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference

credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts

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|:---|:---|
| **62** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

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Notes to Financial Statements (Cont.)

investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities,

including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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|:---|:---|
| **64** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,

magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to the Fund.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/ or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

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Notes to Financial Statements (Cont.)

scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default

with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

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| **66** | **PIMCO TOTAL RETURN FUND** |

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March 31, 2025

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

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9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
| 0.25% | 0.21% | 0.31%0.41%<sup>(1)</sup> |  | 0.21% | 0.30% | 0.30% | 0.30% |

---

---

| | |
|:---|:---|
| <sup>(</sup><sup>1</sup><sup>)</sup> | PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund.  |

---

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution,

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

---

------

Notes to Financial Statements (Cont.)

administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 0.25% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the

Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the amount waived and/or reimbursed was $77,902.

---

| | |
|:---|:---|
| **68** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2025

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2025, for the PIMCO Total Return Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $179,735.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the

extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $375400422 | $384392673 | $8318842 | $8058165 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

---

------

Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **03/31/2025** | **Year Ended**<br> **03/31/2025** | **Year Ended**<br> **03/31/2024** | **Year Ended**<br> **03/31/2024** |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 931811 | $8004760 | 1034633 | $8727058 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 225487 | 1934429 | 208620 | 1763047 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 9406 | 81022 | 8407 | 70875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 21528 | 184741 | 25348 | 212756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 61558 | 529133 | 74145 | 626513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 3435 | 29622 | 3416 | 28874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 8023 | 68886 | 8718 | 73814 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 194923 | 1673295 | 195245 | 1649347 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 23359 | 200641 | 18765 | 158495 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 816 | 7017 | 669 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 3481 | 29887 | 3911 | 33040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 19708 | 169228 | 19123 | 161528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 447 | 3840 | 439 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1790 | 15371 | 1618 | 13673 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2138547) | (18394416) | (1397149) | (11791599) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (188736) | (1615383) | (166837) | (1409395) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (6812) | (58653) | (8645) | (72895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (37855) | (324748) | (67596) | (573392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (139504) | (1201223) | (165516) | (1398554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (5298) | (45445) | (7062) | (59535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (11774) | (100988) | (13256) | (111974) |
|  **Net increase (decrease) resulting from Fund share transactions** | (1022754) | $(8808984) | (223004) | $(1888971) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 32% of the Fund.

14. BASIS FOR CONSOLIDATION

MLM 700, LLC, a Delaware limited liability company (the "Subsidiary"), was formed on May 7, 2018, as a wholly-owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary, comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder

rights in a winding up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 0.01% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

---

| | |
|:---|:---|
| **70** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2025

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral-<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral-<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3315861) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7112697) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10361162) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, partnerships, constructive sales, and convertible securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524770 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65660443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4547064) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3308326) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, partnerships, constructive sales, and convertible securities. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

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Notes to Financial Statements (Cont.) March 31, 2025

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Fund made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816748 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **72** | **PIMCO TOTAL RETURN FUND** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Total Return Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO Total Return Fund and its subsidiary (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2025, the related consolidated statement of operations for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights (consolidated) for each of the five years in the period ended March 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Capital Services LLC |
| BAR | Barclays PLC Corporate RRP/REPO trading | GLM | Goldman Sachs Bank USA | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | NGF | Nomura Global Financial Products, Inc. |
| BOM | Bank of Montreal | IND | Crédit Agricole Corporate and Investment Bank S.A. | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | JPS | J.P. Morgan Securities LLC | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | MAA | Mizuho Capital Markets | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MSC | Morgan Stanley & Co. LLC. |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| BRL | Brazilian Real | ILS | Israeli Shekel | PLN | Polish Zloty |
| CAD | Canadian Dollar | INR | Indian Rupee | SEK | Swedish Krona |
| CHF | Swiss Franc | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | THB | Thai Baht |
| CZK | Czech Koruna | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| DKK | Danish Krone | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| GBP | British Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| HUF | Hungarian Forint | NZD | New Zealand Dollar |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | EUR001M | 1 Month EUR Swap Rate | LIBOR01M | 1 Month USD-LIBOR |
| BOBL | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | FEDL01 | Federal funds effective rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGM | Assured Guaranty Municipal | CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CDO | Collateralized Debt Obligation | REMIC | Real Estate Mortgage Investment Conduit |
| ALT | Alternate Loan Trust | CLO | Collateralized Loan Obligation | RMBS | Residential Mortgage-Backed Security |
| BABs | Build America Bonds | CMBS | Collateralized Mortgage-Backed Security | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | DAC | Designated Activity Company | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | EURIBOR | Euro Interbank Offered Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap |  |  |

---

---

| | |
|:---|:---|
| **74** | **PIMCO TOTAL RETURN FUND** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO Total Return Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0351 |
|  November 2024 | $0.0330 | $0.0000 | $0.0002 | $0.0332 |
|  December 2024 | $0.0344 | $0.0000 | $0.0004 | $0.0348 |
|  January 2025 | $0.0317 | $0.0000 | $0.0001 | $0.0318 |
|  February 2025 | $0.0295 | $0.0000 | $0.0002 | $0.0297 |
|  March 2025 | $0.0348 | $0.0000 | $0.0002 | $0.0350 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0342 | $0.0000 | $0.0002 | $0.0344 |
|  November 2024 | $0.0323 | $0.0000 | $0.0002 | $0.0325 |
|  December 2024 | $0.0337 | $0.0000 | $0.0004 | $0.0341 |
|  January 2025 | $0.0309 | $0.0000 | $0.0001 | $0.0310 |
|  February 2025 | $0.0289 | $0.0000 | $0.0002 | $0.0291 |
|  March 2025 | $0.0341 | $0.0000 | $0.0002 | $0.0343 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0338 | $0.0000 | $0.0002 | $0.0340 |
|  November 2024 | $0.0319 | $0.0000 | $0.0002 | $0.0321 |
|  December 2024 | $0.0333 | $0.0000 | $0.0004 | $0.0337 |
|  January 2025 | $0.0306 | $0.0000 | $0.0001 | $0.0307 |
|  February 2025 | $0.0286 | $0.0000 | $0.0002 | $0.0288 |
|  March 2025 | $0.0337 | $0.0000 | $0.0002 | $0.0339 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0331 | $0.0000 | $0.0002 | $0.0333 |
|  November 2024 | $0.0312 | $0.0000 | $0.0002 | $0.0314 |
|  December 2024 | $0.0327 | $0.0000 | $0.0003 | $0.0330 |
|  January 2025 | $0.0298 | $0.0000 | $0.0001 | $0.0299 |
|  February 2025 | $0.0279 | $0.0000 | $0.0002 | $0.0281 |
|  March 2025 | $0.0331 | $0.0000 | $0.0002 | $0.0333 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0324 | $0.0000 | $0.0002 | $0.0326 |
|  November 2024 | $0.0305 | $0.0000 | $0.0002 | $0.0307 |
|  December 2024 | $0.0321 | $0.0000 | $0.0003 | $0.0324 |
|  January 2025 | $0.0292 | $0.0000 | $0.0001 | $0.0293 |
|  February 2025 | $0.0273 | $0.0000 | $0.0002 | $0.0275 |
|  March 2025 | $0.0324 | $0.0000 | $0.0002 | $0.0326 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $0.0001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0270 |
|  November 2024 | $0.0251 | $0.0000 | $0.0001 | $0.0252 |
|  December 2024 | $0.0266 | $0.0000 | $0.0003 | $0.0269 |
|  January 2025 | $0.0236 | $0.0000 | $0.0001 | $0.0237 |
|  February 2025 | $0.0225 | $0.0000 | $0.0001 | $0.0226 |
|  March 2025 | $0.0273 | $0.0000 | $0.0002 | $0.0275 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0305 | $0.0000 | $0.0002 | $0.0307 |
|  November 2024 | $0.0287 | $0.0000 | $0.0002 | $0.0289 |
|  December 2024 | $0.0302 | $0.0000 | $0.0003 | $0.0305 |
|  January 2025 | $0.0273 | $0.0000 | $0.0001 | $0.0274 |
|  February 2025 | $0.0257 | $0.0000 | $0.0002 | $0.0259 |
|  March 2025 | $0.0307 | $0.0000 | $0.0002 | $0.0309 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **76** | **PIMCO TOTAL RETURN FUND** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Fund's fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Fund intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>) | Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>) |
|  PIMCO Total Return Fund | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **78** | **PIMCO TOTAL RETURN FUND** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of Votes<br>For | Number of Votes<br>Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **80** | **PIMCO TOTAL RETURN FUND** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

------

![LOGO](g940907g75h91.jpg)

PIMS0700FSTMAR_033125

------

![LOGO](g940923g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

#### Credit Bond Funds
PIMCO Credit Opportunities Bond Fund

PIMCO Diversified Income Fund

PIMCO ESG Income Fund

PIMCO High Yield Fund

PIMCO High Yield Spectrum Fund

PIMCO Long-Term Credit Bond Fund

PIMCO Low Duration Credit Fund

PIMCO Low Duration Income Fund

PIMCO Preferred and Capital Securities Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx940923_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx940923_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx940923_3) | 16 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx940923_4) | 18 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx940923_5) | 20 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx940923_6) | 21 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx940923_7) | 22 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx940923_8) | 24 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx940923_10) | 163 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx940923_11) | 187 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx940923_12) | 195 |
| &nbsp;&nbsp; [Glossary](#tx940923_13) | 196 |
| &nbsp;&nbsp; [Distribution Information](#tx940923_14) | 197 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx940923_15) | 205 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx940923_16) | 206 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx940923_17) | 207 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx940923_18) | 208 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Credit Opportunities Bond Fund](#tx940923_19) | 25 |
| &nbsp;&nbsp; [PIMCO Diversified Income Fund](#tx940923_20) | 40 |
| &nbsp;&nbsp; [PIMCO ESG Income Fund](#tx940923_21) | 62 |
| &nbsp;&nbsp; [PIMCO High Yield Fund](#tx940923_22) | 76 |
| &nbsp;&nbsp; [PIMCO High Yield Spectrum Fund](#tx940923_23) | 87 |
| &nbsp;&nbsp; [PIMCO Long-Term Credit Bond Fund](#tx940923_24) | 100 |
| &nbsp;&nbsp; [PIMCO Low Duration Credit Fund](#tx940923_25) | 121 |
| &nbsp;&nbsp; [PIMCO Low Duration Income Fund](#tx940923_26) | 129 |
| &nbsp;&nbsp; [PIMCO Preferred and Capital Securities Fund<sup>(1)</sup>](#tx940923_27) | 157 |

---

 <br> <sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund, PIMCO Low Duration Credit Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other

---

| | |
|:---|:---|
| **2** | **PIMCO CREDIT BOND FUNDS** |

---

------

geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain

derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | **I-3** | Administrative<br>Class | Class A | Class C | Class C-2 | Class R | Diversification<br>Status |
|  PIMCO Credit Opportunities Bond Fund | 08/31/11 | 08/31/11 | 08/31/11 |  |  | 08/31/11 | 08/31/11 |  |  | Diversified |
|  PIMCO Diversified Income Fund | 07/31/03 | 07/31/03 | 04/30/08 | 04/27/18 | 10/29/04 | 07/31/03 | 07/31/03 |  |  | Diversified |
|  PIMCO ESG Income Fund | 09/30/20 | 09/30/20 | 09/30/20 | 09/30/20 |  | 09/30/20 | 09/30/20 |  |  | Diversified |
|  PIMCO High Yield Fund | 12/15/92 | 12/15/92 | 04/30/08 | 04/27/18 | 01/16/95 | 01/13/97 | 01/13/97 |  | 12/31/02 | Diversified |
|  PIMCO High Yield Spectrum Fund | 09/15/10 | 09/15/10 | 09/15/10 | 04/27/18 |  | 09/15/10 | 09/15/10 |  |  | Diversified |
|  PIMCO Long-Term Credit Bond Fund | 03/31/09 | 03/31/09 | 02/29/12 |  |  |  |  |  |  | Diversified |
|  PIMCO Low Duration Credit Fund | 04/29/11 | 04/29/11 | 04/29/11 |  |  | 04/29/11 | 04/29/11 |  |  | Diversified |
|  PIMCO Low Duration Income Fund | 07/30/04 | 07/30/04 | 04/30/08 | 04/27/18 |  | 07/30/04 | 09/30/04 | 10/21/20 |  | Diversified |
|  PIMCO Preferred and Capital Securities Fund | 04/13/15 | 04/13/15 | 04/13/15 | 04/27/18 |  | 04/13/15 | 08/23/19 |  |  | Diversified |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each

fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO CREDIT BOND FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Credit Opportunities Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.48 | $0.56 | $0.19 | $0.75 | $(0.53) | $0.00 | $0.00 | $(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.29 | 0.49 | 0.16 | 0.65 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.51 | 0.37 | (0.23) | 0.14 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.99 | 0.30 | (0.43) | (0.13) | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.07 | 0.30 | 0.97 | 1.27 | (0.35) | 0.00 | 0.00 | (0.35) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.42 | 0.54 | 0.20 | 0.74 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.48 | 0.16 | 0.64 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.47 | 0.36 | (0.24) | 0.12 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.94 | 0.29 | (0.42) | (0.13) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.29 | 0.96 | 1.25 | (0.34) | 0.00 | 0.00 | (0.34) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.48 | 0.52 | 0.19 | 0.71 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.29 | 0.46 | 0.15 | 0.61 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.52 | 0.33 | (0.23) | 0.10 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.26 | (0.43) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.08 | 0.26 | 0.97 | 1.23 | (0.31) | 0.00 | 0.00 | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.32 | 0.43 | 0.20 | 0.63 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.14 | 0.37 | 0.17 | 0.54 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.37 | 0.25 | (0.23) | 0.02 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.85 | 0.19 | (0.43) | (0.24) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.95 | 0.18 | 0.95 | 1.13 | (0.23) | 0.00 | 0.00 | (0.23) |
|  **PIMCO Diversified Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.57 | $0.49 | $0.17 | $0.66 | $(0.52) | $0.00 | $0.00 | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.42 | 0.38 | 0.80 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.37 | (0.86) | (0.49) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.35 | (0.81) | (0.46) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.34 | 0.89 | 1.23 | (0.40) | 0.00 | 0.00 | (0.40) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.48 | 0.17 | 0.65 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.41 | 0.39 | 0.80 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.36 | (0.86) | (0.50) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.34 | (0.81) | (0.47) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.33 | 0.89 | 1.22 | (0.39) | 0.00 | 0.00 | (0.39) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.48 | 0.17 | 0.65 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.41 | 0.38 | 0.79 | (0.41) | 0.00 | (0.03) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.35 | (0.86) | (0.51) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.34 | (0.82) | (0.48) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.32 | 0.90 | 1.22 | (0.39) | 0.00 | 0.00 | (0.39) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.47 | 0.17 | 0.64 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.40 | 0.38 | 0.78 | (0.40) | 0.00 | (0.03) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.34 | (0.86) | (0.52) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.33 | (0.82) | (0.49) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.31 | 0.90 | 1.21 | (0.38) | 0.00 | 0.00 | (0.38) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.45 | 0.17 | 0.62 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.38 | 0.39 | 0.77 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.33 | (0.86) | (0.53) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.31 | (0.81) | (0.50) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.29 | 0.90 | 1.19 | (0.36) | 0.00 | 0.00 | (0.36) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.38 | 0.17 | 0.55 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.32 | 0.38 | 0.70 | (0.32) | 0.00 | (0.03) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.26 | (0.86) | (0.60) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.23 | (0.82) | (0.59) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.21 | 0.90 | 1.11 | (0.28) | 0.00 | 0.00 | (0.28) |

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| | | |
|:---|:---|:---|
| **6** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.70 | 8.06% | $241078 | 1.01% | 1.05% | 0.56% | 0.60% | 5.75% | 279% |
| 9.48 | 7.13 | 203385 | 0.89 <sup>(f)</sup> | 0.89 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 5.29 | 320 |
| 9.29 | 1.62 | 170305 | 0.91 | 0.91 | 0.90 | 0.90 | 3.96 | 158 |
| 9.51 | (1.40) | 235277 | 0.90 | 0.90 | 0.90 | 0.90 | 3.07 | 84 |
| 9.99 | 14.06 | 268038 | 0.90 | 0.90 | 0.90 | 0.90 | 3.10 | 99 |
| 9.64 | 8.01 | 150777 | 1.11 | 1.15 | 0.66 | 0.70 | 5.65 | 279 |
| 9.42 | 7.09 | 132752 | 0.99 <sup>(f)</sup> | 0.99 <sup>(f)</sup> | 0.92 <sup>(f)</sup> | 0.92 <sup>(f)</sup> | 5.20 | 320 |
| 9.23 | 1.33 | 105067 | 1.01 | 1.01 | 1.00 | 1.00 | 3.93 | 158 |
| 9.47 | (1.39) | 123293 | 1.00 | 1.00 | 1.00 | 1.00 | 2.97 | 84 |
| 9.94 | 13.92 | 115116 | 1.00 | 1.00 | 1.00 | 1.00 | 3.01 | 99 |
| 9.70 | 7.67 | 32434 | 1.41 | 1.45 | 0.96 | 1.00 | 5.34 | 279 |
| 9.48 | 6.75 | 23358 | 1.29 <sup>(f)</sup> | 1.29 <sup>(f)</sup> | 1.22 <sup>(f)</sup> | 1.22 <sup>(f)</sup> | 4.90 | 320 |
| 9.29 | 1.13 | 20412 | 1.31 | 1.31 | 1.30 | 1.30 | 3.58 | 158 |
| 9.52 | (1.74) | 23819 | 1.30 | 1.30 | 1.30 | 1.30 | 2.65 | 84 |
| 10.00 | 13.61 | 19542 | 1.30 | 1.30 | 1.30 | 1.30 | 2.68 | 99 |
| 9.51 | 6.83 | 3716 | 2.16 | 2.20 | 1.71 | 1.75 | 4.58 | 279 |
| 9.32 | 6.00 | 2005 | 2.04 <sup>(f)</sup> | 2.04 <sup>(f)</sup> | 1.97 <sup>(f)</sup> | 1.97 <sup>(f)</sup> | 4.10 | 320 |
| 9.14 | 0.30 | 2244 | 2.06 | 2.06 | 2.05 | 2.05 | 2.75 | 158 |
| 9.37 | (2.46) | 3656 | 2.05 | 2.05 | 2.05 | 2.05 | 1.91 | 84 |
| 9.85 | 12.73 | 3866 | 2.05 | 2.05 | 2.05 | 2.05 | 1.91 | 99 |
| $9.71 | 7.07% | $2605286 | 0.81% | 0.81% | 0.75% | 0.75% | 5.09% | 303% |
| 9.57 | 9.01 | 2978251 | 0.79 | 0.79 | 0.75 | 0.75 | 4.59 | 247 |
| 9.22 | (4.75) | 3117435 | 0.76 | 0.76 | 0.75 | 0.75 | 3.93 | 136 |
| 10.18 | (4.37) | 4022524 | 0.75 | 0.75 | 0.75 | 0.75 | 3.22 | 94 |
| 11.04 | 12.15 | 4132019 | 0.77 | 0.77 | 0.75 | 0.75 | 3.04 | 110 |
| 9.71 | 6.97 | 140053 | 0.91 | 0.91 | 0.85 | 0.85 | 5.00 | 303 |
| 9.57 | 8.90 | 131164 | 0.89 | 0.89 | 0.85 | 0.85 | 4.49 | 247 |
| 9.22 | (4.85) | 132737 | 0.86 | 0.86 | 0.85 | 0.85 | 3.79 | 136 |
| 10.18 | (4.47) | 291479 | 0.85 | 0.85 | 0.85 | 0.85 | 3.07 | 94 |
| 11.04 | 12.04 | 670322 | 0.87 | 0.87 | 0.85 | 0.85 | 2.94 | 110 |
| 9.71 | 6.91 | 25460 | 0.96 | 1.01 | 0.90 | 0.95 | 4.96 | 303 |
| 9.57 | 8.85 | 24514 | 0.94 | 0.99 | 0.90 | 0.95 | 4.43 | 247 |
| 9.22 | (4.90) | 29287 | 0.91 | 0.96 | 0.90 | 0.95 | 3.78 | 136 |
| 10.18 | (4.51) | 36071 | 0.90 | 0.95 | 0.90 | 0.95 | 3.09 | 94 |
| 11.04 | 11.98 | 27498 | 0.92 | 0.97 | 0.90 | 0.95 | 2.88 | 110 |
| 9.71 | 6.81 | 16653 | 1.06 | 1.06 | 1.00 | 1.00 | 4.85 | 303 |
| 9.57 | 8.74 | 16483 | 1.04 | 1.04 | 1.00 | 1.00 | 4.37 | 247 |
| 9.22 | (5.00) | 9667 | 1.01 | 1.01 | 1.00 | 1.00 | 3.60 | 136 |
| 10.18 | (4.61) | 21577 | 1.00 | 1.00 | 1.00 | 1.00 | 2.99 | 94 |
| 11.04 | 11.87 | 10752 | 1.02 | 1.02 | 1.00 | 1.00 | 2.83 | 110 |
| 9.71 | 6.65 | 161573 | 1.21 | 1.21 | 1.15 | 1.15 | 4.70 | 303 |
| 9.57 | 8.58 | 173452 | 1.19 | 1.19 | 1.15 | 1.15 | 4.19 | 247 |
| 9.22 | (5.14) | 202770 | 1.16 | 1.16 | 1.15 | 1.15 | 3.52 | 136 |
| 10.18 | (4.75) | 290939 | 1.15 | 1.15 | 1.15 | 1.15 | 2.81 | 94 |
| 11.04 | 11.71 | 361780 | 1.17 | 1.17 | 1.15 | 1.15 | 2.64 | 110 |
| 9.71 | 5.85 | 22116 | 1.96 | 1.96 | 1.90 | 1.90 | 3.94 | 303 |
| 9.57 | 7.78 | 26564 | 1.94 | 1.94 | 1.90 | 1.90 | 3.44 | 247 |
| 9.22 | (5.85) | 30275 | 1.91 | 1.91 | 1.90 | 1.90 | 2.76 | 136 |
| 10.18 | (5.46) | 49134 | 1.90 | 1.90 | 1.90 | 1.90 | 2.05 | 94 |
| 11.04 | 10.87 | 67889 | 1.92 | 1.92 | 1.90 | 1.90 | 1.89 | 110 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

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Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO ESG Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.31 | $0.45 | $0.18 | $0.63 | $(0.49) | $0.00 | $(0.03) | $(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.45 | 0.00 | 0.45 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.35 | (0.61) | (0.26) | (0.51) | (0.03) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.24 | (0.25) | (0.01) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.10 | 0.34 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.44 | 0.18 | 0.62 | (0.48) | 0.00 | (0.03) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.44 | 0.00 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.34 | (0.61) | (0.27) | (0.50) | (0.03) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.22 | (0.24) | (0.02) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.09 | 0.35 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.44 | 0.17 | 0.61 | (0.47) | 0.00 | (0.03) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.43 | 0.01 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.30 | (0.57) | (0.27) | (0.50) | (0.03) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.19 | (0.21) | (0.02) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.09 | 0.34 | 0.43 | (0.08) | 0.00 | 0.00 | (0.08) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.42 | 0.17 | 0.59 | (0.45) | 0.00 | (0.03) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.41 | 0.01 | 0.42 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.31 | (0.61) | (0.30) | (0.47) | (0.03) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.19 | (0.24) | (0.05) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.07 | 0.35 | 0.42 | (0.07) | 0.00 | 0.00 | (0.07) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.34 | 0.18 | 0.52 | (0.38) | 0.00 | (0.03) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.34 | 0.01 | 0.35 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.23 | (0.60) | (0.37) | (0.40) | (0.03) | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.13 | (0.26) | (0.13) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.03 | 0.35 | 0.38 | (0.03) | 0.00 | 0.00 | (0.03) |
|  **PIMCO High Yield Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.97 | $0.49 | $0.02 | $0.51 | $(0.50) | $0.00 | $0.00 | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.43 | 0.30 | 0.73 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.39 | (0.63) | (0.24) | (0.42) | (0.15) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.38 | (0.45) | (0.07) | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.38 | 1.07 | 1.45 | (0.40) | 0.00 | 0.00 | (0.40) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.48 | 0.02 | 0.50 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.31 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.38 | (0.63) | (0.25) | (0.41) | (0.15) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.37 | (0.45) | (0.08) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.37 | 1.07 | 1.44 | (0.39) | 0.00 | 0.00 | (0.39) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.48 | 0.02 | 0.50 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.31 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.38 | (0.63) | (0.25) | (0.41) | (0.15) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.36 | (0.44) | (0.08) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.36 | 1.08 | 1.44 | (0.39) | 0.00 | 0.00 | (0.39) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.47 | 0.02 | 0.49 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.30 | 0.71 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.37 | (0.63) | (0.26) | (0.40) | (0.15) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.36 | (0.45) | (0.09) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.36 | 1.07 | 1.43 | (0.38) | 0.00 | 0.00 | (0.38) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.46 | 0.02 | 0.48 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.40 | 0.30 | 0.70 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.36 | (0.63) | (0.27) | (0.39) | (0.15) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.35 | (0.45) | (0.10) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.35 | 1.07 | 1.42 | (0.37) | 0.00 | 0.00 | (0.37) |

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| | | |
|:---|:---|:---|
| **8** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.42 | 6.93% | $253619 | 1.21% | 1.21% | 0.50% | 0.50% | 4.85% | 243% |
| 9.31 | 5.05 | 210539 | 1.00 | 1.00 | 0.50 | 0.50 | 4.90 | 261 |
| 9.27 | (2.50) | 204462 | 0.55 | 0.55 | 0.51 | 0.51 | 3.70 | 320 |
| 10.07 | (0.09) | 155174 | 0.52 | 0.52 | 0.51 | 0.51 | 2.28 | 50 |
| 10.35 | 4.43 | 37125 | 0.52 \* | 1.14 \* | 0.50 \* | 1.12 \* | 1.87 \* | 135 |
| 9.42 | 6.82 | 29221 | 1.31 | 1.31 | 0.60 | 0.60 | 4.74 | 243 |
| 9.31 | 4.95 | 20454 | 1.10 | 1.10 | 0.60 | 0.60 | 4.79 | 261 |
| 9.27 | (2.59) | 16996 | 0.65 | 0.65 | 0.61 | 0.61 | 3.54 | 320 |
| 10.07 | (0.19) | 17691 | 0.62 | 0.62 | 0.61 | 0.61 | 2.14 | 50 |
| 10.35 | 4.38 | 1421 | 0.62 \* | 1.24 \* | 0.60 \* | 1.22 \* | 1.81 \* | 135 |
| 9.42 | 6.77 | 8841 | 1.36 | 1.41 | 0.65 | 0.70 | 4.69 | 243 |
| 9.31 | 4.89 | 4925 | 1.15 | 1.20 | 0.65 | 0.70 | 4.74 | 261 |
| 9.27 | (2.64) | 4255 | 0.70 | 0.75 | 0.66 | 0.71 | 3.11 | 320 |
| 10.07 | (0.24) | 23132 | 0.67 | 0.72 | 0.66 | 0.71 | 1.91 | 50 |
| 10.35 | 4.35 | 45 | 0.72 \* | 1.34 \* | 0.70 \* | 1.32 \* | 1.69 \* | 135 |
| 9.42 | 6.50 | 2098 | 1.61 | 1.61 | 0.90 | 0.90 | 4.46 | 243 |
| 9.31 | 4.63 | 2240 | 1.40 | 1.40 | 0.90 | 0.90 | 4.52 | 261 |
| 9.27 | (2.88) | 2319 | 0.95 | 0.95 | 0.91 | 0.91 | 3.24 | 320 |
| 10.07 | (0.49) | 1809 | 0.92 | 0.92 | 0.91 | 0.91 | 1.87 | 50 |
| 10.35 | 4.23 | 23 | 0.92 \* | 1.54 \* | 0.90 \* | 1.52 \* | 1.46 \* | 135 |
| 9.42 | 5.72 | 278 | 2.36 | 2.36 | 1.65 | 1.65 | 3.69 | 243 |
| 9.31 | 3.86 | 193 | 2.20 <sup>(e)</sup> | 2.20 <sup>(e)</sup> | 1.65 <sup>(e)</sup> | 1.65 <sup>(e)</sup> | 3.76 | 261 |
| 9.27 | (3.62) | 96 | 1.70 | 1.70 | 1.66 | 1.66 | 2.44 | 320 |
| 10.07 | (1.24) | 108 | 1.67 | 1.67 | 1.66 | 1.66 | 1.21 | 50 |
| 10.35 | 3.85 | 90 | 1.67 \* | 2.29 \* | 1.65 \* | 2.27 \* | 0.67 \* | 135 |
| $7.98 | 6.54% | $7089588 | 0.61% | 0.62% | 0.54% | 0.55% | 6.10% | 58% |
| 7.97 | 9.79 | 7359710 | 0.60 | 0.60 | 0.55 | 0.55 | 5.54 | 43 |
| 7.70 | (2.66) | 6421111 | 0.57 | 0.57 | 0.55 | 0.55 | 4.98 | 25 |
| 8.51 | (0.91) | 8042209 | 0.56 | 0.56 | 0.55 | 0.55 | 4.23 | 26 |
| 8.99 | 18.49 | 9472559 | 0.56 | 0.56 | 0.55 | 0.55 | 4.30 | 29 |
| 7.98 | 6.44 | 303734 | 0.71 | 0.72 | 0.64 | 0.65 | 6.00 | 58 |
| 7.97 | 9.68 | 327275 | 0.70 | 0.70 | 0.65 | 0.65 | 5.40 | 43 |
| 7.70 | (2.75) | 408267 | 0.67 | 0.67 | 0.65 | 0.65 | 4.88 | 25 |
| 8.51 | (1.01) | 499207 | 0.66 | 0.66 | 0.65 | 0.65 | 4.14 | 26 |
| 8.99 | 18.37 | 482815 | 0.66 | 0.66 | 0.65 | 0.65 | 4.21 | 29 |
| 7.98 | 6.39 | 14391 | 0.76 | 0.82 | 0.69 | 0.75 | 5.97 | 58 |
| 7.97 | 9.63 | 8560 | 0.75 | 0.80 | 0.70 | 0.75 | 5.33 | 43 |
| 7.70 | (2.80) | 9027 | 0.72 | 0.77 | 0.70 | 0.75 | 4.90 | 25 |
| 8.51 | (1.06) | 19694 | 0.71 | 0.76 | 0.70 | 0.75 | 4.02 | 26 |
| 8.99 | 18.31 | 50922 | 0.71 | 0.76 | 0.70 | 0.75 | 4.08 | 29 |
| 7.98 | 6.28 | 254696 | 0.86 | 0.87 | 0.79 | 0.80 | 5.84 | 58 |
| 7.97 | 9.52 | 288182 | 0.85 | 0.85 | 0.80 | 0.80 | 5.27 | 43 |
| 7.70 | (2.90) | 302888 | 0.82 | 0.82 | 0.80 | 0.80 | 4.74 | 25 |
| 8.51 | (1.15) | 354288 | 0.81 | 0.81 | 0.80 | 0.80 | 3.98 | 26 |
| 8.99 | 18.20 | 393891 | 0.81 | 0.81 | 0.80 | 0.80 | 4.05 | 29 |
| 7.98 | 6.17 | 412663 | 0.96 | 0.97 | 0.89 | 0.90 | 5.74 | 58 |
| 7.97 | 9.41 | 473170 | 0.95 | 0.95 | 0.90 | 0.90 | 5.17 | 43 |
| 7.70 | (3.00) | 511871 | 0.92 | 0.92 | 0.90 | 0.90 | 4.64 | 25 |
| 8.51 | (1.25) | 626661 | 0.91 | 0.91 | 0.90 | 0.90 | 3.89 | 26 |
| 8.99 | 18.08 | 666590 | 0.91 | 0.91 | 0.90 | 0.90 | 3.98 | 29 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO High Yield Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.97 | $0.40 | $0.02 | $0.42 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.34 | 0.30 | 0.64 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.30 | (0.63) | (0.33) | (0.33) | (0.15) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.28 | (0.45) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.28 | 1.07 | 1.35 | (0.30) | 0.00 | 0.00 | (0.30) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.44 | 0.02 | 0.46 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.38 | 0.30 | 0.68 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.34 | (0.63) | (0.29) | (0.37) | (0.15) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.33 | (0.45) | (0.12) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.33 | 1.07 | 1.40 | (0.35) | 0.00 | 0.00 | (0.35) |
|  **PIMCO High Yield Spectrum Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.03 | $0.54 | $0.16 | $0.70 | $(0.60) | $0.00 | $0.00 | $(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.49 | 0.49 | 0.98 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.43 | (0.67) | (0.24) | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.41 | (0.46) | (0.05) | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.45 | 1.47 | 1.92 | (0.47) | 0.00 | 0.00 | (0.47) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.52 | 0.17 | 0.69 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.48 | 0.49 | 0.97 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.43 | (0.68) | (0.25) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.40 | (0.46) | (0.06) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.44 | 1.47 | 1.91 | (0.46) | 0.00 | 0.00 | (0.46) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.52 | 0.16 | 0.68 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.47 | 0.50 | 0.97 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.41 | (0.66) | (0.25) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.39 | (0.45) | (0.06) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.43 | 1.48 | 1.91 | (0.46) | 0.00 | 0.00 | (0.46) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.51 | 0.15 | 0.66 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.46 | 0.49 | 0.95 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.40 | (0.67) | (0.27) | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.38 | (0.46) | (0.08) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.42 | 1.47 | 1.89 | (0.44) | 0.00 | 0.00 | (0.44) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.44 | 0.16 | 0.60 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.40 | 0.48 | 0.88 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.34 | (0.67) | (0.33) | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.30 | (0.46) | (0.16) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.36 | 1.46 | 1.82 | (0.37) | 0.00 | 0.00 | (0.37) |
|  **PIMCO Long-Term Credit Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.95 | $0.40 | $(0.04) | $0.36 | $(0.45) | $0.00 | $(0.02) | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.11 | 0.36 | (0.10) | 0.26 | (0.40) | 0.00 | (0.02) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.87 | 0.39 | (1.64) | (1.25) | (0.45) | (0.06) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.28 | 0.48 | (0.98) | (0.50) | (0.57) | (0.34) | 0.00 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 12.08 | 0.50 | 0.74 | 1.24 | (0.58) | (0.46) | 0.00 | (1.04) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.95 | 0.39 | (0.04) | 0.35 | (0.44) | 0.00 | (0.02) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.11 | 0.35 | (0.10) | 0.25 | (0.39) | 0.00 | (0.02) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.87 | 0.38 | (1.63) | (1.25) | (0.45) | (0.06) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.28 | 0.47 | (0.98) | (0.51) | (0.56) | (0.34) | 0.00 | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 12.08 | 0.49 | 0.73 | 1.22 | (0.56) | (0.46) | 0.00 | (1.02) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $7.98 | 5.38% | $12931 | 1.71% | 1.72% | 1.64% | 1.65% | 4.99% | 58% |
| 7.97 | 8.60 | 14776 | 1.70 | 1.70 | 1.65 | 1.65 | 4.42 | 43 |
| 7.70 | (3.73) | 17186 | 1.67 | 1.67 | 1.65 | 1.65 | 3.87 | 25 |
| 8.51 | (1.99) | 25894 | 1.66 | 1.66 | 1.65 | 1.65 | 3.13 | 26 |
| 8.99 | 17.20 | 35990 | 1.66 | 1.66 | 1.65 | 1.65 | 3.25 | 29 |
| 7.98 | 5.91 | 38411 | 1.21 | 1.22 | 1.14 | 1.15 | 5.50 | 58 |
| 7.97 | 9.14 | 34687 | 1.20 | 1.20 | 1.15 | 1.15 | 4.93 | 43 |
| 7.70 | (3.24) | 32258 | 1.17 | 1.17 | 1.15 | 1.15 | 4.40 | 25 |
| 8.51 | (1.50) | 35351 | 1.16 | 1.16 | 1.15 | 1.15 | 3.64 | 26 |
| 8.99 | 17.79 | 36138 | 1.16 | 1.16 | 1.15 | 1.15 | 3.71 | 29 |
| $9.13 | 7.89% | $365260 | 0.69% | 0.69% | 0.61% | 0.61% | 5.89% | 60% |
| 9.03 | 11.80 | 153871 | 0.65 | 0.65 | 0.60 | 0.60 | 5.68 | 50 |
| 8.59 | (2.24) | 96560 | 0.62 | 0.62 | 0.60 | 0.60 | 4.94 | 51 |
| 9.49 | (0.59) | 135530 | 0.61 | 0.61 | 0.60 | 0.60 | 4.10 | 43 |
| 10.03 | 22.77 | 170488 | 0.62 | 0.62 | 0.60 | 0.60 | 4.67 | 39 |
| 9.13 | 7.78 | 32449 | 0.79 | 0.79 | 0.71 | 0.71 | 5.74 | 60 |
| 9.03 | 11.69 | 140892 | 0.75 | 0.75 | 0.70 | 0.70 | 5.56 | 50 |
| 8.59 | (2.33) | 122281 | 0.72 | 0.72 | 0.70 | 0.70 | 4.87 | 51 |
| 9.49 | (0.69) | 151560 | 0.71 | 0.71 | 0.70 | 0.70 | 4.04 | 43 |
| 10.03 | 22.65 | 238069 | 0.72 | 0.72 | 0.70 | 0.70 | 4.60 | 39 |
| 9.13 | 7.73 | 679 | 0.84 | 0.89 | 0.76 | 0.81 | 5.73 | 60 |
| 9.03 | 11.63 | 770 | 0.80 | 0.85 | 0.75 | 0.80 | 5.44 | 50 |
| 8.59 | (2.38) | 11785 | 0.77 | 0.82 | 0.75 | 0.80 | 4.71 | 51 |
| 9.49 | (0.74) | 2249 | 0.76 | 0.81 | 0.75 | 0.80 | 3.94 | 43 |
| 10.03 | 22.59 | 3621 | 0.77 | 0.82 | 0.75 | 0.80 | 4.41 | 39 |
| 9.13 | 7.52 | 45911 | 1.04 | 1.04 | 0.96 | 0.96 | 5.53 | 60 |
| 9.03 | 11.42 | 45235 | 1.00 | 1.00 | 0.95 | 0.95 | 5.31 | 50 |
| 8.59 | (2.58) | 40642 | 0.97 | 0.97 | 0.95 | 0.95 | 4.63 | 51 |
| 9.49 | (0.93) | 48680 | 0.96 | 0.96 | 0.95 | 0.95 | 3.80 | 43 |
| 10.03 | 22.35 | 54395 | 0.97 | 0.97 | 0.95 | 0.95 | 4.43 | 39 |
| 9.13 | 6.72 | 4776 | 1.79 | 1.79 | 1.71 | 1.71 | 4.78 | 60 |
| 9.03 | 10.59 | 4703 | 1.75 | 1.75 | 1.70 | 1.70 | 4.57 | 50 |
| 8.59 | (3.31) | 4222 | 1.72 | 1.72 | 1.70 | 1.70 | 3.87 | 51 |
| 9.49 | (1.67) | 5249 | 1.71 | 1.71 | 1.70 | 1.70 | 3.06 | 43 |
| 10.03 | 21.44 | 5265 | 1.72 | 1.72 | 1.70 | 1.70 | 3.72 | 39 |
| $8.84 | 4.13% | $3089982 | 1.24% | 1.24% | 0.55% | 0.55% | 4.49% | 222% |
| 8.95 | 3.04 | 3120547 | 1.51 | 1.51 | 0.55 | 0.55 | 4.12 | 140 |
| 9.11 | (11.30) | 2916169 | 0.99 | 0.99 | 0.55 | 0.55 | 4.27 | 85 |
| 10.87 | (4.81) | 3512411 | 0.57 | 0.57 | 0.55 | 0.55 | 3.86 | 59 |
| 12.28 | 9.84 | 3483341 | 0.59 | 0.59 | 0.55 | 0.55 | 3.79 | 103 |
| 8.84 | 4.03 | 185957 | 1.34 | 1.34 | 0.65 | 0.65 | 4.38 | 222 |
| 8.95 | 2.94 | 199970 | 1.61 | 1.61 | 0.65 | 0.65 | 4.05 | 140 |
| 9.11 | (11.39) | 104751 | 1.09 | 1.09 | 0.65 | 0.65 | 4.16 | 85 |
| 10.87 | (4.90) | 110710 | 0.67 | 0.67 | 0.65 | 0.65 | 3.76 | 59 |
| 12.28 | 9.73 | 133698 | 0.69 | 0.69 | 0.65 | 0.65 | 3.69 | 103 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration Credit Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.02 | $0.67 | $(0.02) | $0.65 | $(0.66) | $0.00 | $0.00 | $(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.64 | 0.27 | 0.91 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.44 | (0.29) | 0.15 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.34 | (0.18) | 0.16 | (0.34) | (0.04) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.31 | 0.70 | 1.01 | (0.33) | 0.00 | 0.00 | (0.33) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.66 | (0.02) | 0.64 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.63 | 0.27 | 0.90 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.46 | (0.32) | 0.14 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.33 | (0.18) | 0.15 | (0.33) | (0.04) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.31 | 0.69 | 1.00 | (0.32) | 0.00 | 0.00 | (0.32) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.64 | (0.02) | 0.62 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.61 | 0.27 | 0.88 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.46 | (0.33) | 0.13 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.31 | (0.18) | 0.13 | (0.31) | (0.04) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.29 | 0.70 | 0.99 | (0.31) | 0.00 | 0.00 | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.58 | (0.03) | 0.55 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.54 | 0.28 | 0.82 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.40 | (0.34) | 0.06 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.24 | (0.18) | 0.06 | (0.24) | (0.04) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.21 | 0.71 | 0.92 | (0.24) | 0.00 | 0.00 | (0.24) |
|  **PIMCO Low Duration Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.01 | $0.43 | $0.18 | $0.61 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.37 | 0.25 | 0.62 | (0.37) | 0.00 | (0.02) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.29 | (0.27) | 0.02 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.23 | (0.35) | (0.12) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.25 | 0.75 | 1.00 | (0.23) | 0.00 | (0.05) | (0.28) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.42 | 0.18 | 0.60 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.36 | 0.25 | 0.61 | (0.36) | 0.00 | (0.02) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.28 | (0.27) | 0.01 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.22 | (0.34) | (0.12) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.24 | 0.75 | 0.99 | (0.22) | 0.00 | (0.05) | (0.27) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.42 | 0.18 | 0.60 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.36 | 0.25 | 0.61 | (0.36) | 0.00 | (0.02) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.27 | (0.26) | 0.01 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.21 | (0.34) | (0.13) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.24 | 0.75 | 0.99 | (0.22) | 0.00 | (0.05) | (0.27) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.39 | 0.19 | 0.58 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.34 | 0.25 | 0.59 | (0.34) | 0.00 | (0.02) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.26 | (0.27) | (0.01) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.19 | (0.34) | (0.15) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.22 | 0.75 | 0.97 | (0.20) | 0.00 | (0.05) | (0.25) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.37 | 0.18 | 0.55 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.32 | 0.25 | 0.57 | (0.32) | 0.00 | (0.02) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.23 | (0.27) | (0.04) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.17 | (0.35) | (0.18) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.19 | 0.75 | 0.94 | (0.17) | 0.00 | (0.05) | (0.22) |
| Class C-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.35 | 0.19 | 0.54 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.30 | 0.25 | 0.55 | (0.30) | 0.00 | (0.02) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.22 | (0.27) | (0.05) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.15 | (0.34) | (0.19) | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2020 - 03/31/2021 | 8.47 | 0.08 | 0.20 | 0.28 | (0.03) | 0.00 | (0.05) | (0.08) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.01 | 7.40% | $98727 | 0.78% | 0.78% | 0.71% | 0.71% | 7.39% | 66% |
| 9.02 | 10.82 | 97677 | 0.75 | 0.75 | 0.70 | 0.70 | 7.29 | 91 |
| 8.74 | 1.84 | 97086 | 0.73 | 0.73 | 0.70 | 0.70 | 5.04 | 32 |
| 9.09 | 1.74 | 348698 | 0.73 | 0.73 | 0.70 | 0.70 | 3.63 | 134 |
| 9.31 | 11.85 | 210739 | 0.73 | 0.73 | 0.70 | 0.70 | 3.42 | 184 |
| 9.01 | 7.29 | 7492 | 0.88 | 0.88 | 0.81 | 0.81 | 7.28 | 66 |
| 9.02 | 10.71 | 6546 | 0.85 | 0.85 | 0.80 | 0.80 | 7.16 | 91 |
| 8.74 | 1.74 | 8418 | 0.83 | 0.83 | 0.80 | 0.80 | 5.21 | 32 |
| 9.09 | 1.64 | 12997 | 0.83 | 0.83 | 0.80 | 0.80 | 3.52 | 134 |
| 9.31 | 11.74 | 22046 | 0.83 | 0.83 | 0.80 | 0.80 | 3.34 | 184 |
| 9.01 | 7.08 | 39939 | 1.08 | 1.08 | 1.01 | 1.01 | 7.10 | 66 |
| 9.02 | 10.49 | 41115 | 1.05 | 1.05 | 1.00 | 1.00 | 6.98 | 91 |
| 8.74 | 1.53 | 51962 | 1.03 | 1.03 | 1.00 | 1.00 | 5.21 | 32 |
| 9.09 | 1.43 | 64194 | 1.03 | 1.03 | 1.00 | 1.00 | 3.32 | 134 |
| 9.31 | 11.52 | 54219 | 1.03 | 1.03 | 1.00 | 1.00 | 3.16 | 184 |
| 9.01 | 6.28 | 4089 | 1.83 | 1.83 | 1.76 | 1.76 | 6.36 | 66 |
| 9.02 | 9.70 | 4862 | 1.80 | 1.80 | 1.75 | 1.75 | 6.23 | 91 |
| 8.74 | 0.77 | 6278 | 1.78 | 1.78 | 1.75 | 1.75 | 4.51 | 32 |
| 9.09 | 0.68 | 6818 | 1.78 | 1.78 | 1.75 | 1.75 | 2.57 | 134 |
| 9.31 | 10.68 | 9975 | 1.78 | 1.78 | 1.75 | 1.75 | 2.34 | 184 |
| $8.13 | 7.85% | $4459461 | 0.53% | 0.53% | 0.50% | 0.50% | 5.30% | 719% |
| 8.01 | 8.19 | 3414615 | 0.81 | 0.81 | 0.50 | 0.50 | 4.78 | 588 |
| 7.78 | 0.31 | 2805010 | 0.59 | 0.59 | 0.50 | 0.50 | 3.61 | 447 |
| 8.29 | (1.41) | 3636332 | 0.50 | 0.50 | 0.50 | 0.50 | 2.63 | 581 |
| 8.67 | 12.72 | 2204463 | 0.54 | 0.54 | 0.51 | 0.51 | 2.96 | 410 |
| 8.13 | 7.75 | 4219118 | 0.63 | 0.63 | 0.60 | 0.60 | 5.23 | 719 |
| 8.01 | 8.08 | 4414452 | 0.91 | 0.91 | 0.60 | 0.60 | 4.67 | 588 |
| 7.78 | 0.21 | 4565042 | 0.69 | 0.69 | 0.60 | 0.60 | 3.52 | 447 |
| 8.29 | (1.51) | 5060851 | 0.60 | 0.60 | 0.60 | 0.60 | 2.55 | 581 |
| 8.67 | 12.61 | 3109079 | 0.64 | 0.64 | 0.61 | 0.61 | 2.85 | 410 |
| 8.13 | 7.69 | 143388 | 0.68 | 0.73 | 0.65 | 0.70 | 5.14 | 719 |
| 8.01 | 8.05 | 98762 | 0.96 | 1.01 | 0.65 | 0.70 | 4.61 | 588 |
| 7.78 | 0.17 | 97886 | 0.74 | 0.79 | 0.65 | 0.70 | 3.43 | 447 |
| 8.29 | (1.56) | 133106 | 0.65 | 0.70 | 0.65 | 0.70 | 2.49 | 581 |
| 8.67 | 12.57 | 87455 | 0.69 | 0.74 | 0.66 | 0.71 | 2.82 | 410 |
| 8.13 | 7.42 | 2340549 | 0.93 | 0.93 | 0.90 | 0.90 | 4.89 | 719 |
| 8.01 | 7.76 | 1684002 | 1.21 | 1.21 | 0.90 | 0.90 | 4.37 | 588 |
| 7.78 | (0.09) | 1575385 | 0.99 | 0.99 | 0.90 | 0.90 | 3.19 | 447 |
| 8.29 | (1.80) | 2061864 | 0.90 | 0.90 | 0.90 | 0.90 | 2.23 | 581 |
| 8.67 | 12.28 | 1784043 | 0.94 | 0.94 | 0.91 | 0.91 | 2.55 | 410 |
| 8.13 | 7.10 | 218188 | 1.23 | 1.23 | 1.20 | 1.20 | 4.60 | 719 |
| 8.01 | 7.44 | 183766 | 1.51 | 1.51 | 1.20 | 1.20 | 4.07 | 588 |
| 7.78 | (0.39) | 184647 | 1.29 | 1.29 | 1.20 | 1.20 | 2.91 | 447 |
| 8.29 | (2.10) | 224472 | 1.20 | 1.20 | 1.20 | 1.20 | 1.93 | 581 |
| 8.67 | 11.95 | 212807 | 1.24 | 1.24 | 1.21 | 1.21 | 2.25 | 410 |
| 8.13 | 6.89 | 14678 | 1.43 | 1.43 | 1.40 | 1.40 | 4.38 | 719 |
| 8.01 | 7.23 | 9273 | 1.71 | 1.71 | 1.40 | 1.40 | 3.88 | 588 |
| 7.78 | (0.59) | 7983 | 1.49 | 1.49 | 1.40 | 1.40 | 2.71 | 447 |
| 8.29 | (2.29) | 9357 | 1.40 | 1.40 | 1.40 | 1.40 | 1.77 | 581 |
| 8.67 | 3.35 | 3209 | 1.44 \* | 1.44 \* | 1.41 \* | 1.41 \* | 2.04 \* | 410 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Preferred and Capital Securities Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.07 | $0.51 | $0.22 | $0.73 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.26 | 0.46 | 0.80 | 1.26 | (0.34) | 0.00 | (0.11) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.24 | 0.43 | (1.63) | (1.20) | (0.69) | (0.09) | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.10 | 0.38 | (0.62) | (0.24) | (0.41) | (0.21) | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.23 | 0.40 | 1.88 | 2.28 | (0.41) | 0.00 | 0.00 | (0.41) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.05 | 0.50 | 0.22 | 0.72 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.24 | 0.45 | 0.80 | 1.25 | (0.33) | 0.00 | (0.11) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.21 | 0.41 | (1.61) | (1.20) | (0.68) | (0.09) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.08 | 0.36 | (0.62) | (0.26) | (0.40) | (0.21) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.21 | 0.39 | 1.88 | 2.27 | (0.40) | 0.00 | 0.00 | (0.40) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.50 | 0.22 | 0.72 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.22 | 0.45 | 0.79 | 1.24 | (0.33) | 0.00 | (0.11) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.19 | 0.41 | (1.61) | (1.20) | (0.68) | (0.09) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.06 | 0.35 | (0.61) | (0.26) | (0.40) | (0.21) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.38 | 1.88 | 2.26 | (0.40) | 0.00 | 0.00 | (0.40) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.48 | 0.21 | 0.69 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.22 | 0.43 | 0.79 | 1.22 | (0.31) | 0.00 | (0.11) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.39 | (1.60) | (1.21) | (0.66) | (0.09) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.05 | 0.33 | (0.61) | (0.28) | (0.38) | (0.21) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.19 | 0.36 | 1.88 | 2.24 | (0.38) | 0.00 | 0.00 | (0.38) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.98 | 0.41 | 0.21 | 0.62 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.18 | 0.36 | 0.80 | 1.16 | (0.25) | 0.00 | (0.11) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.15 | 0.32 | (1.61) | (1.29) | (0.59) | (0.09) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.03 | 0.25 | (0.62) | (0.37) | (0.30) | (0.21) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.19 | 0.28 | 1.87 | 2.15 | (0.31) | 0.00 | 0.00 | (0.31) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(f)</sup> Effective January 2, 2024, the Fund's Investment advisory fees was decreased by 0.30% to an annual rate of 0.30%. 

<sup>(g)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $9.31 | 8.25% | $439361 | 1.02% | 1.14% | 0.78% | 0.90% | 5.54% | 66% |
| 9.07 | 15.58 | 567307 | 1.13 | 1.22 | 0.79 | 0.88 | 5.43 | 49 |
| 8.26 | (12.22) | 691702 | 1.02 | 1.11 | 0.79 | 0.88 | 4.55 | 19 |
| 10.24 | (2.40) | 1500453 | 0.79 | 0.88 | 0.79 | 0.88 | 3.38 | 22 |
| 11.10 | 24.86 | 1216087 | 0.81 | 0.91 | 0.79 | 0.89 | 3.74 | 59 |
| 9.28 | 8.07 | 180150 | 1.12 | 1.24 | 0.88 | 1.00 | 5.44 | 66 |
| 9.05 | 15.50 | 141163 | 1.23 | 1.32 | 0.89 | 0.98 | 5.33 | 49 |
| 8.24 | (12.25) | 171685 | 1.12 | 1.21 | 0.89 | 0.98 | 4.43 | 19 |
| 10.21 | (2.58) | 397056 | 0.89 | 0.98 | 0.89 | 0.98 | 3.28 | 22 |
| 11.08 | 24.81 | 318242 | 0.91 | 1.01 | 0.89 | 0.99 | 3.65 | 59 |
| 9.26 | 8.18 | 37337 | 1.17 | 1.34 | 0.93 | 1.10 | 5.39 | 66 |
| 9.02 | 15.39 | 37009 | 1.28 | 1.42 | 0.94 | 1.08 | 5.29 | 49 |
| 8.22 | (12.27) | 35392 | 1.17 | 1.31 | 0.94 | 1.08 | 4.44 | 19 |
| 10.19 | (2.65) | 42097 | 0.94 | 1.08 | 0.94 | 1.08 | 3.20 | 22 |
| 11.06 | 24.68 | 42310 | 0.96 | 1.11 | 0.94 | 1.09 | 3.60 | 59 |
| 9.25 | 7.81 | 97227 | 1.37 | 1.49 | 1.13 | 1.25 | 5.20 | 66 |
| 9.02 | 15.16 | 128324 | 1.48 | 1.57 | 1.14 | 1.23 | 5.08 | 49 |
| 8.22 | (12.40) | 148669 | 1.37 | 1.46 | 1.14 | 1.23 | 4.19 | 19 |
| 10.18 | (2.82) | 306012 | 1.14 | 1.23 | 1.14 | 1.23 | 3.01 | 22 |
| 11.05 | 24.46 | 302567 | 1.16 | 1.26 | 1.14 | 1.24 | 3.40 | 59 |
| 9.20 | 7.02 | 14620 | 2.12 | 2.24 | 1.88 | 2.00 | 4.45 | 66 |
| 8.98 | 14.42 | 14244 | 2.23 | 2.32 | 1.89 | 1.98 | 4.34 | 49 |
| 8.18 | (13.13) | 15784 | 2.12 | 2.21 | 1.89 | 1.98 | 3.47 | 19 |
| 10.15 | (3.56) | 22897 | 1.89 | 1.98 | 1.89 | 1.98 | 2.27 | 22 |
| 11.03 | 23.53 | 20136 | 1.91 | 2.01 | 1.89 | 1.99 | 2.65 | 59 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Statements of Assets and Liabilities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Credit**<br> **Opportunities**<br> **Bond Fund** | **PIMCO**<br> **Diversified**<br> **Income Fund** | **PIMCO**<br> **ESG Income**<br> **Fund** | **PIMCO**<br> **High Yield**<br> **Fund** | **PIMCO**<br> **High Yield**<br> **Spectrum**<br> **Fund** | **PIMCO**<br> **Long-Term**<br> **Credit Bond**<br> **Fund** | **PIMCO**<br> **Low Duration**<br> **Credit Fund** | **PIMCO**<br> **Low Duration**<br> **Income Fund** |
|  **Assets:** |  |  |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $453191 | $3148298 | $398716 | $7758063 | $446565 | $4113999 | $141909 | $16165259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 39401 | 242178 | 0 | 485566 | 2812 | 40681 | 3559 | 1232613 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 284 | 1494 | 213 | 762 | 20 | 2538 | 5 | 15816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 676 | 6406 | 500 | 141 | 726 | 2853 | 0 | 48803 |
|  Cash | 0 | 148 | 1612 | 0 | 888 | 0 | 188 | 0 |
|  Deposits with counterparty | 13391 | 13321 | 6096 | 12235 | 5548 | 9087 | 1776 | 12911 |
|  Foreign currency, at value | 683 | 4259 | 697 | 749 | 311 | 3536 | 10 | 33527 |
|  Receivable for investments sold | 374 | 19353 | 5 | 21122 | 2331 | 151498 | 9650 | 3720 |
|  Receivable for TBA investments sold | 106543 | 1062850 | 186863 | 0 | 0 | 811187 | 0 | 10912617 |
|  Receivable for Fund shares sold | 1725 | 9492 | 68 | 10765 | 176 | 287 | 13 | 36155 |
|  Interest and/or dividends receivable | 4250 | 33797 | 2293 | 123716 | 7019 | 43471 | 1391 | 62293 |
|  Dividends receivable from Affiliates | 0 | 876 | 0 | 966 | 10 | 148 | 6 | 4648 |
|  Reimbursement receivable from PIMCO | 19 | 1 | 0 | 124 | 0 | 0 | 0 | 6 |
|  Prepaid expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Assets** | 620537 | 4542473 | 597063 | 8414209 | 466406 | 5179285 | 158507 | 28528368 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $8835 | $18307 | $28758 | $10428 | $0 | $548259 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 7603 | 0 | 0 | 10259 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 16260 | 77426 | 16168 | 0 | 0 | 4870 | 0 | 419940 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 494 | 1294 | 390 | 1116 | 22 | 1986 | 4 | 20880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2538 | 14818 | 1315 | 309 | 3423 | 6459 | 0 | 46670 |
|  Payable for investments purchased | 8131 | 32230 | 0 | 237679 | 12630 | 15268 | 7552 | 142325 |
|  Payable for investments in Affiliates purchased | 0 | 906 | 0 | 994 | 10 | 148 | 6 | 4802 |
|  Payable for investments purchased on a delayed-delivery basis | 290 | 2223 | 160 | 0 | 0 | 1274 | 0 | 19351 |
|  Payable for TBA investments purchased | 154831 | 1407259 | 247570 | 0 | 0 | 1301226 | 0 | 16357790 |
|  Payable for unfunded loan commitments | 0 | 3162 | 0 | 4453 | 198 | 322 | 201 | 8757 |
|  Deposits from counterparty | 552 | 4824 | 257 | 0 | 0 | 5836 | 0 | 67807 |
|  Payable for Fund shares redeemed | 353 | 6339 | 654 | 19531 | 550 | 4939 | 391 | 34428 |
|  Distributions payable | 0 | 644 | 11 | 3519 | 262 | 242 | 3 | 4329 |
|  Overdraft due to custodian | 20 | 0 | 0 | 5813 | 0 | 805 | 0 | 126 |
|  Accrued investment advisory fees | 101 | 1054 | 57 | 1631 | 105 | 781 | 49 | 2684 |
|  Accrued supervisory and administrative fees | 117 | 740 | 61 | 2021 | 112 | 666 | 39 | 2440 |
|  Accrued distribution fees | 2 | 17 | 0 | 66 | 3 | 0 | 2 | 57 |
|  Accrued servicing fees | 7 | 37 | 1 | 93 | 10 | 0 | 9 | 501 |
|  Foreign capital gains tax payable | 1 | 52 | 1 | 0 | 0 | 6 | 0 | 99 |
|  Other liabilities | 0 | 0 | 0 | 142 | 6 | 0 | 4 | 0 |
|  **Total Liabilities** | 192532 | 1571332 | 303006 | 287795 | 17331 | 1903346 | 8260 | 17132986 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |  |  |
|  **Net Assets** | $428005 | $2971141 | $294057 | $8126414 | $449075 | $3275939 | $150247 | $11395382 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |  |
|  Paid in capital | $487645 | $3627518 | $310875 | $8905387 | $531861 | $4191431 | $239162 | $12311027 |
|  Distributable earnings (accumulated loss) | (59640) | (656377) | (16818) | (778973) | (82786) | (915492) | (88915) | (915645) |
|  **Net Assets** | $428005 | $2971141 | $294057 | $8126414 | $449075 | $3275939 | $150247 | $11395382 |
|  Cost of investments in securities | $455635 | $3330707 | $407987 | $7845693 | $454777 | $4541617 | $141875 | $16586498 |
|  Cost of investments in Affiliates | $39963 | $241834 | $0 | $487597 | $2812 | $40681 | $3560 | $1232801 |
|  Cost of foreign currency held | $674 | $4263 | $697 | $750 | $313 | $3724 | $10 | $33576 |
|  Proceeds received on short sales | $16160 | $77684 | $16170 | $0 | $0 | $4861 | $0 | $417962 |
|  Cost or premiums of financial derivative instruments, net | $2916 | $19716 | $2639 | $18754 | $4527 | $61852 | $1129 | $66517 |
|  \* Includes repurchase agreements of: | $13034 | $0 | $2700 | $157600 | $0 | $0 | $0 | $10900 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

16 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit**<br> **Opportunities**<br> **Bond Fund** | **PIMCO**<br> **Diversified**<br> **Income Fund** | **PIMCO**<br> **ESG Income**<br> **Fund** | **PIMCO**<br> **High Yield**<br> **Fund** | **PIMCO**<br> **High Yield**<br> **Spectrum**<br> **Fund** | **PIMCO**<br> **Long-Term**<br> **Credit Bond**<br> **Fund** | **PIMCO**<br> **Low Duration**<br> **Credit Fund** | **PIMCO**<br> **Low Duration**<br> **Income Fund** |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Institutional Class | $241078 | $2605286 | $253619 | $7089588 | $365260 | $3089982 | $98727 | $4459461 |
|  I-2 | 150777 | 140053 | 29221 | 303734 | 32449 | 185957 | 7492 | 4219118 |
|  I-3 | N/A | 25460 | 8841 | 14391 | 679 | N/A | N/A | 143388 |
|  Administrative Class | N/A | 16653 | N/A | 254696 | N/A | N/A | N/A | N/A |
|  Class A | 32434 | 161573 | 2098 | 412663 | 45911 | N/A | 39939 | 2340549 |
|  Class C | 3716 | 22116 | 278 | 12931 | 4776 | N/A | 4089 | 218188 |
|  Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 14678 |
|  Class R | N/A | N/A | N/A | 38411 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |  |  |
|  Institutional Class | 24842 | 268297 | 26937 | 888130 | 40010 | 349683 | 10955 | 548237 |
|  I-2 | 15638 | 14423 | 3104 | 38049 | 3555 | 21044 | 832 | 518667 |
|  I-3 | N/A | 2622 | 939 | 1803 | 75 | N/A | N/A | 17627 |
|  Administrative Class | N/A | 1715 | N/A | 31906 | N/A | N/A | N/A | N/A |
|  Class A | 3344 | 16639 | 223 | 51696 | 5029 | N/A | 4432 | 287728 |
|  Class C | 390 | 2278 | 29 | 1620 | 523 | N/A | 454 | 26822 |
|  Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1804 |
|  Class R | N/A | N/A | N/A | 4812 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |  |  |  |  |  |  |  |
|  Institutional Class | $9.70 | $9.71 | $9.42 | $7.98 | $9.13 | $8.84 | $9.01 | $8.13 |
|  I-2 | 9.64 | 9.71 | 9.42 | 7.98 | 9.13 | 8.84 | 9.01 | 8.13 |
|  I-3 | N/A | 9.71 | 9.42 | 7.98 | 9.13 | N/A | N/A | 8.13 |
|  Administrative Class | N/A | 9.71 | N/A | 7.98 | N/A | N/A | N/A | N/A |
|  Class A | 9.70 | 9.71 | 9.42 | 7.98 | 9.13 | N/A | 9.01 | 8.13 |
|  Class C | 9.51 | 9.71 | 9.42 | 7.98 | 9.13 | N/A | 9.01 | 8.13 |
|  Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.13 |
|  Class R | N/A | N/A | N/A | 7.98 | N/A | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Consolidated Statement of Assets and Liabilities

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **Preferred and**<br> **Capital**<br> **Securities**<br> **Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $746680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 22683 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 572 |
|  Cash | 16880 |
|  Deposits with counterparty | 8325 |
|  Foreign currency, at value | 1120 |
|  Receivable for investments sold | 319 |
|  Receivable for Fund shares sold | 689 |
|  Interest and/or dividends receivable | 8684 |
|  Dividends receivable from Affiliates | 115 |
|  Reimbursement receivable from PIMCO | 84 |
|  **Total Assets** | 807125 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $28467 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6000 |
|  Payable for investments purchased | 1946 |
|  Payable for investments in Affiliates purchased | 119 |
|  Deposits from counterparty | 284 |
|  Payable for Fund shares redeemed | 363 |
|  Accrued investment advisory fees | 333 |
|  Accrued supervisory and administrative fees | 271 |
|  Accrued distribution fees | 9 |
|  Accrued servicing fees | 22 |
|  **Total Liabilities** | 38430 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $768695 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1081479 |
|  Distributable earnings (accumulated loss) | (312784) |
|  **Net Assets** | $768695 |
|  Cost of investments in securities | $774413 |
|  Cost of investments in Affiliates | $22665 |
|  Cost of foreign currency held | $1117 |
|  Cost or premiums of financial derivative instruments, net | $1891 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
|  | **PIMCO**<br> **Preferred and**<br> **Capital**<br> **Securities**<br> **Fund** |
|  **Net Assets:** |  |
|  Institutional Class | $439361 |
|  I-2 | 180150 |
|  I-3 | 37337 |
|  Class A | 97227 |
|  Class C | 14620 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 47169 |
|  I-2 | 19405 |
|  I-3 | 4033 |
|  Class A | 10506 |
|  Class C | 1589 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.31 |
|  I-2 | 9.28 |
|  I-3 | 9.26 |
|  Class A | 9.25 |
|  Class C | 9.20 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Statements of Operations

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **Credit**<br> **Opportunities**<br> **Bond Fund** | **PIMCO**<br> **Diversified**<br> **Income Fund** | **PIMCO**<br> **ESG Income**<br> **Fund** | **PIMCO**<br> **High Yield**<br> **Fund** | **PIMCO**<br> **High Yield**<br> **Spectrum**<br> **Fund** | **PIMCO**<br> **Long-Term**<br> **Credit Bond**<br> **Fund** | **PIMCO**<br> **Low**<br> **Duration<br>Credit Fund** | **PIMCO**<br> **Low**<br> **Duration**<br> **Income Fund** |
|  **Investment Income:** |  |  |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $24536 | $166388 | $16297 | $530430 | $24041 | $187041 | $12179 | $576624 |
|  Dividends, net of foreign taxes\*\* | 10 | 572 | 74 | 9 | 201 | 908 | 0 | 2753 |
|  Dividends from Investments in Affiliates | 1700 | 12684 | 0 | 16782 | 49 | 3020 | 202 | 30529 |
|  Miscellaneous income | 81 | 419 | 0 | 995 | 44 | 90 | 60 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 26327 | 180063 | 16371 | 548216 | 24335 | 191059 | 12441 | 609906 |
|  **Expenses:** |  |  |  |  |  |  |  |  |
|  Investment advisory fees | 1167 | 13742 | 674 | 20451 | 1112 | 9993 | 609 | 31314 |
|  Supervisory and administrative fees | 1349 | 9631 | 716 | 25372 | 1248 | 8533 | 487 | 28618 |
|  Distribution and/or servicing fees - Administrative Class | N/A | 41 | N/A | 683 | N/A | N/A | N/A | N/A |
|  Distribution and/or servicing fees - Class A | 63 | 416 | 6 | 1114 | 113 | N/A | 102 | 4817 |
|  Distribution and/or servicing fees - Class C | 27 | 243 | 2 | 133 | 48 | N/A | 44 | 1080 |
|  Distribution and/or servicing fees - Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 88 |
|  Distribution and/or servicing fees - Class R | N/A | N/A | N/A | 182 | N/A | N/A | N/A | N/A |
|  Trustee fees | 3 | 22 | 2 | 56 | 2 | 23 | 1 | 69 |
|  Interest expense | 1735 | 1686 | 1929 | 5484 | 282 | 23075 | 109 | 3091 |
|  Miscellaneous expense | 2 | 18 | 7 | 26 | 17 | 10 | 11 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4346 | 25799 | 3336 | 53501 | 2822 | 41634 | 1363 | 69116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (138) | (13) | (4) | (974) | 0 | 0 | 0 | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4208 | 25786 | 3332 | 52527 | 2822 | 41634 | 1363 | 69057 |
|  **Net Investment Income (Loss)** | 22119 | 154277 | 13039 | 495689 | 21513 | 149425 | 11078 | 540849 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |  |  |
|  Investments in securities | 1236 | (139182) | (923) | (78199) | (3158) | (112730) | 827 | (5671) |
|  Investments in Affiliates | 0 | (490) | 0 | 167 | 1 | (69) | 2 | 713 |
|  Exchange-traded or centrally cleared financial derivative instruments | 2144 | 13087 | 1191 | 6582 | 3502 | 16671 | 618 | 76854 |
|  Over the counter financial derivative instruments | 2396 | 25829 | 388 | 1848 | 4603 | 14957 | 597 | 86034 |
|  Short sales | (23) | 0 | 0 | 12 | 0 | 0 | 1 | 36 |
|  Foreign currency | (58) | (819) | (42) | (96) | (96) | (2183) | 0 | (6555) |
|  **Net Realized Gain (Loss)** | 5695 | (101575) | 614 | (69686) | 4852 | (83354) | 2045 | 151411 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 2454 | 176035 | 7065 | 98072 | 5751 | 78395 | (1831) | 151260 |
|  Investments in Affiliates | (628) | 637 | 0 | (3267) | 0 | 0 | (1) | (158) |
|  Exchange-traded or centrally cleared financial derivative instruments | 2184 | (11765) | (1764) | (2801) | (2330) | (10094) | (264) | (49711) |
|  Over the counter financial derivative instruments | (1883) | (10427) | (934) | (976) | (3156) | (4056) | (420) | (6511) |
|  Short sales | 31 | 0 | 0 | 9 | 0 | 0 | 0 | (7) |
|  Foreign currency assets and liabilities | 60 | 166 | (11) | 27 | 34 | 813 | 0 | (2417) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 2218 | 154646 | 4356 | 91064 | 299 | 65058 | (2516) | 92456 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $30032 | $207348 | $18009 | $517067 | $26664 | $131129 | $10607 | $784716 |
|  \* Foreign tax withholdings | $1 | $40 | $0 | $0 | $0 | $0 | $0 | $156 |
|  \*\* Foreign tax withholdings - Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 |
|  \*\*\* Foreign capital gains tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $394 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Operations

---

| | |
|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Investment Income:** |  |
|  Interest | $52171 |
|  Dividends | 2761 |
|  Dividends from Investments in Affiliates | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 57618 |
|  **Expenses:** |  |
|  Investment advisory fees | 4589 |
|  Supervisory and administrative fees | 3719 |
|  Distribution and/or servicing fees - Class A | 277 |
|  Distribution and/or servicing fees - Class C | 132 |
|  Trustee fees | 7 |
|  Interest expense | 2102 |
|  Miscellaneous expense | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 9786 |
|  **Net Investment Income (Loss)** | 47832 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1381 |
|  Investments in Affiliates | 53 |
|  Exchange-traded or centrally cleared financial derivative instruments | (3065) |
|  Over the counter financial derivative instruments | 8795 |
|  Foreign currency | (734) |
|  **Net Realized Gain (Loss)** | 6430 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 17518 |
|  Investments in Affiliates | (5) |
|  Exchange-traded or centrally cleared financial derivative instruments | 3036 |
|  Over the counter financial derivative instruments | (6472) |
|  Foreign currency assets and liabilities | 93 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 14170 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $68432 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 21

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $22119 | $16622 | $154277 | $150298 | $13039 | $10934 | $495689 | $441425 |
|  Net realized gain (loss) | 5695 | (10787) | (101575) | (101574) | 614 | (8372) | (69686) | (240804) |
|  Net change in unrealized appreciation (depreciation) | 2218 | 16882 | 154646 | 230868 | 4356 | 7821 | 91064 | 546385 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 30032 | 22717 | 207348 | 279592 | 18009 | 10383 | 517067 | 747006 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (12294) | (9309) | (144768) | (135917) | (12283) | (9068) | (441649) | (407330) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7647) | (5523) | (6905) | (5706) | (1264) | (781) | (19284) | (20762) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (1399) | (1008) | (332) | (179) | (652) | (682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (839) | (584) | N/A | N/A | (16305) | (17395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1352) | (989) | (8310) | (8028) | (107) | (93) | (26164) | (26764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (132) | (80) | (1030) | (944) | (10) | (4) | (683) | (736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | (2047) | (1704) |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | (8865) | (763) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | (380) | (80) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | 0 | (68) | (21) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 0 | (40) | N/A | N/A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | (573) | (7) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | (82) | (1) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (21425) | (15901) | (163251) | (162195) | (14868) | (10125) | (506784) | (475373) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 57898 | 56656 | (423384) | (289140) | 52565 | 9965 | (390229) | 532119 |
|  **Total Increase (Decrease) in Net Assets** | 66505 | 63472 | (379287) | (171743) | 55706 | 10223 | (379946) | 803752 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 361500 | 298028 | 3350428 | 3522171 | 238351 | 228128 | 8506360 | 7702608 |
|  End of year | $428005 | $361500 | $2971141 | $3350428 | $294057 | $238351 | $8126414 | $8506360 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Income Fund** | **PIMCO**<br> **Low Duration Income Fund** |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $21513 | $16555 | $149425 | $124311 | $11078 | $10117 | $540849 | $412034 |
| 4852 | (9257) | (83354) | (175601) | 2045 | (6647) | 151411 | (256141) |
| 299 | 25871 | 65058 | 148727 | (2516) | 11170 | 92456 | 548275 |
| 26664 | 33169 | 131129 | 97437 | 10607 | 14640 | 784716 | 704168 |
| (15447) | (7466) | (156434) | (130542) | (7260) | (6209) | (238023) | (134617) |
| (5366) | (7764) | (10041) | (7205) | (503) | (509) | (254346) | (198415) |
| (38) | (316) | N/A | N/A | N/A | N/A | (7051) | (4121) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (2775) | (2469) | N/A | N/A | (2843) | (2915) | (110982) | (69009) |
| (263) | (225) | N/A | N/A | (275) | (328) | (10660) | (7317) |
| N/A | N/A | N/A | N/A | N/A | N/A | (622) | (329) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | (8704) | (6774) | 0 | 0 | 0 | (5806) |
| 0 | 0 | (571) | (380) | 0 | 0 | 0 | (8739) |
| 0 | 0 | N/A | N/A | N/A | N/A | 0 | (184) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | (3249) |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | (370) |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | (17) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (23889) | (18240) | (175750) | (144901) | (10881) | (9961) | (621684) | (432173) |
| 100829 | 55052 | 43 | 347061 | 321 | (18223) | 1427480 | 296922 |
| 103604 | 69981 | (44578) | 299597 | 47 | (13544) | 1590512 | 568917 |
| 345471 | 275490 | 3320517 | 3020920 | 150200 | 163744 | 9804870 | 9235953 |
| $449075 | $345471 | $3275939 | $3320517 | $150247 | $150200 | $11395382 | $9804870 |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 23

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **Preferred and Capital**<br> **Securities Fund** | **PIMCO**<br> **Preferred and Capital**<br> **Securities Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $47832 | $52989 |
|  Net realized gain (loss) | 6430 | (83650) |
|  Net change in unrealized appreciation (depreciation) | 14170 | 170383 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 68432 | 139722 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (29474) | (26018) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7772) | (5613) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (2142) | (971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5364) | (5036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (581) | (427) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (8517) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | (1973) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | (1831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | (194) |
|  **Total Distributions<sup>(a)</sup>** | (45333) | (50901) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | (142451) | (264006) |
|  **Total Increase (Decrease) in Net Assets** | (119352) | (175185) |
|  **Net Assets:** |  |  |
|  Beginning of year | 888047 | 1063232 |
|  End of year | $768695 | $888047 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

24 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 105.9% | INVESTMENTS IN SECURITIES 105.9% | INVESTMENTS IN SECURITIES 105.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 8.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 8.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 8.1% |
|  AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |
|  7.323% due 07/31/2028 | 1692 | 1678 |
|  Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
|  7.049% due 02/24/2031 •  | 695 | 695 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.575% due 12/11/2030 | 2080 | 2054 |
|  BDO U.S.A PC | BDO U.S.A PC | BDO U.S.A PC |
|  9.325% due 08/31/2028 « | 1261 | 1265 |
|  BJ's Wholesale Club, Inc. | BJ's Wholesale Club, Inc. | BJ's Wholesale Club, Inc. |
|  6.064% due 02/03/2029 •  | 100 | 101 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  7.799% due 03/30/2029 ~ | 1253 | 1243 |
|  8.049% due 03/21/2031 ~ | 434 | 430 |
|  Concentra Health Services, Inc. | Concentra Health Services, Inc. | Concentra Health Services, Inc. |
|  6.325% due 07/26/2031 « | 399 | 399 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.073% due 05/01/2031 •  | 891 | 873 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  7.049% due 08/20/2031 •  | 1990 | 1980 |
|  Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. |
|  7.793% due 10/17/2031 ~ | 300 | 298 |
|  Fleet U.S. Bidco, Inc. | Fleet U.S. Bidco, Inc. | Fleet U.S. Bidco, Inc. |
|  7.055% due 02/21/2031 «~ | 819 | 818 |
|  GBT U.S. LLC | GBT U.S. LLC | GBT U.S. LLC |
|  6.802% due 07/28/2031 | 399 | 398 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  6.070% due 11/08/2030 •  | 1200 | 1200 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.325% due 02/07/2031 | 299 | 287 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.313% due 12/15/2031 ~ | 399 | 395 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.055% due 08/27/2029 •  | 597 | 580 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  TBD% due 03/22/2032 | 2100 | 2096 |
|  Lifepoint Health, Inc. | Lifepoint Health, Inc. | Lifepoint Health, Inc. |
|  8.052% due 05/17/2031 ~ | 1687 | 1640 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  TBD% due 10/19/2026 | 3491 | 3491 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.323% due 04/15/2027 ~ | 987 | 985 |
|  MH Sub LLC | MH Sub LLC | MH Sub LLC |
|  8.575% due 05/03/2028 •  | 1492 | 1421 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 598 | 580 |
|  Nuvei Technologies Corp. | Nuvei Technologies Corp. | Nuvei Technologies Corp. |
|  7.325% due 11/17/2031 •  | 650 | 647 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.299% due 06/20/2031 | 1506 | 1485 |
|  Pegasus Bidco BV | Pegasus Bidco BV | Pegasus Bidco BV |
|  7.573% due 07/12/2029 «•  | 297 | 297 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.549% due 03/31/2028 | 395 | 394 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  7.325% due 08/31/2028 ~ | 99 | 99 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  1.000% due 09/18/2031 ~ | 700 | 697 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  TBD% due 02/04/2032 | 300 | 299 |
|  Tempur Sealy International, inc. | Tempur Sealy International, inc. | Tempur Sealy International, inc. |
|  6.810% - 6.825% due 10/24/2031 ~ | 200 | 200 |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 2300 | 2274 |
|  TIH Insurance Holdings LLC | TIH Insurance Holdings LLC | TIH Insurance Holdings LLC |
|  7.049% due 05/06/2031 ~ | 781 | 778 |
|  Trans Union LLC | Trans Union LLC | Trans Union LLC |
|  6.075% due 06/24/2031 ~ | 893 | 891 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 01/19/2032 | 199 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UFC Holdings LLC | UFC Holdings LLC | UFC Holdings LLC |
|  6.580% due 11/21/2031 •  | 299 | 299 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.300% due 02/10/2031 ~ | 993 | 991 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.325% due 04/30/2031 ~ | 199 | 193 |
|  Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
|  6.825% due 08/03/2028 •  | 99 | 99 |
|  Total Loan Participations and Assignments (Cost $34,972) | Total Loan Participations and Assignments (Cost $34,972) | 34748 |
| CORPORATE BONDS & NOTES 63.2% | CORPORATE BONDS & NOTES 63.2% | CORPORATE BONDS & NOTES 63.2% |
| BANKING & FINANCE 24.2% | BANKING & FINANCE 24.2% | BANKING & FINANCE 24.2% |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  6.250% due 06/23/2025 ~(e)(g) | 800 | 870 |
|  Akelius Residential Property Financing BV | Akelius Residential Property Financing BV | Akelius Residential Property Financing BV |
|  1.125% due 01/11/2029 | 900 | 889 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  5.500% due 10/01/2035 | 1000 | 1005 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  7.523% due 08/15/2053 ~ | 300 | 301 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.750% due 06/09/2027 | 1500 | 1499 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 400 | 353 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.375% due 07/15/2051 | 1000 | 663 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.700% due 04/15/2031 | 1400 | 1238 |
|  2.950% due 01/15/2051 | 3775 | 2386 |
|  3.650% due 03/15/2027 | 100 | 98 |
|  5.800% due 11/15/2028 | 600 | 622 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 250 | 239 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  5.950% due 07/15/2029 | 700 | 712 |
|  7.000% due 01/15/2027 | 300 | 309 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  5.600% due 02/15/2030 | 300 | 296 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  6.125% due 09/15/2028 | 200 | 210 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 600 | 601 |
|  5.583% due 01/09/2029 | 400 | 409 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 09/20/2026 | 100 | 96 |
|  3.500% due 11/01/2027 | 1986 | 1919 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 2600 | 2435 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 •  | 2900 | 2924 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.375% due 12/15/2025 ~(e)(g) | 800 | 1034 |
|  7.125% due 06/15/2025 ~(e)(g) | 800 | 1035 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  8.450% due 06/29/2038 •(g) | 1900 | 1987 |
|  8.450% due 06/29/2038 ~(g) | 900 | 941 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 100 | 100 |
|  6.150% due 04/02/2030 (a) | 200 | 199 |
|  6.600% due 06/10/2029 | 100 | 103 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 2100 | 1845 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.375% due 06/11/2030 ~(e)(g) | 800 | 930 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 300 | 312 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.500% due 01/13/2042 ~(g) | 1600 | 1676 |
|  7.003% due 10/19/2034 •  | 2900 | 3160 |
|  Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC |
|  3.375% due 04/23/2028 | 1800 | 2100 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  6.196% due 11/17/2029 •  | 600 | 633 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | 100 | 102 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 | 250 | 257 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  6.125% due 10/09/2025 ~(e)(g) | 800 | 873 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 100 | 101 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  7.250% due 09/23/2028 ~(e)(g) | 700 | 804 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.600% due 06/01/2029 | 2700 | 2760 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 1200 | 1072 |
|  4.500% due 06/01/2027 | 150 | 148 |
|  4.950% due 04/15/2028 | 200 | 198 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.000% due 12/07/2033 | 50 | 52 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 (k) | 800 | 791 |
|  4.389% due 01/08/2026 | 1800 | 1790 |
|  5.800% due 03/05/2027 | 250 | 251 |
|  5.850% due 05/17/2027 | 1000 | 1005 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  9.125% due 05/15/2031 | 900 | 907 |
|  9.250% due 02/01/2029 | 300 | 305 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.400% due 01/13/2030 | 150 | 153 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 700 | 718 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 900 | 794 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2031 | 400 | 373 |
|  6.750% due 12/01/2033 | 400 | 425 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.734% due 01/28/2056 ~ | 600 | 598 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 900 | 890 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 | 1300 | 1262 |
|  8.000% due 06/15/2027 | 1000 | 1036 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 543 | 485 |
|  4.200% due 04/15/2029 | 1300 | 1247 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 406 | 359 |
|  4.650% due 04/01/2029 | 100 | 76 |
|  5.950% due 02/15/2028 | 100 | 87 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.950% due 06/01/2042 •  | 600 | 483 |
|  6.625% due 06/20/2033 | 1700 | 1821 |
|  7.200% due 11/28/2033 | 1300 | 1443 |
|  7.700% due 09/17/2025 •(e)(g) | 800 | 801 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 600 | 489 |
|  5.500% due 08/15/2033 | 2300 | 2316 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 800 | 818 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.540% due 05/01/2028 •  | 6000 | 5881 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 316 | 337 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 (k) | 1100 | 979 |
|  4.750% due 12/15/2028 | 200 | 197 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 100 | 104 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.947% due 06/27/2025 ~(e)(g) | 800 | 866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.889% due 07/20/2033 •  | $| 4450 | 4385 |
|  5.656% due 04/18/2030 •  |  | 200 | 206 |
|  Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding |
|  5.800% due 07/27/2026 |  | 50 | 51 |
|  NE Property BV | NE Property BV | NE Property BV | NE Property BV |
|  2.000% due 01/20/2030 | EUR | 900 | 899 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | $| 1300 | 1365 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.450% due 09/15/2028 |  | 1600 | 1443 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 |  | 900 | 893 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.961% due 01/27/2028 ~ |  | 800 | 802 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  2.750% due 04/01/2032 |  | 1100 | 889 |
|  9.250% due 07/20/2028 |  | 500 | 551 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.500% due 01/11/2031 |  | 100 | 103 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  2.875% due 10/15/2026 (k) |  | 1800 | 1726 |
|  Sagax Euro Mtn NL BV | Sagax Euro Mtn NL BV | Sagax Euro Mtn NL BV | Sagax Euro Mtn NL BV |
|  1.000% due 05/17/2029 | EUR | 900 | 880 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.473% due 03/20/2029 ~ | $| 100 | 101 |
|  SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 |  | 2400 | 2320 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.632% due 01/15/2035 |  | 800 | 822 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.988% due 08/05/2033 •  |  | 1400 | 1375 |
|  6.537% due 08/12/2033 •  |  | 600 | 643 |
|  9.016% due 11/15/2033 •  |  | 1900 | 2322 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.500% due 06/03/2026 ~(e)(g) | EUR | 800 | 896 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | $| 200 | 196 |
|  5.198% due 01/23/2030 •  |  | 1000 | 1017 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 |  | 2000 | 1928 |
|  4.000% due 03/09/2052 |  | 3025 | 2274 |
|  4.750% due 05/15/2026 |  | 600 | 601 |
|  7.375% due 03/15/2032 |  | 2142 | 2407 |
|  |  |  | 103678 |
| INDUSTRIALS 34.8% | INDUSTRIALS 34.8% | INDUSTRIALS 34.8% | INDUSTRIALS 34.8% |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 |  | 1400 | 1308 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 |  | 712 | 710 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 400 | 402 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 07/15/2029 |  | 1060 | 832 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 |  | 189 | 180 |
|  3.375% due 11/01/2028 |  | 157 | 153 |
|  3.575% due 07/15/2029 |  | 60 | 58 |
|  3.700% due 04/01/2028 |  | 97 | 95 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  4.000% due 01/15/2028 |  | 1800 | 1723 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.250% due 03/02/2033 |  | 2700 | 2740 |
|  Archer Norge AS | Archer Norge AS | Archer Norge AS | Archer Norge AS |
|  9.500% due 02/25/2030 |  | 375 | 387 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.021% due 10/20/2029 |  | 1100 | 1078 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.950% due 10/15/2033 |  | 200 | 203 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.828% due 06/07/2032 | EUR | 200 | 219 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Berkeley Group PLC | Berkeley Group PLC | Berkeley Group PLC |
|  2.500% due 08/11/2031 | 900 | 938 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 1800 | 1584 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.950% due 08/01/2059 | 2350 | 1603 |
|  5.705% due 05/01/2040 | 300 | 292 |
|  5.805% due 05/01/2050 | 500 | 476 |
|  5.930% due 05/01/2060 | 500 | 471 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 800 | 760 |
|  5.950% due 08/04/2033 | 100 | 100 |
|  Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC |
|  9.375% due 11/07/2029 | 1800 | 2243 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  2.650% due 06/01/2030 | 3641 | 3319 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.150% due 11/15/2031 | 100 | 101 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 200 | 253 |
|  CAB SELAS | CAB SELAS | CAB SELAS |
|  3.375% due 02/01/2028 (k) | 1323 | 1347 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  2.902% due 07/15/2031 | 1500 | 1330 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  2.450% due 12/02/2031 | 2100 | 1812 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.750% due 03/15/2030 | 900 | 897 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 2100 | 1918 |
|  Cerved Group SpA | Cerved Group SpA | Cerved Group SpA |
|  6.000% due 02/15/2029 | 2000 | 2025 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 100 | 96 |
|  Chanel Ceres PLC | Chanel Ceres PLC | Chanel Ceres PLC |
|  1.000% due 07/31/2031 | 4200 | 3982 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.950% due 06/30/2062 | 300 | 184 |
|  6.100% due 06/01/2029 | 700 | 723 |
|  6.150% due 11/10/2026 | 100 | 102 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 (k) | 2300 | 2025 |
|  5.750% due 08/15/2034 | 1500 | 1522 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 01/15/2031 | 550 | 504 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 1100 | 1095 |
|  Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL |
|  5.000% due 04/01/2028 (k) | 1100 | 1200 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 700 | 704 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.250% due 08/01/2031 | 1800 | 1526 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.400% due 02/15/2035 | 400 | 394 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.500% due 08/15/2027 | 800 | 780 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 1850 | 1705 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.400% due 04/18/2034 | 2000 | 1997 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  5.800% due 12/15/2034 | 125 | 126 |
|  ELO SACA | ELO SACA | ELO SACA |
|  2.875% due 01/29/2026 | 500 | 530 |
|  4.875% due 12/08/2028 | 1000 | 970 |
|  5.875% due 04/17/2028 | 1000 | 1023 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.000% due 05/15/2044 | 1100 | 950 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.950% due 02/15/2035 | 1000 | 986 |
|  Esercizi Aeroportuali SEA SpA | Esercizi Aeroportuali SEA SpA | Esercizi Aeroportuali SEA SpA |
|  3.500% due 10/09/2025 | 800 | 867 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 100 | 103 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 100 | 100 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  5.150% due 03/30/2026 | 100 | 101 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  3.500% due 07/01/2029 | 2200 | 2093 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 900 | 990 |
|  Fortinet, Inc. | Fortinet, Inc. | Fortinet, Inc. |
|  2.200% due 03/15/2031 | 1200 | 1044 |
|  Grifols SA | Grifols SA | Grifols SA |
|  2.250% due 11/15/2027 | 1700 | 1768 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 2700 | 2505 |
|  5.450% due 09/15/2034 | 100 | 99 |
|  5.950% due 09/15/2054 | 200 | 192 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 1150 | 1062 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.500% due 03/30/2026 | 300 | 303 |
|  5.511% due 08/04/2025 ~ | 300 | 301 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 | 2800 | 3258 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 | 400 | 433 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 800 | 747 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 700 | 937 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 2325 | 2297 |
|  John Lewis PLC | John Lewis PLC | John Lewis PLC |
|  4.250% due 12/18/2034 | 2150 | 2166 |
|  JT International Financial Services BV | JT International Financial Services BV | JT International Financial Services BV |
|  3.875% due 09/28/2028 | 800 | 780 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 4900 | 4613 |
|  5.900% due 06/01/2027 | 1400 | 1423 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 3800 | 3269 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 (k) | 2100 | 2003 |
|  6.500% due 05/15/2027 | 800 | 809 |
|  Mahle GmbH | Mahle GmbH | Mahle GmbH |
|  2.375% due 05/14/2028 | 2100 | 2044 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  7.250% due 06/30/2027 | 800 | 865 |
|  Market Bidco Finco PLC | Market Bidco Finco PLC | Market Bidco Finco PLC |
|  4.750% due 11/04/2027 | 1900 | 1994 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 600 | 604 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  5.750% due 02/15/2029 | 70 | 72 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 2500 | 2466 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  5.250% due 06/18/2025 | 1900 | 1894 |
|  Mileage Plus Holdings LLC | Mileage Plus Holdings LLC | Mileage Plus Holdings LLC |
|  6.500% due 06/20/2027 | 45 | 45 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 | 1200 | 737 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 3800 | 3443 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 100 | 101 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 500 | 410 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 | 50 | 52 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.000% due 08/01/2027 | 100 | 100 |
|  5.200% due 08/01/2029 | 100 | 100 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 (k) | 200 | 185 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.375% due 01/15/2026 | 600 | 598 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 | 1800 | 2043 |
|  PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
|  2.875% due 07/15/2026 | 1000 | 971 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 1700 | 1675 |
|  5.500% due 04/01/2028 | 1800 | 1794 |
|  5.625% due 09/30/2031 | 600 | 590 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  1.573% due 10/15/2026 | 1300 | 1237 |
|  Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. |
|  1.400% due 04/01/2026 | 900 | 869 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 206 | 192 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 500 | 510 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.000% due 12/03/2031 | 1600 | 1496 |
|  Synthos SA | Synthos SA | Synthos SA |
|  2.500% due 06/07/2028 | 1100 | 1097 |
|  Teva Pharmaceutical Finance Netherlands BV | Teva Pharmaceutical Finance Netherlands BV | Teva Pharmaceutical Finance Netherlands BV |
|  3.150% due 10/01/2026 | 1800 | 1747 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  1.250% due 01/31/2032 | 1000 | 787 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (c) | 6 | 7 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 1100 | 980 |
|  Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
|  0.878% due 11/24/2027 | 900 | 881 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.800% due 07/15/2037 | 573 | 583 |
|  5.875% due 04/15/2029 | 43 | 43 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 2600 | 2514 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 1300 | 1465 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 4600 | 4262 |
|  3.875% due 11/01/2033 | 1125 | 969 |
|  4.125% due 08/15/2031 | 1300 | 1182 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.500% due 02/01/2029 | 1000 | 1073 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.125% due 08/15/2030 | 1150 | 1273 |
|  4.250% due 01/15/2030 | 100 | 113 |
|  Viridien | Viridien | Viridien |
|  8.500% due 10/15/2030 | 375 | 416 |
|  10.000% due 10/15/2030 | 300 | 308 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 400 | 400 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  2.125% due 11/20/2026 | 2000 | 2119 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.150% due 03/15/2034 | 3900 | 3850 |
|  Wintershall Dea Finance 2 BV | Wintershall Dea Finance 2 BV | Wintershall Dea Finance 2 BV |
|  2.499% due 04/20/2026 ~(e) | 1200 | 1269 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 03/15/2028 | 600 | 582 |
|  4.500% due 03/04/2029 | 1900 | 1874 |
|  Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC |
|  6.375% due 11/18/2034 | 2300 | 3016 |
|  |  | 148841 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 4.2% | UTILITIES 4.2% | UTILITIES 4.2% |
|  Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC |
|  4.000% due 03/08/2026 | 1300 | 1634 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  3.250% due 03/22/2026 ~(e) | 800 | 862 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  4.750% due 03/15/2028 | 875 | 849 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  2.950% due 02/15/2027 | 100 | 97 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  6.125% due 01/15/2034 | 1800 | 1898 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 300 | 304 |
|  6.950% due 11/15/2029 | 100 | 104 |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  1.698% due 07/30/2026 | 800 | 847 |
|  1.816% due 03/02/2031 | 100 | 95 |
|  2.045% due 10/09/2028 | 100 | 102 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  2.250% due 09/01/2030 | 1700 | 1479 |
|  Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 1500 | 1024 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.550% due 11/01/2026 | 1500 | 1520 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 400 | 344 |
|  3.300% due 12/01/2027 | 200 | 192 |
|  3.950% due 12/01/2047 | 1200 | 878 |
|  4.550% due 07/01/2030 | 400 | 387 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 1100 | 1067 |
|  TDC Net AS | TDC Net AS | TDC Net AS |
|  5.186% due 08/02/2029 | 2100 | 2360 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.125% due 05/13/2025 | 500 | 501 |
|  6.950% due 10/15/2033 | 1307 | 1405 |
|  |  | 17949 |
|  Total Corporate Bonds & Notes (Cost $268,662) | Total Corporate Bonds & Notes (Cost $268,662) | 270468 |
| U.S. GOVERNMENT AGENCIES 17.8% | U.S. GOVERNMENT AGENCIES 17.8% | U.S. GOVERNMENT AGENCIES 17.8% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  6.154% due 11/25/2055 «•  | 353 | 233 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  6.000% due 05/01/2055 | 700 | 710 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 05/01/2052 | 180 | 157 |
|  4.000% due 11/01/2053 | 961 | 897 |
|  4.500% due 07/01/2052 - 01/01/2053 | 13560 | 12996 |
|  5.000% due 08/01/2052 - 08/01/2053 | 2635 | 2591 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.500% due 05/01/2055 | 8300 | 8282 |
|  6.000% due 05/01/2055 - 06/01/2055 | 23600 | 23933 |
|  6.500% due 06/01/2055 | 25500 | 26252 |
|  Total U.S. Government Agencies (Cost $75,249) | Total U.S. Government Agencies (Cost $75,249) | 76051 |
| U.S. TREASURY OBLIGATIONS 4.7% | U.S. TREASURY OBLIGATIONS 4.7% | U.S. TREASURY OBLIGATIONS 4.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 02/15/2055 | 4169 | 4198 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  2.125% due 04/15/2029 | 5730 | 5901 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.125% due 10/31/2029 | 9900 | 9974 |
|  Total U.S. Treasury Obligations (Cost $19,692) | Total U.S. Treasury Obligations (Cost $19,692) | 20073 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5% |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.440% due 11/25/2045 ~ | 30 | 11 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.825% due 09/20/2047 ~ | 265 | 231 |
|  7.000% due 10/25/2037 | 104 | 74 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.109% due 10/25/2035 •  | 322 | 259 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.875% due 05/25/2047 ~ | 95 | 87 |
|  6.000% due 07/26/2037 •  | 74 | 66 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.052% due 04/25/2037 ~ | 256 | 179 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.785% due 12/25/2035 •  | 237 | 114 |
|  BX Trust | BX Trust | BX Trust |
|  5.332% due 02/15/2039 •  | 307 | 306 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.707% due 09/25/2036 •  | 47 | 41 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.000% due 05/25/2062 ~ | 619 | 617 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.000% due 11/25/2036 | 17 | 17 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.624% due 09/20/2046 ~ | 48 | 49 |
|  4.735% due 06/25/2035 •  | 234 | 151 |
|  4.815% due 07/25/2046 ~ | 44 | 46 |
|  4.815% due 09/25/2046 •  | 200 | 194 |
|  4.835% due 04/25/2035 •  | 221 | 170 |
|  5.055% due 11/25/2035 •  | 87 | 82 |
|  5.735% due 10/25/2035 •  | 124 | 87 |
|  5.750% due 07/25/2035 | 92 | 57 |
|  6.000% due 08/25/2036 •  | 203 | 117 |
|  6.000% due 05/25/2037 | 594 | 250 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.157% due 09/25/2037 ~ | 57 | 52 |
|  5.750% due 07/25/2037 | 83 | 39 |
|  6.000% due 10/25/2034 | 3 | 3 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.000% due 01/25/2060 | 623 | 546 |
|  4.394% due 12/29/2037 •  | 3806 | 1996 |
|  6.000% due 07/25/2036 | 581 | 280 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.829% due 10/15/2036 •  | 1000 | 993 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.585% due 02/25/2047 •  | 1607 | 904 |
|  4.635% due 08/25/2037 ~ | 56 | 44 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.705% due 08/25/2035 ~ | 49 | 41 |
|  6.000% due 05/25/2036 | 6 | 2 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 | 253 | 104 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.073% due 11/25/2035 •  | 220 | 209 |
|  4.346% due 05/25/2037 •  | 77 | 66 |
|  4.935% due 02/25/2037 •  | 203 | 134 |
|  Lux Trust | Lux Trust | Lux Trust |
|  7.010% due 08/15/2040 •  | 500 | 506 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  7.530% due 11/25/2034 ~ | 58 | 57 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.655% due 03/25/2037 ~ | 1746 | 414 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.455% due 11/25/2037 •  | 243 | 170 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.085% due 12/26/2034 ~ | 215 | 74 |
|  4.785% due 08/25/2035 •  | 304 | 243 |
|  5.679% due 07/25/2035 •  | 14 | 13 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.000% due 10/25/2036 | 11 | 9 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.334% due 07/15/2039 ~ | 500 | 486 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.356% due 12/25/2036 •  | 90 | 82 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.433% due 07/25/2047 •  | 51 | 43 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $13,080) | Total Non-Agency Mortgage-Backed Securities (Cost $13,080) | 10715 |
| ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.431% due 08/17/2041 ~ | 493 | 495 |
| HOME EQUITY OTHER 2.6% | HOME EQUITY OTHER 2.6% | HOME EQUITY OTHER 2.6% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.435% due 06/25/2037 ~ | 260 | 215 |
|  5.485% due 03/25/2034 ~ | 381 | 370 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.260% due 12/25/2045 •  | 477 | 362 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  6.235% due 07/25/2034 •  | 88 | 96 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 12/25/2036 •  | 851 | 466 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.555% due 12/25/2036 ~ | 388 | 192 |
|  4.895% due 12/25/2046 •  | 331 | 156 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.215% due 11/25/2035 ~ | 539 | 499 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.655% due 08/25/2036 •  | 467 | 172 |
|  4.735% due 08/25/2036 •  | 1056 | 389 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 01/25/2037 •  | 3136 | 1187 |
|  4.575% due 10/25/2036 ~ | 605 | 265 |
|  4.585% due 10/25/2036 ~ | 1542 | 802 |
|  4.585% due 12/25/2036 •  | 84 | 42 |
|  4.735% due 06/25/2036 •  | 135 | 116 |
|  4.895% due 09/25/2036 ~ | 676 | 297 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | 986 | 325 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  7.435% due 01/25/2033 ~ | 43 | 36 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.575% due 09/25/2036 ~ | 3394 | 843 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.879% due 06/25/2037 þ | 2099 | 545 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.895% due 12/25/2035 ~ | 974 | 807 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.315% due 08/25/2034 •  | 124 | 124 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.795% due 02/25/2036 •  | 983 | 481 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.560% due 01/25/2035 ~ | 1024 | 885 |
|  5.815% due 04/25/2033 ~ | 35 | 36 |
|  6.010% due 01/25/2035 •  | 1102 | 908 |
|  6.160% due 01/25/2035 ~ | 1026 | 522 |
|  |  | 11138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.745% due 03/25/2037 •  | 522 | 482 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 03/25/2036 ~ | 1153 | 714 |
|  4.935% due 05/25/2036 •  | 698 | 360 |
|  |  | 1556 |
|  Total Asset-Backed Securities (Cost $15,689) | Total Asset-Backed Securities (Cost $15,689) | 13189 |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  3.500% due 07/09/2041 þ | 685 | 398 |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.000% due 11/21/2031 | 900 | 463 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.000% due 12/20/2044 | 190000 | 1228 |
|  2.200% due 03/20/2064 | 78000 | 462 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  3.000% due 12/03/2026 (d) | 1348 | 63 |
|  4.000% due 11/30/2028 (d) | 12633 | 598 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 5900 | 1465 |
|  6.150% due 08/12/2032 | 1109 | 303 |
|  6.950% due 08/12/2031 | 2091 | 609 |
|  7.300% due 08/12/2033 | 2200 | 633 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.100% due 11/19/2036 | 400 | 388 |
|  8.500% due 01/31/2037 | 12000 | 544 |
|  8.875% due 02/28/2035 | 58820 | 2872 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  5.250% due 03/10/2030 | 400 | 436 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  4.375% due 07/31/2054 | 603 | 674 |
|  Total Sovereign Issues (Cost $11,445) | Total Sovereign Issues (Cost $11,445) | 11136 |
|  | SHARES |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA «(i) | 937 | 32 |
|  Total Common Stocks (Cost $85) | Total Common Stocks (Cost $85) | 32 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil 'D' - Exp. 06/10/2071 «(i) | 1 | 0 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Cineworld Group PLC -<br>Exp. 11/23/2025 «(i) | 5979 | 0 |
|  Total Warrants (Cost $0) | Total Warrants (Cost $0) | 0 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  6.500% due 04/01/2030 ~(e) | 700000 | 718 |
|  Total Preferred Securities (Cost $700) | Total Preferred Securities (Cost $700) | 718 |
| SHORT-TERM INSTRUMENTS 3.7% | SHORT-TERM INSTRUMENTS 3.7% | SHORT-TERM INSTRUMENTS 3.7% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (h) | 393153 | 393 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| REPURCHASE AGREEMENTS (j) 3.0% | REPURCHASE AGREEMENTS (j) 3.0% | REPURCHASE AGREEMENTS (j) 3.0% |
|  |  | 13034 |
| U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% |
|  4.292% due 04/03/2025 - 06/05/2025 (b)(c)(n) | 2653 | 2634 |
| Total Short-Term Instruments (Cost $16,061) | Total Short-Term Instruments (Cost $16,061) | 16061 |
| Total Investments in Securities (Cost $455,635) | Total Investments in Securities (Cost $455,635) | 453191 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 9.2% | INVESTMENTS IN AFFILIATES 9.2% | INVESTMENTS IN AFFILIATES 9.2% |
| MUTUAL FUNDS (f) 9.2% | MUTUAL FUNDS (f) 9.2% | MUTUAL FUNDS (f) 9.2% |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 782000 | 39401 |
| Total Mutual Funds<br>(Cost $39,963) | Total Mutual Funds<br>(Cost $39,963) | 39401 |
| Total Investments in Affiliates (Cost $39,963) | Total Investments in Affiliates (Cost $39,963) | 39401 |
| Total Investments 115.1% (Cost $495,598) | Total Investments 115.1% (Cost $495,598) | 492592 |
|  Financial Derivative<br>Instruments (l)(m) (0.5)%<br> (Cost or Premiums, net $2,916) | Financial Derivative<br>Instruments (l)(m) (0.5)%<br> (Cost or Premiums, net $2,916) | (2072) |
| Other Assets and Liabilities, net (14.6)% | Other Assets and Liabilities, net (14.6)% | (62515) |
| Net Assets 100.0% | Net Assets 100.0% | 428005 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

(b) Coupon represents a weighted average yield to maturity.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Institutional Class Shares of each Fund.

(g) Contingent convertible security.

(h) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Cineworld Group PLC - Exp. 11/23/2025 | 12/21/2020 | $0 | $0 | 0.00% |
|  Constellation Oil 'D' - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Intelsat Emergence SA | 11/12/2019 - 02/23/2024 | 85 | 32 | 0.01 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 0.01% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(j) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.140% | 03/21/2025 | 05/09/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 | Meritage Homes Corp. 3.875% due 04/15/2029 | $(2136) | $2131 | $2134 |
|  | 4.410 | 03/31/2025 | 04/01/2025 | 7200 | U.S. Treasury Notes 2.750% due 04/30/2027 | (7340) | 7200 | 7201 |
| BRC | 4.130 | 03/21/2025 | 05/09/2025 | 1985 | Meritage Homes Corp. 5.650% due 03/15/2035 | (1978) | 1985 | 1987 |
| RDR | 4.150 | 03/21/2025 | 05/09/2025 | 1718 | General Motors 6.800% due 10/01/2027 | (1720) | 1718 | 1720 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13174) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13042 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(2)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 4.300% | 03/21/2025 | 05/09/2025 | $(1922) | $(1925) |
|  BPS | 4.400 | 12/20/2024 | TBD<sup>(3)</sup> | (1098) | (1112) |
|  | 4.450 | 12/20/2024 | TBD<sup>(3)</sup> | (1926) | (1950) |
|  BRC | 0.750 | 03/12/2025 | TBD<sup>(3)</sup> | (499) | (539) |
|  | 1.850 | 03/12/2025 | TBD<sup>(3)</sup> | (478) | (518) |
|  JML | 0.750 | 03/12/2025 | TBD<sup>(3)</sup> | (598) | (647) |
|  | 2.250 | 03/12/2025 | TBD<sup>(3)</sup> | (765) | (829) |
|  JPS | 4.300 | 03/21/2025 | 05/09/2025 | $(1314) | (1315) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8835) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  Corporate Bonds & Notes (1.4)% | Corporate Bonds & Notes (1.4)% | Corporate Bonds & Notes (1.4)% | Corporate Bonds & Notes (1.4)% | Corporate Bonds & Notes (1.4)% | Corporate Bonds & Notes (1.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 6.800% | 10/01/2027 | $1600 | $(1677) | $(1720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 3.875 | 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | (2089) | (2136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 5.650 | 03/15/2035 | 2000 | (1998) | (1978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes |  |  |  | (5764) | (5834) |
|  U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 05/01/2055 | 700 | (686) | (685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 05/01/2055 | 9600 | (9710) | (9741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agencies |  |  |  | (10396) | (10426) |
|  Total Short Sales (3.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16260) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 29

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $9335 | $(1925) | $0 | $0 | $7410 | $(7450) | $(40) |
|  BPS | 0 | (3062) | 0 | 0 | (3062) | 3366 | 304 |
|  BRC | 1987 | (1057) | 0 | 0 | 930 | (924) | 6 |
|  JML | 0 | (1476) | 0 | 0 | (1476) | 1469 | (7) |
|  JPS | 0 | (1315) | 0 | 0 | (1315) | 1726 | 411 |
|  RDR | 1720 | 0 | 0 | 0 | 1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1720) | 0 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BNY | 0 | 0 | 0 | (1720) | (1720) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1720) |
|  GSC | 0 | 0 | 0 | (2136) | (2136) | 0 | (2136) |
|  PER | 0 | 0 | 0 | (1978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1978) | 0 | (1978) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8835) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5834) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(3240) | $(5595) | $(8835) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3240) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5595) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8835) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(8835) |

---

(k) Securities with an aggregate market value of $9,641 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(31313) at a weighted average interest rate of 4.933%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Payable for short sales includes $(102) of accrued interest. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 6 | $6 | $(2) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 6 | 6 | (1) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | (3) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 6 | 6 | (2) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 6 | 6 | (2) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 12 | 12 | (4) | (5) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

30 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 556 | $133961 | $326 | $0 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 120 | 28970 | 170 | 0 | (4) |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 201 | 48466 | 276 | 0 | (3) |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134211 | 562 | 0 | (7) |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 160 | 38606 | 222 | 0 | (6) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 556 | 134128 | 472 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 120 | 28964 | 165 | 0 | (4) |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 636 | 153554 | 734 | 0 | (16) |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 323 | 77912 | 429 | 0 | (8) |
|  Euro-Bund June Futures  | 06/2025 | 3 | 418 | (3) | 1 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 252 | 27255 | 397 | 0 | (8) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 39 | 4451 | 27 | 4 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 2 | 245 | 6 | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783 | $6 | $(56) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BOBL June Futures  | 06/2025 | 137 | $(17449) | $137 | $4 | $(41) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 101 | (11233) | (129) | 0 | (2) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 95 | (11142) | (170) | 0 | (18) |
|  |  |  |  | $(162) | $4 | $(61) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $3621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Air France-KLM | (5.000)% | Quarterly | 12/20/2029 | 1.948% | 1700 | $(210) | $(36) | $(246) | $12 | $0 |
|  Beazer Homes USA, Inc. | (5.000) | Quarterly | 12/20/2029 | 3.912 | $3900 | (364) | 188 | (176) | 19 | 0 |
|  Ford Motor Co. | (5.000) | Quarterly | 12/20/2029 | 1.936 | 7300 | (1023) | 81 | (942) | 8 | 0 |
|  General Motors Co. | (5.000) | Quarterly | 12/20/2029 | 1.471 | 4100 | (698) | 80 | (618) | 6 | 0 |
|  Jaguar Land Rover Automotive | (5.000) | Quarterly | 12/20/2029 | 2.570 | 2600 | (323) | 28 | (295) | 21 | 0 |
|  KB Home | (5.000) | Quarterly | 12/20/2029 | 1.790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | (538) | 49 | (489) | 3 | 0 |
|  Laxness AG | (1.000) | Quarterly | 12/20/2029 | 1.488 | 2000 | 48 | (2) | 46 | 12 | 0 |
|  Lennar Corp. | (5.000) | Quarterly | 12/20/2029 | 1.088 | $2000 | (375) | 39 | (336) | 0 | 0 |
|  PulteGroup, Inc. | (5.000) | Quarterly | 12/20/2029 | 1.029 | 2000 | (375) | 33 | (342) | 3 | 0 |
|  Stellantis NV | (5.000) | Quarterly | 12/20/2029 | 1.625 | 1900 | (309) | 3 | (306) | 7 | 0 |
|  Toll Brothers Finance Corp. | (1.000) | Quarterly | 12/20/2029 | 1.075 | $2000 | (18) | 24 | 6 | 3 | 0 |
|  Valeo SA | (1.000) | Quarterly | 12/20/2029 | 2.527 | 2000 | 123 | 17 | 140 | 10 | 0 |
|  Whirlpool Corp. | (1.000) | Quarterly | 12/20/2029 | 1.623 | $6000 | 31 | 124 | 155 | 18 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4031) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3403) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2027 | 0.437% | $100 | $(1) | $2 | $1 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 400 | (2) | 8 | 6 | 0 | 0 |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 2.189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | 297 | (50) | 247 | 0 | (4) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 0.131 | 450 | (81) | 82 | 1 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.127 | 600 | (54) | 59 | 5 | 0 | 0 |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.287 | $100 | 17 | (2) | 15 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.547 | 200 | 0 | 3 | 3 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 31

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 9510 | $(259) | $(23) | $(282) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 1100 | 68 | 9 | 77 | 0 | (10) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 400 | 48 | 10 | 58 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 5.160 | Annual | 05/31/2025 | $2800 | 0 | (9) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 54500 | 816 | (552) | 264 | 0 | (38) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 500 | (1) | (3) | (4) | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 6150 | (115) | (40) | (155) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 60 | 0 | (1) | (1) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.751 | Annual | 11/15/2034 | 700 | 0 | (1) | (1) | 0 | (2) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.893 | Annual | 11/15/2034 | 560 | 0 | (7) | (7) | 0 | (2) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.894 | Annual | 11/15/2034 | 2680 | 0 | (33) | (33) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 | 400 | 0 | (5) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 50500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 | 0 | (35) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 400 | (1) | (6) | (7) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 600 | (2) | (6) | (8) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/15/2040 | 23500 | 2238 | (623) | 1615 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.060 | Semi-Annual | 10/27/2053 | 3900 | 223 | 1145 | 1368 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1000 | 61 | 4 | 65 | 0 | (7) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.848 | Annual | 02/15/2055 | 3100 | 0 | (28) | (28) | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.945 | Annual | 02/15/2055 | 600 | 0 | (16) | (16) | 0 | (5) |
| Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 | 23400 | 0 | (135) | (135) | 7 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 14300 | 117 | 8 | 125 | 37 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 200 | (1) | (4) | (5) | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 13860 | (196) | 77 | (119) | 31 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 200 | (1) | (3) | (4) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 200 | (1) | (3) | (4) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 200 | (1) | 0 | (1) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 200 | (1) | (1) | (2) | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 200 | (1) | (3) | (4) | 0 | (4) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 7300 | (311) | 19 | (292) | 31 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 | 1310 | 131 | 608 | 739 | 0 | (6) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 8400 | 681 | 4 | 685 | 0 | (66) |
|  |  |  |  |  |  | $6838 | $(688) | $6150 | $152 | $(358) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $2983 | $42 | $3025 | $274 | $(362) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | $(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(494) |

---

Cash of $13,391 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> 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 

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 70588 | $468 | $0 | $(3) |
|  | 04/2025 | $1344 | 2125 | 0 | (16) |
|  | 04/2025 | 13 | 1881 | 0 | 0 |
|  | 04/2025 | 60 | 80 | 0 | 0 |
|  | 05/2025 | 2125 | $1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  | 05/2025 | 2043 | 279 | 0 | (3) |
|  | 05/2025 | 80 | 60 | 0 | 0 |
|  | 05/2025 | $912 | 6601 | 0 | (1) |
|  | 05/2025 | 468 | 70351 | 3 | 0 |
|  | 06/2025 | 4185 | $573 | 0 | (7) |
|  | 06/2025 | $101 | 731 | 0 | 0 |
|  | 07/2025 | 3285 | $456 | 1 | 0 |
|  | 08/2025 | 3285 | 456 | 0 | (1) |
|  BOA | 04/2025 | 782 | 845 | 0 | (1) |
|  | 04/2025 | 6278 | 191 | 2 | 0 |
|  | 05/2025 | 1997 | 273 | 0 | (3) |
|  | 05/2025 | 285510 | 17 | 0 | 0 |
|  | 05/2025 | $134 | 1044 | 0 | 0 |
|  | 05/2025 | 16 | 1406 | 0 | 0 |
|  | 06/2025 | 617 | $85 | 0 | 0 |
|  | 06/2025 | $50 | 359 | 0 | 0 |
|  | 08/2025 | 31 | $1 | 0 | 0 |
|  BPS | 04/2025 | 45550 | 47763 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1491) |
|  | 04/2025 | 2754429 | 166 | 1 | 0 |
|  | 04/2025 | 25192 | 168 | 0 | 0 |
|  | 04/2025 | 10520 | 321 | 4 | 0 |
|  | 04/2025 | $203 | 3331475 | 0 | (3) |
|  | 04/2025 | 45 | 3858 | 0 | 0 |
|  | 04/2025 | 6401 | 946045 | 0 | (94) |
|  | 04/2025 | 38 | 51 | 0 | 0 |
|  | 04/2025 | 243 | 7964 | 0 | (3) |
|  | 05/2025 | 6461 | $889 | 0 | (3) |
|  | 05/2025 | 870547 | 52 | 0 | 0 |
|  | 05/2025 | 51 | 38 | 0 | 0 |
|  | 05/2025 | $157 | 2609729 | 0 | (1) |
|  | 05/2025 | 147 | 12633 | 0 | 0 |
|  | 05/2025 | 168 | 25108 | 0 | 0 |
|  | 06/2025 | 4465 | $612 | 0 | (6) |
|  | 06/2025 | $1270 | 9187 | 2 | 0 |
|  | 06/2025 | 272 | 1056 | 2 | (1) |
|  | 07/2025 | 3591 | $111 | 2 | 0 |
|  | 08/2025 | 4323 | 133 | 1 | 0 |
|  BRC | 04/2025 | 368 | 4 | 0 | 0 |
|  | 04/2025 | 101 | 9 | 0 | (1) |
|  | 04/2025 | 1985 | 51 | 0 | (1) |
|  | 04/2025 | $80 | 1303583 | 0 | (1) |
|  | 04/2025 | 717 | 27686 | 0 | (8) |
|  | 05/2025 | 2463 | $62 | 0 | 0 |
|  | 05/2025 | $864 | 33986 | 0 | (23) |
|  | 06/2025 | 6 | 22 | 0 | 0 |
|  | 06/2025 | 482 | 19360 | 0 | (20) |
|  BSH | 04/2025 | 2125 | $1346 | 19 | 0 |
|  | 04/2025 | 673162 | 4482 | 0 | (6) |
|  | 04/2025 | 3276 | 864 | 0 | (27) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $4482 | 670895 | $6 | $0 |
|  | 06/2025 | 942 | $257 | 2 | 0 |
|  | 06/2025 | $51 | 198 | 0 | 0 |
|  | 08/2025 | 1042 | $282 | 0 | (1) |
|  CBK | 04/2025 | 667 | 725 | 4 | 0 |
|  | 04/2025 | 2993587 | 180 | 1 | 0 |
|  | 04/2025 | 403 | 111 | 2 | 0 |
|  | 04/2025 | 648 | 176 | 0 | (1) |
|  | 04/2025 | 16108 | 492 | 7 | 0 |
|  | 04/2025 | $1660 | 2364 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  | 04/2025 | 2292 | 2101 | 0 | (21) |
|  | 04/2025 | 285 | 4674141 | 0 | (4) |
|  | 04/2025 | 353 | 30794 | 7 | 0 |
|  | 04/2025 | 328 | 1202 | 0 | (1) |
|  | 04/2025 | 578 | 18954 | 0 | (8) |
|  | 05/2025 | 2361 | $1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
|  | 05/2025 | 1252181 | 75 | 0 | 0 |
|  | 05/2025 | $157 | 2603231 | 0 | (1) |
|  | 06/2025 | 365 | $50 | 0 | 0 |
|  | 06/2025 | 1148191 | 798 | 16 | 0 |
|  | 06/2025 | $40 | 290 | 0 | 0 |
|  | 06/2025 | 110 | 157708 | 0 | (3) |
|  | 07/2025 | 6752 | $208 | 3 | 0 |
|  | 08/2025 | 9201 | 282 | 3 | 0 |
|  | 09/2025 | 1206 | 328 | 1 | 0 |
|  DUB | 04/2025 | 2670068 | 161 | 1 | 0 |
|  | 04/2025 | 407 | 112 | 2 | 0 |
|  | 04/2025 | 3 | 2 | 0 | 0 |
|  | 04/2025 | $193 | 3187742 | 0 | (1) |
|  | 04/2025 | 16 | 1403 | 0 | 0 |
|  | 04/2025 | 152 | 267 | 0 | (1) |
|  | 04/2025 | 31 | 41 | 0 | 0 |
|  | 05/2025 | 130199 | $8 | 0 | 0 |
|  | 05/2025 | 306 | 80 | 0 | (3) |
|  | 05/2025 | 41 | 31 | 0 | 0 |
|  | 06/2025 | 691323 | 480 | 9 | 0 |
|  | 06/2025 | $77 | 109965 | 0 | (2) |
|  FAR | 04/2025 | 640 | $718 | 0 | (5) |
|  | 04/2025 | 365 | 101 | 2 | 0 |
|  | 04/2025 | 481608 | 3199 | 0 | (12) |
|  | 04/2025 | $96 | 14349 | 0 | (1) |
|  | 05/2025 | 233 | 1677 | 0 | (1) |
|  | 05/2025 | 3199 | 479985 | 12 | 0 |
|  | 06/2025 | 106 | 410 | 0 | 0 |
|  | 07/2025 | 1671 | $233 | 1 | 0 |
|  GLM | 04/2025 | 18300 | 3282 | 75 | 0 |
|  | 04/2025 | 375090 | 23 | 0 | 0 |
|  | 04/2025 | 2586 | 683 | 0 | (21) |
|  | 04/2025 | $3184 | 18300 | 23 | 0 |
|  | 04/2025 | 88 | 1447169 | 0 | (1) |
|  | 05/2025 | 1942 | $265 | 0 | (3) |
|  | 05/2025 | 601686 | 36 | 0 | 0 |
|  | 05/2025 | $485 | 3482 | 0 | (4) |
|  | 05/2025 | 23 | 375429 | 0 | 0 |
|  | 06/2025 | 91 | 658 | 0 | 0 |
|  | 06/2025 | 50 | 191 | 0 | 0 |
|  | 07/2025 | 1061 | $33 | 1 | 0 |
|  | 09/2025 | 1751 | 478 | 3 | 0 |
|  JPM | 04/2025 | 100306 | 6 | 0 | 0 |
|  | 04/2025 | 318 | 88 | 2 | 0 |
|  | 04/2025 | 148404 | 983 | 0 | (6) |
|  | 04/2025 | 13 | 10 | 0 | 0 |
|  | 04/2025 | 2135 | 65 | 1 | 0 |
|  | 04/2025 | $46590 | 43195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 0 |
|  | 04/2025 | 34 | 563681 | 0 | (1) |
|  | 04/2025 | 351 | 30629 | 6 | 0 |
|  | 04/2025 | 103 | 15399 | 0 | (1) |
|  | 04/2025 | 204 | 6702 | 0 | (2) |
|  | 05/2025 | 2076 | $284 | 0 | (2) |
|  | 05/2025 | 43195 | 46666 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |
|  | 05/2025 | 363728 | 22 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $854 | 6192 | $1 | $(1) |
|  | 05/2025 | 983 | 147907 | 6 | 0 |
|  | 05/2025 | 167 | 7409 | 20 | 0 |
|  | 06/2025 | 423 | $58 | 0 | (1) |
|  | 06/2025 | $230 | 4750 | 0 | 0 |
|  | 06/2025 | 243 | 942 | 1 | (1) |
|  | 07/2025 | 3166 | $439 | 0 | 0 |
|  | 07/2025 | 3635 | 112 | 2 | 0 |
|  | 08/2025 | 2998 | 416 | 0 | (1) |
|  | 08/2025 | 5586 | 171 | 2 | 0 |
|  MBC | 04/2025 | 48 | 53 | 0 | (1) |
|  | 04/2025 | 2408 | 2622 | 18 | 0 |
|  | 04/2025 | 403 | 523 | 2 | 0 |
|  | 04/2025 | 183600 | 1238 | 14 | 0 |
|  | 04/2025 | 267 | 150 | 0 | (2) |
|  | 04/2025 | 111 | 83 | 1 | 0 |
|  | 04/2025 | 3327 | 103 | 3 | 0 |
|  | 04/2025 | $779 | 688 | 0 | (1) |
|  | 04/2025 | 4432 | 4111 | 32 | (19) |
|  | 04/2025 | 16 | 1398 | 0 | 0 |
|  | 04/2025 | 2104 | 312900 | 0 | (18) |
|  | 04/2025 | 124 | 4085 | 0 | (1) |
|  | 05/2025 | 685 | $779 | 1 | 0 |
|  | 05/2025 | 2684 | 370 | 0 | (1) |
|  | 05/2025 | 241389 | 15 | 0 | 0 |
|  | 05/2025 | 67700 | 451 | 0 | (2) |
|  | 05/2025 | $1113 | 8021 | 1 | (7) |
|  | 06/2025 | 282348 | $196 | 4 | 0 |
|  | 06/2025 | $85 | 328 | 0 | (1) |
|  | 07/2025 | 1518 | $211 | 0 | 0 |
|  | 07/2025 | 1663 | 51 | 1 | 0 |
|  | 08/2025 | 1522 | 211 | 0 | (1) |
|  | 08/2025 | 2396 | 73 | 0 | 0 |
|  MYI | 04/2025 | 18300 | 3187 | 0 | (20) |
|  | 04/2025 | 2365 | 1661 | 18 | 0 |
|  | 04/2025 | 13391 | 16968 | 0 | (330) |
|  | 04/2025 | 46 | 35 | 0 | 0 |
|  | 04/2025 | $3146 | 18300 | 61 | 0 |
|  | 04/2025 | 30 | 978 | 0 | 0 |
|  | 04/2025 | 51230 | $2802 | 11 | 0 |
|  | 05/2025 | 157770 | 9 | 0 | 0 |
|  | 06/2025 | 250 | 34 | 0 | 0 |
|  | 06/2025 | $20 | 79 | 0 | 0 |
|  NGF | 06/2025 | 97 | 138705 | 0 | (3) |
|  RYL | 04/2025 | 2213 | 325100 | 0 | (46) |
|  SCX | 04/2025 | 10990 | $1880 | 0 | (46) |
|  | 04/2025 | 38886 | 258 | 0 | (1) |
|  | 04/2025 | 1762 | 54 | 1 | 0 |
|  | 04/2025 | $1914 | 10990 | 12 | 0 |
|  | 04/2025 | 99 | 1624166 | 0 | (2) |
|  | 04/2025 | 44 | 1445 | 0 | 0 |
|  | 05/2025 | 10797 | $1503 | 12 | 0 |
|  | 05/2025 | 94257 | 6 | 0 | 0 |
|  | 05/2025 | $314 | 47096 | 1 | 0 |
|  | 06/2025 | 1880 | 11129 | 45 | 0 |
|  | 08/2025 | 1433 | $44 | 0 | 0 |
|  SSB | 04/2025 | $17838 | 13794 | 0 | (20) |
|  | 05/2025 | 13794 | $17837 | 20 | 0 |
|  UAG | 04/2025 | 455264 | 27 | 0 | 0 |
|  | 04/2025 | $28 | 455264 | 0 | 0 |
|  | 04/2025 | 95 | 14108 | 0 | (1) |
|  | 05/2025 | 27 | 455905 | 0 | 0 |
|  | 06/2025 | 28 | 107 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2491) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 35

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GLM | Call - OTC USD versus CNH | CNH 7.283 | 05/15/2025 | 1000 | $12 | $4 |
| MBC | Call - OTC USD versus CNH | 7.500 | 05/13/2025 | 1000 | 5 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 700 | $(1) | $(1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 700 | (1) | (1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 1400 | (2) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 1400 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1400 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 700 | (1) | (1) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 600 | (1) | (1) |
|  |  |  |  |  |  | $(8) | $(7) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Call - OTC USD versus CNH | CNH 7.550 | 05/15/2025 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.738% | 04/28/2025 | 800 | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 04/28/2025 | 800 | (3) | (1) |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400 | 04/07/2025 | 300 | (1) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 300 | (1) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 200 | (1) | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 300 | (1) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 300 | (1) | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 400 | (1) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 400 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 400 | (2) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 600 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 300 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 200 | (1) | 0 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530% | 04/17/2025 | 300 | $(1) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 300 | (1) | 0 |
|  |  |  |  |  |  | $(42) | $(33) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 |  | <sup>¨</sup>% | $565 | $0 | $4 | $4 | $0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | (16) | 9 | 0 | (7) |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 |  | 100 | 0 | 0 | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $20 | $0 | $0 | $20 | $(31) | $0 | $0 | $(31) | $(11) | $0 | $(11) |
|  BOA | 2 | 0 | 0 | 2 | (4) | 0 | 0 | (4) | (2) | 0 | (2) |
|  BOM | 0 | 0 | 0 | 0 | 0 | (8) | 0 | (8) | (8) | 0 | (8) |
|  BPS | 12 | 0 | 0 | 12 | (1602) | (1) | 0 | (1603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  BRC | 0 | 0 | 0 | 0 | (54) | (2) | 0 | (56) | (56) | 0 | (56) |
|  BSH | 27 | 0 | 0 | 27 | (34) | 0 | 0 | (34) | (7) | 0 | (7) |
|  CBK | 61 | 0 | 0 | 61 | (56) | (1) | 0 | (57) | 4 | 0 | 4 |
|  DUB | 12 | 0 | 4 | 16 | (7) | 0 | 0 | (7) | 9 | 0 | 9 |
|  FAR | 15 | 0 | 0 | 15 | (19) | (7) | 0 | (26) | (11) | 0 | (11) |
|  GLM | 102 | 4 | 0 | 106 | (29) | (11) | 0 | (40) | 66 | (260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) |
|  GST | 0 | 0 | 0 | 0 | 0 | (5) | (7) | (12) | (12) | 0 | (12) |
|  JPM | 158 | 0 | 0 | 158 | (132) | (1) | 0 | (133) | 25 | 0 | 25 |
|  MBC | 77 | 1 | 0 | 78 | (54) | 0 | 0 | (54) | 24 | 0 | 24 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  MYI | 90 | 0 | 0 | 90 | (350) | 0 | 0 | (350) | (260) | 303 | 43 |
|  NGF | 0 | 0 | 0 | 0 | (3) | (1) | 0 | (4) | (4) | 0 | (4) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  RYL | 0 | 0 | 0 | 0 | (46) | 0 | 0 | (46) | (46) | 0 | (46) |
|  SCX | 71 | 0 | 0 | 71 | (49) | 0 | 0 | (49) | 22 | 0 | 22 |
|  SSB | 20 | 0 | 0 | 20 | (20) | 0 | 0 | (20) | 0 | 0 | 0 |
|  UAG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2491) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2538) |  |  |  |

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(n) Securities with an aggregate market value of $2,031 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

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------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 122 | 0 | 0 | 152 | 274 |
|  | $0 | $122 | $0 | $0 | $162 | $284 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $667 | $0 | $667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 5 | 0 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $4 | $0 | $672 | $0 | $676 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $672 | $162 | $960 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 117 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 358 | 362 |
|  | $0 | $4 | $0 | $0 | $490 | $494 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2491 | $0 | $2491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 33 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 0 | 7 |
|  | $0 | $14 | $0 | $2491 | $33 | $2538 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $18 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $86 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1153 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 96 | 0 | 0 | 809 | 905 |
|  | $0 | $96 | $0 | $0 | $2048 | $2144 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2224 | $0 | $2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 3 | 91 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 16 | 387 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | (327) | (325) |
|  | $0 | $2 | $0 | $2243 | $151 | $2396 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540 |

---

38 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4695 | $4695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 205 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2511) |
|  | $0 | $205 | $0 | $0 | $1979 | $2184 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1970) | $0 | $(1970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (13) | 8 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 4 | (20) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 13 | 0 | 0 | 94 | 107 |
|  | $0 | $14 | $0 | $(1979) | $82 | $(1883) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1979) | $2061 | $301 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $31969 | $2779 | $34748 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 103678 | 0 | 103678 |
| &nbsp;&nbsp; Industrials | 0 | 148431 | 410 | 148841 |
| &nbsp;&nbsp; Utilities | 0 | 17949 | 0 | 17949 |
|  U.S. Government Agencies | 0 | 75818 | 233 | 76051 |
|  U.S. Treasury Obligations | 0 | 20073 | 0 | 20073 |
|  Non-Agency Mortgage-Backed Securities | 0 | 10715 | 0 | 10715 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 495 | 0 | 495 |
| &nbsp;&nbsp; Home Equity Other | 0 | 11138 | 0 | 11138 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1556 | 0 | 1556 |
|  Sovereign Issues | 0 | 11136 | 0 | 11136 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 0 | 32 | 32 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 718 | 0 | 718 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 393 | 0 | 393 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 13034 | 0 | 13034 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2634 | 0 | 2634 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453191 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 39401 | 0 | 0 | 39401 |
|  Total Investments | $39401 | $449737 | $3454 | $492592 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  Corporate Bonds & Notes | $0 | $(5834) | $0 | $(5834) |
|  U.S. Government Agencies | 0 | (10426) | 0 | (10426) |
|  | $0 | $(16260) | $0 | $(16260) |
|  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 | 5 | 279 | 0 | 284 |
|  Over the counter | 0 | 672 | 4 | 676 |
|  | $5 | $951 | $4 | $960 |
|  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 | (41) | (453) | 0 | (494) |
|  Over the counter | 0 | (2538) | 0 | (2538) |
|  | $(41) | $(2991) | $0 | $(3032) |
|  Total Financial Derivative Instruments | $(36) | $(2040) | $4 | $(2072) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474260 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO Diversified Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 105.9% | INVESTMENTS IN SECURITIES 105.9% | INVESTMENTS IN SECURITIES 105.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 5.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.5% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.799% due 05/16/2028 «~ | 7500 | 7521 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.802% due 08/15/2028 •  | 5827 | 5238 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  6.575% due 09/29/2031 •  | 2893 | 2803 |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  8.675% due 08/19/2028 ~ | 151 | 150 |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  4.185% (EUR003M + 1.700%) due 08/23/2027 ~ | 6300 | 6762 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  7.322% due 01/27/2032 | 1300 | 1293 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.575% due 12/11/2030 | 1950 | 1926 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 «•  | 5733 | 5408 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 ~µ | 1374 | 1354 |
|  8.295% due 12/09/2031 •  | 10400 | 10302 |
|  CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC |
|  TBD% - 10.322% due 05/16/2029 «µ | 1700 | 1708 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.073% due 05/01/2031 •  | 7295 | 7149 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/03/2031 «µ | 1069 | 1077 |
|  8.823% due 01/03/2031 « | 4831 | 4867 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  8.075% due 06/27/2031 •  | 3582 | 3580 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 1625 | 1613 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  9.790% due 10/31/2028 ~ | 732 | 733 |
|  Hudson's Bay Co. | Hudson's Bay Co. | Hudson's Bay Co. |
|  TBD% due 04/03/2026 « | 56 | 56 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.825% due 12/15/2027 •  | 2655 | 2641 |
|  Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
|  8.817% due 12/01/2027 «~ | 1273 | 984 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  TBD% due 03/22/2032 | 2100 | 2096 |
|  Lifepoint Health, Inc. | Lifepoint Health, Inc. | Lifepoint Health, Inc. |
|  7.817% due 05/19/2031 ~ | 4378 | 4226 |
|  8.052% due 05/17/2031 ~ | 79 | 77 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.575% due 10/23/2028 ~ | 1768 | 1766 |
|  Mercury Projects Finance PLC | Mercury Projects Finance PLC | Mercury Projects Finance PLC |
|  0.400% - 6.668% (EUR006M + 4.200%) due 08/11/2030 «~ | 2700 | 3005 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 1410 | 1369 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.037% due 12/31/2030 | 135 | 134 |
|  9.149% due 12/31/2030 | 2 | 2 |
|  Newfold Digital | Newfold Digital | Newfold Digital |
|  7.929% due 02/10/2028 «~ | 4651 | 3465 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  6.204% (EUR003M + 3.500%) due 04/03/2028 ~ | 755 | 818 |
|  Novelis Holdings, Inc. | Novelis Holdings, Inc. | Novelis Holdings, Inc. |
|  6.299% due 03/11/2032 | 2875 | 2876 |
|  Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. |
|  10.450% due 11/27/2031 ~ | 5100 | 6584 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.299% due 06/20/2031 | 2069 | 2040 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « | 1000 | 1000 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(m) | 567 | 613 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | $| 1700 | 1723 |
|  QualityTech LP | QualityTech LP | QualityTech LP | QualityTech LP |
|  7.814% due 10/30/2031 |  | 3200 | 3208 |
|  Republic of Panama | Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | EUR | 4200 | 4532 |
|  Republic of Turkey | Republic of Turkey | Republic of Turkey | Republic of Turkey |
|  9.127% (EUR003M + 6.210%) due 04/27/2031 «~ |  | 4600 | 5275 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  TBD% due 09/18/2031 | $| 4539 | 4533 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  9.791% due 03/29/2030 ~ |  | 980 | 916 |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.931% (EUR006M + 3.450%) due 08/11/2026 ~ | EUR | 4000 | 4322 |
|  Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
|  6.000% due 12/23/2025 «•  | $| 6611 | 6551 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  6.069% due 09/22/2028 |  | 862 | 862 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  TBD% due 02/04/2032 |  | 2000 | 1995 |
|  Subcalidora 2 SARL | Subcalidora 2 SARL | Subcalidora 2 SARL | Subcalidora 2 SARL |
|  8.105% (EUR003M + 5.750%) due 08/14/2029 «~ | EUR | 4000 | 4347 |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ |  | 3700 | 3990 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.558% (JIBA3M + 4.000%) due 03/02/2028 «~ | ZAR | 117429 | 6341 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.439% due 06/20/2028 ~ | $| 1791 | 1675 |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « |  | 2100 | 2068 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.684% due 01/31/2029 ~ |  | 5630 | 5529 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  7.575% due 10/19/2029 ~ |  | 1960 | 1905 |
|  Worldwide Express Operations LLC | Worldwide Express Operations LLC | Worldwide Express Operations LLC | Worldwide Express Operations LLC |
|  8.299% due 07/26/2028 ~ |  | 1064 | 1052 |
|  X Corp. | X Corp. | X Corp. | X Corp. |
|  10.949% due 10/26/2029 ~ |  | 4800 | 4776 |
|  Total Loan Participations and Assignments (Cost $164,052) | Total Loan Participations and Assignments (Cost $164,052) | Total Loan Participations and Assignments (Cost $164,052) | 162836 |
| CORPORATE BONDS & NOTES 46.5% | CORPORATE BONDS & NOTES 46.5% | CORPORATE BONDS & NOTES 46.5% | CORPORATE BONDS & NOTES 46.5% |
| BANKING & FINANCE 16.6% | BANKING & FINANCE 16.6% | BANKING & FINANCE 16.6% | BANKING & FINANCE 16.6% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.500% due 05/08/2034 |  | 3300 | 3426 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.650% due 07/21/2027 |  | 10055 | 9823 |
|  4.450% due 04/03/2026 |  | 550 | 550 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 |  | 800 | 616 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 |  | 560 | 529 |
|  5.250% due 03/15/2030 |  | 1650 | 1645 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  15.542% due 06/08/2026 ~ |  | 700 | 735 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.500% due 10/01/2031 |  | 2900 | 2851 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 |  | 14166 | 15783 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 |  | 810 | 715 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 |  | 100 | 86 |
|  3.375% due 07/15/2051 |  | 100 | 66 |
|  4.900% due 02/15/2029 |  | 1910 | 1917 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 |  | 1200 | 1050 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.800% due 08/15/2029 | $— | 1950 | $— | 1873 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 |  | 1100 |  | 1038 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 |  | 1050 |  | 1000 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  6.200% due 03/21/2032 |  | 2400 |  | 2388 |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 |  | 550 |  | 535 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  14.542% due 05/07/2031 ~ |  | 700 |  | 737 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  5.150% due 02/15/2035 |  | 1500 |  | 1488 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 |  | 1250 |  | 1138 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 7590 |  | 7107 |
|  3.250% due 02/15/2027 |  | 500 |  | 485 |
|  4.250% due 04/15/2026 |  | 1575 |  | 1567 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 ~ |  | 2400 |  | 2830 |
|  10.500% due 07/23/2029 |  | 2400 |  | 3224 |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  5.750% due 01/22/2030 | $— | 2200 |  | 2183 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.565% due 01/17/2030 |  | 3400 |  | 3491 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.687% due 04/22/2032 •  |  | 3000 |  | 2641 |
|  2.884% due 10/22/2030 •  |  | 4490 |  | 4141 |
|  3.705% due 04/24/2028 •  |  | 3700 |  | 3638 |
|  5.288% due 04/25/2034 •  |  | 1250 |  | 1256 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  6.125% due 12/15/2025 •(j)(k) |  | 3000 |  | 3001 |
|  6.375% due 12/15/2025 ~(j)(k) |  | 600 |  | 776 |
|  7.125% due 06/15/2025 ~(j)(k) |  | 3700 |  | 4786 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  5.250% due 09/10/2029 | $— | 1000 |  | 1004 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 |  | 2540 |  | 2529 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 |  | 2000 |  | 2050 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  |  | 100 |  | 93 |
|  2.219% due 06/09/2026 •  |  | 1600 |  | 1592 |
|  3.052% due 01/13/2031 •  |  | 4600 |  | 4209 |
|  4.625% due 01/12/2027 •(j)(k) |  | 2200 |  | 2116 |
|  7.000% due 08/16/2028 •(j)(k) |  | 2000 |  | 2025 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 |  | 1500 |  | 1563 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  6.293% due 01/14/2036 ~ |  | 1600 |  | 1655 |
|  6.714% due 10/19/2029 •  |  | 2500 |  | 2634 |
|  7.003% due 10/19/2034 •  |  | 2500 |  | 2724 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.125% due 05/15/2029 |  | 190 |  | 185 |
|  Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. |
|  5.750% due 05/15/2026 |  | 1394 |  | 1384 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  |  | 1200 |  | 1231 |
|  6.840% due 09/13/2034 •  |  | 2500 |  | 2717 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 |  | 2800 |  | 2937 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 |  | 2133 |  | 1952 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 |  | 2200 |  | 2192 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 |  | 2700 |  | 2772 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  8.625% due 02/28/2033 ~ |  | 1100 |  | 1520 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | $— | 1020 |  | 909 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 |  | 31400 |  | 9167 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  9.250% due 12/15/2028 | 2750 | 2915 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.907% due 06/16/2026 •  | 3550 | 3528 |
|  Credit Suisse AG AT1 Claim | 12750 | 1530 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.250% due 01/15/2031 | 2050 | 1753 |
|  3.100% due 11/15/2029 | 1020 | 940 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  2.000% due 02/15/2031 | 1525 | 1291 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 7625 | 7569 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(m) | 2000 | 2002 |
|  5.410% due 01/30/2032 «(m) | 2000 | 1995 |
|  5.590% due 01/30/2035 «(m) | 2000 | 1977 |
|  5.410% due 01/30/2037 «(m) | 500 | 493 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 3000 | 2699 |
|  5.882% due 07/08/2031 •  | 2275 | 2297 |
|  Discover Bank | Discover Bank | Discover Bank |
|  4.650% due 09/13/2028 | 1100 | 1091 |
|  DOC DR LLC | DOC DR LLC | DOC DR LLC |
|  3.950% due 01/15/2028 | 23 | 23 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 2800 | 2435 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 1900 | 1961 |
|  9.250% due 04/01/2029 | 3000 | 3146 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.200% due 11/18/2029 | 910 | 852 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 ~(j)(k) | 400 | 421 |
|  7.000% due 04/15/2031 ~(j)(k) | 2400 | 2708 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  1.650% due 01/15/2031 | 700 | 587 |
|  2.650% due 03/15/2032 | 690 | 591 |
|  2.650% due 09/01/2050 | 300 | 179 |
|  European Union | European Union | European Union |
|  3.000% due 12/04/2034 | 34300 | 36490 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.000% due 06/15/2029 | 150 | 145 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 1400 | 1296 |
|  3.375% due 11/13/2025 | 11600 | 11463 |
|  3.815% due 11/02/2027 | 800 | 763 |
|  4.542% due 08/01/2026 | 600 | 592 |
|  5.875% due 11/07/2029 | 5000 | 4948 |
|  7.350% due 11/04/2027 | 300 | 311 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.500% due 05/01/2028 | 6750 | 6622 |
|  7.000% due 05/01/2031 | 6400 | 6508 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 2500 | 2490 |
|  7.625% due 05/01/2026 | 1100 | 1098 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 3000 | 2934 |
|  9.250% due 02/01/2029 | 3400 | 3456 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.125% due 02/14/2053 | 2700 | 2314 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2030 | 100 | 95 |
|  5.750% due 06/01/2028 | 890 | 906 |
|  GN Bondco LLC | GN Bondco LLC | GN Bondco LLC |
|  9.500% due 10/15/2031 | 3300 | 3304 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 3800 | 3696 |
|  5.330% due 07/23/2035 •  | 4050 | 4032 |
|  5.727% due 04/25/2030 •  | 1700 | 1754 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 1450 | 1409 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 1400 | 1385 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 820 | 720 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2028 «(b)(m) | 2400 | 2409 |
|  5.070% due 06/07/2030 «(b)(m) | 1500 | 1507 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 | 1970 | 1912 |
|  3.750% due 09/15/2030 | 2520 | 2242 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 100 | 89 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1700 | 1678 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.804% due 05/24/2032 •  | 1700 | 1487 |
|  2.848% due 06/04/2031 •  | 1075 | 966 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.750% due 11/16/2026 •(j)(k) | 2800 | 2780 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 | 3300 | 3535 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 6000 | 6132 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 335 | 286 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  6.125% due 11/01/2032 | 2500 | 2462 |
|  7.125% due 04/30/2031 | 5300 | 5448 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.509% due 01/23/2029 •  | 10000 | 9722 |
|  5.294% due 07/22/2035 •  | 3900 | 3917 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  4.250% due 02/01/2027 | 1130 | 1101 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 1975 | 2053 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 | 81 | 82 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.947% due 06/27/2025 ~(j)(k) | 1900 | 2058 |
|  7.500% due 09/27/2025 •(j)(k) | 2400 | 2414 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  4.000% due 03/15/2029 | 1385 | 1327 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 1150 | 1110 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 | 2000 | 1741 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  | 2500 | 2186 |
|  2.869% due 09/13/2030 •  | 1000 | 923 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.173% due 01/16/2030 •  | 5000 | 5067 |
|  5.320% due 07/19/2035 •  | 5300 | 5303 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  6.000% due 01/15/2027 | 2000 | 2000 |
|  7.125% due 02/01/2032 | 1850 | 1923 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  | 2400 | 2309 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(j)(k) | 1700 | 1443 |
|  5.125% due 05/12/2027 ~(j)(k) | 1700 | 2115 |
|  6.000% due 12/29/2025 •(j)(k) | 3490 | 3493 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 1500 | 1574 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 2300 | 2052 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.625% due 03/26/2026 •(j)(k) | 1500 | 1508 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  4.000% due 09/15/2030 | 550 | 485 |
|  5.375% due 11/15/2029 | 3149 | 2998 |
|  6.625% due 01/15/2028 | 20 | 20 |
|  6.625% due 05/15/2029 | 3800 | 3812 |
|  Oxford Finance LLC | Oxford Finance LLC | Oxford Finance LLC |
|  6.375% due 02/01/2027 | 1000 | 991 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  13.792% due 06/09/2031 •  | 250 | 264 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 7600 | 5360 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 4600 | 4690 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 1700 | 1588 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 1850 | 1730 |
|  5.750% due 09/15/2031 | 2375 | 2257 |
|  Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL |
|  6.125% due 06/09/2026 | 900 | 906 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 1400 | 1462 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.282% due 06/07/2027 •  | 700 | 740 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 300 | 262 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  1.625% due 12/15/2030 | 500 | 529 |
|  3.200% due 01/15/2027 | 500 | 488 |
|  3.200% due 02/15/2031 | 820 | 751 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  2.950% due 09/15/2029 | 100 | 93 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 1860 | 1599 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  4.500% due 02/15/2029 | 1275 | 1207 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 975 | 954 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  4.000% due 10/15/2033 | 3450 | 2962 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.532% due 04/07/2031 ~ | 400 | 414 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 1025 | 918 |
|  6.875% due 04/15/2034 | 3000 | 3204 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 ~ | 2900 | 2923 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 2400 | 2336 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.875% due 02/15/2027 | 1000 | 973 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.750% due 03/18/2030 | 1900 | 1900 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 980 | 938 |
|  Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners |
|  6.520% due 03/20/2028 «(m) | 2700 | 2728 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.750% due 01/15/2030 | 1900 | 1736 |
|  Sunrise FinCo BV | Sunrise FinCo BV | Sunrise FinCo BV |
|  4.875% due 07/15/2031 | 950 | 865 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  2.875% due 10/28/2031 | 1700 | 1439 |
|  Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC |
|  5.411% due 07/13/2044 | 87 | 106 |
|  5.801% due 10/13/2040 | 186 | 237 |
|  6.052% due 10/13/2039 | 6395 | 8361 |
|  TP ICAP Finance PLC | TP ICAP Finance PLC | TP ICAP Finance PLC |
|  5.250% due 05/29/2026 | 4900 | 6345 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 2100 | 1693 |
|  7.375% due 02/13/2034 | 2000 | 2012 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.095% due 02/11/2032 •  | 700 | 595 |
|  3.091% due 05/14/2032 •  | 1525 | 1358 |
|  4.194% due 04/01/2031 •  | 3100 | 2990 |
|  5.428% due 02/08/2030 •  | 2000 | 2037 |
|  5.617% due 09/13/2030 •  | 2500 | 2567 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  2.569% due 09/22/2026 •  | 8650 | 8555 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(m) | 4300 | 4387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.875% due 02/15/2029 | 3550 | 3394 |
|  4.125% due 08/15/2030 | 625 | 589 |
|  4.250% due 12/01/2026 | 2030 | 2009 |
|  5.750% due 02/01/2027 | 1030 | 1045 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2900 | 2768 |
|  5.211% due 12/03/2035 •  | 5000 | 4967 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 2410 | 2323 |
|  6.950% due 10/01/2027 | 460 | 486 |
|  7.375% due 03/15/2032 | 508 | 571 |
|  |  | 492260 |
| INDUSTRIALS 25.4% | INDUSTRIALS 25.4% | INDUSTRIALS 25.4% |
|  AA Bond Co. Ltd. | AA Bond Co. Ltd. | AA Bond Co. Ltd. |
|  6.500% due 01/31/2026 | 788 | 1018 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.000% due 04/15/2029 | 600 | 568 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  5.150% due 04/01/2034 | 3000 | 3000 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 1350 | 1319 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.600% due 09/15/2028 | 413 | 404 |
|  5.250% due 10/01/2030 | 748 | 752 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  4.000% due 01/15/2031 | 1300 | 1216 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 1023 | 1020 |
|  Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
|  3.550% due 10/01/2027 | 600 | 584 |
|  ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA |
|  3.100% due 06/25/2027 ^«(d) | 5500 | 330 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  10.500% due 05/15/2027 | 2900 | 852 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 1025 | 884 |
|  4.250% due 10/15/2029 | 800 | 692 |
|  5.500% due 10/15/2029 | 2625 | 2084 |
|  8.125% due 02/01/2027 | 400 | 358 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 735 | 552 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 3420 | 3010 |
|  3.000% due 04/15/2030 | 109 | 103 |
|  3.150% due 08/15/2033 | 259 | 238 |
|  3.200% due 12/15/2029 | 1385 | 1321 |
|  3.350% due 04/15/2031 | 1296 | 1232 |
|  3.375% due 11/01/2028 | 1259 | 1222 |
|  3.575% due 07/15/2029 | 771 | 747 |
|  3.600% due 03/22/2029 | 574 | 556 |
|  3.600% due 04/15/2031 | 117 | 109 |
|  3.650% due 02/15/2029 | 369 | 356 |
|  3.700% due 04/01/2028 | 241 | 237 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 1573 | 1570 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 1000 | 918 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 400 | 370 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 | 800 | 690 |
|  Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 | 870 | 873 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 3800 | 3846 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.308% due 10/20/2031 | 3000 | 2935 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 | 700 | 680 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 650 | 604 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  3.875% due 11/01/2029 | 1825 | 1686 |
|  4.625% due 07/15/2028 | 2545 | 2455 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 1250 | 1144 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.250% due 03/15/2033 | 2000 | 2026 |
|  B.C. Ltd. | B.C. Ltd. | B.C. Ltd. |
|  10.000% due 04/15/2032 (b) | 2800 | 2786 |
|  B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. |
|  4.000% due 10/15/2030 | 3400 | 3080 |
|  4.375% due 01/15/2028 | 4660 | 4486 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  3.400% due 04/15/2030 | 1000 | 938 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 1000 | 1039 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  5.500% due 11/01/2025 | 500 | 500 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 2100 | 2091 |
|  4.375% due 12/15/2028 | 2300 | 2241 |
|  6.375% due 11/21/2030 | 800 | 838 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.625% due 05/01/2027 | 1700 | 1674 |
|  Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
|  4.500% due 11/15/2026 | 800 | 799 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  5.750% due 10/15/2029 | 1200 | 1193 |
|  Block Communications, Inc. | Block Communications, Inc. | Block Communications, Inc. |
|  4.875% due 03/01/2028 | 1600 | 1515 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 1325 | 1286 |
|  3.500% due 06/01/2031 | 1400 | 1232 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2028 | 2390 | 2293 |
|  3.625% due 02/01/2031 | 1075 | 997 |
|  5.040% due 05/01/2027 | 600 | 603 |
|  5.150% due 05/01/2030 | 2835 | 2854 |
|  5.805% due 05/01/2050 | 1850 | 1763 |
|  5.930% due 05/01/2060 | 2570 | 2420 |
|  6.388% due 05/01/2031 | 1400 | 1493 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 870 | 827 |
|  Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC |
|  9.375% due 11/07/2029 | 2300 | 2866 |
|  Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
|  4.750% due 05/15/2029 | 1000 | 942 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 1080 | 971 |
|  4.250% due 05/15/2034 | 747 | 721 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 1000 | 843 |
|  3.137% due 11/15/2035 | 906 | 751 |
|  3.187% due 11/15/2036 | 1640 | 1347 |
|  3.419% due 04/15/2033 | 2380 | 2120 |
|  3.469% due 04/15/2034 | 5534 | 4873 |
|  4.300% due 11/15/2032 | 1590 | 1518 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 3200 | 2865 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 3000 | 3799 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 1770 | 1673 |
|  CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings |
|  5.375% due 10/31/2026 | 2400 | 2362 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 325 | 309 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.302% due 01/15/2035 | 300 | 254 |
|  3.402% due 01/15/2038 | 400 | 337 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.400% due 12/15/2034 | 1100 | 1087 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 6550 | 6271 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (c) | 3000 | 3179 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  5.125% due 05/01/2027 | 3000 | 2957 |
|  5.375% due 06/01/2029 | 1000 | 968 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 2100 | 2087 |
|  6.629% due 07/15/2032 | 1300 | 1336 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 3000 | 2532 |
|  4.250% due 12/15/2027 | 2200 | 2148 |
|  4.625% due 12/15/2029 | 1900 | 1822 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1500 | 1538 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 2825 | 2747 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  4.250% due 05/01/2028 | 420 | 401 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.500% due 06/01/2041 | 2200 | 1525 |
|  3.750% due 02/15/2028 | 1300 | 1260 |
|  3.850% due 04/01/2061 | 5425 | 3297 |
|  3.900% due 06/01/2052 | 1875 | 1213 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1410 | 1347 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  4.375% due 01/15/2028 | 2000 | 1976 |
|  5.500% due 01/15/2028 | 300 | 269 |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  4.625% due 11/15/2028 | 1900 | 1830 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 1850 | 1743 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 3200 | 3186 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 1725 | 1602 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 (b) | 3900 | 3930 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 2150 | 1776 |
|  5.625% due 03/15/2027 | 2275 | 2174 |
|  6.000% due 01/15/2029 | 1000 | 890 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 | 550 | 516 |
|  Continental Wind LLC | Continental Wind LLC | Continental Wind LLC |
|  6.000% due 02/28/2033 | 133 | 137 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  3.875% due 04/15/2026 | 775 | 838 |
|  5.000% due 04/15/2026 | 594 | 593 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 | 1200 | 1152 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.773% due 01/10/2033 | 202 | 202 |
|  5.926% due 01/10/2034 | 22 | 23 |
|  6.036% due 12/10/2028 | 40 | 40 |
|  6.943% due 01/10/2030 | 4377 | 4499 |
|  7.507% due 01/10/2032 | 3538 | 3771 |
|  8.353% due 07/10/2031 | 766 | 836 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 1950 | 2009 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 | 2350 | 2055 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  8.100% due 07/15/2036 | 594 | 709 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.500% due 10/20/2025 | 900 | 897 |
|  4.750% due 10/20/2028 | 2705 | 2695 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 1000 | 1005 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 | 2900 | 2813 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 | 1480 | 1394 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 550 | 578 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.375% due 09/18/2043 | 2130 | 1827 |
|  Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 3200 | 3124 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
|  6.650% due 08/28/2028 | 1470 | 1492 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  5.200% due 02/15/2035 | 1800 | 1807 |
|  ELO SACA | ELO SACA | ELO SACA |
|  3.250% due 07/23/2027 | 2400 | 2467 |
|  4.875% due 12/08/2028 | 2500 | 2426 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 1700 | 1033 |
|  Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA |
|  3.650% due 05/07/2030 | 1000 | 942 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.750% due 05/15/2030 | 780 | 738 |
|  5.250% due 04/15/2029 | 200 | 202 |
|  6.000% due 02/01/2029 | 1975 | 2009 |
|  6.125% due 12/15/2045 | 2080 | 2047 |
|  6.500% due 02/01/2042 | 800 | 828 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 3425 | 3454 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  4.500% due 01/15/2029 | 2052 | 1989 |
|  6.500% due 07/01/2027 | 1930 | 1982 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  5.000% due 01/15/2029 | 900 | 906 |
|  7.000% due 02/01/2030 | 2000 | 2158 |
|  ESAB Corp. | ESAB Corp. | ESAB Corp. |
|  6.250% due 04/15/2029 | 2000 | 2032 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 | 6800 | 6438 |
|  5.375% due 02/01/2029 | 660 | 658 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 2095 | 1994 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 600 | 555 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 | 2675 | 2455 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 2000 | 1763 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 3200 | 3521 |
|  Flutter Treasury Designated Activity Co. | Flutter Treasury Designated Activity Co. | Flutter Treasury Designated Activity Co. |
|  6.375% due 04/29/2029 | 4000 | 4078 |
|  Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. |
|  2.375% due 02/16/2031 | 2940 | 2488 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.875% due 10/15/2027 | 2750 | 2749 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 3100 | 2800 |
|  3.875% due 10/01/2031 | 1550 | 1339 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  4.625% due 02/15/2027 | 660 | 643 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.750% due 10/01/2030 | 2825 | 2608 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  8.625% due 04/28/2034 | 5500 | 4400 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  10.000% due 10/31/2028 | 2591 | 2593 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 2125 | 2082 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 (b) | 2000 | 1964 |
|  9.250% due 12/01/2028 | 2000 | 2102 |
|  Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
|  3.450% due 10/15/2027 | 470 | 454 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 3700 | 3804 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
|  5.198% due 06/15/2034 | 2396 | 2247 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 1250 | 1171 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 (b) | 800 | 797 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 1230 | 1141 |
|  4.625% due 03/15/2052 | 1300 | 1036 |
|  5.625% due 09/01/2028 | 3224 | 3298 |
|  5.750% due 03/01/2035 | 2500 | 2524 |
|  5.875% due 02/01/2029 | 1600 | 1649 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 2000 | 1877 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 6375 | 5592 |
|  3.750% due 05/01/2029 | 5000 | 4668 |
|  4.000% due 05/01/2031 | 1375 | 1246 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  4.875% due 07/01/2031 | 1100 | 967 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 2225 | 2281 |
|  IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) |
|  6.750% due 11/15/2029 (c) | 4150 | 4602 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 4325 | 4111 |
|  Infor, Inc. | Infor, Inc. | Infor, Inc. |
|  1.750% due 07/15/2025 | 900 | 891 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1600 | 1495 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 | 2150 | 2094 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 | 5213 | 4966 |
|  Inter Media & Communication SpA | Inter Media & Communication SpA | Inter Media & Communication SpA |
|  6.750% due 02/09/2027 | 786 | 861 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 1000 | 1339 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 | 1000 | 1019 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 1200 | 1186 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 1417 | 1331 |
|  John Lewis PLC | John Lewis PLC | John Lewis PLC |
|  4.250% due 12/18/2034 | 975 | 982 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 1400 | 1432 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.375% due 04/24/2030 | 1600 | 1584 |
|  5.750% due 04/19/2047 | 3600 | 3149 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  7.750% due 01/15/2032 | 5975 | 6838 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 1000 | 818 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 4500 | 4398 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 1630 | 1534 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 950 | 817 |
|  4.375% due 05/15/2030 | 640 | 622 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  11.000% due 11/15/2029 | 2725 | 3040 |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 1470 | 1453 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 3000 | 3023 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 2000 | 1908 |
|  4.750% due 10/15/2027 | 480 | 468 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  3.500% due 10/15/2032 | 2210 | 1972 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
|  4.500% due 06/15/2029 | 550 | 505 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 2000 | 2009 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.250% due 04/01/2029 | 4000 | 4056 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  4.875% due 06/06/2025 | 700 | 697 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 3900 | 3824 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  5.500% due 04/15/2027 | 1110 | 1102 |
|  Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
|  4.875% due 05/01/2029 | 1400 | 1315 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  6.469% due 09/15/2032 | 1700 | 2180 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 404 | 294 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (c) | 211 | 184 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(m) | 6600 | 6670 |
|  5.580% due 10/05/2033 «(m) | 5000 | 5011 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 1150 | 1021 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 02/15/2027 | 900 | 899 |
|  8.125% due 01/15/2029 | 2000 | 2105 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  3.625% due 06/15/2030 | 2000 | 2219 |
|  New Albertsons LP | New Albertsons LP | New Albertsons LP |
|  6.570% due 02/23/2028 | 800 | 790 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  6.000% due 02/15/2029 « | 1325 | 795 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 3000 | 2919 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 5000 | 5000 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.250% due 11/15/2026 | 600 | 581 |
|  3.875% due 08/15/2031 | 700 | 609 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 600 | 471 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 1310 | 1325 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 940 | 862 |
|  NXP BV | NXP BV | NXP BV |
|  3.150% due 05/01/2027 | 200 | 194 |
|  3.875% due 06/18/2026 | 1400 | 1388 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.375% due 09/01/2028 | 3980 | 4131 |
|  6.450% due 09/15/2036 | 250 | 258 |
|  6.625% due 09/01/2030 | 1990 | 2092 |
|  8.875% due 07/15/2030 | 1040 | 1192 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  3.875% due 10/01/2028 | 1750 | 1810 |
|  4.250% due 10/01/2028 | 1700 | 1573 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 1820 | 1706 |
|  Opal BIDCO | Opal BIDCO | Opal BIDCO |
|  5.500% due 03/31/2032 | 2600 | 2811 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 600 | 548 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.850% due 04/01/2060 | 3200 | 2201 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 5000 | 4676 |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 1800 | 1849 |
|  Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. |
|  4.000% due 10/15/2027 | 3100 | 3131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  4.150% due 02/25/2060 | 1000 | 700 |
|  4.175% due 01/21/2050 | 1500 | 1111 |
|  4.700% due 07/30/2049 | 3000 | 2421 |
|  6.500% due 05/27/2041 | 3000 | 3087 |
|  6.500% due 11/07/2048 | 3500 | 3542 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.500% due 04/12/2037 ^(d) | 27535 | 3855 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 4526 | 3017 |
|  6.375% due 01/23/2045 | 8510 | 5738 |
|  6.750% due 09/21/2047 | 13456 | 9214 |
|  6.950% due 01/28/2060 | 4262 | 2912 |
|  7.690% due 01/23/2050 | 10170 | 7635 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 1350 | 1265 |
|  7.750% due 02/15/2029 | 825 | 758 |
|  Picard Groupe SAS | Picard Groupe SAS | Picard Groupe SAS |
|  6.375% due 07/01/2029 | 2000 | 2230 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 | 3000 | 3405 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 2510 | 2347 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  3.750% due 04/01/2031 | 850 | 763 |
|  5.125% due 01/15/2028 | 100 | 98 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 2000 | 1889 |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  3.375% due 08/31/2027 | 2400 | 2276 |
|  5.750% due 04/15/2026 | 907 | 906 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  6.250% due 04/01/2029 | 3400 | 3394 |
|  ProFrac Holdings LLC | ProFrac Holdings LLC | ProFrac Holdings LLC |
|  11.538% due 01/23/2029 ~ | 612 | 633 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 200 | 193 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.900% due 10/01/2030 | 975 | 878 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 5300 | 5338 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 5025 | 4892 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 | 478 | 471 |
|  Rivian Holdings LLC | Rivian Holdings LLC | Rivian Holdings LLC |
|  10.502% due 10/15/2026 ~ | 5900 | 5951 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.800% due 05/15/2030 | 2480 | 2331 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  4.625% due 02/16/2026 | 1000 | 1094 |
|  5.750% due 10/15/2027 | 3200 | 3278 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.625% due 09/30/2031 | 2000 | 1965 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 2300 | 2259 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  2.850% due 03/08/2029 | 3700 | 3349 |
|  3.800% due 01/08/2026 | 1000 | 990 |
|  5.125% due 08/08/2025 | 2100 | 2100 |
|  5.400% due 08/08/2028 | 1425 | 1428 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 1325 | 1202 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
|  4.500% due 09/14/2032 | 2500 | 2826 |
|  4.875% due 09/14/2035 | 5200 | 5984 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.375% due 09/18/2026 | 1800 | 1744 |
|  6.500% due 09/27/2028 | 4350 | 4179 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.250% due 11/24/2050 | 550 | 361 |
|  3.500% due 11/24/2070 | 2000 | 1243 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 3350 | 3351 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  9.625% due 12/01/2032 | 3698 | 4163 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  4.000% due 04/15/2029 | 2025 | 1863 |
|  SIG Combibloc PurchaseCo SARL | SIG Combibloc PurchaseCo SARL | SIG Combibloc PurchaseCo SARL |
|  2.125% due 06/18/2025 | 1400 | 1512 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 | 250 | 232 |
|  Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
|  4.125% due 07/01/2030 | 925 | 823 |
|  Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP |
|  7.875% due 11/01/2028 | 1000 | 1030 |
|  Sociedad Quimica y Minera de Chile SA | Sociedad Quimica y Minera de Chile SA | Sociedad Quimica y Minera de Chile SA |
|  5.500% due 09/10/2034 | 3000 | 2911 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.700% due 04/30/2030 | 2300 | 2192 |
|  Speedway Motorsports LLC | Speedway Motorsports LLC | Speedway Motorsports LLC |
|  4.875% due 11/01/2027 | 950 | 910 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.750% due 11/15/2030 | 2000 | 2210 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 | 62 | 56 |
|  4.100% due 10/01/2029 | 306 | 286 |
|  Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/06/2030 ^(c)(d) | 1135 | 1005 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 1400 | 1335 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 3990 | 4201 |
|  3.375% due 01/15/2031 | 6420 | 5587 |
|  4.375% due 07/15/2030 | 1190 | 1099 |
|  4.750% due 01/15/2028 | 1200 | 1163 |
|  5.000% due 02/15/2027 | 1170 | 1153 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 1800 | 1732 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 1220 | 1169 |
|  4.625% due 12/01/2031 | 2000 | 1799 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.550% due 02/15/2031 | 1165 | 1027 |
|  2.625% due 02/15/2029 | 2475 | 2293 |
|  2.875% due 02/15/2031 | 3210 | 2877 |
|  3.875% due 04/15/2030 | 4650 | 4459 |
|  TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
|  3.500% due 02/15/2028 | 400 | 425 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 1000 | 1035 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2031 | 6200 | 4961 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 39 | 41 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  4.375% due 07/15/2027 | 1000 | 1077 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | 565 | 544 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 3925 | 3495 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  2.450% due 03/16/2031 | 800 | 701 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  4.625% due 03/01/2030 | 1100 | 1029 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 1690 | 1528 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 108 | 105 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 1800 | 1671 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 174 | 173 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 | 600 | 579 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 779 | 666 |
|  UCB SA | UCB SA | UCB SA |
|  4.250% due 03/20/2030 | 1100 | 1219 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 4000 | 4061 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 235 | 209 |
|  2.900% due 11/01/2029 | 505 | 472 |
|  3.100% due 01/07/2030 | 166 | 158 |
|  3.500% due 09/01/2031 | 340 | 324 |
|  4.150% due 02/25/2033 | 986 | 946 |
|  5.800% due 07/15/2037 | 2866 | 2915 |
|  5.875% due 04/15/2029 | 2246 | 2290 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 2980 | 2935 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 1100 | 973 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 1200 | 1202 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 7700 | 7134 |
|  3.875% due 11/01/2033 | 4300 | 3704 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 1600 | 1577 |
|  8.125% due 06/01/2028 | 3000 | 3067 |
|  8.375% due 06/01/2031 | 2500 | 2537 |
|  9.500% due 02/01/2029 | 6800 | 7296 |
|  Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
|  3.250% due 02/15/2027 | 2000 | 2136 |
|  Viking Ocean Cruises Ship Ltd. | Viking Ocean Cruises Ship Ltd. | Viking Ocean Cruises Ship Ltd. |
|  5.625% due 02/15/2029 | 550 | 542 |
|  Viper Energy Partners LP | Viper Energy Partners LP | Viper Energy Partners LP |
|  5.375% due 11/01/2027 | 2560 | 2538 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | 5200 | 5852 |
|  5.250% due 05/15/2029 | 100 | 121 |
|  Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC |
|  4.875% due 07/15/2028 | 3100 | 3718 |
|  Viridien | Viridien | Viridien |
|  8.500% due 10/15/2030 | 2600 | 2887 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.250% due 01/31/2031 | 3850 | 3328 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 2518 | 2458 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 6100 | 6100 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | 400 | 416 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  3.600% due 11/20/2025 | 2700 | 3442 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 | 650 | 666 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.750% due 09/15/2030 | 3900 | 3775 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 | 3040 | 3025 |
|  Windstream Services LLC | Windstream Services LLC | Windstream Services LLC |
|  8.250% due 10/01/2031 | 2300 | 2344 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  2.250% due 08/15/2031 | 3800 | 3750 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 4500 | 4369 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | 1810 | 1750 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 2760 | 2638 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 | 3800 | 3763 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.625% due 08/26/2028 | 4425 | 4260 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  5.125% due 10/01/2029 | 2250 | 2161 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 « | 886 | 876 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 5427 | 5733 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 2125 | 1984 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 | 260 | 237 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.875% due 04/14/2028 | 2000 | 1967 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 1000 | 880 |
|  |  | 754749 |
| UTILITIES 4.5% | UTILITIES 4.5% | UTILITIES 4.5% |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  1.450% due 09/15/2030 | 1570 | 1333 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  3.250% due 03/15/2050 | 300 | 206 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  2.750% due 06/01/2031 | 1000 | 889 |
|  3.550% due 09/15/2055 | 6991 | 4742 |
|  3.650% due 09/15/2059 | 5552 | 3747 |
|  Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC |
|  7.000% due 07/15/2029 | 1000 | 1023 |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.672% due 10/20/2035 (b) | 2800 | 2802 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 2665 | 2344 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 600 | 586 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 1500 | 1508 |
|  CrownRock LP | CrownRock LP | CrownRock LP |
|  5.000% due 05/01/2029 | 1325 | 1346 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.000% due 06/15/2030 | 4125 | 4147 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.750% due 04/01/2031 | 4150 | 4497 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1300 | 1313 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.250% due 10/13/2055 | 300 | 261 |
|  5.750% due 01/13/2035 | 2200 | 2232 |
|  6.000% due 04/22/2064 | 3100 | 2934 |
|  9.125% due 03/15/2033 •(j) | 6100 | 6876 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.500% due 07/12/2031 | 1700 | 1460 |
|  6.000% due 10/07/2039 | 1300 | 1326 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  1.750% due 03/15/2031 | 2000 | 1699 |
|  Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |
|  6.350% due 08/10/2028 | 2000 | 1990 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 2000 | 1882 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 1225 | 1184 |
|  Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 4800 | 3276 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  8.250% due 01/15/2029 | 2100 | 2170 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 300 | 286 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 | 100 | 68 |
|  Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC |
|  4.100% due 05/15/2028 | 650 | 642 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
|  3.395% due 04/09/2030 | 600 | 565 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  0.750% due 09/01/2033 | 4200 | 3557 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.200% due 12/02/2026 | 6900 | 4145 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  4.875% due 08/15/2027 | 1602 | 1600 |
|  7.768% due 12/15/2037 | 1139 | 1288 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 1600 | 1583 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.600% due 05/01/2030 | 1000 | 947 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 1575 | 1521 |
|  5.625% due 01/15/2028 | 750 | 763 |
|  6.350% due 01/15/2031 | 1000 | 1063 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 300 | 281 |
|  2.500% due 02/01/2031 | 1400 | 1204 |
|  2.950% due 03/01/2026 | 400 | 393 |
|  3.150% due 01/01/2026 | 1110 | 1096 |
|  3.250% due 06/01/2031 | 350 | 312 |
|  3.300% due 03/15/2027 | 700 | 680 |
|  3.300% due 12/01/2027 | 3000 | 2879 |
|  3.500% due 06/15/2025 | 1610 | 1605 |
|  3.500% due 08/01/2050 | 130 | 86 |
|  3.750% due 07/01/2028 | 150 | 144 |
|  3.750% due 08/15/2042 | 100 | 75 |
|  3.950% due 12/01/2047 | 1000 | 732 |
|  4.200% due 03/01/2029 | 2000 | 1935 |
|  4.200% due 06/01/2041 | 500 | 399 |
|  4.250% due 03/15/2046 | 200 | 156 |
|  4.300% due 03/15/2045 | 600 | 470 |
|  4.450% due 04/15/2042 | 500 | 409 |
|  4.500% due 07/01/2040 | 1400 | 1190 |
|  4.600% due 06/15/2043 | 300 | 248 |
|  4.650% due 08/01/2028 | 800 | 792 |
|  4.950% due 07/01/2050 | 444 | 371 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  3.000% due 06/30/2030 | 5200 | 4674 |
|  4.000% due 06/30/2050 | 5400 | 3757 |
|  4.375% due 02/05/2050 | 1000 | 743 |
|  4.875% due 07/17/2049 | 3200 | 2576 |
|  6.150% due 05/21/2048 | 2820 | 2722 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 1446 | 1480 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 1900 | 1617 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.850% due 08/01/2029 | 100 | 92 |
|  3.650% due 02/01/2050 | 1475 | 1024 |
|  4.650% due 10/01/2043 | 800 | 670 |
|  4.875% due 03/01/2049 | 600 | 502 |
|  5.625% due 02/01/2036 | 1000 | 988 |
|  6.650% due 04/01/2029 | 200 | 207 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 | 800 | 726 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 6980 | 7056 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  2.140% due 12/09/2025 | 1200 | 1178 |
|  Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP |
|  4.000% due 01/15/2032 | 775 | 715 |
|  4.875% due 02/01/2031 | 4645 | 4549 |
|  Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
|  7.875% due 07/31/2028 | 2650 | 3205 |
|  Tierra Mojada Luxembourg SARL | Tierra Mojada Luxembourg SARL | Tierra Mojada Luxembourg SARL |
|  5.750% due 12/01/2040 | 2878 | 2680 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/19/2059 | 700 | 607 |
|  7.875% due 02/15/2030 | 30 | 34 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 2200 | 2302 |
|  |  | 135362 |
|  Total Corporate Bonds & Notes (Cost $1,462,191) | Total Corporate Bonds & Notes (Cost $1,462,191) | 1382371 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 |
|  6.899% due 12/01/2040 | 657 | 728 |
|  Total Municipal Bonds & Notes<br>(Cost $861) | Total Municipal Bonds & Notes<br>(Cost $861) | 728 |
| U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.196% due 09/25/2040 •(a) | 270 | 6 |
|  1.346% due 09/25/2037 •(a) | 318 | 27 |
|  4.912% due 10/18/2030 •  | 1 | 1 |
|  6.500% due 06/25/2028 | 4 | 4 |
|  6.850% due 12/18/2027 | 3 | 3 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.963% due 09/15/2030 •  | 1 | 1 |
|  5.835% due 10/25/2044 - 02/25/2045 •  | 24 | 22 |
|  6.035% due 07/25/2044 •  | 33 | 31 |
|  6.500% due 07/25/2043 | 3 | 3 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.625% due 03/20/2026 - 07/20/2026 •  | 1 | 1 |
|  4.750% due 11/20/2026 - 11/20/2027 •  | 2 | 3 |
|  4.875% due 05/20/2026 •  | 1 | 1 |
|  6.112% due 09/16/2042 ~ | 133 | 132 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 02/01/2047 | 518 | 457 |
|  3.500% due 11/01/2045 - 10/01/2048 | 5279 | 4825 |
|  4.000% due 07/01/2048 - 06/01/2049 | 1143 | 1077 |
|  5.000% due 11/01/2035 | 14 | 14 |
|  6.000% due 04/01/2054 | 4505 | 4594 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 67400 | 58406 |
|  4.000% due 05/01/2055 | 34200 | 31821 |
|  4.500% due 06/01/2055 | 91300 | 87261 |
|  6.000% due 06/01/2055 | 82400 | 83534 |
|  6.500% due 06/01/2055 | 159500 | 164202 |
|  Total U.S. Government Agencies (Cost $435,941) | Total U.S. Government Agencies (Cost $435,941) | 436426 |
| U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 | 57400 | 40294 |
|  2.875% due 05/15/2043 (p)(r) | 12532 | 9874 |
|  3.125% due 02/15/2043 (p)(r) | 18631 | 15298 |
|  3.750% due 11/15/2043 (r) | 1500 | 1340 |
|  3.875% due 02/15/2043 (r) | 28000 | 25637 |
|  4.625% due 05/15/2044 (r) | 21700 | 21777 |
|  4.750% due 11/15/2043 (p)(r) | 11700 | 11956 |
|  4.750% due 02/15/2045 (n) | 13200 | 13443 |
|  U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) |
|  0.375% due 07/15/2025 (p) | 10984 | 11003 |
|  Total U.S. Treasury Obligations (Cost $176,368) | Total U.S. Treasury Obligations (Cost $176,368) | 150622 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.9% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.054% due 01/25/2036 ~ | 13 | 11 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 107 | 92 |
|  4.645% due 10/25/2046 •  | 386 | 198 |
|  5.335% due 02/25/2047 •  | 19454 | 6848 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.440% due 12/25/2035 •  | 480 | 161 |
|  6.500% due 03/25/2047 þ | 1656 | 1092 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 «•  | 5310 | 4037 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 •  | 11 | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 01/25/2036 | $— | 11 | $— | 11 |
|  5.643% due 09/20/2035 ~ |  | 21 |  | 17 |
|  6.000% due 07/25/2037 |  | 200 |  | 168 |
|  6.000% due 08/25/2037 |  | 55 |  | 45 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.068% due 02/25/2036 •  |  | 6 |  | 6 |
|  5.336% due 11/20/2046 •  |  | 346 |  | 308 |
|  5.432% due 06/25/2035 ~ |  | 41 |  | 36 |
|  6.000% due 10/25/2036 |  | 52 |  | 44 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  4.314% due 12/15/2051 |  | 600 |  | 592 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  |  | 1 |  | 1 |
|  4.526% due 02/25/2036 •  |  | 142 |  | 130 |
|  5.081% due 01/25/2035 •  |  | 200 |  | 196 |
|  5.172% due 01/25/2035 •  |  | 5 |  | 4 |
|  5.416% due 08/25/2035 •  |  | 183 |  | 170 |
|  5.954% due 01/25/2034 •  |  | 1 |  | 1 |
|  6.948% due 01/25/2034 •  |  | 3 |  | 3 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.055% due 03/25/2036 ~ |  | 121 |  | 98 |
|  4.259% due 08/25/2036 ~ |  | 244 |  | 165 |
|  4.346% due 11/25/2036 •  |  | 92 |  | 42 |
|  4.639% due 11/25/2036 •  |  | 89 |  | 51 |
|  4.676% due 11/25/2036 •  |  | 1928 |  | 999 |
|  4.775% due 08/25/2036 •  |  | 376 |  | 332 |
|  5.043% due 09/25/2035 •  |  | 291 |  | 169 |
|  5.564% due 05/25/2035 ~ |  | 17 |  | 16 |
|  5.564% due 05/25/2035 •  |  | 525 |  | 501 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  5.738% due 12/15/2057 |  | 4900 |  | 5075 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  |  | 5616 |  | 5064 |
|  3.250% due 09/25/2063 ~ |  | 5398 |  | 4847 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.500% due 11/25/2035 |  | 225 |  | 162 |
|  5.500% due 07/25/2037 |  | 932 |  | 0 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.645% due 10/25/2046 •  |  | 243 |  | 254 |
|  4.685% due 01/25/2036 •  |  | 43 |  | 41 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.209% due 05/10/2049 |  | 1100 |  | 1080 |
|  Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities | Citigroup Global Markets Mortgage Securities |
|  4.935% due 05/25/2032 ~ |  | 5 |  | 5 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.660% due 05/25/2035 •  |  | 74 |  | 71 |
|  4.821% due 09/25/2037 •  |  | 162 |  | 150 |
|  4.841% due 04/25/2037 •  |  | 118 |  | 105 |
|  5.438% due 09/25/2037 ~ |  | 14 |  | 13 |
|  6.210% due 08/25/2035 •  |  | 10 |  | 9 |
|  6.560% due 10/25/2035 ~ |  | 75 |  | 72 |
|  6.760% due 03/25/2034 •  |  | 6 |  | 5 |
|  7.230% due 10/25/2035 ~ |  | 54 |  | 56 |
|  7.410% due 05/25/2035 •  |  | 5 |  | 5 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 393 |  | 341 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  4.228% due 05/10/2051 |  | 1000 |  | 972 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.629% due 12/20/2046 ~ |  | 642 |  | 561 |
|  4.675% due 06/25/2036 •  |  | 1379 |  | 1288 |
|  4.714% due 09/20/2046 ~ |  | 370 |  | 322 |
|  4.795% due 04/25/2046 •  |  | 4208 |  | 3913 |
|  4.825% due 02/25/2037 •  |  | 342 |  | 301 |
|  4.835% due 02/25/2036 •  |  | 3136 |  | 2668 |
|  4.854% due 07/20/2046 ~ |  | 240 |  | 202 |
|  4.902% due 10/25/2035 •  |  | 6 |  | 5 |
|  5.094% due 11/20/2035 •  |  | 1723 |  | 1680 |
|  5.500% due 03/25/2035 |  | 3017 |  | 2680 |
|  5.500% due 11/25/2035 |  | 494 |  | 277 |
|  5.500% due 12/25/2035 |  | 319 |  | 195 |
|  5.500% due 01/25/2036 |  | 96 |  | 53 |
|  5.635% due 12/25/2035 ~ |  | 131 |  | 112 |
|  5.750% due 02/25/2035 |  | 257 |  | 172 |
|  5.750% due 03/25/2037 ~ |  | 81 |  | 42 |
|  6.000% due 10/25/2036 |  | 2882 |  | 1393 |
|  6.000% due 02/25/2037 |  | 2404 |  | 881 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 11/25/2036 | $— | 618 | $— | 457 |
|  6.250% due 12/25/2036 ~ |  | 436 |  | 181 |
|  6.250% due 08/25/2037 |  | 2700 |  | 1275 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.895% due 05/25/2035 ~ |  | 49 |  | 43 |
|  5.500% due 01/25/2035 |  | 153 |  | 153 |
|  5.500% due 09/25/2035 |  | 56 |  | 55 |
|  5.500% due 12/25/2035 |  | 161 |  | 86 |
|  6.000% due 05/25/2036 |  | 128 |  | 58 |
|  6.000% due 01/25/2037 |  | 2702 |  | 1272 |
|  6.741% due 02/25/2034 •  |  | 18 |  | 18 |
|  6.804% due 07/20/2034 ~ |  | 64 |  | 63 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ |  | 30 |  | 29 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.994% due 06/25/2033 ~ |  | 36 |  | 34 |
|  6.000% due 01/25/2036 |  | 383 |  | 237 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.672% due 06/25/2036 þ |  | 207 |  | 53 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.935% due 02/25/2035 •  |  | 744 |  | 733 |
|  5.500% due 12/25/2035 |  | 167 |  | 141 |
|  6.800% due 07/25/2036 þ |  | 68 |  | 58 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  3.548% due 04/17/2041 •  |  | 145 |  | 155 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  2.961% due 09/10/2044 •  |  | 4395 |  | 4668 |
|  5.279% due 09/13/2045 •  |  | 2683 |  | 3439 |
|  5.529% due 06/13/2045 •  |  | 1524 |  | 1954 |
|  5.529% due 06/13/2045 ~ |  | 208 |  | 267 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.634% due 02/25/2036 ~ | $— | 15 |  | 14 |
|  5.750% due 05/25/2037 |  | 403 |  | 134 |
|  GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust | GMAC Mortgage Corp. Loan Trust |
|  3.941% due 04/19/2036 ~ |  | 28 |  | 23 |
|  4.252% due 11/19/2035 •  |  | 18 |  | 15 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.975% due 11/25/2045 ~ |  | 17 |  | 16 |
|  GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates |
|  7.394% due 10/25/2033 •  |  | 37 |  | 36 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.286% due 05/25/2035 •  |  | 114 |  | 85 |
|  4.739% due 01/25/2036 ~ |  | 27 |  | 25 |
|  5.015% due 08/25/2046 •  |  | 10636 |  | 2323 |
|  5.076% due 11/25/2035 •  |  | 69 |  | 66 |
|  5.432% due 06/25/2034 •  |  | 7 |  | 7 |
|  5.665% due 11/25/2035 •  |  | 57 |  | 29 |
|  6.000% due 02/25/2036 |  | 966 |  | 428 |
|  6.000% due 03/25/2037 |  | 158 |  | 80 |
|  6.000% due 05/25/2037 |  | 42 |  | 31 |
|  6.697% due 09/25/2035 •  |  | 2 |  | 2 |
|  7.023% due 05/25/2034 ~ |  | 31 |  | 31 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.347% due 06/19/2036 •  |  | 105 |  | 54 |
|  4.811% due 09/19/2037 ~ |  | 234 |  | 202 |
|  4.811% due 01/19/2038 •  |  | 326 |  | 292 |
|  4.841% due 12/19/2036 •  |  | 1898 |  | 1493 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.955% due 01/25/2036 ~ |  | 46 |  | 44 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.485% due 07/25/2037 •  |  | 89 |  | 58 |
|  3.981% due 08/25/2036 ~ |  | 44 |  | 28 |
|  4.152% due 06/25/2036 •  |  | 164 |  | 143 |
|  4.915% due 07/25/2035 ~ |  | 19 |  | 18 |
|  4.975% due 06/25/2037 •  |  | 58 |  | 72 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.715% due 03/25/2037 ~ |  | 347 |  | 298 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.262% due 07/27/2037 ~ |  | 409 |  | 378 |
|  5.416% due 06/25/2036 ~ |  | 34 |  | 23 |
|  5.487% due 08/25/2035 •  |  | 89 |  | 79 |
|  5.491% due 06/25/2037 •  |  | 123 |  | 94 |
|  5.491% due 06/25/2037 ~ |  | 448 |  | 343 |
|  5.590% due 11/25/2054 •  |  | 3260 |  | 3265 |
|  5.686% due 07/25/2035 ~ |  | 8 |  | 7 |
|  5.740% due 04/25/2036 •  |  | 102 |  | 88 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.750% due 01/25/2036 | $— | 188 | $— | 82 |
|  5.855% due 04/25/2035 •  |  | 94 |  | 91 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.795% due 07/25/2037 •  |  | 240 |  | 220 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.558% due 11/25/2033 ~ |  | 10 |  | 9 |
|  4.915% due 05/25/2037 •  |  | 82 |  | 33 |
|  5.115% due 05/25/2047 •  |  | 950 |  | 788 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  |  | 500 |  | 48 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.578% due 06/25/2037 •  |  | 74 |  | 34 |
|  4.755% due 01/25/2037 ~ |  | 5523 |  | 1669 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.313% due 05/25/2034 ~ |  | 73 |  | 65 |
|  4.855% due 02/25/2036 •  |  | 342 |  | 334 |
|  6.039% due 11/25/2035 •  |  | 28 |  | 27 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 •  |  | 1558 |  | 1499 |
|  6.775% due 10/25/2058 þ |  | 2375 |  | 2405 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ |  | 2084 |  | 2026 |
|  3.250% due 05/25/2062 ~ |  | 198 |  | 195 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.455% due 11/25/2037 •  |  | 537 |  | 376 |
|  6.000% due 10/25/2037 |  | 3866 |  | 2043 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.935% due 09/25/2037 ~ |  | 2826 |  | 2140 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  |  | 2493 |  | 2391 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  6.320% due 03/25/2047 þ |  | 65 |  | 60 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  6.844% due 04/25/2063 þ |  | 2105 |  | 2130 |
|  OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust |
|  7.408% due 11/15/2040 •  |  | 4338 |  | 4361 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.195% due 12/25/2035 ~ |  | 321 |  | 317 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.935% due 02/25/2035 •  |  | 36 |  | 36 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  6.959% due 02/25/2029 þ |  | 1053 |  | 1056 |
|  RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust | RBSGC Mortgage Pass-Through Loan Trust |
|  5.500% due 11/25/2035 ~ |  | 840 |  | 704 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  6.500% due 10/26/2036 •  |  | 760 |  | 645 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.635% due 05/25/2037 •  |  | 194 |  | 176 |
|  4.815% due 07/25/2036 •  |  | 73 |  | 66 |
|  4.835% due 12/25/2046 •  |  | 111 |  | 93 |
|  4.895% due 05/25/2037 •  |  | 33 |  | 28 |
|  4.929% due 02/25/2035 ~ |  | 47 |  | 41 |
|  5.638% due 02/25/2036 •  |  | 80 |  | 69 |
|  6.000% due 06/25/2036 |  | 45 |  | 36 |
|  6.000% due 05/25/2037 |  | 39 |  | 32 |
|  6.500% due 07/25/2036 |  | 169 |  | 139 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 01/25/2046 ~ |  | 718 |  | 203 |
|  6.000% due 02/25/2036 |  | 322 |  | 126 |
|  6.250% due 09/25/2037 |  | 1857 |  | 755 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.552% due 02/25/2036 •  |  | 149 |  | 141 |
|  5.874% due 09/25/2035 ~ |  | 118 |  | 76 |
|  6.000% due 10/25/2036 |  | 176 |  | 141 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ |  | 37 |  | 37 |
|  4.607% due 09/25/2036 •  |  | 579 |  | 394 |
|  4.835% due 04/25/2047 •  |  | 218 |  | 180 |
|  5.035% due 10/25/2034 •  |  | 1927 |  | 1730 |
|  5.038% due 09/25/2035 •  |  | 384 |  | 342 |
|  5.342% due 03/25/2036 ~ |  | 33 |  | 26 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.875% due 05/25/2036 •  |  | 537 |  | 439 |
|  4.955% due 05/25/2046 •  |  | 28 |  | 17 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  5.091% due 09/19/2032 ~ | 3 | 3 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.554% due 06/25/2033 ~ | 11 | 11 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 7703 | 7353 |
|  5.435% due 10/25/2048 •  | 5027 | 5048 |
|  5.435% due 05/25/2058 ~ | 273 | 280 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  7.962% due 11/15/2034 «(m) | 2600 | 2545 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.999% due 02/25/2068 þ | 1714 | 1719 |
|  6.665% due 09/25/2068 þ | 5201 | 5256 |
|  7.070% due 10/25/2068 þ | 5859 | 5976 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  4.210% due 08/20/2035 •  | 57 | 53 |
|  7.507% due 10/20/2035 ~ | 9 | 9 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.142% due 12/25/2036 ~ | 160 | 142 |
|  4.174% due 12/25/2046 •  | 102 | 89 |
|  4.194% due 02/27/2034 ~ | 7 | 6 |
|  4.274% due 02/25/2037 ~ | 1174 | 1048 |
|  4.834% due 09/25/2036 •  | 128 | 109 |
|  4.955% due 11/25/2045 •  | 374 | 359 |
|  4.975% due 12/25/2045 •  | 286 | 262 |
|  5.075% due 08/25/2045 •  | 181 | 181 |
|  5.335% due 02/25/2047 ~ | 247 | 220 |
|  5.385% due 06/25/2047 ~ | 22 | 18 |
|  5.515% due 10/25/2046 •  | 479 | 411 |
|  5.635% due 08/25/2046 •  | 649 | 596 |
|  5.683% due 07/25/2046 •  | 381 | 342 |
|  5.835% due 11/25/2042 •  | 1 | 1 |
|  6.035% due 06/25/2042 •  | 1 | 1 |
|  6.035% due 08/25/2042 •  | 1 | 1 |
|  6.135% due 10/25/2046 •  | 76 | 71 |
|  6.555% due 09/25/2033 •  | 969 | 966 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.928% due 09/25/2036 þ | 15495 | 4161 |
|  4.915% due 01/25/2047 •  | 290 | 260 |
|  5.475% due 05/25/2047 •  | 9 | 12 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 | 900 | 817 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.662% due 11/25/2037 •  | 145 | 131 |
|  6.697% due 04/25/2036 ~ | 10 | 10 |
|  7.403% due 09/25/2033 ~ | 8 | 8 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $166,393) | Total Non-Agency Mortgage-Backed Securities (Cost $166,393) | 146925 |
| ASSET-BACKED SECURITIES 10.9% | ASSET-BACKED SECURITIES 10.9% | ASSET-BACKED SECURITIES 10.9% |
| AUTOMOBILE ABS OTHER 1.2% | AUTOMOBILE ABS OTHER 1.2% | AUTOMOBILE ABS OTHER 1.2% |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.010% due 09/16/2030 | 4800 | 4823 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.160% due 07/15/2031 | 7665 | 7703 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.490% due 07/17/2028 | 3800 | 3829 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.670% due 12/17/2029 | 1600 | 1659 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.870% due 05/15/2031 | 1000 | 1004 |
|  5.060% due 05/15/2031 | 6800 | 6831 |
|  5.450% due 03/15/2030 | 2405 | 2430 |
|  6.400% due 03/17/2031 | 2313 | 2399 |
|  6.430% due 02/18/2031 | 5400 | 5634 |
|  |  | 36312 |
| AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  4.770% due 09/17/2029 | 8100 | 8127 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.920% due 02/15/2031 | 1200 | 1199 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.670% due 08/15/2029 | 10500 | 10530 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 675 | 679 |
|  |  | 20535 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 07/15/2036 •  | 4717 | 4713 |
|  5.899% due 01/17/2037 •  | 2608 | 2605 |
|  |  | 7318 |
| HOME EQUITY OTHER 4.9% | HOME EQUITY OTHER 4.9% | HOME EQUITY OTHER 4.9% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.740% due 06/25/2035 •  | 6256 | 5533 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  5.590% due 04/25/2035 •  | 181 | 182 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.035% due 02/25/2036 •  | 35 | 35 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.824% due 04/25/2034 •  | 618 | 596 |
|  5.110% due 01/25/2036 •  | 889 | 884 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.975% due 05/25/2036 •  | 545 | 132 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 10/27/2032 ~ | 5 | 5 |
|  5.485% due 01/25/2037 •  | 6190 | 6210 |
|  5.485% due 08/25/2037 •  | 207 | 183 |
|  5.685% due 08/25/2037 ~ | 96 | 95 |
|  6.235% due 07/25/2035 •  | 9318 | 9288 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.915% due 06/25/2036 •  | 1803 | 1747 |
|  5.230% due 09/25/2035 •  | 654 | 640 |
|  5.260% due 02/25/2035 •  | 1375 | 1367 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.935% due 08/25/2036 •  | 1059 | 1049 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.128% due 02/25/2036 ~ | 7250 | 6779 |
|  4.293% due 10/25/2046 ~ | 69 | 70 |
|  4.695% due 11/25/2037 •  | 3213 | 2997 |
|  4.725% due 11/25/2037 •  | 4754 | 4486 |
|  4.875% due 09/25/2037 •  | 52 | 54 |
|  4.895% due 05/25/2037 •  | 1564 | 1513 |
|  5.006% due 10/25/2035 ~ | 1488 | 1482 |
|  5.015% due 06/25/2037 •  | 2554 | 2474 |
|  5.135% due 11/25/2036 •  | 723 | 620 |
|  5.456% due 07/25/2035 ~ | 953 | 948 |
|  6.095% due 08/25/2035 þ | 12 | 11 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.754% due 11/25/2036 ~ | 1705 | 1050 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.575% due 08/25/2037 ~ | 128 | 64 |
|  4.715% due 08/25/2037 ~ | 85 | 43 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.775% due 09/25/2036 ~ | 906 | 205 |
|  4.915% due 11/25/2036 •  | 10764 | 3416 |
|  5.035% due 03/25/2037 •  | 173 | 69 |
|  5.035% due 05/25/2047 •  | 99 | 60 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.935% due 05/25/2046 •  | 2546 | 2433 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.995% due 08/25/2036 ~ | 2661 | 2634 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.575% due 11/25/2036 •  | 4362 | 4092 |
|  4.625% due 04/25/2037 •  | 3079 | 2080 |
|  4.675% due 11/25/2036 ~ | 1600 | 1295 |
|  5.095% due 03/25/2036 •  | 6000 | 5642 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.735% due 07/25/2036 ~ | 862 | 369 |
|  4.945% due 02/25/2036 ~ | 2953 | 2921 |
|  5.365% due 12/25/2035 •  | 1398 | 1378 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.185% due 02/25/2034 •  | 716 | 709 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.755% due 11/25/2036 •  | 17544 | 10365 |
|  5.260% due 10/25/2034 ~ | 189 | 184 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.560% due 11/25/2035 •  | 2076 | 1980 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.575% due 04/25/2047 •  | 922 | 367 |
|  4.955% due 03/25/2037 ~ | 760 | 705 |
|  5.075% due 03/25/2037 •  | 397 | 369 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.525% due 01/25/2037 •  | 449 | 204 |
|  4.575% due 10/25/2036 ~ | 1664 | 728 |
|  4.635% due 09/25/2036 ~ | 1420 | 492 |
|  4.655% due 10/25/2036 •  | 1008 | 441 |
|  5.230% due 03/25/2034 •  | 389 | 406 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.785% due 04/25/2037 •  | 142 | 73 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 04/25/2037 ~ | 10731 | 3734 |
|  6.226% due 10/25/2036 þ | 176 | 49 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.885% due 03/25/2037 •  | 3000 | 2714 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.320% due 05/25/2034 ~ | 3032 | 3043 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.575% due 03/25/2037 •  | 189 | 172 |
|  4.655% due 01/25/2037 ~ | 321 | 188 |
|  4.935% due 07/25/2036 •  | 1256 | 720 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.375% due 05/25/2034 •  | 962 | 867 |
|  5.612% due 04/25/2037 þ | 927 | 242 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.875% due 12/25/2036 •  | 854 | 846 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.530% due 03/25/2035 ~ | 1237 | 1236 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.735% due 05/25/2047 •  | 11036 | 8007 |
|  4.835% due 09/25/2047 •  | 4761 | 4517 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  | 223 | 48 |
|  4.695% due 01/25/2037 •  | 5798 | 5511 |
|  5.395% due 10/25/2035 •  | 3151 | 2267 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.855% due 10/25/2036 •  | 2000 | 1505 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.585% due 06/25/2037 ~ | 2218 | 1452 |
|  4.955% due 02/25/2037 •  | 1238 | 333 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.585% due 09/25/2036 ~ | 38 | 37 |
|  5.235% due 07/25/2034 •  | 3374 | 3476 |
|  5.335% due 04/25/2035 •  | 11000 | 10340 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.065% due 11/25/2037 •  | 685 | 663 |
|  |  | 146121 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.755% due 01/25/2037 •  | 477 | 265 |
|  4.875% due 01/25/2037 ~ | 2043 | 1134 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 199 | 53 |
|  |  | 1452 |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 09/25/2046 ~ | 1168 | 1115 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.825% due 06/25/2037 •  | 299 | 298 |
|  7.250% due 05/25/2036 þ | 127 | 64 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.915% due 10/25/2036 ~ | 750 | 493 |
|  5.710% due 07/25/2034 •  | 54 | 54 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.855% due 11/25/2036 •  | 23118 | 6455 |
|  5.015% due 12/25/2035 •  | 214 | 209 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.705% due 04/25/2037 ~ | 4609 | 3380 |
|  5.035% due 12/25/2036 ~ | 170 | 166 |
|  |  | 12234 |
| OTHER ABS 3.3% | OTHER ABS 3.3% | OTHER ABS 3.3% |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.543% due 01/19/2033 •  | 5000 | 5001 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.393% due 01/20/2035 •  | 1000 | 998 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.900% due 07/28/2037 | 1060 | 1048 |
|  3.928% due 04/25/2038 | 1800 | 1747 |
|  4.430% due 07/25/2037 | 956 | 937 |
|  4.620% due 04/25/2037 | 930 | 930 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.699% due 10/16/2028 •  | 2400 | 2402 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.538% due 07/16/2031 •  | 1393 | 1394 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.990% due 06/25/2054 •  | 3630 | 3668 |
|  6.500% due 06/25/2054 | 4402 | 4589 |
|  7.330% due 06/25/2054 | 2228 | 2337 |
|  7.580% due 06/25/2054 | 2000 | 2093 |
|  8.210% due 06/25/2054 | 500 | 528 |
|  10.120% due 06/25/2054 | 700 | 725 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 841 | 847 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.756% due 11/15/2033 •  | 3752 | 4064 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.748% due 02/09/2035 ~ | 5500 | 5498 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 3300 | 3283 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.452% due 10/15/2031 •  | 5945 | 5950 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ | 5000 | 5004 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  6.049% due 03/15/2072 •  | 882 | 888 |
|  7.230% due 03/15/2072 | 500 | 527 |
|  Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. |
|  5.591% due 01/28/2030 •  | 4330 | 4332 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 700 | 700 |
|  5.240% due 08/16/2032 | 600 | 601 |
|  5.780% due 08/16/2032 | 500 | 501 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.329% due 10/15/2032 | 2300 | 2301 |
|  5.639% due 10/15/2032 | 2700 | 2701 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  0.000% due 04/15/2032 «•  | 700 | 594 |
|  5.162% due 04/15/2032 « | 868 | 870 |
|  5.617% due 04/15/2032 « | 779 | 784 |
|  5.823% due 04/15/2032 « | 450 | 453 |
|  6.093% due 11/15/2031 | 246 | 248 |
|  6.261% due 04/15/2032 « | 470 | 475 |
|  7.464% due 06/16/2031 | 249 | 250 |
|  10.273% due 04/15/2032 « | 580 | 601 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 1900 | 1894 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  | 2500 | 2705 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.348% due 01/20/2035 •  | 1300 | 1300 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.999% due 09/15/2053 ~ | 5585 | 5718 |
|  6.150% due 09/15/2053 | 3440 | 3621 |
|  6.930% due 09/15/2053 | 1996 | 2122 |
|  7.540% due 09/15/2053 | 408 | 430 |
|  8.870% due 09/15/2053 | 842 | 902 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Start Ltd. | Start Ltd. | Start Ltd. |
|  4.089% due 03/15/2044 | 228 | 226 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.670% due 04/25/2033 •  | 7000 | 7005 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  | 3300 | 3300 |
|  |  | 99092 |
|  Total Asset-Backed Securities (Cost $331,039) | Total Asset-Backed Securities (Cost $331,039) | 323064 |
| SOVEREIGN ISSUES 17.5% | SOVEREIGN ISSUES 17.5% | SOVEREIGN ISSUES 17.5% |
|  Angolan Government International Bond | Angolan Government International Bond | Angolan Government International Bond |
|  8.000% due 11/26/2029 | 4600 | 4089 |
|  9.125% due 11/26/2049 | 2200 | 1700 |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 13681 | 9981 |
|  3.500% due 07/09/2041 þ | 24780 | 14394 |
|  4.125% due 07/09/2035 þ(n) | 3241 | 2031 |
|  Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC |
|  6.000% due 10/25/2027 | 7600 | 7177 |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 2725 | 2780 |
|  6.250% due 10/31/2028 | 2700 | 2838 |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  2.875% due 06/06/2025 | 1000 | 996 |
|  4.750% due 01/14/2050 | 7101 | 5022 |
|  6.125% due 03/15/2034 | 2800 | 2729 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  3.100% due 05/07/2041 | 4700 | 3463 |
|  3.750% due 01/14/2032 | 3100 | 3348 |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  4.500% due 01/28/2026 | 7100 | 7078 |
|  4.500% due 03/15/2029 | 5000 | 4720 |
|  5.200% due 05/15/2049 | 5700 | 3809 |
|  7.500% due 02/02/2034 | 5500 | 5454 |
|  8.750% due 11/14/2053 | 4600 | 4580 |
|  Costa Rica Government International Bond | Costa Rica Government International Bond | Costa Rica Government International Bond |
|  6.125% due 02/19/2031 | 1000 | 1014 |
|  7.300% due 11/13/2054 | 1700 | 1761 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  4.875% due 09/23/2032 | 3550 | 3231 |
|  5.875% due 01/30/2060 | 3100 | 2623 |
|  6.500% due 02/15/2048 | 1250 | 1181 |
|  6.850% due 01/27/2045 | 4800 | 4734 |
|  6.950% due 03/15/2037 | 2000 | 2022 |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  0.000% due 07/31/2030 (g) | 585 | 283 |
|  5.000% due 07/31/2040 þ | 2778 | 1248 |
|  5.500% due 07/31/2035 þ | 11928 | 5904 |
|  6.900% due 07/31/2030 þ | 7713 | 4611 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  4.750% due 04/11/2025 | 4200 | 4533 |
|  6.375% due 04/11/2031 | 13700 | 12583 |
|  7.053% due 01/15/2032 | 2200 | 1859 |
|  7.500% due 02/16/2061 | 4000 | 2680 |
|  7.625% due 05/29/2032 | 700 | 606 |
|  8.625% due 02/04/2030 | 1900 | 1841 |
|  8.750% due 09/30/2051 | 1900 | 1460 |
|  21.954% due 03/04/2028 | 384300 | 7781 |
|  El Salvador Government International Bond | El Salvador Government International Bond | El Salvador Government International Bond |
|  9.250% due 04/17/2030 | 5000 | 5220 |
|  9.650% due 11/21/2054 | 2750 | 2762 |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  2.700% due 09/02/2070 | 4900 | 2714 |
|  3.125% due 09/30/2049 | 12775 | 8751 |
|  Ghana Government International Bond | Ghana Government International Bond | Ghana Government International Bond |
|  0.000% due 07/03/2026 (g) | 300 | 282 |
|  0.000% due 01/03/2030 (g) | 657 | 507 |
|  5.000% due 07/03/2029 þ | 3020 | 2642 |
|  5.000% due 07/03/2035 þ | 4343 | 3096 |
|  Guatemala Government International Bond | Guatemala Government International Bond | Guatemala Government International Bond |
|  3.700% due 10/07/2033 | 2100 | 1754 |
|  4.500% due 05/03/2026 | 4000 | 3961 |
|  4.900% due 06/01/2030 | 1400 | 1349 |
|  5.375% due 04/24/2032 | 700 | 674 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.125% due 06/01/2050 | $— | 1400 | $— | 1259 |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  3.125% due 09/21/2051 |  | 2100 |  | 1253 |
|  5.375% due 09/12/2033 |  | 9200 |  | 10406 |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  1.300% due 03/23/2034 |  | 2700 |  | 2307 |
|  3.650% due 09/10/2032 |  | 3800 |  | 4008 |
|  3.875% due 01/15/2033 |  | 3100 |  | 3306 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 |  | 20500 |  | 5462 |
|  3.800% due 05/13/2060 | $— | 2480 |  | 1595 |
|  5.375% due 02/19/2030 |  | 11650 |  | 11744 |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  4.875% due 01/30/2032 |  | 4600 |  | 4402 |
|  5.250% due 03/22/2030 |  | 3300 |  | 3405 |
|  5.875% due 10/17/2031 |  | 2000 |  | 2031 |
|  8.250% due 01/30/2037 | $— | 900 |  | 866 |
|  Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond |
|  6.850% due 03/23/2027 ^(d) |  | 3925 |  | 632 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (i) |  | 183177 |  | 7822 |
|  3.771% due 05/24/2061 | $— | 29126 |  | 17017 |
|  4.280% due 08/14/2041 |  | 724 |  | 550 |
|  4.400% due 02/12/2052 |  | 1007 |  | 701 |
|  4.750% due 04/27/2032 |  | 1600 |  | 1492 |
|  5.000% due 04/27/2051 |  | 2000 |  | 1538 |
|  5.750% due 10/12/2110 |  | 2000 |  | 1575 |
|  Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond |
|  6.125% due 09/28/2028 |  | 2600 |  | 2377 |
|  6.500% due 11/28/2027 |  | 5700 |  | 5483 |
|  7.143% due 02/23/2030 |  | 3000 |  | 2718 |
|  7.375% due 09/28/2033 |  | 1600 |  | 1354 |
|  7.875% due 02/16/2032 |  | 3000 |  | 2673 |
|  North Macedonia Government International Bond | North Macedonia Government International Bond | North Macedonia Government International Bond | North Macedonia Government International Bond | North Macedonia Government International Bond |
|  3.675% due 06/03/2026 |  | 2000 |  | 2158 |
|  Oman Government International Bond | Oman Government International Bond | Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |
|  5.625% due 01/17/2028 | $— | 5400 |  | 5445 |
|  6.000% due 08/01/2029 |  | 800 |  | 822 |
|  6.750% due 01/17/2048 |  | 4980 |  | 5155 |
|  Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond |
|  6.000% due 04/08/2026 |  | 4600 |  | 4367 |
|  7.375% due 04/08/2031 (n) |  | 2200 |  | 1879 |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
|  4.500% due 04/16/2050 |  | 3300 |  | 2107 |
|  6.400% due 02/14/2035 |  | 4900 |  | 4609 |
|  6.700% due 01/26/2036 |  | 10200 |  | 9790 |
|  6.853% due 03/28/2054 |  | 1600 |  | 1404 |
|  7.500% due 03/01/2031 |  | 4100 |  | 4247 |
|  9.375% due 04/01/2029 |  | 2100 |  | 2351 |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  5.600% due 03/13/2048 |  | 1500 |  | 1325 |
|  6.000% due 02/09/2036 |  | 2000 |  | 2003 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  2.783% due 01/23/2031 |  | 2175 |  | 1912 |
|  6.900% due 08/12/2037 |  | 20800 |  | 5592 |
|  8.750% due 11/21/2033 | $— | 3440 |  | 4183 |
|  Provincia de Buenos Aires | Provincia de Buenos Aires | Provincia de Buenos Aires | Provincia de Buenos Aires | Provincia de Buenos Aires |
|  6.625% due 09/01/2037 þ |  | 6586 |  | 4256 |
|  Republic of Cameroon International Bond | Republic of Cameroon International Bond | Republic of Cameroon International Bond | Republic of Cameroon International Bond | Republic of Cameroon International Bond |
|  5.950% due 07/07/2032 |  | 2300 |  | 1953 |
|  9.500% due 07/31/2031 | $— | 2000 |  | 1881 |
|  Republic of Kenya Government International Bond | Republic of Kenya Government International Bond | Republic of Kenya Government International Bond | Republic of Kenya Government International Bond | Republic of Kenya Government International Bond |
|  8.000% due 05/22/2032 |  | 1600 |  | 1440 |
|  9.500% due 03/05/2036 |  | 2700 |  | 2480 |
|  9.750% due 02/16/2031 |  | 2100 |  | 2058 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  5.500% due 03/18/2054 |  | 4700 |  | 4416 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  5.650% due 09/27/2047 |  | 3010 |  | 2228 |
|  5.750% due 09/30/2049 |  | 3500 |  | 2581 |
|  8.000% due 01/31/2030 |  | 39700 |  | 2075 |
|  8.875% due 02/28/2035 |  | 218600 |  | 10674 |
|  Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
|  5.375% due 05/29/2027 |  | 2000 |  | 2189 |

---

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| | | |
|:---|:---|:---|
| **48** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.000% due 04/14/2033 | 2000 | $— | 1612 |
|  5.250% due 03/10/2030 | 1700 |  | 1853 |
|  5.250% due 05/30/2032 | 700 |  | 730 |
|  5.375% due 03/22/2031 | 2650 |  | 2841 |
|  5.625% due 05/30/2037 | 675 |  | 667 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | 3825 |  | 4086 |
|  3.450% due 02/02/2061 | 2000 |  | 1245 |
|  3.750% due 01/21/2055 | 3100 |  | 2116 |
|  4.500% due 10/26/2046 | 28500 |  | 23442 |
|  5.000% due 04/17/2049 | 300 |  | 262 |
|  5.375% due 01/13/2031 | 7300 |  | 7485 |
|  Senegal Government International Bond | Senegal Government International Bond | Senegal Government International Bond | Senegal Government International Bond |
|  4.750% due 03/13/2028 | 700 |  | 658 |
|  5.375% due 06/08/2037 | 2600 |  | 1876 |
|  6.250% due 05/23/2033 | 2500 |  | 1871 |
|  7.750% due 06/10/2031 | 5000 |  | 4255 |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 1700 |  | 1651 |
|  1.500% due 06/26/2029 | 6500 |  | 6287 |
|  1.650% due 03/03/2033 | 2500 |  | 2109 |
|  2.050% due 09/23/2036 | 900 |  | 709 |
|  3.125% due 05/15/2027 | 2900 |  | 3093 |
|  Sri Lanka Government International Bond | Sri Lanka Government International Bond | Sri Lanka Government International Bond | Sri Lanka Government International Bond |
|  3.100% due 01/15/2030 þ | 950 |  | 844 |
|  3.350% due 03/15/2033 þ | 1863 |  | 1472 |
|  3.600% due 06/15/2035 þ | 1258 |  | 859 |
|  3.600% due 05/15/2036 þ | 873 |  | 684 |
|  3.600% due 02/15/2038 þ | 1747 |  | 1382 |
|  4.000% due 04/15/2028 | 1102 |  | 1039 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  4.875% due 04/16/2043 | 11400 |  | 7962 |
|  5.125% due 02/17/2028 | 9600 |  | 9311 |
|  5.750% due 05/11/2047 | 3560 |  | 2668 |
|  6.000% due 01/14/2041 | 3500 |  | 2873 |
|  6.125% due 10/24/2028 | 10900 |  | 10803 |
|  7.625% due 04/26/2029 | 5100 |  | 5253 |
|  7.625% due 05/15/2034 | 6200 |  | 6256 |
|  44.165% due 09/06/2028 ~ | 114600 |  | 2841 |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  1.750% due 02/01/2029 þ(n) | 7581 |  | 4928 |
|  1.750% due 02/01/2034 þ | 7095 |  | 3796 |
|  1.750% due 02/01/2035 þ | 3688 |  | 1936 |
|  1.750% due 02/01/2036 þ | 2938 |  | 1521 |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.000% due 03/31/2038 ^(d) | 12900 |  | 2417 |
|  7.650% due 04/21/2025 ^(d) | 900 |  | 161 |
|  9.250% due 09/15/2027 ^(d) | 2900 |  | 609 |
|  9.250% due 05/07/2028 ^(d) | 900 |  | 173 |
|  Vietnam Government International Bond | Vietnam Government International Bond | Vietnam Government International Bond | Vietnam Government International Bond |
|  5.500% due 03/12/2028 þ | 3656 |  | 3484 |
|  Total Sovereign Issues (Cost $562,812) | Total Sovereign Issues (Cost $562,812) |  | 519532 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Clear Channel Outdoor Holdings, Inc. (e) | 228414 | 254 |
|  Windstream Services LLC «(e) | 50061 | 1123 |
|  |  | 1377 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Caesars Entertainment, Inc. (e) | 4701 | 118 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Hipotecaria Su Casita SA «(e) | 157773 | 0 |
|  Intelsat Emergence SA «(m) | 72646 | 2447 |
|  |  | 2447 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Mcdermott International Ltd. (e) | 115 | 2 |
|  Spirit Aviation Holdings Inc. «(e) | 26823 | 402 |
|  |  | 404 |
|  Total Common Stocks (Cost $9,199) | Total Common Stocks (Cost $9,199) | 4346 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA - Exp. 02/17/2027 « | 2562 | 5 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 « | 30487 | 457 |
|  Total Warrants (Cost $390) | Total Warrants (Cost $390) | 462 |
| PREFERRED SECURITIES 0.5% | PREFERRED SECURITIES 0.5% | PREFERRED SECURITIES 0.5% |
| BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(j) | 400000 | 362 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(j) | 2400000 | 2138 |
|  5.000% due 12/01/2027 •(j) | 4200000 | 4048 |
|  5.375% due 06/01/2025 •(j) | 1000000 | 999 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.000% due 12/10/2025 •(j) | 1575000 | 1556 |
|  Discover Financial Services | Discover Financial Services | Discover Financial Services |
|  6.125% due 06/23/2025 •(j) | 2390000 | 2384 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  5.700% due 09/15/2025 •(j) | 3600000 | 3587 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nationwide Building Society ~ |  | 4258 | $— | 719 |
|  Total Preferred Securities (Cost $16,270) | Total Preferred Securities (Cost $16,270) | Total Preferred Securities (Cost $16,270) |  | 15793 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (l) |  | 3149282 |  | 3149 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% |
|  23.286% due 11/04/2025 (g)(h) |  | 411000 |  | 236 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.299% due 04/10/2025 - 04/17/2025 (f)(g)(p)(r) | $— | 1811 |  | 1808 |
| Total Short-Term Instruments (Cost $5,191) | Total Short-Term Instruments (Cost $5,191) | Total Short-Term Instruments (Cost $5,191) |  | 5193 |
| Total Investments in Securities (Cost $3,330,707) | Total Investments in Securities (Cost $3,330,707) | Total Investments in Securities (Cost $3,330,707) |  | 3148298 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% |
| SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 24879595 |  | 242178 |
| Total Short-Term Instruments<br> (Cost $241,834) | Total Short-Term Instruments<br> (Cost $241,834) | Total Short-Term Instruments<br> (Cost $241,834) |  | 242178 |
| Total Investments in Affiliates<br> (Cost $241,834) | Total Investments in Affiliates<br> (Cost $241,834) | Total Investments in Affiliates<br> (Cost $241,834) |  | 242178 |
| Total Investments 114.1% (Cost $3,572,541) | Total Investments 114.1% (Cost $3,572,541) | Total Investments 114.1% (Cost $3,572,541) | $— | 3390476 |
|  Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $19,716) | Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $19,716) | Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $19,716) |  | (8212) |
| Other Assets and Liabilities, net (13.8)% | Other Assets and Liabilities, net (13.8)% | Other Assets and Liabilities, net (13.8)% |  | (411123) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 2971141 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Coupon represents a yield to maturity.

(i) Principal amount of security is adjusted for inflation.

(j) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(k) Contingent convertible security.

(l) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(m) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Deloitte LLP 5.250% due 01/30/2030 | 10/30/2024 | $2000 | $2002 | 0.07% |
|  Deloitte LLP 5.410% due 01/30/2032 | 10/30/2024 | 2000 | 1995 | 0.07 |
|  Deloitte LLP 5.590% due 01/30/2035 | 10/30/2024 | 2000 | 1977 | 0.07 |
|  Deloitte LLP 5.410% due 01/30/2037 | 10/30/2024 | 500 | 493 | 0.02 |
|  Hardwood Funding LLC 4.980% due 06/07/2028 | 03/11/2025 | 2400 | 2409 | 0.08 |
|  Hardwood Funding LLC 5.070% due 06/07/2030 | 03/11/2025 | 1500 | 1507 | 0.05 |
|  Intelsat Emergence SA | 09/05/2018 - 02/23/2024 | 6174 | 2447 | 0.08 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 6600 | 6670 | 0.22 |
|  National Football League 5.580% due 10/05/2033 | 03/14/2024 | 5000 | 5011 | 0.17 |
|  Project Alpha Investindustrial 4.594% due 02/27/2026 | 02/28/2025 | 588 | 613 | 0.02 |
|  Strategic Credit Opportunities Partners 6.520% due 03/20/2028 | 02/20/2025 | 2700 | 2728 | 0.09 |
|  Turkeys First National Bank 7.962% due 11/15/2034 | 09/18/2024 | 2600 | 2545 | 0.08 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 4300 | 4387 | 0.15 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34784 | 1.17% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOO | 4.400% | 03/31/2025 | 04/01/2025 | $(1933) | $(1934) |
|  BOS | 4.400 | 04/01/2025 | 04/08/2025 | (2856) | (2856) |
|  JPS | 4.470 | 03/31/2025 | 04/03/2025 | (6465) | (6466) |
|  MYI | 3.300 | 01/29/2025 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4985) | (5013) |
|  | 4.100 | 12/20/2024 | TBD<sup>(2)</sup> | (1672) | (1691) |
|  | 4.200 | 12/20/2024 | TBD<sup>(2)</sup> | (343) | (347) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18307) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97400 | $(77684) | $(77426) |
|  Total Short Sales (2.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77684) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77426) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(1934) | $0 | $(1934) | $1935 | $1 |
|  BOS | 0 | (2856) | 0 | (2856) | 2852 | (4) |
|  JPS | 0 | (6466) | 0 | (6466) | 6416 | (50) |
|  MYI | 0 | (7051) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

50 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(1934) | $(6466) | $0 | $0 | $(8400) |
|  Sovereign Issues | 0 | 0 | 0 | (7051) | (7051) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1934) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6466) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7051) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15451) |
|  **Payable for reverse repurchase agreements**<sup>(4)</sup> | **Payable for reverse repurchase agreements**<sup>(4)</sup> | **Payable for reverse repurchase agreements**<sup>(4)</sup> | **Payable for reverse repurchase agreements**<sup>(4)</sup> | **Payable for reverse repurchase agreements**<sup>(4)</sup> | $(15451) |

---

(n) Securities with an aggregate market value of $17,661 and cash of $338 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(2727) at a weighted average interest rate of 3.827%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(2856) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 29 | $29 | $(7) | $(2) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 29 | 29 | (7) | (4) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 58 | 58 | (16) | (12) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 29 | 29 | (11) | (16) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 29 | 29 | (8) | (13) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | (19) | (22) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond June Futures | 06/2025 | 249 | $21482 | $320 | $21 | $0 |
|  Euro-BOBL June Futures | 06/2025 | 574 | 73108 | (663) | 174 | (19) |
|  Euro-BTP June Futures | 06/2025 | 133 | 16901 | (372) | 45 | (20) |
|  Euro-Bund June Futures | 06/2025 | 19 | 2647 | (5) | 0 | (5) |
|  Euro-Schatz June Futures | 06/2025 | 1328 | 153584 | 16 | 115 | (36) |
|  Long Gilt June Futures | 06/2025 | 144 | 17055 | (137) | 184 | 0 |
|  U.S. Treasury 2-Year Note June Futures | 06/2025 | 239 | 49514 | 312 | 0 | (2) |
|  U.S. Treasury 5-Year Note June Futures | 06/2025 | 1464 | 158341 | 1553 | 0 | (46) |
|  U.S. Treasury 10-Year Note June Futures | 06/2025 | 342 | 38037 | 588 | 5 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures | 06/2025 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139233 | 2339 | 114 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures | 06/2025 | 57 | 6968 | 62 | 25 | 0 |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.514% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | $(38) | $94 | $56 | $0 | $(1) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.393 | 300 | (2) | 4 | 2 | 0 | 0 |
|  Bombardier, Inc. | 5.000 | Quarterly | 12/20/2027 | 1.153 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  Ford Motor Credit Co. LLC | 5.000% | Quarterly | 06/20/2027 | 0.999% |  | 400 | $21 | $14 | $35 | $0 | $(1) |
|  Glencore Finance | 5.000 | Quarterly | 12/20/2031 |  | EUR | 3400 | 770 | (7) | 763 | 0 | (19) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 3.805 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | 786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) | 560 | 0 | (93) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-41 5-Year Index | 5.000% | Quarterly | 12/20/2028 | $99 | $1 | $5 | $6 | $0 | $0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10043 | (2557) | 7486 | 34 | (1) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 35100 | 1819 | 49 | 1868 | 27 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152200 | 3196 | (267) | 2929 | 1 | (8) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 54600 | 1001 | 3 | 1004 | 10 | 0 |
|  CDX.iTraxx Crossover 42 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 12330 | 1126 | (105) | 1021 | 0 | (72) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2872) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional Amount | Notional Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional Amount | Notional Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | GBP | 63000 | $(1732) | $(135) | $(1867) | $275 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/18/2025 | $— | 60900 | (177) | 299 | 122 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 87100 | (1020) | 799 | (221) | 0 | (82) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 3500 | (7) | (22) | (29) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 |  | 24700 | (806) | 927 | 121 | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 900 | (3) | (14) | (17) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 850 | (3) | (6) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 1800 | (6) | (15) | (21) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 800 | (3) | (4) | (7) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 1800 | (6) | (10) | (16) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 1800 | (6) | (14) | (20) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 1700 | (5) | (14) | (19) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 56600 | 3864 | (1430) | 2434 | 0 | (176) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 2300 | (6) | (34) | (40) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 3600 | (10) | (39) | (49) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 2000 | (6) | (14) | (20) | 0 | (6) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 11/15/2052 |  | 6600 | (127) | (67) | (194) | 0 | (49) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 46250 | 303 | 2269 | 2572 | 0 | (347) |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 34600 | 3287 | (3720) | (433) | 20 | 0 |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 |  | 98000 | 575 | (56) | 519 | 258 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174100 | (79) | 8 | (71) | 22 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | EUR | 17330 | (245) | 96 | (149) | 38 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 29110 | (1404) | 238 | (1166) | 123 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 16400 | 1242 | 95 | 1337 | 0 | (129) |
|  Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 2200 | (14) | 31 | 17 | 0 | 0 |
|  |  |  |  |  |  |  | $3606 | $(832) | $2774 | $739 | $(884) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1097) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1294) |

---

(p) Securities with an aggregate market value of $39,018 and cash of $12,983 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(16) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 54601 | $362 | $0 | $(2) |
|  | 04/2025 | $24265 | 38357 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) |
|  | 04/2025 | 332 | 49612 | 0 | (1) |
|  | 04/2025 | 417 | 558 | 0 | (2) |
|  | 05/2025 | 38357 | $24270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | 0 |
|  | 05/2025 | 12831 | 1752 | 0 | (19) |
|  | 05/2025 | 557 | 417 | 2 | 0 |
|  | 05/2025 | $7962 | 57658 | 3 | (8) |
|  | 05/2025 | 362 | 54418 | 2 | 0 |
|  | 06/2025 | 34310 | $4695 | 0 | (51) |
|  | 06/2025 | $2432 | 17552 | 0 | (4) |
|  | 07/2025 | 28693 | $3983 | 7 | (2) |
|  | 08/2025 | 28698 | 3980 | 0 | (7) |
|  BOA | 04/2025 | 282 | 11 | 0 | (1) |
|  | 04/2025 | 1799 | 1943 | 0 | (2) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 751899 | 513 | 2 | 0 |
|  | 04/2025 | $394 | 6513832 | 0 | (2) |
|  | 05/2025 | 12546 | $1714 | 0 | (17) |
|  | 05/2025 | 6661390 | 400 | 1 | 0 |
|  | 05/2025 | $425 | 36554 | 1 | 0 |
|  | 06/2025 | 20911 | $2880 | 1 | (13) |
|  | 06/2025 | $1192 | 8609 | 0 | (1) |
|  | 06/2025 | 711 | 1035673 | 0 | (6) |
|  | 08/2025 | 8712 | $1218 | 8 | 0 |
|  | 08/2025 | 663 | 20 | 0 | 0 |
|  BPS | 04/2025 | 9120 | 1575 | 0 | (24) |
|  | 04/2025 | 3912 | 161 | 0 | (9) |
|  | 04/2025 | 246811 | 258849 | 0 | (8028) |
|  | 04/2025 | 38911711 | 2347 | 11 | 0 |
|  | 04/2025 | 19487 | 130 | 0 | 0 |
|  | 04/2025 | 539 | 405 | 4 | 0 |
|  | 04/2025 | 414433 | 12630 | 150 | 0 |
|  | 04/2025 | $1070 | 1691 | 0 | (14) |
|  | 04/2025 | 1600 | 9120 | 0 | (2) |
|  | 04/2025 | 5050 | 82908075 | 0 | (74) |
|  | 04/2025 | 4005 | 347747 | 59 | 0 |
|  | 04/2025 | 3273 | 488003 | 0 | (20) |
|  | 04/2025 | 3640 | 5286314 | 0 | (51) |
|  | 04/2025 | 267 | 357 | 0 | (1) |
|  | 04/2025 | 7478 | 244907 | 0 | (103) |
|  | 04/2025 | 28394 | $1552 | 5 | 0 |
|  | 05/2025 | 51686 | 7116 | 3 | (19) |
|  | 05/2025 | 19822971 | 1192 | 4 | 0 |
|  | 05/2025 | 357 | 267 | 1 | 0 |
|  | 05/2025 | $2944 | 2729 | 12 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $1292 | 21439639 | $0 | $(7) |
|  | 05/2025 | 3829 | 328464 | 5 | 0 |
|  | 05/2025 | 130 | 19421 | 0 | 0 |
|  | 06/2025 | 41875 | $5749 | 0 | (45) |
|  | 06/2025 | 459832 | 323 | 10 | 0 |
|  | 06/2025 | 771 | 200 | 1 | 0 |
|  | 06/2025 | $6848 | 26568 | 33 | (39) |
|  | 07/2025 | 119242 | $3670 | 57 | 0 |
|  | 08/2025 | 98198 | 3013 | 30 | 0 |
|  | 09/2025 | 16400 | 4481 | 55 | 0 |
|  BRC | 04/2025 | 10982 | 125 | 0 | (3) |
|  | 04/2025 | $2447 | 40053620 | 0 | (45) |
|  | 04/2025 | 199 | 732 | 0 | (2) |
|  | 04/2025 | 128 | 10969 | 0 | 0 |
|  | 04/2025 | 14062 | 533101 | 8 | (134) |
|  | 05/2025 | 11001 | $128 | 0 | 0 |
|  | 05/2025 | 33305 | 808 | 0 | (9) |
|  | 05/2025 | $2060 | 80207 | 0 | (45) |
|  | 06/2025 | 36577 | $881 | 1 | (2) |
|  | 06/2025 | $216 | 835 | 0 | 0 |
|  | 06/2025 | 5871 | 232091 | 0 | (292) |
|  | 07/2025 | 6505 | $1762 | 0 | (3) |
|  BSH | 04/2025 | 40048 | 25373 | 349 | 0 |
|  | 04/2025 | 659074 | 4389 | 0 | (6) |
|  | 04/2025 | 5978 | 1603 | 0 | (24) |
|  | 04/2025 | $4965 | 18002 | 0 | (65) |
|  | 05/2025 | 4389 | 656854 | 6 | 0 |
|  | 06/2025 | 5923 | $1605 | 0 | (4) |
|  | 06/2025 | $1865 | 7186 | 0 | (14) |
|  | 07/2025 | 18044 | $4965 | 66 | 0 |
|  CBK | 04/2025 | 203464 | 35478 | 0 | (178) |
|  | 04/2025 | 528 | 600 | 4 | 0 |
|  | 04/2025 | 35111996 | 2116 | 8 | 0 |
|  | 04/2025 | 9329 | 2559 | 50 | 0 |
|  | 04/2025 | 117263 | 1363 | 0 | (8) |
|  | 04/2025 | 5716 | 1537 | 0 | (19) |
|  | 04/2025 | 527517 | 16100 | 214 | 0 |
|  | 04/2025 | $35433 | 203464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 0 |
|  | 04/2025 | 23817 | 33925 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) |
|  | 04/2025 | 195 | 10135 | 3 | 0 |
|  | 04/2025 | 5709 | 5238 | 4 | (49) |
|  | 04/2025 | 5340 | 87428229 | 0 | (94) |
|  | 04/2025 | 1441 | 123581 | 2 | 0 |
|  | 04/2025 | 220 | 321818 | 0 | (1) |
|  | 04/2025 | 3640 | 13252 | 0 | (35) |
|  | 04/2025 | 16828 | 551500 | 0 | (220) |
|  | 05/2025 | 33876 | $23817 | 241 | 0 |
|  | 05/2025 | 23792087 | 1432 | 6 | 0 |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $474 | 24973 | 12 | 0 |
|  | 05/2025 | 1287 | 21386355 | 0 | (5) |
|  | 06/2025 | 12403 | $1711 | 0 | (5) |
|  | 06/2025 | 22431826 | 15622 | 344 | 0 |
|  | 06/2025 | 679 | 185 | 0 | 0 |
|  | 06/2025 | $1083 | 7820 | 0 | (1) |
|  | 07/2025 | 209302 | $6433 | 93 | 0 |
|  | 07/2025 | $35478 | 207452 | 175 | 0 |
|  | 07/2025 | 454 | 24678 | 10 | 0 |
|  | 08/2025 | 229811 | $7053 | 72 | 0 |
|  | 08/2025 | $76 | 4164 | 2 | 0 |
|  | 09/2025 | 3977 | $1067 | 0 | (6) |
|  | 09/2025 | 13295 | 3640 | 36 | 0 |
|  DUB | 04/2025 | 34 | 24 | 0 | 0 |
|  | 04/2025 | 10 | 11 | 0 | 0 |
|  | 04/2025 | 4671 | 5085 | 34 | 0 |
|  | 04/2025 | 11657 | 3196 | 60 | 0 |
|  | 04/2025 | 235300 | 1599 | 31 | 0 |
|  | 04/2025 | 263 | 150 | 1 | 0 |
|  | 04/2025 | 44 | 33 | 0 | 0 |
|  | 04/2025 | $2496 | 41450154 | 0 | (10) |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $636 | 54736 | $3 | $0 |
|  | 04/2025 | 151 | 263 | 0 | (2) |
|  | 04/2025 | 213 | 285 | 0 | (1) |
|  | 05/2025 | 2919277 | $176 | 1 | 0 |
|  | 05/2025 | 263 | 151 | 2 | 0 |
|  | 05/2025 | 285 | 213 | 1 | 0 |
|  | 05/2025 | $201 | 10633 | 5 | 0 |
|  | 06/2025 | 15777959 | $10983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | 0 |
|  | 07/2025 | $1356 | 73588 | 30 | 0 |
|  | 08/2025 | 32 | 1766 | 1 | 0 |
|  | 09/2025 | 388 | 205394 | 0 | 0 |
|  | 12/2025 | 828 | 440955 | 0 | (16) |
|  FAR | 04/2025 | 163920 | $28547 | 0 | (179) |
|  | 04/2025 | 18827 | 21121 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
|  | 04/2025 | 10080 | 2777 | 65 | 0 |
|  | 04/2025 | 471528 | 3132 | 0 | (12) |
|  | 04/2025 | $28573 | 163920 | 152 | 0 |
|  | 04/2025 | 21 | 7746 | 0 | 0 |
|  | 04/2025 | 2537 | 378552 | 0 | (13) |
|  | 04/2025 | 196 | 6435 | 0 | (3) |
|  | 05/2025 | 2031 | 14652 | 0 | (9) |
|  | 05/2025 | 3132 | 469940 | 12 | 0 |
|  | 06/2025 | 3400 | 13149 | 0 | (13) |
|  | 07/2025 | 14596 | $2031 | 8 | 0 |
|  GLM | 04/2025 | 40181 | 6997 | 0 | (44) |
|  | 04/2025 | 30033364 | 1809 | 7 | 0 |
|  | 04/2025 | 1144711 | 780 | 3 | 0 |
|  | 04/2025 | 25389 | 6798 | 0 | (110) |
|  | 04/2025 | $6811 | 40181 | 230 | 0 |
|  | 04/2025 | 3953 | 64997941 | 0 | (54) |
|  | 04/2025 | 300 | 438477 | 0 | (2) |
|  | 04/2025 | 15416 | $845 | 5 | 0 |
|  | 05/2025 | 12199 | 1666 | 0 | (18) |
|  | 05/2025 | 11432233 | 685 | 0 | 0 |
|  | 05/2025 | $27 | 1432 | 1 | 0 |
|  | 05/2025 | 1809 | 30060494 | 0 | (7) |
|  | 06/2025 | 3029 | 21905 | 7 | (6) |
|  | 06/2025 | 146 | 7780 | 2 | 0 |
|  | 06/2025 | 780 | 1140553 | 0 | (3) |
|  | 06/2025 | 1897 | 7325 | 0 | (11) |
|  | 07/2025 | 22645 | $696 | 10 | 0 |
|  | 07/2025 | $62 | 2009 | 0 | (1) |
|  | 08/2025 | 77 | 4265 | 2 | 0 |
|  IND | 04/2025 | 19 | 16 | 0 | 0 |
|  | 05/2025 | 16 | $18 | 0 | 0 |
|  JPM | 04/2025 | 3525 | 3708 | 0 | (104) |
|  | 04/2025 | 4738868 | 287 | 3 | 0 |
|  | 04/2025 | 11691 | 3209 | 64 | 0 |
|  | 04/2025 | 12237 | 140 | 0 | (3) |
|  | 04/2025 | 174694 | 1160 | 0 | (5) |
|  | 04/2025 | 47 | 35 | 0 | 0 |
|  | 04/2025 | 72018 | 2196 | 27 | 0 |
|  | 04/2025 | $172 | 8956 | 4 | 0 |
|  | 04/2025 | 271372 | 251568 | 668 | (19) |
|  | 04/2025 | 955 | 15693868 | 0 | (14) |
|  | 04/2025 | 1024 | 88441 | 8 | 0 |
|  | 04/2025 | 2725 | 406249 | 0 | (17) |
|  | 04/2025 | 220 | 321676 | 0 | (1) |
|  | 04/2025 | 5215 | 170868 | 0 | (69) |
|  | 05/2025 | 13039 | $1785 | 0 | (14) |
|  | 05/2025 | 247347 | 267222 | 0 | (667) |
|  | 05/2025 | 7651415 | 461 | 2 | 0 |
|  | 05/2025 | $7461 | 54087 | 10 | (7) |
|  | 05/2025 | 75 | 3964 | 1 | 0 |
|  | 05/2025 | 761 | 114409 | 5 | 0 |
|  | 05/2025 | 4498 | 198604 | 512 | 0 |
|  | 06/2025 | 10146 | $1390 | 0 | (14) |
|  | 06/2025 | 150172 | 7277 | 13 | 0 |
|  | 06/2025 | $102 | 163234 | 1 | 0 |
|  | 06/2025 | 7282 | 28205 | 10 | (29) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 27654 | $3832 | $2 | $(4) |
|  | 07/2025 | 120702 | 3712 | 55 | 0 |
|  | 08/2025 | 26185 | 3630 | 1 | (9) |
|  | 08/2025 | 122919 | 3772 | 39 | 0 |
|  | 08/2025 | $69 | 2258 | 0 | 0 |
|  MBC | 04/2025 | 887 | $1002 | 0 | (1) |
|  | 04/2025 | 402 | 301 | 2 | 0 |
|  | 04/2025 | 108658 | 3359 | 87 | 0 |
|  | 04/2025 | $22906 | 20235 | 0 | (34) |
|  | 04/2025 | 496 | 25586 | 9 | 0 |
|  | 04/2025 | 5527 | 4296 | 23 | (1) |
|  | 04/2025 | 1288 | 111753 | 17 | 0 |
|  | 04/2025 | 3410 | 112010 | 0 | (36) |
|  | 04/2025 | 16609 | $910 | 5 | 0 |
|  | 05/2025 | 20163 | 22906 | 34 | 0 |
|  | 05/2025 | 28065 | 3871 | 2 | (4) |
|  | 05/2025 | 4586559 | 276 | 1 | 0 |
|  | 05/2025 | 1808 | 54 | 0 | 0 |
|  | 05/2025 | $3680 | 26676 | 5 | (3) |
|  | 05/2025 | 153 | 8071 | 4 | 0 |
|  | 06/2025 | 3490105 | $2426 | 48 | 0 |
|  | 06/2025 | $169 | 8934 | 2 | 0 |
|  | 06/2025 | 2202 | 8499 | 0 | (14) |
|  | 07/2025 | 13257 | $1840 | 2 | 0 |
|  | 07/2025 | 57525 | 1765 | 22 | 0 |
|  | 08/2025 | 24876 | 3455 | 6 | (7) |
|  | 08/2025 | 53809 | 1645 | 10 | 0 |
|  MYI | 04/2025 | 33902 | $23817 | 257 | 0 |
|  | 04/2025 | 50243 | 63662 | 0 | (1238) |
|  | 04/2025 | 168 | 126 | 0 | 0 |
|  | 04/2025 | $220 | 11369 | 4 | 0 |
|  | 04/2025 | 838 | 27386 | 0 | (13) |
|  | 04/2025 | 36558 | $2000 | 8 | 0 |
|  | 05/2025 | 4235524 | 254 | 1 | 0 |
|  | 06/2025 | 7010 | 967 | 0 | (3) |
|  | 06/2025 | $391 | 1549 | 8 | 0 |
|  NGF | 06/2025 | 6995857 | $4910 | 146 | 0 |
|  SCX | 04/2025 | 73479 | 494 | 5 | (1) |
|  | 04/2025 | 57550 | 1773 | 40 | 0 |
|  | 04/2025 | $29 | 1523 | 1 | 0 |
|  | 04/2025 | 3050 | 49904022 | 0 | (57) |
|  | 04/2025 | 220 | 321334 | 0 | (2) |
|  | 04/2025 | 986 | 32454 | 0 | (9) |
|  | 05/2025 | 31843 | $4417 | 23 | 0 |
|  | 05/2025 | 1790898 | 108 | 0 | 0 |
|  | 05/2025 | $243 | 36430 | 1 | 0 |
|  | 05/2025 | 159 | 254596 | 4 | 0 |
|  | 06/2025 | 2925 | $403 | 0 | (2) |
|  | 06/2025 | $194 | 10287 | 3 | 0 |
|  | 06/2025 | 172 | 276549 | 2 | 0 |
|  | 07/2025 | 216 | 11750 | 5 | 0 |
|  | 08/2025 | 32185 | $986 | 9 | 0 |
|  SOG | 04/2025 | $287 | 14907 | 5 | 0 |
|  | 05/2025 | 310 | 16297 | 6 | 0 |
|  | 06/2025 | 244 | 12936 | 4 | 0 |
|  SSB | 04/2025 | 59418 | 45947 | 0 | (66) |
|  | 05/2025 | 45947 | $59413 | 66 | 0 |
|  UAG | 04/2025 | 3740132 | 225 | 1 | 0 |
|  | 04/2025 | $273 | 4514671 | 0 | (2) |
|  | 04/2025 | 2502 | 372200 | 0 | (20) |
|  | 04/2025 | 450 | 8177 | 0 | (4) |
|  | 05/2025 | 225 | 3745392 | 0 | (1) |
|  | 06/2025 | 545 | 2105 | 0 | (3) |
|  | 08/2025 | 224 | 9890 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13551) |

---

56 PIMCO CREDIT BOND FUNDS See Accompanying Notes

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March 31, 2025

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 3700 | $(5) | $(3) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 3800 | (7) | (5) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 5400 | (7) | (6) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 7400 | (7) | (7) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 7400 | (8) | (8) |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 2900 | (3) | (3) |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 2900 | (4) | (3) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| CBK | Put - OTC USD versus TRY | TRY | 38.550 | 04/01/2025 | 9000 | $(196) | $(135) |
|  | Call - OTC USD versus TRY |  | 45.400 | 04/01/2025 | 9000 | (127) | 0 |
| UAG | Put - OTC USD versus TRY |  | 39.750 | 08/11/2025 | 1400 | (44) | (10) |
|  | Call - OTC USD versus TRY |  | 51.750 | 08/11/2025 | 1400 | (31) | (45) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS | Call - OTC 5-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 1700 | $(3) | $(4) |
|  | Put - OTC 5-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 1700 | (3) | 0 |
| BRC | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 2200 | (8) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 2200 | (8) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 1000 | (4) | (2) |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 1000 | (4) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 1000 | (4) | (3) |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 1000 | (4) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 1000 | (3) | (2) |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 1000 | (3) | (5) |
| CBK | Call - OTC 5-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 1400 | (2) | (5) |
|  | Put - OTC 5-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 1400 | (2) | (1) |
| FAR | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 2300 | (8) | (16) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 2300 | (9) | (3) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 2300 | (10) | (10) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 2300 | (10) | (9) |
| GLM | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 3500 | (15) | (4) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 3500 | (15) | (4) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 1700 | (8) | (10) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 1700 | (8) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 1800 | (8) | (10) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 1800 | (8) | (2) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 1700 | (7) | (11) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 1700 | (7) | (2) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 1700 | (6) | (13) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 1700 | (6) | (3) |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 1700 | (7) | (8) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 1700 | (7) | (6) |
| MYC | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 1800 | (8) | (9) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 1800 | (8) | (1) |
|  | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 1100 | (4) | (1) |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 1100 | (4) | 0 |
| NGF | Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 2700 | (10) | (8) |
|  | Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 2700 | (10) | (3) |
|  |  |  |  |  |  |  | $(231) | $(160) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 57

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March<br>31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March<br>31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Romania Government International Bond | 1.000% | Quarterly | 06/20/2030 | 2.100 | % | $10100 | $(505) | $4 | $0 | $(501) |
| BPS | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 |  | 1500 | 8 | 1 | 9 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.805 |  | 5700 | 8 | 2 | 10 | 0 |
| BRC | Romania Government International Bond | 1.000 | Quarterly | 06/20/2030 | 2.100 |  | 4900 | (247) | 4 | 0 | (243) |
| CBK | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.570 |  | 1700 | (9) | 25 | 16 | 0 |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 5000 | 0 | 286 | 286 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 6777 | 0 | 46 | 46 | 0 |
| GST | Indonesia Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.889 |  | 1700 | 24 | (15) | 9 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 |  | 600 | (6) | 6 | 0 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 7900 | (67) | 39 | 0 | (28) |
| JPM | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 |  | 1100 | (9) | 15 | 6 | 0 |
|  | Poland Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.594 |  | 5000 | 65 | 16 | 81 | 0 |
| MYC | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 |  | 200 | (3) | 4 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 |  | 3600 | 10 | 12 | 22 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 |  | 1300 | (4) | 12 | 8 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 |  | 900 | (17) | 20 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 |  | 3900 | (41) | 38 | 0 | (3) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.294 |  | 4000 | (1067) | 960 | 0 | (107) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(1860) | $1475 | $497 | $(882) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $311 | $0 | $0 | $311 | $(393) | $0 | $0 | $(393) | $(82) | $0 | $(82) |
|  BOA | 15 | 0 | 0 | 15 | (42) | 0 | (501) | (543) | (528) | 2 | (526) |
|  BPS | 440 | 0 | 19 | 459 | (8436) | (4) | 0 | (8440) | (7981) | 8554 | 573 |
|  BRC | 9 | 0 | 0 | 9 | (535) | (16) | (243) | (794) | (785) | 716 | (69) |
|  BSH | 421 | 0 | 0 | 421 | (113) | 0 | 0 | (113) | 308 | 0 | 308 |
|  CBK | 1498 | 0 | 16 | 1514 | (862) | (141) | 0 | (1003) | 511 | 0 | 511 |
|  DUB | 408 | 0 | 332 | 740 | (29) | 0 | 0 | (29) | 711 | (530) | 181 |
|  FAR | 237 | 0 | 0 | 237 | (388) | (38) | 0 | (426) | (189) | 359 | 170 |
|  GLM | 267 | 0 | 0 | 267 | (256) | (74) | 0 | (330) | (63) | 0 | (63) |
|  GST | 0 | 0 | 9 | 9 | 0 | (29) | (28) | (57) | (48) | 0 | (48) |
|  JPM | 1425 | 0 | 87 | 1512 | (976) | (3) | 0 | (979) | 533 | (410) | 123 |
|  MBC | 279 | 0 | 0 | 279 | (100) | 0 | 0 | (100) | 179 | (270) | (91) |
|  MYC | 0 | 0 | 34 | 34 | 0 | (11) | (110) | (121) | (87) | 120 | 33 |
|  MYI | 278 | 0 | 0 | 278 | (1254) | 0 | 0 | (1254) | (976) | 1327 | 351 |
|  NGF | 146 | 0 | 0 | 146 | 0 | (11) | 0 | (11) | 135 | 0 | 135 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (3) | 0 | (3) | (3) | 0 | (3) |
|  SCX | 93 | 0 | 0 | 93 | (71) | 0 | 0 | (71) | 22 | (30) | (8) |
|  SOG | 15 | 0 | 0 | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 15 |
|  SSB | 66 | 0 | 0 | 66 | (66) | 0 | 0 | (66) | 0 | 0 | 0 |
|  UAG | 1 | 0 | 0 | 1 | (30) | (55) | 0 | (85) | (84) | 0 | (84) |
|  Total Over the Counter | $5909 | $0 | $497 | $6406 | $(13551) | $(385) | $(882) | $(14818) |  |  |  |

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(r) Securities with an aggregate market value of $11,077 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a 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 

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| | | |
|:---|:---|:---|
| **58** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2025

particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $0 | $0 | $0 | $0 | $683 | $683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 72 | 0 | 0 | 739 | 811 |
|  | $0 | $72 | $0 | $0 | $1422 | $1494 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $5909 | $0 | $5909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 497 | 0 | 0 | 0 | 497 |
|  | $0 | $497 | $0 | $5909 | $0 | $6406 |
|  | $0 | $569 | $0 | $5909 | $1422 | $7900 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $69 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 128 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 213 | 0 | 0 | 884 | 1097 |
|  | $0 | $213 | $0 | $0 | $1081 | $1294 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $13551 | $0 | $13551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 35 | 0 | 190 | 160 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 882 | 0 | 0 | 0 | 882 |
|  | $0 | $917 | $0 | $13741 | $160 | $14818 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16112 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $331 | $331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | (11511) | (11511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 24283 | 0 | 0 | (16) | 24267 |
|  | $0 | $24283 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11196) | $13087 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $23472 | $0 | $23472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | 1509 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 848 | 0 | 0 | 0 | 848 |
|  | $0 | $848 | $0 | $23472 | $1509 | $25829 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9687) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38916 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 59

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 2889 | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (16772) | 0 | 0 | 2119 | (14653) |
|  | $0 | $(16772) | $0 | $0 | $5007 | $(11765) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(10479) | $0 | $(10479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 5 | 0 | 209 | 71 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (233) | 0 | 0 | 0 | (233) |
|  | $0 | $(228) | $0 | $(10270) | $71 | $(10427) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22192) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value |  |  |  |  |
|  Loan Participations and Assignments | $0 | $102295 | $60541 | $162836 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 474762 | 17498 | 492260 |
| &nbsp;&nbsp; Industrials | 0 | 741067 | 13682 | 754749 |
| &nbsp;&nbsp; Utilities | 0 | 135362 | 0 | 135362 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Illinois | 0 | 728 | 0 | 728 |
|  U.S. Government Agencies | 0 | 436426 | 0 | 436426 |
|  U.S. Treasury Obligations | 0 | 150622 | 0 | 150622 |
|  Non-Agency Mortgage-Backed Securities | 0 | 140343 | 6582 | 146925 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 36312 | 0 | 36312 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 20535 | 0 | 20535 |
| &nbsp;&nbsp; CMBS Other | 0 | 7318 | 0 | 7318 |
| &nbsp;&nbsp; Home Equity Other | 0 | 146121 | 0 | 146121 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1452 | 0 | 1452 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12234 | 0 | 12234 |
| &nbsp;&nbsp; Other ABS | 0 | 95315 | 3777 | 99092 |
|  Sovereign Issues | 0 | 519532 | 0 | 519532 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 254 | 0 | 1123 | 1377 |
| &nbsp;&nbsp; Consumer Discretionary | 118 | 0 | 0 | 118 |
| &nbsp;&nbsp; Financials | 0 | 0 | 2447 | 2447 |
| &nbsp;&nbsp; Industrials | 0 | 2 | 402 | 404 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp; Financials | 0 | 0 | 5 | 5 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 457 | 457 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 15793 | 0 | 15793 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 3149 | 0 | 3149 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 236 | 0 | 236 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1808 | 0 | 1808 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $242178 | $0 | $0 | $242178 |
|  Total Investments | $242550 | $3041412 | $106514 | $3390476 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(77426) | $0 | $(77426) |
|  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 | 539 | 955 | 0 | 1494 |
|  Over the counter | 0 | 6074 | 332 | 6406 |
|  | $539 | $7029 | $332 | $7900 |
|  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 | (80) | (1198) | 0 | (1278) |
|  Over the counter | 0 | (14818) | 0 | (14818) |
|  | $(80) | $(16016) | $0 | $(16096) |
|  Total Financial Derivative Instruments | $459 | $(8987) | $332 | $(8196) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304854 |

---

60 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases <sup>(1)</sup> | Net<br>Sales/<br>Settlements <sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation) <sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025 <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 |
|  Loan Participations and Assignments | $33383 | $40695 | $(20312) | $(5) | $1 | $2330 | $4449 | $0 | $60541 | $1043 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 3944 | 17400 | (1800) | 90 | 0 | (1722) | 0 | (414) | 17498 | 99 |
| &nbsp;&nbsp; Industrials | 13523 | 0 | (408) | 0 | 0 | (228) | 795 | 0 | 13682 | 90 |
|  Non-Agency Mortgage-Backed Securities | 1373 | 6411 | (432) | 54 | (13) | 195 | 0 | (1006) | 6582 | 129 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Home Equity Other | 80 | 0 | (67) | 0 | 12 | (9) | 0 | (16) | 0 | 0 |
| &nbsp;&nbsp; Other ABS | 0 | 3894 | (153) | 4 | 0 | 32 | 0 | 0 | 3777 | 32 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services<sup>(3)</sup> | 1658 | 0 | (48) | 0 | (695) | 208 | 0 | 0 | 1123 | (458) |
| &nbsp;&nbsp; Energy | 73 | 0 | (124) | 0 | 51 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Financials | 1991 | 0 | 0 | 0 | 0 | 456 | 0 | 0 | 2447 | 456 |
| &nbsp;&nbsp; Industrials | 315 | 399 | (298) | 0 | 298 | (312) | 0 | 0 | 402 | 3 |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 |
| &nbsp;&nbsp; Industrials | 0 | 375 | 0 | 0 | 0 | 82 | 0 | 0 | 457 | 82 |
|  | $56345 | $69174 | $(23642) | $143 | $(346) | $1032 | $5244 | $(1436) | $106514 | $1476 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | 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 | $334 | $24 | $0 | $0 | $0 | $(26) | $0 | $0 | $332 | $(26) |
|  Totals | $56679 | $69198 | $(23642) | $143 | $(346) | $1006 | $5244 | $(1436) | $106846 | $1450 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $25838 | Discounted Cash Flow | Discount Rate |  | 6.028-14.360 | 7.131 |
|  | 13220 | Indicative Market Quotation | Broker Quote |  | 74.500-100.500 | 91.165 |
|  | 984 | Other Valuation Techniques<sup>(4)</sup> |  |  |  |  |
|  | 14555 | Recent Transaction | Purchase Price |  | 98.500-100.000 | 99.289 |
|  | 5944 | Third Party Vendor | Broker Quote |  | 100.750 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 6468 | Discounted Cash Flow | Discount Rate |  | 5.394-6.189 | 5.753 |
|  | 11030 | Proxy Pricing | Base Price |  | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 12556 | Discounted Cash Flow | Discount Rate |  | 5.051-6.950 | 5.398 |
|  | 796 | Indicative Market Quotation | Broker Quote |  | 60.000 |  |
|  | 330 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
|  Non-Agency Mortgage-Backed Securities | 6582 | Discounted Cash Flow | Discount Rate |  | 6.660-8.930 | 7.179 |
|  Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 3777 | Discounted Cash Flow | Discount Rate |  | 4.642-10.839 | 6.622 |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1123 | Comparable Companies | EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | 4.609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 2447 | Comparable Companies | EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | 4.660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 402 | Indicative Market Quotation | Broker Quote |  | 15.000 |  |
|  Warrants |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 5 | Option Pricing Model | Volatility |  | 32.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 457 | Indicative Market Quotation | Broker Quote |  | 15.000 |  |
|  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 |
|  Over the counter | 332 | Indicative Market Quotation | Broker Quote |  | 0.329-5.703 | 4.950 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106846 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Sector type updated from Utilities to Communication Services since prior fiscal year end.

<sup>(4)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

---

------

Schedule of Investments PIMCO ESG Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 135.6% | INVESTMENTS IN SECURITIES 135.6% | INVESTMENTS IN SECURITIES 135.6% |
| CORPORATE BONDS & NOTES 30.4% | CORPORATE BONDS & NOTES 30.4% | CORPORATE BONDS & NOTES 30.4% |
| BANKING & FINANCE 20.0% | BANKING & FINANCE 20.0% | BANKING & FINANCE 20.0% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 500 | 461 |
|  Acef Holding SCA | Acef Holding SCA | Acef Holding SCA |
|  0.750% due 06/14/2028 | 500 | 499 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  2.875% due 05/30/2031 •  | 400 | 431 |
|  6.608% due 09/13/2029 •  | 500 | 528 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  2.000% due 05/18/2032 | 400 | 326 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 800 | 725 |
|  8.000% due 11/01/2031 | 450 | 502 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 450 | 451 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 | 500 | 437 |
|  3.100% due 06/15/2050 | 300 | 196 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.720% due 02/08/2028 | 187400 | 2205 |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  2.750% due 01/11/2026 | 1000 | 983 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(f)(g) | 200 | 179 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 1400 | 1196 |
|  6.204% due 11/10/2028 •  | 1600 | 1663 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.253% due 09/16/2026 •  | 500 | 503 |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  2.750% due 01/22/2033 | 870 | 802 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.501% due 08/09/2028 •  | 1000 | 1015 |
|  7.385% due 11/02/2028 •  | 800 | 850 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  4.625% due 02/25/2031 •(f)(g) | 400 | 345 |
|  7.750% due 08/16/2029 •(f)(g) | 1000 | 1033 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.550% due 04/01/2032 | 150 | 124 |
|  3.400% due 06/21/2029 | 100 | 93 |
|  BPCE SA | BPCE SA | BPCE SA |
|  2.045% due 10/19/2027 •  | 500 | 480 |
|  5.748% due 07/19/2033 •  | 300 | 303 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  2.724% due 04/15/2031 | 350 | 311 |
|  CNP Assurances SACA | CNP Assurances SACA | CNP Assurances SACA |
|  1.250% due 01/27/2029 | 500 | 502 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.375% due 06/29/2027 ~(f)(g) | 400 | 428 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 800 | 713 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  1.500% due 01/27/2031 | 100 | 85 |
|  4.000% due 01/22/2028 þ | 200 | 239 |
|  Credit Agricole Assurances SA | Credit Agricole Assurances SA | Credit Agricole Assurances SA |
|  1.500% due 10/06/2031 | 500 | 464 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 400 | 369 |
|  CTP NV | CTP NV | CTP NV |
|  1.250% due 06/21/2029 | 200 | 197 |
|  1.500% due 09/27/2031 | 500 | 463 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.875% due 02/23/2028 ~ | 200 | 212 |
|  6.119% due 07/14/2026 •  | 600 | 602 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
|  0.625% due 07/15/2025 | 900 | 967 |
|  1.000% due 01/15/2032 | 300 | 269 |
|  1.250% due 02/01/2031 | 200 | 189 |
|  EQT AB | EQT AB | EQT AB |
|  0.875% due 05/14/2031 | 800 | 739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.375% due 04/06/2028 |  | 800 | $— | 851 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.900% due 04/15/2032 | $— | 400 |  | 373 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 |  | 600 |  | 507 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.125% due 06/16/2025 |  | 200 |  | 200 |
|  5.918% due 03/20/2028 |  | 2200 |  | 2211 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 |  | 400 |  | 364 |
|  Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. |
|  6.250% due 03/31/2030 |  | 376 |  | 413 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.383% due 07/21/2032 •  | $— | 400 |  | 343 |
|  2.615% due 04/22/2032 •  |  | 500 |  | 437 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 |  | 1000 |  | 973 |
|  Grainger PLC | Grainger PLC | Grainger PLC | Grainger PLC | Grainger PLC |
|  3.000% due 07/03/2030 |  | 100 |  | 115 |
|  Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. |
|  3.379% due 02/04/2032 •  | $— | 300 |  | 291 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 |  | 535 |  | 519 |
|  3.750% due 09/15/2030 |  | 300 |  | 267 |
|  8.000% due 06/15/2027 |  | 550 |  | 570 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 |  | 250 |  | 217 |
|  3.375% due 12/15/2029 |  | 600 |  | 558 |
|  3.500% due 09/15/2030 |  | 200 |  | 183 |
|  5.700% due 07/01/2034 |  | 300 |  | 300 |
|  Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. |
|  4.375% due 02/01/2031 |  | 600 |  | 535 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.871% due 11/22/2032 •  |  | 700 |  | 609 |
|  6.254% due 03/09/2034 •  |  | 600 |  | 635 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 |  | 230 |  | 204 |
|  5.950% due 02/15/2028 |  | 400 |  | 348 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  2.727% due 04/01/2032 •  |  | 200 |  | 176 |
|  3.875% due 05/16/2027 •(f)(g) |  | 200 |  | 184 |
|  4.250% due 05/16/2031 •(f)(g) |  | 200 |  | 168 |
|  4.252% due 03/28/2033 •  |  | 500 |  | 473 |
|  4.875% due 05/16/2029 ~(f)(g) |  | 200 |  | 184 |
|  5.525% due 03/25/2036 ~ |  | 300 |  | 301 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 |  | 700 |  | 750 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 |  | 500 |  | 531 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.545% due 11/08/2032 •  |  | 1400 |  | 1211 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 |  | 200 |  | 159 |
|  2.650% due 11/15/2033 |  | 900 |  | 701 |
|  Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC |
|  5.625% due 03/24/2031 •(f)(g) |  | 200 |  | 238 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | $— | 400 |  | 389 |
|  3.750% due 03/18/2028 •  |  | 500 |  | 491 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  3.250% due 11/13/2028 |  | 700 |  | 748 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.494% due 10/13/2032 •  | $— | 500 |  | 430 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
|  5.875% due 05/23/2042 •  |  | 400 |  | 408 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.750% due 11/15/2031 |  | 300 |  | 300 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.125% due 05/12/2027 ~(f)(g) |  | 200 |  | 249 |
|  NE Property BV | NE Property BV | NE Property BV | NE Property BV | NE Property BV |
|  3.375% due 07/14/2027 |  | 300 |  | 325 |
|  Nexi SpA | Nexi SpA | Nexi SpA | Nexi SpA | Nexi SpA |
|  1.625% due 04/30/2026 |  | 550 |  | 586 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 700 | 646 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(f)(g) | 500 | 445 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 | 1400 | 1413 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 781 | 749 |
|  7.125% due 11/15/2031 | 600 | 604 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 200 | 190 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 1400 | 978 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  3.700% due 06/15/2030 | 100 | 95 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.174% due 01/09/2030 •  | 500 | 514 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 1400 | 1362 |
|  6.534% due 01/10/2029 •  | 300 | 312 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  4.000% due 04/23/2029 (g) | 200 | 193 |
|  4.375% due 04/13/2032 (g) | 500 | 476 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 300 | 317 |
|  1.750% due 11/24/2028 | 200 | 201 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 900 | 870 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.678% due 06/29/2032 •  | 200 | 173 |
|  3.603% due 01/12/2033 •  | 200 | 177 |
|  6.301% due 01/09/2029 •  | 600 | 622 |
|  7.767% due 11/16/2028 •  | 500 | 536 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  4.200% due 04/15/2032 | 300 | 282 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.375% due 02/10/2031 •(f)(g) | 200 | 172 |
|  5.959% due 01/12/2034 •  | 300 | 312 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.100% due 11/01/2034 | 100 | 83 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 400 | 393 |
|  VIA Outlets BV | VIA Outlets BV | VIA Outlets BV |
|  1.750% due 11/15/2028 | 500 | 511 |
|  Vonovia SE | Vonovia SE | Vonovia SE |
|  1.875% due 06/28/2028 | 600 | 628 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 11/15/2029 | 100 | 97 |
|  Workspace Group PLC | Workspace Group PLC | Workspace Group PLC |
|  2.250% due 03/11/2028 | 600 | 703 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  2.000% due 05/06/2027 | 700 | 714 |
|  |  | 58872 |
| INDUSTRIALS 6.6% | INDUSTRIALS 6.6% | INDUSTRIALS 6.6% |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  3.875% due 10/15/2029 | 700 | 654 |
|  Accor SA | Accor SA | Accor SA |
|  2.375% due 11/29/2028 | 900 | 948 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  3.125% due 09/15/2031 | 580 | 503 |
|  BCP Modular Services Finance PLC | BCP Modular Services Finance PLC | BCP Modular Services Finance PLC |
|  4.750% due 11/30/2028 | 100 | 105 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 500 | 473 |
|  CDW LLC | CDW LLC | CDW LLC |
|  3.569% due 12/01/2031 | 500 | 452 |
|  Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
|  3.875% due 07/07/2041 | 200 | 157 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.625% due 08/01/2031 | 600 | 505 |
|  3.000% due 10/15/2030 | 500 | 438 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chobani LLC | Chobani LLC | Chobani LLC | Chobani LLC |
|  7.625% due 07/01/2029 | $| 500 | 514 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 |  | 570 | 542 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 |  | 250 | 226 |
|  3.875% due 10/01/2031 |  | 250 | 216 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  2.625% due 02/01/2029 | EUR | 400 | 407 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | $| 250 | 219 |
|  4.000% due 05/01/2031 |  | 200 | 181 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  2.550% due 03/23/2031 |  | 300 | 259 |
|  InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC |
|  3.375% due 10/08/2028 | GBP | 300 | 365 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 |  | 500 | 670 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 | $| 800 | 671 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  3.421% due 11/02/2030 |  | 400 | 369 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  6.750% due 02/15/2027 |  | 300 | 299 |
|  Marks & Spencer PLC | Marks & Spencer PLC | Marks & Spencer PLC | Marks & Spencer PLC |
|  3.750% due 05/19/2026 | GBP | 100 | 128 |
|  4.500% due 07/10/2027 |  | 300 | 374 |
|  Metalsa Sapi De Cv | Metalsa Sapi De Cv | Metalsa Sapi De Cv | Metalsa Sapi De Cv |
|  3.750% due 05/04/2031 | $| 450 | 356 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  2.703% due 04/15/2032 |  | 200 | 171 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 |  | 600 | 556 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 |  | 350 | 353 |
|  5.700% due 03/17/2035 |  | 350 | 350 |
|  NextEra Energy Operating Partners LP | NextEra Energy Operating Partners LP | NextEra Energy Operating Partners LP | NextEra Energy Operating Partners LP |
|  7.250% due 01/15/2029 |  | 800 | 788 |
|  NXP BV | NXP BV | NXP BV | NXP BV |
|  2.500% due 05/11/2031 |  | 300 | 260 |
|  5.000% due 01/15/2033 |  | 1300 | 1280 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 |  | 200 | 197 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
|  4.875% due 09/14/2035 | EUR | 600 | 690 |
|  St Marys Cement, Inc. | St Marys Cement, Inc. | St Marys Cement, Inc. | St Marys Cement, Inc. |
|  5.750% due 04/02/2034 | $| 400 | 398 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | EUR | 600 | 632 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  2.450% due 03/16/2031 | $| 600 | 526 |
|  Travis Perkins PLC | Travis Perkins PLC | Travis Perkins PLC | Travis Perkins PLC |
|  3.750% due 02/17/2026 | GBP | 400 | 505 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | $| 400 | 352 |
|  Vilmorin & Cie SA | Vilmorin & Cie SA | Vilmorin & Cie SA | Vilmorin & Cie SA |
|  1.375% due 03/26/2028 | EUR | 400 | 393 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.500% due 07/15/2031 | GBP | 200 | 220 |
|  4.750% due 07/15/2031 | $| 600 | 522 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.054% due 03/15/2029 |  | 500 | 471 |
|  5.050% due 03/15/2042 |  | 200 | 160 |
|  Weir Group PLC | Weir Group PLC | Weir Group PLC | Weir Group PLC |
|  2.200% due 05/13/2026 |  | 400 | 389 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 |  | 250 | 238 |
|  |  |  | 19482 |
| UTILITIES 3.8% | UTILITIES 3.8% | UTILITIES 3.8% | UTILITIES 3.8% |
|  AES Andes SA | AES Andes SA | AES Andes SA | AES Andes SA |
|  6.300% due 03/15/2029 |  | 350 | 359 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 | $| 720 | 616 |
|  5.450% due 06/01/2028 |  | 300 | 305 |
|  7.600% due 01/15/2055 •  |  | 500 | 506 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.300% due 04/01/2053 |  | 700 | 668 |
|  Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. |
|  4.250% due 03/25/2027 |  | 161 | 155 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.550% due 03/15/2052 |  | 402 | 285 |
|  Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 1400 | 1419 |
|  Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
|  7.250% due 09/27/2028 |  | 800 | 790 |
|  Iberdrola International BV | Iberdrola International BV | Iberdrola International BV | Iberdrola International BV |
|  6.750% due 09/15/2033 |  | 250 | 273 |
|  India Green Power Holdings | India Green Power Holdings | India Green Power Holdings | India Green Power Holdings |
|  4.000% due 02/22/2027 |  | 217 | 207 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  6.700% due 04/01/2053 |  | 1100 | 1146 |
|  Pattern Energy Operations LP | Pattern Energy Operations LP | Pattern Energy Operations LP | Pattern Energy Operations LP |
|  4.500% due 08/15/2028 |  | 500 | 466 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  2.950% due 08/15/2051 |  | 350 | 220 |
|  Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC |
|  5.375% due 06/30/2035 |  | 140 | 142 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 |  | 100 | 65 |
|  Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. |
|  6.750% due 04/24/2033 |  | 298 | 300 |
|  TDC Net AS | TDC Net AS | TDC Net AS | TDC Net AS |
|  5.056% due 05/31/2028 | EUR | 400 | 447 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | $| 200 | 194 |
|  United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC |
|  3.750% due 05/23/2034 | EUR | 600 | 636 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.050% due 05/09/2033 | $| 1700 | 1708 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  |  | 110 | 84 |
|  |  |  | 10991 |
|  Total Corporate Bonds & Notes (Cost $91,786) | Total Corporate Bonds & Notes (Cost $91,786) | Total Corporate Bonds & Notes (Cost $91,786) | 89345 |
| U.S. GOVERNMENT AGENCIES 59.7% | U.S. GOVERNMENT AGENCIES 59.7% | U.S. GOVERNMENT AGENCIES 59.7% | U.S. GOVERNMENT AGENCIES 59.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 01/01/2059 |  | 1237 | 1068 |
|  3.500% due 05/01/2056 - 08/01/2059 |  | 1477 | 1325 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.846% due 11/25/2030 ~(a) |  | 2777 | 104 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  5.500% due 07/20/2053 - 08/20/2053 |  | 3955 | 3976 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 04/01/2055 |  | 2800 | 2754 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 07/01/2052 |  | 436 | 379 |
|  4.000% due 09/01/2049 - 05/01/2054 |  | 11960 | 11165 |
|  4.500% due 07/01/2052 - 05/01/2054 |  | 11140 | 10670 |
|  5.000% due 08/01/2052 - 07/01/2054 |  | 30837 | 30285 |
|  5.500% due 09/01/2052 - 01/01/2055 |  | 31030 | 31051 |
|  6.000% due 10/01/2053 - 01/01/2055 |  | 3665 | 3727 |
|  6.500% due 02/01/2054 - 05/01/2054 |  | 4296 | 4444 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 04/01/2055 - 05/01/2055 |  | 6200 | 5588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 05/01/2055 - 06/01/2055 | $— | 34380 | 34855 |
|  6.500% due 06/01/2055 |  | 33200 | 34179 |
|  Total U.S. Government Agencies (Cost $174,635) | Total U.S. Government Agencies (Cost $174,635) | Total U.S. Government Agencies (Cost $174,635) | 175570 |
| U.S. TREASURY OBLIGATIONS 14.1% | U.S. TREASURY OBLIGATIONS 14.1% | U.S. TREASURY OBLIGATIONS 14.1% | U.S. TREASURY OBLIGATIONS 14.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.250% due 08/15/2054 (j) |  | 600 | 567 |
|  4.500% due 11/15/2054 (j) |  | 3200 | 3154 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 01/15/2031 (j)(l) |  | 2196 | 2029 |
|  0.125% due 01/15/2032 (j) |  | 9624 | 8714 |
|  0.875% due 02/15/2047 (n) |  | 1053 | 797 |
|  1.375% due 07/15/2033 (j) |  | 3346 | 3266 |
|  1.500% due 02/15/2053 (l) |  | 641 | 534 |
|  1.875% due 07/15/2034 (j) |  | 6984 | 7051 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.750% due 08/15/2032 (j) |  | 2200 | 2012 |
|  3.875% due 09/30/2029 (j) |  | 3000 | 2992 |
|  4.500% due 03/31/2026 (j) |  | 5100 | 5121 |
|  4.500% due 04/15/2027 (j) |  | 5200 | 5261 |
|  Total U.S. Treasury Obligations (Cost $40,716) | Total U.S. Treasury Obligations (Cost $40,716) | Total U.S. Treasury Obligations (Cost $40,716) | 41498 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 14.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.0% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  4.142% due 08/10/2035 •  |  | 2300 | 2171 |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  4.501% due 02/10/2036 |  | 1550 | 1451 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.702% due 09/15/2034 •  |  | 1000 | 974 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.675% due 08/25/2036 •  |  | 622 | 211 |
|  4.995% due 08/25/2036 •  |  | 250 | 78 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 12/25/2046 •  |  | 29 | 25 |
|  4.855% due 06/25/2037 •  |  | 125 | 120 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.000% due 09/15/2038 ~(a) |  | 261000 | 0 |
|  7.184% due 09/15/2038 •  |  | 1000 | 893 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  3.688% due 02/15/2053 ~ |  | 2453 | 1815 |
|  4.957% due 08/10/2035 ~ |  | 900 | 828 |
|  Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust |
|  4.563% due 08/10/2033 ~ |  | 2660 | 2073 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.755% due 06/25/2046 •  |  | 256 | 230 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  6.934% due 03/15/2036 •  |  | 500 | 323 |
|  7.170% due 02/15/2037 •  |  | 1200 | 554 |
|  Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
|  8.556% due 10/16/2062 |  | 950 | 1247 |
|  9.556% due 10/16/2062 |  | 950 | 1242 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.732% due 03/25/2037 •  | $— | 51 | 48 |
|  4.732% due 03/25/2037 ~ |  | 48 | 44 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 225 | 196 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  3.832% due 02/10/2036 ~ |  | 2100 | 2044 |
|  7.584% due 12/15/2038 •  |  | 1000 | 973 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.815% due 10/25/2046 •  |  | 61 | 56 |
|  5.074% due 11/20/2035 •  |  | 120 | 105 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.358% due 02/25/2047 ~ |  | 36 | 31 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.749% due 01/25/2034 •  |  | 67 | 60 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.405% due 04/25/2047 •  |  | 66 | 59 |
|  DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
|  3.704% due 05/10/2041 •  |  | 1600 | 1310 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

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------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  6.683% due 10/15/2043 •  | 1000 | 899 |
|  7.183% due 10/15/2043 •  | 996 | 852 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  6.133% due 07/15/2038 •  | 281 | 281 |
|  6.683% due 07/15/2038 •  | 498 | 498 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.602% due 10/10/2049 ~ | 200 | 162 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.335% due 06/19/2036 ~ | 113 | 46 |
|  Independence Plaza Trust | Independence Plaza Trust | Independence Plaza Trust |
|  3.911% due 07/10/2035 | 1500 | 1478 |
|  4.158% due 07/10/2035 | 200 | 197 |
|  4.356% due 07/10/2035 | 350 | 342 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.775% due 01/25/2037 •  | 59 | 53 |
|  4.955% due 07/25/2035 ~ | 348 | 234 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.984% due 04/15/2038 •  | 365 | 364 |
|  6.184% due 03/15/2036 •  | 100 | 76 |
|  6.384% due 04/15/2038 •  | 900 | 898 |
|  6.524% due 06/15/2038 •  | 1000 | 917 |
|  6.734% due 03/15/2036 •  | 1600 | 1030 |
|  7.534% due 03/15/2036 ~ | 300 | 141 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.927% due 11/05/2044 •  | 2000 | 1322 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.835% due 03/25/2037 •  | 740 | 200 |
|  MFT Trust | MFT Trust | MFT Trust |
|  3.283% due 08/10/2040 •  | 1000 | 725 |
|  3.283% due 08/10/2040 ~ | 180 | 139 |
|  3.358% due 02/10/2042 | 100 | 77 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.734% due 12/15/2036 •  | 1480 | 920 |
|  6.234% due 12/15/2036 •  | 1097 | 123 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.755% due 06/25/2036 •  | 251 | 49 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  0.514% due 02/15/2039 •(a) | 23885 | 440 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  6.979% due 11/15/2038 •  | 1500 | 1456 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  | 200 | 192 |
|  5.684% due 01/15/2036 •  | 1000 | 947 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  5.500% due 02/25/2036 | 206 | 168 |
|  6.000% due 06/25/2036 | 122 | 99 |
|  6.000% due 06/25/2037 | 182 | 145 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  2.255% due 04/25/2037 •(a) | 510 | 64 |
|  4.745% due 04/25/2037 •  | 510 | 113 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  6.233% due 05/15/2038 ~ | 450 | 431 |
|  6.833% due 05/15/2038 •  | 450 | 430 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.734% due 04/15/2034 •  | 1000 | 986 |
|  6.739% due 11/15/2036 •  | 1100 | 1086 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.870% due 07/15/2059 ~ | 1800 | 2326 |
|  VASA Trust | VASA Trust | VASA Trust |
|  6.184% due 07/15/2039 •  | 400 | 357 |
|  6.534% due 07/15/2039 •  | 400 | 345 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.000% due 11/25/2037 | 76 | 73 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 100 | 69 |
|  3.596% due 11/10/2036 •  | 1250 | 261 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $47,961) | Total Non-Agency Mortgage-Backed Securities (Cost $47,961) | 41172 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 12.3% | ASSET-BACKED SECURITIES 12.3% | ASSET-BACKED SECURITIES 12.3% |
| AUTOMOBILE SEQUENTIAL 1.8% | AUTOMOBILE SEQUENTIAL 1.8% | AUTOMOBILE SEQUENTIAL 1.8% |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.430% due 01/18/2028 | 160 | 160 |
|  4.920% due 02/15/2031 | 1400 | 1399 |
|  5.690% due 02/15/2030 | 860 | 869 |
|  5.890% due 06/15/2030 | 2128 | 2156 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 | 483 | 472 |
|  5.320% due 09/25/2030 | 336 | 337 |
|  |  | 5393 |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.531% due 04/18/2038 •  | 400 | 398 |
| HOME EQUITY OTHER 3.5% | HOME EQUITY OTHER 3.5% | HOME EQUITY OTHER 3.5% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.775% due 11/25/2036 •  | 470 | 193 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 143 | 127 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.235% due 11/25/2034 •  | 300 | 271 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.077% due 01/25/2036 •  | 2085 | 1867 |
|  6.280% due 05/25/2035 •  | 403 | 378 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.715% due 11/25/2036 •  | 30 | 30 |
|  6.059% due 12/25/2034 •  | 224 | 222 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.365% due 09/25/2034 •  | 59 | 58 |
|  5.395% due 03/25/2035 •  | 204 | 202 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.870% due 01/25/2045 •  | 266 | 251 |
|  4.915% due 03/25/2047 •  | 195 | 184 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  6.235% due 04/25/2035 •  | 210 | 186 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.575% due 03/25/2036 ~ | 50 | 16 |
|  6.000% due 10/25/2037 | 17 | 15 |
|  6.948% due 06/25/2036 þ | 215 | 49 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.755% due 10/25/2036 •  | 735 | 235 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.335% due 10/25/2035 ~ | 225 | 206 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.035% due 12/25/2036 •  | 1087 | 1049 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.170% due 10/25/2035 •  | 1800 | 1549 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.315% due 08/25/2034 •  | 83 | 83 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.410% due 05/25/2035 •  | 1639 | 1490 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.855% due 02/25/2037 •  | 76 | 75 |
|  4.870% due 07/25/2036 •  | 1559 | 1547 |
|  |  | 10283 |
| WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.924% due 03/25/2036 •  | 1663 | 1596 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.775% due 10/25/2036 •  | 113 | 102 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.425% due 10/25/2033 •  | 175 | 174 |
|  5.635% due 01/25/2035 •  | 700 | 674 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.605% due 12/25/2035 •  | 133 | 131 |
|  |  | 2677 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 5.9% | OTHER ABS 5.9% | OTHER ABS 5.9% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.592% due 07/15/2034 ~ | 1300 | 1300 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.706% due 11/15/2037 •  | 2600 | 2816 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  4.041% due 08/15/2033 «•  | 1400 | 1514 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  4.000% due 04/20/2049 | 806 | 673 |
|  4.950% due 07/20/2049 | 820 | 748 |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.220% due 03/20/2048 | 125 | 98 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 520 | 455 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.565% due 11/13/2031 ~ | 1643 | 1641 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  4.685% due 01/15/2033 •  | 1000 | 1084 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.502% due 01/15/2033 •  | 1400 | 1401 |
|  Service Experts Issuer | Service Experts Issuer | Service Experts Issuer |
|  2.670% due 02/02/2032 | 330 | 321 |
|  Sunnova Sol Issuer LLC | Sunnova Sol Issuer LLC | Sunnova Sol Issuer LLC |
|  2.790% due 02/22/2049 | 1362 | 1211 |
|  5.300% due 05/20/2050 | 984 | 960 |
|  5.400% due 04/30/2058 | 1052 | 1020 |
|  Sunrun Demeter Issuer | Sunrun Demeter Issuer | Sunrun Demeter Issuer |
|  2.270% due 01/30/2057 | 623 | 542 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 1400 | 1406 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 105 | 104 |
|  |  | 17294 |
|  Total Asset-Backed Securities (Cost $37,035) | Total Asset-Backed Securities (Cost $37,035) | 36045 |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  6.125% due 03/15/2034 | 700 | 682 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  2.750% due 01/31/2027 | 300 | 290 |
|  3.500% due 01/31/2034 | 300 | 265 |
|  Fondo Mivivienda SA | Fondo Mivivienda SA | Fondo Mivivienda SA |
|  4.625% due 04/12/2027 | 400 | 398 |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  4.000% due 07/25/2029 | 1100 | 1212 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.250% due 08/12/2036 | 610 | 497 |
|  4.000% due 08/24/2034 (e) | 44636 | 2033 |
|  4.490% due 05/25/2032 | 1100 | 1175 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  7.300% due 08/12/2033 | 4800 | 1380 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  10.500% due 12/21/2026 | 7540 | 426 |
|  Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
|  5.375% due 05/29/2027 | 400 | 438 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.000% due 04/14/2033 | 200 | 161 |
|  5.500% due 09/18/2028 | 500 | 561 |
|  6.375% due 09/18/2033 | 500 | 552 |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 300 | 291 |
|  Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
|  4.975% due 04/20/2055 | 100 | 90 |
|  Total Sovereign Issues (Cost $10,783) | Total Sovereign Issues (Cost $10,783) | 10451 |

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| | | |
|:---|:---|:---|
| **64** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNEQ Holdings, Inc. «(b)(h) | 1017 | $— | 4 |
|  Total Common Stocks (Cost $17) | Total Common Stocks (Cost $17) |  | 4 |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.875% due 10/09/2027 ~(f)(g) | 200000 |  | 222 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(f) | 100000 |  | 97 |
|  |  |  | 319 |

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| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 1159 | $— | 568 |
| Total Preferred Securities (Cost $1,310) | Total Preferred Securities (Cost $1,310) |  | 887 |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| REPURCHASE AGREEMENTS (i) 0.9% | REPURCHASE AGREEMENTS (i) 0.9% | REPURCHASE AGREEMENTS (i) 0.9% | REPURCHASE AGREEMENTS (i) 0.9% |
|  |  |  | 2700 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  4.295% due 04/17/2025 - 06/05/2025 (c)(d)(n) | $— | 1051 | $— | 1044 |
| Total Short-Term Instruments<br>(Cost $3,744) | Total Short-Term Instruments<br>(Cost $3,744) | Total Short-Term Instruments<br>(Cost $3,744) |  | 3744 |
| Total Investments in Securities<br>(Cost $407,987) | Total Investments in Securities<br>(Cost $407,987) | Total Investments in Securities<br>(Cost $407,987) |  | 398716 |
| Total Investments 135.6%<br>(Cost $407,987) | Total Investments 135.6%<br>(Cost $407,987) | Total Investments 135.6%<br>(Cost $407,987) | $— | 398716 |
|  Financial Derivative<br>Instruments (k)(m) (0.3)%<br> (Cost or Premiums, net $2,639) | Financial Derivative<br>Instruments (k)(m) (0.3)%<br> (Cost or Premiums, net $2,639) | Financial Derivative<br>Instruments (k)(m) (0.3)%<br> (Cost or Premiums, net $2,639) |  | (992) |
| Other Assets and Liabilities, net (35.3)% | Other Assets and Liabilities, net (35.3)% | Other Assets and Liabilities, net (35.3)% |  | (103667) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 294057 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Security did not produce income within the last twelve months.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  MNEQ Holdings, Inc. | 04/26/2022 - 07/19/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 0.00% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(2753) | $2700 | $2700 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2753) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.440% | 03/20/2025 | 04/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28716) | $(28758) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28758) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 65

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(2)</sup>** | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  BPG | 4.440% | 03/13/2025 | 04/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) | $(1094) |
|  TDM | 4.440 | 03/13/2025 | 04/10/2025 | (5924) | (5938) |
|  | 4.440 | 03/19/2025 | 04/09/2025 | (570) | (571) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7603) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (5.5)% | U.S. Government Agencies (5.5)% | U.S. Government Agencies (5.5)% | U.S. Government Agencies (5.5)% | U.S. Government Agencies (5.5)% | U.S. Government Agencies (5.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 05/01/2055 | $750 | $(594) | $(596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 04/01/2055 | 750 | (618) | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 05/01/2055 | 500 | (431) | (433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | (8147) | (8128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | 6400 | (6380) | (6387) |
|  Total Short Sales (5.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16170) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16168) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $0 | $(28758) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28758) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
|  BOS | 2700 | 0 | 0 | 2700 | (2753) | (53) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPG | 0 | 0 | (1094) | (1094) | 1084 | (10) |
|  TDM | 0 | 0 | (6509) | (6509) | 6584 | 75 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28758) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7603) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(28758) | $0 | $0 | $(28758) |
|  Total | $0 | $(28758) | $0 | $0 | $(28758) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (7603) | 0 | 0 | (7603) |
|  Total | $0 | $(7603) | $0 | $0 | $(7603) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(36361) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36361) |

---

(j) Securities with an aggregate market value of $36,406 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(37536) at a weighted average interest rate of 5.029%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(8) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 6 | 6 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 3 | 3 | (1) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 6 | 6 | (2) | (2) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 6 | $836 | $(13) | $3 | $0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 368 | 76239 | 326 | 0 | (3) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1 | 108 | 2 | 0 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40372 | 553 | 6 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 39 | 4574 | 43 | 7 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1205) | $18 | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 4 | (959) | 19 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 4 | (957) | 21 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 4 | (965) | 13 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 4 | (962) | 17 | 0 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 6 | (685) | (8) | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 7 | (856) | (17) | 0 | (2) |
|  |  |  |  | $63 | $0 | $(3) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  British Telecommunications PLC | 1.000% | Quarterly | 06/20/2028 | 0.359% | EUR 200 | $(1) | $6 | $5 | $0 | $0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 0.448 | 700 | (10) | 24 | 14 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | GBP | 14100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | $(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 100 | (1) | 3 | 2 | 1 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 100 | 0 | 4 | 4 | 0 | (1) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 |  | 1700 | 106 | 13 | 119 | 0 | (16) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | JPY | 590000 | 16 | 42 | 58 | 0 | (3) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 06/16/2028 |  | 1600000 | 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 340 | 0 | (21) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 |  | 260000 | (5) | (17) | (22) | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2028 |  | 1100000 | 203 | 64 | 267 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700% | Annual | 09/18/2029 | 580000 | $8 | $36 | $44 | $0 | $(12) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 233400 | 1 | 78 | 79 | 0 | (8) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 340000 | 20 | 26 | 46 | 0 | (16) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 79000 | 20 | 72 | 92 | 0 | (5) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 04/04/2025 | $100 | (1) | (1) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.697 | Annual | 04/04/2025 | 500 | (4) | (8) | (12) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.721 | Annual | 04/10/2025 | 200 | (2) | (3) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | 35500 | 55 | 314 | 369 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.620 | Annual | 07/24/2025 | 3200 | 24 | 42 | 66 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | 3500 | 45 | 43 | 88 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 2500 | 1 | 45 | 46 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | 250 | 0 | 10 | 10 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) | 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/20/2026 | 11200 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) | (29) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 100 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 02/15/2027 | 550 | 0 | 29 | 29 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 500 | 0 | 25 | 25 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.420 | Semi-Annual | 02/24/2027 | 400 | 0 | 20 | 20 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.430 | Annual | 09/30/2027 | 700 | 0 | 28 | 28 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 670 | 0 | 27 | 27 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/13/2027 | 600 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2027 | 500 | (9) | 46 | 37 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 890 | 20 | 2 | 22 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 110 | 0 | 10 | 10 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 500 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 200 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 26800 | (196) | 326 | 130 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 2470 | 228 | (36) | 192 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 54800 | 2787 | (1111) | 1676 | 3 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 1440 | 41 | 25 | 66 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 1900 | (15) | 300 | 285 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 05/10/2031 | 800 | 8 | 102 | 110 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 700 | 52 | 72 | 124 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 8400 | 190 | (146) | 44 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 | 250 | (1) | 38 | 37 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 13800 | (751) | 366 | (385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 200 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.350 | Annual | 12/14/2032 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 18580 | 179 | 379 | 558 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 11110 | (57) | 186 | 129 | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 3490 | 52 | 180 | 232 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 200 | (1) | (6) | (7) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 200 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 200 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 200 | (1) | 3 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 200 | (1) | 2 | 1 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 200 | 0 | 2 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 200 | (1) | 3 | 2 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 200 | (1) | 0 | (1) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 200 | (1) | 0 | (1) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 400 | (2) | 5 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 200 | (1) | 0 | (1) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 200 | (1) | 0 | (1) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 200 | (1) | 1 | 0 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 200 | (1) | 4 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 200 | (1) | 5 | 4 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 200 | (1) | 6 | 5 | 1 | 0 |

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| | | |
|:---|:---|:---|
| **68** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078% | Annual | 04/29/2034 | $200 | $(1) | $4 | $3 | $1 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 500 | (1) | 10 | 9 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 200 | (1) | 5 | 4 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 200 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 300 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 200 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 400 | (1) | 0 | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 200 | (1) | 1 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 200 | (1) | 2 | 1 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 200 | (1) | 4 | 3 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 200 | (1) | 3 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 200 | (1) | 3 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 400 | (1) | 9 | 8 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 200 | (1) | 6 | 5 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 400 | (2) | 9 | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 200 | (1) | 4 | 3 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 200 | (1) | 6 | 5 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 200 | (1) | 6 | 5 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 200 | (1) | 8 | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 100 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 100 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 200 | (1) | 10 | 9 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 200 | (1) | 11 | 10 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 200 | (1) | 10 | 9 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 200 | (1) | (5) | (6) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 200 | (1) | (6) | (7) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 200 | (1) | (6) | (7) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 300 | (1) | (9) | (10) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 200 | (1) | (5) | (6) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 200 | (1) | (5) | (6) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 200 | (1) | (4) | (5) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 400 | (1) | (10) | (11) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 200 | (1) | (4) | (5) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 1100 | (4) | (21) | (25) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 600 | (2) | 6 | 4 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 600 | (3) | 7 | 4 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 200 | (1) | 5 | 4 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 4 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 200 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 200 | (1) | 6 | 5 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 200 | (1) | 6 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 250 | (1) | (4) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 400 | (1) | (4) | (5) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.967 | Semi-Annual | 06/23/2051 | 100 | (1) | 36 | 35 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 250 | (3) | 100 | 97 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 50 | 0 | (19) | (19) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 50 | 0 | (19) | (19) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 100 | (30) | (6) | (36) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 200 | (2) | (24) | (26) | 1 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

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Schedule of Investments PIMCO ESG Income Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750% | Annual | 06/21/2053 | $2400 | $149 | $334 | $483 | $0 | $(15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 100 | (1) | (8) | (9) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 | 100 | (7) | (17) | (24) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 100 | (1) | 1 | 0 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 100 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 100 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 100 | (1) | (4) | (5) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 3000 | 179 | 16 | 195 | 0 | (22) |
| Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 13200 | 0 | (179) | (179) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 6100 | 0 | (82) | (82) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 18400 | (7) | (210) | (217) | 5 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | 200 | 0 | 6 | 6 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 | 100 | 0 | 4 | 4 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 200 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 200 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 | 100 | 0 | 4 | 4 | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 | 200 | 0 | (7) | (7) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 200 | 0 | (6) | (6) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 200 | 0 | (2) | (2) | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 200 | (1) | (4) | (5) | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 1600 | 10 | 42 | 52 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 4000 | (15) | 65 | 50 | 18 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 700 | (3) | (17) | (20) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 450 | (2) | (11) | (13) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 200 | (1) | 9 | 8 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 | 200 | 0 | 9 | 9 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.270 | Annual | 11/08/2028 | 200 | (1) | (6) | (7) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.255 | Annual | 11/22/2028 | 100 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.179 | Annual | 11/29/2028 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.920 | Annual | 12/13/2028 | 200 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.880 | Annual | 12/19/2028 | 200 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.950 | Annual | 12/29/2028 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 | 200 | 0 | 1 | 1 | 0 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 13100 | 208 | (95) | 113 | 0 | (29) |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 | 500 | (11) | 11 | 0 | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 | 100 | 0 | 7 | 7 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 | 400 | (2) | 26 | 24 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 200 | (1) | (5) | (6) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 200 | (1) | (4) | (5) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 200 | (1) | 0 | (1) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 | 400 | (1) | (8) | (9) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | (2) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 4000 | 197 | (37) | 160 | 0 | (17) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 300 | 25 | (1) | 24 | 0 | (2) |
|  |  |  |  |  |  | $2666 | $2125 | $4791 | $197 | $(376) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) |

---

70 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $(377) | $(390) |

---

(l) Securities with an aggregate market value of $1,112 and cash of $6,096 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  BOA | 04/2025 | 1403 | $974 | $0 | $(1) |
|  | 04/2025 | $284 | 263 | 0 | 0 |
|  BPS | 04/2025 | 24855 | $26112 | 6 | (769) |
|  | 04/2025 | 97276 | 647 | 0 | (1) |
|  | 04/2025 | $1887 | 281389 | 0 | (11) |
|  | 05/2025 | 647 | 96950 | 1 | 0 |
|  | 05/2029 | 70 | $240 | 4 | 0 |
|  | 07/2029 | 9 | 30 | 1 | 0 |
|  BSH | 04/2025 | 67 | 42 | 1 | 0 |
|  | 04/2025 | 455472 | 3033 | 0 | (4) |
|  | 04/2025 | 1443 | 383 | 0 | (10) |
|  | 05/2025 | $3033 | 453938 | 4 | 0 |
|  CBK | 04/2025 | 985 | 1403 | 0 | (10) |
|  | 04/2025 | 1144 | 4187 | 0 | (4) |
|  | 05/2025 | 1400 | $985 | 10 | 0 |
|  | 09/2025 | 4201 | 1144 | 5 | 0 |
|  GLM | 04/2025 | 24976 | 4350 | 0 | (27) |
|  | 04/2025 | 2741 | 727 | 0 | (19) |
|  | 04/2025 | $4359 | 24976 | 18 | 0 |
|  JPM | 04/2025 | 290194 | $1923 | 0 | (12) |
|  | 04/2025 | $26525 | 24592 | 66 | 0 |
|  | 04/2025 | 1883 | 281049 | 0 | (10) |
|  | 05/2025 | 24592 | $26568 | 0 | (66) |
|  | 05/2025 | $1923 | 289221 | 12 | 0 |
|  | 06/2025 | 36182 | $1790 | 40 | 0 |
|  | 06/2025 | $2085 | 43033 | 0 | (4) |
|  MYI | 04/2025 | 6986 | $8852 | 0 | (172) |
|  | 04/2025 | $1054 | 19267 | 0 | (4) |
|  | 05/2025 | 67 | $42 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SCX | 04/2025 | 25086 | $4292 | $0 | $(104) |
|  | 04/2025 | 150151 | 996 | 0 | (5) |
|  | 04/2025 | 955 | 254 | 0 | (6) |
|  | 04/2025 | $4369 | 25086 | 27 | 0 |
|  | 04/2025 | 1653 | 248256 | 2 | 0 |
|  | 05/2025 | 1212 | 181857 | 5 | (1) |
|  | 06/2025 | 4292 | 25404 | 103 | 0 |
|  SSB | 04/2025 | 9034 | 6986 | 0 | (10) |
|  | 05/2025 | 6986 | $9033 | 10 | 0 |
|  UAG | 04/2025 | $1442 | 214615 | 0 | (12) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1262) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110% | 07/26/2032 | 200 | $32 | $15 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 300 | 49 | 86 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 300 | 39 | 9 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 300 | 40 | 75 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 200 | $(1) | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 200 | (1) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 100 | 0 | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 200 | 0 | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 200 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 400 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 400 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 200 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 200 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

72 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYC Call - OTC 1-Year Interest Rate Cap  | 0.026% | 1-Day USD-SOFR Compounded-OIS | 07/23/2025 | 3200 | $(28) | $(27) |
| Put - OTC 1-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2025 | 3200 | (28) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(75) | $(40) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Africa Government International Bond | 1.000% | Quarterly | 12/20/2026 | 1.094% | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | CMBX.NA.AAA.14 Index | 0.500% | Monthly | 12/16/2072 | $2100 | $(51) | $39 | $0 | $(12) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $(1) | $0 | $0 | $(1) | $(1) | $0 | $(1) |
|  BPS | 12 | 0 | 0 | 12 | (781) | (1) | 0 | (782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | (54) |
|  BRC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 12 | 11 |
|  BSH | 5 | 0 | 0 | 5 | (14) | 0 | 0 | (14) | (9) | 0 | (9) |
|  CBK | 15 | 0 | 0 | 15 | (14) | (1) | 0 | (15) | 0 | 0 | 0 |
|  GLM | 18 | 101 | 0 | 119 | (46) | (9) | 0 | (55) | 64 | 0 | 64 |
|  JPM | 118 | 0 | 0 | 118 | (92) | 0 | 0 | (92) | 26 | 0 | 26 |
|  MYC | 0 | 84 | 0 | 84 | 0 | (28) | (13) | (41) | 43 | 78 | 121 |
|  MYI | 0 | 0 | 0 | 0 | (176) | 0 | 0 | (176) | (176) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) |
|  SCX | 137 | 0 | 0 | 137 | (116) | 0 | 0 | (116) | 21 | 0 | 21 |
|  SSB | 10 | 0 | 0 | 10 | (10) | 0 | 0 | (10) | 0 | 0 | 0 |
|  UAG | 0 | 0 | 0 | 0 | (12) | 0 | 0 | (12) | (12) | 0 | (12) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1262) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1315) |  |  |  |

---

(n) Securities with an aggregate market value of $806 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $16 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 197 | 197 |
|  | $0 | $0 | $0 | $0 | $213 | $213 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $315 | $0 | $315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 185 | 185 |
|  | $0 | $0 | $0 | $315 | $185 | $500 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $315 | $398 | $713 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 376 | 377 |
|  | $0 | $1 | $0 | $0 | $389 | $390 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1262 | $0 | $1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 13 | 0 | 0 | 0 | 13 |
|  | $0 | $13 | $0 | $1262 | $40 | $1315 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $44 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (882) | (882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 23 | 0 | 0 | 2006 | 2029 |
|  | $0 | $23 | $0 | $0 | $1168 | $1191 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $222 | $0 | $222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (24) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 169 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21 | 0 | 0 | 0 | 21 |
|  | $0 | $21 | $0 | $222 | $145 | $388 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $44 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | $1313 | $1579 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 569 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (11) | 0 | 0 | (2320) | (2331) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1753) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1764) |

---

74 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(959) | $0 | $(959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 17 | 0 | 0 | 0 | 17 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959) | $8 | $(934) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6 | $0 | $(959) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2698) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $58872 | $0 | $58872 |
| &nbsp;&nbsp; Industrials | 0 | 19482 | 0 | 19482 |
| &nbsp;&nbsp; Utilities | 0 | 10991 | 0 | 10991 |
|  U.S. Government Agencies | 0 | 175570 | 0 | 175570 |
|  U.S. Treasury Obligations | 0 | 41498 | 0 | 41498 |
|  Non-Agency Mortgage-Backed Securities | 0 | 41172 | 0 | 41172 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 5393 | 0 | 5393 |
| &nbsp;&nbsp; CMBS Other | 0 | 398 | 0 | 398 |
| &nbsp;&nbsp; Home Equity Other | 0 | 10283 | 0 | 10283 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2677 | 0 | 2677 |
| &nbsp;&nbsp; Other ABS | 0 | 15780 | 1514 | 17294 |
|  Sovereign Issues | 0 | 10451 | 0 | 10451 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 0 | 4 | 4 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 319 | 0 | 319 |
| &nbsp;&nbsp; Industrials | 0 | 568 | 0 | 568 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2700 | 0 | 2700 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1044 | 0 | 1044 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398716 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(16168) | $0 | $(16168) |
|  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 | 3 | 210 | 0 | 213 |
|  Over the counter | 0 | 500 | 0 | 500 |
|  | $3 | $710 | $0 | $713 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (390) | 0 | (390) |
|  Over the counter | 0 | (1315) | 0 | (1315) |
|  | $0 | $(1705) | $0 | $(1705) |
|  Total Financial Derivative Instruments | $3 | $(995) | $0 | $(992) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381556 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

---

------

Schedule of Investments PIMCO High Yield Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.6% |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.825% due 10/10/2029 ~ | 15638 | 15396 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  7.322% due 01/27/2032 | 8200 | 8156 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.549% due 07/06/2029 ~ | 4588 | 3952 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 ~µ | 2674 | 2635 |
|  7.750% due 12/09/2031 « | 27200 | 27098 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% due 03/26/2032 | 5037 | 5015 |
|  TBD% due 03/26/2032 µ | 88 | 88 |
|  CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC | CoreWeave Compute Acquisition Co. LLC |
|  TBD% - 10.322% due 05/16/2029 «µ | 4000 | 4018 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.073% due 05/01/2031 | 9900 | 9702 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.802% due 08/02/2029 | 9919 | 9793 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 3875 | 3846 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  9.573% due 06/04/2029 ~ | 4466 | 4332 |
|  LC Ahab U.S. Bidco LLC | LC Ahab U.S. Bidco LLC | LC Ahab U.S. Bidco LLC |
|  7.325% due 05/01/2031 ~ | 1734 | 1724 |
|  Mitchell International, Inc. | Mitchell International, Inc. | Mitchell International, Inc. |
|  7.575% due 06/17/2031 ~ | 8706 | 8615 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 12625 | 12252 |
|  Newfold Digital | Newfold Digital | Newfold Digital |
|  7.929% due 02/10/2028 «~ | 748 | 557 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  TBD% due 09/18/2031 | 5187 | 5180 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.299% due 05/13/2027 | 10700 | 10531 |
|  TGP Holdings III LLC | TGP Holdings III LLC | TGP Holdings III LLC |
|  7.675% due 06/29/2028 | 4580 | 4204 |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 31500 | 31146 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 02/28/2031 | 6501 | 6472 |
|  7.049% due 03/22/2030 | 4802 | 4799 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.684% due 01/31/2029 ~ | 12925 | 12693 |
|  X Corp. | X Corp. | X Corp. |
|  10.949% due 10/26/2029 ~ | 20575 | 20472 |
|  Total Loan Participations and Assignments (Cost $213,196) | Total Loan Participations and Assignments (Cost $213,196) | 212676 |
| CORPORATE BONDS & NOTES 85.3% | CORPORATE BONDS & NOTES 85.3% | CORPORATE BONDS & NOTES 85.3% |
| BANKING & FINANCE 13.5% | BANKING & FINANCE 13.5% | BANKING & FINANCE 13.5% |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.042% due 06/07/2027 ~ | 2100 | 2204 |
|  15.542% due 06/08/2026 ~ | 2100 | 2205 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.500% due 10/01/2031 | 27850 | 27375 |
|  7.000% due 01/15/2031 | 20425 | 20504 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  4.625% due 06/01/2028 | 8675 | 8215 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.700% due 02/14/2033 | 1000 | 1001 |
|  8.000% due 11/01/2031 | 5000 | 5566 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 | 13525 | 12761 |
|  6.375% due 02/15/2029 | 8450 | 8520 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  14.542% due 05/07/2031 ~ | 750 | 790 |
|  Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC |
|  7.125% due 05/15/2031 | 5625 | 5705 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  22.782% due 04/30/2031 ~ | 250 | 281 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  8.500% due 08/14/2028 •(f)(h) | 8000 | 8387 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 16100 | 16771 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 2875 | 3015 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  8.375% due 06/15/2035 ~ | 2875 | 2814 |
|  Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. |
|  4.500% due 04/01/2027 | 697 | 668 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.250% due 04/15/2028 | 400 | 398 |
|  9.250% due 07/01/2031 | 31025 | 32726 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.192% due 03/13/2032 •  | 850 | 850 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.042% due 05/10/2031 •  | 250 | 255 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 14923 | 13483 |
|  3.625% due 10/01/2031 | 7075 | 5992 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 1975 | 1949 |
|  9.250% due 12/15/2028 | 6875 | 7287 |
|  CTR Partnership LP | CTR Partnership LP | CTR Partnership LP |
|  3.875% due 06/30/2028 | 10000 | 9381 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 20825 | 21494 |
|  9.250% due 04/01/2029 | 6325 | 6632 |
|  Everglades Re Ltd. | Everglades Re Ltd. | Everglades Re Ltd. |
|  14.792% due 05/13/2031 •  | 1100 | 1161 |
|  15.792% due 05/13/2031 •  | 1100 | 1161 |
|  17.042% due 05/13/2027 •  | 630 | 662 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  6.750% due 09/15/2031 | 6400 | 6318 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 825 | 764 |
|  3.815% due 11/02/2027 | 425 | 406 |
|  4.125% due 08/17/2027 | 200 | 193 |
|  4.271% due 01/09/2027 | 350 | 343 |
|  5.918% due 03/20/2028 | 1025 | 1030 |
|  6.798% due 11/07/2028 | 2275 | 2341 |
|  6.800% due 05/12/2028 | 850 | 873 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 | 1000 | 1012 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.875% due 04/15/2033 | 4875 | 4664 |
|  7.000% due 05/01/2031 | 16515 | 16793 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 6900 | 6871 |
|  7.625% due 05/01/2026 | 5400 | 5390 |
|  12.000% due 10/01/2028 | 10425 | 11206 |
|  12.250% due 10/01/2030 | 18375 | 20262 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 3850 | 3765 |
|  9.125% due 05/15/2031 | 11200 | 11285 |
|  9.250% due 02/01/2029 | 6400 | 6505 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  6.875% due 04/15/2029 | 11721 | 11890 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.700% due 10/15/2051 •  | 6100 | 5880 |
|  GN Bondco LLC | GN Bondco LLC | GN Bondco LLC |
|  9.500% due 10/15/2031 | 30525 | 30563 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.042% due 04/08/2032 •  | 300 | 301 |
|  Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC |
|  7.750% due 09/01/2030 •  | 5600 | 5859 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 •  | 2200 | 1966 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 •  | 16850 | 17367 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 •  | 3875 | 2674 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.650% due 04/01/2029 •  | $— | 300 | $— | 227 |
|  5.950% due 02/15/2028 •  |  | 7500 |  | 6521 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  5.250% due 05/15/2027 •  |  | 2825 |  | 2689 |
|  6.250% due 05/15/2026 •  |  | 10140 |  | 10050 |
|  9.750% due 01/15/2029 •  |  | 1450 |  | 1443 |
|  10.000% due 11/15/2029 •  |  | 5400 |  | 5369 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  14.032% due 06/06/2027 •  |  | 250 |  | 249 |
|  16.532% due 06/06/2028 ~ |  | 250 |  | 252 |
|  29.782% due 06/06/2027 ~ |  | 300 |  | 299 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.700% due 09/17/2025 •(f)(h) |  | 23000 |  | 23030 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 |  | 3605 |  | 3334 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 |  | 5925 |  | 5437 |
|  4.875% due 09/15/2027 |  | 3875 |  | 3799 |
|  4.875% due 09/15/2029 |  | 16050 |  | 15335 |
|  5.250% due 07/15/2030 |  | 1900 |  | 1823 |
|  5.625% due 07/15/2032 |  | 2494 |  | 2386 |
|  6.250% due 01/15/2033 |  | 11650 |  | 11546 |
|  Jane Street Group | Jane Street Group | Jane Street Group | Jane Street Group | Jane Street Group |
|  7.125% due 04/30/2031 |  | 40750 |  | 41892 |
|  Jefferies Finance LLC | Jefferies Finance LLC | Jefferies Finance LLC | Jefferies Finance LLC | Jefferies Finance LLC |
|  5.000% due 08/15/2028 |  | 1000 |  | 941 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 |  | 7225 |  | 7696 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  4.750% due 12/15/2028 |  | 300 |  | 296 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  4.250% due 02/01/2027 |  | 6100 |  | 5945 |
|  4.750% due 06/15/2029 |  | 2075 |  | 1978 |
|  7.000% due 07/15/2031 |  | 6450 |  | 6625 |
|  LFS Topco LLC | LFS Topco LLC | LFS Topco LLC | LFS Topco LLC | LFS Topco LLC |
|  5.875% due 10/15/2026 |  | 7800 |  | 7636 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.792% due 05/27/2031 ~ |  | 1150 |  | 1218 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  5.625% due 01/15/2030 |  | 5000 |  | 4541 |
|  6.500% due 05/01/2028 |  | 5750 |  | 5548 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ |  | 250 |  | 173 |
|  MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP |
|  8.500% due 02/15/2032 | $— | 8850 |  | 9022 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 |  | 5000 |  | 5012 |
|  5.500% due 08/15/2028 |  | 11000 |  | 10918 |
|  5.750% due 11/15/2031 |  | 9675 |  | 9680 |
|  6.500% due 08/01/2029 |  | 15440 |  | 15665 |
|  7.125% due 02/01/2032 |  | 11450 |  | 11904 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.032% (T-BILL 3MO + 9.750%) due 04/10/2029 ~(a) |  | 250 |  | 250 |
|  Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 |  | 8975 |  | 8790 |
|  5.500% due 03/15/2029 |  | 1000 |  | 947 |
|  6.750% due 06/15/2026 |  | 2424 |  | 2443 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 |  | 38600 |  | 40517 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 3925 |  | 3728 |
|  6.950% due 09/15/2026 |  | 4650 |  | 4727 |
|  7.050% due 09/15/2028 |  | 10395 |  | 10817 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 |  | 9475 |  | 9087 |
|  4.000% due 09/15/2030 |  | 12200 |  | 10762 |
|  5.375% due 11/15/2029 |  | 9000 |  | 8569 |
|  6.625% due 01/15/2028 |  | 8075 |  | 8142 |
|  6.625% due 05/15/2029 |  | 14450 |  | 14495 |
|  7.125% due 11/15/2031 |  | 7575 |  | 7626 |
|  7.500% due 05/15/2031 |  | 15725 |  | 16014 |
|  9.000% due 01/15/2029 |  | 22975 |  | 24128 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.678% due 01/17/2029 ~ |  | 250 |  | 272 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oxford Finance LLC | Oxford Finance LLC | Oxford Finance LLC |
|  6.375% due 02/01/2027 | 13314 | 13196 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  13.792% due 06/09/2031 •  | 250 | 264 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 7650 | 5395 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 32825 | 33468 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 3700 | 3456 |
|  7.000% due 02/01/2030 | 1000 | 1008 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 8885 | 8792 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 13000 | 12154 |
|  5.750% due 09/15/2031 | 10000 | 9502 |
|  7.125% due 11/15/2030 | 14650 | 14896 |
|  7.875% due 12/15/2029 | 7650 | 7965 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 7500 | 7831 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.282% due 06/07/2027 •  | 1300 | 1374 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 4250 | 4202 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  4.500% due 02/15/2029 | 14000 | 13255 |
|  6.500% due 04/01/2032 | 1150 | 1149 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 2500 | 2446 |
|  4.000% due 09/15/2029 | 7775 | 6982 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  3.625% due 03/01/2029 | 4100 | 3784 |
|  3.875% due 03/01/2031 | 8000 | 7176 |
|  4.000% due 10/15/2033 | 11000 | 9444 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 20500 | 18726 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  5.500% due 12/15/2027 | 2125 | 2052 |
|  8.375% due 06/15/2029 | 23700 | 23712 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  6.500% due 01/31/2030 | 2075 | 2131 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 | 1000 | 973 |
|  6.000% due 04/15/2030 | 4425 | 4329 |
|  6.500% due 07/01/2030 | 6875 | 6886 |
|  6.500% due 10/15/2030 (a) | 4775 | 4743 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  7.250% due 02/02/2033 | 1000 | 1030 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  10.282% due 06/07/2032 •  | 250 | 261 |
|  11.532% due 06/07/2027 •  | 300 | 315 |
|  13.282% due 06/05/2026 •  | 250 | 260 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 28700 | 28211 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.782% due 02/22/2028 ~ | 550 | 556 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 500 | 511 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  9.292% due 03/08/2033 ~ | 250 | 251 |
|  VFH Parent LLC | VFH Parent LLC | VFH Parent LLC |
|  7.500% due 06/15/2031 | 7400 | 7609 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 6270 | 5312 |
|  Windmill Re DAC | Windmill Re DAC | Windmill Re DAC |
|  7.986% due 07/05/2028 ~ | 250 | 275 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.792% due 02/21/2028 ~ | 250 | 250 |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 375 | 369 |
|  |  | 1095028 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 67.6% | INDUSTRIALS 67.6% | INDUSTRIALS 67.6% |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  3.875% due 10/15/2029 | 11000 | 10277 |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 2575 | 2619 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.000% due 04/15/2029 | 1725 | 1632 |
|  Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
|  7.500% due 02/15/2033 | 6175 | 5787 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 1900 | 1786 |
|  4.875% due 07/15/2032 | 8300 | 7757 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  3.500% due 03/15/2032 | 11950 | 10021 |
|  3.900% due 04/15/2030 | 1150 | 1026 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 15100 | 13240 |
|  Affinity Interactive | Affinity Interactive | Affinity Interactive |
|  6.875% due 12/15/2027 | 3900 | 2975 |
|  Air Canada | Air Canada | Air Canada |
|  4.625% due 08/15/2029 | 3150 | 2165 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  3.250% due 03/15/2026 | 3 | 3 |
|  3.500% due 03/15/2029 | 4125 | 3801 |
|  4.625% due 01/15/2027 | 1801 | 1776 |
|  4.875% due 02/15/2030 | 3250 | 3109 |
|  5.875% due 02/15/2028 | 7284 | 7288 |
|  6.250% due 03/15/2033 | 6525 | 6595 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  6.125% due 10/15/2026 | 12675 | 12674 |
|  8.750% due 04/15/2027 | 16470 | 16779 |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  4.125% due 03/31/2029 | 4225 | 3921 |
|  Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
|  7.250% due 08/15/2027 | 12025 | 11666 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.875% due 02/15/2031 | 9625 | 9756 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 9475 | 8432 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 01/15/2029 | 16300 | 12816 |
|  5.125% due 07/15/2029 | 16200 | 12713 |
|  5.500% due 01/15/2028 | 15200 | 12165 |
|  5.500% due 10/15/2029 | 11250 | 8930 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 26750 | 26704 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 22650 | 17025 |
|  10.250% due 01/15/2029 | 10450 | 10840 |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
|  7.250% due 08/01/2032 | 4750 | 4678 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 6750 | 6916 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 2728 | 2647 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 14171 | 14143 |
|  5.750% due 04/20/2029 | 30425 | 29797 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 16908 | 15522 |
|  4.000% due 01/15/2028 | 9125 | 8734 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 1395 | 1435 |
|  Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
|  4.625% due 05/15/2030 | 10125 | 9450 |
|  6.375% due 03/15/2033 | 3200 | 3187 |
|  Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 | 5900 | 5919 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 19750 | 18319 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  4.250% due 06/01/2028 | 20000 | 18233 |
|  Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
|  6.875% due 08/15/2032 | 2600 | 2638 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 6650 | 6731 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  5.875% due 06/30/2029 | 7000 | 6837 |
|  6.625% due 10/15/2032 | 21375 | 21296 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 30100 | 27245 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 8650 | 8121 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 11000 | 10227 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  3.875% due 11/01/2029 | 3375 | 3119 |
|  4.625% due 07/15/2028 | 8650 | 8345 |
|  Avis Budget Car Rental LLC | Avis Budget Car Rental LLC | Avis Budget Car Rental LLC |
|  4.750% due 04/01/2028 | 5715 | 5242 |
|  5.375% due 03/01/2029 | 5225 | 4720 |
|  8.000% due 02/15/2031 (k) | 5475 | 5351 |
|  8.250% due 01/15/2030 | 13700 | 13376 |
|  Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV |
|  7.250% due 02/15/2031 | 2625 | 2711 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 17000 | 15561 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 5650 | 5716 |
|  6.250% due 03/15/2033 | 4200 | 4254 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 2075 | 2087 |
|  B.C. Ltd. | B.C. Ltd. | B.C. Ltd. |
|  10.000% due 04/15/2032 (a) | 22100 | 21988 |
|  B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. |
|  3.500% due 02/15/2029 | 13950 | 12906 |
|  3.875% due 01/15/2028 | 20000 | 19133 |
|  4.000% due 10/15/2030 | 43900 | 39768 |
|  4.375% due 01/15/2028 | 9000 | 8665 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 17475 | 15244 |
|  3.125% due 09/15/2031 | 1500 | 1301 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  6.875% due 11/01/2035 | 12350 | 12524 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 27375 | 28436 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 13650 | 11038 |
|  5.750% due 08/15/2027 (k) | 2425 | 2422 |
|  11.000% due 09/30/2028 | 13175 | 12557 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.625% due 05/01/2027 | 31946 | 31457 |
|  Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
|  4.125% due 05/15/2029 | 10000 | 10074 |
|  6.500% due 08/01/2030 | 2600 | 2737 |
|  BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
|  7.000% due 03/15/2030 | 2000 | 2068 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 2500 | 2427 |
|  3.500% due 06/01/2031 | 12800 | 11264 |
|  6.500% due 05/15/2032 | 13175 | 13324 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 800 | 757 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  7.250% due 07/01/2031 | 5500 | 5526 |
|  8.750% due 11/15/2030 | 1250 | 1319 |
|  Borr IHC Ltd. | Borr IHC Ltd. | Borr IHC Ltd. |
|  10.000% due 11/15/2028 | 2155 | 2054 |
|  10.375% due 11/15/2030 | 1451 | 1352 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 06/15/2031 | 4250 | 3923 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  4.500% due 03/01/2028 | 5200 | 4993 |
|  5.850% due 11/15/2043 | 2625 | 2324 |
|  6.750% due 02/01/2030 | 5200 | 5271 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 21157 | 18943 |
|  5.000% due 03/01/2030 | 16100 | 15402 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.375% due 03/01/2034 | 25 | 25 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 1350 | 1276 |
|  4.125% due 04/15/2029 | 7025 | 6566 |
|  Cable One, Inc. | Cable One, Inc. | Cable One, Inc. |
|  4.000% due 11/15/2030 | 86 | 68 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  7.000% due 02/15/2030 | 16204 | 16436 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 10500 | 10303 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 9300 | 9560 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 37150 | 35566 |
|  5.750% due 03/01/2027 | 25725 | 25757 |
|  5.750% due 03/15/2030 | 31850 | 31746 |
|  7.000% due 08/15/2029 | 6375 | 6674 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 11025 | 11682 |
|  Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) |
|  14.000% due 06/01/2031 (b) | 3925 | 4365 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.250% due 02/01/2031 | 32375 | 28716 |
|  4.250% due 01/15/2034 | 13700 | 11278 |
|  4.500% due 08/15/2030 | 29200 | 26606 |
|  4.500% due 05/01/2032 | 17550 | 15247 |
|  4.500% due 06/01/2033 | 11592 | 9895 |
|  4.750% due 03/01/2030 | 31500 | 29244 |
|  5.000% due 02/01/2028 | 17500 | 16998 |
|  5.375% due 06/01/2029 | 28300 | 27407 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 17450 | 17338 |
|  6.629% due 07/15/2032 | 10950 | 11253 |
|  Central Parent LLC | Central Parent LLC | Central Parent LLC |
|  8.000% due 06/15/2029 | 8275 | 7271 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.250% due 06/15/2029 | 1350 | 1170 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  3.875% due 08/15/2029 | 2000 | 1804 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 33247 | 34098 |
|  Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
|  8.375% due 12/01/2031 | 2700 | 2796 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  5.500% due 01/15/2028 | 5700 | 5106 |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  7.625% due 07/01/2029 | 12253 | 12605 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 23525 | 23423 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 13600 | 13222 |
|  5.750% due 04/01/2030 | 9700 | 9496 |
|  6.750% due 05/01/2031 | 8400 | 8477 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 10100 | 9294 |
|  Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. |
|  8.375% due 01/15/2029 | 14800 | 15075 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.375% due 07/01/2028 | 825 | 852 |
|  8.625% due 11/01/2030 | 3126 | 3228 |
|  8.750% due 07/01/2031 | 18875 | 19407 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  6.750% due 02/15/2030 | 2950 | 2981 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 20000 | 18572 |
|  4.875% due 07/01/2029 | 7600 | 6790 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  6.875% due 11/01/2029 | 325 | 318 |
|  7.000% due 03/15/2032 | 19602 | 18834 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 28325 | 27555 |
|  8.250% due 06/30/2032 | 13125 | 13359 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 10000 | 10064 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.750% due 04/15/2032 (a) | $— | 10275 | $— | 10354 |
|  6.875% due 01/15/2030 |  | 9350 |  | 9433 |
|  8.750% due 04/15/2030 |  | 24250 |  | 24610 |
|  CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
|  4.750% due 04/15/2030 |  | 4125 |  | 3844 |
|  CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
|  7.250% due 03/01/2032 |  | 2900 |  | 2951 |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
|  5.000% due 12/15/2029 |  | 3000 |  | 2864 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  4.750% due 02/15/2031 |  | 24775 |  | 19614 |
|  5.250% due 05/15/2030 |  | 10875 |  | 8985 |
|  5.625% due 03/15/2027 |  | 21875 |  | 20906 |
|  6.000% due 01/15/2029 |  | 11942 |  | 10625 |
|  10.875% due 01/15/2032 |  | 17025 |  | 16794 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 |  | 3150 |  | 2979 |
|  Connect Finco SARL | Connect Finco SARL | Connect Finco SARL | Connect Finco SARL | Connect Finco SARL |
|  9.000% due 09/15/2029 |  | 17400 |  | 15886 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 |  | 4000 |  | 3755 |
|  CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
|  4.500% due 05/01/2028 |  | 9857 |  | 9188 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 |  | 41555 |  | 39897 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 •  |  | 12450 |  | 12016 |
|  7.625% due 04/01/2032 •  |  | 9700 |  | 9603 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 |  | 5900 |  | 5210 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 |  | 16975 |  | 15640 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 |  | 23425 |  | 21584 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 |  | 13975 |  | 14398 |
|  Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. |
|  8.500% due 10/01/2030 |  | 4475 |  | 4590 |
|  Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
|  7.750% due 03/31/2030 |  | 3400 |  | 3533 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 |  | 20275 |  | 19666 |
|  10.000% due 02/15/2031 |  | 6700 |  | 6439 |
|  Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. |
|  9.750% due 04/09/2029 «(a) |  | 3750 |  | 3687 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.375% due 06/15/2031 |  | 1575 |  | 1450 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 |  | 39875 |  | 41935 |
|  Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC |
|  7.500% due 02/15/2032 |  | 15400 |  | 15036 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
|  6.650% due 08/28/2028 |  | 6100 |  | 6190 |
|  Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. |
|  3.875% due 09/01/2028 |  | 14500 |  | 13664 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 |  | 9650 |  | 9514 |
|  Embecta Corp. | Embecta Corp. | Embecta Corp. | Embecta Corp. | Embecta Corp. |
|  5.000% due 02/15/2030 |  | 19575 |  | 17546 |
|  EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP |
|  6.625% due 12/15/2030 |  | 12000 |  | 12020 |
|  Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. |
|  8.500% due 04/15/2031 |  | 3675 |  | 3836 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  4.500% due 01/15/2029 |  | 30147 |  | 29226 |
|  4.750% due 01/15/2031 |  | 18775 |  | 18066 |
|  6.500% due 07/01/2027 |  | 17900 |  | 18384 |
|  7.500% due 06/01/2030 |  | 5750 |  | 6217 |
|  EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
|  9.000% due 05/15/2028 |  | 2625 |  | 2723 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  4.625% due 01/15/2029 |  | 10000 |  | 9218 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 |  | 17550 |  | 16107 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  7.500% due 06/01/2031 | 10225 | 10321 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.000% due 01/15/2030 | 19200 | 19257 |
|  8.625% due 03/15/2031 | 5500 | 5864 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 30604 | 27644 |
|  3.875% due 10/01/2031 | 30850 | 26648 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  4.625% due 02/15/2027 | 6200 | 6041 |
|  Genesee & Wyoming, Inc. | Genesee & Wyoming, Inc. | Genesee & Wyoming, Inc. |
|  6.250% due 04/15/2032 | 9125 | 9129 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  3.500% due 09/01/2028 | 10000 | 9459 |
|  4.000% due 08/01/2028 | 14900 | 14177 |
|  4.375% due 08/15/2029 | 3000 | 2833 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  10.000% due 10/31/2028 | 8052 | 8057 |
|  Global Partners LP | Global Partners LP | Global Partners LP |
|  8.250% due 01/15/2032 | 800 | 823 |
|  Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC |
|  3.500% due 03/01/2029 | 1800 | 1669 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 25673 | 25150 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 4875 | 4779 |
|  7.375% due 10/01/2030 (a) | 22225 | 21828 |
|  7.625% due 07/01/2029 | 15375 | 15397 |
|  9.250% due 12/01/2028 | 10750 | 11298 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 25050 | 24486 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  3.500% due 03/15/2028 | 5000 | 4723 |
|  3.500% due 03/01/2029 | 4475 | 4131 |
|  3.750% due 02/01/2030 | 7850 | 7180 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  4.750% due 10/15/2030 | 6125 | 3891 |
|  5.375% due 11/15/2031 | 9600 | 6005 |
|  10.500% due 07/15/2029 | 6950 | 7247 |
|  Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |
|  8.750% due 11/15/2029 | 3425 | 3445 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 •  | 14945 | 14641 |
|  Gulfport Energy Corp. | Gulfport Energy Corp. | Gulfport Energy Corp. |
|  6.750% due 09/01/2029 •  | 4150 | 4210 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 7724 | 7233 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  5.500% due 10/15/2026 •  | 15800 | 15821 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 •  | 8800 | 8260 |
|  Helios Software Holdings, Inc. | Helios Software Holdings, Inc. | Helios Software Holdings, Inc. |
|  4.625% due 05/01/2028 •  | 1100 | 991 |
|  8.750% due 05/01/2029 •  | 6250 | 6226 |
|  Hertz Corp. | Hertz Corp. | Hertz Corp. |
|  12.625% due 07/15/2029 •  | 575 | 520 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 •  | 8100 | 8143 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 •  | 14000 | 12281 |
|  3.750% due 05/01/2029 •  | 9400 | 8775 |
|  4.000% due 05/01/2031 •  | 9000 | 8157 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  4.875% due 07/01/2031 •  | 5000 | 4395 |
|  5.000% due 06/01/2029 •  | 11175 | 10481 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 •  | 14475 | 13364 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 •  | 22045 | 22603 |
|  8.875% due 07/15/2028 •  | 6200 | 6470 |
|  Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. |
|  9.000% due 02/15/2029 •  | 2475 | 2483 |
|  IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
|  7.750% due 11/15/2030 •(b) | 8750 | 8630 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) |
|  8.000% due 11/15/2032 •(b) | 3800 | 3708 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 •  | 42650 | 40539 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 •  | 1000 | 1002 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 •  | 39554 | 36952 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 •  | 1900 | 1933 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 •  | 23843 | 23220 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 •  | 11481 | 10936 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 6800 | 6466 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  4.875% due 12/15/2027 | 2750 | 2574 |
|  7.000% due 09/01/2032 | 15325 | 13614 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 45575 | 45025 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 857 | 816 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 2350 | 2389 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 6025 | 6146 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 20275 | 19815 |
|  LABL, Inc. | LABL, Inc. | LABL, Inc. |
|  5.875% due 11/01/2028 | 1789 | 1411 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 | 5000 | 4473 |
|  3.750% due 02/15/2028 | 5565 | 5300 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.125% due 01/31/2030 | 3875 | 3614 |
|  4.375% due 01/31/2032 | 3450 | 3155 |
|  4.875% due 05/15/2028 | 8000 | 7819 |
|  LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC |
|  6.750% due 10/15/2027 | 400 | 335 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  4.500% due 04/01/2030 | 8250 | 6641 |
|  10.500% due 04/15/2029 | 375 | 414 |
|  10.750% due 12/15/2030 | 8675 | 9629 |
|  11.000% due 11/15/2029 | 13323 | 14866 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 14475 | 14588 |
|  11.000% due 10/15/2030 | 24870 | 27067 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 7500 | 7689 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 4000 | 3816 |
|  4.750% due 10/15/2027 | 7400 | 7221 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  4.125% due 06/30/2028 | 5100 | 4817 |
|  Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC |
|  6.875% due 12/01/2032 | 625 | 624 |
|  Marks & Spencer PLC | Marks & Spencer PLC | Marks & Spencer PLC |
|  7.125% due 12/01/2037 | 600 | 646 |
|  Masterbrand, Inc. | Masterbrand, Inc. | Masterbrand, Inc. |
|  7.000% due 07/15/2032 | 2475 | 2473 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 34625 | 33861 |
|  Match Group Holdings LLC | Match Group Holdings LLC | Match Group Holdings LLC |
|  3.625% due 10/01/2031 | 3375 | 2912 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 21000 | 20606 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 284 | 278 |
|  7.375% due 09/01/2031 | 12550 | 12632 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 54950 | 51401 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 5925 | 5831 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 9000 | 8509 |
|  Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
|  4.875% due 05/01/2029 | 19250 | 18081 |
|  Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. |
|  6.750% due 04/01/2032 | 8200 | 8132 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 05/15/2032 | 7875 | 6917 |
|  4.375% due 06/15/2028 | 9975 | 9508 |
|  6.250% due 01/15/2033 | 12175 | 11999 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 10900 | 10607 |
|  Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. |
|  6.000% due 10/01/2032 | 3975 | 3828 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 7675 | 6825 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.375% due 05/15/2027 | 5025 | 4962 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 02/15/2027 | 7250 | 7245 |
|  6.750% due 02/01/2032 | 10125 | 10009 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 9450 | 10255 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 7000 | 6675 |
|  5.250% due 10/01/2030 | 10500 | 10144 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 18050 | 15676 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.375% due 05/15/2030 | 5808 | 5665 |
|  6.625% due 05/15/2032 | 1777 | 1731 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 24900 | 20418 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  4.750% due 11/01/2028 | 10975 | 10288 |
|  5.625% due 07/15/2027 | 10975 | 10821 |
|  NFE Financing LLC | NFE Financing LLC | NFE Financing LLC |
|  12.000% due 11/15/2029 | 13222 | 11155 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 10650 | 10122 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 28139 | 28140 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  4.250% due 08/01/2031 | 4250 | 3661 |
|  4.375% due 04/01/2030 | 250 | 224 |
|  5.000% due 01/15/2044 | 9350 | 6898 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 10800 | 10910 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 | 6700 | 5831 |
|  4.750% due 01/30/2030 | 19000 | 17733 |
|  Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
|  6.875% due 01/30/2030 | 4675 | 4745 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 13625 | 13785 |
|  Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC |
|  12.750% due 11/01/2027 | 3150 | 3296 |
|  Olin Corp. | Olin Corp. | Olin Corp. |
|  6.625% due 04/01/2033 | 6900 | 6713 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  3.875% due 10/01/2028 (k) | 5000 | 5171 |
|  4.250% due 10/01/2028 | 17306 | 16009 |
|  7.125% due 10/01/2027 | 4086 | 4089 |
|  7.250% due 06/15/2031 | 6975 | 6854 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 13000 | 12184 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 3850 | 3895 |
|  Opal BIDCO | Opal BIDCO | Opal BIDCO |
|  6.500% due 03/31/2032 | 39450 | 39450 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 12/01/2029 | 2675 | 2437 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 10365 | 9465 |
|  4.125% due 12/01/2031 | 3100 | 2742 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 15000 | 14010 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 27175 | 25416 |
|  5.125% due 04/30/2031 | 16325 | 14246 |
|  6.750% due 05/15/2034 | 5700 | 5600 |
|  Outfront Media Capital LLC | Outfront Media Capital LLC | Outfront Media Capital LLC |
|  4.250% due 01/15/2029 | 1900 | 1764 |
|  Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. |
|  6.625% due 04/01/2030 (k) | 3875 | 3394 |
|  Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer LLC |
|  4.375% due 10/15/2028 | 1825 | 1865 |
|  Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. |
|  4.000% due 10/15/2027 | 33425 | 33759 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  4.500% due 10/01/2029 | 6650 | 6276 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 8975 | 8404 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 | 9 | 9 |
|  6.250% due 02/01/2033 | 15375 | 15326 |
|  7.000% due 01/15/2032 | 4575 | 4682 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 12500 | 11953 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 6425 | 6019 |
|  7.750% due 02/15/2029 | 2600 | 2390 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 7850 | 7118 |
|  4.625% due 04/15/2030 | 20475 | 19145 |
|  5.500% due 12/15/2029 | 29600 | 28802 |
|  6.250% due 10/15/2034 | 18675 | 18433 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 49175 | 46452 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 2950 | 2826 |
|  6.250% due 04/01/2029 | 24743 | 24698 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 6205 | 5973 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 20350 | 20496 |
|  6.750% due 03/01/2033 | 6125 | 6103 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 7450 | 7924 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) | 3025 | 3002 |
|  9.750% due 04/15/2029 | 17650 | 19196 |
|  11.250% due 02/15/2027 | 5800 | 6296 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 26675 | 26448 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 | 4325 | 4118 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 27875 | 27138 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  4.875% due 12/01/2029 | 2825 | 2630 |
|  5.000% due 09/01/2030 | 5000 | 4642 |
|  Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
|  6.625% due 02/01/2033 | 1150 | 1132 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 10000 | 9105 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.800% due 05/15/2030 | 3900 | 3666 |
|  4.950% due 07/15/2029 | 9125 | 8745 |
|  6.750% due 03/15/2033 | 9675 | 9849 |
|  7.500% due 07/15/2038 | 150 | 152 |
|  Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. |
|  4.375% due 10/15/2029 | 800 | 752 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 16000 | 15767 |
|  5.375% due 07/15/2027 | 18875 | 18813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 08/31/2026 | 20200 | 20214 |
|  5.500% due 04/01/2028 | 11350 | 11310 |
|  5.625% due 09/30/2031 | 11925 | 11718 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 7625 | 7560 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  6.625% due 03/01/2030 | 2000 | 1888 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 7400 | 7045 |
|  Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
|  3.875% due 01/15/2029 | 6200 | 4877 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 25850 | 25857 |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  4.091% due 06/01/2029 | 7988 | 7529 |
|  5.750% due 12/01/2034 | 4000 | 3889 |
|  9.625% due 12/01/2032 | 10000 | 11258 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  6.875% due 07/15/2033 | 3085 | 3231 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  4.000% due 04/15/2029 | 4000 | 3680 |
|  Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
|  3.750% due 02/15/2031 | 18175 | 15893 |
|  4.375% due 02/15/2030 | 5000 | 4624 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 14875 | 13268 |
|  Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC |
|  6.750% due 08/15/2032 | 4350 | 4388 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 | 23850 | 22141 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
|  8.125% due 02/15/2033 | 9000 | 8887 |
|  Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
|  3.875% due 09/01/2031 | 31775 | 27263 |
|  4.125% due 07/01/2030 | 13950 | 12404 |
|  5.000% due 08/01/2027 | 1950 | 1907 |
|  SK Invictus Intermediate SARL | SK Invictus Intermediate SARL | SK Invictus Intermediate SARL |
|  5.000% due 10/30/2029 | 1225 | 1150 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 13104 | 12921 |
|  7.000% due 08/01/2032 | 6325 | 6214 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 5675 | 5680 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.750% due 10/15/2029 | 5525 | 5109 |
|  Speedway Motorsports LLC | Speedway Motorsports LLC | Speedway Motorsports LLC |
|  4.875% due 11/01/2027 | 12500 | 11968 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 2407 | 2247 |
|  Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/06/2030 ^(b)(c) | 23280 | 20601 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  6.500% due 06/01/2032 | 5675 | 5742 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 14925 | 14228 |
|  Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
|  6.500% due 08/15/2032 | 5900 | 5905 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 | 24100 | 20974 |
|  4.375% due 07/15/2030 | 17750 | 16392 |
|  4.750% due 01/15/2028 | 2000 | 1938 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 9775 | 9405 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 6075 | 5995 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 11925 | 11431 |
|  4.625% due 12/01/2031 | 11375 | 10230 |
|  6.625% due 03/15/2032 | 12275 | 12185 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 5750 | 5866 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 16515 | 16492 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  4.500% due 05/15/2029 | 4000 | 3792 |
|  6.250% due 07/01/2033 | 10800 | 10819 |
|  7.000% due 05/01/2029 | 11225 | 11492 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 8675 | 8239 |
|  4.750% due 03/15/2026 | 525 | 519 |
|  5.000% due 09/15/2029 | 25613 | 23799 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.375% due 01/15/2030 | 11000 | 10323 |
|  Tenneco, Inc. | Tenneco, Inc. | Tenneco, Inc. |
|  8.000% due 11/17/2028 | 3025 | 2888 |
|  Terex Corp. | Terex Corp. | Terex Corp. |
|  6.250% due 10/15/2032 | 1375 | 1335 |
|  TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC |
|  5.500% due 10/15/2029 | 7187 | 6756 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 11613 | 12023 |
|  Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. |
|  4.000% due 10/15/2029 | 3075 | 2773 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | 735 | 709 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 22321 | 20668 |
|  4.125% due 02/15/2032 | 24208 | 21557 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 15800 | 15013 |
|  6.375% due 03/01/2029 | 23400 | 23668 |
|  6.875% due 12/15/2030 | 14625 | 14959 |
|  7.125% due 12/01/2031 | 3750 | 3863 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 815 | 832 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  8.000% due 02/01/2027 | 3575 | 3564 |
|  8.250% due 05/15/2029 | 10025 | 9807 |
|  8.500% due 05/15/2031 | 1575 | 1532 |
|  8.750% due 02/15/2030 | 5880 | 6111 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  4.625% due 03/01/2030 | 7775 | 7270 |
|  TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. |
|  7.125% due 08/15/2031 | 1750 | 1779 |
|  Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
|  9.000% due 03/15/2028 | 18538 | 19512 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  5.500% due 08/15/2026 | 9475 | 9336 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 9000 | 8117 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 17125 | 17097 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 9000 | 8556 |
|  4.750% due 02/15/2029 | 23375 | 22558 |
|  5.750% due 04/15/2033 | 600 | 585 |
|  6.875% due 09/15/2028 | 3525 | 3615 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 17675 | 17943 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 6100 | 6008 |
|  4.625% due 04/15/2029 | 6900 | 6535 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  4.000% due 07/15/2030 | 10000 | 9237 |
|  6.125% due 03/15/2034 | 21050 | 21089 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 24175 | 21392 |
|  6.625% due 06/01/2027 | 10000 | 9925 |
|  7.375% due 06/30/2030 | 7500 | 7173 |
|  8.000% due 08/15/2028 | 16100 | 16165 |
|  8.500% due 07/31/2031 | 22450 | 21958 |
|  USA Compression Partners LP | USA Compression Partners LP | USA Compression Partners LP |
|  7.125% due 03/15/2029 | 2595 | 2641 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 32075 | 32136 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 | 18565 | 16153 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 7950 | 7365 |
|  3.875% due 11/01/2033 | 6925 | 5966 |
|  4.125% due 08/15/2031 | 16675 | 15163 |
|  6.250% due 01/15/2030 | 13725 | 13940 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 38025 | 37489 |
|  8.375% due 06/01/2031 | 67100 | 68100 |
|  9.500% due 02/01/2029 | 10175 | 10917 |
|  9.875% due 02/01/2032 | 23500 | 24974 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 | 12925 | 13701 |
|  Vermilion Energy, Inc. | Vermilion Energy, Inc. | Vermilion Energy, Inc. |
|  7.250% due 02/15/2033 | 3000 | 2860 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 10000 | 9531 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 | 6550 | 5996 |
|  Victra Holdings LLC | Victra Holdings LLC | Victra Holdings LLC |
|  8.750% due 09/15/2029 | 1550 | 1601 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  7.000% due 02/15/2029 | 4300 | 4317 |
|  9.125% due 07/15/2031 | 17500 | 18708 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 | 10000 | 8589 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 13000 | 11452 |
|  5.500% due 05/15/2029 | 12800 | 12136 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 35325 | 36229 |
|  VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
|  6.375% due 02/01/2030 | 2925 | 2566 |
|  7.875% due 05/01/2027 | 5550 | 5457 |
|  9.500% due 06/01/2028 | 5525 | 5475 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 14015 | 13060 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.250% due 01/31/2031 | 16000 | 13832 |
|  4.750% due 07/15/2031 | 16000 | 13925 |
|  7.750% due 04/15/2032 | 4725 | 4742 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 5000 | 4881 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 8491 | 7388 |
|  Walgreen Co. | Walgreen Co. | Walgreen Co. |
|  4.400% due 09/15/2042 | 1850 | 1617 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  4.100% due 04/15/2050 | 2225 | 1919 |
|  4.650% due 06/01/2046 | 1025 | 897 |
|  4.800% due 11/18/2044 | 975 | 884 |
|  8.125% due 08/15/2029 | 23450 | 23963 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 | 16675 | 17080 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 7765 | 7811 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 8375 | 8041 |
|  7.750% due 09/15/2030 | 15750 | 15245 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  8.625% due 04/30/2030 | 11814 | 12004 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  6.375% due 03/15/2029 | 200 | 203 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | 9100 | 8225 |
|  3.100% due 02/01/2032 | 9700 | 8149 |
|  4.750% due 02/15/2026 | 3450 | 3433 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 4050 | 4009 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  6.875% due 10/15/2028 | 3200 | 3075 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  4.625% due 08/15/2028 | 8842 | 8577 |
|  6.625% due 06/15/2029 | 3300 | 3342 |
|  6.625% due 04/15/2030 | 3375 | 3414 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.375% due 10/01/2031 | 4725 | 4869 |
|  Windstream Services LLC | Windstream Services LLC | Windstream Services LLC |
|  8.250% due 10/01/2031 | 3475 | 3541 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.000% due 02/15/2031 | 800 | 714 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | 3600 | 3481 |
|  7.375% due 03/01/2031 | 4300 | 4301 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 3600 | 3441 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 | 16000 | 15843 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  5.125% due 10/01/2029 | 8000 | 7683 |
|  6.250% due 03/15/2033 | 5025 | 4899 |
|  7.125% due 02/15/2031 | 12500 | 12944 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  3.625% due 03/15/2031 | 14100 | 12643 |
|  4.625% due 01/31/2032 | 12500 | 11673 |
|  4.750% due 01/15/2030 | 7000 | 6770 |
|  6.875% due 11/15/2037 | 6250 | 6716 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 | 11400 | 10395 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 13450 | 12796 |
|  6.875% due 04/14/2028 | 950 | 934 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 18200 | 16696 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 35575 | 31323 |
|  ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC |
|  3.875% due 02/01/2029 | 9100 | 8357 |
|  |  | 5492368 |
| UTILITIES 4.2% | UTILITIES 4.2% | UTILITIES 4.2% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 11300 | 10796 |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 | 10550 | 10738 |
|  Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
|  6.250% due 04/01/2028 | 9025 | 9039 |
|  6.625% due 09/01/2032 | 3773 | 3791 |
|  Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC |
|  7.000% due 07/15/2029 | 7900 | 8080 |
|  7.250% due 07/15/2032 | 3275 | 3390 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 | 27775 | 25355 |
|  4.500% due 02/15/2028 | 7750 | 7519 |
|  4.625% due 02/01/2029 | 4385 | 4213 |
|  5.000% due 02/01/2031 | 15000 | 14333 |
|  5.125% due 03/15/2028 | 1950 | 1920 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 1000 | 879 |
|  4.750% due 03/15/2028 | 10450 | 10139 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 9900 | 9956 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 1000 | 978 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 9600 | 10821 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  7.875% due 05/15/2032 | 14442 | 14558 |
|  8.000% due 05/15/2033 | 8050 | 8119 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.875% due 04/15/2030 | $| 2000 | 2079 |
|  Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP |
|  5.750% due 02/01/2029 •  |  | 2343 | 2266 |
|  6.000% due 04/15/2030 •  |  | 2000 | 1904 |
|  6.000% due 02/01/2031 •  |  | 2600 | 2432 |
|  6.250% due 11/01/2028 •  |  | 2900 | 2900 |
|  6.250% due 04/15/2032 •  |  | 12540 | 11731 |
|  8.375% due 11/01/2033 •  |  | 2705 | 2775 |
|  Iliad Holding SASU | Iliad Holding SASU | Iliad Holding SASU | Iliad Holding SASU |
|  7.000% due 04/15/2032 •  |  | 15625 | 15665 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 |  | 11200 | 11541 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  4.125% due 04/15/2029 |  | 6937 | 6555 |
|  4.125% due 04/15/2030 |  | 2025 | 1901 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.625% due 02/15/2031 |  | 2625 | 2327 |
|  5.750% due 07/15/2029 |  | 17550 | 17308 |
|  6.000% due 02/01/2033 |  | 3875 | 3774 |
|  6.250% due 11/01/2034 |  | 21375 | 21061 |
|  PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC |
|  6.000% due 02/15/2028 |  | 3800 | 3538 |
|  7.875% due 09/15/2030 |  | 5400 | 4736 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  |  | 5950 | 5863 |
|  Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP |
|  6.000% due 12/31/2030 |  | 5675 | 5390 |
|  7.375% due 02/15/2029 |  | 5380 | 5411 |
|  Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
|  7.875% due 07/31/2028 | EUR | 2000 | 2419 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  4.750% due 01/15/2030 | $| 8500 | 7910 |
|  5.000% due 01/31/2028 |  | 10000 | 9688 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 |  | 11875 | 11287 |
|  6.875% due 04/15/2032 |  | 23850 | 24329 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  |  | 800 | 607 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 |  | 1300 | 1360 |
|  |  |  | 343381 |
|  Total Corporate Bonds & Notes (Cost $7,022,119) | Total Corporate Bonds & Notes (Cost $7,022,119) | Total Corporate Bonds & Notes (Cost $7,022,119) | 6930777 |
| U.S. TREASURY OBLIGATIONS 5.4% | U.S. TREASURY OBLIGATIONS 5.4% | U.S. TREASURY OBLIGATIONS 5.4% | U.S. TREASURY OBLIGATIONS 5.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 |  | 13150 | 12324 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 05/15/2026 (m)(o) |  | 174100 | 173352 |
|  4.250% due 10/15/2025 |  | 200000 | 200054 |
|  4.500% due 11/15/2025 (m)(o) |  | 50000 | 50103 |
|  Total U.S. Treasury Obligations (Cost $435,127) | Total U.S. Treasury Obligations (Cost $435,127) | Total U.S. Treasury Obligations (Cost $435,127) | 435833 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. «(d) |  | 228476 | 1785 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Spirit Aviation Holdings Inc. «(d) | 550105 | 8251 |
|  Total Common Stocks (Cost $8,189) | Total Common Stocks (Cost $8,189) | 10036 |
| WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 « | 625232 | 9379 |
|  Total Warrants (Cost $7,700) | Total Warrants (Cost $7,700) | 9379 |
| SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (i) | 1761591 | 1762 |
| REPURCHASE AGREEMENTS (j) 1.9% | REPURCHASE AGREEMENTS (j) 1.9% | REPURCHASE AGREEMENTS (j) 1.9% |
|  |  | 157600 |
| Total Short-Term Instruments<br>(Cost $159,362) | Total Short-Term Instruments<br>(Cost $159,362) | 159362 |
| Total Investments in Securities<br>(Cost $7,845,693) | Total Investments in Securities<br>(Cost $7,845,693) | 7758063 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% |
| MUTUAL FUNDS (g) 3.2% | MUTUAL FUNDS (g) 3.2% | MUTUAL FUNDS (g) 3.2% |
|  PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 569000 | 28765 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 4499450 | 226705 |
| Total Mutual Funds (Cost $257,459) | Total Mutual Funds (Cost $257,459) | 255470 |
| SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 23638342 | 230096 |
| Total Short-Term Instruments<br>(Cost $230,138) | Total Short-Term Instruments<br>(Cost $230,138) | 230096 |
| Total Investments in Affiliates<br>(Cost $487,597) | Total Investments in Affiliates<br>(Cost $487,597) | 485566 |
| Total Investments 101.4%<br>(Cost $8,333,290) | Total Investments 101.4%<br>(Cost $8,333,290) | 8243629 |
|  Financial Derivative<br>Instruments (l)(n) (0.0)%<br> (Cost or Premiums, net $18,754) | Financial Derivative<br>Instruments (l)(n) (0.0)%<br> (Cost or Premiums, net $18,754) | (522) |
| Other Assets and Liabilities, net (1.4)% | Other Assets and Liabilities, net (1.4)% | (116693) |
| Net Assets 100.0% | Net Assets 100.0% | 8126414 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Zero coupon security.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Institutional Class Shares of each Fund.

(h) Contingent convertible security.

(i) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(j) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79200 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(80738) | $79200 | $79210 |
| SAL | 4.380 | 04/01/2025 | 04/02/2025 | 100 | U.S. Treasury Notes 3.375% due 09/15/2027 | (102) | 100 | 100 |
|  | 4.410 | 04/01/2025 | 04/02/2025 | 78300 | U.S. Treasury Notes 3.375% due 09/15/2027 | (79898) | 78300 | 78300 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160738) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157610 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | (0.500)% | 12/20/2024 | TBD<sup>(3)</sup> | $(4561) | $(4554) |
|  | 2.750 | 03/21/2025 | 05/09/2025 | (2070) | (2072) |
|  JML | 1.800 | 03/12/2025 | TBD<sup>(3)</sup> | (786) | (851) |
|  SAL | 2.000 | 03/04/2025 | TBD<sup>(3)</sup> | $(2947) | (2951) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10428) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $79210 | $0 | $0 | $79210 | $(80738) | $(1528) |
|  BRC | 0 | (6626) | 0 | (6626) | 7773 | 1147 |
|  JML | 0 | (851) | 0 | (851) | 827 | (24) |
|  SAL | 78400 | (2951) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1157) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(2072) | $(8356) | $(10428) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2072) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8356) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10428) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(10428) |

---

82 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

(k) Securities with an aggregate market value of $11,995 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(88793) 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>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 915 | $189562 | $904 | $0 | $(7) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399205 | 1962 | 0 | (116) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 2992 | 332767 | 2221 | 47 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 555 | 63339 | 306 | 52 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 9 | 1100 | 28 | 4 | 0 |
|  |  |  |  | $5421 | $103 | $(123) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 74 | $(10308) | $212 | $1 | $(39) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Telecom Italia spa | 1.000% | Quarterly | 12/20/2029 | 1.605% | EUR | 1075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245875 | $17574 | $(4039) | $13535 | $63 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 124625 | 6321 | 312 | 6633 | 170 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3727) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | GBP 72,000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2041) | $(93) | $(2134) | $314 | $0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | $261300 | (2583) | 715 | (1868) | 21 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.742 | Annual | 08/31/2029 | 72575 | 0 | (379) | (379) | 0 | (59) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 08/31/2029 | 123000 | 0 | (673) | (673) | 0 | (100) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 160375 | (4424) | 4017 | (407) | 0 | (151) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 38875 | (1633) | 1563 | (70) | 0 | (72) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 12/31/2031 | 126800 | 0 | (821) | (821) | 0 | (239) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 42250 | 2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1061) | 1163 | 0 | (81) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2033 | 32900 | 4 | (28) | (24) | 90 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 30350 | 3334 | (475) | 2859 | 0 | (225) |
|  |  |  |  |  |  | $(5119) | $2765 | $(2354) | $425 | $(927) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18754 | $(970) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 83

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116) |

---

(m) Securities with an aggregate market value of $52,170 and cash of $7,537 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(26) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BPS | 04/2025 | 7351 | $7708 | $0 | $(241) |
|  CBK | 04/2025 | $4360 | 6210 | 0 | (44) |
|  | 05/2025 | 6201 | $4360 | 44 | 0 |
|  JPM | 04/2025 | $7929 | 7351 | 20 | 0 |
|  | 05/2025 | 7351 | $7942 | 0 | (20) |
|  MBC | 04/2025 | 798 | 1034 | 4 | 0 |
|  | 04/2025 | $1200 | 949 | 26 | 0 |
|  MYI | 04/2025 | 6212 | $4364 | 47 | 0 |
|  | 05/2025 | $1493 | 2139 | 0 | (4) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BPS | $0 | $0 | $0 | $0 | $(241) | $0 | $0 | $(241) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  CBK | 44 | 0 | 0 | 44 | (44) | 0 | 0 | (44) | 0 | 0 | 0 |
|  JPM | 20 | 0 | 0 | 20 | (20) | 0 | 0 | (20) | 0 | 0 | 0 |
|  MBC | 30 | 0 | 0 | 30 | 0 | 0 | 0 | 0 | 30 | 0 | 30 |
|  MYI | 47 | 0 | 0 | 47 | (4) | 0 | 0 | (4) | 43 | 0 | 43 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) |  |  |  |

---

84 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

(o) Securities with an aggregate market value of $264 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $104 | $104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 233 | 0 | 0 | 425 | 658 |
|  | $0 | $233 | $0 | $0 | $529 | $762 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $141 | $0 | $141 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $529 | $903 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $162 | $162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 27 | 0 | 0 | 927 | 954 |
|  | $0 | $27 | $0 | $0 | $1089 | $1116 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $309 | $0 | $309 |
|  | $0 | $27 | $0 | $309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(4014) | $(4014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10693 | 0 | 0 | (97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 |
|  | $0 | $10693 | $0 | $0 | $(4111) | $6582 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1820 | $0 | $1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | 0 | 28 |
|  | $0 | $28 | $0 | $1820 | $0 | $1848 |
|  | $0 | $10721 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4111) | $8430 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4893 | $4893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (10459) | 0 | 0 | 2765 | (7694) |
|  | $0 | $(10459) | $0 | $0 | $7658 | $(2801) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(976) | $0 | $(976) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10459) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(976) | $7658 | $(3777) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 85

------

Schedule of Investments PIMCO High Yield Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $181003 | $31673 | $212676 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1095028 | 0 | 1095028 |
| &nbsp;&nbsp; Industrials | 0 | 5468263 | 24105 | 5492368 |
| &nbsp;&nbsp; Utilities | 0 | 343381 | 0 | 343381 |
|  U.S. Treasury Obligations | 0 | 435833 | 0 | 435833 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 0 | 1785 | 1785 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 8251 | 8251 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 9379 | 9379 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1762 | 0 | 1762 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 157600 | 0 | 157600 |
|  | $0 | $7682870 | $75193 | $7758063 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 255470 | 0 | 0 | 255470 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 230096 | 0 | 0 | 230096 |
|  | $485566 | $0 | $0 | $485566 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7682870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $1 | $761 | $0 | $762 |
|  Over the counter | 0 | 141 | 0 | 141 |
|  | $1 | $902 | $0 | $903 |
|  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 | (39) | (1051) | 0 | (1090) |
|  Over the counter | 0 | (309) | 0 | (309) |
|  | $(39) | $(1360) | $0 | $(1399) |
|  Total Financial Derivative Instruments | $(38) | $(458) | $0 | $(496) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7682412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243133 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.5% | INVESTMENTS IN SECURITIES 99.5% | INVESTMENTS IN SECURITIES 99.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 7.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.5% |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.802% due 08/15/2028 | 696 | 626 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  9.305% due 04/20/2028 | 260 | 266 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  8.575% due 12/13/2030 | 497 | 499 |
|  AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
|  7.825% due 02/14/2031 ~ | 396 | 397 |
|  Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |
|  7.325% due 02/15/2029 ~ | 298 | 295 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  7.322% due 01/27/2032 | 500 | 497 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  TBD% due 03/17/2028 « | 800 | 801 |
|  Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
|  TBD% due 02/07/2032 « | 800 | 798 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 ~µ | 198 | 195 |
|  8.295% due 12/09/2031 | 1400 | 1387 |
|  Concentra Health Services, Inc. | Concentra Health Services, Inc. | Concentra Health Services, Inc. |
|  6.325% due 07/26/2031 « | 299 | 299 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  TBD% due 03/26/2032 | 300 | 294 |
|  7.073% due 05/01/2031 | 893 | 875 |
|  CPI Holdco B LLC | CPI Holdco B LLC | CPI Holdco B LLC |
|  6.575% due 05/17/2031 | 400 | 398 |
|  Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. |
|  7.793% due 10/17/2031 ~ | 400 | 398 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.152% due 07/20/2026 « | 102 | 102 |
|  12.277% due 11/03/2028 « | 414 | 421 |
|  EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
|  9.061% due 11/06/2028 ~ | 398 | 399 |
|  EPIC Y-Grade Services LP | EPIC Y-Grade Services LP | EPIC Y-Grade Services LP |
|  10.044% due 06/29/2029 | 299 | 299 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  8.075% due 06/27/2031 | 896 | 895 |
|  Foundation Building Materials Holding Co. LLC | Foundation Building Materials Holding Co. LLC | Foundation Building Materials Holding Co. LLC |
|  7.802% due 01/31/2028 | 50 | 47 |
|  Frontier Communications Corp. | Frontier Communications Corp. | Frontier Communications Corp. |
|  6.792% due 07/01/2031 | 299 | 299 |
|  GBT U.S. LLC | GBT U.S. LLC | GBT U.S. LLC |
|  6.802% due 07/28/2031 | 399 | 398 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 925 | 918 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  9.790% due 10/31/2028 ~ | 92 | 92 |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  8.564% due 12/04/2031 ~ | 473 | 475 |
|  INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. |
|  TBD% due 04/02/2029 « | 199 | 192 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  TBD% due 03/22/2032 | 800 | 799 |
|  Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. | Kronos Acquisition Holdings, Inc. |
|  8.299% due 07/08/2031 ~ | 149 | 129 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  TBD% due 03/27/2032 | 650 | 643 |
|  Lifepoint Health, Inc. | Lifepoint Health, Inc. | Lifepoint Health, Inc. |
|  8.052% due 05/17/2031 ~ | 298 | 289 |
|  MH Sub LLC | MH Sub LLC | MH Sub LLC |
|  8.575% due 12/31/2031 | 998 | 919 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 205 | 199 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.037% due 12/31/2030 | 45 | 44 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.389% due 04/11/2029 | 653 | 565 |
|  Newfold Digital | Newfold Digital | Newfold Digital |
|  7.929% due 02/10/2028 «~ | 499 | 372 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Novelis Holdings, Inc. | Novelis Holdings, Inc. | Novelis Holdings, Inc. |
|  6.299% due 03/11/2032 | 500 | 500 |
|  Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. |
|  10.450% due 11/27/2031 ~ | 1000 | 1291 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.549% due 03/31/2028 | 494 | 492 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.814% due 10/30/2031 | 1000 | 1002 |
|  RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
|  8.049% due 04/24/2028 | 500 | 501 |
|  Restoration Hardware, Inc. | Restoration Hardware, Inc. | Restoration Hardware, Inc. |
|  6.939% due 10/20/2028 | 374 | 358 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  TBD% due 09/18/2031 | 1097 | 1096 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  7.296% due 04/04/2029 ~ | 498 | 495 |
|  Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
|  6.000% due 12/23/2025 «•  | 859 | 852 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.175% due 10/15/2028 ~ | 548 | 522 |
|  Subcalidora 2 SARL | Subcalidora 2 SARL | Subcalidora 2 SARL |
|  8.105% (EUR003M + 5.750%) due 08/14/2029 «~ | 1000 | 1087 |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 525 | 566 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  TBD% due 04/30/2030 | 450 | 449 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 02/28/2031 | 943 | 939 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.558% (JIBA3M + 4.000%) due 03/02/2028 «~ | 16286 | 879 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  8.049% due 09/15/2028 ~ | 200 | 193 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.439% due 06/20/2028 ~ | 796 | 744 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.300% due 02/10/2031 ~ | 347 | 347 |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « | 900 | 887 |
|  Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
|  5.355% (EUR003M + 3.000%) due 03/27/2028 ~ | 1600 | 1729 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.299% due 11/30/2030 | 524 | 522 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  TBD% due 03/26/2031 « | 450 | 447 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.325% due 04/30/2031 ~ | 448 | 433 |
|  X Corp. | X Corp. | X Corp. |
|  10.949% due 10/26/2029 ~ | 1000 | 995 |
|  Total Loan Participations and Assignments (Cost $33,761) | Total Loan Participations and Assignments (Cost $33,761) | 33847 |
| CORPORATE BONDS & NOTES 77.1% | CORPORATE BONDS & NOTES 77.1% | CORPORATE BONDS & NOTES 77.1% |
| BANKING & FINANCE 12.1% | BANKING & FINANCE 12.1% | BANKING & FINANCE 12.1% |
|  AccorInvest Group SA | AccorInvest Group SA | AccorInvest Group SA |
|  5.500% due 11/15/2031 | 400 | 429 |
|  6.375% due 10/15/2029 | 100 | 112 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  7.000% due 01/15/2031 | 1850 | 1857 |
|  7.375% due 10/01/2032 | 350 | 352 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  4.625% due 06/01/2028 | 1100 | 1043 |
|  6.000% due 06/01/2029 | 100 | 92 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 | 100 | 111 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 700 | 706 |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 | 600 | 583 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atrium Finance PLC | Atrium Finance PLC | Atrium Finance PLC |
|  2.625% due 09/05/2027 | 375 | 373 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 ~ | 750 | 884 |
|  10.500% due 07/23/2029 | 200 | 269 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  9.625% due 12/15/2029 •(g)(h) | 700 | 769 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1300 | 1354 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 200 | 210 |
|  Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. |
|  5.750% due 05/15/2026 | 350 | 347 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 900 | 890 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 300 | 317 |
|  Castellum AB | Castellum AB | Castellum AB |
|  3.125% due 12/02/2026 •(g) | 1100 | 1155 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 900 | 888 |
|  9.250% due 12/15/2028 | 400 | 424 |
|  CTR Partnership LP | CTR Partnership LP | CTR Partnership LP |
|  3.875% due 06/30/2028 | 200 | 188 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 1200 | 1238 |
|  9.250% due 04/01/2029 | 500 | 524 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 1175 | 1181 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.500% due 05/01/2028 | 1450 | 1422 |
|  5.875% due 04/15/2033 | 400 | 383 |
|  7.000% due 05/01/2031 | 350 | 356 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 600 | 597 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 750 | 733 |
|  9.125% due 05/15/2031 | 900 | 907 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 300 | 308 |
|  GN Bondco LLC | GN Bondco LLC | GN Bondco LLC |
|  9.500% due 10/15/2031 | 425 | 425 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.042% due 04/08/2032 •  | 250 | 251 |
|  Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC |
|  7.750% due 09/01/2030 | 300 | 314 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.750% due 09/15/2030 | 400 | 356 |
|  8.000% due 06/15/2027 | 575 | 596 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 325 | 288 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  5.250% due 05/15/2027 | 300 | 286 |
|  9.000% due 06/15/2030 | 300 | 284 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 900 | 808 |
|  4.950% due 06/01/2042 •  | 800 | 644 |
|  7.700% due 09/17/2025 •(g)(h) | 400 | 400 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  7.125% due 04/30/2031 | 1500 | 1542 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  4.750% due 06/15/2029 | 600 | 572 |
|  LFS Topco LLC | LFS Topco LLC | LFS Topco LLC |
|  5.875% due 10/15/2026 | 900 | 881 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.300% due 02/01/2061 | 375 | 234 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 | 250 | 246 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 125 | 121 |
|  MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP |
|  8.500% due 02/15/2032 | 375 | 382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 | 500 | 501 |
|  6.500% due 08/01/2029 | 400 | 406 |
|  7.125% due 02/01/2032 | 100 | 104 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.032% (T-BILL 3MO + 9.750%) due 04/10/2029 ~(a) | 250 | 250 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  9.375% due 07/25/2030 | 300 | 320 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 650 | 682 |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  2.125% due 04/30/2029 | 1275 | 1302 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.750% due 03/09/2028 | 625 | 575 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.875% due 09/15/2028 | 500 | 463 |
|  4.000% due 09/15/2030 | 500 | 441 |
|  5.375% due 11/15/2029 | 750 | 714 |
|  7.500% due 05/15/2031 | 475 | 484 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 800 | 564 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 1500 | 1529 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 500 | 467 |
|  Paysafe Finance PLC | Paysafe Finance PLC | Paysafe Finance PLC |
|  3.000% due 06/15/2029 | 400 | 404 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 875 | 866 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 300 | 285 |
|  7.875% due 12/15/2029 | 600 | 625 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  5.000% due 10/01/2029 | 400 | 369 |
|  8.875% due 01/31/2030 | 400 | 418 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 600 | 593 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  4.500% due 02/15/2029 | 1000 | 947 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 825 | 741 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  4.000% due 10/15/2033 | 550 | 472 |
|  Samhallsbyggnadsbolaget Norden Holding AB | Samhallsbyggnadsbolaget Norden Holding AB | Samhallsbyggnadsbolaget Norden Holding AB |
|  1.125% due 09/26/2029 | 350 | 277 |
|  2.375% due 08/04/2026 | 250 | 254 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 600 | 548 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  8.375% due 06/15/2029 | 350 | 350 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 1050 | 1015 |
|  6.500% due 01/31/2030 | 575 | 590 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.500% due 07/01/2030 | 375 | 376 |
|  6.500% due 10/15/2030 (a) | 600 | 596 |
|  7.250% due 04/01/2029 | 325 | 334 |
|  Sunrise FinCo BV | Sunrise FinCo BV | Sunrise FinCo BV |
|  4.875% due 07/15/2031 | 600 | 546 |
|  Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
|  6.250% due 01/14/2031 | 971 | 328 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(g)(h) | 100 | 109 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 1875 | 1843 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 600 | 613 |
|  VFH Parent LLC | VFH Parent LLC | VFH Parent LLC |
|  7.500% due 06/15/2031 | 280 | 288 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.792% due 02/21/2028 ~ | 250 | 250 |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 300 | 295 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  2.750% due 05/25/2027 | 1400 | 1443 |
|  |  | 54209 |
| INDUSTRIALS 61.1% | INDUSTRIALS 61.1% | INDUSTRIALS 61.1% |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 325 | 331 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  7.375% due 03/15/2033 | 500 | 500 |
|  Adient Global Holdings Ltd. | Adient Global Holdings Ltd. | Adient Global Holdings Ltd. |
|  7.500% due 02/15/2033 | 400 | 375 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 | 400 | 374 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 50 | 44 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 750 | 733 |
|  Air Canada | Air Canada | Air Canada |
|  3.875% due 08/15/2026 | 800 | 783 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  3.500% due 03/15/2029 | 1025 | 944 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  6.125% due 10/15/2026 | 450 | 450 |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  7.125% due 03/15/2031 | 300 | 309 |
|  Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
|  7.250% due 08/15/2027 | 475 | 461 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 475 | 423 |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  7.875% due 04/30/2029 | 500 | 517 |
|  Altice Financing SA | Altice Financing SA | Altice Financing SA |
|  3.000% due 01/15/2028 | 100 | 82 |
|  5.750% due 08/15/2029 | 750 | 550 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  6.000% due 02/15/2028 | 1000 | 294 |
|  10.500% due 05/15/2027 | 1400 | 411 |
|  Altice France SA | Altice France SA | Altice France SA |
|  4.000% due 07/15/2029 | 350 | 302 |
|  5.125% due 01/15/2029 | 500 | 393 |
|  5.125% due 07/15/2029 | 1550 | 1216 |
|  5.500% due 01/15/2028 | 800 | 640 |
|  8.125% due 02/01/2027 | 1050 | 940 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 310 | 233 |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
|  7.250% due 08/01/2032 | 900 | 886 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 875 | 896 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 708 | 707 |
|  5.750% due 04/20/2029 | 800 | 784 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 700 | 643 |
|  4.000% due 01/15/2028 | 700 | 670 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  10.500% due 03/30/2029 | 200 | 219 |
|  12.250% due 03/30/2029 | 325 | 334 |
|  Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 | 1000 | 1003 |
|  ARD Finance SA (5.000% Cash or 5.750% PIK) | ARD Finance SA (5.000% Cash or 5.750% PIK) | ARD Finance SA (5.000% Cash or 5.750% PIK) |
|  5.000% due 06/30/2027 (b) | 309 | 17 |
|  Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC |
|  2.125% due 08/15/2026 | 400 | 401 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 750 | 759 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  5.875% due 06/30/2029 | 400 | 391 |
|  6.625% due 10/15/2032 | 400 | 399 |
|  Ashland Services BV | Ashland Services BV | Ashland Services BV |
|  2.000% due 01/30/2028 | 1000 | 1018 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 600 | 543 |
|  10.375% due 03/31/2029 | 300 | 362 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 1000 | 939 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  3.875% due 11/01/2029 | 500 | 462 |
|  Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC |
|  7.000% due 02/28/2029 | 200 | 212 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 1075 | 984 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 700 | 708 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 350 | 352 |
|  B.C. Ltd. | B.C. Ltd. | B.C. Ltd. |
|  10.000% due 04/15/2032 (a) | 1700 | 1691 |
|  B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. |
|  3.875% due 01/15/2028 | 1000 | 957 |
|  4.000% due 10/15/2030 | 4425 | 4008 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 1325 | 1156 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 700 | 727 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 75 | 61 |
|  5.000% due 01/30/2028 | 300 | 219 |
|  5.500% due 11/01/2025 | 1000 | 1000 |
|  11.000% due 09/30/2028 | 289 | 275 |
|  Bayer AG | Bayer AG | Bayer AG |
|  5.375% due 03/25/2082 •  | 600 | 639 |
|  7.000% due 09/25/2083 ~ | 100 | 114 |
|  BCP Modular Services Finance PLC | BCP Modular Services Finance PLC | BCP Modular Services Finance PLC |
|  6.750% due 11/30/2029 | 925 | 918 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.625% due 05/01/2027 | 1150 | 1132 |
|  Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
|  4.125% due 05/15/2029 | 400 | 403 |
|  4.500% due 11/15/2026 | 500 | 499 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  4.625% due 10/15/2029 | 50 | 55 |
|  5.750% due 10/15/2029 | 350 | 348 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 1150 | 1012 |
|  6.500% due 05/15/2032 | 1000 | 1011 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 850 | 805 |
|  Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC |
|  9.375% due 11/07/2029 | 850 | 1059 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 1000 | 895 |
|  5.000% due 03/01/2030 | 1075 | 1028 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 475 | 449 |
|  CAB SELAS | CAB SELAS | CAB SELAS |
|  3.375% due 02/01/2028 | 500 | 509 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  5.625% due 09/15/2028 | 175 | 161 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 850 | 834 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 300 | 308 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 1400 | 1340 |
|  5.750% due 03/15/2030 | 700 | 698 |
|  7.000% due 08/15/2029 | 500 | 523 |
|  Carnival PLC | Carnival PLC | Carnival PLC |
|  1.000% due 10/28/2029 | 1000 | 956 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 345 | 366 |
|  Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) |
|  14.000% due 06/01/2031 (b) | 440 | 481 |
|  Carvana Co. (9.000% Cash or 12.000% PIK) | Carvana Co. (9.000% Cash or 12.000% PIK) | Carvana Co. (9.000% Cash or 12.000% PIK) |
|  9.000% due 12/01/2028 (b) | 195 | 201 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CB High Ridge | CB High Ridge | CB High Ridge |
|  8.875% due 03/15/2049 « | 1750 | 29 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.500% due 08/15/2030 | 2350 | 2141 |
|  4.500% due 05/01/2032 | 725 | 630 |
|  4.500% due 06/01/2033 | 500 | 427 |
|  5.000% due 02/01/2028 | 300 | 291 |
|  5.125% due 05/01/2027 | 2000 | 1971 |
|  5.375% due 06/01/2029 | 400 | 387 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 700 | 696 |
|  Central Parent LLC | Central Parent LLC | Central Parent LLC |
|  8.000% due 06/15/2029 | 400 | 351 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1000 | 1026 |
|  Cerved Group SpA | Cerved Group SpA | Cerved Group SpA |
|  6.000% due 02/15/2029 | 1175 | 1190 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  4.000% due 03/15/2031 | 475 | 426 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  4.375% due 01/15/2028 | 900 | 889 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 1100 | 1095 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  5.750% due 04/01/2030 | 650 | 636 |
|  Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL |
|  6.250% due 04/01/2028 | 575 | 749 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 550 | 506 |
|  Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
|  5.250% due 07/15/2028 | 200 | 194 |
|  Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL |
|  4.500% due 03/15/2027 | 225 | 244 |
|  7.112% due 07/31/2028 ~ | 300 | 329 |
|  Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. |
|  8.375% due 01/15/2029 | 400 | 407 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.375% due 07/01/2028 | 375 | 387 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  6.750% due 02/15/2030 | 400 | 404 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 500 | 464 |
|  4.875% due 07/01/2029 | 325 | 290 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.750% due 04/15/2028 | 300 | 258 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 650 | 632 |
|  8.250% due 06/30/2032 | 400 | 407 |
|  9.000% due 09/30/2029 | 700 | 699 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 300 | 302 |
|  6.750% due 04/15/2032 (a) | 400 | 403 |
|  6.875% due 01/15/2030 | 300 | 303 |
|  8.750% due 04/15/2030 | 850 | 863 |
|  CMA CGM SA | CMA CGM SA | CMA CGM SA |
|  5.500% due 07/15/2029 | 450 | 499 |
|  Cogent Communications Group, Inc. | Cogent Communications Group, Inc. | Cogent Communications Group, Inc. |
|  7.000% due 06/15/2027 | 300 | 302 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  7.125% due 07/01/2028 | 275 | 244 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 | 175 | 157 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 1275 | 1009 |
|  5.625% due 03/15/2027 | 400 | 382 |
|  6.000% due 01/15/2029 | 500 | 445 |
|  6.875% due 04/01/2028 | 150 | 99 |
|  6.875% due 04/15/2029 | 450 | 292 |
|  10.875% due 01/15/2032 | 200 | 197 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 | 225 | 211 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 | 1350 | 1296 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 500 | 483 |
|  7.625% due 04/01/2032 | 900 | 891 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 250 | 221 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 225 | 207 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  5.750% due 01/15/2030 | 400 | 213 |
|  6.500% due 02/01/2029 | 1100 | 911 |
|  7.500% due 04/01/2028 | 400 | 283 |
|  11.250% due 05/15/2028 | 100 | 97 |
|  11.750% due 01/31/2029 | 600 | 582 |
|  Ctec GmbH | Ctec GmbH | Ctec GmbH |
|  5.250% due 02/15/2030 | 425 | 421 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 400 | 369 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 775 | 799 |
|  Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC |
|  5.500% due 06/15/2027 | 600 | 762 |
|  Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. |
|  8.500% due 10/01/2030 | 800 | 821 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 | 900 | 873 |
|  10.000% due 02/15/2031 | 400 | 384 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 | 100 | 65 |
|  5.250% due 12/01/2026 | 450 | 414 |
|  7.375% due 07/01/2028 | 200 | 144 |
|  7.750% due 07/01/2026 | 400 | 346 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 800 | 843 |
|  Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. |
|  9.750% due 04/09/2029 « | 250 | 246 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 | 500 | 471 |
|  Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. |
|  8.625% due 04/15/2029 | 500 | 516 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 1550 | 1630 |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
|  4.125% due 04/01/2029 | 275 | 255 |
|  Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC | Efesto Bidco S.p.A Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 1200 | 1172 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
|  6.650% due 08/28/2028 | 725 | 736 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 400 | 394 |
|  ELO SACA | ELO SACA | ELO SACA |
|  3.250% due 07/23/2027 | 500 | 514 |
|  4.875% due 12/08/2028 | 1200 | 1164 |
|  Embecta Corp. | Embecta Corp. | Embecta Corp. |
|  5.000% due 02/15/2030 | 450 | 403 |
|  Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV |
|  3.500% due 06/30/2029 | 650 | 656 |
|  Ephios Subco 3 SARL | Ephios Subco 3 SARL | Ephios Subco 3 SARL |
|  7.875% due 01/31/2031 | 700 | 808 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  4.750% due 01/15/2031 | 600 | 577 |
|  7.500% due 06/01/2030 | 300 | 324 |
|  Eramet SA | Eramet SA | Eramet SA |
|  6.500% due 11/30/2029 | 200 | 216 |
|  7.000% due 05/22/2028 | 300 | 332 |
|  ESAB Corp. | ESAB Corp. | ESAB Corp. |
|  6.250% due 04/15/2029 | 300 | 305 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  6.750% due 01/15/2030 | 750 | 649 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  9.625% due 09/15/2032 | 100 | 103 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 | 1050 | 964 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 1300 | 1430 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FMG Resources Pty. Ltd. | FMG Resources Pty. Ltd. | FMG Resources Pty. Ltd. |
|  4.375% due 04/01/2031 | 750 | 678 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.875% due 10/15/2027 | 400 | 400 |
|  6.750% due 05/01/2029 | 300 | 302 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 500 | 452 |
|  3.875% due 10/01/2031 | 225 | 194 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  4.625% due 02/15/2027 | 750 | 731 |
|  6.000% due 06/01/2029 | 825 | 775 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  10.000% due 10/31/2028 | 731 | 732 |
|  Global Partners LP | Global Partners LP | Global Partners LP |
|  8.250% due 01/15/2032 | 350 | 360 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 800 | 784 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 (a) | 300 | 295 |
|  7.625% due 07/01/2029 | 300 | 300 |
|  9.250% due 12/01/2028 | 1000 | 1051 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 750 | 733 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  3.750% due 02/01/2030 | 400 | 366 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  5.375% due 11/15/2031 | 575 | 360 |
|  10.500% due 07/15/2029 | 300 | 313 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 200 | 196 |
|  Grifols SA | Grifols SA | Grifols SA |
|  2.250% due 11/15/2027 | 100 | 104 |
|  3.875% due 10/15/2028 | 700 | 698 |
|  Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA |
|  3.500% due 04/30/2028 | 400 | 283 |
|  10.375% due 01/30/2030 | 600 | 485 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 1150 | 1077 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 800 | 751 |
|  Heathrow Finance PLC | Heathrow Finance PLC | Heathrow Finance PLC |
|  3.875% due 03/01/2027 þ | 500 | 618 |
|  4.125% due 09/01/2029 þ | 200 | 236 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 800 | 702 |
|  3.750% due 05/01/2029 | 525 | 490 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  5.000% due 06/01/2029 | 500 | 469 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 1477 | 1364 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 225 | 231 |
|  8.875% due 07/15/2028 | 550 | 574 |
|  Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. |
|  9.000% due 02/15/2029 | 300 | 301 |
|  IGT Lottery Holdings BV | IGT Lottery Holdings BV | IGT Lottery Holdings BV |
|  4.250% due 03/15/2030 | 700 | 761 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (b) | 70 | 68 |
|  IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) |
|  6.750% due 11/15/2029 (b) | 1800 | 1996 |
|  Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC |
|  9.000% due 07/01/2028 | 400 | 398 |
|  IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA |
|  3.750% due 01/15/2028 | 300 | 320 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 800 | 760 |
|  Incora Intermediate LLC | Incora Intermediate LLC | Incora Intermediate LLC |
|  0.000% due 01/31/2030 « | 214 | 214 |
|  Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
|  6.000% due 01/30/2033 ^«(c)(i) | 159 | 230 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 | 725 | 784 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1175 | 1098 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.750% due 02/01/2028 | 800 | 791 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 | 1350 | 1315 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 | 834 | 794 |
|  IPD 3 BV | IPD 3 BV | IPD 3 BV |
|  5.876% due 06/15/2031 •  | 400 | 434 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  2.250% due 01/15/2028 | 1500 | 1548 |
|  Italmatch Chemicals SpA | Italmatch Chemicals SpA | Italmatch Chemicals SpA |
|  10.000% due 02/06/2028 | 500 | 567 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 300 | 285 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  7.000% due 09/01/2032 | 625 | 555 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 1675 | 1655 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 800 | 761 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 750 | 763 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 575 | 587 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 1325 | 1295 |
|  Kronos International, Inc. | Kronos International, Inc. | Kronos International, Inc. |
|  3.750% due 09/15/2025 | 197 | 212 |
|  9.500% due 03/15/2029 | 1192 | 1395 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  4.000% due 02/15/2030 | 400 | 371 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  4.000% due 04/15/2031 | 475 | 359 |
|  11.000% due 11/15/2029 | 841 | 939 |
|  LHMC Finco 2 SARL (7.250% Cash or 8.000% PIK) | LHMC Finco 2 SARL (7.250% Cash or 8.000% PIK) | LHMC Finco 2 SARL (7.250% Cash or 8.000% PIK) |
|  7.250% due 10/02/2025 (b) | 63 | 68 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  5.375% due 01/15/2029 | 200 | 176 |
|  10.000% due 06/01/2032 | 700 | 669 |
|  11.000% due 10/15/2030 | 450 | 490 |
|  Lion | Lion | Lion |
|  5.953% due 07/01/2029 ~ | 600 | 649 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 1700 | 1622 |
|  Loarre Investments SARL | Loarre Investments SARL | Loarre Investments SARL |
|  6.500% due 05/15/2029 | 1350 | 1500 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  5.875% due 06/30/2029 | 200 | 189 |
|  Mahle GmbH | Mahle GmbH | Mahle GmbH |
|  2.375% due 05/14/2028 | 700 | 681 |
|  MajorDrive Holdings LLC | MajorDrive Holdings LLC | MajorDrive Holdings LLC |
|  6.375% due 06/01/2029 | 75 | 58 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  7.250% due 06/30/2027 | 1100 | 1190 |
|  Market Bidco Finco PLC | Market Bidco Finco PLC | Market Bidco Finco PLC |
|  4.750% due 11/04/2027 | 975 | 1023 |
|  Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
|  4.500% due 06/15/2029 | 175 | 161 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 400 | 391 |
|  6.500% due 04/15/2032 | 400 | 397 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 700 | 687 |
|  9.250% due 04/15/2027 | 400 | 378 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  7.375% due 09/01/2031 | 600 | 604 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 1300 | 1216 |
|  6.250% due 04/01/2029 | 400 | 406 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 425 | 418 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  7.625% due 04/17/2032 | 325 | 324 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 675 | 638 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  4.625% due 09/01/2026 | 500 | 495 |
|  Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
|  4.875% due 05/01/2029 | 500 | 470 |
|  Miller Homes Group Finco PLC | Miller Homes Group Finco PLC | Miller Homes Group Finco PLC |
|  7.000% due 05/15/2029 | 625 | 779 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  9.250% due 10/01/2028 | 400 | 400 |
|  Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. | Miter Brands Acquisition Holdco, Inc. |
|  6.750% due 04/01/2032 | 250 | 248 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 | 1175 | 1053 |
|  Monitchem HoldCo 3 SA | Monitchem HoldCo 3 SA | Monitchem HoldCo 3 SA |
|  8.750% due 05/01/2028 | 900 | 979 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 400 | 389 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 135 | 98 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (b) | 70 | 61 |
|  Mundys SpA | Mundys SpA | Mundys SpA |
|  1.875% due 07/13/2027 | 1000 | 1048 |
|  1.875% due 02/12/2028 | 200 | 207 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 400 | 356 |
|  MV24 Capital BV | MV24 Capital BV | MV24 Capital BV |
|  6.748% due 06/01/2034 | 376 | 364 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 03/15/2026 | 138 | 138 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 250 | 271 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 775 | 739 |
|  5.250% due 10/01/2030 | 200 | 193 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  6.000% due 02/15/2029 « | 750 | 450 |
|  11.750% due 10/15/2028 « | 400 | 328 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  5.625% due 07/15/2027 | 425 | 419 |
|  NFE Financing LLC | NFE Financing LLC | NFE Financing LLC |
|  12.000% due 11/15/2029 | 80 | 68 |
|  Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH |
|  5.625% due 02/21/2030 | 800 | 880 |
|  7.500% due 08/21/2026 | 826 | 913 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 1050 | 1022 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 1350 | 1350 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 300 | 221 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 600 | 606 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.250% due 11/15/2026 | 450 | 435 |
|  Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
|  6.875% due 01/30/2030 | 925 | 939 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 500 | 506 |
|  Ocado Group PLC | Ocado Group PLC | Ocado Group PLC |
|  10.500% due 08/08/2029 | 300 | 395 |
|  Odido Group Holding BV | Odido Group Holding BV | Odido Group Holding BV |
|  5.500% due 01/15/2030 | 200 | 215 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 1250 | 1156 |
|  5.375% due 10/01/2029 | 500 | 498 |
|  7.250% due 06/15/2031 | 500 | 491 |
|  Ontex Group NV | Ontex Group NV | Ontex Group NV |
|  3.500% due 07/15/2026 | 850 | 920 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Opal BIDCO | Opal BIDCO | Opal BIDCO |
|  5.500% due 03/31/2032 (a) | 800 | 865 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 12/01/2031 | 550 | 486 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  2.875% due 04/30/2028 | 1450 | 1494 |
|  4.125% due 04/30/2028 | 800 | 748 |
|  7.875% due 05/15/2034 | 500 | 486 |
|  Outfront Media Capital LLC | Outfront Media Capital LLC | Outfront Media Capital LLC |
|  7.375% due 02/15/2031 | 400 | 417 |
|  Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. |
|  4.000% due 10/15/2027 | 875 | 884 |
|  Paramount Global | Paramount Global | Paramount Global |
|  4.950% due 01/15/2031 | 400 | 385 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  4.625% due 05/01/2030 | 500 | 470 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 1075 | 1007 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.375% due 01/15/2026 | 1250 | 1247 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 500 | 478 |
|  4.900% due 12/15/2044 | 400 | 317 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 475 | 445 |
|  7.750% due 02/15/2029 | 450 | 414 |
|  Picard Groupe SAS | Picard Groupe SAS | Picard Groupe SAS |
|  6.375% due 07/01/2029 | 400 | 446 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 | 1600 | 1816 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 1000 | 935 |
|  6.250% due 10/15/2034 | 600 | 592 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 800 | 756 |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  3.375% due 08/31/2027 | 1800 | 1707 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 475 | 455 |
|  6.250% due 04/01/2029 | 500 | 499 |
|  Q-Park Holding BV | Q-Park Holding BV | Q-Park Holding BV |
|  2.000% due 03/01/2027 | 1000 | 1048 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1225 | 1234 |
|  6.750% due 03/01/2033 | 1100 | 1096 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 1000 | 1064 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 575 | 570 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 1575 | 1533 |
|  Rivian Holdings LLC | Rivian Holdings LLC | Rivian Holdings LLC |
|  10.502% due 10/15/2026 ~ | 1500 | 1513 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 200 | 182 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.800% due 05/15/2030 | 800 | 752 |
|  Rossini SARL | Rossini SARL | Rossini SARL |
|  6.750% due 12/31/2029 | 100 | 113 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 07/15/2027 | 525 | 523 |
|  5.500% due 04/01/2028 | 450 | 448 |
|  5.625% due 09/30/2031 | 600 | 590 |
|  7.500% due 10/15/2027 | 750 | 786 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 200 | 198 |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 | 400 | 384 |
|  SCIL LLC | SCIL LLC | SCIL LLC |
|  9.500% due 07/15/2028 | 300 | 341 |
|  Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
|  5.875% due 07/15/2027 | 500 | 418 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 775 | 775 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  4.125% due 01/15/2031 | 553 | 503 |
|  5.750% due 12/01/2034 | 650 | 632 |
|  9.625% due 12/01/2032 | 358 | 403 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  4.000% due 04/15/2029 | 700 | 644 |
|  Sigma Holdco BV | Sigma Holdco BV | Sigma Holdco BV |
|  7.875% due 05/15/2026 | 200 | 198 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 | 1150 | 1068 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
|  8.125% due 02/15/2033 | 375 | 370 |
|  Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
|  3.875% due 09/01/2031 | 400 | 343 |
|  4.000% due 07/15/2028 | 750 | 700 |
|  Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP |
|  7.875% due 11/01/2028 | 500 | 515 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 450 | 444 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 1050 | 1051 |
|  SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. |
|  5.000% due 04/15/2028 | 925 | 1013 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.375% due 06/01/2031 | 725 | 738 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 | 500 | 480 |
|  9.375% due 11/30/2029 | 400 | 427 |
|  9.750% due 11/15/2030 | 525 | 580 |
|  Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/06/2030 ^(b)(c) | 347 | 307 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 800 | 763 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 500 | 526 |
|  3.375% due 01/15/2031 | 1000 | 870 |
|  5.000% due 02/15/2027 | 1000 | 985 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 300 | 271 |
|  12.750% due 01/15/2030 | 300 | 204 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 500 | 481 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 450 | 444 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 425 | 407 |
|  4.625% due 12/01/2031 | 675 | 607 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 1325 | 1352 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  7.000% due 05/01/2029 | 300 | 307 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 600 | 594 |
|  TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
|  6.285% due 07/31/2031 •  | 400 | 434 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  5.000% due 09/15/2029 | 800 | 743 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 | 700 | 660 |
|  6.875% due 11/15/2031 | 325 | 333 |
|  TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC |
|  5.500% due 10/15/2029 | 25 | 24 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 700 | 725 |
|  TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
|  6.625% due 07/15/2028 | 180 | 195 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  4.375% due 07/15/2027 | 541 | 582 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | 276 | 266 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 1525 | 1412 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.000% due 01/15/2033 | 400 | 394 |
|  6.750% due 08/15/2028 | 400 | 406 |
|  6.875% due 12/15/2030 | 625 | 639 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 454 | 463 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 452 | 462 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  8.750% due 02/15/2030 | 400 | 416 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.625% due 07/31/2026 | 475 | 479 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 125 | 113 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.500% due 08/15/2027 | 300 | 299 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 300 | 271 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 125 | 125 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 275 | 261 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 210 | 180 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 1375 | 1396 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 800 | 788 |
|  4.625% due 04/15/2029 | 900 | 852 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 500 | 442 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 1550 | 1372 |
|  8.500% due 07/31/2031 | 825 | 807 |
|  USA Compression Partners LP | USA Compression Partners LP | USA Compression Partners LP |
|  7.125% due 03/15/2029 | 350 | 356 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 2150 | 2154 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 700 | 732 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 | 675 | 587 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  7.862% due 11/15/2083 ~ | 300 | 354 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 300 | 278 |
|  3.875% due 11/01/2033 | 1850 | 1594 |
|  4.125% due 08/15/2031 | 800 | 727 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 2475 | 2440 |
|  8.125% due 06/01/2028 | 900 | 920 |
|  8.375% due 06/01/2031 | 1800 | 1827 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 800 | 762 |
|  Verve Group SE | Verve Group SE | Verve Group SE |
|  6.328% due 04/01/2029 •(a) | 675 | 730 |
|  VF Corp. | VF Corp. | VF Corp. |
|  4.250% due 03/07/2029 | 700 | 750 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 | 275 | 252 |
|  Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. |
|  4.625% due 07/15/2029 | 100 | 88 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 400 | 398 |
|  Viper Energy Partners LP | Viper Energy Partners LP | Viper Energy Partners LP |
|  5.375% due 11/01/2027 | 350 | 347 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.125% due 08/15/2030 | 575 | 637 |
|  4.250% due 01/15/2030 | 1250 | 1407 |
|  Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC |
|  4.875% due 07/15/2028 | 500 | 600 |
|  Viridien | Viridien | Viridien |
|  8.500% due 10/15/2030 | 600 | 666 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
|  6.375% due 02/01/2030 | $| 450 | 395 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 |  | 250 | 233 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.500% due 07/15/2031 | GBP | 1400 | 1542 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | $| 700 | 683 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  3.500% due 01/15/2032 | EUR | 700 | 673 |
|  5.000% due 01/15/2032 | $| 675 | 587 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  2.125% due 11/20/2026 | EUR | 800 | 848 |
|  3.600% due 11/20/2025 | GBP | 800 | 1020 |
|  4.800% due 11/18/2044 | $| 300 | 272 |
|  8.125% due 08/15/2029 |  | 800 | 818 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 |  | 250 | 256 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 |  | 700 | 704 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 |  | 500 | 480 |
|  7.750% due 09/15/2030 |  | 700 | 678 |
|  WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH |
|  2.875% due 12/15/2027 | EUR | 500 | 527 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  3.100% due 02/01/2032 | $| 950 | 798 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 |  | 350 | 346 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  6.625% due 06/15/2029 |  | 400 | 405 |
|  Windstream Services LLC | Windstream Services LLC | Windstream Services LLC | Windstream Services LLC |
|  8.250% due 10/01/2031 |  | 550 | 561 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 |  | 200 | 172 |
|  Wrangler Holdco Corp. | Wrangler Holdco Corp. | Wrangler Holdco Corp. | Wrangler Holdco Corp. |
|  6.625% due 04/01/2032 |  | 575 | 586 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 |  | 1000 | 990 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  5.125% due 10/01/2029 |  | 600 | 576 |
|  7.125% due 02/15/2031 |  | 300 | 311 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 |  | 619 | 654 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  5.375% due 04/01/2032 |  | 325 | 317 |
|  6.875% due 11/15/2037 |  | 350 | 376 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 |  | 250 | 228 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  3.750% due 09/21/2028 | EUR | 300 | 304 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.875% due 04/14/2028 | $| 350 | 344 |
|  Ziggo BV | Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 |  | 300 | 275 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 |  | 600 | 528 |
|  |  |  | 274456 |
| UTILITIES 3.9% | UTILITIES 3.9% | UTILITIES 3.9% | UTILITIES 3.9% |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 |  | 575 | 585 |
|  Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
|  5.375% due 06/15/2029 |  | 350 | 342 |
|  Archrock Partners LP | Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
|  6.625% due 09/01/2032 |  | 400 | 402 |
|  Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC | Blue Racer Midstream LLC |
|  7.000% due 07/15/2029 |  | 550 | 563 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 |  | 400 | 365 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 |  | 1400 | 1231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  5.000% due 02/28/2030 | 700 | 751 |
|  6.750% due 02/28/2030 | 525 | 528 |
|  CrownRock LP | CrownRock LP | CrownRock LP |
|  5.000% due 05/01/2029 | 500 | 508 |
|  Cullinan Holdco Scsp | Cullinan Holdco Scsp | Cullinan Holdco Scsp |
|  4.625% due 10/15/2026 | 200 | 198 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 775 | 785 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.000% due 01/22/2026 ~(g) | 1700 | 1859 |
|  7.500% due 09/06/2028 •(g) | 600 | 712 |
|  9.125% due 03/15/2033 •(g) | 500 | 564 |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  1.698% due 07/30/2026 | 500 | 530 |
|  2.045% due 10/09/2028 | 600 | 610 |
|  Eutelsat SA | Eutelsat SA | Eutelsat SA |
|  9.750% due 04/13/2029 | 175 | 186 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
|  7.250% due 01/31/2041 | 199 | 197 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 900 | 870 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  7.875% due 05/15/2032 | 1000 | 1008 |
|  Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP |
|  6.875% due 05/15/2034 | 375 | 353 |
|  Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
|  7.875% due 07/31/2028 | 100 | 121 |
|  Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV |
|  6.135% due 02/03/2030 •(g) | 400 | 459 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 300 | 291 |
|  TransAlta Corp. | TransAlta Corp. | TransAlta Corp. |
|  6.500% due 03/15/2040 | 100 | 94 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 950 | 903 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 500 | 380 |
|  7.000% due 04/04/2079 •  | 950 | 980 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1200 | 1256 |
|  |  | 17631 |
|  Total Corporate Bonds & Notes (Cost $349,557) | Total Corporate Bonds & Notes (Cost $349,557) | 346296 |
| CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  2.125% due 11/03/2027 | 900 | 843 |
|  Total Convertible Bonds & Notes (Cost $827) | Total Convertible Bonds & Notes (Cost $827) | 843 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 400 | 413 |
|  Total Municipal Bonds & Notes (Cost $400) | Total Municipal Bonds & Notes (Cost $400) | 413 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 7.4% | U.S. TREASURY OBLIGATIONS 7.4% | U.S. TREASURY OBLIGATIONS 7.4% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 09/30/2029 (k)(m) | 1000 | 997 |
|  4.000% due 02/28/2030 | 3000 | 3007 |
|  4.125% due 01/31/2027 | 11000 | 11039 |
|  4.375% due 12/31/2029 | 12600 | 12831 |
|  4.500% due 12/31/2031 (m) | 5000 | 5126 |
|  Total U.S. Treasury Obligations (Cost $32,554) | Total U.S. Treasury Obligations (Cost $32,554) | 33000 |
| SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  3.500% due 09/01/2029 | 3900 | 2813 |
|  Republic of Germany | Republic of Germany | Republic of Germany |
|  2.100% due 04/12/2029 | 16025 | 17248 |
|  2.500% due 10/11/2029 | 3200 | 3492 |
|  2.600% due 08/15/2034 | 925 | 992 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | 13000 | 322 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  4.250% due 07/31/2034 | 2800 | 3516 |
|  Total Sovereign Issues (Cost $28,078) | Total Sovereign Issues (Cost $28,078) | 28383 |
|  | SHARES |  |
| COMMON STOCKS 0.6% | COMMON STOCKS 0.6% | COMMON STOCKS 0.6% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 51501 | 57 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV (d) | 294527 | 0 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. «(d) | 12427 | 97 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Intelsat Emergence SA «(i) | 28420 | 957 |
| HEALTH CARE 0.3% | HEALTH CARE 0.3% | HEALTH CARE 0.3% |
|  Amsurg Equity «(d)(i) | 3438 | 161 |
|  Healogics, Inc. «(d) | 44931 | 977 |
|  |  | 1138 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  CHC Group LLC «(d) | 3887 | 0 |
|  Incora New Equity «(d)(i) | 7427 | 265 |
|  Spirit Aviation Holdings, Inc. «(d) | 8196 | 123 |
|  |  | 388 |
|  Total Common Stocks (Cost $8,290) | Total Common Stocks (Cost $8,290) | 2637 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Revlon Group Holdings LLC - Exp. 04/28/2028 « | 3087 | 0 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « | 9316 | 140 |
|  Total Warrants (Cost $315) | Total Warrants (Cost $315) | 140 |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  ADLER Group SA «(d) | 173624 | 0 |
|  Dresdner Funding Trust | Dresdner Funding Trust | Dresdner Funding Trust |
|  8.151% due 06/30/2031 | 300000 | 329 |
|  Total Preferred Securities (Cost $318) | Total Preferred Securities (Cost $318) | 329 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.307% due 04/17/2025 (e)(f)(m) | 678 | 677 |
| Total Short-Term Instruments<br>(Cost $677) | Total Short-Term Instruments<br>(Cost $677) | 677 |
| Total Investments in Securities<br>(Cost $454,777) | Total Investments in Securities<br>(Cost $454,777) | 446565 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 288884 | 2812 |
| Total Short-Term Instruments<br>(Cost $2,812) | Total Short-Term Instruments<br>(Cost $2,812) | 2812 |
| Total Investments in Affiliates<br>(Cost $2,812) | Total Investments in Affiliates<br>(Cost $2,812) | 2812 |
| Total Investments 100.1%<br>(Cost $457,589) | Total Investments 100.1%<br>(Cost $457,589) | 449377 |
|  Financial Derivative<br>Instruments (j)(l) (0.6)%<br> (Cost or Premiums, net $4,527) |  | (2699) |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% | 2397 |
| Net Assets 100.0% | Net Assets 100.0% | 449075 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Zero coupon security.

(f) Coupon represents a yield to maturity.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $144 | $161 | 0.04% |
|  Incora New Equity | 01/31/2025 | 361 | 265 | 0.06 |
|  Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 | 159 | 230 | 0.05 |
|  Intelsat Emergence SA | 09/11/2013 - 02/23/2024 | 2214 | 957 | 0.21 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 | 0.36% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(1,641) at a weighted average interest rate of 2.449%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 12/20/2027 | 1.153% | $800 | $(6) | $86 | $80 | $0 | $(1) |
|  Calpine Corp. | 5.000 | Quarterly | 12/20/2028 | 0.736 | 500 | 39 | 36 | 75 | 0 | (1) |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 1.056 | 1900 | 303 | 129 | 432 | 0 | (7) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2027 | 1.219 | $500 | 50 | (1) | 49 | 0 | (1) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2028 | 1.369 | 550 | 45 | 16 | 61 | 0 | (1) |
|  Royal Caribbean Cruises Ltd. | 5.000 | Quarterly | 06/20/2028 | 0.929 | 300 | (7) | 44 | 37 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 3.805 | 700 | 54 | (16) | 38 | 0 | (6) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| Index/Tranches | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45700 | $3477 | $(961) | $2516 | $12 | $(1) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 11900 | 618 | 15 | 633 | 8 | 0 |
|  |  |  |  |  | $4095 | $(946) | $3149 | $20 | $(1) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(652) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 93

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(5)</sup> | Variation Margin<br>Liability<sup>(5)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

(k) Securities with an aggregate market value of $741 and cash of $5,548 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Unsettled variation margin liability of $(4) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 4958 | $33 | $0 | $0 |
|  | 04/2025 | $1545 | 2442 | 0 | (19) |
|  | 04/2025 | 25 | 3729 | 0 | 0 |
|  | 05/2025 | 2442 | $1545 | 19 | 0 |
|  | 05/2025 | 1459 | 199 | 0 | (2) |
|  | 05/2025 | $557 | 4036 | 0 | (1) |
|  | 05/2025 | 33 | 4942 | 0 | 0 |
|  | 06/2025 | 2667 | $365 | 0 | (4) |
|  | 06/2025 | $183 | 1319 | 0 | 0 |
|  | 07/2025 | 2008 | $279 | 1 | 0 |
|  | 08/2025 | 2009 | 279 | 0 | (1) |
|  BOA | 05/2025 | 1427 | 195 | 0 | (2) |
|  | 05/2025 | 409180 | 25 | 0 | 0 |
|  | 05/2025 | $33 | 2812 | 0 | 0 |
|  | 06/2025 | 1233 | $170 | 0 | (1) |
|  | 06/2025 | $83 | 598 | 0 | 0 |
|  | 08/2025 | 41 | $1 | 0 | 0 |
|  BPS | 04/2025 | 77022 | 80764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2520) |
|  | 04/2025 | 296319 | 18 | 0 | 0 |
|  | 04/2025 | 320 | 87 | 1 | 0 |
|  | 04/2025 | 1770 | 12 | 0 | 0 |
|  | 04/2025 | 16339 | 499 | 7 | 0 |
|  | 04/2025 | $211 | 18318 | 3 | 0 |
|  | 04/2025 | 246 | 36682 | 0 | (2) |
|  | 04/2025 | 304 | 442085 | 0 | (4) |
|  | 04/2025 | 527 | 17263 | 0 | (7) |
|  | 04/2025 | 2365 | $129 | 1 | 0 |
|  | 05/2025 | 4150 | 570 | 0 | (2) |
|  | 05/2025 | 1175610 | 71 | 0 | 0 |
|  | 05/2025 | $295 | 25266 | 0 | 0 |
|  | 05/2025 | 12 | 1764 | 0 | 0 |
|  | 06/2025 | 2633 | $360 | 0 | (4) |
|  | 06/2025 | $16 | 114 | 0 | 0 |
|  | 06/2025 | 362 | 1399 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 9255 | $285 | $5 | $0 |
|  | 08/2025 | 7902 | 242 | 2 | 0 |
|  BRC | 04/2025 | 3125 | 3396 | 17 | 0 |
|  | 04/2025 | 703 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  | 04/2025 | $785 | 12848632 | 0 | (14) |
|  | 04/2025 | 437 | 16843 | 1 | (2) |
|  | 04/2025 | 149 | 2753 | 1 | 0 |
|  | 05/2025 | 69 | 2703 | 0 | (2) |
|  | 06/2025 | 1894 | $263 | 1 | 0 |
|  | 06/2025 | 14893 | 377 | 19 | 0 |
|  | 06/2025 | $44 | 171 | 0 | 0 |
|  | 06/2025 | 859 | 34096 | 0 | (43) |
|  BSH | 04/2025 | 2442 | $1547 | 21 | 0 |
|  | 04/2025 | 47283 | 315 | 0 | 0 |
|  | 05/2025 | $315 | 47124 | 0 | 0 |
|  | 06/2025 | 229 | 883 | 0 | (2) |
|  CBK | 04/2025 | 221 | $286 | 0 | 0 |
|  | 04/2025 | 788249 | 47 | 0 | 0 |
|  | 04/2025 | 817 | 224 | 4 | 0 |
|  | 04/2025 | $4489 | 6395 | 0 | (45) |
|  | 04/2025 | 1565 | 1238 | 34 | 0 |
|  | 04/2025 | 39 | 3347 | 0 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 1160 | 38016 | 0 | (15) |
|  | 05/2025 | 6385 | $4489 | 45 | 0 |
|  | 05/2025 | 597 | 648 | 1 | 0 |
|  | 05/2025 | 1252181 | 75 | 0 | 0 |
|  | 06/2025 | 730 | 101 | 0 | 0 |
|  | 06/2025 | 2145532 | 1490 | 29 | 0 |
|  | 06/2025 | $70 | 507 | 0 | 0 |
|  | 07/2025 | 15780 | $485 | 7 | 0 |
|  | 08/2025 | 18102 | 555 | 6 | 0 |
|  DUB | 04/2025 | 1410 | 982 | 2 | 0 |
|  | 04/2025 | 824 | 227 | 5 | 0 |
|  | 04/2025 | 25800 | 175 | 3 | 0 |
|  | 04/2025 | $49 | 4210 | 0 | 0 |
|  | 05/2025 | 174675 | $10 | 0 | 0 |
|  | 06/2025 | 776331 | 535 | 7 | 0 |
|  FAR | 04/2025 | 1433 | 1607 | 0 | (12) |
|  | 04/2025 | 739 | 204 | 5 | 0 |
|  | 04/2025 | 33828 | 225 | 0 | (1) |
|  | 04/2025 | $191 | 28455 | 0 | (1) |
|  | 05/2025 | 142 | 1026 | 0 | (1) |
|  | 05/2025 | 225 | 33714 | 1 | 0 |
|  | 06/2025 | 420 | 1623 | 0 | (2) |
|  | 07/2025 | 1022 | $142 | 1 | 0 |
|  GLM | 04/2025 | 15083 | 2627 | 0 | (16) |
|  | 04/2025 | 74135 | 2283 | 50 | 0 |
|  | 04/2025 | $2630 | 15083 | 13 | 0 |
|  | 04/2025 | 651 | 10662475 | 0 | (11) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 04/2025 | 11 | 414 | 0 | 0 |
|  | 05/2025 | 1387 | $189 | 0 | (2) |
|  | 05/2025 | 601686 | 36 | 0 | 0 |
|  | 06/2025 | $212 | 1534 | 1 | 0 |
|  | 06/2025 | 389 | 1502 | 0 | (2) |
|  | 07/2025 | 1415 | $43 | 1 | 0 |
|  JPM | 04/2025 | 1059 | 290 | 5 | 0 |
|  | 04/2025 | 10424 | 69 | 0 | 0 |
|  | 04/2025 | $87853 | 81451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 0 |
|  | 04/2025 | 278 | 4567185 | 0 | (4) |
|  | 04/2025 | 84 | 7243 | 1 | 0 |
|  | 04/2025 | 205 | 30537 | 0 | (1) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 457 | 14987 | 0 | (6) |
|  | 04/2025 | 1285 | $70 | 0 | 0 |
|  | 05/2025 | 1483 | 203 | 0 | (2) |
|  | 05/2025 | 81451 | 87996 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) |
|  | 05/2025 | 437696 | 26 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $522 | 3786 | $1 | $(1) |
|  | 05/2025 | 69 | 10389 | 0 | 0 |
|  | 05/2025 | 174 | 7610 | 19 | 0 |
|  | 06/2025 | 13 | 93 | 0 | 0 |
|  | 06/2025 | 344 | 1335 | 0 | (1) |
|  | 07/2025 | 1936 | $268 | 0 | 0 |
|  | 07/2025 | 9367 | 288 | 4 | 0 |
|  | 08/2025 | 1833 | 254 | 0 | (1) |
|  | 08/2025 | 10391 | 319 | 3 | 0 |
|  MBC | 04/2025 | 1825 | 1940 | 4 | (38) |
|  | 04/2025 | 277 | 358 | 1 | 0 |
|  | 04/2025 | $1621 | 1432 | 0 | (2) |
|  | 04/2025 | 568 | 521 | 0 | (5) |
|  | 04/2025 | 114 | 9917 | 2 | 0 |
|  | 04/2025 | 275 | 9021 | 0 | (3) |
|  | 04/2025 | 3607 | $198 | 1 | 0 |
|  | 05/2025 | 1426 | 1620 | 2 | 0 |
|  | 05/2025 | 1447 | 199 | 0 | (1) |
|  | 05/2025 | 241389 | 14 | 0 | 0 |
|  | 05/2025 | $258 | 1867 | 0 | 0 |
|  | 06/2025 | 527599 | $367 | 7 | 0 |
|  | 07/2025 | 928 | 129 | 0 | 0 |
|  | 07/2025 | 4587 | 141 | 2 | 0 |
|  | 08/2025 | 2378 | 331 | 1 | (1) |
|  | 08/2025 | 4380 | 134 | 1 | 0 |
|  MYI | 04/2025 | 4987 | 3503 | 38 | 0 |
|  | 04/2025 | 11959 | 15153 | 0 | (295) |
|  | 04/2025 | $60 | 1956 | 0 | (1) |
|  | 04/2025 | 431 | 7883 | 0 | (2) |
|  | 05/2025 | 281544 | $17 | 0 | 0 |
|  | 06/2025 | 501 | 69 | 0 | 0 |
|  NGF | 06/2025 | 39907 | 28 | 1 | 0 |
|  SCX | 04/2025 | 15150 | 2592 | 0 | (63) |
|  | 04/2025 | 391 | 505 | 0 | 0 |
|  | 04/2025 | 2731 | 18 | 0 | 0 |
|  | 04/2025 | $2638 | 15150 | 17 | 0 |
|  | 04/2025 | 22 | 32132 | 0 | 0 |
|  | 04/2025 | 80 | 2642 | 0 | (1) |
|  | 05/2025 | 94257 | $6 | 0 | 0 |
|  | 05/2025 | $18 | 2722 | 0 | 0 |
|  | 06/2025 | 365 | $50 | 0 | 0 |
|  | 06/2025 | $2592 | 15342 | 63 | 0 |
|  | 08/2025 | 2620 | $80 | 1 | 0 |
|  SSB | 04/2025 | $15014 | 11610 | 0 | (17) |
|  | 05/2025 | 11610 | $15013 | 17 | 0 |
|  UAG | 04/2025 | $188 | 27977 | 0 | (2) |
|  | 04/2025 | 3 | 141 | 0 | 0 |
|  | 08/2025 | 32 | 1413 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3408) |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Put - OTC USD versus TRY | TRY 39.750 | 08/11/2025 | 200 | $(6) | $(2) |
|  | Call - OTC USD versus TRY | 51.750 | 08/11/2025 | 200 | (5) | (6) |
|  Total Written Options | Total Written Options |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Eutelsat SA | 5.000% | Quarterly | 12/20/2025 | 5.000% | 400 | $(18) | $19 | $1 | $0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 | $2000 | (17) | 10 | 0 | (7) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

96 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $20 | $0 | $0 | $20 | $(27) | $0 | $0 | $(27) | $(7) | $0 | $(7) |
|  BOA | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  BPS | 19 | 0 | 0 | 19 | (2540) | 0 | 0 | (2540) | (2521) | 2617 | 96 |
|  BRC | 39 | 0 | 0 | 39 | (61) | 0 | 0 | (61) | (22) | 0 | (22) |
|  BSH | 21 | 0 | 0 | 21 | (2) | 0 | 0 | (2) | 19 | 0 | 19 |
|  CBK | 126 | 0 | 0 | 126 | (60) | 0 | 0 | (60) | 66 | 0 | 66 |
|  DUB | 17 | 0 | 0 | 17 | 0 | 0 | 0 | 0 | 17 | 0 | 17 |
|  FAR | 7 | 0 | 0 | 7 | (17) | 0 | 0 | (17) | (10) | 0 | (10) |
|  GLM | 65 | 0 | 0 | 65 | (31) | 0 | 0 | (31) | 34 | 0 | 34 |
|  GST | 0 | 0 | 1 | 1 | 0 | 0 | (7) | (7) | (6) | 0 | (6) |
|  JPM | 253 | 0 | 0 | 253 | (236) | 0 | 0 | (236) | 17 | 0 | 17 |
|  MBC | 21 | 0 | 0 | 21 | (50) | 0 | 0 | (50) | (29) | 0 | (29) |
|  MYI | 38 | 0 | 0 | 38 | (298) | 0 | 0 | (298) | (260) | 281 | 21 |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 81 | 0 | 0 | 81 | (64) | 0 | 0 | (64) | 17 | 0 | 17 |
|  SSB | 17 | 0 | 0 | 17 | (17) | 0 | 0 | (17) | 0 | 0 | 0 |
|  UAG | 0 | 0 | 0 | 0 | (2) | (8) | 0 | (10) | (10) | 0 | (10) |
|  Total Over the Counter | $725 | $0 | $1 | $726 | $(3408) | $(8) | $(7) | $(3423) |  |  |  |

---

(m) Securities with an aggregate market value of $2,898 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $20 | $0 | $0 | $0 | $20 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $725 | $0 | $725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $725 | $0 | $726 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 97

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $22 | $0 | $0 | $0 | $22 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3408 | $0 | $3408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 8 | 0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 0 | 7 |
|  | $0 | $7 | $0 | $3416 | $0 | $3423 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $3507 | $0 | $0 | $(5) | $3502 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $4499 | $0 | $4499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 104 | 0 | 0 | 0 | 104 |
|  | $0 | $104 | $0 | $4499 | $0 | $4603 |
|  | $0 | $3611 | $0 | $4499 | $(5) | $8105 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $(2330) | $0 | $0 | $0 | $(2330) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(3187) | $0 | $(3187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3 | 0 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | 0 | 28 |
|  | $0 | $28 | $0 | $(3184) | $0 | $(3156) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2302) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3184) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5486) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $26710 | $7137 | $33847 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 54209 | 0 | 54209 |
| &nbsp;&nbsp; Industrials | 0 | 272959 | 1497 | 274456 |
| &nbsp;&nbsp; Utilities | 0 | 17631 | 0 | 17631 |
|  Convertible Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Industrials | 0 | 843 | 0 | 843 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Arizona | 0 | 413 | 0 | 413 |
|  U.S. Treasury Obligations | 0 | 33000 | 0 | 33000 |
|  Sovereign Issues | 0 | 28383 | 0 | 28383 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 57 | 0 | 0 | 57 |
| &nbsp;&nbsp; Energy | 0 | 0 | 97 | 97 |
| &nbsp;&nbsp; Financials | 0 | 0 | 957 | 957 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 1138 | 1138 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 388 | 388 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 140 | 140 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 329 | 0 | 329 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 677 | 0 | 677 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446565 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2812 | $0 | $0 | $2812 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449377 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 20 | 0 | 20 |
|  Over the counter | 0 | 726 | 0 | 726 |
|  | $0 | $746 | $0 | $746 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (18) | 0 | (18) |
|  Over the counter | 0 | (3423) | 0 | (3423) |
|  | $0 | $(3441) | $0 | $(3441) |
|  Total Financial Derivative Instruments | $0 | $(2695) | $0 | $(2695) |
|  Totals | $2869 | $432459 | $11354 | $446682 |

---

98 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/<br>(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2292) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $0 | $0 | $7137 | $110 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | 29 | 619 | 0 | 0 | 0 | 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1497 | 71 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 17 | 0 | (10) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) | 205 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Energy | 0 | 0 | 0 | 0 | 0 | 97 | 0 | 0 | 97 | 97 |
| &nbsp;&nbsp; Financials | 780 | 0 | 0 | 0 | 0 | 177 | 0 | 0 | 957 | 178 |
| &nbsp;&nbsp; Health Care | 2364 | 0 | 0 | 0 | 0 | (1226) | 0 | 0 | 1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1226) |
| &nbsp;&nbsp; Industrials | 0 | 483 | 0 | 0 | 0 | (95) | 0 | 0 | 388 | (94) |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 115 | 0 | 0 | 0 | 25 | 0 | 0 | 140 | 25 |
|  Totals | $6807 | $6920 | $(2302) | $7 | $(212) | $(644) | $778 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 | $(839) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $102 | Comparable Companies | EBITDA Multiple | X | 14.000 |  |
|  | 852 | Discounted Cash Flow | Discount Rate |  | 7.571 |  |
|  | 1459 | Indicative Market Quotation | Broker Quote |  | 74.500 - 100.500 | 93.876 |
|  | 1766 | Recent Transaction | Purchase Price |  | 98.500 - 99.000 | 98.749 |
|  | 2958 | Third Party Vendor | Broker Quote |  | 96.250 - 101.500 | 99.851 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 444 | Comparable Companies /<br>Discounted Cash Flow | Revenue<br>Multiple/<br>Discount Rate | X/% | 0.900/10.000 |  |
|  | 29 | Expected Recovery | Price |  | 1.630 |  |
|  | 778 | Indicative Market Quotation | Broker Quote |  | 60.000 - 82.000 | 69.275 |
|  | 246 | Proxy Pricing | Base Price |  | 98.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 97 | Reference Instrument | Stock Price w/<br>Liquidity Discount |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 957 | Comparable Companies | EBITDA Multiple |  | 4.660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1138 | Comparable Companies | EBITDA Multiple | X | 9.500 - 14.000 | 10.136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 265 | Comparable Companies /<br>Discounted Cash Flow | Revenue<br>Multiple/<br>Discount Rate | X/% | 0.900/10.000 |  |
|  | 123 | Indicative Market Quotation | Broker Quote |  | 15.000 |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 140 | Indicative Market Quotation | Broker Quote |  | 15.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **99** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 125.6% | INVESTMENTS IN SECURITIES 125.6% | INVESTMENTS IN SECURITIES 125.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.285% (EUR003M + 5.500%) due 08/15/2028 ~ | 1503 | 1461 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  9.305% due 04/20/2028 | 293 | 299 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.072% due 06/24/2030 | 2701 | 2701 |
|  Belron Finance U.S. LLC | Belron Finance U.S. LLC | Belron Finance U.S. LLC |
|  7.052% due 10/16/2031 ~ | 1791 | 1790 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.325% due 08/08/2027 | 1336 | 1335 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/03/2031 «µ | 322 | 325 |
|  TBD% due 01/03/2031 « | 1456 | 1467 |
|  Delos Aircraft DAC | Delos Aircraft DAC | Delos Aircraft DAC |
|  6.049% due 10/31/2027 ~ | 3600 | 3608 |
|  GBT U.S. LLC | GBT U.S. LLC | GBT U.S. LLC |
|  6.802% due 07/28/2031 | 798 | 795 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 1600 | 1588 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.325% due 02/07/2031 | 997 | 956 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.313% due 12/15/2031 ~ | 1496 | 1480 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.055% due 08/27/2029 | 3980 | 3866 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  TBD% due 03/22/2032 | 2000 | 1996 |
|  Oi SA | Oi SA | Oi SA |
|  1.000% due 12/30/2050 « | 118 | 1 |
|  4.890% due 12/30/2050 « | 1362 | 14 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « | 1100 | 1100 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(m) | 756 | 817 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 1600 | 1622 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  7.325% due 08/31/2028 ~ | 199 | 199 |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 12000 | 12950 |
|  Setanta Aircraft Leasing DAC | Setanta Aircraft Leasing DAC | Setanta Aircraft Leasing DAC |
|  6.049% due 11/05/2028 | 2250 | 2261 |
|  SkyMiles IP Ltd. | SkyMiles IP Ltd. | SkyMiles IP Ltd. |
|  8.043% due 10/20/2027 | 1855 | 1876 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  6.325% due 03/14/2031 | 1584 | 1578 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  TBD% due 02/04/2032 | 1300 | 1297 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.325% due 04/30/2031 ~ | 995 | 963 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « | 973 | 365 |
|  Total Loan Participations and Assignments (Cost $50,746) | Total Loan Participations and Assignments (Cost $50,746) | 48710 |
| CORPORATE BONDS & NOTES 72.7% | CORPORATE BONDS & NOTES 72.7% | CORPORATE BONDS & NOTES 72.7% |
| BANKING & FINANCE 26.0% | BANKING & FINANCE 26.0% | BANKING & FINANCE 26.0% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.375% due 09/22/2034 ~(j)(k) | 4600 | 5008 |
|  Agree LP | Agree LP | Agree LP |
|  4.800% due 10/01/2032 | 700 | 684 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 1400 | 1440 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.000% due 05/18/2051 | 1500 | 925 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.375% due 08/15/2031 | $— | 2200 | $— | 2007 |
|  5.500% due 10/01/2035 |  | 1800 |  | 1809 |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«(d)(k) |  | 1200 |  | 72 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  |  | 2100 |  | 2191 |
|  8.000% due 11/01/2031 |  | 2250 |  | 2508 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  6.150% due 10/01/2034 |  | 3500 |  | 3502 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 |  | 7700 |  | 6399 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.375% due 07/15/2051 |  | 2000 |  | 1326 |
|  3.625% due 04/15/2032 |  | 3700 |  | 3361 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 |  | 1300 |  | 1113 |
|  2.950% due 01/15/2051 |  | 8300 |  | 5246 |
|  3.100% due 06/15/2050 |  | 10900 |  | 7129 |
|  3.700% due 10/15/2049 |  | 10000 |  | 7285 |
|  4.050% due 03/15/2032 |  | 7800 |  | 7367 |
|  5.550% due 07/15/2033 |  | 4000 |  | 4090 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 |  | 3750 |  | 3585 |
|  6.350% due 10/23/2029 |  | 1600 |  | 1602 |
|  7.950% due 08/11/2028 |  | 1600 |  | 1690 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.750% due 03/01/2054 |  | 3100 |  | 3060 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.700% due 07/29/2031 |  | 2500 |  | 2581 |
|  6.900% due 04/13/2029 |  | 2000 |  | 2076 |
|  Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
|  5.031% due 12/15/2046 |  | 500 |  | 455 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 |  | 2465 |  | 1793 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  5.950% due 07/15/2029 |  | 1600 |  | 1627 |
|  Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC |
|  3.250% due 06/15/2030 |  | 1100 |  | 1026 |
|  3.650% due 02/01/2052 |  | 1900 |  | 1358 |
|  Ares Management Corp. | Ares Management Corp. | Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
|  5.600% due 10/11/2054 |  | 2000 |  | 1861 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  5.600% due 02/15/2030 |  | 200 |  | 197 |
|  5.700% due 03/15/2028 |  | 1600 |  | 1600 |
|  6.200% due 03/21/2032 |  | 2500 |  | 2487 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 |  | 1950 |  | 1775 |
|  3.600% due 09/15/2051 |  | 1200 |  | 829 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 |  | 1500 |  | 1502 |
|  5.526% due 07/11/2031 |  | 3350 |  | 3400 |
|  Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
|  6.250% due 04/01/2054 |  | 1200 |  | 1203 |
|  AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. |
|  5.350% due 06/01/2034 |  | 500 |  | 507 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.875% due 10/01/2025 |  | 4500 |  | 4499 |
|  6.750% due 10/25/2028 |  | 4097 |  | 4327 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 1000 |  | 936 |
|  5.375% due 05/30/2030 |  | 1300 |  | 1302 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
|  3.900% due 07/15/2029 |  | 3000 |  | 2888 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 |  | 2120 |  | 2271 |
|  2.625% due 04/28/2025 |  | 1000 |  | 1081 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.750% due 01/14/2032 •(j)(k) | $— | 2300 |  | 2257 |
|  7.883% due 11/15/2034 •  |  | 1800 |  | 2026 |
|  8.375% due 06/21/2028 ~(j)(k) |  | 2000 |  | 2382 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | $— | 200 |  | 198 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(j)(k) |  | 1000 |  | 1100 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.572% due 10/20/2032 •  | 6000 | 5179 |
|  2.676% due 06/19/2041 •  | 19400 | 13771 |
|  2.972% due 07/21/2052 •  | 800 | 514 |
|  3.311% due 04/22/2042 •  | 12200 | 9281 |
|  4.083% due 03/20/2051 •  | 300 | 236 |
|  5.202% due 04/25/2029 •  | 6600 | 6707 |
|  5.468% due 01/23/2035 •  | 6800 | 6902 |
|  5.511% due 01/24/2036 ~ | 1700 | 1731 |
|  5.872% due 09/15/2034 •  | 6300 | 6577 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  6.000% due 10/15/2036 | 1200 | 1261 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.335% due 09/10/2035 •  | 1000 | 976 |
|  5.851% due 03/21/2035 ~ | 5100 | 6495 |
|  6.036% due 03/12/2055 •  | 200 | 202 |
|  6.224% due 05/09/2034 •  | 4400 | 4586 |
|  6.375% due 12/15/2025 ~(j)(k) | 1600 | 2069 |
|  9.250% due 09/15/2028 ~(j)(k) | 1000 | 1369 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  5.875% due 09/13/2034 •(k) | 1000 | 963 |
|  8.450% due 06/29/2038 •(k) | 1300 | 1360 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 600 | 598 |
|  6.150% due 04/02/2030 (b) | 2600 | 2590 |
|  6.600% due 06/10/2029 | 500 | 514 |
|  8.000% due 05/25/2028 | 2100 | 2243 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.800% due 09/30/2050 | 350 | 214 |
|  3.200% due 01/30/2052 | 10000 | 6594 |
|  3.500% due 09/10/2049 | 2500 | 1748 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.850% due 09/30/2028 | 3000 | 2750 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  4.375% due 02/15/2032 | 3700 | 3472 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.132% due 01/20/2033 •  | 3200 | 2790 |
|  5.738% due 02/20/2035 •(n) | 3200 | 3274 |
|  7.375% due 09/10/2034 •(j)(k) | 6400 | 6415 |
|  8.500% due 08/14/2028 •(j)(k) | 4200 | 4403 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 1600 | 1632 |
|  6.293% due 01/14/2036 ~ | 1100 | 1138 |
|  7.003% due 10/19/2034 •  | 4800 | 5230 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.125% due 05/15/2029 | 1200 | 1165 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 1200 | 1261 |
|  Brookfield Finance LLC | Brookfield Finance LLC | Brookfield Finance LLC |
|  3.450% due 04/15/2050 | 2000 | 1358 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 | 8700 | 5997 |
|  3.625% due 02/15/2052 | 1900 | 1330 |
|  5.968% due 03/04/2054 | 7075 | 7125 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  3.625% due 09/14/2028 ~(j)(k) | 1400 | 1393 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 4400 | 4644 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 | 3100 | 3010 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 | 3100 | 3243 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.100% due 06/15/2051 | 1200 | 863 |
|  7.500% due 05/30/2029 | 3200 | 3357 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 2200 | 2192 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 1000 | 1027 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.057% due 01/25/2033 •  | 2500 | 2192 |
|  5.449% due 06/11/2035 •  | 3300 | 3320 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.784% due 03/14/2032 (k) | 1800 | 1633 |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Constellation Insurance, Inc. | Constellation Insurance, Inc. | Constellation Insurance, Inc. |
|  6.800% due 01/24/2030 | 3000 | 2966 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.758% due 04/06/2033 •  | 1000 | 917 |
|  4.375% due 06/29/2027 ~(j)(k) | 1600 | 1712 |
|  4.625% due 12/29/2025 ~(j)(k) | 4600 | 4998 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •  | 4000 | 3984 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 800 | 713 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  9.250% due 12/15/2028 | 1500 | 1590 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 3000 | 3071 |
|  7.250% due 09/23/2028 ~(j)(k) | 4900 | 5625 |
|  Credit Suisse AG AT1 Claim | 9666 | 1160 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 | 5800 | 4880 |
|  5.200% due 09/01/2034 | 6300 | 6169 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 ~(j) | 1600 | 1609 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 2900 | 2609 |
|  3.742% due 01/07/2033 •  | 1000 | 879 |
|  5.403% due 09/11/2035 •  | 1500 | 1463 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 4600 | 4000 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 2450 | 2298 |
|  4.500% due 06/01/2027 | 1167 | 1152 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 | 3200 | 2021 |
|  3.400% due 02/15/2052 | 2500 | 1698 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  5.594% due 01/11/2033 | 1000 | 1029 |
|  6.700% due 03/28/2055 ~ | 800 | 796 |
|  ERP Operating LP | ERP Operating LP | ERP Operating LP |
|  4.650% due 09/15/2034 | 1600 | 1534 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 ~(j)(k) | 1200 | 1263 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.375% due 04/01/2035 | 900 | 902 |
|  5.500% due 04/01/2034 | 1200 | 1212 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.000% due 12/07/2033 | 2700 | 2815 |
|  6.100% due 03/15/2055 | 3500 | 3448 |
|  6.350% due 03/22/2054 | 1000 | 1020 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  | 5000 | 4067 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.200% due 09/17/2051 | 8100 | 4979 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  5.450% due 09/30/2034 | 1800 | 1763 |
|  FMR LLC | FMR LLC | FMR LLC |
|  6.450% due 11/15/2039 | 4500 | 5071 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  7.875% due 12/01/2030 | 1200 | 1257 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 | 900 | 572 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 1500 | 1612 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  9.125% due 05/15/2031 | 1300 | 1310 |
|  9.250% due 02/01/2029 | 600 | 610 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 2700 | 2458 |
|  6.125% due 01/15/2030 | 1900 | 1891 |
|  7.875% due 01/15/2029 | 1000 | 1060 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.200% due 12/09/2031 | 650 | 647 |
|  5.500% due 01/08/2029 | 3700 | 3776 |
|  5.900% due 01/13/2035 | 1500 | 1522 |
|  GAIF Bond Issuer Pty. Ltd. | GAIF Bond Issuer Pty. Ltd. | GAIF Bond Issuer Pty. Ltd. |
|  3.400% due 09/30/2026 | 5000 | 4909 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 1400 | 1435 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 2000 | 2032 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2030 | 5000 | 4730 |
|  5.625% due 09/15/2034 | 3500 | 3445 |
|  6.250% due 09/15/2054 | 1500 | 1475 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 8700 | 7599 |
|  4.017% due 10/31/2038 •  | 5100 | 4383 |
|  5.016% due 10/23/2035 •  | 7900 | 7684 |
|  5.330% due 07/23/2035 •  | 4000 | 3982 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 2000 | 1947 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 3600 | 3287 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 3700 | 3596 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 2000 | 1978 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  5.375% due 02/15/2035 | 2000 | 1994 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 2600 | 2323 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  4.500% due 02/01/2026 | 1900 | 1893 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 3200 | 3158 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 5200 | 4673 |
|  5.875% due 09/28/2026 ~(j)(k) | 5178 | 6655 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  4.650% due 04/01/2029 | 900 | 682 |
|  5.950% due 02/15/2028 | 800 | 696 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 5000 | 5044 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.950% due 06/01/2042 •  | 1750 | 1408 |
|  7.750% due 01/11/2027 ~(j)(k) | 4610 | 5264 |
|  7.778% due 06/20/2054 •  | 1700 | 1890 |
|  7.800% due 11/28/2053 | 3000 | 3475 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 3500 | 2852 |
|  4.875% due 02/01/2035 | 600 | 574 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 6400 | 6541 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 585 | 499 |
|  3.750% due 05/28/2051 | 750 | 500 |
|  4.500% due 04/08/2052 | 2100 | 1616 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.500% due 01/20/2043 | 2100 | 2141 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.109% due 04/22/2051 •  | 6300 | 4200 |
|  3.328% due 04/22/2052 •  | 18400 | 12793 |
|  5.294% due 07/22/2035 •  | 3000 | 3013 |
|  5.350% due 06/01/2034 •  | 7100 | 7219 |
|  5.502% due 01/24/2036 ~ | 6500 | 6643 |
|  6.254% due 10/23/2034 •  | 3200 | 3438 |
|  8.750% due 09/01/2030 | 275 | 324 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  8.000% due 09/05/2028 ~(j)(k) | 1000 | 1179 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 3400 | 2697 |
|  2.650% due 11/15/2033 | 1000 | 779 |
|  6.250% due 01/15/2036 | 1600 | 1587 |
|  Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
|  4.850% due 03/01/2035 | 1100 | 1059 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  3.500% due 08/25/2050 | 4700 | 3223 |
|  4.850% due 05/17/2032 | 7500 | 7381 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.375% due 03/11/2029 | 209 | 206 |
|  6.000% due 03/15/2031 | 900 | 936 |
|  Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
|  5.625% due 01/15/2044 | 1400 | 1375 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  3.951% due 10/15/2050 | 900 | 660 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ | 1000 | 700 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.590% due 11/26/2035 •  | 1000 | 1005 |
|  5.679% due 01/05/2035 •  | 6100 | 6173 |
|  7.875% due 06/27/2029 ~(j)(k) | 200 | 264 |
|  8.500% due 09/27/2027 ~(j)(k) | 1000 | 1335 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  2.900% due 12/15/2051 | 1300 | 817 |
|  4.350% due 01/30/2047 | 200 | 169 |
|  5.400% due 03/15/2055 | 7900 | 7633 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  | 2500 | 2218 |
|  5.672% due 12/01/2052 | 2000 | 1975 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 ~ | 3300 | 3297 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 | 610 | 600 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  5.000% due 07/15/2052 | 500 | 455 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.133% due 07/20/2033 •  | 5200 | 5213 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  | 3200 | 2798 |
|  2.869% due 09/13/2030 •  | 2500 | 2307 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(m) | 11300 | 7584 |
|  2.943% due 01/21/2033 •  | 4800 | 4212 |
|  4.889% due 07/20/2033 •  | 800 | 788 |
|  5.320% due 07/19/2035 •  | 5000 | 5003 |
|  5.587% due 01/18/2036 ~ | 2100 | 2145 |
|  5.831% due 04/19/2035 •  | 1600 | 1659 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  6.150% due 05/17/2029 | 1600 | 1618 |
|  Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding |
|  5.450% due 12/12/2028 | 1500 | 1541 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  2.500% due 12/21/2040 | 1600 | 1094 |
|  6.100% due 06/28/2063 | 800 | 814 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  9.375% due 08/15/2039 | 2500 | 3287 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  | 4100 | 4021 |
|  4.600% due 06/28/2031 •(j)(k) | 1300 | 1103 |
|  5.076% due 01/27/2030 •  | 4100 | 4127 |
|  5.125% due 05/12/2027 ~(j)(k) | 2500 | 3110 |
|  Neuberger Berman Group LLC | Neuberger Berman Group LLC | Neuberger Berman Group LLC |
|  4.500% due 03/15/2027 | 400 | 398 |
|  4.875% due 04/15/2045 | 2700 | 2314 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 | 2200 | 2321 |
|  New Mountain Finance Corp. | New Mountain Finance Corp. | New Mountain Finance Corp. |
|  6.200% due 10/15/2027 | 1800 | 1816 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 3000 | 3149 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  6.250% due 09/13/2053 •  | 4500 | 4680 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 2000 | 2037 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.594% due 07/02/2027 | 1700 | 1733 |
|  5.605% due 07/06/2029 | 6500 | 6681 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(j)(k) | 400 | 356 |
|  Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
|  6.340% due 02/27/2030 | 700 | 697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
|  6.500% due 07/23/2029 | 1100 | 1124 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 | 4100 | 4092 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  7.875% due 03/15/2030 | 2500 | 2593 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  9.250% due 06/15/2039 | 8800 | 11924 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 2400 | 1693 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 1150 | 1074 |
|  Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. |
|  7.625% due 06/15/2040 | 1000 | 1134 |
|  Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP | Phillips Edison Grocery Center Operating Partnership LP |
|  5.750% due 07/15/2034 | 1600 | 1614 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 | 3190 | 3315 |
|  Pine Street Trust | Pine Street Trust | Pine Street Trust |
|  6.223% due 05/15/2054 | 5000 | 5126 |
|  Progressive Corp. | Progressive Corp. | Progressive Corp. |
|  4.125% due 04/15/2047 | 500 | 409 |
|  Prologis LP | Prologis LP | Prologis LP |
|  5.250% due 03/15/2054 | 3600 | 3418 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 | 3500 | 3594 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.200% due 02/15/2031 | 4300 | 3937 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  4.400% due 02/01/2047 | 1100 | 919 |
|  4.650% due 03/15/2049 | 500 | 431 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 1800 | 1547 |
|  2.150% due 09/01/2031 | 1500 | 1255 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 | 1800 | 1833 |
|  5.500% due 01/11/2031 | 2900 | 2984 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  5.125% due 08/15/2026 | 800 | 799 |
|  Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
|  5.650% due 01/15/2035 | 1000 | 996 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  | 1700 | 1497 |
|  5.694% due 04/15/2031 ~ | 3000 | 3063 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 | 200 | 186 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.375% due 03/01/2049 | 1700 | 1560 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 1800 | 1784 |
|  6.125% due 07/15/2030 | 1400 | 1410 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  2.300% due 06/15/2028 | 1900 | 1760 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 1100 | 1053 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1400 | 1229 |
|  5.400% due 04/30/2030 | 800 | 802 |
|  Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners | Strategic Credit Opportunities Partners |
|  6.520% due 03/20/2028 «(m) | 900 | 909 |
|  6.740% due 03/20/2030 «(m) | 1000 | 1017 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 3500 | 3593 |
|  5.632% due 01/15/2035 | 1000 | 1027 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (c) | 161 | 18 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (c) | 161 | 19 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (c) | 323 | 39 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (c) | 486 | 56 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (c) | 487 | 59 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (c) | 229 | 28 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  4.270% due 05/15/2047 | 400 | 325 |
|  6.850% due 12/16/2039 | 371 | 421 |
|  Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC |
|  5.411% due 07/13/2044 | 694 | 850 |
|  5.661% due 10/13/2041 | 46 | 57 |
|  5.744% due 04/13/2040 | 87 | 111 |
|  Travelers Cos., Inc. | Travelers Cos., Inc. | Travelers Cos., Inc. |
|  4.050% due 03/07/2048 | 1000 | 807 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 900 | 726 |
|  6.950% due 01/30/2044 | 5300 | 4620 |
|  7.375% due 02/13/2034 | 1000 | 1006 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.179% due 02/11/2043 •  | 1400 | 1022 |
|  4.194% due 04/01/2031 •  | 600 | 579 |
|  4.875% due 02/12/2027 •(j)(k) | 4800 | 4668 |
|  5.379% due 09/06/2045 •  | 1000 | 956 |
|  5.959% due 01/12/2034 •  | 6200 | 6453 |
|  6.442% due 08/11/2028 •  | 10650 | 11049 |
|  6.537% due 08/12/2033 •  | 8700 | 9325 |
|  6.850% due 09/10/2029 •(j)(k) | 3500 | 3488 |
|  7.125% due 08/10/2034 ~(j)(k) | 3000 | 2958 |
|  9.250% due 11/13/2028 •(j)(k) | 1600 | 1742 |
|  9.250% due 11/13/2033 •(j)(k) | 400 | 457 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  5.125% due 09/01/2034 | 1500 | 1474 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.296% due 04/02/2034 •  | 1400 | 1478 |
|  7.500% due 06/03/2026 ~(j)(k) | 2000 | 2239 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(c)(d) | 1445 | 28 |
|  Unum Group | Unum Group | Unum Group |
|  4.500% due 12/15/2049 | 3100 | 2482 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.875% due 02/15/2029 | 2800 | 2677 |
|  4.500% due 01/15/2028 | 400 | 395 |
|  4.750% due 04/01/2028 (b) | 1300 | 1303 |
|  5.625% due 04/01/2035 (b) | 1000 | 995 |
|  5.625% due 05/15/2052 | 2000 | 1826 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  | 500 | 474 |
|  5.000% due 09/20/2034 | 600 | 578 |
|  5.700% due 07/15/2043 | 630 | 609 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.350% due 03/02/2033 •  | 6600 | 5924 |
|  4.611% due 04/25/2053 •  | 11300 | 9596 |
|  5.211% due 12/03/2035 •  | 300 | 298 |
|  5.499% due 01/23/2035 •  | 5000 | 5070 |
|  5.557% due 07/25/2034 •  | 19000 | 19340 |
|  6.491% due 10/23/2034 •  | 2200 | 2374 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.950% due 09/01/2048 | 2950 | 2689 |
|  5.125% due 03/15/2043 | 800 | 744 |
|  6.500% due 03/15/2041 | 925 | 1002 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  7.375% due 03/15/2032 | 681 | 765 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  3.875% due 09/15/2049 | 725 | 533 |
|  5.350% due 05/15/2033 | 1500 | 1513 |
|  |  | 853230 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 29.7% | INDUSTRIALS 29.7% | INDUSTRIALS 29.7% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  2.800% due 02/10/2051 | 1000 | 587 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 | 21000 | 17411 |
|  4.400% due 11/06/2042 | 2970 | 2624 |
|  4.450% due 05/14/2046 | 7000 | 6087 |
|  4.700% due 05/14/2045 | 900 | 813 |
|  4.750% due 03/15/2045 | 3000 | 2734 |
|  4.850% due 06/15/2044 | 3300 | 3065 |
|  5.600% due 03/15/2055 | 4100 | 4152 |
|  Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
|  4.600% due 11/02/2047 | 1400 | 1257 |
|  Acushnet Co. | Acushnet Co. | Acushnet Co. |
|  7.375% due 10/15/2028 | 300 | 311 |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 1570 | 1344 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.250% due 05/21/2036 | 653 | 541 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 2000 | 1827 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1268 | 1190 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.800% due 10/01/2054 | 4000 | 3651 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 1295 | 1291 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.800% due 09/23/2049 | 2200 | 1645 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 2200 | 1896 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.700% due 06/03/2060 | 6400 | 3725 |
|  4.100% due 04/13/2062 | 1200 | 952 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 1826 | 1741 |
|  3.375% due 11/01/2028 | 2623 | 2545 |
|  3.575% due 07/15/2029 | 596 | 577 |
|  3.650% due 02/15/2029 | 2488 | 2402 |
|  4.000% due 01/15/2027 | 261 | 259 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  3.375% due 02/21/2050 | 10700 | 7495 |
|  4.563% due 06/15/2048 | 2610 | 2200 |
|  4.663% due 06/15/2051 | 5053 | 4320 |
|  4.875% due 03/01/2053 | 5400 | 4719 |
|  5.650% due 03/02/2053 | 6000 | 5890 |
|  5.750% due 03/02/2063 | 4800 | 4681 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 600 | 555 |
|  Anheuser-Busch Cos. LLC | Anheuser-Busch Cos. LLC | Anheuser-Busch Cos. LLC |
|  4.700% due 02/01/2036 | 10000 | 9649 |
|  4.900% due 02/01/2046 | 3148 | 2905 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.439% due 10/06/2048 | 4100 | 3505 |
|  4.950% due 01/15/2042 | 5600 | 5281 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 1600 | 1610 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.300% due 05/15/2048 | 3600 | 3170 |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 300 | 217 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 | 500 | 487 |
|  4.400% due 07/15/2044 | 6000 | 4582 |
|  4.625% due 06/25/2038 | 2600 | 2246 |
|  4.875% due 06/25/2048 | 3400 | 2722 |
|  6.875% due 11/21/2053 | 2300 | 2380 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  5.110% due 02/08/2034 | 3600 | 3599 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  5.650% due 01/15/2034 | 2000 | 2030 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.281% due 03/21/2028 ~ | 5000 | 4996 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.625% due 02/01/2031 | 7900 | 7329 |
|  3.650% due 03/01/2047 | 700 | 486 |
|  5.705% due 05/01/2040 | 6400 | 6225 |
|  5.805% due 05/01/2050 | 11600 | 11054 |
|  5.930% due 05/01/2060 | 9260 | 8720 |
|  6.528% due 05/01/2034 | 400 | 429 |
|  Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |
|  3.205% due 06/01/2050 | 1500 | 1032 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 04/15/2035 | 1500 | 1500 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  3.060% due 06/17/2041 | 800 | 588 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  3.700% due 03/15/2052 | 1200 | 886 |
|  4.250% due 10/26/2049 | 630 | 516 |
|  5.650% due 02/22/2064 | 5200 | 5099 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 2751 | 2568 |
|  4.125% due 03/20/2033 | 1665 | 1584 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 2000 | 1686 |
|  3.137% due 11/15/2035 | 1728 | 1433 |
|  3.187% due 11/15/2036 | 1611 | 1323 |
|  3.419% due 04/15/2033 | 7649 | 6813 |
|  3.469% due 04/15/2034 | 5300 | 4667 |
|  3.500% due 02/15/2041 | 5300 | 4153 |
|  4.926% due 05/15/2037 | 5843 | 5620 |
|  Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
|  5.200% due 04/15/2054 | 12798 | 12194 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.701% due 01/15/2039 | 2600 | 2173 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.100% due 12/02/2051 | 1500 | 977 |
|  3.500% due 05/01/2050 | 4234 | 2991 |
|  6.125% due 09/15/2115 | 6470 | 6567 |
|  Capstone Copper Corp. | Capstone Copper Corp. | Capstone Copper Corp. |
|  6.750% due 03/31/2033 | 1000 | 997 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.750% due 03/15/2030 | 1200 | 1196 |
|  7.000% due 08/15/2029 | 900 | 942 |
|  CDW LLC | CDW LLC | CDW LLC |
|  3.569% due 12/01/2031 | 1900 | 1719 |
|  5.550% due 08/22/2034 | 1000 | 990 |
|  Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
|  3.875% due 07/07/2041 | 600 | 470 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 1700 | 1435 |
|  4.625% due 12/15/2029 | 1900 | 1822 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 3200 | 3111 |
|  5.375% due 03/15/2044 | 1800 | 1649 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.500% due 06/01/2041 | 2500 | 1733 |
|  3.700% due 04/01/2051 | 11000 | 6942 |
|  3.850% due 04/01/2061 | 9600 | 5835 |
|  3.900% due 06/01/2052 | 3400 | 2200 |
|  3.950% due 06/30/2062 | 1700 | 1045 |
|  4.400% due 12/01/2061 | 2374 | 1578 |
|  4.800% due 03/01/2050 | 4900 | 3697 |
|  5.375% due 05/01/2047 | 5100 | 4229 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 1300 | 1041 |
|  3.700% due 11/15/2029 | 6500 | 6210 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 2100 | 1849 |
|  5.750% due 08/15/2034 | 2900 | 2942 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 | 2000 | 2024 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  5.850% due 08/01/2034 | 800 | 802 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 300 | 299 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.600% due 02/15/2054 | 1500 | 1429 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cleveland Clinic Foundation | Cleveland Clinic Foundation | Cleveland Clinic Foundation |
|  4.858% due 01/01/2114 | 45 | 39 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.937% due 11/01/2056 | 12149 | 7144 |
|  5.500% due 05/15/2064 | 3800 | 3572 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.500% due 05/09/2047 | 1200 | 984 |
|  5.250% due 11/15/2048 | 3500 | 3207 |
|  Constellation Pharmaceutical | Constellation Pharmaceutical | Constellation Pharmaceutical |
|  5.550% due 07/01/2033 «(m) | 1300 | 1302 |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  4.500% due 04/04/2048 | 3800 | 3199 |
|  CSL Finanace PLC Co. | CSL Finanace PLC Co. | CSL Finanace PLC Co. |
|  4.625% due 04/27/2042 | 900 | 804 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.300% due 12/05/2043 | 6700 | 6036 |
|  5.625% due 02/21/2053 | 6500 | 5947 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 8918 | 9507 |
|  8.353% due 07/10/2031 | 192 | 209 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  2.500% due 12/14/2031 | 1200 | 1022 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  3.450% due 12/15/2051 | 2385 | 1613 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.750% due 10/20/2028 | 2600 | 2590 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 1400 | 1406 |
|  5.750% due 04/18/2054 | 4100 | 3869 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.300% due 04/15/2032 | 2900 | 2700 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.375% due 09/18/2043 (n) | 3750 | 3216 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.550% due 03/01/2048 | 1400 | 1173 |
|  4.650% due 01/15/2043 | 1435 | 1265 |
|  5.100% due 01/15/2044 | 500 | 463 |
|  5.125% due 02/15/2053 | 8100 | 7272 |
|  5.650% due 06/15/2054 | 2500 | 2413 |
|  5.850% due 11/01/2064 | 2000 | 1960 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.950% due 02/27/2063 | 5100 | 4647 |
|  5.200% due 08/14/2064 | 2600 | 2467 |
|  ELO SACA | ELO SACA | ELO SACA |
|  2.875% due 01/29/2026 | 1900 | 2016 |
|  Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA |
|  3.950% due 01/21/2050 | 800 | 608 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  6.700% due 11/15/2053 | 4400 | 4758 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.000% due 05/15/2044 | 4857 | 4195 |
|  5.150% due 03/15/2045 | 11100 | 9722 |
|  5.300% due 04/01/2044 | 1400 | 1257 |
|  5.350% due 05/15/2045 | 2465 | 2215 |
|  5.950% due 05/15/2054 | 2500 | 2389 |
|  6.050% due 09/01/2054 | 4100 | 3985 |
|  6.125% due 12/15/2045 | 2819 | 2774 |
|  6.550% due 12/01/2033 | 2600 | 2781 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.950% due 05/15/2054 | 2747 | 2689 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.200% due 09/01/2048 | 5000 | 4004 |
|  4.200% due 04/01/2050 | 4200 | 3351 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.450% due 02/15/2043 | 5697 | 4935 |
|  4.850% due 03/15/2044 | 6579 | 5974 |
|  4.950% due 10/15/2054 | 830 | 728 |
|  5.550% due 02/16/2055 (n) | 6700 | 6512 |
|  7.571% due 08/16/2077 ~ | 1450 | 1446 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  5.750% due 02/01/2034 | 1600 | 1632 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 1000 | 1031 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 | 1800 | 1753 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 700 | 647 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.400% due 07/01/2049 | 1355 | 1118 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 7300 | 6434 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | 2000 | 1990 |
|  Ford Foundation | Ford Foundation | Ford Foundation |
|  2.815% due 06/01/2070 | 1265 | 719 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  5.576% due 01/25/2049 | 700 | 656 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  4.500% due 03/30/2045 | 1038 | 854 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  3.200% due 08/15/2029 | 1200 | 1124 |
|  4.150% due 08/15/2049 | 1700 | 1281 |
|  5.950% due 08/15/2052 | 300 | 291 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.103% due 08/23/2042 | 3200 | 3213 |
|  6.510% due 02/23/2042 | 1900 | 1986 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  4.000% due 03/24/2052 | 1000 | 774 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 (b) | 1600 | 1594 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 07/15/2051 | 4900 | 3234 |
|  4.125% due 06/15/2029 | 700 | 680 |
|  4.375% due 03/15/2042 | 2040 | 1688 |
|  4.625% due 03/15/2052 | 3100 | 2470 |
|  5.125% due 06/15/2039 | 2400 | 2229 |
|  5.250% due 06/15/2049 | 2600 | 2290 |
|  5.875% due 02/01/2029 | 700 | 722 |
|  5.900% due 06/01/2053 | 800 | 765 |
|  5.950% due 09/15/2054 | 1400 | 1346 |
|  HEICO Corp. | HEICO Corp. | HEICO Corp. |
|  5.350% due 08/01/2033 | 1600 | 1617 |
|  Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
|  5.875% due 02/26/2035 | 200 | 204 |
|  Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian |
|  3.803% due 07/15/2052 | 1100 | 846 |
|  Holcim Finance U.S. LLC | Holcim Finance U.S. LLC | Holcim Finance U.S. LLC |
|  4.750% due 09/22/2046 | 1421 | 1221 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  4.800% due 03/15/2047 | 1600 | 1322 |
|  5.500% due 03/15/2053 | 1900 | 1708 |
|  5.750% due 04/15/2054 | 1500 | 1395 |
|  5.875% due 03/01/2033 | 630 | 644 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  4.375% due 09/15/2028 | 800 | 788 |
|  5.250% due 06/30/2029 | 400 | 404 |
|  5.375% due 12/15/2031 | 1000 | 996 |
|  5.750% due 03/30/2032 | 1100 | 1106 |
|  Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
|  6.000% due 05/08/2034 | 600 | 613 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 2600 | 2680 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 1700 | 1262 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  3.200% due 08/12/2061 | 3000 | 1699 |
|  5.700% due 02/10/2053 | 7000 | 6439 |
|  IRB Infrastructure Developers, Inc. | IRB Infrastructure Developers, Inc. | IRB Infrastructure Developers, Inc. |
|  7.110% due 03/11/2032 | 1600 | 1617 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 1600 | 1581 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1076 | 935 |
|  Johnson Controls, Inc. | Johnson Controls, Inc. | Johnson Controls, Inc. |
|  4.950% due 07/02/2064 | 20 | 17 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  6.950% due 06/01/2028 | 3795 | 3930 |
|  7.420% due 02/15/2037 | 2980 | 3259 |
|  8.050% due 10/15/2030 | 3825 | 4347 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.875% due 10/01/2049 | 1200 | 1039 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.500% due 08/15/2054 | 3100 | 2994 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  2.900% due 06/25/2025 | 2400 | 2387 |
|  3.500% due 08/18/2026 | 6800 | 6673 |
|  3.900% due 08/08/2029 | 5800 | 5460 |
|  6.200% due 08/15/2034 | 4500 | 4516 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.375% due 05/15/2030 | 250 | 243 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 | 5000 | 3960 |
|  5.200% due 02/15/2055 | 6000 | 5689 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  6.500% due 03/01/2041 | 1800 | 1867 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.700% due 05/01/2055 | 2600 | 2600 |
|  5.800% due 05/01/2065 | 2100 | 2107 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.950% due 04/15/2031 | 4000 | 3571 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  5.400% due 08/15/2054 | 9100 | 8923 |
|  5.550% due 08/15/2064 | 1000 | 985 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  3.477% due 11/01/2051 | 7300 | 4968 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 | 4000 | 2456 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.900% due 04/15/2058 | 1900 | 1557 |
|  4.950% due 03/14/2052 | 700 | 589 |
|  5.200% due 03/01/2047 | 900 | 792 |
|  5.950% due 04/01/2055 | 6600 | 6365 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 1800 | 1631 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 | 1600 | 1598 |
|  New York & Presbyterian Hospital | New York & Presbyterian Hospital | New York & Presbyterian Hospital |
|  4.063% due 08/01/2056 | 45 | 35 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 800 | 656 |
|  Newmont Corp. | Newmont Corp. | Newmont Corp. |
|  5.750% due 11/15/2041 | 3225 | 3243 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  3.155% due 05/15/2055 | 3600 | 2309 |
|  4.550% due 06/01/2053 | 1300 | 1103 |
|  5.950% due 03/15/2064 | 1500 | 1547 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  4.300% due 01/15/2049 | 5000 | 4019 |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  3.809% due 11/01/2049 | 2500 | 1876 |
|  4.260% due 11/01/2047 | 30 | 24 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 3600 | 3300 |
|  NXP BV | NXP BV | NXP BV |
|  3.400% due 05/01/2030 | 1000 | 931 |
|  4.300% due 06/18/2029 | 4000 | 3921 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.600% due 03/15/2046 | 900 | 908 |
|  6.625% due 09/01/2030 | 1800 | 1892 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.250% due 06/15/2031 | 1000 | 983 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 | 7125 | 7204 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.650% due 03/25/2041 | 5700 | 4426 |
|  3.850% due 04/01/2060 | 6615 | 4550 |
|  3.950% due 03/25/2051 | 15900 | 11687 |
|  4.100% due 03/25/2061 | 6400 | 4578 |
|  5.500% due 09/27/2064 | 6000 | 5444 |
|  Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. |
|  4.750% due 03/22/2028 | 3200 | 3117 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.840% due 01/23/2030 | 4000 | 3669 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.875% due 08/21/2042 | 2600 | 2088 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  3.050% due 10/01/2041 | 4000 | 2804 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 5400 | 4904 |
|  4.550% due 03/15/2052 | 1800 | 1436 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 100 | 131 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.500% due 04/01/2028 | 2000 | 1993 |
|  5.625% due 09/30/2031 | 1200 | 1179 |
|  6.000% due 02/01/2033 | 2000 | 2000 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.550% due 09/02/2050 | 4300 | 2885 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.050% due 05/04/2047 | 2705 | 2150 |
|  4.350% due 04/15/2047 | 700 | 583 |
|  4.450% due 11/16/2038 | 800 | 730 |
|  6.100% due 03/15/2034 | 5000 | 5364 |
|  6.400% due 03/15/2054 | 1600 | 1753 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 7200 | 7070 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 4500 | 4082 |
|  6.875% due 09/19/2033 | 2500 | 2680 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 5000 | 3108 |
|  5.875% due 07/17/2064 | 1200 | 1124 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 400 | 400 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 5000 | 4868 |
|  4.250% due 07/01/2036 | 3640 | 3307 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
|  7.350% due 02/15/2031 | 1400 | 1517 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  4.500% due 03/15/2045 | 1675 | 1382 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 (n) | 8800 | 8449 |
|  9.375% due 11/30/2029 | 2000 | 2136 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 824 | 769 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.625% due 03/15/2046 | 2200 | 1961 |
|  5.200% due 02/10/2035 | 5400 | 5454 |
|  Studio City Co. Ltd. | Studio City Co. Ltd. | Studio City Co. Ltd. |
|  7.000% due 02/15/2027 | 2500 | 2523 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 | 350 | 268 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.700% due 04/01/2055 | 6800 | 6757 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 | 1100 | 952 |
|  3.300% due 02/15/2051 | 4700 | 3140 |
|  3.400% due 10/15/2052 | 10900 | 7372 |
|  3.500% due 04/15/2031 | 200 | 185 |
|  3.600% due 11/15/2060 | 11300 | 7571 |
|  3.875% due 04/15/2030 | 6695 | 6420 |
|  5.650% due 01/15/2053 | 4200 | 4100 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.500% due 03/11/2035 | 2000 | 1978 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.950% due 04/15/2052 | 500 | 423 |
|  5.500% due 02/15/2035 | 1500 | 1492 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.650% due 08/09/2031 | 1500 | 1282 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.895% due 03/06/2048 | 3500 | 2945 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 3500 | 3195 |
|  8.375% due 06/15/2032 | 1275 | 1475 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2031 | 4000 | 3201 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 25 | 26 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | 820 | 625 |
|  5.250% due 07/15/2042 | 800 | 833 |
|  5.500% due 09/01/2041 | 6225 | 5404 |
|  5.875% due 11/15/2040 | 4520 | 4148 |
|  6.750% due 06/15/2039 | 3500 | 3500 |
|  7.300% due 07/01/2038 | 5000 | 5253 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 1600 | 1425 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.275% due 09/10/2054 | 5000 | 4716 |
|  5.488% due 04/05/2054 | 700 | 678 |
|  5.638% due 04/05/2064 | 1500 | 1466 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  4.600% due 03/15/2048 | 4440 | 3772 |
|  5.400% due 08/15/2041 | 1400 | 1345 |
|  Trimble, Inc. | Trimble, Inc. | Trimble, Inc. |
|  6.100% due 03/15/2033 | 800 | 838 |
|  Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania |
|  4.674% due 09/01/2112 | 700 | 597 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 1000 | 1015 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 ^(c)(d) | 1676 | 695 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 ^(c)(d) | 787 | 717 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 5320 | 4730 |
|  3.100% due 01/07/2030 | 363 | 345 |
|  3.450% due 01/07/2030 | 2961 | 2816 |
|  4.000% due 10/11/2027 | 385 | 381 |
|  4.150% due 02/25/2033 | 1644 | 1576 |
|  4.300% due 02/15/2027 | 33 | 33 |
|  4.550% due 08/25/2031 | 2901 | 2736 |
|  5.450% due 08/15/2038 | 991 | 1003 |
|  5.875% due 04/15/2029 | 1534 | 1564 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  3.700% due 08/15/2049 | 170 | 125 |
|  3.875% due 08/15/2059 | 7100 | 5093 |
|  5.050% due 04/15/2053 | 16900 | 15315 |
|  5.200% due 04/15/2063 | 8800 | 7961 |
|  6.050% due 02/15/2063 | 300 | 309 |
|  University of Southern California | University of Southern California | University of Southern California |
|  5.250% due 10/01/2111 | 40 | 38 |
|  UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 | 1100 | 1091 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 3500 | 3458 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 1200 | 1352 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 2570 | 2381 |
|  3.875% due 11/01/2033 | 5500 | 4738 |
|  4.125% due 08/15/2031 | 1200 | 1091 |
|  6.250% due 01/15/2030 | 2500 | 2539 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 8800 | 8676 |
|  8.375% due 06/01/2031 | 200 | 203 |
|  9.875% due 02/01/2032 | 1000 | 1063 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | 2100 | 2363 |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  2.200% due 08/15/2031 | 5900 | 5017 |
|  4.700% due 05/15/2030 | 2100 | 2082 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 3000 | 3000 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  5.141% due 03/15/2052 | 5300 | 3867 |
|  5.391% due 03/15/2062 | 11000 | 7968 |
|  Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
|  4.200% due 01/15/2033 | 4200 | 3993 |
|  West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group |
|  3.129% due 06/01/2050 | 800 | 519 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.300% due 03/01/2048 | 2900 | 2492 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  3.500% due 10/15/2051 | 3500 | 2404 |
|  5.800% due 11/15/2054 | 2400 | 2365 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 1300 | 1284 |
|  3.700% due 03/15/2028 | 1126 | 1093 |
|  5.700% due 09/12/2054 | 6000 | 5601 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 | 4500 | 4167 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.625% due 08/26/2028 | 3450 | 3321 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  6.250% due 03/15/2033 | 1500 | 1462 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 « | 421 | 416 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  4.250% due 08/15/2035 | 205 | 186 |
|  4.450% due 08/15/2045 | 2397 | 2038 |
|  5.200% due 09/15/2034 | 2600 | 2592 |
|  |  | 974059 |
| UTILITIES 17.0% | UTILITIES 17.0% | UTILITIES 17.0% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  4.150% due 05/01/2049 | 1600 | 1227 |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 700 | 669 |
|  7.600% due 01/15/2055 •  | 3475 | 3515 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  3.450% due 10/01/2049 | 2100 | 1489 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  3.250% due 03/15/2050 | 1000 | 688 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  5.450% due 03/01/2054 | 3400 | 3280 |
|  Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
|  6.000% due 06/20/2039 | 400 | 489 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  4.500% due 08/01/2032 | 3100 | 2971 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.350% due 05/15/2050 | 1500 | 1027 |
|  3.500% due 12/01/2049 | 1400 | 963 |
|  4.500% due 04/01/2042 | 700 | 601 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.500% due 09/15/2053 | 6630 | 4524 |
|  3.550% due 09/15/2055 | 15089 | 10234 |
|  3.650% due 06/01/2051 | 7000 | 4962 |
|  3.650% due 09/15/2059 | 38008 | 25655 |
|  3.800% due 12/01/2057 | 30117 | 21159 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  3.200% due 09/15/2049 | 4000 | 2671 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.600% due 05/01/2053 | 1000 | 836 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  6.000% due 01/15/2035 | 2050 | 2123 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  4.487% due 03/04/2049 | 1200 | 961 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  3.350% due 04/01/2051 | 2500 | 1747 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  6.497% due 08/15/2043 | 1500 | 1564 |
|  6.544% due 11/15/2053 | 2000 | 2101 |
|  6.714% due 08/15/2063 | 1200 | 1278 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  5.750% due 02/14/2042 | 55 | 48 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  4.000% due 03/01/2048 | 700 | 549 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.600% due 06/15/2061 | 9880 | 6718 |
|  3.700% due 11/15/2059 | 1700 | 1184 |
|  4.500% due 05/15/2058 | 5800 | 4716 |
|  4.650% due 12/01/2048 | 6000 | 5174 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 | 2195 | 2126 |
|  5.750% due 03/15/2054 | 2000 | 1926 |
|  5.800% due 03/01/2033 | 3800 | 3937 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.050% due 05/15/2048 | 2500 | 2020 |
|  4.200% due 09/01/2052 | 3100 | 2522 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.250% due 08/15/2031 | 2700 | 2299 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  4.050% due 05/15/2048 | 1600 | 1294 |
|  5.400% due 04/01/2053 | 3000 | 2941 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.950% due 03/15/2048 | 6000 | 4655 |
|  5.350% due 01/15/2053 | 6800 | 6501 |
|  5.400% due 01/15/2054 | 12500 | 12065 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.300% due 06/15/2041 | 1900 | 1408 |
|  3.500% due 06/15/2051 | 11400 | 7767 |
|  3.950% due 08/15/2047 | 2300 | 1730 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  5.650% due 04/01/2053 | 1300 | 1279 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.900% due 08/15/2051 | 1100 | 694 |
|  3.600% due 09/15/2047 | 900 | 664 |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  2.532% due 10/01/2030 | 700 | 618 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  6.650% due 04/30/2038 | 600 | 653 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 1150 | 1165 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 09/21/2038 | 2300 | 2100 |
|  4.950% due 10/13/2045 | 2150 | 1888 |
|  6.000% due 04/22/2064 | 8100 | 7665 |
|  6.900% due 05/23/2053 | 1400 | 1507 |
|  9.125% due 03/15/2033 •(j) | 1000 | 1127 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  4.750% due 06/15/2046 | 2100 | 1733 |
|  Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
|  5.500% due 05/14/2027 | 1538 | 1510 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
|  2.875% due 07/12/2041 | 9750 | 6671 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.750% due 05/25/2047 | 3000 | 2570 |
|  5.000% due 06/15/2032 | 2000 | 1970 |
|  5.500% due 06/26/2034 | 3400 | 3416 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 (n) | 4000 | 2856 |
|  7.125% due 12/01/2054 •  | 1000 | 1015 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.550% due 09/15/2054 | 2000 | 1919 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  | 1000 | 986 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  5.450% due 07/15/2044 | 6330 | 6175 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  4.550% due 10/01/2044 | 4000 | 3480 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 659 | 637 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.750% due 09/01/2040 | 1000 | 925 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  4.550% due 03/15/2046 | 400 | 342 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  5.450% due 09/30/2054 | 2600 | 2485 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 1600 | 1524 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
|  5.400% due 06/01/2033 | 2300 | 2316 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  6.150% due 06/01/2037 | 250 | 265 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  4.375% due 10/01/2045 | 2300 | 1925 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  3.586% due 01/18/2052 | 3000 | 2035 |
|  Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. |
|  5.869% due 01/31/2034 | 2000 | 2039 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  3.650% due 08/01/2048 | 3575 | 2676 |
|  4.250% due 05/01/2046 | 3450 | 2863 |
|  4.250% due 07/15/2049 | 14325 | 11685 |
|  5.850% due 09/15/2054 | 2100 | 2160 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  4.250% due 03/15/2042 | 1700 | 1440 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.400% due 12/15/2043 | 4224 | 4110 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
|  3.125% due 08/01/2050 | 5300 | 3441 |
|  New England Power Co. | New England Power Co. | New England Power Co. |
|  3.800% due 12/05/2047 | 6300 | 4761 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.300% due 09/15/2049 | 900 | 605 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  7.768% due 12/15/2037 | 800 | 905 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  2.759% due 01/10/2032 | 2500 | 2142 |
|  5.783% due 09/16/2052 | 1050 | 1042 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.950% due 03/30/2048 | 1245 | 960 |
|  4.375% due 05/15/2047 | 1800 | 1482 |
|  5.800% due 02/01/2042 | 300 | 297 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  5.100% due 05/15/2053 | 11600 | 10765 |
|  5.650% due 06/15/2054 | 400 | 404 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.950% due 09/15/2052 | 1300 | 1176 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  4.500% due 04/01/2047 | 1000 | 820 |
|  5.800% due 06/01/2054 | 1200 | 1180 |
|  6.200% due 12/01/2053 | 2700 | 2766 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
|  2.900% due 10/01/2051 | 2700 | 1676 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 04/01/2045 | 2200 | 1907 |
|  5.200% due 07/15/2048 | 9862 | 8675 |
|  5.850% due 11/01/2064 | 17000 | 15995 |
|  6.625% due 09/01/2053 | 4700 | 4922 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2400 | 2064 |
|  3.250% due 06/01/2031 | 1500 | 1335 |
|  3.300% due 08/01/2040 | 2700 | 1988 |
|  3.500% due 08/01/2050 | 7850 | 5224 |
|  3.750% due 07/01/2028 | 2400 | 2309 |
|  3.950% due 12/01/2047 | 4800 | 3512 |
|  4.300% due 03/15/2045 | 1600 | 1253 |
|  4.500% due 07/01/2040 | 4200 | 3570 |
|  4.500% due 12/15/2041 | 2900 | 2328 |
|  4.550% due 07/01/2030 | 5700 | 5519 |
|  4.750% due 02/15/2044 | 1200 | 1000 |
|  4.950% due 07/01/2050 | 4200 | 3510 |
|  5.250% due 03/01/2052 | 2700 | 2332 |
|  6.150% due 03/01/2055 | 3000 | 2939 |
|  6.700% due 04/01/2053 | 5500 | 5729 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 200 | 155 |
|  5.350% due 12/01/2053 | 8000 | 7352 |
|  5.450% due 02/15/2034 | 6500 | 6556 |
|  5.800% due 01/15/2055 | 5000 | 4883 |
|  7.375% due 09/15/2055 ~ | 2600 | 2640 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  4.375% due 08/15/2052 | 5700 | 4693 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.000% due 06/30/2050 | 4000 | 2783 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  | 2500 | 2463 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  3.350% due 06/01/2050 | 2900 | 1954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **105** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.640% due 11/01/2046 | $— | 1000 | $— | 727 |
|  5.400% due 06/15/2033 |  | 700 |  | 709 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.850% due 05/15/2055 |  | 2400 |  | 2389 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 |  | 500 |  | 478 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  4.223% due 06/15/2048 |  | 2700 |  | 2183 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.700% due 03/15/2052 |  | 2200 |  | 1587 |
|  3.750% due 06/01/2047 |  | 1895 |  | 1416 |
|  4.100% due 06/15/2049 |  | 1578 |  | 1232 |
|  4.150% due 05/15/2048 |  | 2795 |  | 2206 |
|  Saudi Electricity Global Sukuk Co. | Saudi Electricity Global Sukuk Co. | Saudi Electricity Global Sukuk Co. | Saudi Electricity Global Sukuk Co. | Saudi Electricity Global Sukuk Co. |
|  5.500% due 04/08/2044 |  | 5100 |  | 5073 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  4.000% due 02/01/2048 |  | 925 |  | 688 |
|  6.000% due 10/15/2039 |  | 3635 |  | 3677 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.950% due 02/01/2051 |  | 900 |  | 547 |
|  3.600% due 02/01/2045 |  | 1400 |  | 1001 |
|  3.900% due 12/01/2041 |  | 3800 |  | 2906 |
|  3.900% due 03/15/2043 |  | 8500 |  | 6458 |
|  4.000% due 04/01/2047 |  | 8938 |  | 6682 |
|  4.050% due 03/15/2042 |  | 2000 |  | 1575 |
|  4.125% due 03/01/2048 |  | 1800 |  | 1357 |
|  4.650% due 10/01/2043 |  | 2300 |  | 1927 |
|  4.875% due 03/01/2049 |  | 1000 |  | 836 |
|  5.450% due 06/01/2052 |  | 3100 |  | 2788 |
|  5.625% due 02/01/2036 |  | 2879 |  | 2844 |
|  5.900% due 03/01/2055 |  | 2200 |  | 2120 |
|  5.950% due 02/01/2038 |  | 1500 |  | 1511 |
|  6.050% due 03/15/2039 |  | 4500 |  | 4561 |
|  6.200% due 09/15/2055 |  | 2600 |  | 2594 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.750% due 09/15/2042 |  | 1600 |  | 1245 |
|  3.950% due 02/15/2050 |  | 3500 |  | 2660 |
|  5.125% due 11/15/2040 |  | 300 |  | 288 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.250% due 07/15/2043 |  | 500 |  | 468 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 |  | 1580 |  | 1478 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  3.250% due 11/01/2051 |  | 6760 |  | 4399 |
|  6.200% due 03/15/2040 |  | 8200 |  | 8717 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.750% due 06/15/2049 |  | 1600 |  | 1175 |
|  6.000% due 06/01/2054 |  | 5850 |  | 5926 |
|  SW Finance PLC | SW Finance PLC | SW Finance PLC | SW Finance PLC | SW Finance PLC |
|  7.000% due 04/16/2040 |  | 2300 |  | 2810 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | $— | 1200 |  | 1187 |
|  Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
|  5.000% due 07/15/2052 |  | 1900 |  | 1718 |
|  Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP |
|  4.000% due 01/15/2032 |  | 4575 |  | 4224 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
|  5.500% due 04/15/2053 |  | 1000 |  | 959 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  5.125% due 03/15/2055 |  | 1800 |  | 1655 |
|  5.250% due 01/15/2054 |  | 5000 |  | 4685 |
|  5.450% due 03/15/2053 |  | 2800 |  | 2708 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.850% due 09/03/2041 |  | 6000 |  | 4226 |
|  2.875% due 11/20/2050 |  | 3000 |  | 1870 |
|  2.987% due 10/30/2056 |  | 3887 |  | 2337 |
|  3.000% due 11/20/2060 |  | 21700 |  | 12818 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  2.950% due 11/15/2051 |  | 9900 |  | 6169 |
|  5.350% due 01/15/2054 |  | 3000 |  | 2824 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.300% due 07/15/2029 |  | 2000 |  | 1937 |
|  5.700% due 12/30/2034 |  | 300 |  | 299 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  |  | 3900 |  | 2961 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.875% due 06/28/2064 | 6600 | 6334 |
|  |  | 555563 |
|  Total Corporate Bonds & Notes (Cost $2,688,222) | Total Corporate Bonds & Notes (Cost $2,688,222) | 2382852 |
| MUNICIPAL BONDS & NOTES 1.7% | MUNICIPAL BONDS & NOTES 1.7% | MUNICIPAL BONDS & NOTES 1.7% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 |
|  6.486% due 05/15/2049 | 2300 | 2487 |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 |
|  7.804% due 03/01/2035 | 2600 | 2930 |
|  California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 |
|  6.484% due 11/01/2041 | 700 | 755 |
|  University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 |
|  4.858% due 05/15/2112 | 440 | 379 |
|  University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 |
|  4.767% due 05/15/2115 | 835 | 703 |
|  |  | 7254 |
| GEORGIA 0.3% | GEORGIA 0.3% | GEORGIA 0.3% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 | 9548 | 10485 |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Chicago, Illinois General Obligation Bonds, Series 2009 | Chicago, Illinois General Obligation Bonds, Series 2009 | Chicago, Illinois General Obligation Bonds, Series 2009 |
|  6.050% due 01/01/2029 | 250 | 255 |
|  Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 |
|  6.832% due 02/01/2035 | 1735 | 1846 |
|  |  | 2101 |
| INDIANA 0.0% | INDIANA 0.0% | INDIANA 0.0% |
|  Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 |
|  6.596% due 02/01/2039 | 800 | 889 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010 |
|  6.270% due 02/15/2050 | 4520 | 4699 |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.834% due 02/15/2041 | 4990 | 5981 |
|  8.084% due 02/15/2050 | 1000 | 1269 |
|  |  | 11949 |
| PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 11500 | 12509 |
| TEXAS 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  Dallas Convention Center Hotel Development Corp., Texas Revenue Bonds, (BABs), Series 2009 | Dallas Convention Center Hotel Development Corp., Texas Revenue Bonds, (BABs), Series 2009 | Dallas Convention Center Hotel Development Corp., Texas Revenue Bonds, (BABs), Series 2009 |
|  7.088% due 01/01/2042 | 4000 | 4459 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.169% due 04/01/2041 | 5400 | 5464 |
|  University of Texas System Revenue Bonds, Series 2017 | University of Texas System Revenue Bonds, Series 2017 | University of Texas System Revenue Bonds, Series 2017 |
|  3.354% due 08/15/2047 | 45 | 34 |
|  |  | 9957 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WASHINGTON 0.0% | WASHINGTON 0.0% | WASHINGTON 0.0% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 975 | 1042 |
|  Total Municipal Bonds & Notes (Cost $55,333) | Total Municipal Bonds & Notes (Cost $55,333) | 56186 |
| U.S. GOVERNMENT AGENCIES 15.8% | U.S. GOVERNMENT AGENCIES 15.8% | U.S. GOVERNMENT AGENCIES 15.8% |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.000% due 04/01/2055 - 05/01/2055 | 65300 | 61132 |
|  4.500% due 05/01/2055 | 2300 | 2206 |
|  5.000% due 05/01/2055 | 15300 | 15042 |
|  6.000% due 05/01/2055 | 5900 | 5984 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  5.500% due 08/01/2054 - 01/01/2055 | 17173 | 17160 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 16920 | 14662 |
|  4.000% due 05/01/2055 | 95290 | 88660 |
|  5.000% due 05/01/2055 | 10500 | 10283 |
|  5.500% due 05/01/2055 | 222500 | 222030 |
|  6.000% due 06/01/2055 | 73200 | 74208 |
|  6.500% due 06/01/2055 | 6800 | 7000 |
|  Total U.S. Government Agencies (Cost $517,044) | Total U.S. Government Agencies (Cost $517,044) | 518367 |
| U.S. TREASURY OBLIGATIONS 24.3% | U.S. TREASURY OBLIGATIONS 24.3% | U.S. TREASURY OBLIGATIONS 24.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 11/15/2051 (p) | 39900 | 22962 |
|  2.000% due 11/15/2041 (n) | 117100 | 82304 |
|  2.500% due 02/15/2045 (p)(r) | 38400 | 27697 |
|  2.750% due 08/15/2047 (p)(r) | 25300 | 18508 |
|  2.750% due 11/15/2047 (p)(r) | 5200 | 3795 |
|  3.000% due 05/15/2047 (p) | 32300 | 24826 |
|  3.000% due 02/15/2048 (p)(r) | 5700 | 4346 |
|  3.000% due 08/15/2048 (n)(p) | 170300 | 129368 |
|  3.125% due 08/15/2044 (p) | 8200 | 6616 |
|  3.125% due 05/15/2048 (p) | 6000 | 4672 |
|  3.625% due 02/15/2053 (p) | 11100 | 9352 |
|  3.875% due 05/15/2043 (n)(p) | 103042 | 94088 |
|  4.250% due 02/15/2054 (n) | 26300 | 24788 |
|  4.250% due 08/15/2054 (n) | 10600 | 10009 |
|  4.375% due 08/15/2043 (n)(p) | 45000 | 43868 |
|  4.500% due 02/15/2044 (p) | 13130 | 12977 |
|  4.625% due 05/15/2054 (n) | 111700 | 112095 |
|  4.625% due 02/15/2055 (p) | 35208 | 35450 |
|  4.750% due 11/15/2053 (p) | 101220 | 103489 |
|  U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) |
|  0.125% due 02/15/2052 | 4792 | 2717 |
|  0.875% due 02/15/2047 | 1414 | 1071 |
|  1.500% due 02/15/2053 | 18 | 15 |
|  2.125% due 04/15/2029 (n) | 20834 | 21457 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2042 (a) | 1500 | 675 |
|  Total U.S. Treasury Obligations (Cost $902,131) | Total U.S. Treasury Obligations (Cost $902,131) | 797145 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.500% due 01/25/2036 | 17 | 17 |
|  5.750% due 03/25/2036 | 42 | 34 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.967% due 11/25/2034 ~ | 291 | 269 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  6.577% due 11/25/2034 •  | 16 | 16 |
|  BX Trust | BX Trust | BX Trust |
|  5.332% due 02/15/2039 •  | 1843 | 1838 |
|  5.333% due 10/15/2036 ~ | 5000 | 4990 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.109% due 12/25/2037 ~ | 122 | 106 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.790% due 12/25/2067 þ | 1761 | 1771 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.095% due 09/25/2035 ~ | 162 | 121 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.715% due 07/25/2047 ~ | 114 | 106 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 03/25/2035 •  | 505 | 471 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  5.035% due 07/25/2035 •  | 224 | 180 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.676% due 11/25/2033 ~ | 3 | 3 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  6.058% due 05/25/2033 ~ | 3 | 3 |
|  NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust |
|  4.885% due 02/25/2035 •  | 697 | 567 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 •  | 4186 | 3998 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.505% due 02/25/2035 ~ | 189 | 184 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.408% due 11/15/2040 •  | 425 | 428 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.929% due 02/25/2035 ~ | 365 | 323 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.552% due 02/25/2036 •  | 149 | 141 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.364% due 05/20/2034 •  | 231 | 218 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.428% due 03/25/2034 •  | 5 | 5 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.435% due 05/25/2058 ~ | 177 | 182 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  2.667% due 11/25/2041 ~ | 119 | 110 |
|  5.315% due 07/25/2044 •  | 107 | 103 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $16,181) | Total Non-Agency Mortgage-Backed Securities (Cost $16,181) | 16184 |
| ASSET-BACKED SECURITIES 1.0% | ASSET-BACKED SECURITIES 1.0% | ASSET-BACKED SECURITIES 1.0% |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.054% due 03/19/2039 •  | 1000 | 1002 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.667% due 02/19/2037 •  | 2501 | 2501 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.694% due 10/25/2039 ~ | 2282 | 2293 |
|  |  | 5796 |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.230% due 01/25/2035 •  | 610 | 580 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.305% due 07/25/2034 ~ | 43 | 43 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  6.601% due 05/28/2037 þ | 1 | 1 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.175% due 01/25/2034 •  | 3 | 3 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  5.195% due 10/25/2046 •  | 58 | 56 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  2.101% due 03/25/2035 •  | 71 | 64 |
|  |  | 747 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.594% due 11/26/2036 •  | 71 | 70 |
| OTHER ABS 0.8% | OTHER ABS 0.8% | OTHER ABS 0.8% |
|  AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
|  6.213% due 02/15/2040 þ | 1058 | 1010 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.543% due 01/19/2033 •  | 1000 | 1000 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 2074 | 2074 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.443% due 10/19/2029 ~ | 1914 | 1915 |
|  ECAF Ltd. | ECAF Ltd. | ECAF Ltd. |
|  4.947% due 06/15/2040 | 1415 | 1189 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 377 | 367 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 1667 | 1621 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.575% due 04/20/2031 ~ | 361 | 361 |
|  MAPS Ltd. | MAPS Ltd. | MAPS Ltd. |
|  4.212% due 05/15/2043 | 245 | 244 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 1648 | 1121 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  | 1563 | 1564 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.605% due 04/20/2031 •  | 1694 | 1695 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | 3000 | 2994 |
|  5.513% due 10/11/2034 •  | 3000 | 2995 |
|  Sapphire Aviation Finance Ltd. | Sapphire Aviation Finance Ltd. | Sapphire Aviation Finance Ltd. |
|  4.250% due 03/15/2040 | 171 | 168 |
|  Start Ltd. | Start Ltd. | Start Ltd. |
|  4.089% due 03/15/2044 | 494 | 489 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.824% due 01/15/2032 •  | 778 | 778 |
|  Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC |
|  2.636% due 09/15/2050 | 3200 | 3160 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | 218 | 218 |
|  |  | 24963 |
|  Total Asset-Backed Securities (Cost $32,241) | Total Asset-Backed Securities (Cost $32,241) | 31576 |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.000% due 11/21/2031 | 7750 | 3982 |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  7.125% due 05/13/2054 | 2500 | 2396 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 3000 | 3118 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.000% due 01/31/2052 | 600 | 456 |
|  5.330% due 01/05/2054 | 33 | 31 |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  7.500% due 02/02/2034 | 2600 | 2578 |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  2.700% due 09/02/2070 | 2900 | 1606 |
|  3.125% due 09/30/2049 | 1400 | 959 |
|  3.875% due 04/16/2050 | 3400 | 2657 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 | 1500 | 1512 |
|  5.500% due 03/12/2034 | 9300 | 9263 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.200% due 03/20/2064 | 626000 | 3710 |
|  2.300% due 12/20/2054 | 1130000 | 7252 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (i) | 138878 | 5930 |
|  3.000% due 12/03/2026 (i) | 63165 | 2971 |
|  4.000% due 11/30/2028 (i) | 67375 | 3190 |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
|  4.500% due 05/15/2047 | 35 | 23 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 51100 | 12691 |
|  6.150% due 08/12/2032 | 9064 | 2479 |
|  6.900% due 08/12/2037 | 3900 | 1049 |
|  6.950% due 08/12/2031 | 10436 | 3038 |
|  7.300% due 08/12/2033 | 15100 | 4341 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Philippines Government International Bond | Philippines Government International Bond | Philippines Government International Bond | Philippines Government International Bond |
|  5.500% due 01/17/2048 | $| 400 | 393 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.500% due 01/31/2037 | ZAR | 184000 | 8347 |
|  8.875% due 02/28/2035 |  | 302300 | 14760 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.750% due 07/13/2030 | EUR | 1100 | 996 |
|  2.875% due 04/13/2042 |  | 1100 | 721 |
|  3.750% due 02/07/2034 |  | 400 | 360 |
|  5.625% due 02/22/2036 |  | 1000 | 1001 |
|  5.625% due 05/30/2037 |  | 6000 | 5927 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.450% due 02/02/2061 | $| 12000 | 7469 |
|  5.125% due 01/13/2028 |  | 7300 | 7392 |
|  5.750% due 01/16/2054 |  | 6300 | 6017 |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(h) |  | 26 | 13 |
|  0.000% due 02/01/2034 þ(h) |  | 97 | 39 |
|  0.000% due 02/01/2035 þ(h) |  | 82 | 45 |
|  0.000% due 02/01/2036 þ(h) |  | 68 | 38 |
|  1.750% due 02/01/2034 þ |  | 95 | 51 |
|  1.750% due 02/01/2035 þ |  | 166 | 87 |
|  1.750% due 02/01/2036 þ |  | 213 | 111 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  4.375% due 07/31/2054 | GBP | 4686 | 5238 |
|  Total Sovereign Issues (Cost $146,400) | Total Sovereign Issues (Cost $146,400) | Total Sovereign Issues (Cost $146,400) | 134237 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNEQ Holdings, Inc. «(e)(m) |  | 2831 | 13 |
|  Stichting Administratiekantoor «(e) | Stichting Administratiekantoor «(e) | 6729 | 7 |
|  |  |  | 20 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Foresea Holdings SA « |  | 63984 | 1612 |
|  Westmoreland Mining Holdings «(e)(m) |  | 32131 | 34 |
|  Westmoreland Mining LLC «(e)(m) |  | 32414 | 106 |
|  |  |  | 1752 |
|  Total Common Stocks (Cost $2,492) | Total Common Stocks (Cost $2,492) | Total Common Stocks (Cost $2,492) | 1772 |
| PREFERRED SECURITIES 3.9% | PREFERRED SECURITIES 3.9% | PREFERRED SECURITIES 3.9% | PREFERRED SECURITIES 3.9% |
| BANKING & FINANCE 3.6% | BANKING & FINANCE 3.6% | BANKING & FINANCE 3.6% | BANKING & FINANCE 3.6% |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 •(j) |  | 11000000 | 10600 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.000% due 01/15/2026 ~(j)(k) |  | 1000000 | 1097 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(j)(k) |  | 3600000 | 3748 |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  5.000% due 03/15/2026 •(j) |  | 6400000 | 6429 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(j) |  | 9000000 | 8018 |
|  5.000% due 12/01/2027 •(j) |  | 2000000 | 1928 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.950% due 02/15/2030 ~(j) |  | 5375000 | 5368 |
|  7.000% due 08/15/2034 •(j) |  | 3500000 | 3628 |
|  7.125% due 08/15/2029 •(j) |  | 1200000 | 1228 |
|  7.200% due 05/15/2029 •(j) |  | 3200000 | 3273 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  4.000% due 10/06/2026 •(j) |  | 1100000 | 1055 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(j) |  | 3500000 | 3360 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **107** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 10/01/2026 •(j) | 3700000 | 3702 |
|  7.125% due 01/01/2030 •(j) | 2000000 | 2035 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(j) | 4500000 | 4364 |
|  Discover Financial Services | Discover Financial Services | Discover Financial Services |
|  6.125% due 06/23/2025 •(j) | 2200000 | 2194 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(j) | 4400000 | 4276 |
|  6.125% due 11/10/2034 •(j) | 3600000 | 3523 |
|  6.850% due 02/10/2030 ~(j) | 4900000 | 4980 |
|  7.500% due 02/10/2029 •(j) | 2200000 | 2319 |
|  7.500% due 05/10/2029 •(j) | 3000000 | 3162 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(j) | 4000000 | 3917 |
|  4.000% due 07/01/2025 •(j) | 5800000 | 5834 |
|  4.200% due 09/01/2026 (j) | 75000 | 1375 |
|  4.625% due 06/01/2026 (j) | 111000 | 2214 |
|  6.500% due 04/01/2030 ~(j) | 5300000 | 5433 |
|  6.875% due 06/01/2029 •(j) | 4400000 | 4626 |
|  Nationwide Building Society ~ | 2785 | 470 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(j) | 5200000 | 5334 |
|  Stichting AK Rabobank Certificaten | Stichting AK Rabobank Certificaten | Stichting AK Rabobank Certificaten |
|  6.500% þ | 1822950 | 2219 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.750% due 06/15/2025 | 98700 | 1965 |
|  6.850% due 09/15/2029 •(j) | 3700000 | 3842 |
|  7.625% due 09/15/2028 •(j) | 500000 | 536 |
|  |  | 118052 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 3227 | 1581 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  Edison International | Edison International | Edison International | Edison International |
|  5.000% due 12/15/2026 •(j) | 1900000 | $— | 1725 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.500% due 11/15/2026 •(j) | 1700000 |  | 1703 |
|  Sempra Energy | Sempra Energy | Sempra Energy | Sempra Energy |
|  4.875% due 10/15/2025 •(j) | 3000000 |  | 2979 |
|  |  |  | 6407 |
|  Total Preferred Securities (Cost $129,897) | Total Preferred Securities (Cost $129,897) |  | 126040 |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (l) | 327004 |  | 327 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.301% due 04/17/2025 (f)(g)(r) | 604 |  | 603 |
| Total Short-Term Instruments<br>(Cost $930) | Total Short-Term Instruments<br>(Cost $930) |  | 930 |
| Total Investments in Securities (Cost $4,541,617) | Total Investments in Securities (Cost $4,541,617) |  | 4113999 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 4179263 | $— | 40681 |
| Total Short-Term Instruments (Cost $40,681) | Total Short-Term Instruments (Cost $40,681) |  | 40681 |
| Total Investments in Affiliates (Cost $40,681) | Total Investments in Affiliates (Cost $40,681) |  | 40681 |
| Total Investments 126.8% (Cost $4,582,298) | Total Investments 126.8% (Cost $4,582,298) | $— | 4154680 |
|  Financial Derivative Instruments (o)(q) (0.1)%<br> (Cost or Premiums, net $61,852) | Financial Derivative Instruments (o)(q) (0.1)%<br> (Cost or Premiums, net $61,852) |  | (3054) |
| Other Assets and Liabilities, net (26.7)% | Other Assets and Liabilities, net (26.7)% |  | (875687) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3275939 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

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---

| | |
|:---|:---|
| ~ | 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.  |

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• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Security becomes interest bearing at a future date.

(i) Principal amount of security is adjusted for inflation.

(j) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(k) Contingent convertible security.

(l) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(m) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Pharmaceutical 5.550% due 07/01/2033 | 01/16/2025 | $1300 | $1302 | 0.04% |
|  MNEQ Holdings, Inc. | 04/26/2022 | 55 | 13 | 0.00 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10086 | 7584 | 0.23 |
|  Project Alpha Investindustrial 4.594% due 02/27/2026 | 02/28/2025 | 784 | 817 | 0.03 |
|  Strategic Credit Opportunities Partners 6.520% due 03/20/2028 | 03/20/2025 | 900 | 909 | 0.03 |
|  Strategic Credit Opportunities Partners 6.740% due 03/20/2030 | 02/20/2025 | 1000 | 1017 | 0.03 |
|  Westmoreland Mining Holdings | 12/08/2014 | 936 | 34 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 215 | 106 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11782 | 0.36% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 4.400% | 12/20/2024 | TBD<sup>(2)</sup> | $(12270) | $(12423) |
|  BSN | 4.430 | 03/17/2025 | 04/21/2025 | (45983) | (46068) |
|  JPS | 4.250 | 03/21/2025 | 05/09/2025 | (981) | (982) |
|  | 4.440 | 03/20/2025 | 04/03/2025 | (10083) | (10098) |
|  | 4.470 | 03/28/2025 | 04/03/2025 | (21000) | (21011) |
|  MSR | 4.450 | 04/01/2025 | 04/02/2025 | (150040) | (150040) |
|  MYI | 3.500 | 03/24/2025 | TBD<sup>(2)</sup> | (3283) | (3285) |
|  NOM | 4.300 | 12/20/2024 | TBD<sup>(2)</sup> | (632) | (640) |
|  NXN | 4.440 | 03/07/2025 | 04/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113794) | (114145) |
|  STR | 4.480 | 03/31/2025 | 04/01/2025 | (189544) | (189567) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548259) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  UBS | 4.410% | 01/28/2025 | 04/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10090) | $(10168) |
|  | 4.420 | 02/13/2025 | 05/13/2025 | (91) | (91) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10259) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | $(4861) | $(4870) |
|  Total Short Sales (0.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4861) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4870) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $0 | $(12423) | $0 | $(12423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13309 | $886 |
|  BSN | 0 | (46068) | 0 | (46068) | 46150 | 82 |
|  JPS | 0 | (32091) | 0 | (32091) | 32330 | 239 |
|  MSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 |
|  MYI | 0 | (3285) | 0 | (3285) | 3274 | (11) |
|  NOM | 0 | (640) | 0 | (640) | 643 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **109** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(4)</sup>** |
|  NXN | $0 | $(114145) | $0 | $(114145) | $113203 | $(942) |
|  STR | 0 | (189567) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (10259) | (10259) | 10152 | (107) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548259) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10259) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(982) | $(16348) | $(17330) |
|  U.S. Treasury Obligations | (189567) | (191322) | 0 | 0 | (380889) |
|  Total | $(189567) | $(191322) | $(982) | $(16348) | $(398219) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (10168) | (91) | 0 | (10259) |
|  Total | $0 | $(10168) | $(91) | $0 | $(10259) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189567) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201490) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1073) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16348) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408478) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | $(408478) |

---

(n) Securities with an aggregate market value of $564,782 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(446147) at a weighted average interest rate of 5.051%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Payable for sale-buyback transactions includes $(8) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(150040) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $(13) | $(4) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 50 | 50 | (12) | (6) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 92 | 92 | (25) | (20) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 50 | 50 | (18) | (27) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 50 | 50 | (14) | (22) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 92 | 92 | (30) | (35) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166333 | $936 | $0 | $(26) |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 351 | 84635 | 400 | 0 | (4) |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 1086 | 262038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 1001 | 241604 | 1294 | 0 | (38) |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 632 | 152589 | 917 | 0 | (16) |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 1049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253032 | $1167 | $0 | $(26) |
|  Euro-Bund June Futures  | 06/2025 | 29 | 4040 | (27) | 15 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 532 | 59168 | 985 | 8 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 304 | 34694 | 368 | 29 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 245 | 28734 | 286 | 46 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 2314 | 282887 | 825 | 1012 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BOBL June Futures  | 06/2025 | 476 | $(60626) | $482 | $16 | $(144) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 2183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236105) | (1769) | 68 | 0 |
|  |  |  |  | $(1287) | $84 | $(144) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.188% | $1100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) | $40 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.920 | 1500 | 186 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.354 | 2000 | (12) | 46 | 34 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.287 | 1600 | 21 | (12) | 9 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 4200 | 64 | (30) | 34 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 1100 | (6) | 23 | 17 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 4800 | 32 | (5) | 27 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | 53 | (11) | 42 | 0 | (1) |
|  Barclays Bank PLC | 1.000 | Quarterly | 06/20/2025 | 0.323 | 700 | 2 | (1) | 1 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 1800 | 10 | 0 | 10 | 0 | 0 |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 1.056 | 2400 | (5) | 551 | 546 | 0 | (9) |
|  Comcast Corp. | 1.000 | Quarterly | 12/20/2026 | 0.247 | $4500 | 119 | (61) | 58 | 0 | (2) |
|  Enbridge, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.349 | 3700 | 35 | 7 | 42 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | 1900 | 22 | 0 | 22 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 300 | 3 | 2 | 5 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 1.459 | 2000 | 461 | (27) | 434 | 0 | (11) |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 2.189 | $3800 | 522 | (75) | 447 | 0 | (7) |
|  Teck Resources Ltd. | 5.000 | Quarterly | 06/20/2026 | 0.202 | 3600 | 611 | (398) | 213 | 0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.352 | 1100 | 11 | 14 | 25 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.368 | $3300 | 80 | (44) | 36 | 0 | (1) |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 1500 | (14) | 30 | 16 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $3404 | $(123) | $126 | $3 | $5 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2116 | (78) | 79 | 1 | 2 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 700 | (33) | 23 | (10) | 0 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 200 | (7) | 3 | (4) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 400 | (12) | 1 | (11) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 300 | (11) | 0 | (11) | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 2005900 | 44794 | (6191) | 38603 | 13 | (13) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 771400 | 14096 | 90 | 14186 | 168 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5869) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 111

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 |  | 85830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2458) | $(85) | $(2543) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 |  | 500 | (1) | (12) | (13) | 5 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 |  | 1900 | 228 | 49 | 277 | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 |  | $120700 | 3989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10628 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 |  | 72200 | 0 | 767 | 767 | 0 | (27) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 |  | 170300 | (2443) | (822) | (3265) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 59200 | 74 | (224) | (150) | 0 | (56) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 4400 | (9) | (27) | (36) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 |  | 27000 | (11) | 144 | 133 | 0 | (44) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.796 | Annual | 12/31/2031 |  | 1600 | 0 | (12) | (12) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 |  | 220 | (1) | (2) | (3) | 0 | (1) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.881 | Annual | 11/15/2034 |  | 16680 | 0 | (187) | (187) | 0 | (51) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.893 | Annual | 11/15/2034 |  | 4110 | 0 | (50) | (50) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 |  | 2900 | (2) | (31) | (33) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 2400 | (9) | (19) | (28) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 1200 | (4) | (6) | (10) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 2600 | (9) | (14) | (23) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 2600 | (9) | (20) | (29) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 2400 | (7) | (21) | (28) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 3000 | (9) | (43) | (52) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 5000 | (15) | (54) | (69) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 2600 | (8) | (18) | (26) | 0 | (8) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 11/15/2052 |  | 39870 | (755) | (415) | (1170) | 0 | (297) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 19975 | 738 | 556 | 1294 | 0 | (148) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 02/15/2055 |  | 4500 | 0 | 17 | 17 | 0 | (35) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 |  | 4900 | 0 | (9) | (9) | 0 | (9) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.848 | Annual | 02/15/2055 |  | 8100 | 0 | (74) | (74) | 0 | (64) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.915 | Annual | 02/15/2055 |  | 5000 | 0 | (105) | (105) | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.943 | Annual | 02/15/2055 |  | 4700 | 0 | (121) | (121) | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.945 | Annual | 02/15/2055 |  | 4800 | 0 | (126) | (126) | 0 | (38) |
| Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 |  | 205800 | 0 | (1186) | (1186) | 61 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 |  | 124100 | 1014 | 67 | 1081 | 326 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 3000 | (4) | 104 | 100 | 5 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 300 | 0 | 11 | 11 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 1110 | (3) | (24) | (27) | 5 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 5500 | (20) | (140) | (160) | 4 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 105300 | (1244) | 339 | (905) | 233 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 1800 | (4) | (69) | (73) | 8 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 1500 | (4) | (28) | (32) | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 1600 | (4) | (24) | (28) | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 1500 | (4) | (2) | (6) | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 1500 | (4) | (14) | (18) | 6 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 1600 | (4) | (24) | (28) | 0 | (28) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 26250 | (1266) | 214 | (1052) | 111 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 |  | 12170 | 1214 | 5648 | 6862 | 0 | (55) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 29200 | 2290 | 90 | 2380 | 0 | (230) |
|  |  |  |  |  |  |  | $1236 | $10637 | $11873 | $1156 | $(1431) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1480) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1577) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1986) |

---

(p) Securities with an aggregate market value of $107,430 and cash of $9,087 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **112** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2025

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(97) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 556844 | $3691 | $0 | $(21) |
|  | 04/2025 | $10163 | 16065 | 0 | (124) |
|  | 04/2025 | 109 | 16321 | 0 | 0 |
|  | 04/2025 | 134 | 179 | 0 | (1) |
|  | 05/2025 | 16065 | $10165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | 0 |
|  | 05/2025 | 6220 | 849 | 0 | (9) |
|  | 05/2025 | 179 | 134 | 1 | 0 |
|  | 05/2025 | $4086 | 29591 | 2 | (4) |
|  | 05/2025 | 3691 | 554975 | 21 | 0 |
|  | 06/2025 | 18148 | $2484 | 0 | (27) |
|  | 06/2025 | $676 | 4876 | 0 | (1) |
|  | 07/2025 | 14726 | $2044 | 4 | (1) |
|  | 08/2025 | 14728 | 2042 | 0 | (3) |
|  BOA | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | 30120 | 917 | 10 | 0 |
|  | 05/2025 | 6082 | 831 | 0 | (8) |
|  | 05/2025 | 1798560 | 108 | 0 | 0 |
|  | 05/2025 | $115 | 9841 | 0 | 0 |
|  | 06/2025 | 5665 | $780 | 0 | (4) |
|  | 06/2025 | $331 | 2391 | 0 | 0 |
|  | 06/2025 | 103 | 149813 | 0 | 0 |
|  | 08/2025 | 2904 | $406 | 3 | 0 |
|  | 08/2025 | 166 | 5 | 0 | 0 |
|  BPS | 04/2025 | 2280 | 394 | 0 | (5) |
|  | 04/2025 | 62919 | 66020 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2015) |
|  | 04/2025 | 19006215 | 1147 | 5 | 0 |
|  | 04/2025 | 640 | 174 | 1 | 0 |
|  | 04/2025 | 198732 | 1322 | 0 | (3) |
|  | 04/2025 | 121006 | 3687 | 43 | 0 |
|  | 04/2025 | $400 | 2280 | 0 | 0 |
|  | 04/2025 | 1342 | 21974319 | 0 | (22) |
|  | 04/2025 | 1086 | 94336 | 16 | 0 |
|  | 04/2025 | 17561 | 2604432 | 0 | (197) |
|  | 04/2025 | 912 | 1325363 | 0 | (12) |
|  | 04/2025 | 86 | 115 | 0 | 0 |
|  | 04/2025 | 2451 | 80290 | 0 | (33) |
|  | 04/2025 | 7096 | $388 | 1 | 0 |
|  | 05/2025 | 26180 | 3605 | 1 | (9) |
|  | 05/2025 | 5267289 | 317 | 1 | 0 |
|  | 05/2025 | 115 | 86 | 0 | 0 |
|  | 05/2025 | $1678 | 1556 | 7 | 0 |
|  | 05/2025 | 875 | 14525545 | 0 | (5) |
|  | 05/2025 | 1031 | 88433 | 1 | 0 |
|  | 05/2025 | 1322 | 198066 | 3 | 0 |
|  | 06/2025 | 22913 | $3147 | 0 | (23) |
|  | 06/2025 | 2213 | 572 | 2 | 0 |
|  | 06/2025 | $13326 | 96428 | 15 | 0 |
|  | 06/2025 | 56 | 80325 | 0 | (2) |
|  | 06/2025 | 3342 | 13000 | 25 | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **113** |

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------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 32859 | $1011 | $16 | $0 |
|  | 08/2025 | 33946 | 1041 | 10 | 0 |
|  BRC | 04/2025 | 1033 | 1123 | 6 | 0 |
|  | 04/2025 | 2946 | 34 | 0 | (1) |
|  | 04/2025 | $1036 | 953 | 0 | (6) |
|  | 04/2025 | 746 | 12216895 | 0 | (14) |
|  | 04/2025 | 34 | 2943 | 0 | 0 |
|  | 04/2025 | 32930 | 4843600 | 0 | (638) |
|  | 04/2025 | 11513 | 444592 | 0 | (130) |
|  | 05/2025 | 2951 | $34 | 0 | 0 |
|  | 05/2025 | $2118 | 82912 | 0 | (52) |
|  | 06/2025 | 271 | $70 | 0 | 0 |
|  | 06/2025 | $2865 | 115248 | 0 | (119) |
|  BSH | 04/2025 | 17783 | $11266 | 155 | 0 |
|  | 04/2025 | 5310357 | 35360 | 0 | (45) |
|  | 04/2025 | 20029 | 5263 | 0 | (186) |
|  | 04/2025 | $1974 | 7156 | 0 | (26) |
|  | 05/2025 | 35360 | 5292472 | 45 | 0 |
|  | 06/2025 | 1173 | $304 | 2 | 0 |
|  | 06/2025 | $332 | 1279 | 0 | (3) |
|  | 07/2025 | 7173 | $1974 | 26 | 0 |
|  | 08/2025 | 7814 | 2115 | 0 | (5) |
|  | 09/2025 | 8190 | 2219 | 0 | (1) |
|  CBK | 04/2025 | 90615 | 15917 | 38 | 0 |
|  | 04/2025 | 168 | 191 | 1 | 0 |
|  | 04/2025 | 1115 | 155 | 0 | 0 |
|  | 04/2025 | 802 | 1039 | 3 | 0 |
|  | 04/2025 | 19448587 | 1172 | 5 | 0 |
|  | 04/2025 | 2843 | 780 | 15 | 0 |
|  | 04/2025 | 17426 | 204 | 0 | 0 |
|  | 04/2025 | 146260 | 4464 | 59 | 0 |
|  | 04/2025 | $1082 | 1718 | 0 | (9) |
|  | 04/2025 | 15781 | 90615 | 99 | 0 |
|  | 04/2025 | 12925 | 18411 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
|  | 04/2025 | 155 | 1115 | 0 | 0 |
|  | 04/2025 | 7199 | 6633 | 4 | (31) |
|  | 04/2025 | 2181 | 35738917 | 0 | (37) |
|  | 04/2025 | 4570 | 398543 | 84 | 0 |
|  | 04/2025 | 66 | 96546 | 0 | 0 |
|  | 04/2025 | 5101 | 167239 | 0 | (65) |
|  | 05/2025 | 18384 | $12925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 0 |
|  | 05/2025 | 6261088 | 377 | 2 | 0 |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $155 | 1115 | 0 | 0 |
|  | 05/2025 | 872 | 14489435 | 0 | (4) |
|  | 06/2025 | 3648 | $503 | 0 | (1) |
|  | 06/2025 | 9160257 | 6363 | 124 | 0 |
|  | 06/2025 | $281 | 2028 | 0 | 0 |
|  | 06/2025 | 972 | 1389493 | 0 | (26) |
|  | 07/2025 | 57131 | $1756 | 25 | 0 |
|  | 07/2025 | $15917 | 92389 | 0 | (39) |
|  | 08/2025 | 76103 | $2335 | 23 | 0 |
|  DUB | 04/2025 | 18 | 13 | 0 | 0 |
|  | 04/2025 | 11925 | 12982 | 87 | 0 |
|  | 04/2025 | 1751504 | 106 | 1 | 0 |
|  | 04/2025 | 2870 | 789 | 17 | 0 |
|  | 04/2025 | 58800 | 400 | 8 | 0 |
|  | 04/2025 | 326 | 186 | 1 | 0 |
|  | 04/2025 | 26 | 19 | 0 | 0 |
|  | 04/2025 | $427 | 7082289 | 0 | (2) |
|  | 04/2025 | 179 | 15438 | 1 | 0 |
|  | 04/2025 | 69 | 92 | 0 | 0 |
|  | 05/2025 | 784641 | $47 | 0 | 0 |
|  | 05/2025 | 2860 | 752 | 0 | (25) |
|  | 05/2025 | 92 | 68 | 0 | 0 |
|  | 06/2025 | 5759175 | 3999 | 76 | 0 |
|  | 06/2025 | $677 | 968850 | 0 | (18) |
|  FAR | 04/2025 | 89813 | $15641 | 0 | (98) |
|  | 04/2025 | 5820 | 6529 | 0 | (49) |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 2901 | $799 | $19 | $0 |
|  | 04/2025 | 3799248 | 25236 | 0 | (94) |
|  | 04/2025 | $15656 | 89813 | 83 | 0 |
|  | 04/2025 | 835 | 124530 | 0 | (4) |
|  | 04/2025 | 65 | 2145 | 0 | (1) |
|  | 04/2025 | 688 | $38 | 0 | 0 |
|  | 05/2025 | $1042 | 7520 | 0 | (5) |
|  | 05/2025 | 25236 | 3786449 | 94 | 0 |
|  | 06/2025 | 2157 | $558 | 3 | 0 |
|  | 06/2025 | $769 | 2980 | 0 | (1) |
|  | 07/2025 | 7491 | $1042 | 4 | 0 |
|  GLM | 04/2025 | 3862506 | 233 | 1 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 22912 | 6076 | 0 | (157) |
|  | 04/2025 | $847 | 13900805 | 0 | (13) |
|  | 04/2025 | 90 | 131542 | 0 | (1) |
|  | 05/2025 | 111095 | $15350 | 20 | (9) |
|  | 05/2025 | 3008480 | 180 | 0 | 0 |
|  | 05/2025 | $3880 | 27855 | 0 | (34) |
|  | 05/2025 | 233 | 3865995 | 0 | (1) |
|  | 06/2025 | 2376 | $615 | 4 | 0 |
|  | 06/2025 | $848 | 6138 | 2 | (1) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 07/2025 | 5661 | $174 | 3 | 0 |
|  | 07/2025 | $45 | 1474 | 0 | (1) |
|  | 09/2025 | 11697 | $3192 | 20 | 0 |
|  JPM | 04/2025 | 1603 | 2083 | 13 | 0 |
|  | 04/2025 | 1002103 | 60 | 0 | 0 |
|  | 04/2025 | 3359 | 922 | 19 | 0 |
|  | 04/2025 | 1170713 | 7758 | 0 | (48) |
|  | 04/2025 | 28 | 21 | 0 | 0 |
|  | 04/2025 | 22021 | 671 | 8 | 0 |
|  | 04/2025 | $74912 | 69453 | 188 | 0 |
|  | 04/2025 | 325 | 5344742 | 0 | (5) |
|  | 04/2025 | 4398 | 383553 | 80 | 0 |
|  | 04/2025 | 897 | 133641 | 0 | (6) |
|  | 04/2025 | 66 | 96503 | 0 | 0 |
|  | 04/2025 | 1543 | 50567 | 0 | (20) |
|  | 04/2025 | 3855 | $211 | 1 | 0 |
|  | 05/2025 | 6321 | 865 | 0 | (7) |
|  | 05/2025 | 69453 | 75034 | 0 | (187) |
|  | 05/2025 | 2040812 | 123 | 1 | 0 |
|  | 05/2025 | 14033 | 316 | 0 | (38) |
|  | 05/2025 | $3829 | 27758 | 5 | (3) |
|  | 05/2025 | 7758 | 1166787 | 48 | 0 |
|  | 05/2025 | 96 | 4264 | 12 | 0 |
|  | 06/2025 | 6335 | $868 | 0 | (8) |
|  | 06/2025 | 115241 | 5584 | 10 | 0 |
|  | 06/2025 | 1774 | 458 | 1 | 0 |
|  | 06/2025 | $3152 | 12213 | 7 | (14) |
|  | 07/2025 | 14192 | $1966 | 1 | (2) |
|  | 07/2025 | 33262 | 1023 | 15 | 0 |
|  | 08/2025 | 13439 | 1863 | 1 | (5) |
|  | 08/2025 | 37453 | 1149 | 12 | 0 |
|  | 08/2025 | $82 | 2674 | 0 | 0 |
|  MBC | 04/2025 | 3795 | $4126 | 22 | 0 |
|  | 04/2025 | 3556 | 4611 | 18 | 0 |
|  | 04/2025 | 1082300 | 7300 | 84 | 0 |
|  | 04/2025 | 234 | 175 | 1 | 0 |
|  | 04/2025 | 30110 | 931 | 24 | 0 |
|  | 04/2025 | $6773 | 5983 | 0 | (10) |
|  | 04/2025 | 2742 | 2633 | 105 | 0 |
|  | 04/2025 | 375 | 32547 | 5 | 0 |
|  | 04/2025 | 15842 | 2355500 | 0 | (138) |
|  | 04/2025 | 1054 | 34642 | 0 | (11) |
|  | 04/2025 | 7294 | $399 | 2 | 0 |
|  | 05/2025 | 5961 | 6773 | 10 | 0 |
|  | 05/2025 | 14740 | 2033 | 1 | (2) |
|  | 05/2025 | 1207012 | 73 | 0 | 0 |
|  | 05/2025 | 543700 | 3620 | 0 | (17) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **115** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 1808 | $54 | $0 | $0 |
|  | 05/2025 | $7703 | 55431 | 3 | (55) |
|  | 06/2025 | 2252566 | $1566 | 31 | 0 |
|  | 06/2025 | $1274 | 4917 | 0 | (8) |
|  | 07/2025 | 6804 | $944 | 1 | 0 |
|  | 07/2025 | 15818 | 485 | 6 | 0 |
|  | 08/2025 | 9719 | 1348 | 1 | (3) |
|  | 08/2025 | 18609 | 569 | 4 | 0 |
|  MYI | 04/2025 | 18399 | 12925 | 139 | 0 |
|  | 04/2025 | 20225 | 25627 | 0 | (499) |
|  | 04/2025 | 98 | 73 | 0 | 0 |
|  | 04/2025 | $239 | 7824 | 0 | (4) |
|  | 04/2025 | 311372 | $17033 | 69 | 0 |
|  | 05/2025 | 1160223 | 70 | 0 | 0 |
|  | 06/2025 | 2003 | 276 | 0 | (1) |
|  | 06/2025 | $291 | 1154 | 6 | 0 |
|  NGF | 06/2025 | 858 | 1222057 | 0 | (26) |
|  RYL | 04/2025 | 16191 | 2378400 | 0 | (334) |
|  SCX | 04/2025 | 336055 | $2234 | 3 | (10) |
|  | 04/2025 | 7152 | 1940 | 0 | (7) |
|  | 04/2025 | 15948 | 491 | 11 | 0 |
|  | 04/2025 | $930 | 15221402 | 0 | (17) |
|  | 04/2025 | 66 | 96400 | 0 | 0 |
|  | 04/2025 | 183 | 324 | 1 | 0 |
|  | 04/2025 | 341 | 11224 | 0 | (3) |
|  | 05/2025 | 95250 | $13253 | 104 | 0 |
|  | 05/2025 | 471284 | 28 | 0 | 0 |
|  | 05/2025 | $2477 | 371528 | 10 | (1) |
|  | 06/2025 | 1462 | $201 | 0 | (1) |
|  | 06/2025 | $687 | 14088 | 0 | (6) |
|  | 08/2025 | 11131 | $341 | 3 | 0 |
|  SSB | 04/2025 | $33863 | 26186 | 0 | (38) |
|  | 05/2025 | 26186 | 33861 | 37 | 0 |
|  UAG | 04/2025 | 2533969 | 153 | 1 | 0 |
|  | 04/2025 | $153 | 2533969 | 0 | (1) |
|  | 04/2025 | 823 | 122440 | 0 | (7) |
|  | 05/2025 | 153 | 2537533 | 0 | (1) |
|  | 06/2025 | 406 | 1568 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6177) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GLM | Call - OTC USD versus CNH | CNH | 7.283 | 05/15/2025 | 8000 | $98 | $32 |
| MBC | Call - OTC USD versus CNH |  | 7.500 | 05/13/2025 | 8400 | 44 | 3 |
|  Total Purchased Options | Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 5500 | $(8) | $(5) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 5500 | (10) | (7) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 11000 | (14) | (11) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 10500 | (9) | (10) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 10500 | (12) | (12) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 5000 | (5) | (5) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 4900 | (6) | (6) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

116 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Call - OTC USD versus CNH | CNH | 7.550 | 05/15/2025 | 8000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $(7) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 2700 | (5) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 1600 | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 1600 | (6) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550% | 04/11/2025 | 1600 | (6) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 1600 | (6) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 1500 | (5) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 1500 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 1600 | (5) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 1600 | (5) | (7) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 2100 | (4) | (7) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 2100 | (4) | (2) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 3000 | (11) | (21) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 3000 | (11) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 3000 | (12) | (13) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 3000 | (12) | (11) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 4400 | (19) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 4400 | (19) | (5) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 2400 | (11) | (14) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 2400 | (11) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 2400 | (11) | (13) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 2400 | (11) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 2500 | (10) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 2500 | (10) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 2400 | (9) | (18) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 2400 | (9) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 2500 | (11) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 2500 | (11) | (9) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 2600 | (11) | (14) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 2600 | (11) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 1500 | (6) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 1500 | (6) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 2000 | (7) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 2000 | (8) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | $(216) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | NextEra Energy Capital Holdings, Inc. | 1.000% | Quarterly | 12/20/2025 | 0.152% | $1000 | $22 | $(16) | $6 | $0 |
| CBK | Schlumberger Oilfield U.K. Limited | 1.000 | Quarterly | 06/20/2025 | 0.123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | 9 | (4) | 5 | 0 |
| GST | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | 9 | 0 | (1) |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.374 | 900 | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 | 1100 | (9) | 5 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| JPM | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | '0.540 | 1600 | (12) | 21 | 9 | 0 |
| MYC | Brookfield Asset Management, Inc. | 1.000 | Quarterly | 06/20/2025 | 0.186 | 1100 | 0 | 2 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 | 300 | (4) | 5 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 | 4000 | 11 | 14 | 25 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 | 2900 | (10) | 29 | 19 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 | 1300 | (25) | 29 | 4 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 5400 | (57) | 54 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **117** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Saudi Arabia Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.253% | $400 | $1 | $0 | $1 | $0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | iTraxx Japan 43 5-Year Index | 1.000% | Quarterly | 06/20/2030 | JPY | 12300 | $2 | $0 | $2 | $0 |
| JPM | iTraxx Japan 43 5-Year Index | 1.000 | Quarterly | 06/20/2030 |  | 42100 | 6 | 0 | 6 | 0 |
|  |  |  |  |  |  |  | $8 | $0 | $8 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $152 | $0 | $0 | $152 | $(191) | $0 | $0 | $(191) | $(39) | $0 | $(39) |
|  BOA | 13 | 0 | 0 | 13 | (12) | 0 | 0 | (12) | 1 | 0 | 1 |
|  BPS | 147 | 0 | 0 | 147 | (2345) | (7) | 0 | (2352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302 | 97 |
|  BRC | 6 | 0 | 8 | 14 | (960) | (22) | 0 | (982) | (968) | 1156 | 188 |
|  BSH | 228 | 0 | 0 | 228 | (266) | 0 | 0 | (266) | (38) | 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
|  CBK | 613 | 0 | 5 | 618 | (343) | (9) | 0 | (352) | 266 | 0 | 266 |
|  DUB | 191 | 0 | 0 | 191 | (45) | 0 | 0 | (45) | 146 | 0 | 146 |
|  FAR | 203 | 0 | 0 | 203 | (252) | (49) | 0 | (301) | (98) | 0 | (98) |
|  GLM | 51 | 32 | 0 | 83 | (218) | (106) | 0 | (324) | (241) | 272 | 31 |
|  GST | 0 | 0 | 10 | 10 | 0 | (45) | (5) | (50) | (40) | 0 | (40) |
|  JPM | 422 | 0 | 15 | 437 | (343) | (5) | 0 | (348) | 89 | 0 | 89 |
|  MBC | 318 | 3 | 0 | 321 | (244) | 0 | 0 | (244) | 77 | 0 | 77 |
|  MYC | 0 | 0 | 52 | 52 | 0 | (17) | (3) | (20) | 32 | 0 | 32 |
|  MYI | 214 | 0 | 0 | 214 | (504) | 0 | 0 | (504) | (290) | 606 | 316 |
|  NGF | 0 | 0 | 0 | 0 | (26) | (8) | 0 | (34) | (34) | 0 | (34) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (6) | 0 | (6) | (6) | 0 | (6) |
|  RYL | 0 | 0 | 0 | 0 | (334) | 0 | 0 | (334) | (334) | 272 | (62) |
|  SCX | 132 | 0 | 0 | 132 | (45) | 0 | 0 | (45) | 87 | 0 | 87 |
|  SSB | 37 | 0 | 0 | 37 | (38) | 0 | 0 | (38) | (1) | 0 | (1) |
|  UAG | 1 | 0 | 0 | 1 | (11) | 0 | 0 | (11) | (10) | 0 | (10) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6459) |  |  |  |

---

(r) Securities with an aggregate market value of $4,891 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1194 | $1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 188 | 0 | 0 | 1156 | 1344 |
|  | $0 | $188 | $0 | $0 | $2350 | $2538 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2728 | $0 | $2728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 35 | 0 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 90 | 0 | 0 | 0 | 90 |
|  | $0 | $90 | $0 | $2763 | $0 | $2853 |
|  | $0 | $278 | $0 | $2763 | $2350 | $5391 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $114 | $114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 295 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 146 | 0 | 0 | 1431 | 1577 |
|  | $0 | $146 | $0 | $0 | $1840 | $1986 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6177 | $0 | $6177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 56 | 0 | 2 | 216 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $64 | $0 | $6179 | $216 | $6459 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $918 | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19124 | 0 | 0 | 8521 | 27645 |
|  | $0 | $19124 | $0 | $0 | $(2453) | $16671 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $10051 | $0 | $10051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 29 | 915 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 134 | 3416 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 412 | 0 | 0 | 0 | 412 |
|  | $0 | $412 | $0 | $10214 | $4331 | $14957 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19536 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10214 | $1878 | $31628 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(71) | $(71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 7745 | 7745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (9094) | 0 | 0 | (8674) | (17768) |
|  | $0 | $(9094) | $0 | $0 | $(1000) | $(10094) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(3698) | $0 | $(3698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (106) | 174 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 9 | 0 | 33 | (188) | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (280) | 0 | 0 | 0 | (280) |
|  | $0 | $(271) | $0 | $(3771) | $(14) | $(4056) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(9365) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3771) | $(1014) | $(14150) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 119

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $30049 | $18661 | $48710 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 851232 | 1998 | 853230 |
| &nbsp;&nbsp; Industrials | 0 | 971685 | 2374 | 974059 |
| &nbsp;&nbsp; Utilities | 0 | 555563 | 0 | 555563 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 7254 | 0 | 7254 |
| &nbsp;&nbsp; Georgia | 0 | 10485 | 0 | 10485 |
| &nbsp;&nbsp; Illinois | 0 | 2101 | 0 | 2101 |
| &nbsp;&nbsp; Indiana | 0 | 889 | 0 | 889 |
| &nbsp;&nbsp; Ohio | 0 | 11949 | 0 | 11949 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12509 | 0 | 12509 |
| &nbsp;&nbsp; Texas | 0 | 9957 | 0 | 9957 |
| &nbsp;&nbsp; Washington | 0 | 1042 | 0 | 1042 |
|  U.S. Government Agencies | 0 | 518367 | 0 | 518367 |
|  U.S. Treasury Obligations | 0 | 797145 | 0 | 797145 |
|  Non-Agency Mortgage-Backed Securities | 0 | 16184 | 0 | 16184 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; CMBS Other | 0 | 5796 | 0 | 5796 |
| &nbsp;&nbsp; Home Equity Other | 0 | 747 | 0 | 747 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp; Other ABS | 0 | 24963 | 0 | 24963 |
|  Sovereign Issues | 0 | 134237 | 0 | 134237 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Financials | 0 | 0 | 20 | 20 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1752 | 1752 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 5554 | 112498 | 0 | 118052 |
| &nbsp;&nbsp; Industrials | 0 | 1581 | 0 | 1581 |
| &nbsp;&nbsp; Utilities | 0 | 6407 | 0 | 6407 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 327 | 0 | 327 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 603 | 0 | 603 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113999 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $40681 | $0 | $0 | $40681 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154680 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | 0 | (4870) | 0 | (4870) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4870) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4870) |
|  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 | 31 | 2507 | 0 | 2538 |
|  Over the counter | 0 | 2853 | 0 | 2853 |
|  | $31 | $5360 | $0 | $5391 |
|  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 | (144) | (1745) | 0 | (1889) |
|  Over the counter | 0 | (6459) | 0 | (6459) |
|  | $(144) | $(8204) | $0 | $(8348) |
|  Total Financial Derivative Instruments | $(113) | $(2844) | $0 | $(2957) |
|  Totals | $46122 | $4075926 | $24805 | $4146853 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 94.5% | INVESTMENTS IN SECURITIES 94.5% | INVESTMENTS IN SECURITIES 94.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 61.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 61.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 61.4% |
|  ABG Intermediate Holdings LLC | ABG Intermediate Holdings LLC | ABG Intermediate Holdings LLC |
|  6.575% due 12/21/2028 | 252 | 250 |
|  Acrisure LLC | Acrisure LLC | Acrisure LLC |
|  7.325% due 11/06/2030 | 465 | 463 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  7.299% due 02/01/2031 | 294 | 294 |
|  AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |
|  7.323% due 07/31/2028 | 591 | 586 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  7.069% due 09/19/2031 | 579 | 576 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
|  7.075% due 09/30/2031 | 124 | 125 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.802% due 08/15/2028 | 486 | 437 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  6.575% due 09/29/2031 | 249 | 242 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  9.305% due 04/20/2028 | 195 | 199 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.575% due 01/30/2032 | 150 | 149 |
|  AP Core Holdings LLC | AP Core Holdings LLC | AP Core Holdings LLC |
|  9.939% due 09/01/2027 | 43 | 39 |
|  Apple Bidco LLC | Apple Bidco LLC | Apple Bidco LLC |
|  6.825% due 09/23/2031 | 299 | 297 |
|  Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
|  7.049% due 02/24/2031 | 1092 | 1093 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  7.675% due 12/06/2027 | 294 | 288 |
|  Armor Holding LLC | Armor Holding LLC | Armor Holding LLC |
|  7.967% due 12/11/2028 | 556 | 556 |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC |
|  8.799% due 02/15/2031 | 396 | 377 |
|  Ascend Learning LLC | Ascend Learning LLC | Ascend Learning LLC |
|  7.325% due 12/11/2028 | 295 | 292 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  8.575% due 12/13/2030 | 597 | 599 |
|  Assetmark Financial Holdings, Inc. | Assetmark Financial Holdings, Inc. | Assetmark Financial Holdings, Inc. |
|  7.049% due 09/05/2031 | 399 | 397 |
|  AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
|  7.825% due 02/14/2031 ~ | 571 | 573 |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  8.575% due 09/19/2030 ~ | 596 | 589 |
|  Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |
|  7.325% due 02/15/2029 ~ | 349 | 346 |
|  Auris Luxembourg III SARL | Auris Luxembourg III SARL | Auris Luxembourg III SARL |
|  8.177% due 02/28/2029 •  | 323 | 323 |
|  Avalara, Inc. | Avalara, Inc. | Avalara, Inc. |
|  TBD% due 03/19/2032 | 300 | 299 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  7.322% due 01/27/2032 | 450 | 448 |
|  Barracuda Networks, Inc. | Barracuda Networks, Inc. | Barracuda Networks, Inc. |
|  8.791% due 08/15/2029 | 98 | 85 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.325% due 09/29/2028 | 689 | 688 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  9.675% due 02/01/2027 | 727 | 727 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.575% due 12/11/2030 | 725 | 716 |
|  Belron Finance U.S. LLC | Belron Finance U.S. LLC | Belron Finance U.S. LLC |
|  7.052% due 10/16/2031 ~ | 473 | 472 |
|  Berlin Packaging LLC | Berlin Packaging LLC | Berlin Packaging LLC |
|  7.799% - 7.823% due 06/07/2031 ~ | 296 | 296 |
|  BIP PipeCo Holdings LLC | BIP PipeCo Holdings LLC | BIP PipeCo Holdings LLC |
|  6.544% due 12/06/2030 | 361 | 360 |
|  Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. |
|  8.325% due 03/12/2029 | 397 | 396 |
|  Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
|  7.291% due 07/30/2031 | 499 | 491 |
|  Bracket Intermediate Holding Corp. | Bracket Intermediate Holding Corp. | Bracket Intermediate Holding Corp. |
|  8.549% due 05/08/2028 | 491 | 494 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
|  7.325% due 06/13/2031 ~ | 149 | 148 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.563% due 02/06/2030 | 123 | 123 |
|  6.563% due 02/06/2031 | 297 | 295 |
|  Cast & Crew Payroll LLC | Cast & Crew Payroll LLC | Cast & Crew Payroll LLC |
|  8.075% due 12/29/2028 ~ | 297 | 287 |
|  Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
|  7.822% - 7.829% due 03/24/2031 | 422 | 419 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.549% due 07/06/2029 ~ | 740 | 637 |
|  Century DE Buyer LLC | Century DE Buyer LLC | Century DE Buyer LLC |
|  7.787% due 10/30/2030 | 124 | 124 |
|  Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
|  8.799% due 11/25/2031 | 99 | 100 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.560% due 12/15/2031 | 100 | 99 |
|  Charter NEX U.S., Inc. | Charter NEX U.S., Inc. | Charter NEX U.S., Inc. |
|  7.314% due 11/29/2030 | 490 | 490 |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  6.825% due 10/25/2027 | 593 | 593 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  7.075% due 01/28/2032 | 900 | 888 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  7.799% due 03/30/2029 ~ | 695 | 689 |
|  8.049% due 03/21/2031 ~ | 343 | 341 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 ~µ | 32 | 31 |
|  8.295% due 12/09/2031 | 375 | 371 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% due 03/26/2032 | 369 | 367 |
|  TBD% due 03/26/2032 µ | 6 | 6 |
|  7.500% due 04/13/2029 ~ | 1017 | 1013 |
|  CNT Holdings Corp. | CNT Holdings Corp. | CNT Holdings Corp. |
|  6.802% due 11/08/2032 | 297 | 296 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.073% due 05/01/2031 | 812 | 795 |
|  Covanta Holding Corp. | Covanta Holding Corp. | Covanta Holding Corp. |
|  6.814% due 11/30/2028 ~ | 469 | 470 |
|  6.814% due 11/30/2028 | 26 | 26 |
|  Covia Holdings LLC | Covia Holdings LLC | Covia Holdings LLC |
|  7.568% due 02/14/2032 | 400 | 399 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  7.049% due 08/20/2031 | 572 | 569 |
|  Creative Artists Agency LLC | Creative Artists Agency LLC | Creative Artists Agency LLC |
|  7.075% due 10/01/2031 ~ | 99 | 98 |
|  Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. |
|  8.323% due 01/30/2031 ~ | 298 | 299 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  8.819% due 01/18/2028 | 99 | 96 |
|  9.000% (PRIME + 1.500%) due 04/15/2027 ~ | 149 | 141 |
|  Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. |
|  7.793% due 10/17/2031 ~ | 600 | 597 |
|  CVENT, Inc. | CVENT, Inc. | CVENT, Inc. |
|  7.049% due 06/17/2030 | 262 | 261 |
|  Darktrace PLC | Darktrace PLC | Darktrace PLC |
|  7.535% due 10/09/2031 ~ | 375 | 372 |
|  Delta Topco, Inc. | Delta Topco, Inc. | Delta Topco, Inc. |
|  7.069% due 11/30/2029 | 397 | 393 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.802% due 08/02/2029 | 401 | 396 |
|  Dotdash Meredith, Inc. | Dotdash Meredith, Inc. | Dotdash Meredith, Inc. |
|  7.823% due 12/01/2028 ~ | 115 | 115 |
|  Dragon Buyer, Inc. | Dragon Buyer, Inc. | Dragon Buyer, Inc. |
|  7.299% due 09/30/2031 ~ | 399 | 396 |
|  Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
|  6.572% due 01/18/2029 ~ | 677 | 676 |
|  Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC |
|  7.325% due 04/07/2028 | 99 | 99 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  9.075% due 11/22/2032 ~ | 750 | 762 |
|  EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP |
|  6.799% due 08/04/2031 ~ | 224 | 222 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Endeavor Group Holdings, Inc. | Endeavor Group Holdings, Inc. | Endeavor Group Holdings, Inc. |
|  7.319% due 03/24/2032 | 950 | 949 |
|  Endo Luxembourg Finance Co. SARL | Endo Luxembourg Finance Co. SARL | Endo Luxembourg Finance Co. SARL |
|  8.325% due 04/23/2031 ~ | 224 | 222 |
|  Ensono LP | Ensono LP | Ensono LP |
|  8.439% due 05/26/2028 | 490 | 484 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.152% due 07/20/2026 « | 202 | 202 |
|  12.277% due 11/03/2028 « | 824 | 836 |
|  EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
|  9.061% due 11/06/2028 ~ | 323 | 325 |
|  EPIC Crude Services LP | EPIC Crude Services LP | EPIC Crude Services LP |
|  7.302% due 10/15/2031 | 375 | 375 |
|  EPIC Y-Grade Services LP | EPIC Y-Grade Services LP | EPIC Y-Grade Services LP |
|  10.044% due 06/29/2029 | 547 | 548 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  7.825% due 01/27/2029 ~ | 294 | 290 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  7.575% due 02/12/2031 | 447 | 444 |
|  FinCo I LLC | FinCo I LLC | FinCo I LLC |
|  6.575% due 06/27/2029 | 296 | 296 |
|  First Advantage Holdings LLC | First Advantage Holdings LLC | First Advantage Holdings LLC |
|  7.575% due 10/31/2031 | 474 | 472 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  6.799% due 07/21/2028 | 1100 | 1100 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  7.075% due 09/15/2031 ~ | 249 | 247 |
|  Forest City Enterprises LP | Forest City Enterprises LP | Forest City Enterprises LP |
|  7.939% due 12/08/2025 | 360 | 353 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  TBD% due 02/06/2032 « | 125 | 124 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  8.075% due 06/27/2031 | 572 | 572 |
|  Frontier Communications Corp. | Frontier Communications Corp. | Frontier Communications Corp. |
|  6.792% due 07/01/2031 | 324 | 324 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  7.322% due 02/01/2029 | 841 | 840 |
|  GBT U.S. LLC | GBT U.S. LLC | GBT U.S. LLC |
|  6.802% due 07/28/2031 | 823 | 820 |
|  Gen II Fund Services LLC | Gen II Fund Services LLC | Gen II Fund Services LLC |
|  6.967% due 11/26/2031 «•  | 300 | 298 |
|  Genesys Cloud Services, Inc. | Genesys Cloud Services, Inc. | Genesys Cloud Services, Inc. |
|  6.825% due 01/30/2032 | 175 | 173 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.819% due 02/04/2032 | 775 | 769 |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  8.564% due 12/04/2031 ~ | 473 | 475 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  6.825% due 08/04/2027 | 25 | 25 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  7.437% due 12/01/2028 | 280 | 258 |
|  9.573% due 06/04/2029 ~ | 149 | 144 |
|  Great Outdoors Group LLC | Great Outdoors Group LLC | Great Outdoors Group LLC |
|  7.575% due 01/23/2032 | 294 | 294 |
|  Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. |
|  7.819% due 10/12/2028 « | 294 | 291 |
|  Guggenheim Partners LLC | Guggenheim Partners LLC | Guggenheim Partners LLC |
|  6.799% due 11/26/2031 | 225 | 225 |
|  Gulfside Supply, Inc. | Gulfside Supply, Inc. | Gulfside Supply, Inc. |
|  7.299% due 06/17/2031 ~ | 326 | 324 |
|  GVC Holdings Ltd. | GVC Holdings Ltd. | GVC Holdings Ltd. |
|  7.053% due 10/31/2029 | 246 | 246 |
|  Hanger, Inc. | Hanger, Inc. | Hanger, Inc. |
|  TBD% - 7.825% due 10/23/2031 •µ | 40 | 40 |
|  TBD% - 7.825% due 10/23/2031 | 310 | 310 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  6.787% due 06/20/2030 | 695 | 693 |
|  Hudson River Trading LLC | Hudson River Trading LLC | Hudson River Trading LLC |
|  7.322% due 03/18/2030 | 449 | 449 |
|  Hunter Douglas, Inc. | Hunter Douglas, Inc. | Hunter Douglas, Inc. |
|  7.549% due 01/20/2032 | 493 | 472 |
|  INEOS Enterprises Holdings U.S. Finco LLC | INEOS Enterprises Holdings U.S. Finco LLC | INEOS Enterprises Holdings U.S. Finco LLC |
|  8.163% due 07/08/2030 « | 494 | 494 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **121** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.325% due 02/07/2031 | 347 | 333 |
|  Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. |
|  7.315% due 11/13/2031 | 450 | 447 |
|  Ion Trading Technologies SARL | Ion Trading Technologies SARL | Ion Trading Technologies SARL |
|  TBD% due 04/01/2028 | 175 | 174 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.825% due 12/15/2027 | 951 | 946 |
|  Isolved, Inc. | Isolved, Inc. | Isolved, Inc. |
|  7.575% due 10/15/2030 | 421 | 422 |
|  Janney Montgomery Scott LLC | Janney Montgomery Scott LLC | Janney Montgomery Scott LLC |
|  TBD% due 11/28/2031 •µ | 86 | 86 |
|  TBD% due 11/28/2031 •  | 514 | 516 |
|  Janus International Group LLC | Janus International Group LLC | Janus International Group LLC |
|  6.791% due 08/03/2030 | 222 | 222 |
|  Johnstone Supply LLC | Johnstone Supply LLC | Johnstone Supply LLC |
|  6.822% due 06/09/2031 | 299 | 296 |
|  Jump Financial LLC | Jump Financial LLC | Jump Financial LLC |
|  8.549% due 02/26/2032 | 299 | 301 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  TBD% due 03/22/2032 | 575 | 574 |
|  Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
|  8.049% due 05/01/2031 ~ | 504 | 497 |
|  KUEHG Corp. | KUEHG Corp. | KUEHG Corp. |
|  7.549% due 06/12/2030 | 62 | 62 |
|  LABL, Inc. | LABL, Inc. | LABL, Inc. |
|  9.425% due 10/30/2028 ~ | 80 | 67 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  8.175% due 06/06/2031 | 96 | 89 |
|  LC Ahab U.S. Bidco LLC | LC Ahab U.S. Bidco LLC | LC Ahab U.S. Bidco LLC |
|  7.325% due 05/01/2031 ~ | 647 | 643 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  6.789% due 04/15/2030 | 424 | 408 |
|  M6 ETX Holdings Midco LLC | M6 ETX Holdings Midco LLC | M6 ETX Holdings Midco LLC |
|  TBD% due 04/01/2032 | 450 | 450 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  6.762% due 06/21/2028 ~ | 686 | 679 |
|  Madison Safety & Flow LLC | Madison Safety & Flow LLC | Madison Safety & Flow LLC |
|  7.075% due 09/26/2031 | 249 | 249 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.323% due 04/15/2027 ~ | 737 | 735 |
|  Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. |
|  7.313% due 05/04/2028 | 594 | 591 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  7.323% due 03/01/2029 ~ | 1116 | 1068 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.575% due 10/23/2028 ~ | 492 | 491 |
|  MH Sub LLC | MH Sub LLC | MH Sub LLC |
|  8.575% due 05/03/2028 | 366 | 348 |
|  MI Windows & Doors LLC | MI Windows & Doors LLC | MI Windows & Doors LLC |
|  7.325% due 03/28/2031 ~ | 298 | 293 |
|  Mitchell International, Inc. | Mitchell International, Inc. | Mitchell International, Inc. |
|  7.575% due 06/17/2031 ~ | 249 | 246 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.791% due 07/01/2031 ~ | 399 | 387 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  7.799% due 11/12/2029 | 594 | 572 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.037% due 12/31/2030 | 40 | 40 |
|  Newfold Digital | Newfold Digital | Newfold Digital |
|  7.929% due 02/10/2028 «~ | 380 | 283 |
|  NGP XI Midstream Holdings LLC | NGP XI Midstream Holdings LLC | NGP XI Midstream Holdings LLC |
|  7.799% due 07/25/2031 | 499 | 497 |
|  NIELSEN CONSUMER INC. | NIELSEN CONSUMER INC. | NIELSEN CONSUMER INC. |
|  7.825% due 03/06/2028 | 324 | 324 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  7.553% due 04/03/2028 •  | 1110 | 1109 |
|  Nuvei Technologies Corp. | Nuvei Technologies Corp. | Nuvei Technologies Corp. |
|  7.325% due 11/17/2031 | 750 | 746 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.299% due 06/20/2031 | 412 | 406 |
|  Omnia Partners LLC | Omnia Partners LLC | Omnia Partners LLC |
|  7.040% - 7.050% due 07/25/2030 ~ | 397 | 395 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ontario Gaming GTA LP | Ontario Gaming GTA LP | Ontario Gaming GTA LP |
|  8.549% due 08/01/2030 | 272 | 268 |
|  Opal BIDCO SAS | Opal BIDCO SAS | Opal BIDCO SAS |
|  1.000% due 03/31/2032 | 375 | 373 |
|  Oregon Tool, Inc. | Oregon Tool, Inc. | Oregon Tool, Inc. |
|  8.585% due 10/15/2029 | 168 | 125 |
|  Oscar AcquisitionCo LLC | Oscar AcquisitionCo LLC | Oscar AcquisitionCo LLC |
|  8.549% due 04/29/2029 | 172 | 162 |
|  Ovation Parent, Inc. | Ovation Parent, Inc. | Ovation Parent, Inc. |
|  TBD% - 7.068% due 02/26/2032 µ | 30 | 30 |
|  TBD% - 7.068% due 02/26/2032 | 320 | 316 |
|  Padagis LLC | Padagis LLC | Padagis LLC |
|  9.300% due 07/06/2028 | 300 | 282 |
|  Particle Investments SARL | Particle Investments SARL | Particle Investments SARL |
|  8.075% due 03/28/2031 | 297 | 298 |
|  Peer Holding BV | Peer Holding BV | Peer Holding BV |
|  6.799% due 07/01/2031 | 224 | 224 |
|  Pegasus Bidco BV | Pegasus Bidco BV | Pegasus Bidco BV |
|  7.573% due 07/12/2029 «•  | 322 | 322 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  8.175% due 02/01/2028 | 144 | 129 |
|  PG Investment Co. 59 SARL | PG Investment Co. 59 SARL | PG Investment Co. 59 SARL |
|  7.299% due 03/26/2031 ~ | 374 | 375 |
|  Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. |
|  6.825% due 02/21/2031 ~ | 835 | 833 |
|  Phoenix Newco, Inc. | Phoenix Newco, Inc. | Phoenix Newco, Inc. |
|  6.825% due 11/15/2028 | 816 | 815 |
|  Planet U.S. Buyer LLC | Planet U.S. Buyer LLC | Planet U.S. Buyer LLC |
|  7.319% due 02/07/2031 | 298 | 297 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  8.302% due 06/02/2028 ~ | 656 | 630 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.549% due 03/31/2028 | 590 | 588 |
|  Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. |
|  7.549% due 10/28/2030 ~ | 547 | 546 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  7.325% due 08/31/2028 ~ | 615 | 614 |
|  PUG LLC | PUG LLC | PUG LLC |
|  9.075% due 03/15/2030 «~ | 585 | 584 |
|  Quartz Acquireco LLC | Quartz Acquireco LLC | Quartz Acquireco LLC |
|  6.549% due 06/28/2030 « | 296 | 294 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.575% due 02/10/2032 | 600 | 594 |
|  Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC |
|  TBD% due 09/25/2026 | 249 | 214 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  TBD% due 11/19/2031 •µ | 13 | 13 |
|  TBD% due 11/19/2031 ~ | 187 | 185 |
|  RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
|  7.561% due 04/24/2028 | 918 | 907 |
|  Renaissance Holdings Corp. | Renaissance Holdings Corp. | Renaissance Holdings Corp. |
|  8.325% due 04/05/2030 | 395 | 388 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  1.000% due 09/18/2031 | 374 | 374 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  7.296% due 04/04/2029 ~ | 780 | 777 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  7.291% due 01/31/2029 | 147 | 146 |
|  Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |
|  7.313% due 07/31/2031 | 296 | 295 |
|  Select Medical Corp. | Select Medical Corp. | Select Medical Corp. |
|  6.325% due 12/03/2031 | 53 | 53 |
|  SolarWinds Holdings LLC | SolarWinds Holdings LLC | SolarWinds Holdings LLC |
|  7.075% due 03/12/2032 | 300 | 292 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.549% due 05/30/2031 | 124 | 124 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.175% due 10/15/2028 ~ | 122 | 117 |
|  Speedster Bidco GMBH | Speedster Bidco GMBH | Speedster Bidco GMBH |
|  TBD% due 12/10/2031 •  | 500 | 500 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  8.791% due 01/15/2027 ~ | 390 | 391 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spring Education Group, Inc. | Spring Education Group, Inc. | Spring Education Group, Inc. |
|  8.299% due 10/04/2030 ~ | 198 | 197 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  8.299% due 09/27/2030 | 596 | 570 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  TBD% due 02/04/2032 | 700 | 698 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.072% due 12/19/2030 | 715 | 715 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.299% due 05/13/2027 | 542 | 533 |
|  Tacala LLC | Tacala LLC | Tacala LLC |
|  7.825% due 01/31/2031 | 521 | 522 |
|  Tecta America Corp. | Tecta America Corp. | Tecta America Corp. |
|  7.325% due 02/18/2032 | 225 | 224 |
|  TGP Holdings III LLC | TGP Holdings III LLC | TGP Holdings III LLC |
|  7.675% due 06/29/2028 | 276 | 253 |
|  Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC |
|  7.799% due 10/24/2031 | 450 | 451 |
|  TIH Insurance Holdings LLC | TIH Insurance Holdings LLC | TIH Insurance Holdings LLC |
|  7.049% due 05/06/2031 ~ | 460 | 457 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  7.737% - 7.746% due 04/30/2030 •  | 442 | 442 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 02/28/2031 | 640 | 637 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.825% due 12/14/2029 | 198 | 198 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  8.049% due 09/15/2028 ~ | 396 | 383 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.439% due 06/20/2028 ~ | 547 | 512 |
|  UFC Holdings LLC | UFC Holdings LLC | UFC Holdings LLC |
|  6.580% due 11/21/2031 | 524 | 523 |
|  UGI Energy Services LLC | UGI Energy Services LLC | UGI Energy Services LLC |
|  6.825% due 02/22/2030 | 184 | 184 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.300% due 02/10/2031 ~ | 1023 | 1022 |
|  United Talent Agency LLC | United Talent Agency LLC | United Talent Agency LLC |
|  8.075% due 07/07/2028 «~ | 1023 | 1027 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  8.549% due 06/24/2029 | 94 | 92 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  6.549% due 11/21/2029 ~ | 304 | 301 |
|  6.549% due 09/29/2030 | 296 | 293 |
|  Varsity Brands, Inc. | Varsity Brands, Inc. | Varsity Brands, Inc. |
|  7.819% due 08/26/2031 | 400 | 393 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.299% due 11/30/2030 | 400 | 398 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.684% due 01/31/2029 ~ | 425 | 418 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  TBD% due 03/26/2031 « | 250 | 249 |
|  VS Buyer LLC | VS Buyer LLC | VS Buyer LLC |
|  7.072% due 04/12/2031 | 821 | 822 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  6.825% due 01/30/2031 | 482 | 476 |
|  WaterBridge Midstream Operating LLC | WaterBridge Midstream Operating LLC | WaterBridge Midstream Operating LLC |
|  8.315% due 05/10/2029 ~ | 498 | 500 |
|  9.053% due 06/27/2029 | 274 | 272 |
|  WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
|  7.325% due 02/25/2032 | 199 | 198 |
|  Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products LLC |
|  7.689% due 10/30/2027 | 197 | 191 |
|  Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
|  6.825% due 08/03/2028 | 295 | 295 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  7.575% due 10/19/2029 ~ | 175 | 170 |
|  Worldwide Express Operations LLC | Worldwide Express Operations LLC | Worldwide Express Operations LLC |
|  8.299% due 07/26/2028 ~ | 343 | 339 |
|  X Corp. | X Corp. | X Corp. |
|  10.949% due 10/26/2029 ~ | 1175 | 1169 |
|  Xplor T1 LLC | Xplor T1 LLC | Xplor T1 LLC |
|  7.799% due 06/24/2031 « | 423 | 423 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  7.439% due 03/09/2027 ~ | 200 | 187 |
|  Zelis Payments Buyer Inc. | Zelis Payments Buyer Inc. | Zelis Payments Buyer Inc. |
|  7.575% - 9.750% (PRIME + 2.250%) due 11/26/2031 ~ | 524 | 523 |
|  Zuora, Inc. | Zuora, Inc. | Zuora, Inc. |
|  7.825% due 02/14/2032 | 650 | 643 |
|  Total Loan Participations and Assignments (Cost $92,479) | Total Loan Participations and Assignments (Cost $92,479) | 92231 |
| CORPORATE BONDS & NOTES 30.1% | CORPORATE BONDS & NOTES 30.1% | CORPORATE BONDS & NOTES 30.1% |
| BANKING & FINANCE 5.8% | BANKING & FINANCE 5.8% | BANKING & FINANCE 5.8% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.500% due 10/01/2031 | 100 | 98 |
|  6.750% due 10/15/2027 | 300 | 299 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  4.625% due 06/01/2028 | 325 | 308 |
|  Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC |
|  7.125% due 05/15/2031 | 200 | 203 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 150 | 157 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  9.250% due 07/01/2031 | 500 | 528 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 175 | 158 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 675 | 697 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 325 | 349 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 300 | 293 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 75 | 77 |
|  GN Bondco LLC | GN Bondco LLC | GN Bondco LLC |
|  9.500% due 10/15/2031 | 550 | 551 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 250 | 217 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  6.250% due 05/15/2026 | 180 | 178 |
|  9.000% due 06/15/2030 | 125 | 118 |
|  9.750% due 01/15/2029 | 200 | 199 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 | 50 | 46 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 150 | 138 |
|  5.250% due 07/15/2030 | 150 | 144 |
|  Jefferies Finance LLC | Jefferies Finance LLC | Jefferies Finance LLC |
|  5.000% due 08/15/2028 | 200 | 188 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 400 | 426 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  7.000% due 07/15/2031 | 225 | 231 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  7.125% due 02/01/2032 | 350 | 364 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  4.875% due 03/15/2028 | 175 | 167 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 650 | 682 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  6.625% due 05/15/2029 | 250 | 251 |
|  7.125% due 03/15/2026 | 150 | 152 |
|  Oxford Finance LLC | Oxford Finance LLC | Oxford Finance LLC |
|  6.375% due 02/01/2027 | 200 | 198 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 75 | 77 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 50 | 50 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  7.125% due 11/15/2030 | 250 | 254 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 150 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 25 | 25 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 275 | 247 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.500% due 07/01/2030 | 250 | 250 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 225 | 230 |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 50 | 49 |
|  |  | 8756 |
| INDUSTRIALS 23.3% | INDUSTRIALS 23.3% | INDUSTRIALS 23.3% |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 350 | 342 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  4.875% due 02/15/2030 | 50 | 48 |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.125% due 02/01/2027 | 725 | 649 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 225 | 231 |
|  Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC |
|  4.000% due 09/01/2029 | 275 | 235 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 100 | 101 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  6.625% due 10/15/2032 | 75 | 75 |
|  9.000% due 11/01/2027 | 100 | 123 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 475 | 430 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 150 | 152 |
|  6.250% due 03/15/2033 | 50 | 51 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 100 | 101 |
|  B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. | B.C. Unlimited Liability Co. |
|  3.500% due 02/15/2029 | 100 | 93 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 100 | 81 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.625% due 05/01/2027 | 150 | 148 |
|  Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
|  4.125% due 05/15/2029 | 100 | 101 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  6.500% due 05/15/2032 | 390 | 394 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  5.000% due 03/01/2030 | 100 | 96 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 50 | 51 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.750% due 03/15/2030 | 300 | 299 |
|  6.125% due 02/15/2033 | 400 | 394 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.750% due 03/01/2030 | 500 | 464 |
|  5.375% due 06/01/2029 | 575 | 557 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 175 | 179 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  3.750% due 03/15/2029 | 100 | 92 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 350 | 348 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 200 | 194 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 250 | 232 |
|  4.875% due 07/01/2029 | 100 | 89 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.750% due 04/15/2028 | 175 | 151 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 (a) | 100 | 101 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 76 | 68 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.125% due 07/01/2028 | $— | 50 | $— | 44 |
|  8.250% due 03/01/2027 |  | 75 |  | 71 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 |  | 450 |  | 405 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  6.000% due 01/15/2029 |  | 25 |  | 22 |
|  6.875% due 04/15/2029 |  | 275 |  | 179 |
|  8.000% due 12/15/2027 |  | 450 |  | 446 |
|  CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
|  4.500% due 05/01/2028 |  | 300 |  | 280 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 |  | 250 |  | 240 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 |  | 100 |  | 92 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  5.375% due 02/01/2028 |  | 50 |  | 43 |
|  5.500% due 04/15/2027 |  | 225 |  | 209 |
|  6.500% due 02/01/2029 |  | 225 |  | 186 |
|  7.500% due 04/01/2028 |  | 100 |  | 71 |
|  11.250% due 05/15/2028 |  | 100 |  | 97 |
|  11.750% due 01/31/2029 |  | 225 |  | 218 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  6.875% due 09/01/2032 |  | 75 |  | 75 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 |  | 175 |  | 180 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 |  | 700 |  | 644 |
|  7.375% due 07/01/2028 |  | 100 |  | 72 |
|  7.750% due 07/01/2026 |  | 175 |  | 151 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 |  | 275 |  | 290 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 |  | 100 |  | 94 |
|  Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. |
|  8.625% due 04/15/2029 |  | 100 |  | 103 |
|  EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
|  7.500% due 06/01/2030 |  | 225 |  | 243 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.750% due 05/01/2029 |  | 100 |  | 101 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 |  | 75 |  | 68 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.375% due 08/15/2029 |  | 250 |  | 236 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  10.000% due 10/31/2028 |  | 354 |  | 354 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 |  | 250 |  | 245 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 |  | 150 |  | 147 |
|  7.625% due 07/01/2029 |  | 175 |  | 175 |
|  9.250% due 12/01/2028 |  | 500 |  | 525 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  4.750% due 10/15/2030 |  | 575 |  | 365 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 |  | 200 |  | 196 |
|  Gulfport Energy Corp. | Gulfport Energy Corp. | Gulfport Energy Corp. | Gulfport Energy Corp. | Gulfport Energy Corp. |
|  6.750% due 09/01/2029 |  | 100 |  | 101 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 |  | 300 |  | 281 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.750% due 05/01/2029 |  | 100 |  | 93 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 |  | 200 |  | 185 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  8.875% due 07/15/2028 |  | 300 |  | 313 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 |  | 275 |  | 261 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  4.875% due 12/15/2027 |  | 225 |  | 211 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 |  | 400 |  | 381 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 |  | 350 |  | 342 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 |  | 200 |  | 171 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **123** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  10.500% due 04/15/2029 | 225 | 249 |
|  11.000% due 11/15/2029 | 63 | 70 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 150 | 151 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 100 | 95 |
|  Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC |
|  6.875% due 12/01/2032 | 200 | 200 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 250 | 244 |
|  6.500% due 04/15/2032 | 150 | 149 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 200 | 196 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 200 | 197 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  5.500% due 04/15/2027 | 125 | 124 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  8.000% due 11/01/2027 | 100 | 99 |
|  9.250% due 10/01/2028 | 450 | 450 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 200 | 191 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 121 | 88 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (b) | 63 | 55 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  8.125% due 01/15/2029 | 175 | 184 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 100 | 109 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 25 | 24 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 200 | 174 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 200 | 164 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  4.750% due 11/01/2028 | 100 | 94 |
|  NFE Financing LLC | NFE Financing LLC | NFE Financing LLC |
|  12.000% due 11/15/2029 | 146 | 123 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 250 | 253 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 | 300 | 280 |
|  Novelis, Inc. | Novelis, Inc. | Novelis, Inc. |
|  6.875% due 01/30/2030 | 75 | 76 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.000% due 06/01/2026 | 100 | 101 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.125% due 10/01/2027 | 150 | 150 |
|  7.250% due 06/15/2031 | 100 | 98 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 200 | 187 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 150 | 152 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 275 | 259 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 400 | 374 |
|  6.750% due 05/15/2034 | 125 | 123 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 225 | 211 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 25 | 25 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  6.125% due 09/30/2032 | 150 | 148 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 200 | 187 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  6.250% due 10/15/2034 | 175 | 173 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 125 | 118 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  3.375% due 08/31/2027 | 100 | 95 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 100 | 96 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 100 | 101 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 100 | 106 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(d) | 75 | 74 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 300 | 297 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 225 | 219 |
|  Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
|  6.625% due 02/01/2033 | 25 | 25 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  6.750% due 03/15/2033 | 150 | 153 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.500% due 04/01/2028 | 600 | 598 |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 | 400 | 384 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 175 | 167 |
|  Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
|  3.875% due 01/15/2029 | 50 | 39 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 575 | 575 |
|  Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
|  4.091% due 06/01/2029 | 125 | 118 |
|  8.250% due 12/15/2029 | 100 | 106 |
|  Shift4 Payments LLC | Shift4 Payments LLC | Shift4 Payments LLC |
|  6.750% due 08/15/2032 | 100 | 101 |
|  Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP |
|  7.875% due 11/01/2028 | 300 | 309 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.500% due 07/15/2028 | 50 | 50 |
|  6.625% due 01/15/2027 | 50 | 50 |
|  6.750% due 08/01/2029 | 100 | 99 |
|  7.000% due 08/01/2032 | 100 | 98 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 100 | 100 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.375% due 06/01/2031 | 325 | 331 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.750% due 10/15/2029 | 75 | 69 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.750% due 11/15/2030 | 400 | 442 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 100 | 95 |
|  Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
|  6.500% due 08/15/2032 | 50 | 50 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.750% due 01/15/2028 | 200 | 194 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 125 | 120 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 275 | 264 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 450 | 449 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 300 | 297 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 375 | 356 |
|  5.000% due 09/15/2029 | 100 | 93 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.375% due 01/15/2030 | 100 | 94 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 350 | 312 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 122 | 125 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 175 | 158 |
|  TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. |
|  3.500% due 03/01/2029 | 100 | 91 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
|  9.000% due 03/15/2028 | 554 | 583 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 100 | 93 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  4.875% due 01/15/2028 | 50 | 49 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 175 | 155 |
|  8.500% due 07/31/2031 | 175 | 171 |
|  USA Compression Partners LP | USA Compression Partners LP | USA Compression Partners LP |
|  7.125% due 03/15/2029 | 100 | 102 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 275 | 276 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 275 | 271 |
|  8.125% due 06/01/2028 | 325 | 332 |
|  9.875% due 02/01/2032 | 700 | 744 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 100 | 95 |
|  Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. |
|  4.625% due 07/15/2029 | 200 | 175 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 100 | 100 |
|  Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC |
|  5.000% due 07/15/2028 | 175 | 166 |
|  Viridien | Viridien | Viridien |
|  8.750% due 04/01/2027 | 250 | 255 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 100 | 98 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  8.125% due 08/15/2029 | 225 | 230 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 75 | 75 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 100 | 96 |
|  7.750% due 09/15/2030 | 250 | 242 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  6.375% due 03/15/2033 | 150 | 151 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 75 | 74 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  6.625% due 06/15/2029 | 100 | 101 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  6.250% due 03/15/2033 | 100 | 97 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 | 200 | 182 |
|  Zegona Finance PLC | Zegona Finance PLC | Zegona Finance PLC |
|  8.625% due 07/15/2029 | 200 | 212 |
|  ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC |
|  3.875% due 02/01/2029 | 200 | 184 |
|  |  | 35030 |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 | 275 | 280 |
|  Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
|  6.625% due 02/01/2032 | 75 | 76 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 | 175 | 170 |
|  5.125% due 03/15/2028 | 250 | 246 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 325 | 327 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 75 | 73 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  8.000% due 05/15/2033 | 50 | 51 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.750% due 07/15/2029 | 25 | 25 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.875% due 04/15/2032 | 200 | 204 |
|  |  | 1452 |
| Total Corporate Bonds & Notes (Cost $45,055) | Total Corporate Bonds & Notes (Cost $45,055) | 45238 |

---

124 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY OBLIGATIONS 2.6% | U.S. TREASURY OBLIGATIONS 2.6% | U.S. TREASURY OBLIGATIONS 2.6% | U.S. TREASURY OBLIGATIONS 2.6% | U.S. TREASURY OBLIGATIONS 2.6% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 08/15/2034 | $— | 575 | $— | 561 |
|  4.125% due 10/31/2031 |  | 100 |  | 100 |
|  4.625% due 06/30/2025 |  | 3200 |  | 3202 |
| Total U.S. Treasury Obligations (Cost $3,854) | Total U.S. Treasury Obligations (Cost $3,854) | Total U.S. Treasury Obligations (Cost $3,854) |  | 3863 |
|  | **SHARES** | **SHARES** |  |  |
| COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. «(c) |  | 4142 |  | 33 |
| HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% |
|  Amsurg Equity «(c)(e) |  | 11642 |  | 544 |
| Total Common Stocks (Cost $487) | Total Common Stocks (Cost $487) | Total Common Stocks (Cost $487) |  | 577 |
| Total Investments in Securities<br>(Cost $141,875) | Total Investments in Securities<br>(Cost $141,875) | Total Investments in Securities<br>(Cost $141,875) |  | 141909 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% |
| SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 365666 | $— | 3559 |
| Total Short-Term Instruments<br>(Cost $3,560) | Total Short-Term Instruments<br>(Cost $3,560) |  | 3559 |
| Total Investments in Affiliates<br>(Cost $3,560) | Total Investments in Affiliates<br>(Cost $3,560) |  | 3559 |
| Total Investments 96.8%<br>(Cost $145,435) | Total Investments 96.8%<br>(Cost $145,435) | $— | 145468 |
|  Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $1,129) | Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $1,129) |  | 1 |
| Other Assets and Liabilities, net 3.2% | Other Assets and Liabilities, net 3.2% |  | 4778 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 150247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security did not produce income within the last twelve months.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | 0.36% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(709) at a weighted average interest rate of 4.904%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | $31 | $0 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 43 | 4651 | 74 | 0 | (2) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 125

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 06/20/2029 | 1.924% | $400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $11625 | $930 | $(290) | $640 | $3 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 2800 | 145 | 4 | 149 | 2 | 0 |
|  |  |  |  |  | $1075 | $(286) | $789 | $5 | $0 |
|  Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities |  |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(5)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options |  | |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2) | $(4) |

---

Cash of $1,776 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $5 | $0 | $0 | $0 | $5 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 0 | 2 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

126 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(233) | $(233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 625 | 0 | 0 | 226 | 851 |
|  | $0 | $625 | $0 | $0 | $(7) | $618 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1 | $0 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 596 | 596 |
|  | $0 | $0 | $0 | $1 | $596 | $597 |
|  | $0 | $625 | $0 | $1 | $589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $120 | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (384) | 0 | 0 | 0 | (384) |
|  | $0 | $(384) | $0 | $0 | $120 | $(264) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1) | $0 | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (419) | (419) |
|  | $0 | $0 | $0 | $(1) | $(419) | $(420) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | $(684) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $86804 | $5427 | $92231 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 8756 | 0 | 8756 |
| &nbsp;&nbsp; Industrials | 0 | 34866 | 164 | 35030 |
| &nbsp;&nbsp; Utilities | 0 | 1452 | 0 | 1452 |
|  U.S. Treasury Obligations | 0 | 3863 | 0 | 3863 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 0 | 33 | 33 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 544 | 544 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141909 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $3559 | $0 | $0 | $3559 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $5 | $0 | $5 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(3) | $0 | $(3) |
|  Total Financial Derivative Instruments | $0 | $2 | $0 | $2 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **127** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.) March 31, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | $12 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | 0 | 0 | 0 | 0 | 0 | 0 | 164 | 0 | 164 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 0 | 0 | 0 | 0 | 33 | 0 | 0 | 33 | 33 |
| &nbsp;&nbsp; Health Care | 576 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | 0 | 0 | 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
|  Totals | $2091 | $3084 | $(537) | $2 | $0 | $4 | $1524 | $0 | $6168 | $13 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $202 | Comparable Companies | EBITDA Multiple | X | 14.000 |  |
|  | 283 | Indicative Market Quotation | Broker Quote |  | 74.500 |  |
|  | 4942 | Third Party Vendor | Broker Quote |  | 99.125-101.500 | 100.161 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 164 | Indicative Market Quotation | Broker Quote |  | 82.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 33 | Reference Instrument | Stock Price w/Liquidity Discount |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 544 | Comparable Companies | EBITDA Multiple | X | 14.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Income Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.799% due 05/16/2028 «~ | 28800 | 28882 |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.285% (EUR003M + 5.500%) due 08/15/2028 ~ | 496 | 482 |
|  9.802% due 08/15/2028 •  | 5958 | 5356 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  9.305% due 04/20/2028 •  | 3033 | 3098 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.072% due 06/24/2030 •  | 2513 | 2513 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.325% due 10/18/2028 | 1522 | 1523 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/03/2031 «µ | 4621 | 4656 |
|  TBD% due 01/03/2031 « | 20879 | 21035 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.152% due 07/20/2026 « | 9435 | 9435 |
|  12.277% due 11/03/2028 « | 36405 | 36951 |
|  Finastra U.S.A., Inc. | Finastra U.S.A., Inc. | Finastra U.S.A., Inc. |
|  TBD% - 11.428% due 09/13/2029 «µ | 254 | 254 |
|  TBD% - 11.428% due 09/13/2029 « | 2422 | 2452 |
|  Hudson's Bay Co. | Hudson's Bay Co. | Hudson's Bay Co. |
|  TBD% due 04/03/2026 « | 2904 | 2862 |
|  iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
|  10.209% due 05/01/2029 | 4552 | 3711 |
|  Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
|  7.439% due 06/30/2027 ~ | 156 | 83 |
|  Lealand Finance Co. BV (5.439% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.439% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.439% Cash and 3.000% PIK) |
|  8.439% due 12/31/2027 ~(c) | 664 | 289 |
|  Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. | Ocs Group Holdings Ltd. |
|  10.450% due 11/27/2031 ~ | 2700 | 3486 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « | 3800 | 3800 |
|  Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
|  7.355% (EUR003M + 5.000%) due 03/13/2030 ~ | 16300 | 12462 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(m) | 2174 | 2350 |
|  Project FLASH | Project FLASH | Project FLASH |
|  TBD% - 6.800% due 01/09/2030 «µ | 6590 | 6508 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 5000 | 5067 |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  TBD% due 04/01/2027 « | 27900 | 30168 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  8.112% (EUR003M + 5.500%) due 03/29/2030 ~ | 9100 | 9546 |
|  9.791% due 03/29/2030 ~ | 16369 | 15302 |
|  Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
|  6.000% due 12/23/2025 «•  | 21552 | 21356 |
|  Subcalidora 2 SARL | Subcalidora 2 SARL | Subcalidora 2 SARL |
|  8.105% (EUR003M + 5.750%) due 08/14/2029 «~ | 7900 | 8585 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.299% due 05/13/2027 •  | 6640 | 6535 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.799% due 02/28/2031 •  | 61204 | 60936 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.785% (EUR003M + 3.000%) due 12/15/2028 «~ | 8000 | 8586 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.439% due 06/20/2028 ~ | 2084 | 1949 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « | 88 | 33 |
|  Total Loan Participations and Assignments (Cost $322,287) | Total Loan Participations and Assignments (Cost $322,287) | 320251 |
| CORPORATE BONDS & NOTES 17.0% | CORPORATE BONDS & NOTES 17.0% | CORPORATE BONDS & NOTES 17.0% |
| BANKING & FINANCE 9.3% | BANKING & FINANCE 9.3% | BANKING & FINANCE 9.3% |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.042% due 06/07/2027 ~ | 3000 | 3148 |
|  15.542% due 06/08/2026 ~ | 3200 | 3360 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.800% due 05/01/2025 | 2900 | 2902 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.792% due 01/07/2032 •  | 250 | 254 |
|  14.542% due 05/07/2031 ~ | 1200 | 1263 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 6230 | 5834 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 | 26441 | 28330 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | 16000 | 16258 |
|  5.565% due 01/17/2030 | 21600 | 22179 |
|  6.527% due 11/07/2027 •  | 9200 | 9476 |
|  6.607% due 11/07/2028 | 7200 | 7654 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.824% due 01/20/2028 •  | 700 | 691 |
|  4.827% due 07/22/2026 •  | 800 | 800 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.567% due 09/10/2027 •  | 5300 | 5304 |
|  5.238% due 09/10/2027 •  | 9000 | 9033 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 3900 | 3882 |
|  4.900% due 06/04/2025 •(j)(k) | 1326 | 1320 |
|  5.358% due 09/08/2028 ~ | 10100 | 10160 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 4200 | 4267 |
|  5.429% due 02/16/2028 •  | 7900 | 7956 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 5300 | 5306 |
|  5.674% due 03/12/2028 •  | 1900 | 1934 |
|  5.848% due 03/12/2028 •  | 4500 | 4562 |
|  6.224% due 05/09/2034 •  | 10686 | 11137 |
|  6.496% due 09/13/2027 •  | 18300 | 18751 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  12.782% due 04/30/2031 •  | 500 | 531 |
|  22.782% due 04/30/2031 ~ | 600 | 675 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.497% due 05/20/2030 •  | 9800 | 9977 |
|  Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. |
|  4.282% due 01/08/2026 ~ | 250 | 203 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 4500 | 4554 |
|  6.612% due 10/19/2027 •  | 26300 | 27019 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 12400 | 12753 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.192% due 03/13/2032 •  | 3700 | 3700 |
|  12.282% due 04/05/2027 •  | 600 | 617 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.042% due 05/10/2031 •  | 250 | 255 |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  4.375% due 04/12/2027 ^(d) | 300 | 35 |
|  4.450% due 08/17/2026 ^(d) | 200 | 23 |
|  5.950% due 10/20/2025 ^(d) | 200 | 24 |
|  6.000% due 07/16/2025 ^(d) | 200 | 24 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.106% due 04/08/2026 •  | 400 | 400 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 6420 | 5719 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(d) | 1400 | 138 |
|  3.125% due 10/22/2025 ^(d) | 1600 | 160 |
|  3.875% due 10/22/2030 ^(d) | 700 | 70 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2500 | 730 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.631% due 09/11/2028 •  | 3200 | 3191 |
|  5.569% due 09/11/2028 •  | 6200 | 6252 |
|  Credit Suisse AG AT1 Claim | 37150 | 4458 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 4500 | 4576 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 3732 | 3433 |
|  4.999% due 09/11/2030 •  | 2800 | 2787 |
|  6.720% due 01/18/2029 •  | 1568 | 1642 |
|  7.146% due 07/13/2027 •  | 3500 | 3599 |
|  East Lane Re Ltd. | East Lane Re Ltd. | East Lane Re Ltd. |
|  13.542% due 03/31/2026 ~ | 2800 | 2821 |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.750% due 12/15/2026 | 627 | 624 |
|  4.950% due 04/15/2028 | 316 | 313 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.875% due 11/19/2027 | 10000 | 10059 |
|  Everglades Re Ltd. | Everglades Re Ltd. | Everglades Re Ltd. |
|  14.792% due 05/13/2031 •  | 2660 | 2808 |
|  15.792% due 05/13/2031 •  | 2660 | 2807 |
|  17.042% due 05/13/2027 •  | 2660 | 2795 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 06/10/2027 | 4900 | 5002 |
|  Ford Credit Canada Co. | Ford Credit Canada Co. | Ford Credit Canada Co. |
|  6.777% due 09/15/2025 | 2700 | 1901 |
|  7.000% due 02/10/2026 | 9800 | 6981 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 12400 | 11961 |
|  3.815% due 11/02/2027 | 2104 | 2008 |
|  4.542% due 08/01/2026 | 1300 | 1284 |
|  4.950% due 05/28/2027 | 11205 | 11045 |
|  5.125% due 11/05/2026 | 7400 | 7354 |
|  5.800% due 03/05/2027 | 22200 | 22305 |
|  5.808% due 11/05/2026 ~ | 11000 | 11022 |
|  6.950% due 03/06/2026 | 500 | 506 |
|  6.950% due 06/10/2026 | 900 | 914 |
|  7.350% due 11/04/2027 | 400 | 415 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2031 | 1000 | 933 |
|  5.300% due 01/15/2029 | 902 | 904 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.615% due 03/15/2028 •  | 1600 | 1571 |
|  4.223% due 05/01/2029 •  | 1800 | 1776 |
|  5.049% due 07/23/2030 •  | 1400 | 1412 |
|  6.484% due 10/24/2029 •  | 24200 | 25568 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.042% due 04/08/2032 •  | 1000 | 1004 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.980% due 06/07/2028 «(b)(m) | 3100 | 3112 |
|  5.070% due 06/07/2030 «(b)(m) | 2000 | 2009 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  11.042% due 03/13/2032 ~ | 400 | 399 |
|  12.542% due 03/13/2032 ~ | 400 | 399 |
|  Hexagon RE Ltd. | Hexagon RE Ltd. | Hexagon RE Ltd. |
|  11.244% due 01/07/2031 ~ | 1962 | 2187 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | 3070 | 3033 |
|  4.583% due 06/19/2029 •  | 1000 | 991 |
|  5.887% due 08/14/2027 •  | 13700 | 13919 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  16.532% due 06/06/2028 ~ | 400 | 403 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  21.292% due 06/08/2026 •  | 1100 | 1186 |
|  27.292% due 06/08/2026 ~ | 500 | 519 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  29.782% due 06/06/2027 ~ | 400 | 398 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 4200 | 4661 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.550% due 07/02/2027 | 8800 | 8970 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **129** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.509% due 01/23/2029 •  | 900 | 875 |
|  3.960% due 01/29/2027 •  | 1700 | 1692 |
|  4.005% due 04/23/2029 •  | 1763 | 1733 |
|  4.323% due 04/26/2028 •  | 600 | 597 |
|  4.979% due 07/22/2028 •  | 7200 | 7265 |
|  5.288% due 07/22/2028 •  | 21200 | 21298 |
|  5.581% due 04/22/2030 •  | 400 | 413 |
|  6.070% due 10/22/2027 •  | 7400 | 7576 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 2211 | 2361 |
|  Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. |
|  7.042% due 04/09/2029 ~ | 600 | 619 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 01/11/2027 | 13045 | 12873 |
|  5.462% due 01/05/2028 •  | 11000 | 11145 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.792% due 05/27/2031 ~ | 1700 | 1801 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.200% due 03/15/2030 | 10400 | 10445 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.382% due 07/10/2030 •  | 4100 | 4186 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ | 700 | 485 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.679% due 07/17/2026 •  | 600 | 600 |
|  5.123% due 02/01/2029 •  | 1100 | 1115 |
|  6.138% due 10/16/2026 •  | 500 | 504 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.296% due 07/14/2028 •  | 50900 | 51123 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  | 2390 | 2299 |
|  4.302% due 03/08/2029 •  | 5600 | 5524 |
|  6.557% due 10/18/2027 •  | 17800 | 18289 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.282% due 12/07/2030 ~ | 2066 | 2173 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  | 7400 | 7258 |
|  4.892% due 05/18/2029 •  | 1430 | 1433 |
|  5.076% due 01/27/2030 •  | 6400 | 6443 |
|  5.583% due 03/01/2028 •  | 12200 | 12408 |
|  5.608% due 03/01/2028 ~ | 7000 | 7064 |
|  5.658% due 11/15/2028 ~ | 16100 | 16265 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 | 9400 | 9453 |
|  5.311% due 03/21/2028 ~ | 12300 | 12318 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.450% due 09/15/2028 | 900 | 812 |
|  5.300% due 09/13/2027 | 2200 | 2186 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.613% due 07/02/2027 ~ | 8400 | 8475 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  10.257% due 01/08/2027 ~ | 1800 | 1998 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.792% due 01/07/2028 •  | 1500 | 1551 |
|  17.542% due 01/07/2027 •  | 4900 | 5070 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.282% due 06/07/2027 •  | 1800 | 1903 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.606% due 01/06/2031 ~ | 300 | 337 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.510% due 10/18/2027 •  | 18500 | 18496 |
|  5.150% due 07/23/2027 ~ | 17000 | 17047 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.532% due 04/07/2031 ~ | 600 | 622 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 | 3700 | 3745 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.473% due 03/20/2029 ~ | 7500 | 7545 |
|  5.970% due 03/20/2029 ~ | 6900 | 6933 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  | 2200 | 2115 |
|  3.823% due 11/03/2028 •  | 1700 | 1654 |
|  6.534% due 01/10/2029 •  | 2200 | 2288 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  4.831% due 10/15/2029 | 10700 | 10621 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  | 29000 | 29357 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.353% due 09/10/2027 •  | 3200 | 3233 |
|  Taranis Reinsurance DAC | Taranis Reinsurance DAC | Taranis Reinsurance DAC |
|  8.681% due 01/07/2031 ~ | 1200 | 1316 |
|  10.931% due 01/08/2031 ~ | 1700 | 1915 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  10.282% due 06/07/2032 •  | 1300 | 1359 |
|  11.532% due 06/07/2027 •  | 800 | 841 |
|  13.282% due 06/05/2026 •  | 500 | 520 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 08/07/2026 | 500 | 480 |
|  7.500% due 02/15/2028 | 1450 | 1562 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 4400 | 3918 |
|  3.250% due 04/02/2026 ~ | 3800 | 4109 |
|  4.194% due 04/01/2031 •  | 3550 | 3423 |
|  5.428% due 02/08/2030 •  | 8200 | 8350 |
|  5.959% due 01/12/2034 •  | 4805 | 5001 |
|  6.327% due 12/22/2027 •  | 11500 | 11813 |
|  6.373% due 07/15/2026 •  | 22450 | 22541 |
|  6.442% due 08/11/2028 •  | 33850 | 35120 |
|  6.537% due 08/12/2033 •  | 1100 | 1179 |
|  7.750% due 03/01/2029 ~ | 8600 | 10474 |
|  9.016% due 11/15/2033 •  | 2800 | 3423 |
|  Uniti Group LP | Uniti Group LP | Uniti Group LP |
|  6.500% due 02/15/2029 | 14653 | 13183 |
|  10.500% due 02/15/2028 | 12529 | 13319 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.782% due 12/07/2026 ~ | 3600 | 3740 |
|  11.782% due 02/22/2028 ~ | 1000 | 1011 |
|  13.032% due 12/07/2026 ~ | 4600 | 4836 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(m) | 20000 | 20406 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  9.292% due 03/08/2033 ~ | 250 | 251 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.750% due 02/15/2027 | 8000 | 7832 |
|  3.875% due 02/15/2029 | 3700 | 3538 |
|  4.500% due 09/01/2026 | 4600 | 4582 |
|  4.500% due 01/15/2028 | 3219 | 3181 |
|  4.625% due 06/15/2025 | 18629 | 18639 |
|  5.750% due 02/01/2027 | 200 | 203 |
|  Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. |
|  6.042% due 01/08/2030 ~ | 500 | 501 |
|  8.032% due 01/08/2030 ~ | 300 | 301 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(d) | 3092 | 0 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | 300 | 294 |
|  4.540% due 08/15/2026 •  | 2700 | 2699 |
|  5.707% due 04/22/2028 •  | 3000 | 3066 |
|  6.303% due 10/23/2029 •  | 14100 | 14830 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  16.032% due 02/26/2031 •  | 400 | 420 |
|  |  | 1063382 |
| INDUSTRIALS 5.5% | INDUSTRIALS 5.5% | INDUSTRIALS 5.5% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 400 | 376 |
|  3.600% due 09/15/2028 | 220 | 215 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 400 | 345 |
|  5.125% due 01/15/2029 | 400 | 314 |
|  5.125% due 07/15/2029 | 1000 | 785 |
|  5.500% due 01/15/2028 | 3500 | 2801 |
|  5.500% due 10/15/2029 | 1700 | 1349 |
|  5.875% due 02/01/2027 | 300 | 290 |
|  8.125% due 02/01/2027 | 2800 | 2506 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  3.125% due 06/15/2031 | 1900 | 2009 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 3300 | 2936 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 779 | 686 |
|  3.000% due 04/15/2030 | 187 | 177 |
|  3.200% due 12/15/2029 | 692 | 660 |
|  3.350% due 04/15/2031 | 564 | 536 |
|  3.375% due 11/01/2028 | 15221 | 14766 |
|  3.575% due 07/15/2029 | 894 | 865 |
|  3.600% due 03/22/2029 | 746 | 723 |
|  3.650% due 02/15/2029 | 738 | 712 |
|  3.700% due 04/01/2028 | 531 | 521 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  6.343% due 08/02/2030 | 2000 | 2127 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 | 200 | 195 |
|  6.125% due 11/21/2026 | 1900 | 1936 |
|  6.375% due 11/21/2030 | 400 | 419 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 | 5500 | 5512 |
|  4.750% due 03/21/2028 | 12200 | 12231 |
|  5.141% due 03/19/2027 ~ | 8100 | 8089 |
|  5.281% due 03/21/2028 ~ | 14800 | 14788 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 7600 | 7437 |
|  5.040% due 05/01/2027 | 6700 | 6733 |
|  6.259% due 05/01/2027 | 27300 | 28095 |
|  6.298% due 05/01/2029 | 3570 | 3745 |
|  6.388% due 05/01/2031 | 4400 | 4691 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 6439 | 5788 |
|  3.300% due 06/15/2034 | 688 | 642 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (c) | 12844 | 13609 |
|  Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) | Carvana Co. (14.000% PIK) |
|  14.000% due 06/01/2031 (c) | 18180 | 19892 |
|  CDW LLC | CDW LLC | CDW LLC |
|  2.670% due 12/01/2026 | 15100 | 14581 |
|  4.250% due 04/01/2028 | 15000 | 14724 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  3.375% due 02/15/2030 | 1100 | 996 |
|  4.625% due 12/15/2029 | 43871 | 42065 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  0.000% due 10/25/2031 «•  | 9000 | 8931 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 51 | 55 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 439 | 410 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 21040 | 19353 |
|  5.750% due 12/01/2028 | 14310 | 12095 |
|  Exela Intermediate LLC  | Exela Intermediate LLC  | Exela Intermediate LLC  |
|  11.500% due 04/15/2026 (c) | 81 | 12 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 7800 | 8582 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  2.500% due 03/21/2026 | 16200 | 13707 |
|  8.625% due 04/28/2034 | 300 | 240 |
|  Greene King Finance PLC | Greene King Finance PLC | Greene King Finance PLC |
|  4.064% due 03/15/2035 | 2009 | 2420 |
|  5.106% due 03/15/2034 | 3771 | 4771 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 2600 | 2612 |
|  5.750% due 03/30/2032 | 3000 | 3017 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 | 6200 | 7214 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 19000 | 18731 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 | 26487 | 25230 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 02/01/2029 | 1000 | 1042 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 2510 | 2358 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Market Bidco Finco PLC | Market Bidco Finco PLC | Market Bidco Finco PLC |
|  4.750% due 11/04/2027 | 3900 | 4093 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  4.800% due 03/15/2030 | 1900 | 1896 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 6800 | 6815 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  5.070% due 12/15/2030 ~ | 3182 | 3066 |
|  6.013% due 12/15/2030 | 211 | 274 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(m) | 18600 | 18794 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 9500 | 9401 |
|  4.345% due 09/17/2027 | 23270 | 22638 |
|  4.810% due 09/17/2030 | 5600 | 5323 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 800 | 628 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(d) | 3300 | 456 |
|  5.500% due 04/12/2037 ^(d) | 4350 | 609 |
|  6.000% due 11/15/2026 ^(d) | 3434 | 481 |
|  9.750% due 05/17/2035 ^(d) | 840 | 130 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 25103 | 22077 |
|  6.950% due 01/28/2060 | 3028 | 2068 |
|  Prime Property Development Corp. Ltd. | Prime Property Development Corp. Ltd. | Prime Property Development Corp. Ltd. |
|  5.250% due 09/30/2029 «(m) | 12400 | 12215 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.288% due 07/13/2029 | 5000 | 4904 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 2000 | 1993 |
|  4.625% due 02/16/2026 | 889 | 973 |
|  5.750% due 10/15/2027 | 3043 | 3999 |
|  5.750% due 10/15/2027 | 14288 | 14636 |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |
|  5.152% due 09/20/2029 | 1912 | 1917 |
|  Syngenta Finance NV | Syngenta Finance NV | Syngenta Finance NV |
|  4.892% due 04/24/2025 | 1198 | 1198 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  2.375% due 04/22/2040 | 800 | 755 |
|  3.500% due 02/25/2028 | 200 | 189 |
|  4.000% due 04/18/2027 | 1500 | 1209 |
|  4.375% due 01/18/2031 | 200 | 160 |
|  4.375% due 07/03/2034 | 500 | 479 |
|  6.500% due 02/09/2032 | 100 | 97 |
|  7.125% due 04/30/2031 | 400 | 394 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 26 | 27 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 53 | 54 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | 348 | 306 |
|  5.750% due 09/30/2039 | 3299 | 3180 |
|  U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust | U.S. Airways Pass-Through Trust |
|  3.950% due 05/15/2027 | 412 | 410 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 187 | 159 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1095 | 974 |
|  5.875% due 04/15/2029 | 16750 | 17074 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 160 | 160 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 1800 | 1668 |
|  3.875% due 11/01/2033 | 2000 | 1723 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  8.125% due 06/01/2028 | 10000 | 10225 |
|  8.375% due 06/01/2031 | 2000 | 2030 |
|  9.500% due 02/01/2029 | 2100 | 2253 |
|  9.875% due 02/01/2032 | 21800 | 23167 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 16600 | 16599 |
|  5.250% due 03/22/2029 | 22600 | 22571 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
|  1.875% due 03/30/2027 | 3000 | 3182 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 « | 665 | 657 |
|  |  | 622933 |
| UTILITIES 2.2% | UTILITIES 2.2% | UTILITIES 2.2% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 3000 | 3040 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 326 | 316 |
|  Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC | Gazprom PJSC Via Gaz Finance PLC |
|  2.950% due 04/15/2025 | 65900 | 60569 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.500% due 03/20/2027 | 7100 | 7129 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 14923 | 14002 |
|  2.500% due 02/01/2031 | 200 | 172 |
|  3.150% due 01/01/2026 | 25470 | 25145 |
|  3.250% due 06/01/2031 | 28900 | 25728 |
|  3.300% due 03/15/2027 | 1510 | 1468 |
|  3.300% due 12/01/2027 | 6710 | 6440 |
|  3.500% due 06/15/2025 | 11026 | 10994 |
|  3.750% due 07/01/2028 | 5599 | 5387 |
|  4.300% due 03/15/2045 | 479 | 375 |
|  4.550% due 07/01/2030 | 11197 | 10842 |
|  4.650% due 08/01/2028 | 800 | 791 |
|  4.950% due 06/08/2025 | 12700 | 12690 |
|  5.282% due 09/04/2025 •  | 22000 | 22003 |
|  5.450% due 06/15/2027 | 7100 | 7174 |
|  5.900% due 06/15/2032 | 9280 | 9470 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 8517 | 8714 |
|  9.750% due 01/06/2027 | 2641 | 2719 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.250% due 03/15/2030 | 12100 | 12175 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 1900 | 1921 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.750% due 03/21/2028 | 2500 | 2510 |
|  |  | 251774 |
|  Total Corporate Bonds & Notes (Cost $1,955,230) | Total Corporate Bonds & Notes (Cost $1,955,230) | 1938089 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  7.350% due 07/01/2035 | 16 | 17 |
|  Total Municipal Bonds & Notes (Cost $16) | Total Municipal Bonds & Notes (Cost $16) | 17 |
| U.S. GOVERNMENT AGENCIES 64.5% | U.S. GOVERNMENT AGENCIES 64.5% | U.S. GOVERNMENT AGENCIES 64.5% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.804% due 09/25/2042 •  | 4 | 4 |
|  6.000% due 04/25/2043 | 3 | 3 |
|  7.338% due 09/01/2037 •  | 1407 | 1424 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  0.661% due 01/25/2031 ~(a) | 128302 | 1855 |
|  2.856% due 10/25/2046 ~ | 539 | 532 |
|  3.500% due 11/01/2046 | 470 | 433 |
|  4.000% due 08/01/2047 | 861 | 814 |
|  6.786% due 12/25/2047 ~ | 175 | 176 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 01/20/2052 - 03/20/2052 | 10955 | 9713 |
|  3.500% due 05/20/2052 - 10/20/2052 | 31849 | 29233 |
|  4.625% due 07/20/2045 - 12/20/2045 •  | 1470 | 1497 |
|  5.000% due 01/20/2049 | 7 | 7 |
|  5.173% due 10/20/2066 •  | 671 | 675 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 04/01/2055 - 05/01/2055 | 18900 | 16121 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 04/01/2055 - 05/01/2055 | 54000 | 47827 |
|  3.500% due 04/01/2055 | 50000 | 45754 |
|  4.000% due 04/01/2055 - 05/01/2055 | 71900 | 67308 |
|  4.500% due 04/01/2055 - 05/01/2055 | 192300 | 184472 |
|  5.000% due 04/01/2055 - 05/01/2055 | 71500 | 70299 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 09/01/2040 - 02/01/2051 | 415477 | 351617 |
|  3.000% due 03/01/2030 - 12/01/2052 | 78329 | 70690 |
|  3.500% due 08/01/2047 - 03/01/2050 | 21700 | 19819 |
|  4.000% due 06/01/2038 - 07/01/2051 | 55092 | 52023 |
|  4.500% due 10/01/2025 - 08/01/2053 | 53246 | 51034 |
|  5.000% due 08/01/2052 - 08/01/2054 | 157810 | 155038 |
|  5.500% due 01/01/2053 - 03/01/2054 | 109374 | 109475 |
|  5.500% due 05/01/2054 | 33584 | 33562 |
|  6.000% due 01/01/2029 - 07/01/2054 | 128186 | 130343 |
|  6.500% due 02/01/2026 - 11/01/2054 | 399086 | 412345 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 04/01/2055 - 05/01/2055 | 195682 | 169594 |
|  3.500% due 05/01/2055 - 06/01/2055 | 160900 | 144988 |
|  4.000% due 05/01/2055 - 06/01/2055 | 606336 | 564072 |
|  4.500% due 04/01/2055 - 06/01/2055 | 292900 | 280014 |
|  5.000% due 05/01/2055 | 619600 | 606779 |
|  5.500% due 04/01/2055 - 05/01/2055 | 739532 | 737996 |
|  6.000% due 04/01/2055 - 06/01/2055 | 1631830 | 1655303 |
|  6.500% due 05/01/2055 - 06/01/2055 | 1151700 | 1185796 |
|  7.000% due 05/01/2055 | 139300 | 145586 |
|  Total U.S. Government Agencies (Cost $7,425,114) | Total U.S. Government Agencies (Cost $7,425,114) | 7354221 |
| U.S. TREASURY OBLIGATIONS 8.0% | U.S. TREASURY OBLIGATIONS 8.0% | U.S. TREASURY OBLIGATIONS 8.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.750% due 08/15/2047 (r) | 1000 | 731 |
|  3.000% due 08/15/2048 (r) | 80 | 61 |
|  3.000% due 02/15/2049 (r) | 10 | 7 |
|  4.625% due 05/15/2054 (r) | 149800 | 150330 |
|  U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) |
|  0.125% due 10/15/2025 (p) | 22033 | 22052 |
|  0.125% due 07/15/2030 (p) | 38723 | 36283 |
|  0.125% due 01/15/2031 (p)(r) | 2074 | 1916 |
|  0.125% due 07/15/2031 (p)(r) | 74584 | 68512 |
|  0.250% due 07/15/2029 (p)(r) | 66425 | 63643 |
|  0.250% due 02/15/2050 (r) | 6202 | 3791 |
|  0.375% due 07/15/2025 (p)(r) | 45682 | 45763 |
|  0.375% due 01/15/2027 (p) | 3628 | 3591 |
|  0.375% due 07/15/2027 (p)(r) | 987 | 976 |
|  0.625% due 07/15/2032 (p)(r) | 93462 | 87285 |
|  0.625% due 02/15/2043 (r) | 1105 | 851 |
|  0.750% due 07/15/2028 (p) | 11963 | 11825 |
|  0.750% due 02/15/2042 (r) | 1124 | 904 |
|  0.750% due 02/15/2045 (r) | 5800 | 4406 |
|  0.875% due 01/15/2029 (p) | 38908 | 38310 |
|  0.875% due 02/15/2047 (r) | 6447 | 4884 |
|  1.000% due 02/15/2046 (r) | 3351 | 2646 |
|  1.000% due 02/15/2048 (r) | 7470 | 5747 |
|  1.000% due 02/15/2049 | 23741 | 18085 |
|  1.375% due 07/15/2033 (r) | 91818 | 89600 |
|  1.375% due 02/15/2044 (r) | 1090 | 950 |
|  1.500% due 02/15/2053 | 22224 | 18510 |
|  1.750% due 01/15/2034 (p)(r) | 29137 | 29097 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **131** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.875% due 07/15/2034 | 198488 | 200399 |
|  2.125% due 02/15/2040 (r) | 588 | 595 |
|  2.125% due 02/15/2041 (r) | 580 | 586 |
|  Total U.S. Treasury Obligations (Cost $967,503) | Total U.S. Treasury Obligations (Cost $967,503) | 912336 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 17.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 17.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 17.3% |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  4.501% due 02/10/2036 | 12990 | 12164 |
|  4.649% due 02/10/2036 ~ | 30350 | 27123 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.935% due 03/25/2036 •  | 4447 | 1233 |
|  5.216% due 11/25/2035 •  | 56 | 40 |
|  5.509% due 06/25/2035 ~ | 1894 | 1828 |
|  5.538% due 10/25/2035 •  | 26 | 24 |
|  7.102% due 08/25/2035 •  | 33 | 32 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.560% due 03/25/2047 •  | 1825 | 1614 |
|  4.625% due 12/25/2046 •  | 3731 | 3186 |
|  5.575% due 10/25/2046 •  | 3100 | 2035 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  5.335% due 09/25/2035 •  | 340 | 342 |
|  6.440% due 12/25/2035 •  | 11032 | 2040 |
|  6.700% due 06/25/2036 þ | 8911 | 1279 |
|  7.100% due 06/25/2036 þ | 3816 | 547 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 810 | 815 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.742% due 04/15/2035 •  | 10000 | 9945 |
|  6.592% due 04/15/2035 •  | 23253 | 23025 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  6.267% due 12/15/2036 •  | 8450 | 8162 |
|  6.567% due 12/15/2036 •  | 7242 | 6882 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 «•  | 9400 | 7154 |
|  6.434% due 09/15/2038 •  | 6000 | 5436 |
|  7.184% due 09/15/2038 •  | 16700 | 14905 |
|  BAMLL Re-REMIC Trust | BAMLL Re-REMIC Trust | BAMLL Re-REMIC Trust |
|  5.618% due 06/17/2050 ~ | 100 | 23 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.913% due 10/25/2036 ~ | 2281 | 646 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.814% due 10/20/2036 ~ | 6168 | 4736 |
|  4.814% due 12/20/2046 ~ | 3828 | 3412 |
|  5.460% due 05/20/2036 ~ | 39 | 33 |
|  5.643% due 09/20/2035 ~ | 21 | 17 |
|  6.388% due 04/25/2037 þ | 82 | 70 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.853% due 01/25/2036 ~ | 16 | 14 |
|  5.336% due 11/20/2046 •  | 134 | 119 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  7.008% due 07/15/2037 •  | 5576 | 4922 |
|  Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust | Barclays Commercial Real Estate Trust |
|  4.563% due 08/10/2033 ~ | 8800 | 6859 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.140% due 11/25/2054 •  | 4752 | 4733 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.851% due 03/27/2036 ~ | 546 | 379 |
|  4.495% due 10/26/2037 ~ | 89 | 89 |
|  4.714% due 11/26/2036 •  | 1339 | 1099 |
|  4.795% due 03/25/2037 •  | 6332 | 5719 |
|  6.500% due 06/26/2037 ~ | 7414 | 1781 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.172% due 01/25/2035 •  | 2 | 2 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.630% due 11/25/2035 •  | 266 | 242 |
|  4.742% due 09/25/2047 ~ | 11734 | 6692 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.595% due 01/25/2037 •  | 7476 | 6672 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.116% due 01/26/2036 ~ | 178 | 128 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.294% due 12/15/2062 ~ | 11595 | 6624 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 8866 | 8605 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  6.634% due 09/15/2036 •  | 7124 | 6219 |
|  7.284% due 09/15/2036 •  | 8195 | 6781 |
|  BX Trust | BX Trust | BX Trust |
|  6.079% due 10/15/2036 •  | 13200 | 13160 |
|  6.329% due 10/15/2036 •  | 16040 | 15973 |
|  6.587% due 05/15/2035 ~ | 6285 | 6275 |
|  7.037% due 05/15/2035 •  | 3600 | 3595 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  4.000% due 10/25/2054 •  | 14506 | 14169 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2064 •  | 11687 | 10484 |
|  3.250% due 09/25/2064 •  | 9526 | 8470 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.000% due 05/25/2036 | 10845 | 4646 |
|  6.667% due 02/25/2037 ~ | 407 | 396 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.000% due 02/25/2035 | 2038 | 1495 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.685% due 06/25/2036 •  | 159 | 153 |
|  CIM Trust | CIM Trust | CIM Trust |
|  4.500% due 03/25/2062 ~ | 47895 | 46681 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 05/25/2037 | 866 | 788 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  6.334% due 10/15/2036 •  | 15070 | 14894 |
|  6.734% due 10/15/2036 •  | 19910 | 19647 |
|  7.334% due 10/15/2036 •  | 13270 | 13083 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 05/01/2060 ~ | 293364 | 256133 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 05/25/2037 | 4174 | 3941 |
|  6.500% due 06/25/2037 | 36 | 33 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  6.157% due 11/15/2038 ~ | 7850 | 7595 |
|  7.400% due 11/15/2038 ~ | 8000 | 7209 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.903% due 12/25/2068 þ | 3457 | 3482 |
|  6.393% due 06/25/2069 þ | 6606 | 6682 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.714% due 09/20/2046 ~ | 925 | 805 |
|  4.795% due 04/25/2046 •  | 863 | 803 |
|  4.834% due 07/20/2046 •  | 65 | 55 |
|  4.835% due 02/25/2036 •  | 104 | 64 |
|  5.000% due 08/25/2035 | 2344 | 1393 |
|  5.454% due 11/20/2035 •  | 15 | 15 |
|  5.500% due 04/25/2035 | 849 | 584 |
|  5.500% due 12/25/2035 | 152 | 134 |
|  5.500% due 03/25/2036 | 38 | 17 |
|  5.595% due 08/25/2046 •  | 1542 | 1388 |
|  6.000% due 12/25/2034 | 1812 | 1626 |
|  6.000% due 03/25/2036 | 372 | 174 |
|  6.000% due 08/25/2036 •  | 393 | 370 |
|  6.000% due 03/25/2037 | 916 | 348 |
|  6.000% due 05/25/2037 | 8059 | 3578 |
|  6.015% due 11/25/2047 ~ | 2256 | 1944 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.704% due 04/25/2035 ~ | 87 | 69 |
|  4.353% due 09/20/2036 •  | 619 | 546 |
|  4.399% due 11/25/2037 ~ | 13481 | 12429 |
|  4.705% due 04/25/2035 •  | 93 | 88 |
|  5.035% due 05/25/2035 •  | 681 | 598 |
|  5.075% due 03/25/2035 •  | 56 | 49 |
|  5.500% due 11/25/2035 | 27 | 14 |
|  6.000% due 02/25/2037 | 5997 | 2248 |
|  7.789% due 10/20/2034 ~ | 53 | 53 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.795% due 03/25/2035 •  | 1471 | 1415 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.083% due 03/25/2032 •  | 36 | 35 |
|  6.000% due 01/25/2036 | 188 | 112 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  4.193% due 07/27/2061 •  | 22437 | 22371 |
|  5.181% due 01/15/2049 ~ | 15000 | 11727 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.234% due 07/15/2038 •  | $— | 4460 | $— | 3570 |
|  6.344% due 07/15/2032 •  |  | 2798 |  | 2783 |
|  6.421% due 10/25/2037 •  |  | 28925 |  | 17007 |
|  6.734% due 07/15/2038 •  |  | 7000 |  | 3881 |
|  7.199% due 06/01/2050 ~ |  | 4715 |  | 4699 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 •  |  | 2757 |  | 2759 |
|  CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust | CRSNT Commercial Mortgage Trust |
|  5.634% due 04/15/2036 •  |  | 16000 |  | 15732 |
|  5.984% due 04/15/2036 •  |  | 9000 |  | 8839 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  7.084% due 10/15/2036 •  |  | 19393 |  | 17549 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 4300 |  | 4410 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.735% due 03/25/2037 •  |  | 174 |  | 163 |
|  4.855% due 08/25/2047 •  |  | 12603 |  | 11885 |
|  6.369% due 10/25/2036 þ |  | 48 |  | 41 |
|  6.386% due 10/25/2036 þ |  | 48 |  | 41 |
|  Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates |
|  4.482% due 06/27/2037 ~ |  | 8791 |  | 7790 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.741% due 10/19/2036 •  |  | 264 |  | 158 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  6.683% due 10/15/2043 •  |  | 15648 |  | 14060 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.655% due 02/25/2060 «þ |  | 5500 |  | 5514 |
|  5.726% due 01/25/2060 þ |  | 3278 |  | 3306 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.279% due 09/13/2045 •  |  | 966 |  | 1238 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  0.000% due 07/15/2038 ~(a) | $— | 2331350 |  | 3 |
|  5.513% due 07/15/2038 ~ |  | 54134 |  | 54119 |
|  6.683% due 07/15/2038 •  |  | 7363 |  | 7363 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.634% due 02/25/2036 ~ |  | 10 |  | 10 |
|  5.750% due 05/25/2037 |  | 68 |  | 22 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  4.250% due 05/25/2067 •  |  | 3877 |  | 3633 |
|  6.007% due 01/25/2059 þ |  | 3313 |  | 3327 |
|  6.085% due 06/25/2059 þ |  | 4563 |  | 4594 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  6.240% due 12/15/2036 •  |  | 2939 |  | 2891 |
|  6.490% due 12/15/2036 •  |  | 3338 |  | 3250 |
|  7.090% due 12/15/2036 •  |  | 924 |  | 890 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ |  | 12764 |  | 11937 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 01/25/2061 ~ |  | 1152 |  | 987 |
|  0.000% due 01/25/2061 ~(a) |  | 179132 |  | 8242 |
|  0.000% due 12/25/2061 ~(a) |  | 366 |  | 345 |
|  0.140% due 01/25/2061 ~(a) |  | 174813 |  | 795 |
|  2.750% due 01/25/2061 ~ |  | 123547 |  | 116162 |
|  3.250% due 01/25/2061 ~ |  | 12636 |  | 11180 |
|  3.500% due 01/25/2061 ~ |  | 8832 |  | 7941 |
|  3.875% due 01/25/2061 ~ |  | 7473 |  | 6755 |
|  4.009% due 12/25/2061 ~ |  | 222711 |  | 190613 |
|  4.250% due 01/25/2061 ~ |  | 4076 |  | 3727 |
|  4.750% due 01/25/2061 ~ |  | 3533 |  | 3285 |
|  5.492% due 01/25/2061 ~ |  | 3303 |  | 2913 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.072% due 06/25/2034 ~ |  | 1300 |  | 1216 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.076% due 11/25/2035 •  |  | 3 |  | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.794% due 06/19/2045 ~ |  | 723 |  | 334 |
|  5.485% due 12/19/2036 ~ |  | 4465 |  | 3989 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.245% due 10/25/2035 •  |  | 7184 |  | 6829 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.425% due 07/25/2035 •  |  | 3207 |  | 2826 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.216% due 12/25/2032 þ |  | 25 |  | 25 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  5.075% due 03/25/2036 •  | 980 | 808 |
|  Independence Plaza Trust | Independence Plaza Trust | Independence Plaza Trust |
|  4.356% due 07/10/2035 | 1600 | 1565 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  4.737% due 08/25/2037 ~ | 84 | 81 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.360% due 05/25/2037 ~ | 7963 | 6374 |
|  3.928% due 05/25/2037 ~ | 1214 | 824 |
|  4.110% due 09/25/2035 •  | 44 | 36 |
|  4.795% due 01/25/2037 •  | 7162 | 6278 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.299% due 10/25/2036 ~ | 6963 | 6294 |
|  4.308% due 05/25/2036 •  | 93 | 52 |
|  4.799% due 12/25/2036 •  | 25 | 25 |
|  5.716% due 12/25/2035 ~ | 385 | 273 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  0.360% due 10/05/2040 ~(a) | 51900 | 654 |
|  6.433% due 12/15/2036 •  | 3810 | 180 |
|  6.534% due 09/15/2029 •  | 7700 | 6712 |
|  6.784% due 09/15/2029 •  | 8698 | 7128 |
|  7.235% due 10/05/2040 | 5500 | 5817 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.578% due 05/25/2036 ~ | 193 | 158 |
|  4.750% due 01/25/2063 ~ | 14552 | 14197 |
|  5.054% due 08/25/2036 ~ | 500 | 391 |
|  5.491% due 06/25/2037 ~ | 148 | 114 |
|  5.491% due 06/25/2037 •  | 40 | 30 |
|  6.000% due 09/25/2035 | 4957 | 3451 |
|  6.500% due 09/25/2035 | 92 | 57 |
|  Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 | 1007 | 468 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 4649 | 4650 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 08/25/2036 | 349 | 267 |
|  6.000% due 09/25/2037 | 69 | 68 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.795% due 12/25/2036 ~ | 5470 | 5292 |
|  4.815% due 09/25/2046 •  | 146 | 129 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.645% due 04/25/2046 •  | 173 | 156 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  6.750% due 07/25/2036 | 395 | 137 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  8.000% due 08/25/2034 | 1370 | 1082 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  5.035% due 03/25/2037 •  | 573 | 135 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.155% due 08/25/2035 •  | 1900 | 1771 |
|  6.039% due 11/25/2035 •  | 28 | 27 |
|  MFA Trust | MFA Trust | MFA Trust |
|  5.570% due 09/25/2067 þ | 14570 | 14527 |
|  6.105% due 12/25/2068 þ | 3992 | 4018 |
|  MFT Trust | MFT Trust | MFT Trust |
|  3.358% due 02/10/2042 | 5000 | 3859 |
|  3.477% due 02/10/2042 ~ | 6815 | 4839 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  6.017% due 11/15/2034 •  | 5400 | 5196 |
|  6.678% due 12/15/2036 •  | 9000 | 414 |
|  6.817% due 11/15/2034 •  | 20993 | 20179 |
|  Morgan Stanley Mortgage Capital Holdings Trust | Morgan Stanley Mortgage Capital Holdings Trust | Morgan Stanley Mortgage Capital Holdings Trust |
|  3.740% due 09/13/2039 ~ | 2681 | 2359 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | 5423 | 5272 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.530% due 01/25/2042 •  | 2250 | 2210 |
|  MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
|  2.718% due 12/15/2036 | 19530 | 14650 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  4.058% due 04/10/2037 ~ | 21999 | 15304 |
|  4.773% due 06/17/2038 ~ | 11706 | 11070 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 3300 | 3263 |
|  5.956% due 04/15/2032 •  | 12440 | 12004 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 3836 | 3679 |
|  3.500% due 10/25/2059 ~ | 1594 | 1498 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  3.750% due 02/25/2068 ~ | 1706 | 1579 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 3151 | 2857 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.625% due 06/25/2037 •  | 3065 | 2522 |
|  4.948% due 04/25/2036 ~ | 1948 | 1707 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.335% due 01/25/2037 •  | 18557 | 17556 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.928% due 11/25/2063 þ | 4983 | 5004 |
|  6.030% due 01/25/2064 þ | 5783 | 5827 |
|  6.233% due 05/25/2064 þ | 4808 | 4869 |
|  6.465% due 10/25/2063 þ | 7624 | 7710 |
|  6.844% due 04/25/2063 þ | 3578 | 3622 |
|  7.159% due 10/25/2063 þ | 9881 | 10082 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ | 2200 | 2108 |
|  4.000% due 07/25/2069 þ | 988 | 950 |
|  4.075% due 06/25/2064 •  | 3656 | 3459 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.431% due 05/25/2059 þ | 835 | 844 |
|  7.225% due 11/25/2058 þ | 4292 | 4376 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 849 | 826 |
|  3.750% due 04/25/2055 þ | 4500 | 4340 |
|  4.000% due 11/25/2053 þ | 929 | 914 |
|  4.000% due 01/25/2054 þ | 840 | 824 |
|  4.000% due 05/25/2054 þ | 813 | 798 |
|  4.000% due 11/25/2054 þ | 5798 | 5608 |
|  4.200% due 12/25/2064 þ | 2154 | 2108 |
|  5.699% due 11/25/2029 þ | 1522 | 1521 |
|  5.870% due 11/25/2029 þ | 6592 | 6592 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.802% due 11/25/2069 þ | 8945 | 8978 |
|  6.221% due 11/25/2068 þ | 1368 | 1380 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  5.498% due 01/26/2036 ~ | 1923 | 1769 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.808% due 09/25/2043 ~ | 2170 | 2195 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.755% due 01/25/2037 •  | 10000 | 8947 |
|  4.815% due 07/25/2036 •  | 116 | 106 |
|  5.485% due 09/25/2046 •  | 5021 | 4552 |
|  5.995% due 09/25/2045 •  | 138 | 118 |
|  6.000% due 09/25/2036 | 324 | 129 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | 1000 | 1003 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  6.833% due 05/15/2038 •  | 23560 | 22507 |
|  7.333% due 05/15/2038 •  | 5000 | 4518 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.184% due 04/15/2034 •  | 7734 | 7625 |
|  6.734% due 04/15/2034 •  | 10000 | 9858 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.735% due 02/25/2037 •  | 2091 | 2048 |
|  5.038% due 09/25/2035 •  | 108 | 96 |
|  6.415% due 04/25/2034 •  | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.695% due 03/25/2037 ~ | 891 | 360 |
|  4.975% due 08/25/2035 •  | 229 | 218 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.685% due 07/25/2035 ~ | 11390 | 10581 |
|  4.695% due 05/25/2043 •  | 6023 | 5691 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.685% due 05/25/2036 •  | 12413 | 10030 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  4.795% due 01/25/2037 •  | 14354 | 3070 |
|  6.470% due 09/25/2036 þ | 473 | 11 |
|  6.620% due 03/25/2037 þ | 8804 | 1817 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.075% due 09/25/2043 •  | 8 | 8 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | GBP | 28375 | 36749 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | $| 3415 | 3264 |
|  3.000% due 10/25/2057 ~ |  | 1774 | 1671 |
|  3.250% due 07/25/2056 ~ |  | 764 | 754 |
|  3.750% due 07/25/2062 ~ |  | 7164 | 6767 |
|  3.750% due 09/25/2062 |  | 74487 | 70671 |
|  4.492% due 10/25/2064 •  |  | 34213 | 34399 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.645% due 01/20/2066 | GBP | 10734 | 13911 |
|  Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
|  5.050% due 10/10/2040 •  |  | 2541 | 3064 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.684% due 07/15/2039 •  | $| 10800 | 10201 |
|  6.184% due 07/15/2039 •  |  | 10000 | 8915 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.799% due 07/25/2069 þ |  | 2361 | 2372 |
|  6.192% due 06/25/2069 þ |  | 8025 | 8100 |
|  6.259% due 12/25/2068 þ |  | 3156 | 3181 |
|  6.876% due 11/25/2068 •  |  | 3211 | 3258 |
|  Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust | Waikiki Beach Hotel Trust |
|  6.097% due 12/15/2033 •  |  | 5000 | 4963 |
|  6.647% due 12/15/2033 •  |  | 8790 | 8694 |
|  WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust |
|  6.412% due 11/23/2043 •  |  | 180 | 179 |
|  6.990% due 03/23/2045 ~ |  | 8108 | 7926 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.174% due 12/25/2046 •  |  | 102 | 89 |
|  4.541% due 02/25/2037 •  |  | 156 | 139 |
|  4.995% due 11/25/2045 •  |  | 1391 | 1317 |
|  5.005% due 10/25/2035 •  |  | 2604 | 2378 |
|  5.015% due 12/25/2045 •  |  | 1358 | 1352 |
|  5.415% due 11/25/2034 •  |  | 170 | 162 |
|  5.835% due 11/25/2042 •  |  | 28 | 27 |
|  6.790% due 09/25/2033 •  |  | 12 | 11 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  5.431% due 12/21/2049 •  | GBP | 6208 | 8035 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  4.865% due 06/25/2037 •  | $| 1770 | 1526 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.662% due 11/25/2037 •  |  | 117 | 106 |
|  6.697% due 04/25/2036 ~ |  | 398 | 391 |
|  6.819% due 10/25/2037 ~ |  | 9848 | 8495 |
|  7.403% due 09/25/2033 ~ |  | 16 | 16 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,160,403) | Total Non-Agency Mortgage-Backed Securities (Cost $2,160,403) | Total Non-Agency Mortgage-Backed Securities (Cost $2,160,403) | 1975418 |
| ASSET-BACKED SECURITIES 20.9% | ASSET-BACKED SECURITIES 20.9% | ASSET-BACKED SECURITIES 20.9% | ASSET-BACKED SECURITIES 20.9% |
| AUTOMOBILE ABS OTHER 1.0% | AUTOMOBILE ABS OTHER 1.0% | AUTOMOBILE ABS OTHER 1.0% | AUTOMOBILE ABS OTHER 1.0% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.939% due 02/18/2028 ~ |  | 8311 | 8318 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.024% due 05/15/2028 •  |  | 7500 | 7502 |
|  5.079% due 09/15/2027 •  |  | 1113 | 1113 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  6.310% due 10/15/2027 |  | 328 | 329 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.340% due 06/15/2028 |  | 10034 | 10045 |
|  5.520% due 11/15/2027 |  | 20676 | 20714 |
|  5.690% due 03/15/2029 |  | 12259 | 12352 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.709% due 06/16/2027 ~ |  | 7131 | 7132 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.849% due 05/15/2028 •  |  | 7400 | 7395 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.864% due 01/20/2027 •  |  | 9600 | 9608 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.720% due 06/15/2027 |  | 5279 | 5279 |
|  4.930% due 09/17/2029 |  | 8900 | 8969 |
|  4.960% due 11/15/2028 |  | 14000 | 14019 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.917% due 03/15/2027 •  |  | 1645 | 1645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **133** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.779% due 09/15/2027 ~ | 472 | 473 |
|  4.819% due 01/18/2028 •  | 4113 | 4117 |
|  |  | 119010 |
| AUTOMOBILE SEQUENTIAL 7.1% | AUTOMOBILE SEQUENTIAL 7.1% | AUTOMOBILE SEQUENTIAL 7.1% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.750% due 02/18/2028 | 9046 | 9076 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.130% due 10/20/2028 | 5500 | 5559 |
|  5.440% due 02/22/2028 | 1070 | 1085 |
|  5.780% due 04/20/2028 | 2250 | 2299 |
|  6.120% due 04/20/2027 | 2780 | 2814 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.660% due 03/15/2028 | 3800 | 3828 |
|  5.670% due 04/15/2027 | 2645 | 2649 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 4400 | 4452 |
|  5.570% due 12/15/2026 | 4026 | 4037 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.340% due 04/17/2028 | 3300 | 3313 |
|  5.540% due 02/16/2027 | 723 | 724 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  4.760% due 05/15/2028 | 9300 | 9307 |
|  5.780% due 09/15/2027 | 2003 | 2010 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 2448 | 2418 |
|  4.260% due 10/10/2029 | 10700 | 10681 |
|  4.310% due 09/10/2030 | 6225 | 6189 |
|  4.500% due 06/12/2028 | 4000 | 3999 |
|  4.780% due 05/10/2028 | 2200 | 2202 |
|  4.910% due 08/10/2029 | 3100 | 3118 |
|  5.080% due 03/11/2030 | 5691 | 5785 |
|  5.500% due 08/10/2027 | 2758 | 2764 |
|  5.620% due 01/10/2029 | 2200 | 2227 |
|  5.710% due 07/10/2028 | 4100 | 4146 |
|  5.710% due 07/10/2029 | 3000 | 3081 |
|  5.740% due 11/13/2029 | 1873 | 1931 |
|  5.760% due 04/12/2027 | 1937 | 1940 |
|  5.900% due 08/10/2027 | 3598 | 3611 |
|  5.980% due 12/10/2027 | 2744 | 2760 |
|  6.090% due 11/10/2026 | 38 | 38 |
|  6.160% due 10/10/2028 | 4600 | 4661 |
|  6.160% due 09/10/2029 | 5319 | 5527 |
|  Centerline Logistics Corp. | Centerline Logistics Corp. | Centerline Logistics Corp. |
|  9.250% due 12/15/2027 | 338 | 340 |
|  9.750% due 12/15/2027 | 353 | 355 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.220% due 07/25/2029 | 13000 | 13195 |
|  5.250% due 09/27/2027 | 12315 | 12350 |
|  5.520% due 06/25/2029 | 17400 | 17686 |
|  5.530% due 09/27/2027 | 8568 | 8605 |
|  5.660% due 05/26/2027 | 8056 | 8082 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.880% due 02/15/2028 | 6960 | 6998 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 | 2000 | 2026 |
|  6.260% due 11/15/2029 | 1000 | 1031 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.650% due 10/20/2027 | 4300 | 4309 |
|  4.820% due 02/20/2029 | 3900 | 3934 |
|  4.980% due 08/21/2028 | 3300 | 3345 |
|  5.310% due 04/20/2027 | 4000 | 4020 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.780% due 06/15/2027 | 5800 | 5801 |
|  5.280% due 08/15/2030 | 4000 | 4018 |
|  5.600% due 05/17/2027 | 11685 | 11699 |
|  5.820% due 02/15/2027 | 4012 | 4018 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 1100 | 1123 |
|  5.540% due 04/16/2029 | 3700 | 3756 |
|  5.760% due 11/15/2027 | 5047 | 5072 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.920% due 02/15/2031 | 9800 | 9796 |
|  5.690% due 02/15/2030 | 5310 | 5367 |
|  6.790% due 10/15/2029 | 4110 | 4179 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 | 3749 | 3790 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 7500 | 5312 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 4588 | 4610 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.770% due 06/15/2027 | 5411 | 5427 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.580% due 06/17/2030 | 6552 | 6632 |
|  6.370% due 06/15/2028 | 4644 | 4691 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.130% due 04/16/2029 | 20400 | 20643 |
|  5.350% due 06/16/2027 | 6356 | 6377 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 | 4920 | 4935 |
|  Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 | 15700 | 15699 |
|  4.620% due 08/16/2027 | 27811 | 27821 |
|  5.650% due 02/16/2027 | 5056 | 5071 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.730% due 09/25/2026 | 7030 | 7010 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.890% due 02/22/2027 | 49939 | 50019 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.620% due 04/17/2028 | 9300 | 9328 |
|  4.770% due 03/15/2027 | 5231 | 5240 |
|  5.800% due 12/15/2026 | 13300 | 13377 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.840% due 03/15/2029 | 6000 | 6047 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.600% due 12/15/2027 | 8250 | 8248 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 2600 | 2604 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 10200 | 10344 |
|  5.590% due 02/17/2032 | 7402 | 7428 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.700% due 06/15/2029 | 6700 | 6725 |
|  5.040% due 09/15/2027 | 10459 | 10478 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.670% due 11/22/2027 | 9200 | 9235 |
|  4.840% due 01/20/2027 | 6200 | 6207 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 1279 | 1279 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.710% due 06/15/2028 | 31900 | 31919 |
|  4.850% due 01/16/2029 | 20000 | 20055 |
|  5.250% due 04/17/2028 | 1700 | 1704 |
|  5.630% due 01/16/2029 | 9500 | 9595 |
|  5.710% due 02/16/2027 | 1928 | 1929 |
|  5.910% due 06/15/2027 | 3317 | 3323 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.560% due 02/22/2028 | 33400 | 33409 |
|  4.680% due 04/20/2027 | 7200 | 7204 |
|  4.830% due 04/20/2028 | 7800 | 7833 |
|  4.940% due 11/20/2026 | 16844 | 16863 |
|  5.560% due 11/22/2027 | 15900 | 16055 |
|  5.670% due 11/20/2026 | 5165 | 5177 |
|  6.520% due 04/20/2028 | 4500 | 4584 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 11043 | 11080 |
|  5.700% due 10/16/2028 | 5000 | 5066 |
|  5.700% due 08/15/2029 | 2700 | 2772 |
|  5.850% due 05/17/2027 | 2314 | 2320 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.650% due 05/22/2028 | 11900 | 11910 |
|  4.940% due 01/21/2031 | 700 | 707 |
|  4.950% due 05/21/2029 | 3900 | 3923 |
|  5.470% due 10/20/2028 | 3100 | 3125 |
|  5.710% due 10/20/2027 | 4688 | 4703 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 11000 | 11107 |
|  5.380% due 02/20/2029 | 3500 | 3568 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Auto Credit Securitization Trust | United Auto Credit Securitization Trust | United Auto Credit Securitization Trust |
|  6.170% due 08/10/2026 | 206 | 206 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.440% due 05/17/2027 | 3100 | 3111 |
|  5.620% due 03/15/2027 | 4284 | 4292 |
|  5.750% due 08/16/2027 | 14349 | 14411 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 16400 | 16431 |
|  4.780% due 01/18/2028 | 14354 | 14367 |
|  5.270% due 09/17/2029 | 6000 | 6066 |
|  5.480% due 09/15/2027 | 531 | 533 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.980% due 02/15/2030 | 5800 | 5851 |
|  5.370% due 02/15/2028 | 5716 | 5735 |
|  |  | 814847 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  LCCM Trust | LCCM Trust | LCCM Trust |
|  5.884% due 11/15/2038 •  | 1785 | 1801 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.467% due 06/19/2037 ~ | 21851 | 21844 |
|  6.952% due 09/17/2037 •  | 8108 | 8113 |
|  |  | 31758 |
| HOME EQUITY OTHER 5.2% | HOME EQUITY OTHER 5.2% | HOME EQUITY OTHER 5.2% |
|  Aames Mortgage Trust | Aames Mortgage Trust | Aames Mortgage Trust |
|  6.950% due 11/25/2031 þ | 360 | 374 |
|  7.150% due 01/25/2032 þ | 202 | 207 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.185% due 06/25/2037 •  | 3944 | 3261 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.695% due 09/25/2036 •  | 686 | 683 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.875% due 05/25/2037 •  | 13141 | 2051 |
|  6.385% due 11/25/2034 •  | 2267 | 2226 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.166% due 06/25/2033 •  | 518 | 430 |
|  5.185% due 01/25/2036 •  | 316 | 311 |
|  5.380% due 07/25/2035 •  | 3564 | 3507 |
|  5.785% due 03/25/2033 •  | 119 | 115 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 06/25/2036 •  | 3078 | 1579 |
|  4.815% due 03/25/2036 •  | 4904 | 4479 |
|  4.915% due 07/25/2036 •  | 1038 | 279 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.385% due 05/25/2034 •  | 793 | 657 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.077% due 01/25/2036 •  | 8121 | 7272 |
|  5.410% due 06/25/2035 •  | 2000 | 1742 |
|  Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust |
|  5.312% due 04/28/2036 •  | 275 | 274 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.785% due 06/25/2047 •  | 25753 | 23941 |
|  5.335% due 08/25/2034 •  | 7443 | 7343 |
|  6.035% due 10/25/2037 •  | 28964 | 28271 |
|  6.385% due 08/25/2035 •  | 17152 | 16552 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  6.435% due 03/25/2037 •  | 7000 | 6674 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.625% due 06/25/2037 •  | 3205 | 3164 |
|  5.425% due 06/25/2035 •  | 15798 | 15752 |
|  6.235% due 05/25/2035 •  | 15328 | 13238 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.779% due 06/25/2034 þ | 4708 | 4586 |
|  5.085% due 03/25/2033 •  | 819 | 808 |
|  5.485% due 10/25/2035 •  | 1528 | 1505 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 30408 | 30823 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.095% due 02/25/2035 •  | 305 | 292 |
|  5.125% due 10/25/2035 •  | 800 | 738 |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.520% due 12/25/2034 •  | 952 | 866 |
|  4.685% due 06/25/2047 •  | 153 | 148 |
|  4.695% due 04/25/2046 •  | 1458 | 1375 |
|  4.715% due 06/25/2047 •  | 6996 | 6410 |
|  4.840% due 09/25/2046 •  | 1652 | 1313 |
|  4.875% due 05/25/2037 •  | 15141 | 14532 |
|  4.875% due 05/25/2047 •  | 3496 | 3335 |
|  4.915% due 04/25/2037 ~ | 33 | 29 |
|  4.915% due 03/25/2047 •  | 8742 | 8229 |
|  4.935% due 01/25/2046 •  | 4821 | 4589 |
|  5.125% due 05/25/2036 •  | 22 | 22 |
|  5.135% due 03/25/2036 •  | 4305 | 3767 |
|  5.175% due 08/25/2047 •  | 19792 | 19271 |
|  5.335% due 10/25/2047 ~ | 8 | 7 |
|  5.499% due 02/25/2035 ~ | 4460 | 4088 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.638% due 03/25/2034 •  | 93 | 102 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.535% due 05/25/2037 •  | 8233 | 8033 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  7.435% due 11/25/2030 •  | 3648 | 3595 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.000% due 09/25/2061 þ | 11853 | 11617 |
|  6.500% due 04/25/2073 þ | 4119 | 4148 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  3.873% due 05/25/2035 ~ | 8559 | 7596 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 11/25/2036 •  | 3517 | 2064 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.675% due 05/25/2047 ~ | 1424 | 826 |
|  4.875% due 03/25/2047 •  | 5013 | 1717 |
|  5.335% due 08/25/2037 ~ | 27 | 26 |
|  6.741% due 03/25/2036 þ | 3680 | 1026 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.715% due 03/25/2047 •  | 10679 | 9772 |
|  4.775% due 01/25/2037 ~ | 757 | 740 |
|  4.915% due 09/25/2036 •  | 8374 | 2890 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.035% due 07/25/2036 •  | 2258 | 2142 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.625% due 04/25/2037 •  | 9149 | 8726 |
|  4.665% due 04/25/2037 ~ | 372 | 358 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.555% due 12/25/2036 •  | 55 | 16 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.625% due 04/25/2037 •  | 14665 | 9908 |
|  5.680% due 03/25/2035 •  | 2009 | 1984 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 168 | 168 |
|  4.885% due 07/25/2036 •  | 5000 | 4529 |
|  5.020% due 01/25/2036 •  | 7015 | 7150 |
|  5.335% due 09/25/2035 •  | 3400 | 3040 |
|  5.395% due 06/25/2035 •  | 7474 | 6455 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.735% due 06/25/2036 ~ | 7926 | 3720 |
|  4.735% due 09/25/2036 •  | 9980 | 6394 |
|  4.895% due 10/25/2036 •  | 33961 | 10933 |
|  5.035% due 02/25/2036 •  | 6483 | 5554 |
|  5.065% due 01/25/2046 •  | 2687 | 2574 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 01/25/2037 •  | 267 | 76 |
|  4.855% due 05/25/2037 •  | 62 | 60 |
|  6.160% due 06/25/2035 •  | 470 | 480 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.655% due 08/25/2037 ~ | 1063 | 522 |
|  4.725% due 08/25/2037 •  | 360 | 328 |
|  4.955% due 03/25/2037 ~ | 790 | 734 |
|  4.955% due 04/25/2037 •  | 559 | 268 |
|  5.185% due 09/25/2035 ~ | 3729 | 3693 |
|  5.235% due 08/25/2035 •  | 1271 | 1224 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.685% due 07/25/2036 •  | 51 | 46 |
|  4.915% due 09/25/2036 •  | 6576 | 2279 |
|  4.975% due 03/25/2036 •  | 2458 | 2404 |
|  5.140% due 12/25/2034 ~ | 72 | 70 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.175% due 01/25/2034 •  | 2047 | 2062 |
|  5.365% due 02/25/2035 •  | 1075 | 986 |
|  5.385% due 07/25/2037 •  | 39040 | 36888 |
|  5.455% due 01/25/2035 •  | 1158 | 1187 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.735% due 07/25/2036 ~ | 4342 | 4043 |
|  4.735% due 07/25/2036 •  | 6461 | 6123 |
|  5.095% due 11/25/2035 •  | 4352 | 4187 |
|  5.095% due 10/25/2036 ~ | 2008 | 445 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.755% due 05/25/2036 •  | 622 | 615 |
|  5.350% due 10/25/2035 •  | 7454 | 7257 |
|  6.535% due 12/25/2034 •  | 74 | 65 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  5.125% due 11/25/2035 •  | 1446 | 1390 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.755% due 10/25/2037 •  | 8837 | 9045 |
|  4.855% due 01/25/2037 •  | 591 | 576 |
|  4.895% due 10/25/2037 •  | 4817 | 4960 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.170% due 09/25/2035 •  | 4723 | 4622 |
|  5.470% due 05/25/2035 •  | 7804 | 6284 |
|  5.485% due 06/25/2035 •  | 10980 | 9396 |
|  6.160% due 09/25/2034 •  | 2620 | 2584 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.380% due 05/25/2035 •  | 569 | 533 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.900% due 11/25/2036 •  | 6844 | 5941 |
|  Quest Trust | Quest Trust | Quest Trust |
|  5.015% due 08/25/2036 •  | 6182 | 5843 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.115% due 12/25/2035 •  | 1012 | 897 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.975% due 07/25/2036 •  | 1060 | 926 |
|  5.065% due 02/25/2036 •  | 1500 | 1455 |
|  5.395% due 01/25/2036 •  | 2608 | 2473 |
|  5.410% due 09/25/2035 •  | 2641 | 2622 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.745% due 09/25/2037 ~ | 3294 | 3158 |
|  6.185% due 12/25/2037 •  | 1952 | 1858 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.875% due 01/25/2037 •  | 4020 | 2921 |
|  5.050% due 01/25/2035 ~ | 2159 | 2063 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.605% due 07/25/2037 ~ | 4156 | 3655 |
|  4.635% due 06/25/2037 •  | 38937 | 26401 |
|  4.655% due 01/25/2037 ~ | 7028 | 5099 |
|  4.675% due 11/25/2036 •  | 5706 | 1569 |
|  4.735% due 03/25/2037 •  | 1730 | 1646 |
|  4.775% due 11/25/2036 •  | 3298 | 906 |
|  5.385% due 09/25/2037 •  | 673 | 557 |
|  5.410% due 03/25/2036 ~ | 1000 | 943 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.417% due 09/25/2034 •  | 2708 | 2808 |
|  5.155% due 07/25/2035 •  | 1210 | 1159 |
|  5.260% due 05/25/2034 •  | 1111 | 1071 |
|  5.635% due 08/25/2034 •  | 11625 | 11928 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  5.635% due 02/25/2035 •  | 542 | 550 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.590% due 09/25/2036 ~ | 680 | 416 |
|  4.815% due 12/25/2035 •  | 1219 | 1205 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  6.125% due 02/25/2064 •  | 5202 | 5237 |
|  |  | 589657 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.915% due 10/25/2046 •  | 9050 | 7845 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  6.188% due 09/01/2033 •  | 1211 | 1212 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 11/25/2058 ~ | 5000 | 4902 |
|  4.000% due 11/25/2058 ~ | 5000 | 4844 |
|  |  | 10958 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.500% due 03/01/2030 ~ | 2738 | 798 |
| WHOLE LOAN COLLATERAL 1.4% | WHOLE LOAN COLLATERAL 1.4% | WHOLE LOAN COLLATERAL 1.4% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.870% due 11/25/2036 •  | 431 | 428 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.155% due 11/25/2035 •  | 263 | 260 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.555% due 11/25/2036 •  | 1589 | 1463 |
|  4.735% due 05/25/2036 •  | 2215 | 2170 |
|  4.745% due 07/25/2036 •  | 186 | 181 |
|  4.915% due 04/25/2036 •  | 7600 | 6817 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.185% due 01/25/2034 ~ | 1896 | 1895 |
|  5.410% due 06/25/2034 •  | 438 | 459 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.675% due 02/25/2037 •  | 2438 | 2356 |
|  4.755% due 02/25/2037 •  | 994 | 960 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.843% due 09/25/2051 þ | 36164 | 36031 |
|  4.868% due 07/25/2051 þ | 9084 | 9078 |
|  5.487% due 10/25/2051 þ | 23176 | 23183 |
|  5.487% due 10/25/2051 ~ | 2829 | 2828 |
|  6.721% due 07/25/2051 þ | 21573 | 21595 |
|  7.125% due 04/25/2054 þ | 13523 | 13594 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  5.487% due 11/25/2026 þ | 2794 | 2796 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  5.035% due 06/25/2044 ~ | 1012 | 919 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.020% due 03/25/2036 •  | 18400 | 17186 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.015% due 12/25/2035 •  | 214 | 209 |
|  5.485% due 03/25/2035 •  | 152 | 150 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.020% due 12/25/2036 •  | 5680 | 5524 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.889% due 02/25/2055 þ | 14548 | 14560 |
|  |  | 164642 |
| OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% |
|  AccessLex Institute | AccessLex Institute | AccessLex Institute |
|  4.834% due 09/26/2033 •  | 1144 | 1131 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 2400 | 2397 |
|  5.040% due 04/26/2032 | 2200 | 2197 |
|  5.900% due 04/25/2031 | 295 | 297 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.990% due 02/15/2033 | 19900 | 20016 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 16600 | 16511 |
|  Ayresome CDO Ltd. | Ayresome CDO Ltd. | Ayresome CDO Ltd. |
|  7.830% due 12/08/2045 •  | 2515 | 572 |
|  Betony CLO Ltd. | Betony CLO Ltd. | Betony CLO Ltd. |
|  5.629% due 04/30/2031 •  | 977 | 977 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.644% due 07/15/2031 •  | 6592 | 6594 |
|  BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. | BlueMountain EUR CLO Ltd. |
|  3.695% due 01/15/2033 •  | 10194 | 11028 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 8700 | 8739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **135** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.699% due 10/16/2028 •  | 14300 | 14313 |
|  5.949% due 10/16/2028 •  | 1100 | 1101 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.535% due 07/20/2031 •  | 5428 | 5434 |
|  Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust |
|  4.125% due 06/15/2043 | 980 | 951 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.505% due 04/20/2030 ~ | 1322 | 1322 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  4.130% due 12/26/2047 | 1071 | 1047 |
|  5.635% due 12/26/2047 ~ | 793 | 792 |
|  6.085% due 11/26/2046 •  | 313 | 316 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(g) | 2470 | 1257 |
|  5.150% due 11/25/2054 | 7995 | 8018 |
|  5.350% due 11/25/2054 | 9418 | 9525 |
|  5.450% due 11/25/2054 | 2410 | 2435 |
|  5.750% due 11/25/2054 | 1205 | 1218 |
|  6.600% due 11/25/2054 | 1564 | 1579 |
|  8.750% due 11/25/2054 | 902 | 909 |
|  Credit-Based Asset Servicing & Securitization CBO Ltd. | Credit-Based Asset Servicing & Securitization CBO Ltd. | Credit-Based Asset Servicing & Securitization CBO Ltd. |
|  7.770% due 02/16/2041 •  | 128899 | 2379 |
|  7.840% due 12/15/2034 •  | 10528 | 776 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.336% due 08/15/2032 •  | 741 | 801 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.080% due 02/22/2027 | 10500 | 10526 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.504% due 05/25/2067 •  | 1594 | 1601 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.250% due 10/27/2059 | 1858 | 1865 |
|  5.550% due 06/25/2059 | 400 | 406 |
|  5.880% due 06/25/2059 | 1136 | 1146 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.722% due 01/27/2031 •  | 1702 | 1702 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 12200 | 12200 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  4.413% due 01/25/2037 •  | 9800 | 10633 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  | 10900 | 11797 |
|  Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. |
|  6.350% due 05/22/2039 •  | 34226 | 34140 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.725% due 10/30/2038 •  | 11800 | 12746 |
|  John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust |
|  4.360% due 08/16/2027 | 49500 | 49495 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.564% due 04/15/2031 •  | 661 | 661 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.585% due 04/20/2031 •  | 7180 | 7183 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.573% due 07/20/2034 •  | 2500 | 2497 |
|  Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust |
|  4.770% due 10/15/2029 | 117 | 116 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 1090 | 1073 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 10700 | 10736 |
|  MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC |
|  3.674% due 10/20/2032 •  | 1198 | 1297 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 5492 | 5571 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 2462 | 1674 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ | 10300 | 10309 |
|  National Collegiate Student Loan Trust | National Collegiate Student Loan Trust | National Collegiate Student Loan Trust |
|  4.755% due 10/27/2031 •  | 447 | 447 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 1907 | 1765 |
|  1.330% due 04/15/2069 | 2717 | 2509 |
|  2.600% due 08/15/2068 | 1771 | 1703 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 4800 | 4825 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.354% due 08/26/2069 ~ | 2894 | 2917 |
|  6.049% due 03/15/2072 •  | 8933 | 8996 |
|  7.230% due 03/15/2072 | 6300 | 6645 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.640% due 02/20/2041 | 3232 | 3346 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.532% due 07/25/2030 ~ | 1038 | 1037 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.529% due 04/16/2031 ~ | 5462 | 5465 |
|  Octagon Loan Funding Ltd. | Octagon Loan Funding Ltd. | Octagon Loan Funding Ltd. |
|  5.765% due 11/18/2031 ~ | 5942 | 5948 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 2500 | 2421 |
|  4.890% due 10/14/2034 | 22999 | 23001 |
|  5.850% due 09/15/2036 ~ | 4400 | 4457 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 4300 | 4302 |
|  5.300% due 02/08/2033 | 900 | 898 |
|  5.890% due 02/08/2033 | 500 | 499 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.093% due 11/15/2031 | 1670 | 1687 |
|  6.258% due 10/15/2031 | 4538 | 4575 |
|  6.319% due 08/15/2031 | 2045 | 2063 |
|  7.600% due 12/16/2030 | 432 | 433 |
|  8.050% due 03/15/2030 •  | 231 | 232 |
|  8.803% due 12/16/2030 •  | 662 | 669 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.870% due 12/23/2027 «•  | 10236 | 10248 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.960% due 08/16/2032 | 5348 | 5349 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.830% due 07/15/2036 | 2400 | 2450 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  | 13000 | 14067 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  6.454% due 06/22/2030 ~ | 326 | 327 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.254% due 03/25/2026 ~ | 31770 | 31725 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 02/16/2055 «(g) | 3 | 3043 |
|  3.940% due 02/16/2055 | 14430 | 13983 |
|  4.550% due 02/16/2055 | 6997 | 6856 |
|  4.950% due 02/16/2055 | 2107 | 2066 |
|  5.090% due 10/16/2056 | 3971 | 4007 |
|  5.447% due 07/15/2053 •  | 23742 | 23779 |
|  5.500% due 06/17/2052 | 12944 | 13216 |
|  5.799% due 02/16/2055 ~ | 14430 | 14630 |
|  5.950% due 02/16/2055 | 2386 | 2362 |
|  6.149% due 10/16/2056 •  | 3122 | 3184 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  4.800% due 02/27/2034 | 7800 | 7806 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  1.000% due 04/25/2034 «(b) | 5725 | 6931 |
|  4.710% due 04/25/2034 « | 35688 | 35719 |
|  4.840% due 04/25/2034 «(b) | 3656 | 3659 |
|  5.160% due 04/25/2034 « | 2843 | 2845 |
|  5.460% due 04/25/2034 « | 2088 | 2090 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.625% due 04/21/2031 ~ | 127 | 127 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 | 585 | 586 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ | 4693 | 4692 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | 715 | 707 |
|  7.900% due 10/20/2028 | 1981 | 2012 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.500% due 06/20/2032 | 1269 | 1269 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.824% due 01/15/2032 •  | 1322 | 1323 |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 | 16500 | 16516 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WAVE Trust | WAVE Trust | WAVE Trust |
|  3.844% due 11/15/2042 | 3383 | 3163 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | 851 | 851 |
|  |  | 646434 |
|  Total Asset-Backed Securities (Cost $2,413,320) | Total Asset-Backed Securities (Cost $2,413,320) | 2385949 |
| SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 9132 | 6448 |
|  1.000% due 07/09/2029 | 1003 | 780 |
|  3.500% due 07/09/2041 þ | 9847 | 5720 |
|  4.125% due 07/09/2035 þ | 40783 | 25516 |
|  4.125% due 07/09/2046 þ | 112 | 69 |
|  5.000% due 01/09/2038 þ | 10711 | 7068 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (g) | 851304 | 139211 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 1479900 | 29965 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 5400 | 1439 |
|  5.375% due 02/19/2030 | 64200 | 64715 |
|  5.500% due 03/12/2034 | 8800 | 8765 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (i) | 863164 | 36857 |
|  3.000% due 12/03/2026 (i) | 725718 | 34132 |
|  4.000% due 11/30/2028 (i) | 573449 | 27151 |
|  4.000% due 08/24/2034 (i) | 211727 | 9644 |
|  7.000% due 09/03/2026 | 210000 | 10063 |
|  7.500% due 06/03/2027 | 282600 | 13520 |
|  7.500% due 05/26/2033 | 27000 | 1190 |
|  7.750% due 05/29/2031 | 382500 | 17577 |
|  7.750% due 11/23/2034 | 249500 | 10963 |
|  8.500% due 03/01/2029 | 617200 | 29841 |
|  8.500% due 05/31/2029 | 163300 | 7889 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 10974 | 2725 |
|  6.150% due 08/12/2032 | 125800 | 34403 |
|  6.900% due 08/12/2037 | 41525 | 11163 |
|  6.950% due 08/12/2031 | 113001 | 32891 |
|  7.300% due 08/12/2033 | 134100 | 38551 |
|  7.600% due 08/12/2039 | 44900 | 12661 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.875% due 02/12/2030 | 24800 | 25053 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | 424000 | 20536 |
|  8.000% due 01/31/2030 | 80800 | 4223 |
|  8.500% due 01/31/2037 | 246200 | 11168 |
|  8.875% due 02/28/2035 | 686600 | 33525 |
|  9.000% due 01/31/2040 | 55000 | 2481 |
|  10.500% due 12/21/2026 | 468300 | 26438 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.000% due 04/14/2033 | 5000 | 4029 |
|  3.750% due 02/07/2034 | 6330 | 5692 |
|  5.250% due 03/10/2030 | 31800 | 34662 |
|  5.250% due 05/30/2032 | 10700 | 11159 |
|  5.375% due 03/22/2031 | 8760 | 9392 |
|  5.500% due 09/18/2028 | 9500 | 10666 |
|  5.875% due 07/11/2032 (b) | 25900 | 27818 |
|  Russia Government International Bond | Russia Government International Bond | Russia Government International Bond |
|  5.250% due 06/23/2047 « | 12400 | 0 |
|  5.625% due 04/04/2042 | 3400 | 2380 |
|  5.875% due 09/16/2043 | 1800 | 1232 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | 4400 | 4701 |
|  3.750% due 03/05/2037 | 6100 | 6352 |
|  5.125% due 01/13/2028 | 51500 | 52150 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  5.250% due 03/13/2030 | 15400 | 14344 |
|  6.125% due 10/24/2028 | 2500 | 2478 |
|  7.625% due 04/26/2029 | 7700 | 7931 |
|  44.165% due 09/06/2028 ~ | 50100 | 1242 |
|  45.031% due 05/20/2026 ~ | 4600 | 122 |
|  45.031% due 08/19/2026 ~ | 3400 | 88 |
|  45.031% due 05/17/2028 ~ | 778800 | 19413 |

---

---

| | | |
|:---|:---|:---|
| **136** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(h) | 45 | 23 |
|  0.000% due 02/01/2034 þ(h) | 167 | 67 |
|  0.000% due 02/01/2035 þ(h) | 141 | 78 |
|  0.000% due 02/01/2036 þ(h) | 118 | 65 |
|  1.750% due 02/01/2034 þ | 246 | 132 |
|  1.750% due 02/01/2035 þ | 328 | 172 |
|  1.750% due 02/01/2036 þ | 246 | 127 |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.000% due 03/31/2038 ^(d) | 124 | 23 |
|  7.650% due 04/21/2025 ^(d) | 3123 | 560 |
|  9.250% due 09/15/2027 ^(d) | 729 | 153 |
|  9.250% due 05/07/2028 ^(d) | 2886 | 556 |
|  11.750% due 10/21/2026 ^(d) | 130 | 28 |
|  11.950% due 08/05/2031 ^(d) | 6600 | 1353 |
|  Total Sovereign Issues (Cost $983,557) | Total Sovereign Issues (Cost $983,557) | 963529 |
|  | **SHARES** |  |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (e) | 2065869 | 2293 |
|  iHeartMedia, Inc. 'A' (e) | 487321 | 804 |
|  iHeartMedia, Inc. 'B' «(e) | 378169 | 549 |
|  Windstream Services LLC «(e) | 5491 | 123 |
|  |  | 3769 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Hipotecaria Su Casita SA «(e) | 345787 | 0 |
|  Intelsat Emergence SA «(m) | 372608 | 12551 |
|  UBS Group AG | 17485 | 531 |
|  |  | 13082 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Amsurg Equity «(e)(m) | 317945 | 14865 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holding Lux SA «(m) | 23705 | 597 |
|  Foresea Holdings SA « | 7901 | 199 |
|  Westmoreland Mining Holdings «(e)(m) | 2910 | 3 |
|  Westmoreland Mining LLC «(e)(m) | 2936 | 10 |
|  |  | 809 |
|  Total Common Stocks (Cost $69,864) | Total Common Stocks (Cost $69,864) | 32525 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA - Exp. 02/17/2027 « | 4542 | 9 |
|  Total Warrants (Cost $6,265) | Total Warrants (Cost $6,265) | 9 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  5.700% due 09/15/2025 •(j) | 500000 | 498 |
|  Total Preferred Securities (Cost $504) | Total Preferred Securities (Cost $504) | 498 |
| REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Uniti Group, Inc. | 3766 | 19 |
|  Total Real Estate Investment Trusts (Cost $24) | Total Real Estate Investment Trusts (Cost $24) | 19 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 2.6% | SHORT-TERM INSTRUMENTS 2.6% | SHORT-TERM INSTRUMENTS 2.6% |
| COMMERCIAL PAPER 2.3% | COMMERCIAL PAPER 2.3% | COMMERCIAL PAPER 2.3% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 25100 | 25052 |
|  4.640% due 04/17/2025 | 12500 | 12473 |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.900% due 04/11/2025 | 1600 | 1598 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 04/09/2025 | 13800 | 13784 |
|  4.650% due 04/10/2025 | 11600 | 11585 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.700% due 04/24/2025 | 3600 | 3588 |
|  4.730% due 04/17/2025 | 1800 | 1796 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.610% due 05/13/2025 | 1400 | 1392 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) | 16100 | 16046 |
|  4.900% due 04/16/2025 | 800 | 798 |
|  4.900% due 04/25/2025 (b) | 1700 | 1694 |
|  4.950% due 04/25/2025 | 15600 | 15549 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.720% due 04/17/2025 | 6300 | 6286 |
|  4.720% due 04/23/2025 | 5000 | 4985 |
|  4.740% due 04/17/2025 | 1300 | 1297 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 04/11/2025 | 300 | 299 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.880% due 04/08/2025 | 1300 | 1299 |
|  4.910% due 04/29/2025 | 39800 | 39643 |
|  4.910% due 05/06/2025 (b) | 800 | 796 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.640% due 04/25/2025 | 9900 | 9869 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.750% due 04/24/2025 | 500 | 498 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/21/2025 | 6900 | 6880 |
|  5.000% due 04/22/2025 | 5300 | 5284 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  5.150% due 04/24/2025 | 1400 | 1395 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/11/2025 | 2400 | 2397 |
|  4.950% due 04/16/2025 | 4100 | 4092 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.810% due 04/11/2025 (b) | 2100 | 2097 |
|  4.820% due 04/07/2025 | 6900 | 6893 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.750% due 04/17/2025 | 4500 | 4490 |
|  4.750% due 04/22/2025 | 5400 | 5385 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 11900 | 11879 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/17/2025 | 3900 | 3892 |
|  4.630% due 04/21/2025 | 7900 | 7879 |
|  4.630% due 04/23/2025 | 7000 | 6980 |
|  4.630% due 04/24/2025 | 1700 | 1695 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/04/2025 | 2100 | 2099 |
|  4.620% due 04/07/2025 | 2500 | 2498 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 | 3900 | 3890 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/21/2025 | 7900 | 7877 |
|  |  | 257929 |
|  | SHARES |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.400% (l) | 1001951 | 1002 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (n) 0.1% | REPURCHASE AGREEMENTS (n) 0.1% | REPURCHASE AGREEMENTS (n) 0.1% | REPURCHASE AGREEMENTS (n) 0.1% |
|  |  | $— | 10900 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.493% due 07/21/2025 | 2353 |  | 2355 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.749% due 03/25/2026 | 4100 |  | 4110 |
|  |  |  | 6465 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.301% due 04/03/2025 - 06/26/2025 (f)(g)(r) | 6128 |  | 6102 |
| Total Short-Term Instruments (Cost $282,411) | Total Short-Term Instruments (Cost $282,411) |  | 282398 |
| Total Investments in Securities (Cost $16,586,498) | Total Investments in Securities (Cost $16,586,498) |  | 16165259 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 10.8% | INVESTMENTS IN AFFILIATES 10.8% | INVESTMENTS IN AFFILIATES 10.8% | INVESTMENTS IN AFFILIATES 10.8% |
| SHORT-TERM INSTRUMENTS 10.8% | SHORT-TERM INSTRUMENTS 10.8% | SHORT-TERM INSTRUMENTS 10.8% | SHORT-TERM INSTRUMENTS 10.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 126629672 |  | 1232613 |
| Total Short-Term Instruments (Cost $1,232,801) | Total Short-Term Instruments (Cost $1,232,801) |  | 1232613 |
| Total Investments in Affiliates (Cost $1,232,801) | Total Investments in Affiliates (Cost $1,232,801) |  | 1232613 |
| Total Investments 152.7% (Cost $17,819,299) | Total Investments 152.7% (Cost $17,819,299) | $— | 17397872 |
|  Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $66,517) | Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $66,517) |  | (2931) |
| Other Assets and Liabilities, net (52.7)% | Other Assets and Liabilities, net (52.7)% |  | (5999559) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 11395382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **137** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Security becomes interest bearing at a future date.

(i) Principal amount of security is adjusted for inflation.

(j) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(k) Contingent convertible security.

(l) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(m) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $13286 | $14865 | 0.13% |
|  Drillco Holding Lux SA | 06/08/2023 | 474 | 597 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2028 | 03/11/2025 | 3100 | 3112 | 0.03 |
|  Hardwood Funding LLC 5.070% due 06/07/2030 | 03/11/2025 | 2000 | 2009 | 0.02 |
|  Intelsat Emergence SA | 06/19/2017 - 02/23/2024 | 25427 | 12551 | 0.11 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 18600 | 18794 | 0.16 |
|  Prime Property Development Corp. Ltd. 5.250% due 09/30/2029 | 09/17/2024 | 12400 | 12215 | 0.10 |
|  Project Alpha Investindustrial 4.594% due 02/27/2026 | 02/28/2025 | 2255 | 2350 | 0.02 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 20000 | 20406 | 0.18 |
|  Westmoreland Mining Holdings | 03/26/2019 | 9 | 3 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 19 | 10 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86912 | 0.76% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(n) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| JPS | 4.500% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | U.S. Treasury Notes 0.750% due 03/31/2026 | $(11122) | $10900 | $10901 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10901 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500% | 04/01/2055 | $3650 | $(2753) | $(2756) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15548) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2055 | 1200 | (951) | (954) |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 04/01/2055 | $17000 | $(14033) | $(14138) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | (311233) | (312679) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 04/01/2055 | 3300 | (3066) | (3075) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 04/01/2055 | 74000 | (70479) | (70790) |
|  Total Short Sales (3.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417962) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419940) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  JPS | $10901 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(16,738) at a weighted average interest rate of 4.649%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 411 | $411 | $(102) | $(30) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 432 | 432 | (107) | (55) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 1378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | (381) | (298) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 411 | 411 | (148) | (223) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 432 | 432 | (121) | (196) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 1378 | 1378 | (445) | (519) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 126 | $8870 | $15 | $84 | $0 |
|  Long Gilt June Futures  | 06/2025 | 3980 | 471393 | (3250) | 5090 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 7739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837021 | 10833 | 0 | (242) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 5420 | 602806 | 8119 | 85 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 451 | 55135 | 833 | 197 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 227 | $(54693) | $834 | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 1196 | (286801) | 2423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 214 | (51625) | 709 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 174 | (41843) | 717 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **139** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-BOBL June Futures  | 06/2025 | 667 | $(84953) | $675 | $22 | $(202) |
|  Euro-Bund June Futures  | 06/2025 | 1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241274) | 5866 | 19 | (918) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 4 | (516) | 34 | 0 | (5) |
|  Euro-Schatz June Futures  | 06/2025 | 4 | (463) | 0 | 0 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 70 | (7989) | (94) | 0 | (7) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 2256 | (264587) | (3808) | 0 | (423) |
|  |  |  |  | $9650 | $95 | $(1555) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2026 | 0.589% | $700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Airbus Finance BV | 1.000% | Quarterly | 12/20/2025 | 0.111% | 40500 | $(488) | $785 | $297 | $0 | $(5) |
|  Airbus Finance BV | 1.000 | Quarterly | 06/20/2026 | 0.151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43900 | 1199 | (692) | 507 | 0 | (12) |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.287 | $300 | 4 | (2) | 2 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 4600 | 76 | (38) | 38 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 7100 | (37) | 144 | 107 | 0 | (3) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | '0.920 | 2600 | 7 | 4 | 11 | 0 | (2) |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.547 | 800 | 114 | (19) | 95 | 0 | (1) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2025 | 0.436 | 1400 | 65 | (49) | 16 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | '0.460 | 4100 | 239 | (99) | 140 | 0 | (1) |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.999 | 7200 | 306 | 317 | 623 | 0 | (10) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | 16000 | 100 | 83 | 183 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 3300 | 37 | 14 | 51 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 0.131 | 16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) | 1260 | 40 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.127 | 5900 | (594) | 636 | 42 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 0.163 | 4600 | (439) | 491 | 52 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 0.211 | 12500 | (581) | 768 | 187 | 0 | (8) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 0.237 | 3500 | (255) | 319 | 64 | 0 | (3) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.317 | $2100 | 48 | (30) | 18 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.368 | 20900 | 492 | (264) | 228 | 0 | (7) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.492 | 7600 | (5) | 125 | 120 | 0 | (2) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.547 | 1900 | (5) | 35 | 30 | 0 | (1) |
|  |  |  |  |  |  | $(937) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $9200 | $(295) | $302 | $7 | $12 | $0 |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 92 | (3) | 3 | 0 | 0 | 0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73416 | (2805) | 2860 | 55 | 59 | 0 |
|  CDX.EM-37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 980 | (81) | 79 | (2) | 1 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 9400 | (766) | 718 | (48) | 6 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 1400 | (95) | 84 | (11) | 1 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1028) | 712 | (316) | 13 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 7200 | (247) | 102 | (145) | 2 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 10300 | (299) | 19 | (280) | 2 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 7800 | (280) | (15) | (295) | 1 | 0 |
|  CDX.HY-35 5-Year Index | 5.000 | Quarterly | 12/20/2025 | 384 | 31 | (20) | 11 | 0 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 36672 | 3201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 2592 | 147 | 0 | 147 | 5 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 970 | 0 | 57 | 57 | 1 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 66700 | 3390 | 160 | 3550 | 75 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 300 | 7 | (3) | 4 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 1000 | 1 | 14 | 15 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **140** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  CDX.IG-39 5-Year Index | 1.000% | Quarterly | 12/20/2027 | $400 | $0 | $7 | $7 | $0 | $0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 2600 | 12 | 37 | 49 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1000 | 10 | 10 | 20 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141500 | 3159 | (436) | 2723 | 1 | (2) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 51000 | 938 | 0 | 938 | 7 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 19300 | $641 | $(69) | $572 | $0 | $(84) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 6400 | (27) | 291 | 264 | 0 | (54) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 5900 | (16) | (135) | (151) | 54 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 2900 | 180 | 23 | 203 | 0 | (26) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 13600 | 1629 | 354 | 1983 | 0 | (219) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 3740000 | 0 | (356) | (356) | 26 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 19770000 | 360 | 4331 | 4691 | 0 | (293) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 | 52610000 | 5316 | 8829 | 14145 | 0 | (1051) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 15440000 | 200 | 980 | 1180 | 0 | (329) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 6157600 | (19) | 2092 | 2073 | 0 | (216) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 7950000 | 453 | 631 | 1084 | 0 | (374) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 3007000 | 873 | 2627 | 3500 | 0 | (174) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 908000 | 0 | 848 | 848 | 0 | (54) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.688 | Annual | 04/04/2025 | $28600 | (224) | (451) | (675) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 04/04/2025 | 14300 | (112) | (226) | (338) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.697 | Annual | 04/04/2025 | 57200 | (449) | (896) | (1345) | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.781 | Annual | 04/09/2025 | 36900 | (285) | (546) | (831) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.721 | Annual | 04/10/2025 | 27500 | (208) | (427) | (635) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.785 | Annual | 04/10/2025 | 52800 | (407) | (777) | (1184) | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.790 | Annual | 04/10/2025 | 22000 | (169) | (325) | (494) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.835 | Annual | 04/10/2025 | 52800 | (403) | (754) | (1157) | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.500 | Annual | 05/22/2025 | 456560 | (3285) | 1568 | (1717) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.900 | Annual | 06/06/2025 | 1031690 | 704 | 59 | 763 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2025 | 258700 | 7230 | 680 | 7910 | 29 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.620 | Annual | 07/24/2025 | 155900 | 1169 | 2027 | 3196 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | 168200 | 2140 | 2070 | 4210 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 120800 | 26 | 2177 | 2203 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 261800 | (1267) | 2793 | 1526 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.590 | Annual | 07/23/2026 | 110700 | 1522 | 1995 | 3517 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.645 | Annual | 07/24/2026 | 169300 | 2421 | 2764 | 5185 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.243 | Annual | 08/07/2026 | 51400 | 694 | 1245 | 1939 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 20500 | (35) | (1020) | (1055) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 11000 | (11) | (557) | (568) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 41000 | (96) | (1919) | (2015) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.300 | Annual | 03/21/2027 | 337420 | (430) | 4056 | 3626 | 19 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 05/18/2027 | 1172300 | (2877) | 66221 | 63344 | 118 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 45790 | 1407 | 2624 | 4031 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 24500 | (123) | (614) | (737) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 | 12600 | (65) | (234) | (299) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/13/2027 | 2600 | (6) | 6 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 33150 | 2389 | (746) | 1643 | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 33200 | (71) | 191 | 120 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 38548 | (1416) | (2575) | (3991) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 36150 | 824 | 80 | 904 | 0 | (10) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.700 | Annual | 07/21/2028 | 14300 | (333) | (298) | (631) | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.675 | Annual | 07/24/2028 | 14500 | (337) | (316) | (653) | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.748 | Annual | 07/25/2028 | 21900 | (518) | (406) | (924) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.468 | Annual | 07/27/2028 | 14200 | (339) | (407) | (746) | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 6860 | 0 | 53 | 53 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 10170 | 0 | 78 | 78 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 75380 | 1212 | (1349) | (137) | 0 | (41) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.100 | Semi-Annual | 02/01/2029 | 50700 | (216) | 5595 | 5379 | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 41600 | (100) | 529 | 429 | 25 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 14200 | (33) | 196 | 163 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 29400 | (39) | 437 | 398 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 27740 | (899) | 284 | (615) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 106480 | 5107 | 9129 | 14236 | 0 | (56) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 33998 | 1916 | 1441 | 3357 | 0 | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **141** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 06/20/2029 | $528460 | $(3503) | $6073 | $2570 | $0 | $(366) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225710 | (3589) | (738) | (4327) | 0 | (185) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 12600 | (79) | (341) | (420) | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 12500 | (78) | (310) | (388) | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.258 | Annual | 09/30/2029 | 892900 | (350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20439 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 885520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10562) | 9207 | (1355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | (61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 156890 | 14254 | (2027) | 12227 | 0 | (127) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 34200 | (120) | (184) | (304) | 35 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 28400 | (98) | (324) | (422) | 29 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 12100 | (34) | (42) | (76) | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 140470 | 2384 | 4054 | 6438 | 0 | (160) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 6900 | (22) | 31 | 9 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 11700 | 0 | 116 | 116 | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 25500 | 0 | 252 | 252 | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 23500 | 0 | 228 | 228 | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 23400 | 0 | 199 | 199 | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 42300 | 0 | 338 | 338 | 0 | (57) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 29400 | 0 | 213 | 213 | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 52800 | 0 | 366 | 366 | 0 | (71) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 52900 | 0 | 362 | 362 | 0 | (71) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 23500 | 0 | 156 | 156 | 0 | (32) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 23500 | 0 | 134 | 134 | 0 | (32) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 15600 | 0 | 55 | 55 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 12500 | 0 | 35 | 35 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 19700 | 0 | 44 | 44 | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 33000 | 0 | 70 | 70 | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 25000 | 0 | 51 | 51 | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 15500 | 0 | 6 | 6 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 15600 | 0 | 5 | 5 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 15600 | 0 | 1 | 1 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 10400 | 0 | (2) | (2) | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 15600 | 0 | (6) | (6) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 15600 | 0 | (9) | (9) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 15600 | 0 | (18) | (18) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 140650 | 4757 | (3198) | 1559 | 0 | (195) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 30940 | (1420) | 474 | (946) | 0 | (46) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 6820 | 0 | 182 | 182 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 11400 | 0 | 230 | 230 | 0 | (18) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 93822 | (6926) | (9659) | (16585) | 118 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 297960 | (3074) | 4555 | 1481 | 0 | (481) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 20980 | 2 | 521 | 523 | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.470 | Semi-Annual | 07/15/2031 | 13400 | (54) | 2007 | 1953 | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 16700 | (72) | 2547 | 2475 | 0 | (23) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 10800 | (24) | (1550) | (1574) | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 10900 | (19) | (1543) | (1562) | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 8000 | (17) | (1128) | (1145) | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 141710 | (237) | (17) | (254) | 0 | (262) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 232620 | (4213) | (1654) | (5867) | 0 | (444) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 8900 | (23) | (1223) | (1246) | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 2700 | (8) | (383) | (391) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 02/01/2032 | 18800 | (108) | 3172 | 3064 | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 14500 | 77 | 1709 | 1786 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 24400 | 95 | 2891 | 2986 | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 20720 | 598 | (28) | 570 | 0 | (32) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/21/2032 | 282250 | 140 | 5138 | 5278 | 567 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.900 | Semi-Annual | 05/18/2032 | 636600 | (15389) | 97787 | 82398 | 0 | (131) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 22000 | (304) | (1472) | (1776) | 45 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 22000 | (308) | (1453) | (1761) | 45 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 3100 | (26) | (134) | (160) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 255860 | 29654 | 1462 | 31116 | 0 | (530) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 18800 | (75) | (308) | (383) | 47 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 18000 | (79) | (361) | (440) | 45 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 17600 | (76) | (311) | (387) | 44 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 17600 | (60) | (455) | (515) | 44 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 33400 | (119) | (511) | (630) | 84 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 208310 | 4554 | 1289 | 5843 | 0 | (540) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.420 | Annual | 05/24/2033 | 50500 | (204) | (1526) | (1730) | 130 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 472330 | (2441) | 8885 | 6444 | 0 | (284) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 77455 | 955 | 4186 | 5141 | 0 | (186) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 8300 | (30) | (25) | (55) | 22 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 9500 | (38) | (20) | (58) | 25 | 0 |

---

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| | | |
|:---|:---|:---|
| **142** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.760% | Annual | 08/23/2033 | $27800 | $(108) | $12 | $(96) | $75 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 | 14000 | (53) | 52 | (1) | 38 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 28100 | (99) | 317 | 218 | 76 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 27000 | (93) | 610 | 517 | 74 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 13100 | (47) | 447 | 400 | 36 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 13100 | (52) | 428 | 376 | 36 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 11200 | (38) | 404 | 366 | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 13300 | (46) | 502 | 456 | 37 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 7000 | (25) | 271 | 246 | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 7000 | (25) | 285 | 260 | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 6600 | (23) | 338 | 315 | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 8200 | (30) | 460 | 430 | 23 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 7000 | (29) | 388 | 359 | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 13600 | (57) | 770 | 713 | 39 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 13900 | (63) | (456) | (519) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 14200 | (62) | (234) | (296) | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 15100 | (63) | (159) | (222) | 0 | (42) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 7500 | (32) | (17) | (49) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 14200 | (61) | (45) | (106) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 7100 | (31) | 34 | 3 | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 7100 | (31) | 2 | (29) | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 7100 | (32) | 71 | 39 | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 14300 | (65) | 184 | 119 | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 15500 | (73) | 175 | 102 | 0 | (43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 14500 | 0 | 180 | 180 | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 14200 | (65) | 233 | 168 | 0 | (39) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 7000 | (29) | 19 | (10) | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 4200 | (18) | 13 | (5) | 12 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 8100 | (33) | (28) | (61) | 22 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 14200 | (58) | (37) | (95) | 39 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 14200 | (58) | (16) | (74) | 39 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 | 7500 | (32) | (44) | (76) | 21 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 6900 | (35) | 22 | (13) | 19 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 | 5900 | (30) | 45 | 15 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 28000 | (125) | 367 | 242 | 79 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 15100 | (64) | (46) | (110) | 42 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 | 7700 | (29) | 2 | (27) | 21 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 15000 | (56) | 16 | (40) | 42 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 14600 | (55) | 71 | 16 | 41 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 7600 | (29) | 39 | 10 | 22 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 15600 | (54) | 143 | 89 | 44 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 14400 | (49) | 293 | 244 | 41 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 14400 | (57) | 311 | 254 | 41 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 15200 | (44) | 307 | 263 | 44 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 80300 | (226) | 1704 | 1478 | 231 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 14200 | (38) | 350 | 312 | 41 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 39200 | (127) | 1229 | 1102 | 114 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 16900 | (68) | (253) | (321) | 0 | (49) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 92440 | (2481) | 1664 | (817) | 267 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 21400 | (65) | (207) | (272) | 0 | (63) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 15000 | (49) | (227) | (276) | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 25200 | (100) | 171 | 71 | 0 | (74) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 25200 | (86) | 478 | 392 | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 25300 | (93) | 407 | 314 | 0 | (74) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 28000 | (92) | 702 | 610 | 0 | (81) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 39800 | (139) | 938 | 799 | 0 | (116) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 27900 | (99) | 638 | 539 | 0 | (81) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 25200 | (89) | 711 | 622 | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 28800 | (98) | 742 | 644 | 0 | (84) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 25100 | (90) | 533 | 443 | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 19300 | (69) | 483 | 414 | 0 | (56) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 17400 | (66) | 575 | 509 | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 14600 | (55) | 427 | 372 | 0 | (43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 17900 | (67) | 507 | 440 | 0 | (52) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 16200 | (64) | 619 | 555 | 0 | (47) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 14400 | (69) | 776 | 707 | 0 | (41) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 8200 | (38) | 433 | 395 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 32800 | (144) | 1621 | 1477 | 0 | (95) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 25400 | (90) | 1331 | 1241 | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 25300 | (91) | 1291 | 1200 | 0 | (73) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **143** |

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------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450% | Annual | 10/11/2034 | $26500 | $(96) | $(687) | $(783) | $78 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 26500 | (94) | (855) | (949) | 78 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 16800 | (57) | (527) | (584) | 49 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 16200 | (45) | (432) | (477) | 48 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 28900 | (86) | (726) | (812) | 86 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 28700 | (90) | (667) | (757) | 85 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 58200 | (188) | (1425) | (1613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 52400 | (186) | (1034) | (1220) | 157 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 3570 | 42 | (51) | (9) | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 14400 | (38) | 115 | 77 | 45 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 9800 | (26) | 87 | 61 | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 14300 | (38) | 186 | 148 | 45 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 14400 | (39) | 164 | 125 | 45 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 42300 | (117) | 959 | 842 | 134 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 15500 | (56) | (124) | (180) | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 8200 | (29) | (41) | (70) | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 16400 | (57) | (88) | (145) | 0 | (53) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 32100 | (108) | (245) | (353) | 0 | (104) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 19100 | (55) | (134) | (189) | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 3300 | 0 | 276 | 276 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 4490 | 0 | 306 | 306 | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 1760 | 0 | 102 | 102 | 0 | (11) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.485 | Semi-Annual | 01/13/2051 | 6800 | (45) | (2930) | (2975) | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 01/13/2051 | 61800 | (268) | (25807) | (26075) | 285 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.491 | Semi-Annual | 01/21/2051 | 7300 | (75) | (3108) | (3183) | 33 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.438 | Semi-Annual | 01/22/2051 | 17700 | (185) | (7687) | (7872) | 80 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 | 42600 | (18) | 18824 | 18806 | 0 | (208) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 8400 | (112) | 3385 | 3273 | 0 | (41) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/01/2052 | 186000 | (1621) | 77436 | 75815 | 0 | (893) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109521 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 11/15/2052 | 76320 | (3119) | 880 | (2239) | 0 | (568) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 9600 | (88) | (1146) | (1234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.550 | Annual | 07/21/2053 | 3600 | (260) | (583) | (843) | 23 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 | 3600 | (262) | (589) | (851) | 23 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.508 | Annual | 07/25/2053 | 5600 | (419) | (934) | (1353) | 35 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 4200 | (24) | 19 | (5) | 32 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 4200 | (22) | 54 | 32 | 32 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 4400 | (23) | 49 | 26 | 34 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 7340 | (40) | 726 | 686 | 0 | (51) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 6000 | (51) | (221) | (272) | 44 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 78300 | 6259 | (1164) | 5095 | 0 | (570) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 95600 | 13708 | (4382) | 9326 | 0 | (690) |
| Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 | 58300 | 0 | (570) | (570) | 7 | 0 |
| Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 | 29400 | 0 | (285) | (285) | 3 | 0 |
| Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 | 44500 | 0 | (423) | (423) | 5 | 0 |
| Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 | 112800 | 0 | (1031) | (1031) | 13 | 0 |
| Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 | 112000 | 0 | (1013) | (1013) | 13 | 0 |
| Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 | 110900 | 0 | (999) | (999) | 13 | 0 |
| Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 85700 | 0 | (1253) | (1253) | 26 | 0 |
| Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 19800 | 0 | (285) | (285) | 6 | 0 |
| Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 91600 | 0 | (1323) | (1323) | 28 | 0 |
| Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 28800 | 0 | (360) | (360) | 9 | 0 |
| Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 172800 | 0 | (2463) | (2463) | 52 | 0 |
| Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 87080 | 0 | (1078) | (1078) | 26 | 0 |
| Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 43000 | 0 | (604) | (604) | 13 | 0 |
| Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 44160 | 0 | (536) | (536) | 13 | 0 |
| Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 73690 | 0 | (892) | (892) | 22 | 0 |
| Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 132360 | 0 | (1595) | (1595) | 40 | 0 |
| Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | 103130 | 0 | (1235) | (1235) | 31 | 0 |
| Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 14860 | 0 | (178) | (178) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 103030 | 0 | (1213) | (1213) | 31 | 0 |
| Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 93690 | 0 | (1078) | (1078) | 28 | 0 |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 6500 | 0 | (82) | (82) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 | 3300 | 0 | (41) | (41) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 | 3300 | 0 | (41) | (41) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 | 1700 | 0 | (16) | (16) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 7300 | 0 | (69) | (69) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 17500 | 0 | (148) | (148) | 5 | 0 |
| Pay | 3-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 | 36400 | 375 | (289) | 86 | 82 | 0 |
| Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 105300 | 706 | 355 | 1061 | 561 | 0 |

---

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 3-Month EUR-EURIBOR | 2.770% | Annual | 04/16/2029 | EUR | 15100 | $(25) | $500 | $475 | $24 | $0 |
| Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 15200 | (22) | 527 | 505 | 25 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 11900 | (21) | 529 | 508 | 22 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 14500 | (20) | (379) | (399) | 0 | (24) |
| Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 9800 | (28) | 304 | 276 | 39 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 16100 | (42) | (133) | (175) | 0 | (64) |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 61900 | 363 | 1664 | 2027 | 118 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 | ZAR | 37800 | 0 | 59 | 59 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30200 | 0 | 47 | 47 | 2 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112900 | 0 | 177 | 177 | 8 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 07/31/2028 |  | 75100 | 0 | 119 | 119 | 5 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 45600 | 0 | 72 | 72 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 77000 | 0 | 126 | 126 | 5 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 78000 | 0 | 127 | 127 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 08/02/2028 |  | 78200 | 0 | 128 | 128 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 79600 | 0 | 142 | 142 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 39500 | 0 | 59 | 59 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/04/2028 |  | 95000 | 0 | 147 | 147 | 7 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 39500 | 0 | 61 | 61 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 40300 | 0 | 63 | 63 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 40200 | 0 | 71 | 71 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 77500 | 0 | 113 | 113 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 08/07/2028 |  | 77500 | 0 | 118 | 118 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 23000 | 0 | 36 | 36 | 2 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 33700 | 0 | 9 | 9 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 33700 | 0 | 9 | 9 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 32900 | 0 | 10 | 10 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 32900 | 0 | 11 | 11 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 32900 | 0 | 13 | 13 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 32900 | 0 | 14 | 14 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 100300 | 0 | 43 | 43 | 19 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 46700 | 0 | 22 | 22 | 9 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 169100 | 0 | 135 | 135 | 32 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 12500 | 86 | (242) | (156) | 7 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 80900 | 1624 | (2461) | (837) | 78 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 32900 | (48) | 486 | 438 | 143 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 84600 | (316) | 1372 | 1056 | 391 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 22500 | 297 | (34) | 263 | 111 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.363 | Annual | 06/30/2025 | EUR | 1900 | 0 | 34 | 34 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 |  | 1200 | 0 | 35 | 35 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 17400 | (41) | 745 | 704 | 22 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 16300 | (31) | 745 | 714 | 22 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 695480 | (9852) | 3873 | (5979) | 1536 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 |  | 44600 | (997) | 962 | (35) | 146 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 9400 | (37) | 740 | 703 | 34 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 9700 | (30) | 166 | 136 | 37 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 9800 | (31) | 161 | 130 | 37 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 8900 | (21) | (340) | (361) | 37 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 9400 | (24) | (174) | (198) | 38 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 9500 | (25) | (91) | (116) | 38 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 10000 | (25) | (153) | (178) | 0 | (178) |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 17400 | 966 | 7383 | 8349 | 0 | (82) |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 4000 | (129) | 1874 | 1745 | 0 | (21) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 296100 | 3985 | 22458 | 26443 | 0 | (152) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 211900 | 14661 | 2609 | 17270 | 0 | (1669) |
| Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 | MXN | 68000 | 0 | 132 | 132 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 50400 | 0 | 95 | 95 | 1 | 0 |
| Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 97800 | 0 | 212 | 212 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 95100 | 0 | 208 | 208 | 3 | 0 |
| Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 266600 | 0 | 576 | 576 | 7 | 0 |
| Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 148700 | (2525) | 3657 | 1132 | 21 | 0 |
| Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 7300 | (6) | (1009) | (1015) | 14 | 0 |
| Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 6800 | 28 | (920) | (892) | 13 | 0 |
| Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 13200 | (162) | (1550) | (1712) | 25 | 0 |
| Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 9600 | (43) | (1249) | (1292) | 21 | 0 |
| Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 18500 | (70) | (2103) | (2173) | 42 | 0 |
|  |  |  |  |  |  |  | $68320 | $439220 | $507540 | $10055 | $(17698) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $72342 | $446073 | $518415 | $10265 | $(17758) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **145** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17762) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20880) |

---

(p) Securities with an aggregate market value of $312,923 and cash of $12,911 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(4) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 1376857 | $9127 | $0 | $(53) |
|  | 04/2025 | $53697 | 84882 | 0 | (658) |
|  | 04/2025 | 5663 | 846132 | 0 | (22) |
|  | 04/2025 | 716 | 958 | 0 | (4) |
|  | 05/2025 | 84882 | $53709 | 657 | 0 |
|  | 05/2025 | 42385 | 5787 | 0 | (62) |
|  | 05/2025 | 956 | 716 | 3 | 0 |
|  | 05/2025 | $21759 | 157561 | 9 | (23) |
|  | 05/2025 | 9127 | 1372237 | 53 | 0 |
|  | 06/2025 | 95266 | $13034 | 0 | (146) |
|  | 06/2025 | $6486 | 46805 | 0 | (10) |
|  | 07/2025 | 78410 | $10883 | 19 | (4) |
|  | 08/2025 | 78422 | 10876 | 0 | (19) |
|  BOA | 04/2025 | 13027665 | 788 | 5 | 0 |
|  | 04/2025 | 2105315 | 1436 | 7 | 0 |
|  | 04/2025 | 577 | 52 | 0 | (3) |
|  | 04/2025 | 5135 | 482 | 0 | (29) |
|  | 04/2025 | $787 | 13027665 | 0 | (4) |
|  | 05/2025 | 41442 | $5662 | 0 | (58) |
|  | 05/2025 | 19289514 | 1158 | 2 | 0 |
|  | 05/2025 | 2755 | 70 | 3 | 0 |
|  | 05/2025 | $1227 | 105443 | 4 | 0 |
|  | 05/2025 | 998 | 44249 | 116 | 0 |
|  | 06/2025 | 56672 | $7806 | 2 | (36) |
|  | 06/2025 | 22382 | 15 | 0 | 0 |
|  | 06/2025 | $3178 | 22957 | 0 | (1) |
|  | 06/2025 | 1894 | 2759604 | 0 | (14) |
|  | 08/2025 | 73821 | $10319 | 64 | 0 |
|  | 08/2025 | 1824 | 56 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 04/2025 | 262619 | $45696 | $0 | $(325) |
|  | 04/2025 | 312644 | 327831 | 0 | (10230) |
|  | 04/2025 | 5578 | 7178 | 0 | (28) |
|  | 04/2025 | 99132597 | 5980 | 29 | 0 |
|  | 04/2025 | 8282 | 2258 | 30 | 0 |
|  | 04/2025 | 491386 | 3269 | 0 | (7) |
|  | 04/2025 | 4335 | 3246 | 20 | 0 |
|  | 04/2025 | 94 | 2 | 0 | 0 |
|  | 04/2025 | 1149895 | 35041 | 414 | 0 |
|  | 04/2025 | $3502 | 5532 | 0 | (45) |
|  | 04/2025 | 45815 | 262619 | 222 | (15) |
|  | 04/2025 | 19006 | 312194563 | 0 | (272) |
|  | 04/2025 | 11366 | 987001 | 168 | 0 |
|  | 04/2025 | 55826 | 8322899 | 0 | (336) |
|  | 04/2025 | 10617 | 15418438 | 0 | (148) |
|  | 04/2025 | 303 | 3183 | 0 | (1) |
|  | 04/2025 | 9443 | 360083 | 40 | (11) |
|  | 04/2025 | 21321 | 698303 | 0 | (293) |
|  | 04/2025 | 85242 | $4660 | 16 | 0 |
|  | 05/2025 | 148181 | 20391 | 5 | (64) |
|  | 05/2025 | 57271300 | 3443 | 10 | 0 |
|  | 05/2025 | 3183 | 303 | 1 | 0 |
|  | 05/2025 | 398 | 10 | 0 | 0 |
|  | 05/2025 | $4696 | 3628 | 0 | (9) |
|  | 05/2025 | 3037 | 50402367 | 0 | (16) |
|  | 05/2025 | 11045 | 947491 | 13 | 0 |
|  | 05/2025 | 3269 | 489739 | 7 | 0 |
|  | 05/2025 | 1537 | 2055 | 0 | (4) |
|  | 06/2025 | 107171 | $14697 | 0 | (130) |
|  | 06/2025 | 803245 | 564 | 17 | 0 |
|  | 06/2025 | 1304542 | 63242 | 144 | 0 |
|  | 06/2025 | 2305 | 597 | 3 | 0 |
|  | 06/2025 | $19240 | 74715 | 110 | (110) |
|  | 07/2025 | 329954 | $10154 | 159 | 0 |
|  | 08/2025 | 542884 | 16621 | 132 | (1) |
|  | 10/2025 | 444104 | 71860 | 16 | (2656) |
|  | 05/2029 | 4290 | 14750 | 264 | 0 |
|  | 07/2029 | 573 | 1970 | 34 | 0 |
|  BRC | 04/2025 | 29866 | 341 | 0 | (8) |
|  | 04/2025 | 5329 | 478 | 0 | (28) |
|  | 04/2025 | 9670 | 2648 | 15 | 0 |
|  | 04/2025 | 368520 | 9359 | 2 | (117) |
|  | 04/2025 | $1472 | 2340 | 0 | (10) |
|  | 04/2025 | 4863 | 79601835 | 0 | (88) |
|  | 04/2025 | 797 | 2926 | 0 | (10) |
|  | 04/2025 | 348 | 29831 | 1 | 0 |
|  | 04/2025 | 2661 | 9670 | 0 | (28) |
|  | 04/2025 | 1998 | 2671 | 0 | (10) |
|  | 04/2025 | 58650 | 2275077 | 442 | (393) |
|  | 05/2025 | 29916 | $348 | 0 | (1) |
|  | 05/2025 | 2731 | 260 | 0 | 0 |
|  | 05/2025 | 104 | 3 | 0 | 0 |
|  | 05/2025 | $21485 | 840624 | 0 | (530) |
|  | 06/2025 | 479273 | $11438 | 0 | (33) |
|  | 06/2025 | $2973 | 11518 | 0 | (7) |
|  | 06/2025 | 19403 | 767704 | 0 | (1006) |
|  | 09/2025 | 9706 | $2661 | 29 | 0 |
|  BSH | 04/2025 | 92754 | 58766 | 808 | 0 |
|  | 04/2025 | 13130432 | 87431 | 0 | (111) |
|  | 04/2025 | 41252 | 10982 | 0 | (240) |
|  | 05/2025 | 26919 | 7173 | 0 | (147) |
|  | 05/2025 | $87431 | 13086209 | 110 | 0 |
|  | 06/2025 | 10889 | $2977 | 19 | 0 |
|  | 06/2025 | $4229 | 16294 | 0 | (34) |
|  | 07/2025 | 69636 | $18867 | 33 | (73) |
|  | 08/2025 | 8708 | 2357 | 0 | (5) |
|  | 09/2025 | 49087 | 13301 | 0 | (6) |
|  CBK | 04/2025 | 758528 | 132113 | 0 | (811) |
|  | 04/2025 | 1582 | 1799 | 11 | 0 |
|  | 04/2025 | 89410542 | 5389 | 22 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **147** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 25559 | $7012 | $136 | $0 |
|  | 04/2025 | 340754 | 3960 | 0 | (25) |
|  | 04/2025 | 54754 | 14639 | 0 | (263) |
|  | 04/2025 | 1448458 | 44209 | 587 | 0 |
|  | 04/2025 | $132097 | 758528 | 828 | 0 |
|  | 04/2025 | 76881 | 109512 | 0 | (777) |
|  | 04/2025 | 1455 | 1122 | 0 | (6) |
|  | 04/2025 | 11724 | 192001780 | 0 | (204) |
|  | 04/2025 | 4088 | 350492 | 5 | 0 |
|  | 04/2025 | 638 | 933269 | 0 | (4) |
|  | 04/2025 | 15692 | 57264 | 0 | (108) |
|  | 04/2025 | 45809 | 1501371 | 0 | (597) |
|  | 05/2025 | 109353 | $76881 | 776 | 0 |
|  | 05/2025 | 68871716 | 4146 | 19 | 0 |
|  | 05/2025 | 8799 | 2324 | 0 | (68) |
|  | 05/2025 | 3 | 0 | 0 | 0 |
|  | 05/2025 | $3026 | 50277104 | 0 | (13) |
|  | 06/2025 | 32830 | $4530 | 0 | (12) |
|  | 06/2025 | 80694622 | 56056 | 1094 | 0 |
|  | 06/2025 | 25965 | 7106 | 53 | 0 |
|  | 06/2025 | $132113 | 768186 | 796 | 0 |
|  | 06/2025 | 2889 | 20854 | 0 | (4) |
|  | 07/2025 | 31460 | $8570 | 41 | (15) |
|  | 07/2025 | 577891 | 17762 | 257 | 0 |
|  | 08/2025 | 25792 | 6921 | 0 | (77) |
|  | 08/2025 | 689770 | 21167 | 215 | 0 |
|  | 09/2025 | 5368 | 1421 | 0 | (28) |
|  | 12/2025 | 3633 | 981 | 0 | (2) |
|  DUB | 04/2025 | 109 | 76 | 0 | 0 |
|  | 04/2025 | 26 | 29 | 0 | 0 |
|  | 04/2025 | 32193 | 8826 | 165 | 0 |
|  | 04/2025 | 3693 | 2109 | 13 | 0 |
|  | 04/2025 | $13151 | 217757232 | 0 | (88) |
|  | 04/2025 | 1860 | 159998 | 8 | 0 |
|  | 04/2025 | 2122 | 3693 | 0 | (25) |
|  | 04/2025 | 12916 | 47351 | 0 | (31) |
|  | 04/2025 | 377 | 504 | 0 | (1) |
|  | 05/2025 | 8452807 | $508 | 2 | 0 |
|  | 05/2025 | 3693 | 2124 | 25 | 0 |
|  | 05/2025 | 489 | 366 | 1 | 0 |
|  | 06/2025 | 25522980 | 17855 | 476 | 0 |
|  | 09/2025 | 47496 | 12916 | 38 | 0 |
|  FAR | 04/2025 | 50575 | 56738 | 0 | (428) |
|  | 04/2025 | 27717 | 7635 | 178 | 0 |
|  | 04/2025 | 9394053 | 62398 | 0 | (233) |
|  | 04/2025 | $1168 | 1112 | 34 | 0 |
|  | 04/2025 | 43268 | 6456200 | 0 | (224) |
|  | 04/2025 | 2074 | $113 | 0 | 0 |
|  | 05/2025 | $5550 | 40040 | 0 | (25) |
|  | 05/2025 | 62398 | 9362405 | 232 | 0 |
|  | 06/2025 | 8017 | 31021 | 0 | (28) |
|  | 07/2025 | 39887 | $5550 | 22 | 0 |
|  GLM | 04/2025 | 1288388 | 226805 | 1926 | (899) |
|  | 04/2025 | 118002901 | 7106 | 27 | 0 |
|  | 04/2025 | 3296177 | 2246 | 8 | 0 |
|  | 04/2025 | 44722 | 11918 | 0 | (249) |
|  | 04/2025 | 38429 | 957 | 0 | (28) |
|  | 04/2025 | 16128 | 487 | 2 | 0 |
|  | 04/2025 | $219284 | 1288388 | 6493 | 0 |
|  | 04/2025 | 11295 | 186014030 | 0 | (137) |
|  | 04/2025 | 869 | 1271592 | 0 | (6) |
|  | 04/2025 | 46191 | $2532 | 15 | 0 |
|  | 05/2025 | 40296 | 5502 | 0 | (59) |
|  | 05/2025 | 33093277 | 1984 | 1 | 0 |
|  | 05/2025 | $7106 | 118109498 | 0 | (28) |
|  | 06/2025 | 8079 | 58423 | 20 | (16) |
|  | 06/2025 | 2246 | 3284224 | 0 | (9) |
|  | 06/2025 | 3349 | 12932 | 0 | (19) |
|  | 07/2025 | 60076 | $16136 | 0 | (170) |
|  | 07/2025 | 62274 | 1915 | 28 | 0 |
|  | 07/2025 | $100 | 3257 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 08/2025 | $487 | 16002 | $0 | $(1) |
|  | 10/2025 | 258600 | $42291 | 0 | (1090) |
|  IND | 04/2025 | $11154 | 9836 | 0 | (36) |
|  | 05/2025 | 9813 | $11167 | 36 | 0 |
|  JPM | 04/2025 | 326625 | 56959 | 26 | (305) |
|  | 04/2025 | 6001 | 6312 | 0 | (177) |
|  | 04/2025 | 10027445 | 607 | 6 | 0 |
|  | 04/2025 | 24179 | 6653 | 148 | 0 |
|  | 04/2025 | 59756 | 685 | 0 | (13) |
|  | 04/2025 | 2894714 | 19182 | 0 | (118) |
|  | 04/2025 | 74091 | 1843 | 0 | (56) |
|  | 04/2025 | 191517 | 5841 | 73 | 0 |
|  | 04/2025 | $56882 | 326625 | 356 | 0 |
|  | 04/2025 | 360657 | 334375 | 903 | 0 |
|  | 04/2025 | 1932 | 31757773 | 0 | (27) |
|  | 04/2025 | 2990 | 258080 | 24 | 0 |
|  | 04/2025 | 46480 | 6928572 | 0 | (287) |
|  | 04/2025 | 638 | 932858 | 0 | (4) |
|  | 04/2025 | 11 | 15 | 0 | 0 |
|  | 04/2025 | 14451 | 473508 | 0 | (191) |
|  | 05/2025 | 43070 | $5897 | 0 | (48) |
|  | 05/2025 | 334375 | 361243 | 0 | (901) |
|  | 05/2025 | 22152654 | 1334 | 7 | 0 |
|  | 05/2025 | 44250 | 998 | 0 | (116) |
|  | 05/2025 | $20390 | 147803 | 26 | (18) |
|  | 05/2025 | 19182 | 2885008 | 118 | 0 |
|  | 05/2025 | 38523 | 1598025 | 1989 | (660) |
|  | 06/2025 | 16637 | $2280 | 0 | (22) |
|  | 06/2025 | $18104 | 70133 | 32 | (77) |
|  | 06/2025 | 2817 | 111504 | 0 | (99) |
|  | 07/2025 | 75570 | $10471 | 7 | (10) |
|  | 07/2025 | 333984 | 10270 | 153 | 0 |
|  | 07/2025 | $55215 | 323059 | 305 | 0 |
|  | 08/2025 | 71555 | $9919 | 3 | (25) |
|  | 08/2025 | 342921 | 10524 | 108 | 0 |
|  | 10/2025 | 135700 | 20977 | 0 | (1787) |
|  MBC | 04/2025 | 3555 | 4016 | 0 | (2) |
|  | 04/2025 | 20001 | $21248 | 85 | (465) |
|  | 04/2025 | 868300 | 5856 | 67 | 0 |
|  | 04/2025 | 2025 | 202 | 1 | 0 |
|  | 04/2025 | 298376 | 9223 | 238 | 0 |
|  | 04/2025 | $25 | 36 | 0 | 0 |
|  | 04/2025 | 50937 | 44997 | 0 | (76) |
|  | 04/2025 | 3413 | 3159 | 17 | (15) |
|  | 04/2025 | 9793 | 7649 | 91 | (4) |
|  | 04/2025 | 724 | 11888080 | 0 | (11) |
|  | 04/2025 | 3750 | 325341 | 51 | 0 |
|  | 04/2025 | 1179 | 175300 | 0 | (10) |
|  | 04/2025 | 98 | 131 | 0 | (1) |
|  | 04/2025 | 9485 | 311606 | 0 | (101) |
|  | 04/2025 | 98531 | $5390 | 22 | 0 |
|  | 05/2025 | 36 | 25 | 0 | 0 |
|  | 05/2025 | 44836 | 50937 | 76 | 0 |
|  | 05/2025 | 69944 | 9643 | 4 | (14) |
|  | 05/2025 | 4015 | 5196 | 10 | 0 |
|  | 05/2025 | 13276816 | 799 | 3 | 0 |
|  | 05/2025 | 9022 | 269 | 2 | 0 |
|  | 05/2025 | $10055 | 72897 | 13 | (8) |
|  | 06/2025 | 10564885 | $7343 | 146 | 0 |
|  | 06/2025 | $6659 | 25700 | 0 | (43) |
|  | 07/2025 | 36228 | $5027 | 6 | 0 |
|  | 07/2025 | 160061 | 4911 | 63 | 0 |
|  | 08/2025 | 68178 | 9469 | 16 | (18) |
|  | 08/2025 | 149665 | 4574 | 28 | 0 |
|  MYI | 04/2025 | 12900 | 2247 | 0 | (14) |
|  | 04/2025 | 109439 | 76881 | 828 | 0 |
|  | 04/2025 | 54427 | 68964 | 0 | (1342) |
|  | 04/2025 | $2215 | 12900 | 46 | 0 |
|  | 04/2025 | 41 | 55 | 0 | 0 |
|  | 04/2025 | 2852 | 108773 | 0 | (37) |
|  | 04/2025 | 2274 | 74333 | 0 | (35) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **149** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 938910 | $51360 | $207 | $0 |
|  | 05/2025 | 12267241 | 737 | 2 | 0 |
|  | 06/2025 | 19362 | 2670 | 0 | (9) |
|  | 06/2025 | $1303 | 5169 | 28 | 0 |
|  | 10/2025 | 12900 | $2121 | 0 | (43) |
|  NGF | 06/2025 | 12220531 | 8577 | 255 | 0 |
|  RBC | 06/2025 | 9153936 | 6336 | 100 | 0 |
|  RYL | 04/2025 | $556 | 18231 | 0 | (7) |
|  | 06/2025 | 19 | $3 | 0 | 0 |
|  SCX | 04/2025 | 758485 | 5032 | 0 | (25) |
|  | 04/2025 | 30731 | 8141 | 0 | (221) |
|  | 04/2025 | 158034 | 4869 | 110 | 0 |
|  | 04/2025 | $6062 | 99178321 | 0 | (114) |
|  | 04/2025 | 638 | 931866 | 0 | (5) |
|  | 04/2025 | 2744 | 90268 | 0 | (25) |
|  | 05/2025 | 57945 | $8038 | 41 | 0 |
|  | 05/2025 | 5184179 | 312 | 1 | 0 |
|  | 05/2025 | 3953 | 1053 | 0 | (22) |
|  | 05/2025 | $6124 | 918642 | 25 | (3) |
|  | 06/2025 | 8768 | $1207 | 0 | (6) |
|  | 06/2025 | 46205 | 12576 | 23 | 0 |
|  | 07/2025 | 7677 | 2057 | 0 | (27) |
|  | 08/2025 | 153215 | 4695 | 41 | 0 |
|  SSB | 04/2025 | 6049 | 1603 | 0 | (43) |
|  | 04/2025 | $66255 | 51234 | 0 | (74) |
|  | 04/2025 | 587 | 2144 | 0 | (4) |
|  | 05/2025 | 51234 | $66250 | 73 | 0 |
|  | 10/2025 | 2152 | 587 | 4 | 0 |
|  UAG | 04/2025 | 8792640 | 530 | 2 | 0 |
|  | 04/2025 | $1011 | 893 | 0 | (1) |
|  | 04/2025 | 625 | 10341718 | 0 | (4) |
|  | 04/2025 | 42665 | 6347861 | 0 | (343) |
|  | 04/2025 | 1223 | 49316 | 46 | 0 |
|  | 05/2025 | 530 | 8805005 | 0 | (2) |
|  | 05/2025 | 576 | 23462 | 15 | 0 |
|  | 06/2025 | 1820 | 7022 | 0 | (11) |
|  | 08/2025 | 1380 | 61395 | 3 | 0 |
|  | 11/2025 | 544 | 25639 | 0 | (11) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33715) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.180% | 07/21/2032 | 15100 | $2422 | $1178 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.180 | 07/21/2032 | 24700 | 3962 | 6883 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110 | 07/26/2032 | 10500 | 1701 | 799 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 15300 | 2478 | 4378 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 12200 | 1610 | 343 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 13800 | 1821 | 3460 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.170 | 07/19/2032 | 12200 | 1935 | 942 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.170 | 07/19/2032 | 13800 | 2189 | 3854 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21837 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell <br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 67900 | $(93) | $(55) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 68000 | (129) | (86) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 77900 | (102) | (80) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 133200 | (117) | (127) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 133200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |

---

---

| | | |
|:---|:---|:---|
| **150** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell <br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000% | 07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64600 | $(66) | $(66) |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 64600 | (78) | (78) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus TRY | TRY 40.500 | 05/07/2025 | 4800 | $(194) | $(194) |
|  | Call - OTC USD versus TRY | 51.500 | 05/07/2025 | 4800 | (135) | (28) |
| UAG | Put - OTC USD versus TRY | 37.700 | 05/07/2025 | 3200 | (77) | (7) |
|  | Call - OTC USD versus TRY | 45.900 | 05/07/2025 | 3200 | (51) | (32) |
|  | Put - OTC USD versus TRY | 39.750 | 08/11/2025 | 3000 | (94) | (22) |
|  | Call - OTC USD versus TRY | 51.750 | 08/11/2025 | 3000 | (66) | (95) |
|  | Put - OTC USD versus TRY | 40.575 | 08/19/2025 | 4500 | (158) | (55) |
|  | Call - OTC USD versus TRY | 52.725 | 08/19/2025 | 4500 | (98) | (144) |
|  | Put - OTC USD versus TRY | 41.600 | 11/12/2025 | 3200 | (122) | (33) |
|  | Call - OTC USD versus TRY | 56.900 | 11/12/2025 | 3200 | (89) | (156) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1084) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(766) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 16700 | $(34) | $(43) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 16700 | (34) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 9500 | (33) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 9500 | (33) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 10000 | (38) | (23) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 10000 | (38) | (5) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 31300 | (132) | (40) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 31300 | (132) | (34) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 16700 | (76) | (96) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 16700 | (76) | (11) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 19200 | (85) | (103) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 19200 | (85) | (21) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 10000 | (38) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 10000 | (38) | (2) |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 26000 | (98) | (74) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 26000 | (98) | (29) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1068) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498) |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYC Call - OTC 1-Year Interest Rate Cap  | 0.026% | 1-Day USD-SOFR Compounded-OIS | 07/23/2025 | 155900 | $(1365) | $(1322) |
| Put - OTC 1-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2025 | 155900 | (1365) | (1) |
| FAR Call - OTC 2-Year Interest Rate Cap  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 51400 | (886) | (1274) |
| MYC Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 110700 | (1958) | (2292) |
| NGF Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 169300 | (3107) | (3335) |
| FAR Put - OTC 2-Year Interest Rate Floor  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 51400 | (887) | (42) |
| MYC Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 110700 | (1958) | (113) |
| NGF Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 169300 | (3107) | (189) |
|  |  |  |  |  | $(14633) | $(8568) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17520) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10476) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 151

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | Israel Government International Bond | 1.000% | Quarterly | 06/20/2029 | 0.793 | % | $600 | $(6) | $11 | $5 | $0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 |  | 3100 | (136) | 132 | 0 | (4) |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 1000 | (48) | 46 | 0 | (2) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 |  | 200 | (18) | 16 | 0 | (2) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2025 | 1.276 |  | 100 | (17) | 17 | 0 | 0 |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.990 |  | 2300 | (106) | 107 | 1 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 900 | (14) | 21 | 7 | 0 |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 600 | (22) | 21 | 0 | (1) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.570 |  | 9400 | (47) | 136 | 89 | 0 |
| DUB | Petroleos Mexicanos **«** | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup>% | 17130 | 0 | 117 | 117 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 |  | 400 | (18) | 17 | 0 | (1) |
| GST | Brazil Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.660 |  | 4300 | (145) | 164 | 19 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 1100 | (40) | 37 | 0 | (3) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 |  | 500 | (45) | 41 | 0 | (4) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.733 |  | 3700 | 517 | (175) | 342 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 1500 | (20) | 33 | 13 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.859 |  | 4800 | (131) | 162 | 31 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 |  | 600 | (6) | 6 | 0 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 8400 | (71) | 41 | 0 | (30) |
| JPM | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | '0.990 |  | 100 | (5) | 5 | 0 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 200 | (8) | 7 | 0 | (1) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 4500 | (54) | 92 | 38 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.859 |  | 1000 | (29) | 35 | 6 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | '0.540 |  | 900 | (7) | 12 | 5 | 0 |
| MYC | Brazil Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.939 |  | 38300 | (2372) | 2434 | 62 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.132 |  | 2800 | (123) | 116 | 0 | (7) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.335 |  | 3100 | (276) | 250 | 0 | (26) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 900 | (15) | 23 | 8 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.859 |  | 2600 | (67) | 84 | 17 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 |  | 200 | (3) | 4 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 |  | 2900 | 8 | 10 | 18 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 |  | 1300 | (4) | 12 | 8 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 |  | 900 | (17) | 20 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 |  | 3700 | (39) | 37 | 0 | (2) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 |  | 28400 | (1243) | 1208 | 0 | (35) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4627) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.13 Index | 0.500% | Monthly | 12/16/2072 | $214500 | $171 | $(724) | $0 | $(553) |
|  | CMBX.NA.AAA.15 Index | 0.500 | Monthly | 11/18/2064 | 106200 | (1021) | (89) | 0 | (1110) |
| MEI | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 3400 | (25) | 21 | 0 | (4) |
| MYC | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 72100 | (253) | 174 | 0 | (79) |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 187700 | 205 | (689) | 0 | (484) |
|  | CMBX.NA.AAA.15 Index | 0.500 | Monthly | 11/18/2064 | 12400 | (105) | (25) | 0 | (130) |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 1300 | 0 | (1) | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1028) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1333) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2361) |

---

152 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | iBoxx USD Liquid Investment Grade Index  | 15141 | 1.186 | Maturity | 06/20/2025 | $7900 | $49 | $(40) | $9 | $0 |
|  JPM | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 06/20/2025 | 30000 | 263 | (136) | 127 | 0 |
|  MYC | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 06/20/2025 | 25900 | 224 | (108) | 116 | 0 |
|  | Receive | iBoxx USD Liquid Investment Grade Index  | 5033 | 4.31 | Maturity | 06/20/2025 | 1100 | 0 | 3 | 3 | 0 |
|  |  |  |  |  |  |  |  | $536 | $(281) | $255 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(5119) | $3685 | $1045 | $(2479) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $741 | $0 | $0 | $741 | $(1001) | $0 | $0 | $(1001) | $(260) | $286 | $26 |
|  BOA | 204 | 0 | 5 | 209 | (145) | (222) | (4) | (371) | (162) | 275 | 113 |
|  BPS | 1854 | 0 | 9 | 1863 | (14701) | (43) | (4) | (14748) | (12885) | 13171 | 286 |
|  BRC | 489 | 0 | 8 | 497 | (2269) | (37) | 0 | (2306) | (1809) | 2295 | 486 |
|  BSH | 970 | 0 | 0 | 970 | (616) | 0 | 0 | (616) | 354 | 700 | 1054 |
|  CBK | 4840 | 0 | 89 | 4929 | (3014) | 0 | (1) | (3015) | 1914 | (340) | 1574 |
|  DUB | 728 | 8061 | 117 | 8906 | (145) | 0 | (1) | (146) | 8760 | (2230) | 6530 |
|  FAR | 466 | 0 | 0 | 466 | (938) | (1316) | 0 | (2254) | (1788) | 2021 | 233 |
|  GLM | 8520 | 5177 | 0 | 13697 | (2713) | (305) | 0 | (3018) | 10679 | (6630) | 4049 |
|  GST | 0 | 0 | 405 | 405 | 0 | (500) | (1700) | (2200) | (1795) | 1054 | (741) |
|  IND | 36 | 0 | 0 | 36 | (36) | 0 | 0 | (36) | 0 | 0 | 0 |
|  JPM | 4284 | 0 | 176 | 4460 | (4941) | (66) | (1) | (5008) | (548) | 958 | 410 |
|  MBC | 939 | 0 | 0 | 939 | (768) | 0 | 0 | (768) | 171 | (880) | (709) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (4) | 0 | (4) |
|  MYC | 0 | 8599 | 236 | 8835 | 0 | (3738) | (763) | (4501) | 4334 | 3514 | 7848 |
|  MYI | 1111 | 0 | 0 | 1111 | (1480) | 0 | 0 | (1480) | (369) | 896 | 527 |
|  NGF | 255 | 0 | 0 | 255 | 0 | (3627) | 0 | (3627) | (3372) | 3712 | 340 |
|  RBC | 100 | 0 | 0 | 100 | 0 | (78) | 0 | (78) | 22 | 0 | 22 |
|  RYL | 0 | 0 | 0 | 0 | (7) | 0 | 0 | (7) | (7) | 0 | (7) |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  SCX | 241 | 0 | 0 | 241 | (448) | 0 | 0 | (448) | (207) | 351 | 144 |
|  SSB | 77 | 0 | 0 | 77 | (121) | 0 | 0 | (121) | (44) | 0 | (44) |
|  UAG | 66 | 0 | 0 | 66 | (372) | (544) | 0 | (916) | (850) | 1023 | 173 |
|  Total Over the Counter | $25921 | $21837 | $1045 | $48803 | $(33715) | $(10476) | $(2479) | $(46670) |  |  |  |

---

(r) Securities with an aggregate market value of $30,256 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **153** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $5551 | $5551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 210 | 0 | 0 | 10055 | 10265 |
|  | $0 | $210 | $0 | $0 | $15606 | $15816 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $25921 | $0 | $25921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 21837 | 21837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 790 | 0 | 0 | 255 | 1045 |
|  | $0 | $790 | $0 | $25921 | $22092 | $48803 |
|  | $0 | $1000 | $0 | $25921 | $37698 | $64619 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1321 | $1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1797 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 64 | 0 | 0 | 17698 | 17762 |
|  | $0 | $64 | $0 | $0 | $20816 | $20880 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $33715 | $0 | $33715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 644 | 0 | 766 | 9066 | 10476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2479 | 0 | 0 | 0 | 2479 |
|  | $0 | $3123 | $0 | $34481 | $9066 | $46670 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29882 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67550 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2801 | $2801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (66331) | (66331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10394 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129990 | 140384 |
|  | $0 | $10394 | $0 | $0 | $66460 | $76854 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $73417 | $0 | $73417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (5806) | (5806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 691 | 11515 | 12206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5871 | 0 | 0 | 346 | 6217 |
|  | $0 | $5871 | $0 | $74108 | $6055 | $86034 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74108 | $72515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162888 |

---

154 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(118) | $(118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 15579 | 15579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (4719) | 0 | 0 | (60453) | (65172) |
|  | $0 | $(4719) | $0 | $0 | $(44992) | $(49711) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12184) | $0 | $(12184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (478) | (478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 91 | 0 | (882) | 6575 | 5784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 541 | 0 | 0 | (174) | 367 |
|  | $0 | $632 | $0 | $(13066) | $5923 | $(6511) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4087) | $0 | $(13066) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56222) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $127271 | $192980 | $320251 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1037855 | 25527 | 1063382 |
| &nbsp;&nbsp; Industrials | 0 | 582336 | 40597 | 622933 |
| &nbsp;&nbsp; Utilities | 0 | 251774 | 0 | 251774 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 17 | 0 | 17 |
|  U.S. Government Agencies | 0 | 7354221 | 0 | 7354221 |
|  U.S. Treasury Obligations | 0 | 912336 | 0 | 912336 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1962750 | 12668 | 1975418 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 119010 | 0 | 119010 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 814847 | 0 | 814847 |
| &nbsp;&nbsp; CMBS Other | 0 | 31758 | 0 | 31758 |
| &nbsp;&nbsp; Home Equity Other | 0 | 589657 | 0 | 589657 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 7845 | 0 | 7845 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 10958 | 0 | 10958 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 798 | 0 | 798 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 164642 | 0 | 164642 |
| &nbsp;&nbsp; Other ABS | 0 | 580642 | 65792 | 646434 |
|  Sovereign Issues | 0 | 963529 | 0 | 963529 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 3097 | 0 | 672 | 3769 |
| &nbsp;&nbsp; Financials | 531 | 0 | 12551 | 13082 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 14865 | 14865 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 809 | 809 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp; Financials | 0 | 0 | 9 | 9 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 498 | 0 | 498 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 19 | 0 | 0 | 19 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 257929 | 0 | 257929 |
| &nbsp;&nbsp; Mutual Funds | 0 | 1002 | 0 | 1002 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 10900 | 0 | 10900 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 6465 | 0 | 6465 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6102 | 0 | 6102 |
|  | $3647 | $15795142 | $366470 | $16165259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1232613 | $0 | $0 | $1232613 |
|  Total Investments | $1236260 | $15795142 | $366470 | $17397872 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | 0 | (419940) | 0 | (419940) |
|  | $0 | $(419940) | $0 | $(419940) |
|  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 | $5215 | $10601 | $0 | $15816 |
|  Over the counter | 0 | 48686 | 117 | 48803 |
|  | $5215 | $59287 | $117 | $64619 |
|  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 | $(1125) | $(19751) | $0 | $(20876) |
|  Over the counter | 0 | (46670) | 0 | (46670) |
|  | $(1125) | $(66421) | $0 | $(67546) |
|  Total Financial Derivative Instruments | $4090 | $(7134) | $117 | $(2927) |
|  Totals | $1240350 | $15368068 | $366587 | $16975005 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 155

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.) March 31, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<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 |
|  Loan Participations and Assignments | $79132 | $112888 | $(1475) | $270 | $0 | $2132 | $33 | $0 | $192980 | $2067 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 5705 | 25100 | (4149) | 166 | 47 | (103) | 0 | (1239) | 25527 | 464 |
| &nbsp;&nbsp; Industrials | 19547 | 21409 | (307) | 0 | 0 | (52) | 0 | 0 | 40597 | (60) |
|  Non-Agency Mortgage-Backed Securities | 992 | 12251 | (405) | 89 | 4 | 386 | 0 | (649) | 12668 | 339 |
|  Asset-Backed Securities<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 5676 | 62754 | (683) | 2 | (161) | (454) | 0 | (1342) | 65792 | (481) |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services<sup>(4)</sup> | 884 | 0 | 0 | 0 | 0 | (212) | 0 | 0 | 672 | (212) |
| &nbsp;&nbsp; Financials | 10215 | 0 | 0 | 0 | 0 | 2336 | 0 | 0 | 12551 | 2336 |
| &nbsp;&nbsp; Health Care | 15725 | 0 | 0 | 0 | 0 | (860) | 0 | 0 | 14865 | (861) |
| &nbsp;&nbsp; Industrials | 17007 | 0 | (15342) | 0 | 11771 | (12627) | 0 | 0 | 809 | 31 |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 0 |
|  | $154892 | $234402 | $(22361) | $527 | $11661 | $(9454) | $33 | $(3230) | $366470 | $3623 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $61 | $0 | $0 | $0 | $56 | $0 | $0 | $117 | $56 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | $11661 | $(9398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3230) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $9435 | Comparable Companies | EBITDA Multiple |  | 14.000 |  |
|  | 69459 | Discounted Cash Flow | Discount Rate |  | 5.487-14.360 | 7.588 |
|  | 8585 | Indicative Market Quotation | Broker Quote |  | 100.500 |  |
|  | 42826 | Recent Transaction | Purchase Price |  | 98.754-100.000 | 99.811 |
|  | 62675 | Third Party Vendor | Broker Quote |  | 37.500-101.500 | 101.159 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 25527 | Proxy Pricing | Base Price |  | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 40597 | Discounted Cash Flow | Discount Rate |  | 5.051-7.890 | 5.895 |
|  Non-Agency Mortgage-Backed Securities | 7154 | Discounted Cash Flow | Discount Rate |  | 6.660-8.930 | 7.204 |
|  | 5514 | Proxy Pricing | Base Price |  | 99.998 |  |
|  Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 14548 | Discounted Cash Flow | Discount Rate |  | 7.110-17.000 | 9.064 |
|  | 51244 | Proxy Pricing | Base Price |  | 100.000-120.958 | 102.835 |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 123 | Comparable Companies | EBITDA Multiple |  | 4.609 |  |
|  | 549 | Reference Instrument | Stock Price w/Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 12551 | Comparable Companies | EBITDA Multiple |  | 4.660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 14865 | Comparable Companies | EBITDA Multiple |  | 14.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 809 | Indicative Market Quotation | Broker Quote | $— | 1.063-25.188 | 24.834 |
|  Warrants Financials | 9 | Option Pricing Model | Volatility |  | 32.500 |  |
|  Financial Derivative Instruments - Assets | 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 | 117 | Indicative Market Quotation | Broker Quote |  | 0.329 |  |
|  Total | $366587 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Sector type updated from Non-Agency Mortgage-Backed Securities to Asset-Backed Securities since prior fiscal year end.

<sup>(4)</sup> Sector type updated from Utilities to Communication Services since prior fiscal year end.

---

| | | |
|:---|:---|:---|
| **156** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.1% | INVESTMENTS IN SECURITIES 97.1% | INVESTMENTS IN SECURITIES 97.1% |
| CORPORATE BONDS & NOTES 58.8% | CORPORATE BONDS & NOTES 58.8% | CORPORATE BONDS & NOTES 58.8% |
| BANKING & FINANCE 49.2% | BANKING & FINANCE 49.2% | BANKING & FINANCE 49.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.750% due 09/22/2033 ~(e)(f) | 2700 | 2787 |
|  6.875% due 09/22/2031 ~(e)(f) | 3300 | 3733 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  6.000% due 07/14/2031 ~(e)(f) | 2000 | 2110 |
|  7.125% due 10/30/2029 ~(e)(f) | 1900 | 2153 |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«(b)(f) | 5000 | 300 |
|  ASR Nederland NV | ASR Nederland NV | ASR Nederland NV |
|  6.500% due 04/02/2035 ~(a)(e)(f) | 1800 | 1938 |
|  Aviva PLC | Aviva PLC | Aviva PLC |
|  7.750% due 09/30/2032 •(e)(f) | 1300 | 1670 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  8.500% due 09/10/2030 ~ | 4800 | 5301 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.875% due 12/13/2030 ~(e)(f) | 2000 | 2246 |
|  7.750% due 01/14/2032 •(e)(f) | 3100 | 3042 |
|  8.375% due 06/21/2028 ~(e)(f) | 3400 | 4049 |
|  9.375% due 03/19/2029 •(e)(f) | 1400 | 1524 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  8.375% due 10/14/2030 •(e)(f) | 8600 | 8712 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(e)(f) | 2400 | 2641 |
|  9.625% due 05/21/2033 •(e)(f) | 7000 | 8058 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.375% due 03/10/2030 ~(e)(f) | 2850 | 3116 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  7.300% due 11/26/2084 •(f) | 2100 | 2096 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.900% due 06/04/2025 •(e)(f) | 4500 | 4480 |
|  7.350% due 04/27/2085 ~(f) | 4000 | 3973 |
|  8.000% due 01/27/2084 •(f) | 2000 | 2071 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.125% due 12/15/2025 •(e)(f) | 2200 | 2201 |
|  8.500% due 06/15/2030 ~(e)(f) | 6100 | 8101 |
|  9.625% due 12/15/2029 •(e)(f) | 6500 | 7146 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  7.625% due 02/11/2035 •(f) | 1600 | 1620 |
|  8.125% due 01/08/2039 •(f) | 5600 | 5711 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.375% due 09/10/2034 •(e)(f) | 2500 | 2506 |
|  8.000% due 08/22/2031 •(e)(f) | 10200 | 10623 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.915% due 01/14/2046 ~ | 2200 | 2288 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  7.500% due 01/16/2030 ~(e)(f) | 2200 | 2566 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  6.950% due 01/28/2085 •(f) | 2200 | 2157 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  6.500% due 10/09/2029 ~(e)(f) | 1600 | 1793 |
|  7.875% due 10/09/2031 ~(e)(f) | 2800 | 3294 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.100% due 06/29/2028 ~(e)(f) | 7200 | 7196 |
|  3.250% due 12/29/2026 ~(e)(f) | 1000 | 1049 |
|  4.875% due 06/29/2029 ~(e)(f) | 1200 | 1267 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •(g) | 2200 | 2191 |
|  6.875% due 12/15/2052 •(g) | 6100 | 6235 |
|  Credit Agricole Assurances SA | Credit Agricole Assurances SA | Credit Agricole Assurances SA |
|  4.500% due 12/17/2034 | 2200 | 2392 |
|  6.250% due 06/17/2035 •(e)(f) | 2200 | 2382 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.875% due 03/23/2035 ~(e)(f) | 8500 | 8862 |
|  6.500% due 09/23/2029 ~(e)(f) | 3100 | 3460 |
|  7.250% due 09/23/2028 ~(e)(f) | 3700 | 4247 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  Dai-ichi Life Insurance Co. Ltd. | 58550 | 7026 |
|  6.200% due 01/16/2035 ~(e) | 4300 | 4324 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.625% due 10/30/2027 ~(e)(f) | 1400 | 1427 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.125% due 10/30/2030 ~(e)(f) |  | 2400 | $— | 2557 |
|  7.375% due 10/30/2031 ~(e)(f) |  | 3400 |  | 3722 |
|  8.125% due 10/30/2029 ~(e)(f) |  | 3200 |  | 3644 |
|  10.000% due 12/01/2027 ~(e)(f) |  | 4200 |  | 5018 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  7.375% due 05/30/2029 ~(e)(f) | $— | 5200 |  | 5289 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  6.700% due 03/28/2055 ~ |  | 2000 |  | 1990 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 ~(e)(f) |  | 6800 |  | 7157 |
|  8.500% due 10/15/2028 ~(e)(f) |  | 2000 |  | 2382 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 | $— | 500 |  | 506 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  7.950% due 10/15/2054 •  |  | 3250 |  | 3381 |
|  Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR |
|  5.000% due 10/30/2044 ~ |  | 2000 |  | 2227 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.875% due 09/11/2029 •(e)(f) | $— | 2400 |  | 2407 |
|  6.950% due 03/11/2034 •(e)(f) |  | 2200 |  | 2197 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  8.000% due 05/16/2030 ~(e)(f) |  | 7700 |  | 8097 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.700% due 09/17/2025 •(e)(f) |  | 4700 |  | 4706 |
|  9.125% due 09/07/2029 ~(e)(f) |  | 7800 |  | 9669 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  8.000% due 09/05/2028 ~(e)(f) |  | 5400 |  | 6369 |
|  La Mondiale SAM | La Mondiale SAM | La Mondiale SAM | La Mondiale SAM | La Mondiale SAM |
|  6.750% due 01/17/2034 ~(e)(f) |  | 2200 |  | 2429 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | $— | 5500 |  | 5268 |
|  4.300% due 02/01/2061 |  | 4300 |  | 2685 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.875% due 06/27/2029 ~(e)(f) |  | 2400 |  | 3164 |
|  8.500% due 03/27/2028 ~(e)(f) |  | 7400 |  | 9857 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 ~ | $— | 1200 |  | 1199 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  |  | 2000 |  | 2007 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  8.200% due 01/15/2029 •(e)(f) |  | 3900 |  | 4257 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  7.500% due 12/20/2030 ~(e)(f) |  | 1100 |  | 1413 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  7.500% due 02/28/2032 ~(e)(f) |  | 7000 |  | 8802 |
|  8.125% due 11/10/2033 •(e)(f) | $— | 4800 |  | 5051 |
|  NN Group NV | NN Group NV | NN Group NV | NN Group NV | NN Group NV |
|  5.750% due 09/11/2034 •(e)(f) |  | 1900 |  | 1993 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.300% due 09/25/2031 •(e)(f) | $— | 1500 |  | 1450 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  6.000% due 09/01/2052 •(g) |  | 8600 |  | 8625 |
|  6.500% due 03/15/2054 •(g) |  | 3000 |  | 3063 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  6.650% due 09/15/2055 ~ |  | 2000 |  | 1974 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  7.500% due 05/02/2084 •(f) |  | 12300 |  | 12639 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  9.375% due 11/22/2027 •(e)(f) |  | 900 |  | 951 |
|  10.000% due 11/14/2028 •(e)(f) |  | 3400 |  | 3685 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.375% due 03/01/2027 ~(e)(f) |  | 2400 |  | 2309 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  |  | 2400 |  | 2422 |
|  Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. |
|  6.320% due 02/15/2067 ~ |  | 6242 |  | 5680 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  7.250% due 07/31/2084 •(f) |  | 2000 |  | 2015 |
|  8.125% due 10/31/2082 •(f) |  | 9100 |  | 9436 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.875% due 02/12/2027 •(e)(f) |  | 2600 |  | 2529 |
|  7.000% due 02/10/2030 ~(e)(f) |  | 2000 |  | 1975 |
|  7.125% due 08/10/2034 ~(e)(f) |  | 4600 |  | 4536 |
|  9.250% due 11/13/2028 •(e)(f) |  | 3400 |  | 3701 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.250% due 11/13/2033 •(e)(f) | $— | 6900 | 7892 |
|  9.250% due 11/13/2033 ~(e)(f) |  | 1300 | 1487 |
|  USB Realty Corp. | USB Realty Corp. | USB Realty Corp. | USB Realty Corp. |
|  5.711% due 01/15/2027 ~(e)(g) |  | 6567 | 5349 |
|  Virgin Money U.K. PLC | Virgin Money U.K. PLC | Virgin Money U.K. PLC | Virgin Money U.K. PLC |
|  11.000% due 12/08/2028 ~(e)(f) |  | 4800 | 7023 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  | $— | 2400 | 2273 |
|  |  |  | 378521 |
| INDUSTRIALS 1.9% | INDUSTRIALS 1.9% | INDUSTRIALS 1.9% | INDUSTRIALS 1.9% |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  8.500% due 01/15/2084 •  |  | 2259 | 2494 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  5.375% due 02/15/2078 •  |  | 4200 | 4119 |
|  South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
|  5.020% due 04/15/2031 |  | 6600 | 5606 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
|  6.375% due 03/15/2055 ~ |  | 2000 | 2053 |
|  |  |  | 14272 |
| UTILITIES 7.7% | UTILITIES 7.7% | UTILITIES 7.7% | UTILITIES 7.7% |
|  AES Andes SA | AES Andes SA | AES Andes SA | AES Andes SA |
|  8.150% due 06/10/2055 •  |  | 1300 | 1345 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  7.600% due 01/15/2055 •  |  | 1900 | 1922 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  6.950% due 12/15/2054 •  |  | 2100 | 2147 |
|  7.050% due 12/15/2054 •  |  | 2100 | 2139 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  4.875% due 03/22/2030 •(e) |  | 2100 | 2015 |
|  6.450% due 12/01/2033 •(e) |  | 9500 | 9717 |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
|  4.250% due 11/23/2081 •  |  | 3600 | 3500 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  6.500% due 06/01/2055 ~ |  | 2000 | 1954 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  6.625% due 05/15/2055 •  |  | 2100 | 2090 |
|  7.000% due 06/01/2054 •  |  | 3800 | 4004 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  6.450% due 09/01/2054 •(g) |  | 3300 | 3303 |
|  Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 2000 | 2027 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  7.375% due 06/17/2035 ~(e) |  | 700 | 911 |
|  9.125% due 03/15/2033 •(e) | $— | 2700 | 3043 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  |  | 2100 | 2071 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  6.500% due 03/15/2055 ~ |  | 2000 | 1992 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  6.700% due 09/01/2054 •  |  | 4200 | 4263 |
|  6.750% due 06/15/2054 •  |  | 4000 | 4093 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  7.375% due 09/15/2055 ~ |  | 2500 | 2538 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  |  | 1100 | 1084 |
|  Sempra | Sempra | Sempra | Sempra |
|  6.400% due 10/01/2054 ~ |  | 1200 | 1141 |
|  6.625% due 04/01/2055 •  |  | 2100 | 2056 |
|  |  |  | 59355 |
|  Total Corporate Bonds & Notes<br>(Cost $442,009) | Total Corporate Bonds & Notes<br>(Cost $442,009) | Total Corporate Bonds & Notes<br>(Cost $442,009) | 452148 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Agence France Locale | Agence France Locale | Agence France Locale | Agence France Locale |
|  7.000% due 06/17/2031 ~(e)(f) |  | 2000 | 2376 |
|  Total Sovereign Issues (Cost $2,105) | Total Sovereign Issues (Cost $2,105) | Total Sovereign Issues (Cost $2,105) | 2376 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 157

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| PREFERRED SECURITIES 37.1% | PREFERRED SECURITIES 37.1% | PREFERRED SECURITIES 37.1% |
| BANKING & FINANCE 34.1% | BANKING & FINANCE 34.1% | BANKING & FINANCE 34.1% |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.250% due 06/15/2026 •(e) | 4000000 | 3935 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.700% due 05/15/2028 •(e) | 4700000 | 4063 |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 •(e) | 5000000 | 4818 |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(e) | 5350000 | 5185 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(e)(f) | 5400000 | 5622 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) | 25910000 | 26144 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.625% due 09/20/2026 •(e) | 2200000 | 2166 |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(e) | 2000000 | 1810 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  8.250% due 03/13/2029 ~(e)(f) | 4800000 | 5705 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(e) | 7200000 | 6888 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(e) | 11900000 | 10601 |
|  5.000% due 12/01/2027 •(e)(g) | 4675000 | 4506 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.950% due 02/15/2030 ~(e) | 12700000 | 12684 |
|  7.000% due 08/15/2034 •(e) | 750000 | 777 |
|  7.625% due 11/15/2028 •(e) | 7200000 | 7521 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  4.000% due 10/06/2026 •(e) | 2065000 | 1981 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  7.125% due 01/01/2030 •(e) | 225000 | 229 |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  4.875% due 08/15/2026 •(e) | 5000000 | 4863 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(e) | 10000000 | 9697 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  6.200% due 06/15/2028 •(e) | 7000000 | 6871 |
|  7.750% due 06/15/2029 •(e) | 4500000 | 4720 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(e) | 7200000 | 7046 |
|  6.850% due 02/10/2030 ~(e) | 1800000 | 1829 |
|  7.500% due 02/10/2029 •(e) | 2700000 | 2846 |
|  7.500% due 05/10/2029 •(e) | 7100000 | 7484 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.200% due 09/01/2026 (e) | 62600 | 1148 |
|  4.625% due 06/01/2026 (e) | 171000 | 3411 |
|  6.500% due 04/01/2030 ~(e) | 15700000 | 16094 |
|  6.875% due 06/01/2029 •(e) | 5800000 | 6098 |
|  MetLife Capital Trust | MetLife Capital Trust | MetLife Capital Trust |
|  7.875% due 12/15/2067 | 6100000 | 6698 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.875% due 07/15/2025 | 112700 | 2291 |
|  6.625% due 10/15/2029 | 129200 | 3295 |
|  7.721% due 12/15/2025 ~(e) | 3600000 | 3658 |
|  **Nationwide Building Society** ~(e) | 35604 | 6010 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(e) | 10500000 | 10014 |
|  6.250% due 03/15/2030 •(e) | 3300000 | 3332 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(e) | 6200000 | 6360 |
|  Stichting AK Rabobank Certificaten | Stichting AK Rabobank Certificaten | Stichting AK Rabobank Certificaten |
|  6.500% þ | 9739725 | 11854 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  8.250% due 05/15/2029 ~ | 253100 | 6333 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.100% due 03/01/2030 •(e)(g) | 4900000 | 4772 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(e) | 4400000 | 4367 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.250% due 09/15/2026 | 129900 | 2297 |
|  4.750% due 06/15/2025 | 63000 | 1254 |
|  6.850% due 09/15/2029 •(e) | 9900000 | 10279 |
|  7.625% due 09/15/2028 •(e) | 2300000 | 2465 |
|  |  | 262021 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (d) | 1528000 | 30 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.000% due 09/30/2029 •(e) | 1500000 | 1421 |
|  |  | 1451 |
| UTILITIES 2.8% | UTILITIES 2.8% | UTILITIES 2.8% |
|  Edison International | Edison International | Edison International |
|  5.000% due 12/15/2026 •(e) | 1700000 | 1544 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.625% due 02/15/2028 •(e) | 1800000 | 1785 |
|  7.125% due 05/15/2030 •(e) | 10700000 | 10837 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SCE Trust | SCE Trust | SCE Trust | SCE Trust |
|  7.500% due 11/22/2028 | 168700 | $— | 3894 |
|  Sempra Energy | Sempra Energy | Sempra Energy | Sempra Energy |
|  4.875% due 10/15/2025 •(e) | 3700000 |  | 3674 |
|  |  |  | 21734 |
|  Total Preferred Securities (Cost $323,349) | Total Preferred Securities (Cost $323,349) |  | 285206 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| U.S. TREASURY BILLS 0.9% | U.S. TREASURY BILLS 0.9% | U.S. TREASURY BILLS 0.9% | U.S. TREASURY BILLS 0.9% |
|  4.296% due 04/17/2025 - <br>06/05/2025 (c)(d)(j) | 6990 |  | 6950 |
| Total Short-Term Instruments (Cost $6,950) | Total Short-Term Instruments (Cost $6,950) |  | 6950 |
| Total Investments in Securities<br>(Cost $774,413) | Total Investments in Securities<br>(Cost $774,413) |  | 746680 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 3.0% | INVESTMENTS IN AFFILIATES 3.0% | INVESTMENTS IN AFFILIATES 3.0% | INVESTMENTS IN AFFILIATES 3.0% |
| SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 2330251 |  | 22683 |
| Total Short-Term Instruments<br>(Cost $22,665) | Total Short-Term Instruments<br>(Cost $22,665) |  | 22683 |
| Total Investments in Affiliates<br>(Cost $22,665) | Total Investments in Affiliates<br>(Cost $22,665) |  | 22683 |
| Total Investments 100.1%<br>(Cost $797,078) | Total Investments 100.1%<br>(Cost $797,078) | $— | 769363 |
|  Financial Derivative<br>Instruments (h)(i) (0.7)%<br> (Cost or Premiums, net $1,891) | Financial Derivative<br>Instruments (h)(i) (0.7)%<br> (Cost or Premiums, net $1,891) |  | (5070) |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 4402 |
| Net Assets 100.0% |  | $— | 768695 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security is not accruing income as of the date of this report.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Contingent convertible security.

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 4.760% | 03/24/2025 | 07/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10049) | $(10059) |
|  | 4.910 | 03/10/2025 | 07/10/2025 | (4691) | (4706) |
|  | 5.010 | 03/10/2025 | 07/10/2025 | (6553) | (6573) |
|  BPS | 4.870 | 01/06/2025 | 04/07/2025 | (4931) | (4987) |
|  BRC | 4.400 | 03/12/2025 | TBD<sup>(2)</sup> | (2137) | (2142) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28467) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOS | $0 | $(21338) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 |
|  BPS | 0 | (4987) | 0 | (4987) | 5349 | 362 |
|  BRC | 0 | (2142) | 0 | (2142) | 2191 | 49 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28467) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements |  |  |  |  |  |
|  Corporate Bonds & Notes | $0 | $(4987) | $0 | $(16907) | $(21894) |
|  Preferred Securities | 0 | 0 | 0 | (6573) | (6573) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4987) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23480) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28467) |
|  Payable for reverse repurchase agreements  |  |  |  |  | $(28467) |

---

(g) Securities with an aggregate market value of $31,619 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(36610) at a weighted average interest rate of 5.418%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Long Gilt June Futures  | 06/2025 | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11844 | $(96) | $128 | $0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 235 | 48685 | 261 | 17 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 486 | 55465 | 603 | 174 | (11) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 519 | 63448 | 845 | 543 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 159

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-BOBL June Futures  | 06/2025 | 131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16685) | $133 | $4 | $(40) |
|  Euro-Bund June Futures  | 06/2025 | 151 | (21035) | 395 | 2 | (80) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 53 | (6835) | 425 | 0 | (72) |
|  Euro-Schatz June Futures  | 06/2025 | 312 | (36083) | (34) | 8 | (27) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 54 | (5840) | (37) | 0 | (4) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 162 | (18017) | (252) | 0 | (40) |
|  |  |  |  | $630 | $14 | $(263) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 |  | 1400 | $10 | $1 | $11 | $0 | $(1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 |  | 9400 | (256) | (23) | (279) | 41 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 |  | 13000 | 808 | 103 | 911 | 0 | (119) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 |  | 4600 | 551 | 120 | 671 | 0 | (74) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 |  | $800 | 4 | (6) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 12700 | (271) | 239 | (32) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 35800 | 2483 | (943) | 1540 | 0 | (112) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 5400 | (1285) | (743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2028) | 30 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 1000 | (44) | 100 | 56 | 0 | (7) |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | (174) | 90 | (84) | 20 | 0 |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 400 | 6 | (3) | 3 | 0 | (1) |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 710 | 59 | (1) | 58 | 0 | (6) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1066) | $825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | Total | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(616) |

---

Cash of $8,325 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $7 and liability of $(10) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 04/2025 | 15456 | $16147 | $0 | $(565) |
|  | 04/2025 | 512 | 651 | 0 | (11) |
|  | 04/2025 | $763 | 706 | 1 | 0 |
|  BPS | 04/2025 | 116741 | $122412 | 0 | (3820) |
|  | 04/2025 | $11675 | 10846 | 53 | 0 |
|  | 05/2025 | 12116 | $13069 | 0 | (53) |
|  | 05/2025 | $1798 | 1666 | 7 | 0 |
|  BRC | 04/2025 | 8897 | 8151 | 0 | (84) |
|  BSH | 04/2025 | 483 | $306 | 4 | 0 |
|  CBK | 04/2025 | $1485 | 1371 | 1 | (3) |

---

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  FAR | 04/2025 | 2417 | $2539 | $0 | $(75) |
|  | 04/2025 | $304 | 483 | 0 | (2) |
|  | 05/2025 | 483 | $304 | 2 | 0 |
|  JPM | 04/2025 | $127248 | 117992 | 337 | 0 |
|  | 05/2025 | 117309 | $126735 | 0 | (316) |
|  MBC | 04/2025 | 6909 | 7458 | 25 | (39) |
|  | 04/2025 | 6999 | 8815 | 0 | (226) |
|  | 04/2025 | $2571 | 2457 | 88 | (2) |
|  | 05/2025 | 888 | $1149 | 2 | 0 |
|  SSB | 04/2025 | 28978 | 36681 | 0 | (752) |
|  | 04/2025 | $47187 | 36489 | 0 | (52) |
|  | 05/2025 | 36489 | $47184 | 52 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6000) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BOA | $1 | $0 | $0 | $1 | $(576) | $0 | $0 | $(576) | $(575) | $555 | $(20) |
|  BPS | 60 | 0 | 0 | 60 | (3873) | 0 | 0 | (3873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | (88) |
|  BRC | 0 | 0 | 0 | 0 | (84) | 0 | 0 | (84) | (84) | 0 | (84) |
|  BSH | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  CBK | 1 | 0 | 0 | 1 | (3) | 0 | 0 | (3) | (2) | 0 | (2) |
|  FAR | 2 | 0 | 0 | 2 | (77) | 0 | 0 | (77) | (75) | 0 | (75) |
|  JPM | 337 | 0 | 0 | 337 | (316) | 0 | 0 | (316) | 21 | 0 | 21 |
|  MBC | 115 | 0 | 0 | 115 | (267) | 0 | 0 | (267) | (152) | 271 | 119 |
|  SSB | 52 | 0 | 0 | 52 | (804) | 0 | 0 | (804) | (752) | 618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6000) |  |  |  |

---

(j) Securities with an aggregate market value of $5,169 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $883 | $883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 91 | 91 |
|  | $0 | $0 | $0 | $0 | $974 | $974 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $572 | $0 | $572 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 161

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.) March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $284 | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 332 | 332 |
|  | $0 | $0 | $0 | $0 | $616 | $616 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6000 | $0 | $6000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(774) | $(774) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 214 | 0 | 0 | (2505) | (2291) |
|  | $0 | $214 | $0 | $0 | $(3279) | $(3065) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $8795 | $0 | $8795 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3279) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1678 | $1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1358 | 1358 |
|  | $0 | $0 | $0 | $0 | $3036 | $3036 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(6472) | $0 | $(6472) |
|  | $0 | $0 | $0 | $(6472) | $3036 | $(3436) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $378221 | $300 | $378521 |
| &nbsp;&nbsp; Industrials | 0 | 14272 | 0 | 14272 |
| &nbsp;&nbsp; Utilities | 0 | 59355 | 0 | 59355 |
|  Sovereign Issues | 0 | 2376 | 0 | 2376 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 20029 | 241992 | 0 | 262021 |
| &nbsp;&nbsp; Industrials | 0 | 1451 | 0 | 1451 |
| &nbsp;&nbsp; Utilities | 3894 | 17840 | 0 | 21734 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6950 | 0 | 6950 |
|  | $23923 | $722457 | $300 | $746680 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $22683 | $0 | $0 | $22683 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769363 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $142 | $825 | $0 | $967 |
|  Over the counter | 0 | 572 | 0 | 572 |
|  | $142 | $1397 | $0 | $1539 |
|  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 | (219) | (387) | 0 | (606) |
|  Over the counter | 0 | (6000) | 0 | (6000) |
|  | $(219) | $(6387) | $0 | $(6606) |
|  Total Financial Derivative Instruments | $(77) | $(4990) | $0 | $(5067) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764296 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Notes to Financial Statements March 31, 2025

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C, Class C-2 and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

PIMCO Preferred and Capital Securities Fund has established a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. PIMCO also serves as the investment adviser for the Subsidiary. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **163** |

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Notes to Financial Statements (Cont.)

off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

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(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO Diversified Income Fund |  | Daily |  | Monthly |
|  PIMCO ESG Income Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Spectrum Fund |  | Daily |  | Monthly |
|  PIMCO Long-Term Credit Bond Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Credit Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Income Fund |  | Daily |  | Monthly |
|  PIMCO Credit Opportunities Bond Fund |  | Quarterly |  | Quarterly |
|  PIMCO Preferred and Capital Securities Fund |  | Quarterly |  | Quarterly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution

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| **164** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **165** |

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Notes to Financial Statements (Cont.)

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation

is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation.

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| **166** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (*e.g*., credit risk of the borrower) that is

updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **167** |

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Notes to Financial Statements (Cont.)

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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| **168** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does

not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by 'back-solving' if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **169** |

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Notes to Financial Statements (Cont.)

pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO Credit Opportunities Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund and PIMCO High Yield Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Market Value<br>03/31/2025 | Dividend <br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO Diversified Income Fund | $27628 | $0 | $(27628) | $(658) | $658 | $0 | $33 | $0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net <br>Realized <br>Gain (Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Market Value<br>03/31/2025 | Dividend <br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $8817 | $25736 | $(34554) | $0 | $1 | $0 | $42 | $0 |
|  PIMCO Diversified Income Fund | 271316 | 976915 | (1006200) | 168 | (21) | 242178 | 12651 | 0 |
|  PIMCO High Yield Fund | 26841 | 1420445 | (1217320) | 167 | (37) | 230096 | 5437 | 0 |
|  PIMCO High Yield Spectrum Fund | 5465 | 44346 | (47000) | 1 | 0 | 2812 | 49 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 52566 | 5234484 | (5246300) | (69) | 0 | 40681 | 3020 | 0 |
|  PIMCO Low Duration Credit Fund | 6660 | 99398 | (102500) | 2 | (1) | 3559 | 202 | 0 |
|  PIMCO Low Duration Income Fund | 219736 | 4542623 | (3530301) | 713 | (158) | 1232613 | 30529 | 0 |
|  PIMCO Preferred and Capital Securities Fund | 51567 | 749768 | (778700) | 53 | (5) | 22683 | 2686 | 0 |

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#### Investments in PIMCO Senior Loan Active Exchange-Traded Fund

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net <br>Realized <br>Gain (Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Market Value<br>03/31/2025 | Dividend <br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $8445 | $31585 | $0 | $0 | $(629) | $39401 | $1658 | $0 |
|  PIMCO High Yield Fund | 57508 | 172769 | 0 | 0 | (3572) | 226705 | 10321 | 0 |

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| | |
|:---|:---|
| **170** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

#### Investments in PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net <br>Realized <br>Gain (Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Market Value<br>03/31/2025 | Dividend <br>Income<sup>(1)</sup> | Realized Net <br>Capital Gain <br>Distributions<sup>(1)</sup> |
|  PIMCO High Yield Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations. Investments in ETFs entail certain risks; in particular, investments in ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their

principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **171** |

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Notes to Financial Statements (Cont.)

may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest

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|:---|:---|
| **172** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

Restricted investments held by the Funds as of March 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **173** |

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Notes to Financial Statements (Cont.)

TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market.

Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Line of Credit The PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund and PIMCO Low Duration Credit Fund entered into a senior unsecured revolving credit agreement with State Street Bank & Trust Company to be utilized for temporary purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Funds pay financing charges based on a combination of an overnight bank funding rate based on variable rate plus a credit spread. The Funds also pay a fee of 0.25% per annum on the unused commitment amounts. As of March 31, 2025, if applicable any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest and commitment and upfront fees, if any, paid by the Funds are disclosed as part of the interest expense on the Statements of Operations.

During the period, there were no borrowings on this line of credit. The maximum available commitment and related fees for the revolving credit agreement are:

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| | | |
|:---|:---|:---|
| Funds | Maximum<br>Available<br>Commitment\* | Commitment<br>and Upfront<br>Fees |
|  PIMCO High Yield Fund | $243000000 | $673003 |
|  PIMCO High Yield Spectrum Fund | $10000000 | $26405 |
|  PIMCO Low Duration Credit Fund | $7000000 | $19387 |

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\* Maximum available commitment prior to renewal on August 27, 2024, for PIMCO High Yield Fund, PIMCO High Yield Spectrum Bond Fund and PIMCO Low Duration Credit Fund was $243,000,000, $9,000,000 and $7,000,000, respectively. 

(b) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an

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|:---|:---|
| **174** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(c) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(d) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary

income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(e) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(f) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **175** |

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Notes to Financial Statements (Cont.)

borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in

excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of

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|:---|:---|
| **176** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect a Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Funds use a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreementsare bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **177** |

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Notes to Financial Statements (Cont.)

included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the

counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a

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| **178** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of

Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when

compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **179** |

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Notes to Financial Statements (Cont.)

the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and

on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|  | PIMCO<br>Credit<br>Opportunities<br>Bond Fund | PIMCO<br>Diversified<br>Income Fund | PIMCO<br>ESG<br>Income Fund | PIMCO<br>High Yield<br>Fund | PIMCO<br>High Yield<br>Spectrum Fund | PIMCO<br>Long-Term<br>Credit<br>Bond Fund | PIMCO<br>Low Duration<br>Credit Fund | PIMCO<br>Low Duration<br>Income Fund | PIMCO<br>Preferred<br>and Capital<br>Securities Fund |
|  Interest Rate | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X |
|  "Covenant-lite" Obligations |  |  |  |  |  |  | X |  |  |
|  Credit | X | X | X | X | X | X | X | X | X |
|  Capital Securities |  |  |  |  |  |  |  |  | X |
|  Preferred Securities |  |  |  |  |  |  |  |  | X |
|  Concentration in Banking Industries |  |  |  |  |  |  |  |  | X |
|  Contingent Convertible Securities |  |  | X |  |  |  |  | X | X |
|  High Yield | X | X | X | X | X | X | X | X | X |
|  Market | X | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X |  | X |  | X |  |
|  Collateralized Loan Obligations |  | X |  |  |  |  |  | X |  |
|  Foreign (Non-U.S.)Investment | X | X | X | X | X | X | X | X | X |
|  Senior Loan | X |  |  |  |  |  | X |  |  |
|  Emerging Markets | X | X | X | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X |  | X | X |
|  Leveraging | X | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X | X |
|  Subsidiary |  |  |  |  |  |  |  |  | X |
|  Regulation S Securities |  |  |  |  |  |  |  |  | X |
|  Short Exposure | X | X | X | X | X | X | X | X | X |
|  Environmental, Social and Governance |  |  | X |  |  |  |  |  |  |
|  Convertible Securities | X |  |  |  |  |  |  |  |  |
|  Distribution Rate |  |  | X |  |  |  |  | X |  |
|  LIBOR Transition | X | X | X | X |  | X | X | X | X |

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| **180** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

"Covenant-lite" Obligations Risk is the risk that covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Capital Securities Risk is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, the Fund will be more susceptible to these risks than a fund that does not invest in capital securities to the same extent as the Fund.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield

securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **181** |

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circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes a Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, a Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent a Fund invests in senior loans that are covenant-lite obligations, a Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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|:---|:---|
| **182** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Subsidiary Risk is the risk that, by investing in a Fund's subsidiary, a Fund is indirectly exposed to the risks associated with the subsidiary's investments. Fund subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a subsidiary will be achieved.

Regulation S Securities Risk is the risk that Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S Securities may involve a high degree of business and financial risk and may result in substantial losses.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Environmental, Social and Governance Risk is the risk that, because a Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, a Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Distribution Rate Risk is the risk that a Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **183** |

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Notes to Financial Statements (Cont.)

in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage

or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as

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|:---|:---|
| **184** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized

appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **185** |

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Notes to Financial Statements (Cont.)

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average

daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class C-2 | Class R |
|  PIMCO Credit Opportunities Bond Fund | 0.30% | 0.30% | 0.40% | 0.50% <sup>(2)</sup>\* | N/A | 0.45% | 0.45% | N/A | N/A |
|  PIMCO Diversified Income Fund | 0.45% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | 0.30% | 0.45% | 0.45% | N/A | N/A |
|  PIMCO ESG Income Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A | N/A |
|  PIMCO High Yield Fund | 0.25% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | 0.30% | 0.40% | 0.40% | N/A | 0.40% |
|  PIMCO High Yield Spectrum Fund | 0.30% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A | N/A |
|  PIMCO Long-Term Credit Bond Fund | 0.30% | 0.25% | 0.35% | N/A | N/A | 0.40% \* | N/A | N/A | N/A |
|  PIMCO Low Duration Credit Fund | 0.40% | 0.30% | 0.40% | N/A | N/A | 0.35% | 0.35% | N/A | N/A |
|  PIMCO Low Duration Income Fund | 0.30% | 0.20% | 0.30% | 0.40% <sup>(2)</sup> | N/A | 0.35% | 0.35% | 0.35% | N/A |
|  PIMCO Preferred and Capital Securities Fund<sup>(1)</sup> | 0.44% | 0.35% | 0.45% | 0.55% <sup>(2)</sup> | N/A | 0.45% | 0.45% | N/A | N/A |

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<sup>(1)</sup> PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Capital Securities Fund (Cayman) Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. 

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended March 31, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C, Class C-2 and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C, Class C-2 and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Low Duration Income Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.30%), 0.50% for Class C-2 shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C, Class C-2 and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C, Class C-2 and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with

respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Income Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Income Fund | 0.50% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Fund  | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain

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| **186** | **PIMCO CREDIT BOND FUNDS** |

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March 31, 2025

redemptions of Class A, Class C and Class C-2 shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the

Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiring Within** | **Expiring Within** | **Expiring Within** | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO ESG Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Diversified Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  PIMCO ESG Income Fund | 4 |
|  PIMCO High Yield Fund | 5 |
|  PIMCO High Yield Spectrum Fund | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **187** |

---

------

Notes to Financial Statements (Cont.)

---

| | |
|:---|:---|
| **Fund Name** | **Waived Fees** |
|  PIMCO Low Duration Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
|  PIMCO Preferred and Capital Securities Fund | 20 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses PIMCO Capital Securities Fund (Cayman) Ltd. (the "Subsidiary"), has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by the Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. During the period ended March 31, 2025, the amount waived and/or reimbursed was $1,029,787. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

PIMCO has contractually agreed, through July 31, 2025, for the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund and PIMCO High Yield Fund to waive their Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. During the period ended March 31, 2025, the amount waived and/or reimbursed was $138,060 for PIMCO Credit Opportunities Bond Fund and $968,317 for PIMCO High Yield Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Credit Opportunities Bond Fund | $1045074 | $1031172 | $279599 | $235119 |
|  PIMCO Diversified Income Fund | 9079398 | 9414854 | 800311 | 1018044 |
|  PIMCO ESG Income Fund | 882790 | 794014 | 37758 | 10585 |
|  PIMCO High Yield Fund | 12284 | 167043 | 4655292 | 5142873 |
|  PIMCO High Yield Spectrum Fund | 86465 | 77107 | 242625 | 142298 |
|  PIMCO Long-Term Credit Bond Fund | 8400521 | 8585596 | 784219 | 728000 |
|  PIMCO Low Duration Credit Fund | 2288 | 5125 | 102671 | 93812 |
|  PIMCO Low Duration Income Fund | 106513480 | 106253464 | 3233740 | 1468244 |
|  PIMCO Preferred and Capital Securities Fund | 4725 | 0 | 542843 | 674899 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **188** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2025

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 8828 | $85208 | 8973 | $83997 | 36260 | $351274 | 53066 | $489994 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 8293 | 79778 | 8449 | 78700 | 5372 | 51889 | 4237 | 39305 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 1279 | 12365 | 1043 | 9641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 285 | 2764 | 1173 | 10743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2071 | 20016 | 971 | 9118 | 2112 | 20429 | 3440 | 31616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 249 | 2364 | 70 | 639 | 391 | 3771 | 610 | 5666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1065 | 10242 | 809 | 7585 | 14274 | 137731 | 14960 | 138456 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 800 | 7647 | 592 | 5522 | 551 | 5315 | 522 | 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 145 | 1399 | 116 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 87 | 838 | 67 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 141 | 1352 | 105 | 989 | 798 | 7700 | 865 | 8006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 14 | 132 | 9 | 80 | 103 | 997 | 105 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6503) | (62781) | (6671) | (62422) | (93547) | (900616) | (94830) | (871204) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7542) | (72371) | (6333) | (58949) | (5211) | (50312) | (5445) | (50350) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (1364) | (13208) | (1773) | (16331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | (380) | (3663) | (565) | (5271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1332) | (12858) | (810) | (7606) | (4402) | (42489) | (8166) | (75644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (88) | (831) | (109) | (997) | (993) | (9568) | (1222) | (11267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 5996 | $57898 | 6055 | $56656 | (44240) | $(423384) | (31797) | $(289140) |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 189

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO<br>ESG Income Fund | PIMCO<br>ESG Income Fund | PIMCO<br>ESG Income Fund | PIMCO<br>ESG Income Fund | PIMCO<br>High Yield Fund | PIMCO<br>High Yield Fund | PIMCO<br>High Yield Fund | PIMCO<br>High Yield Fund | PIMCO<br>High Yield Spectrum Fund | PIMCO<br>High Yield Spectrum Fund | PIMCO<br>High Yield Spectrum Fund | PIMCO<br>High Yield Spectrum Fund |
| Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| 9339 | $87038 | 10872 | $99512 | 186534 | $1498379 | 385679 | $2975677 | 31251 | $288868 | 13481 | $117267 |
| 1420 | 13262 | 1077 | 9806 | 7973 | 63929 | 11880 | 91938 | 2552 | 23365 | 3475 | 30502 |
| 645 | 6046 | 298 | 2725 | 988 | 7949 | 2099 | 16102 | 18 | 158 | 131 | 1137 |
| N/A | N/A | N/A | N/A | 4445 | 35686 | 7149 | 55113 | N/A | N/A | N/A | N/A |
| 76 | 711 | 167 | 1524 | 8129 | 65009 | 8848 | 68640 | 1139 | 10474 | 1299 | 11337 |
| 25 | 233 | 13 | 119 | 315 | 2536 | 351 | 2699 | 146 | 1355 | 203 | 1765 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 1480 | 11872 | 1440 | 11179 | N/A | N/A | N/A | N/A |
| 1386 | 12933 | 981 | 8991 | 49857 | 399894 | 47243 | 366228 | 1379 | 12658 | 665 | 5823 |
| 144 | 1344 | 85 | 781 | 2213 | 17746 | 2473 | 19126 | 586 | 5339 | 885 | 7735 |
| 38 | 353 | 20 | 179 | 81 | 652 | 88 | 682 | 4 | 38 | 37 | 316 |
| N/A | N/A | N/A | N/A | 2033 | 16303 | 2246 | 17391 | N/A | N/A | N/A | N/A |
| 12 | 114 | 10 | 91 | 3004 | 24090 | 3143 | 24342 | 281 | 2577 | 266 | 2325 |
| 1 | 11 | 0 | 4 | 81 | 652 | 89 | 693 | 27 | 243 | 24 | 213 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 255 | 2046 | 219 | 1700 | N/A | N/A | N/A | N/A |
| (6400) | (59624) | (11302) | (102442) | (272248) | (2175529) | (343055) | (2637570) | (9655) | (88794) | (8351) | (71982) |
| (657) | (6138) | (799) | (7336) | (13225) | (105801) | (26300) | (201697) | (15182) | (140791) | (2995) | (25995) |
| (273) | (2563) | (248) | (2290) | (341) | (2737) | (2285) | (17395) | (32) | (284) | (1455) | (12471) |
| N/A | N/A | N/A | N/A | (10752) | (86319) | (12561) | (97396) | N/A | N/A | N/A | N/A |
| (106) | (991) | (186) | (1671) | (18842) | (151271) | (19080) | (147492) | (1399) | (12803) | (1288) | (11201) |
| (18) | (164) | (3) | (28) | (631) | (5056) | (817) | (6300) | (171) | (1574) | (197) | (1719) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | (1278) | (10259) | (1494) | (11541) | N/A | N/A | N/A | N/A |
| 5632 | $52565 | 985 | $9965 | (49929) | $(390229) | 67355 | $532119 | 10944 | $100829 | 6180 | $55052 |

---

190 PIMCO CREDIT BOND FUNDS

------

March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** |
| | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 87689 | $782604 | 143516 | $1263820 | 4359 | $39758 | 5359 | $46610 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 19584 | 177408 | 19824 | 172631 | 327 | 2975 | 146 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 966 | 8764 | 740 | 6525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 75 | 678 | 66 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 18263 | 162277 | 15410 | 134913 | 799 | 7258 | 700 | 6161 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1090 | 9699 | 795 | 6942 | 55 | 503 | 58 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 311 | 2825 | 329 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 30 | 272 | 37 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (104793) | (933957) | (130563) | (1145388) | (5033) | (45749) | (6338) | (55325) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (21964) | (197988) | (9786) | (85857) | (277) | (2512) | (441) | (3866) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (1404) | (12731) | (2456) | (21455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (190) | (1720) | (282) | (2471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (131) | $43 | 39196 | $347061 | 18 | $321 | (2082) | $(18223) |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 191

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Preferred and Capital Securities Fund** | **PIMCO<br>Preferred and Capital Securities Fund** | **PIMCO<br>Preferred and Capital Securities Fund** | **PIMCO<br>Preferred and Capital Securities Fund** |
| **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 293533 | $2368351 | 280432 | $2198013 | 29095 | $268713 | 46510 | $396370 |
| 292338 | 2359735 | 260029 | 2038095 | 10037 | 93265 | 4484 | 38257 |
| 12538 | 101172 | 7957 | 62279 | 2237 | 20614 | 3056 | 26568 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 160097 | 1294190 | 100697 | 790644 | 3026 | 27834 | 4648 | 39758 |
| 10456 | 84444 | 6776 | 53165 | 510 | 4715 | 256 | 2147 |
| 929 | 7514 | 637 | 4978 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 27055 | 218337 | 16816 | 132027 | 2779 | 25698 | 3419 | 29494 |
| 27589 | 222535 | 23064 | 181010 | 839 | 7740 | 883 | 7585 |
| 874 | 7051 | 548 | 4304 | 233 | 2142 | 150 | 1292 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 12417 | 100198 | 8191 | 64292 | 583 | 5356 | 800 | 6857 |
| 1218 | 9830 | 868 | 6809 | 63 | 579 | 73 | 620 |
| 77 | 622 | 44 | 346 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (198649) | (1603334) | (231415) | (1812827) | (47224) | (437858) | (71111) | (608380) |
| (352385) | (2844998) | (318622) | (2494438) | (7075) | (65421) | (10598) | (90347) |
| (8115) | (65387) | (8754) | (68529) | (2538) | (23184) | (3409) | (28694) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (95027) | (766970) | (101101) | (792846) | (7331) | (67419) | (9312) | (79854) |
| (7794) | (62910) | (8431) | (66101) | (571) | (5225) | (670) | (5679) |
| (360) | (2900) | (549) | (4299) | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 176791 | $1427480 | 37187 | $296922 | (15337) | $(142451) | (30821) | $(264006) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Credit Opportunities Bond Fund | 3 | 0 | 54% | 0% |
|  PIMCO Diversified Income Fund | 1 | 0 | 31% | 0% |
|  PIMCO ESG Income Fund | 2 | 0 | 70% | 0% |
|  PIMCO High Yield Fund | 2 | 0 | 46% | 0% |
|  PIMCO High Yield Spectrum Fund | 2 | 1 | 37% | 20% |
|  PIMCO Long-Term Credit Bond Fund | 1 | 0 | 29% | 0% |
|  PIMCO Low Duration Credit Fund | 2 | 0 | 49% | 0% |
|  PIMCO Low Duration Income Fund | 1 | 0 | 11% | 0% |
|  PIMCO Preferred and Capital Securities Fund | 3 | 0 | 52% | 0% |

---

192 PIMCO CREDIT BOND FUNDS

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March 31, 2025

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on February 4, 2015, as a wholly-owned subsidiary acting as an investment vehicle for the PIMCO Preferred and Capital Securities Fund (the "PCS Fund") in order to effect certain investments for the PCS Fund consistent with the PCS Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The PCS Fund's investment portfolio has been consolidated and includes the portfolio holdings of the PCS Fund and the Subsidiary. The consolidated financial statements include the accounts of the PCS Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the PCS Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the PCS Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 19.5% of the PCS Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO Credit Opportunities Bond Fund | $4961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(8345) | $0 | $(56255) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(59639) |
|  PIMCO Diversified Income Fund | 11606 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210137) | (645) | (457201) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656377) |
|  PIMCO ESG Income Fund | 0 | 0 | (9390) | (11) | (7417) | 0 | 0 | (16818) |
|  PIMCO High Yield Fund | 2575 | 0 | (97112) | (3519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680917) | 0 | 0 | (778973) |
|  PIMCO High Yield Spectrum Fund | 3610 | 0 | (17911) | (262) | (68223) | 0 | 0 | (82786) |
|  PIMCO Long-Term Credit Bond Fund | 0 | 0 | (440381) | (241) | (474870) | 0 | 0 | (915492) |
|  PIMCO Low Duration Credit Fund | 1207 | 0 | 155 | (4) | (90273) | 0 | 0 | (88915) |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43787 | 0 | (36549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4329) | (918554) | 0 | 0 | (915645) |
|  PIMCO Preferred and Capital Securities Fund | 4166 | 0 | (36667) | 0 | (280283) | 0 | 0 | (312784) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **193** |

---

------

Notes to Financial Statements (Cont.) March 31, 2025

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Credit Opportunities Bond Fund | $28444 | $27811 |
|  PIMCO Diversified Income Fund | 95757 | 361444 |
|  PIMCO ESG Income Fund | 1983 | 5434 |
|  PIMCO High Yield Fund | 50424 | 630493 |
|  PIMCO High Yield Spectrum Fund\* | 5028 | 63195 |
|  PIMCO Long-Term Credit Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244342 |
|  PIMCO Low Duration Credit Fund\* | 9488 | 80785 |
|  PIMCO Low Duration Income Fund | 516252 | 402302 |
|  PIMCO Preferred and Capital Securities Fund | 88357 | 191926 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $489606 | $16378 | $(24882) | $(8504) |
|  PIMCO Diversified Income Fund | 3537531 | 65076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210244) |
|  PIMCO ESG Income Fund | 396897 | 10918 | (20304) | (9386) |
|  PIMCO High Yield Fund | 8362743 | 96419 | (192284) | (95865) |
|  PIMCO High Yield Spectrum Fund | 468566 | 8528 | (26493) | (17965) |
|  PIMCO Long-Term Credit Bond Fund | 4660364 | 58382 | (498494) | (440112) |
|  PIMCO Low Duration Credit Fund | 146237 | 1791 | (1619) | 172 |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17558459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802454 | (837554) | (35100) |
|  PIMCO Preferred and Capital Securities Fund | 803688 | 33549 | (70234) | (36685) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $21425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $15901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  PIMCO Diversified Income Fund | 163251 | 0 | 0 | 152187 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10008 |
|  PIMCO ESG Income Fund | 13996 | 0 | 872 | 10125 | 0 | 0 |
|  PIMCO High Yield Fund | 506784 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475373 | 0 | 0 |
|  PIMCO High Yield Spectrum Fund | 23889 | 0 | 0 | 18240 | 0 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 166475 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275 | 137747 | 0 | 7154 |
|  PIMCO Low Duration Credit Fund | 10881 | 0 | 0 | 9961 | 0 | 0 |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621684 | 0 | 0 | 413808 | 0 | 18365 |
|  PIMCO Preferred and Capital Securities Fund | 45333 | 0 | 0 | 38065 | 0 | 12836 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **194** | **PIMCO CREDIT BOND FUNDS** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Credit Opportunities Bond Fund,

PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund,

PIMCO Long-Term Credit Bond Fund, PIMCO Low Duration Credit Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

PIMCO Credit Opportunities Bond Fund

PIMCO Diversified Income Fund

PIMCO ESG Income Fund

PIMCO High Yield Fund

PIMCO High Yield Spectrum Fund

PIMCO Long-Term Credit Bond Fund

PIMCO Low Duration Credit Fund

PIMCO Low Duration Income Fund

PIMCO Preferred and Capital Securities Fund\*

\* The financial statements for PIMCO Preferred and Capital Securities Fund are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **195** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | NOM | Nomura Securities International, Inc. |
| BNY | Bank of New York Mellon | GLM | Goldman Sachs Bank USA | NXN | Natixis New York |
| BOA | Bank of America N.A. | GSC | Goldman Sachs & Co. LLC | PER | Pershing LLC |
| BOM | Bank of Montreal | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BOO | BoA Securities, Inc (Repo Only) | IND | Crédit Agricole Corporate and Investment Bank S.A. | RDR | RBC Capital Markets LLC |
| BOS | BofA Securities, Inc. | JML | JP Morgan Securities Plc | RYL | NatWest Markets Plc |
| BPG | BNP Paribas Securities Corp. | JPM | JP Morgan Chase Bank N.A. | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | JPS | J.P. Morgan Securities LLC | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MEI | Merrill Lynch International | SSB | State Street Bank and Trust Co. |
| BSN | The Bank of Nova Scotia - Toronto | MSR | Morgan Stanley & Co LLC FICC Repo | STR | State Street FICC Repo |
| BSS | Banco Santander S.A. | MYC | Morgan Stanley Capital Services LLC | TDM | TD Securities (USA) LLC |
| CBK | Citibank N.A. | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. | UBS | UBS Securities LLC |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | HUF | Hungarian Forint | NZD | New Zealand Dollar |
| BRL | Brazilian Real | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| CHF | Swiss Franc | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KRW | South Korean Won | THB | Thai Baht |
| CZK | Czech Koruna | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| EGP | Egyptian Pound | KZT | Kazakhstani Tenge | TWD | Taiwanese Dollar |
| EUR | Euro | MXN | Mexican Peso | USD (or $) | United States Dollar |
| GBP | British Pound | NGN | Nigerian Naira | ZAR | South African Rand |
| HKD | Hong Kong Dollar | NOK | Norwegian Krone |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| BOBL | Bundesobligation, the German word for federal government bond | CMBX | Commercial Mortgage-Backed Index | MUTKCALM | Tokyo Overnight Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR001M | 1 Month EUR Swap Rate | PRIME | Daily US Prime Rate |
| CDX.EM | Credit Derivatives Index - Emerging Markets | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CDX.HY | Credit Derivatives Index - High Yield | EUR006M | 6 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | JIBA3M | 3 Month JIBAR rate | UKRPI | United Kingdom Retail Prices Index |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | PRIBOR | Prague Interbank Offered Rate |
| BABs | Build America Bonds | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | JSC | Joint Stock Company | TBD | To-Be-Determined |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CBO | Collateralized Bond Obligation | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CDO | Collateralized Debt Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **196** | **PIMCO CREDIT BOND FUNDS** |

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------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.1452 | $0.0000 | $0.0000 | $0.1452 |
|  March 2025 | $0.1397 | $0.0000 | $0.0000 | $0.1397 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.1425 | $0.0000 | $0.0000 | $0.1425 |
|  March 2025 | $0.1375 | $0.0000 | $0.0000 | $0.1375 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.1342 | $0.0000 | $0.0000 | $0.1342 |
|  March 2025 | $0.1339 | $0.0000 | $0.0000 | $0.1339 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.1173 | $0.0000 | $0.0000 | $0.1173 |
|  March 2025 | $0.1178 | $0.0000 | $0.0000 | $0.1178 |
| <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
|  November 2024 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
|  December 2024 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  January 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  February 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  March 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0433 | $0.0000 | $0.0000 | $0.0433 |
|  November 2024 | $0.0434 | $0.0000 | $0.0000 | $0.0434 |
|  December 2024 | $0.0450 | $0.0000 | $0.0000 | $0.0450 |
|  January 2025 | $0.0485 | $0.0000 | $0.0000 | $0.0485 |
|  February 2025 | $0.0416 | $0.0000 | $0.0000 | $0.0416 |
|  March 2025 | $0.0413 | $0.0000 | $0.0000 | $0.0413 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **197** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  November 2024 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  December 2024 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
|  January 2025 | $0.0480 | $0.0000 | $0.0000 | $0.0480 |
|  February 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  March 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  November 2024 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  December 2024 | $0.0437 | $0.0000 | $0.0000 | $0.0437 |
|  January 2025 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
|  February 2025 | $0.0404 | $0.0000 | $0.0000 | $0.0404 |
|  March 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  November 2024 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  December 2024 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
|  January 2025 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  February 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  March 2025 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  November 2024 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  December 2024 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  January 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  February 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  March 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
| <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0436 | $0.0000 | $0.0000 | $0.0436 |
|  November 2024 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  December 2024 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  January 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  February 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  March 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  November 2024 | $0.0416 | $0.0000 | $0.0000 | $0.0416 |
|  December 2024 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  January 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  February 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  March 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |

---

---

| | |
|:---|:---|
| **198** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  November 2024 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  December 2024 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  January 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  February 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  March 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0404 | $0.0000 | $0.0000 | $0.0404 |
|  November 2024 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  December 2024 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  January 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  February 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  March 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  November 2024 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  December 2024 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  January 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  February 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  March 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
| <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  November 2024 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  December 2024 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
|  January 2025 | $0.0427 | $0.0000 | $0.0000 | $0.0427 |
|  February 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  March 2025 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  November 2024 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  December 2024 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  January 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  February 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  March 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  November 2024 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
|  December 2024 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  January 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  February 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  March 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **199** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  November 2024 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  December 2024 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  January 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  February 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  March 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  November 2024 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  December 2024 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  January 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  February 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  March 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  November 2024 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  December 2024 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  January 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  February 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  March 2025 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0376 | $0.0000 | $0.0000 | $0.0376 |
|  November 2024 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  December 2024 | $0.0404 | $0.0000 | $0.0000 | $0.0404 |
|  January 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  February 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
|  March 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
| <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |
|  November 2024 | $0.0509 | $0.0000 | $0.0000 | $0.0509 |
|  December 2024 | $0.0503 | $0.0000 | $0.0000 | $0.0503 |
|  January 2025 | $0.0529 | $0.0000 | $0.0000 | $0.0529 |
|  February 2025 | $0.0464 | $0.0000 | $0.0000 | $0.0464 |
|  March 2025 | $0.0481 | $0.0000 | $0.0000 | $0.0481 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0482 | $0.0000 | $0.0000 | $0.0482 |
|  November 2024 | $0.0502 | $0.0000 | $0.0000 | $0.0502 |
|  December 2024 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  January 2025 | $0.0521 | $0.0000 | $0.0000 | $0.0521 |
|  February 2025 | $0.0457 | $0.0000 | $0.0000 | $0.0457 |
|  March 2025 | $0.0473 | $0.0000 | $0.0000 | $0.0473 |

---

---

| | |
|:---|:---|
| **200** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0478 | $0.0000 | $0.0000 | $0.0478 |
|  November 2024 | $0.0498 | $0.0000 | $0.0000 | $0.0498 |
|  December 2024 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  January 2025 | $0.0517 | $0.0000 | $0.0000 | $0.0517 |
|  February 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
|  March 2025 | $0.0469 | $0.0000 | $0.0000 | $0.0469 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  November 2024 | $0.0482 | $0.0000 | $0.0000 | $0.0482 |
|  December 2024 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
|  January 2025 | $0.0501 | $0.0000 | $0.0000 | $0.0501 |
|  February 2025 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  March 2025 | $0.0455 | $0.0000 | $0.0000 | $0.0455 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  November 2024 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  December 2024 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  January 2025 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |
|  February 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  March 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
|  November 2024 | $0.0416 | $0.0000 | $0.0000 | $0.0416 |
|  December 2024 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  January 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  February 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  March 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
|  November 2024 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  December 2024 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  January 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  February 2025 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  March 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **201** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0602 | $0.0000 | $0.0000 | $0.0602 |
|  November 2024 | $0.0604 | $0.0000 | $0.0000 | $0.0604 |
|  December 2024 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  January 2025 | $0.0600 | $0.0000 | $0.0000 | $0.0600 |
|  February 2025 | $0.0521 | $0.0000 | $0.0000 | $0.0521 |
|  March 2025 | $0.0517 | $0.0000 | $0.0000 | $0.0517 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0594 | $0.0000 | $0.0000 | $0.0594 |
|  November 2024 | $0.0596 | $0.0000 | $0.0000 | $0.0596 |
|  December 2024 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  January 2025 | $0.0592 | $0.0000 | $0.0000 | $0.0592 |
|  February 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  March 2025 | $0.0510 | $0.0000 | $0.0000 | $0.0510 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0578 | $0.0000 | $0.0000 | $0.0578 |
|  November 2024 | $0.0581 | $0.0000 | $0.0000 | $0.0581 |
|  December 2024 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
|  January 2025 | $0.0576 | $0.0000 | $0.0000 | $0.0576 |
|  February 2025 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
|  March 2025 | $0.0495 | $0.0000 | $0.0000 | $0.0495 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0520 | $0.0000 | $0.0000 | $0.0520 |
|  November 2024 | $0.0523 | $0.0000 | $0.0000 | $0.0523 |
|  December 2024 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  January 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  February 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  March 2025 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  November 2024 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  December 2024 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  January 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  February 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  March 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |

---

---

| | |
|:---|:---|
| **202** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  November 2024 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  December 2024 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  January 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  February 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  March 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  November 2024 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  December 2024 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  January 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  February 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  March 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  November 2024 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  December 2024 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  January 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  February 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  March 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  November 2024 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  December 2024 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  January 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  February 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  March 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
| **C-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  November 2024 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  December 2024 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  January 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  February 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  March 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **203** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1317 | $0.0000 | $0.0000 | $0.1317 |
|  March 2025 | $0.1206 | $0.0000 | $0.0000 | $0.1206 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1303 | $0.0000 | $0.0000 | $0.1303 |
|  March 2025 | $0.1195 | $0.0000 | $0.0000 | $0.1195 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1292 | $0.0000 | $0.0000 | $0.1292 |
|  March 2025 | $0.1179 | $0.0000 | $0.0000 | $0.1179 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1222 | $0.0000 | $0.0000 | $0.1222 |
|  March 2025 | $0.1139 | $0.0000 | $0.0000 | $0.1139 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1044 | $0.0000 | $0.0000 | $0.1044 |
|  March 2025 | $0.1014 | $0.0000 | $0.0000 | $0.1014 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **204** | **PIMCO CREDIT BOND FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Credit Opportunities Bond Fund | 5.98% | 1.03% | $21425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO Diversified Income Fund | 0.00% | 2.29% | 91152 | 0 |
|  PIMCO ESG Income Fund | 0.00% | 1.80% | 13252 | 0 |
|  PIMCO High Yield Fund | 1.75% | 0.00% | 506784 | 0 |
|  PIMCO High Yield Spectrum Fund | 0.00% | 1.71% | 16582 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 3.35% | 5.26% | 166475 | 0 |
|  PIMCO Low Duration Credit Fund | 0.00% | 0.00% | 10881 | 0 |
|  PIMCO Low Duration Income Fund | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621684 | 0 |
|  PIMCO Preferred and Capital Securities Fund | 41.26% | 97.35% | 40809 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **205** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **206** | **PIMCO CREDIT BOND FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **207** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **208** | **PIMCO CREDIT BOND FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g940923g75h91.jpg)

PIMSCRBONDFSTMAR_033125

------

**Item 8.** **Changes In and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

------

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

(a)(1) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d20021dex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d20021dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) There was no change in the Registrant's independent public accountant for the period covered by the report.

(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d20021dex99906cert.htm)

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: June 5, 2025 | Date: June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: June 5, 2025 | Date: June 5, 2025 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: June 5, 2025 | Date: June 5, 2025 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>** 

**<u>Executive and Senior Financial Officers</u>** 

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

------

Sarbanes-Oxley Code of Ethics

**II. Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

------

Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable<sup>3</sup> and both the Covered
Person and the giver are present<sup>4</sup> ; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*. 

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

------

Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

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Sarbanes-Oxley Code of Ethics

**IV. Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate .

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Sarbanes-Oxley Code of Ethics

**V. Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII. Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting<br>Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser<br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp;&nbsp;Principal Underwriter\*\* | PIMCO Investments LLC<br>|
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31, . I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Funds (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.