# EDGAR Filing Document

**Accession Number:** 0000916183
**File Stem:** 0001193125-26-094348
**Filing Date:** 2026-3
**Character Count:** 1212598
**Document Hash:** f522dd11fd3fa4306171c61839438166
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-094348.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-094348

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO STRATEGIC INCOME FUND, INC.
- **CENTRAL INDEX KEY:** 0000916183

**ORGANIZATION NAME:**
- **EIN:** 943194834
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08216
- **FILM NUMBER:** 26727679

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212 739 4000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO STRATEGIC INCOME FUND, INC
- **DATE OF NAME CHANGE:** 20231205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO LOW DURATION OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20231103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO STRATEGIC INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20230918

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

### 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: 811-08216

### PIMCO Strategic Income Fund, Inc.

#### (Exact name of registrant as specified in charter)

#### 1633 Broadway, New York, NY 10019

#### (Address of principal executive offices)

#### Bijal Y. Parikh

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

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### David C. Sullivan

#### Ropes & Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199
Registrant's telephone number, including area code: (844) 337-4626

Date of fiscal year end: June 30

Date of reporting period: December 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.

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Item 1. Reports to Stockholders.

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

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![LOGO](g797227g1g13e39.jpg)

PIMCO CLOSED-END FUNDS

## Semiannual Report
December 31, 2025

PCM Fund, Inc. \| PCM \| NYSE

PIMCO Global StocksPLUS® & Income Fund \| PGP \| NYSE

PIMCO Strategic Income Fund, Inc. \| RCS \| NYSE

PIMCO Access Income Fund \| PAXS \| NYSE

PIMCO Dynamic Income Fund \| PDI \| NYSE

PIMCO Dynamic Income Opportunities Fund \| PDO \| NYSE

PIMCO Dynamic Income Strategy Fund \| PDX \| NYSE

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#### **Table of Contents**

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| | | |
|:---|:---|:---|
|  | | Page |
| &nbsp;&nbsp;[Important Information About the Funds](#tx795673_1) |  | 2 |
| &nbsp;&nbsp;[Index Descriptions](#tx795673_2) |  | 13 |
| &nbsp;&nbsp;[Financial Highlights](#tx795673_3) |  | 14 |
| &nbsp;&nbsp;[Statements of Assets and Liabilities](#tx795673_4) |  | 16 |
| &nbsp;&nbsp;[Consolidated Statements of Assets and Liabilities](#tx795673_5) |  | 17 |
| &nbsp;&nbsp;[Statements of Operations](#tx795673_6) |  | 18 |
| &nbsp;&nbsp;[Consolidated Statements of Operations](#tx795673_7) |  | 19 |
| &nbsp;&nbsp;[Statements of Changes in Net Assets](#tx795673_8) |  | 22 |
| &nbsp;&nbsp;[Consolidated Statements of Changes in Net Assets](#tx795673_9) |  | 24 |
| &nbsp;&nbsp;[Statements of Cash Flows](#tx795673_10) |  | 27 |
| &nbsp;&nbsp;[Consolidated Statements of Cash Flows](#tx795673_11) |  | 28 |
| &nbsp;&nbsp;[Notes to Financial Statements](#tx795673_12) |  | 128 |
| &nbsp;&nbsp;[Glossary](#tx795673_13) |  | 168 |
| &nbsp;&nbsp;[Distribution Information](#tx795673_14) |  | 169 |
| &nbsp;&nbsp;[Changes to Board of Trustees](#tx795673_16) |  | 171 |
| Fund | Fund<br>Summary | Schedule of<br>Investments |
| &nbsp;&nbsp;[PCM Fund, Inc.](#tx795673_17) | 6 | [29](#tx795673_24) |
| &nbsp;&nbsp;[PIMCO Global StocksPLUS® & Income Fund](#tx795673_18) | 7 | [39](#tx795673_25) |
| &nbsp;&nbsp;[PIMCO Strategic Income Fund, Inc.](#tx795673_19) | 8 | [52](#tx795673_26) |
| &nbsp;&nbsp;[PIMCO Access Income Fund<sup>(1)</sup>](#tx795673_20) | 9 | [65](#tx795673_27) |
| &nbsp;&nbsp;[PIMCO Dynamic Income Fund<sup>(1)</sup>](#tx795673_21) | 10 | [78](#tx795673_28) |
| &nbsp;&nbsp;[PIMCO Dynamic Income Opportunities Fund<sup>(1)</sup>](#tx795673_22) | 11 | [103](#tx795673_29) |
| &nbsp;&nbsp;[PIMCO Dynamic Income Strategy Fund<sup>(1)</sup>](#tx795673_23) | 12 | [118](#tx795673_30) |

---

(1) Consolidated Schedule of Investments

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Important Information About the Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. A Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. 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.

A Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods also for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of a Fund's duration or yield curve management strategies. In such a "paired swap transaction," a Fund would generally enter into one or more interest rate swap

agreements whereby a Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the "initial leg"). A Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, a Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the "forward leg").

A Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in a Fund's net asset value ("NAV"). A Fund's income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund's debt investments, or arising from its use of derivatives. For instance, a portion of a Fund's monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund's distributions recognized as ordinary income for tax purposes (such as from paired swap transactions, for example) may be economically similar to a taxable return of capital when considered together with such capital losses. More generally, sales of a Fund's portfolio holdings may result in short-term capital gains (which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net of long-term capital losses), potentially subjecting shareholders of a Fund to adverse tax consequences.

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 Allocation Breakdown and Schedule of Investments or Consolidated Schedule of Investments sections of this report may differ from the classification used for the Funds' compliance calculations, including those used in the Funds' then-current prospectus, investment objectives, regulatory and other

2 PIMCO CLOSED-END FUNDS

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

investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to investment parameters and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain 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.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund's common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund's shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. 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 funds and issuers resulting from volatility in the banking sector and accompanying 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. 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.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the

SEMIANNUAL REPORT \| DECEMBER 31, 2025 3

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Important Information About the Funds (Cont.)

specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the sale of Fund shares. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund's shares, or changes in the Fund's dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund's undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund's dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund's distribution rate or that the rate will be sustainable in the future.

The following table discloses the inception date and diversification status of each Fund:

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| | | |
|:---|:---|:---|
| Fund Name | Fund<br>Inception<br>Date | Diversification<br>Status |
| PCM Fund, Inc. | 09/02/93 | Diversified |
| PIMCO Global StocksPLUS® & Income Fund | 05/31/05 | Diversified |
| PIMCO Strategic Income Fund, Inc. | 02/24/94 | Diversified |
| PIMCO Access Income Fund | 01/31/22 | Diversified |
| PIMCO Dynamic Income Fund | 05/30/12 | Diversified |
| PIMCO Dynamic Income Opportunities Fund | 01/29/21 | Diversified |
| PIMCO Dynamic Income Strategy Fund | 02/01/19 | Non-Diversified |

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An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees/Directors<sup>1</sup> are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with Pacific Investment Management Company LLC ("PIMCO") 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 Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's original or any subsequent prospectus or Statement of Additional Information ("SAI"), any press release or shareholder report, any contracts filed as exhibits to a Fund's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand.

The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports 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 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 a Fund's then-current prospectus, SAI or shareholder report and is otherwise still in effect.

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 Funds 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 Funds at (844) 33-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 their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and upon request by calling PIMCO at (844) 33-PIMCO. In August 2024, the SEC adopted

1 Hereinafter, the terms "Trustee" or "Trustees" used herein shall refer to a Director or Directors of applicable Funds.

4 PIMCO CLOSED-END FUNDS

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

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 net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor's account if invested through a financial intermediary. Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

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 derivatives 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.

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

SEMIANNUAL REPORT \| DECEMBER 31, 2025 5

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PCM Fund, Inc.

Symbol on NYSE - PCM

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g89m31.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2025

†

§

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| | |
|:---|:---|
| Asset-Backed Securities | 28.9% |
| Non-Agency Mortgage-Backed Securities | 21.9% |
| Corporate Bonds & Notes | 17.5% |
| Loan Participations and Assignments | 16.7% |
| Common Stocks | 5.9% |
| U.S. Government Agencies | 4.5% |
| Short-Term Instruments‡<br>| 3.1% |
| Other | 1.5% |

---

† % of Investments, at value.

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| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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‡ Includes Central Funds Used for Cash Management Purposes.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(09/02/93) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | 3.34% | (9.56)% | 0.01% | 6.97% | 7.61% |
| ![LOGO](g797227g1g94o20.jpg) | NAV | 5.45% | 9.67% | 3.48% | 7.05% | 8.25% |
| ![LOGO](g797227g1g08y58.jpg) | ICE BofA US High Yield Index | 3.78% | 8.50% | 4.50% | 6.45% | 6.82%¨<br>|

---

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.

¨ Average annual total return since 08/31/1993.

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

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| | |
|:---|:---|
| Market Price | $6.14 |
| NAV | $5.92 |
| Premium/(Discount) to NAV | 3.72% |
| Market Price Distribution Rate<sup>(2)</sup> | 12.56% |
| NAV Distribution Rate<sup>(2)</sup> | 13.02% |
| Total Effective Leverage<sup>(3)</sup> | 36.67% |

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Investment Objective and Strategy Overview

The Fund's primary investment objective is to achieve high current income. Capital gain from the disposition of investments is a secondary objective of the Fund.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

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| | |
|:---|:---|
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities, contributed to performance, as the securities posted positive total returns.  |

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» Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive returns.

---

| | |
|:---|:---|
| » | Exposure to high yield credit contributed to performance, as the securities posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

» Security selection in bank loans detracted from performance, as holdings of a retail bank loan detracted from performance.

6 PIMCO CLOSED-END FUNDS

------

PIMCO Global StocksPLUS® & Income Fund

Symbol on NYSE - PGP

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g09a09.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of December 31, 2025<sup>†§</sup>

---

| | |
|:---|:---|
| U.S. Government Agencies | 28.6% |
| Corporate Bonds & Notes | 21.7% |
| Loan Participations and Assignments | 18.5% |
| Short-Term Instruments‡<br>| 7.2% |
| Non-Agency Mortgage-Backed Securities | 5.8% |
| Common Stocks | 5.8% |
| Sovereign Issues | 5.0% |
| Asset-Backed Securities | 4.1% |
| Preferred Securities | 1.8% |
| Other | 1.5% |

---

† % of Investments, at value.

---

| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

‡ Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(05/31/05) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | 15.57% | 29.76% | 8.63% | 3.81% | 7.84% |
| ![LOGO](g797227g1g94o20.jpg) | NAV | 15.06% | 29.20% | 9.11% | 11.29% | 11.29% |
| ![LOGO](g797227g1g08y58.jpg) | MSCI World Index | 10.61% | 21.09% | 12.15% | 12.17% | 8.82% |

---

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.

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

---

| | |
|:---|:---|
| Market Price | $9.13 |
| NAV | $8.92 |
| Premium/(Discount) to NAV | 2.35% |
| Market Price Distribution Rate<sup>(2)</sup> | 9.07% |
| NAV Distribution Rate<sup>(2)</sup> | 9.28% |
| Total Effective Leverage<sup>(3)</sup> | 15.71% |

---

Investment Objective and Strategy Overview

PIMCO Global StocksPLUS® & Income Fund's investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

---

| | |
|:---|:---|
| » | Exposure to equity index derivatives linked to the MSCI EAFE Index contributed to performance, as the index posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | Exposure to equity index derivatives linked to the S&P 500 Index contributed to performance, as the index posted positive total returns.  |

---

» Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive returns.

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

» Exposure to the Turkish lira detracted from performance, as the currency depreciated versus the U.S. dollar.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 7

------

PIMCO Strategic Income Fund, Inc.

Symbol on NYSE - RCS

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g18a18.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2025

†

§

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.4% |
| Corporate Bonds & Notes | 14.4% |
| Loan Participations and Assignments | 7.7% |
| Non-Agency Mortgage-Backed Securities | 6.9% |
| Common Stocks | 3.6% |
| Short-Term Instruments‡<br>| 3.4% |
| Sovereign Issues | 3.1% |
| Asset-Backed Securities | 1.7% |
| Other | 1.8% |

---

† % of Investments, at value.

---

| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

‡ Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(02/24/94) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | (16.99)% | (21.13)% | 5.71% | 5.16% | 7.75% |
| ![LOGO](g797227g1g94o20.jpg) | NAV | 9.26% | 18.48% | 5.42% | 6.61% | 7.98% |
| ![LOGO](g797227g1g08y58.jpg) | ICE BofA US High Yield Index | 3.78% | 8.50% | 4.50% | 6.45% | 6.75%¨<br>|

---

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.

¨ Average annual total return since 2/28/1994

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

The performance information shown for the Fund includes historical performance information for the periods prior to February 8, 2002, during which the Fund had a different investment manager. As of February 8, 2002, PIMCO became the Fund's investment manager. The Fund's performance prior to that time may have been different if the Fund were advised by PIMCO. <br>

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

---

| | |
|:---|:---|
| Market Price | $5.57 |
| NAV | $4.71 |
| Premium/(Discount) to NAV | 18.26% |
| Market Price Distribution Rate<sup>(2)</sup> | 8.62% |
| NAV Distribution Rate<sup>(2)</sup> | 10.19% |
| Total Effective Leverage<sup>(3)</sup> | 30.59% |

---

Investment Objective and Strategy Overview

The Fund's primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate-term U.S. debt securities. The Fund also seeks capital appreciation to the extent consistent with this objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive returns.

---

| | |
|:---|:---|
| » | Exposure to agency mortgage-backed securities contributed to performance, as the securities posted positive total returns. |

---

» Exposure to investment grade credit contributed to performance, as spreads tightened.

» Active interest rate positioning through interest rate swaps including short exposure to the long-end of the U.S. yield curve contributed to performance, as interest rates rose.

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

» Exposure to the Turkish lira detracted from performance, as the currency depreciated versus the U.S. dollar.

» There were no other material detractors for this Fund.

8 PIMCO CLOSED-END FUNDS

------

PIMCO Access Income Fund

Symbol on NYSE - PAXS

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g44a44.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2025<sup>†§</sup>

---

| | |
|:---|:---|
| Loan Participations and Assignments | 23.9% |
| Corporate Bonds & Notes | 18.4% |
| Non-Agency Mortgage-Backed Securities | 17.7% |
| Asset-Backed Securities | 17.6% |
| Short-Term Instruments‡<br>| 5.8% |
| Common Stocks | 4.8% |
| U.S. Government Agencies | 4.1% |
| Sovereign Issues | 3.9% |
| Preferred Securities | 3.6% |
| Other | 0.2% |

---

† % of Investments, at value.

---

| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

‡ Includes Central Funds Used for Cash Management Purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | Commencement<br> of Operations<br> (01/31/22) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | 7.28% | 12.69% | 5.15% |
| ![LOGO](g797227g1g94o20.jpg) | NAV | 7.05% | 12.83% | 5.19% |
| ![LOGO](g797227g1g08y58.jpg) | ICE BofA US High Yield Index | 3.78% | 8.50% | 5.12% |

---

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.

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

---

| | |
|:---|:---|
| Market Price | $15.30 |
| NAV | $15.38 |
| Premium/(Discount) to NAV | (0.52)% |
| Market Price Distribution Rate<sup>(2)</sup> | 11.72% |
| NAV Distribution Rate<sup>(2)</sup> | 11.66% |
| Total Effective Leverage<sup>(3)</sup> | 39.46% |

---

Investment Objective and Strategy Overview

PIMCO Access Income Fund's investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive returns.

---

| | |
|:---|:---|
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage backed securities ("MBS") contributed to performance, as the securities posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | Exposure to bank loans contributed to performance, as the securities posted positive total returns. |

---

---

| | |
|:---|:---|
| » | Exposure to commercial MBS contributed to performance, as the securities posted positive total returns. |

---

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

» Exposure to the Turkish lira detracted from performance, as the currency depreciated versus the U.S. dollar.

» There were no other material detractors for this Fund.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 9

------

PIMCO Dynamic Income Fund

Symbol on NYSE - PDI

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g00m04.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2025

†

§

---

| | |
|:---|:---|
| Loan Participations and Assignments | 24.5% |
| Non-Agency Mortgage-Backed Securities | 23.6% |
| Corporate Bonds & Notes | 19.4% |
| Asset-Backed Securities | 10.8% |
| Short-Term Instruments‡<br>| 8.2% |
| Common Stocks | 4.4% |
| Sovereign Issues | 3.9% |
| Preferred Securities | 3.4% |
| Other | 1.8% |

---

† % of Investments, at value.

---

| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

‡ Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | 5 Year | 10 Year | Commencement<br> of Operations<br> (05/30/12) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | 0.49% | 11.69% | 6.24% | 8.61% | 10.81% |
| ![LOGO](g797227g1g94o20.jpg) | NAV | 7.93% | 15.44% | 7.22% | 8.78% | 11.28% |
| ![LOGO](g797227g1g08y58.jpg) | ICE BofA US High Yield Index | 3.78% | 8.50% | 4.50% | 6.45% | 5.82% |

---

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.

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

---

| | |
|:---|:---|
| Market Price | $17.71 |
| NAV | $16.90 |
| Premium/(Discount) to NAV | 4.79% |
| Market Price Distribution Rate<sup>(2)</sup> | 14.94% |
| NAV Distribution Rate<sup>(2)</sup> | 15.66% |
| Total Effective Leverage<sup>(3)</sup> | 33.28% |

---

Investment Objective and Strategy Overview

PIMCO Dynamic Income Fund's primary investment objective is to seek current income, and capital appreciation is a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive returns.

---

| | |
|:---|:---|
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities contributed to performance, as the securities posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | Exposure to bank loans contributed to performance, as the securities posted positive total returns. |

---

---

| | |
|:---|:---|
| » | Exposure to high yield contributed to performance, as the securities posted positive total returns. |

---

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

» Exposure to the Turkish lira detracted from performance, as the currency depreciated versus the U.S. dollar.

» There were no other material detractors for this Fund.

10 PIMCO CLOSED-END FUNDS

------

PIMCO Dynamic Income Opportunities Fund

Symbol on NYSE - PDO

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g32a64.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2025<sup>†§</sup>

---

| | |
|:---|:---|
| Loan Participations and Assignments | 23.9% |
| Corporate Bonds & Notes | 21.3% |
| Non-Agency Mortgage-Backed Securities | 16.9% |
| Asset-Backed Securities | 11.9% |
| Short-Term Instruments‡<br>| 6.4% |
| Common Stocks | 5.9% |
| Sovereign Issues | 4.9% |
| U.S. Government Agencies | 3.8% |
| Preferred Securities | 2.9% |
| Convertible Bonds & Notes | 1.2% |
| Other | 0.9% |

---

† % of Investments, at value.

---

| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

‡ Includes Central Funds Used for Cash Management Purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | Commencement<br> of Operations<br> (01/29/21) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | 8.73% | 14.33% | 4.60% |
| ![LOGO](g797227g1g94o20.jpg) | NAV | 8.91% | 15.31% | 4.11% |
| ![LOGO](g797227g1g08y58.jpg) | ICE BofA US High Yield Index | 3.78% | 8.50% | 4.49% |

---

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.

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

---

| | |
|:---|:---|
| Market Price | $13.84 |
| NAV | $13.36 |
| Premium/(Discount) to NAV | 3.59% |
| Market Price Distribution Rate<sup>(2)</sup> | 11.09% |
| NAV Distribution Rate<sup>(2)</sup> | 11.49% |
| Total Effective Leverage<sup>(3)</sup> | 35.30% |

---

Investment Objective and Strategy Overview

PIMCO Dynamic Income Opportunities Fund's investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to performance, as the securities posted positive returns.

---

| | |
|:---|:---|
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage backed securities, contributed to performance, as the securities posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | Exposure to bank loans contributed to performance, as the securities posted positive total returns. |

---

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

» Exposure to the Turkish lira detracted from performance, as the currency depreciated versus the U.S. dollar.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 11

------

PIMCO Dynamic Income Strategy Fund

Symbol on NYSE - PDX

Cumulative Returns Through December 31, 2025

![LOGO](g797227g1g46m46.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2025

†

§

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 22.9% |
| Asset-Backed Securities | 20.7% |
| Loan Participations and Assignments | 14.3% |
| Common Stocks | 12.6% |
| Master Limited Partnerships | 9.2% |
| Non-Agency Mortgage-Backed Securities | 8.0% |
| Short-Term Instruments‡ | 7.4% |
| Preferred Securities | 2.1% |
| U.S. Government Agencies | 2.0% |
| Other | 0.8% |

---

† % of Investments, at value.

---

| | |
|:---|:---|
| § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

‡ Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 | Average Annual Total Return<sup>(1)</sup> for the period ended December 31, 2025 |
|  |  | 6 Month\* | 1 Year | 5 Year | Commencement<br>of Operations<br>(02/01/19) |
| ![LOGO](g797227g1g52z21.jpg) | Market Price | (9.40)% | (11.70%) | 29.24% | 9.38%  |
| ![LOGO](g797227g1g94o20.jpg) | NAV | (7.46)% | (2.58)% | 25.41% | 10.00% |
| ![LOGO](g797227g1g08y58.jpg) | ICE BofA US High Yield Index | 3.78% | 8.50% | 4.50% | 5.47% |

---

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.

\* Cumulative return

It is not possible to invest directly in an unmanaged index.

(1) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund's dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a "benchmark" for the Fund's performance. The index is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance. <br>

(2) Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (''ROC'') of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution's tax character will be made on Form 1099 DIV sent to shareholders each January.

(3) Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively "Total Effective Leverage"). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information as of December 31, 2025<sup>(1)</sup>

---

| | |
|:---|:---|
| Market Price | $18.78 |
| NAV | $21.03 |
| Premium/(Discount) to NAV | (10.70)% |
| Market Price Distribution Rate<sup>(2)</sup> | 8.52% |
| NAV Distribution Rate<sup>(2)</sup> | 7.61% |
| Total Effective Leverage<sup>(3)</sup> | 24.64% |

---

Investment Objective and Strategy Overview

PIMCO Dynamic Income Strategy Fund investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

---

| | |
|:---|:---|
| » | Exposure to residential mortgage credit, primarily U.S. non-agency mortgage-backed securities contributed to performance, as the securities posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | Exposure to high yield credit contributed to performance, as the securities posted positive total returns.  |

---

---

| | |
|:---|:---|
| » | Exposure to bank loans contributed to performance, as the securities posted positive total returns.  |

---

» Exposure to common equity detracted from performance, as shares of a privately held liquefied natural gas-exporter posted negative returns.

---

| | |
|:---|:---|
| » | The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund's performance of the cost of such leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.  |

---

12 PIMCO CLOSED-END FUNDS

------

Index Descriptions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Index\* | Index Description |
| ICE BofA US High Yield Index | ICE BofA U.S. High Yield Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of USD 100 million. Bonds must be rated below investment grade based on a composite of Moody's and S&P. |
| MSCI World Index | The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. |

---

\* It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 13

------

Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | 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<br>Value<br>Beginning<br>of Year<br>or 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 |
| PCM Fund, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $5.97 | $0.32 | $0.02 | $0.34 | $(0.39) | $0.00 | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 6.26 | 0.70 | (0.12) | 0.58 | (0.69) | 0.00 | (0.18) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 6.74 | 0.59 | (0.11) | 0.48 | (0.57) | 0.00 | (0.39) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 7.69 | 0.82 | (0.81) | 0.01 | (0.73) | 0.00 | (0.23) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | 9.52 | 0.79 | (1.66) | (0.87) | (0.93) | 0.00 | (0.03) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2021 | 8.47 | 0.97 | 1.04 | 2.01 | (0.96) | 0.00 | 0.00 | (0.96) |
| PIMCO Global StocksPLUS® & Income Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $8.13 | $0.39 | $0.81 | $1.20 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 7.43 | 0.77 | 0.76 | 1.53 | (0.82) | 0.00 | (0.01) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 7.29 | 0.62 | 0.35 | 0.97 | (0.67) | 0.00 | (0.16) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 7.27 | 0.77 | 0.08 | 0.85 | (0.83) | 0.00 | 0.00 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | 10.44 | 0.87 | (3.21) | (2.34) | (0.83) | 0.00 | 0.00 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2021 | 7.47 | 0.95 | 2.85 | 3.80 | (0.83) | 0.00 | 0.00 | (0.83) |
| PIMCO Strategic Income Fund, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $4.54 | $0.24 | $0.17 | $0.41 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 4.39 | 0.48 | 0.22 | 0.70 | (0.54) | 0.00 | (0.01) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 4.32 | 0.38 | 0.30 | 0.68 | (0.43) | 0.00 | (0.18) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 4.68 | 0.39 | (0.14) | 0.25 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | 6.55 | 0.61 | (1.87) | (1.26) | (0.60) | 0.00 | (0.01) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2021 | 5.94 | 0.58 | 0.64 | 1.22 | (0.41) | 0.00 | (0.20) | (0.61) |
| PIMCO Access Income Fund (Consolidated) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $15.25 | $0.77 | $0.25 | $1.02 | $(0.90) | $0.00 | $0.00 | $(0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 15.02 | 1.59 | 0.42 | 2.01 | (1.66) | 0.00 | (0.13) | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 14.86 | 1.36 | 0.59 | 1.95 | (1.47) | 0.00 | (0.32) | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 17.20 | 1.81 | (1.90) | (0.09) | (2.25) | 0.00 | 0.00 | (2.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2022 - 06/30/2022 | 20.00 | 0.45 | (2.78) | (2.33) | (0.47) | 0.00 | 0.00 | (0.47) |
| PIMCO Dynamic Income Fund (Consolidated) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $16.93 | $0.94 | $0.17 | $1.11 | $(1.32) | $0.00 | $0.00 | $(1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 16.82 | 2.12 | 0.23 | 2.35 | (2.13) | 0.00 | (0.52) | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 17.27 | 1.77 | 0.19 | 1.96 | (1.37) | 0.00 | (1.28) | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 19.72 | 2.23 | (1.56) | 0.67 | (3.30) | 0.00 | 0.00 | (3.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | 25.23 | 2.84 | (5.77) | (2.93) | (2.65) | 0.00 | 0.00 | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2021 | 22.59 | 2.51 | 2.57 | 5.08 | (2.52) | 0.00 | (0.13) | (2.65) |
| PIMCO Dynamic Income Opportunities Fund (Consolidated) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $13.00 | $0.68 | $0.43 | $1.11 | $(0.77) | $0.00 | $0.00 | $(0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 12.65 | 1.42 | 0.40 | 1.82 | (1.47) | 0.00 | (0.06) | (1.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 12.69 | 1.31 | 0.17 | 1.48 | (1.08) | 0.00 | (0.45) | (1.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 15.31 | 1.50 | (1.63) | (0.13) | (2.49) | 0.00 | 0.00 | (2.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | 20.50 | 1.73 | (5.01) | (3.28) | (1.79) | (0.12) | 0.00 | (1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/29/2021 - 06/30/2021 | 20.00 | 0.49 | 0.47 | 0.96 | (0.47) | 0.00 | 0.00 | (0.47) |
| PIMCO Dynamic Income Strategy Fund (Consolidated) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/2025 - 12/31/2025+ | $26.76 | $0.71 | $(2.67) | $(1.96) | $(0.80) | $(2.97) | $0.00 | $(3.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2025 | 24.93 | 1.40 | 2.28 | 3.68 | (1.48) | (0.37) | 0.00 | (1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2024 | 18.49 | 0.72 | 6.76 | 7.48 | (1.04) | 0.00 | 0.00 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2023 | 15.24 | 0.39 | 3.74 | 4.13 | (0.66) | 0.00 | (0.22) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | 14.27 | 0.43 | 1.32 | 1.75 | (0.47) | 0.00 | (0.31) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/2021 | 8.63 | 0.32 | 6.00 | 6.32 | (0.09) | 0.00 | (0.59) | (0.68) |

---

\* Annualized, except for organizational expense, if any.

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

(a) Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

(b) Per share amounts based on average number of shares outstanding during the year or period.

(c) The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

(d) Total investment return is calculated assuming a purchase of a share at the market price on the first day and a sale of a share at the market price on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under a Fund's dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

(e) Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for more information.

(f) Effective December 13, 2021, the Fund's Investment advisory fee was decreased by 0.05% to an annual rate of 1.10%.

14 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Common Share | Common Share | Common Share | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | | | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets |  | |
| Increase<br>resulting from<br>Common Share<br>offering | Offering Cost<br>Charged to<br>Paid in Capital | Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Market Price<br>End of Year<br>or Period | Total<br>Investment<br>Return<sup>(d)</sup> | Net Assets<br>Applicable to<br>Common<br>Shareholders<br>End of Year<br>or Period<br>(000s) | Expenses<sup>(e)</sup> |  | Expenses<br>Excluding<br>Waivers<sup>(e)</sup> |  | 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 |
| $N/A | $N/A | $5.92 | $6.14 | 3.34 | $72889 | 4.04 | %\* | 4.04 | %\* | 1.38 | %\* | 1.38 | %\* | 10.46 | %\* | 5% |
| N/A | N/A | 5.97 | 6.33 | (3.21) | 73084 | 4.76 |  | 4.76 |  | 1.43 |  | 1.43 |  | 11.41 |  | 14 |
| N/A | N/A | 6.26 | 7.42 | (12.97) | 75490 | 6.69 |  | 6.69 |  | 1.58 |  | 1.58 |  | 9.21 |  | 10 |
| N/A | N/A | 6.74 | 9.63 | 16.30 | 80318 | 5.68 |  | 5.68 |  | 1.68 |  | 1.68 |  | 11.29 |  | 20 |
| N/A | N/A | 7.69 | 9.25 | (14.44) | 90639 | 2.30 |  | 2.30 |  | 1.63 |  | 1.63 |  | 8.71 |  | 65 |
| N/A | N/A | 9.52 | 11.87 | 38.25 | 111154 | 2.49 |  | 2.49 |  | 1.60 |  | 1.60 |  | 10.56 |  | 127 |
| $N/A | $N/A | $8.92 | $9.13 | 15.57 | $103238 | 2.57 | %\* | 2.57 | %\* | 1.33 | %\* | 1.33 | %\* | 8.94 | %\* | 265% |
| N/A | N/A | 8.13 | 8.29 | 21.99 | 93918 | 2.53 |  | 2.53 |  | 1.33 |  | 1.33 |  | 9.95 |  | 576 |
| N/A | N/A | 7.43 | 7.55 | 17.56 | 85162 | 3.43 |  | 3.43 |  | 1.39 |  | 1.39 |  | 8.63 |  | 586 |
| N/A | N/A | 7.29 | 7.20 | 2.32 | 82667 | 3.79 |  | 3.79 |  | 1.65 |  | 1.65 |  | 10.69 |  | 483 |
| N/A | N/A | 7.27 | 7.89 | (22.51) | 81353 | 2.09 |  | 2.09 |  | 1.76 |  | 1.76 |  | 8.96 |  | 373 |
| N/A | N/A | 10.44 | 11.10 | 48.12 | 115748 | 2.03 |  | 2.03 |  | 1.66 |  | 1.66 |  | 10.35 |  | 503 |
| $N/A | $N/A | $4.71 | $5.57 | (16.99) | $221360 | 2.90 | %\* | 2.90 | %\* | 0.97 | %\* | 0.97 | %\* | 10.01 | %\* | 420% |
| N/A | N/A | 4.54 | 6.96 | 21.79 | 212131 | 3.49 |  | 3.49 |  | 0.96 |  | 0.96 |  | 10.78 |  | 948 |
| N/A | N/A | 4.39 | 6.21 | 33.49 | 202598 | 5.12 |  | 5.12 |  | 0.98 |  | 0.98 |  | 8.83 |  | 819 |
| N/A | N/A | 4.32 | 5.20 | 14.43 | 196497 | 3.87 |  | 3.87 |  | 0.97 |  | 0.97 |  | 8.73 |  | 639 |
| N/A | N/A | 4.68 | 5.13 | (25.44) | 210018 | 1.44 |  | 1.44 |  | 0.98 |  | 0.98 |  | 10.29 |  | 678 |
| N/A | N/A | 6.55 | 7.61 | 30.90 | 290989 | 1.36 |  | 1.36 |  | 0.96 |  | 0.96 |  | 8.97 |  | 774 |
| $0.01 | $N/A | $15.38 | $15.30 | 7.28 | $715940 | 5.14 | %\* | 5.14 | %\* | 2.04 | %\* | 2.04 | %\* | 9.86 | %\* | 13% |
| 0.01 | N/A | 15.25 | 15.11 | 7.30 | 694861 | 5.85 |  | 5.85 |  | 2.09 |  | 2.09 |  | 10.43 |  | 24 |
| N/A | N/A | 15.02 | 15.81 | 21.00 | 662635 | 7.11 |  | 7.11 |  | 2.19 |  | 2.19 |  | 9.26 |  | 17 |
| N/A | N/A | 14.86 | 14.75 | 7.53 | 653891 | 5.92 |  | 5.92 |  | 2.24 |  | 2.24 |  | 11.10 |  | 28 |
| N/A | N/A | 17.20 | 15.83 \* | (18.72) | 756653 | 1.79 | \* | 1.79 | \* | 1.51 | \* | 1.51 | \* | 5.81 | \* | 16 |
| $0.18 | $0.00 | $16.90 | $17.71 | 0.49 | $7388843 | 3.77 | %\* | 3.77 | %\* | 1.60 | %\* | 1.60 | %\* | 10.94 | %\* | 12% |
| 0.41 | 0.00 | 16.93 | 18.97 | 16.42 | 6642643 | 4.46 |  | 4.46 |  | 1.67 |  | 1.67 |  | 12.48 |  | 28 |
| 0.24 | 0.00 | 16.82 | 18.81 | 16.48 | 5303316 | 6.13 |  | 6.13 |  | 1.84 |  | 1.84 |  | 10.47 |  | 17 |
| 0.18 | 0.00 | 17.27 | 18.75 | 7.22 | 4578482 | 5.12 |  | 5.12 |  | 1.92 |  | 1.92 |  | 12.10 |  | 20 |
| 0.07 | 0.00 | 19.72 | 20.87 | (19.10) | 4466886 | 2.64 | <sup>(f)</sup> | 2.64 | <sup>(f)</sup> | 2.00 | <sup>(f)</sup> | 2.00 | <sup>(f)</sup> | 12.28 |  | 27 |
| 0.21 | 0.00 | 25.23 | 28.81 | 29.29 | 1781435 | 2.78 |  | 2.78 |  | 2.04 |  | 2.04 |  | 10.36 |  | 38 |
| $0.02 | $0.00 | $13.36 | $13.84 | 8.73 | $1864170 | 4.33 | % | 4.33 | %\* | 1.75 | %\* | 1.75 | %\* | 10.08 | %\* | 13% |
| 0.06 | 0.00 | 13.00 | 13.48 | 13.97 | 1713149 | 5.22 |  | 5.22 |  | 1.84 |  | 1.84 |  | 10.91 |  | 22 |
| 0.01 | 0.00 | 12.65 | 13.29 | 15.12 | 1465670 | 6.63 |  | 6.63 |  | 1.97 |  | 1.97 |  | 10.68 |  | 25 |
| 0.00 | 0.00 | 12.69 | 13.06 | 13.17 | 1406536 | 5.75 |  | 5.75 |  | 2.11 |  | 2.11 |  | 10.67 |  | 17 |
| N/A | N/A | 15.31 | 13.85 | (33.77) | 1684507 | 2.79 |  | 2.79 |  | 2.12 |  | 2.12 |  | 9.11 |  | 47 |
| 0.01 | N/A | 20.50 | 23.18 | 16.70 | 2227301 | 2.10 | \* | 2.10 | \* | 1.78 | \* | 1.78 | \* | 5.93 | \* | 49 |
| $N/A | $N/A | $21.03 | $18.78 | (9.40) | $940260 | 3.06 | % | 3.06 | %\* | 1.62 | %\* | 1.62 | %\* | 5.52 | %\* | 17% |
| N/A | N/A | 26.76 | 24.65 | 18.92 | 1196516 | 3.29 |  | 3.29 |  | 1.65 |  | 1.65 |  | 5.34 |  | 53 |
| N/A | N/A | 24.93 | 22.28 | 48.61 | 1114645 | 2.31 |  | 2.32 |  | 1.45 |  | 1.46 |  | 3.25 |  | 113 |
| N/A | N/A | 18.49 | 15.76 | 29.99 | 826517 | 2.66 |  | 2.68 |  | 1.65 |  | 1.67 |  | 2.16 |  | 50 |
| N/A | N/A | 15.24 | 12.84 | 8.76 | 681193 | 1.76 |  | 1.79 |  | 1.68 |  | 1.71 |  | 2.71 |  | 77 |
| N/A | N/A | 14.27 | 12.50 | 90.94 | 637792 | 1.54 |  | 1.60 |  | 1.53 |  | 1.59 |  | 2.96 |  | 118 |

---

SEMIANNUAL REPORT \| DECEMBER 31, 2025 15

------

Statements of Assets and Liabilities &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands†, except per share amounts) | PCM Fund,<br>Inc. | PIMCO<br> Global<br> StocksPLUS® &<br> Income<br> Fund | PIMCO<br> Strategic<br> Income Fund,<br> Inc. |
| Assets: |  |  |  |
| Investments, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | $107621 | $144977 | $576385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | 2827 | 10784 | 16472 |
| Financial Derivative Instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared | 48 | 132 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter | 0 | 9599 | 159 |
| Cash | 317 | 206 | 874 |
| Deposits with counterparty | 1237 | 3623 | 6059 |
| Foreign currency, at value | 0 | 395 | 351 |
| Receivable for investments sold | 622 | 351 | 266 |
| Receivable for TBA investments sold | 0 | 46244 | 515003 |
| Interest and/or dividends receivable | 900 | 1313 | 2964 |
| Dividends receivable from Affiliates | 8 | 30 | 45 |
| Other assets | 11 | 0 | 0 |
| Total Assets | 113591 | 217654 | 1119039 |
| Liabilities: |  |  |  |
| Borrowings & Other Financing Transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for reverse repurchase agreements | $38461 | $16346 | $81271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for sale-buyback transactions | 0 | 0 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for short sales | 0 | 647 | 6303 |
| Financial Derivative Instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared | 44 | 1013 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter | 119 | 364 | 814 |
| Payable for investments purchased | 641 | 419 | 1196 |
| Payable for investments in Affiliates purchased | 9 | 33 | 48 |
| Payable for TBA investments purchased | 0 | 84393 | 803848 |
| Payable for unfunded loan commitments | 253 | 371 | 283 |
| Deposits from counterparty | 296 | 9913 | 1144 |
| Distributions payable to common shareholders | 791 | 798 | 1879 |
| Accrued management fees | 88 | 115 | 185 |
| Foreign capital gains tax payable | 0 | 4 | 13 |
| Total Liabilities | 40702 | 114416 | 897679 |
| Commitments and Contingent Liabilities^ |  |  |  |
| Net Assets Applicable to Common Shareholders | $72889 | $103238 | $221360 |
| Net Assets Applicable to Common Shareholders Consist of: |  |  |  |
| Par value<sup>^^</sup> | $12 | $0 | $0 |
| Paid in capital in excess of par | 106929 | 135569 | 344547 |
| Distributable earnings (accumulated loss) | (34052) | (32331) | (123187) |
| Net Assets Applicable to Common Shareholders | $72889 | $103238 | $221360 |
| Common Shares Outstanding | 12320 | 11574 | 46982 |
| Net Asset Value Per Common Share<sup>(a)</sup> | $5.92 | $8.92 | $4.71 |
| Cost of investments in securities | $131025 | $163312 | $621971 |
| Cost of investments in Affiliates | $2827 | $10774 | $16468 |
| Cost of foreign currency held | $0 | $393 | $351 |
| Proceeds received on short sales | $0 | $649 | $6304 |
| Cost or premiums of financial derivative instruments, net | $1098 | $(57) | $7476 |

---

† 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.

---

| | |
|:---|:---|
| ^^ | ($0.001 per share), ($0.00001 per share), ($0.00001 per share).  |

---

(a) Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

16 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Consolidated Statements of Assets and Liabilities &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands†, except per share amounts) | PIMCO<br> Access Income<br> Fund | PIMCO<br> Dynamic<br> Income Fund | PIMCO<br> Dynamic<br> Income<br> Opportunities<br> Fund | PIMCO<br> Dynamic<br> Income<br> Strategy<br> Fund |
| Assets: |  |  |  |  |
| Investments, at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities\* | $1109295 | $9946809 | $2680090 | $1300275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | 70436 | 986083 | 172804 | 92338 |
| Financial Derivative Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared | 288 | 2586 | 764 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter | 611 | 5992 | 3892 | 1839 |
| Cash | 434 | 5484 | 926 | 195 |
| Deposits with counterparty | 15460 | 161665 | 40888 | 5316 |
| Foreign currency, at value | 2491 | 10555 | 3891 | 1343 |
| Receivable for investments sold | 1421 | 172060 | 38217 | 13779 |
| Interest and/or dividends receivable | 10968 | 116357 | 33789 | 9952 |
| Dividends receivable from Affiliates | 205 | 2203 | 546 | 298 |
| Other assets | 382 | 2479 | 476 | 22 |
| Total Assets | 1211991 | 11412273 | 2976283 | 1425591 |
| Liabilities: |  |  |  |  |
| Borrowings & Other Financing Transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for reverse repurchase agreements | $448392 | $3462908 | $974979 | $307478 |
| Financial Derivative Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared | 375 | 4435 | 1021 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter | 3000 | 32919 | 7346 | 6018 |
| Payable for investments purchased | 14054 | 204149 | 47324 | 171 |
| Payable for investments in Affiliates purchased | 218 | 2346 | 579 | 317 |
| Payable for investments purchased on a delayed-delivery basis | 17120 | 170560 | 43280 | 24000 |
| Payable for unfunded loan commitments | 2427 | 25930 | 7094 | 2984 |
| Deposits from counterparty | 2233 | 13824 | 9467 | 4120 |
| Distributions payable to common shareholders | 6953 | 95623 | 17743 | 138744 |
| Accrued management fees | 1278 | 10292 | 2837 | 1499 |
| Accrued taxes payable | 0 | 15 | 0 | 0 |
| Foreign capital gains tax payable | 1 | 235 | 443 | 0 |
| Other liabilities | 0 | 194 | 0 | 0 |
| Total Liabilities | 496051 | 4023430 | 1112113 | 485331 |
| Commitments and Contingent Liabilities^ |  |  |  |  |
| Net Assets Applicable to Common Shareholders | $715940 | $7388843 | $1864170 | $940260 |
| Net Assets Applicable to Common Shareholders Consist of: |  |  |  |  |
| Par value<sup>^^</sup> | $0 | $4 | $1 | $0 |
| Paid in capital in excess of par | 900161 | 9545415 | 2539463 | 781434 |
| Distributable earnings (accumulated loss) | (184221) | (2156576) | (675294) | 158826 |
| Net Assets Applicable to Common Shareholders | $715940 | $7388843 | $1864170 | $940260 |
| Common Shares Outstanding | 46540 | 437215 | 139519 | 44707 |
| Net Asset Value Per Common Share<sup>(a)</sup> | $15.38 | $16.90 | $13.36 | $21.03 |
| Cost of investments in securities | $1218543 | $10858842 | $2972972 | $1161017 |
| Cost of investments in Affiliates | $70195 | $1001428 | $172254 | $92270 |
| Cost of foreign currency held | $2482 | $10533 | $3917 | $1331 |
| Cost or premiums of financial derivative instruments, net | $12512 | $27621 | $25528 | $75 |
| \* Includes repurchase agreements of: | $0 | $187254 | $0 | $5400 |

---

† 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.

---

| | |
|:---|:---|
| ^^ | ($0.00001 per share).  |

---

(a) Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 17

------

Statements of Operations &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) |
| (Amounts in thousands†) | PCM Fund,<br>Inc. | PIMCO<br>Global<br>StocksPLUS®&<br>Income<br>Fund | PIMCO<br>Strategic<br>Income Fund,<br>Inc. |
| Investment Income: |  |  |  |
| Interest, net of foreign taxes\* | $5195 | $5343 | $13698 |
| Dividends | 78 | 154 | 162 |
| Dividends from Investments in Affiliates | 89 | 206 | 281 |
| Miscellaneous income | 10 | 39 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Income | 5372 | 5742 | 14225 |
| Expenses: |  |  |  |
| Management fees | 503 | 651 | 1052 |
| Trustee fees and related expenses | 4 | 5 | 11 |
| Interest expense | 987 | 621 | 2123 |
| Miscellaneous expense | 3 | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 1497 | 1281 | 3193 |
| Net Investment Income (Loss) | 3875 | 4461 | 11032 |
| Net Realized Gain (Loss): |  |  |  |
| Investments in securities | (81) | (1409) | (6071) |
| Investments in Affiliates | 7 | 0 | 5 |
| Exchange-traded or centrally cleared financial derivative instruments | (6) | 2901 | 1539 |
| Over the counter financial derivative instruments | 32 | 442 | 286 |
| Foreign currency | 1 | 33 | (101) |
| Net Realized Gain (Loss) | (47) | 1967 | (4342) |
| Net Change in Unrealized Appreciation (Depreciation): |  |  |  |
| Investments in securities | (159) | 3639 | 11428 |
| Investments in Affiliates | (6) | 3 | 2 |
| Exchange-traded or centrally cleared financial derivative instruments | 339 | 103 | (176) |
| Over the counter financial derivative instruments | 28 | 3761 | 714 |
| Foreign currency assets and liabilities | (1) | (4) | 86 |
| Net Change in Unrealized Appreciation (Depreciation) | 201 | 7502 | 12054 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $4029 | $13930 | $18744 |
| \* Foreign tax withholdings | $0 | $10 | $29 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

18 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Consolidated Statements of Operations &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) |
| (Amounts in thousands†) | PIMCO<br>Access Income<br>Fund | PIMCO<br>Dynamic<br>Income Fund | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund |
| Investment Income: |  |  |  |
| Interest, net of foreign taxes\* | $50670 | $493326 | $122172 |
| Dividends, net of foreign taxes\*\* | 1482 | 9129 | 3766 |
| Dividends from Investments in Affiliates | 1406 | 16611 | 3756 |
| Miscellaneous income | 305 | 7899 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Income | 53863 | 526965 | 130911 |
| Expenses: |  |  |  |
| Management fees | 7254 | 56664 | 15808 |
| Trustee fees and related expenses | 38 | 337 | 90 |
| Interest expense | 11121 | 77876 | 23403 |
| Miscellaneous expense | 20 | 213 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 18433 | 135090 | 39330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 18433 | 135090 | 39330 |
| Net Investment Income (Loss) | 35430 | 391875 | 91581 |
| Net Realized Gain (Loss): |  |  |  |
| Investments in securities | (3415) | (25700) | (904) |
| Investments in Affiliates | 12 | 33 | 14 |
| Exchange-traded or centrally cleared financial derivative instruments | (1627) | (6789) | (4068) |
| Over the counter financial derivative instruments | 468 | 3880 | 2613 |
| Foreign currency | (318) | (27) | 801 |
| Net Realized Gain (Loss) | (4880) | (28603) | (1544) |
| Net Change in Unrealized Appreciation (Depreciation): |  |  |  |
| Investments in securities, net of foreign capital gains tax\*\*\* | 7466 | 34892 | 41635 |
| Investments in Affiliates | 358 | 13124 | 810 |
| Exchange-traded or centrally cleared financial derivative instruments | 4307 | 14698 | 7919 |
| Over the counter financial derivative instruments | 3558 | 25531 | 7920 |
| Foreign currency assets and liabilities | 684 | 6213 | 378 |
| Net Change in Unrealized Appreciation (Depreciation) | 16373 | 94458 | 58662 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $46923 | $457730 | $148699 |
| \* Foreign tax withholdings | $5 | $498 | $656 |
| \*\* Foreign tax withholdings — Dividends | $0 | $0 | $0 |
| \*\*\* Foreign capital gains tax | $0 | $(15) | $0 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 19

------

Consolidated Statements of Operations (Cont.)

---

| | |
|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) |
| (Amounts in thousands†) | PIMCO<br>Dynamic<br>Income<br>Strategy<br>Fund |
| Investment Income: |  |
| Interest, net of foreign taxes\* | $39956 |
| Dividends, net of foreign taxes\*\* | 7471 |
| Dividends from Investments in Affiliates | 1746 |
| Miscellaneous income | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Income | 49293 |
| Expenses: |  |
| Management fees | 9278 |
| Trustee fees and related expenses | 64 |
| Interest expense | 8274 |
| Miscellaneous expense | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 17623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waiver and/or Reimbursement by PIMCO | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 17596 |
| Net Investment Income (Loss) | 31697 |
| Net Realized Gain (Loss): |  |
| Investments in securities | 6406 |
| Investments in Affiliates | 21 |
| Exchange-traded or centrally cleared financial derivative instruments | (973) |
| Over the counter financial derivative instruments | 3855 |
| Foreign currency | (39) |
| Net Realized Gain (Loss) | 9270 |
| Net Change in Unrealized Appreciation (Depreciation): |  |
| Investments in securities | 88613 |
| Investments in Affiliates | (222221) |
| Exchange-traded or centrally cleared financial derivative instruments | 4831 |
| Over the counter financial derivative instruments | 94 |
| Foreign currency assets and liabilities | 23 |
| Net Change in Unrealized Appreciation (Depreciation) | (128660) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(87693) |
| \* Foreign tax withholdings — Interest | $8 |
| \* Foreign tax withholdings — Dividends | $347 |
| \*\*\* Foreign capital gains tax | $0 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

20 PIMCO CLOSED-END FUNDS See Accompanying Notes

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SEMIANNUAL REPORT \| DECEMBER 31, 2025 21

------

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PCM Fund, Inc. | PCM Fund, Inc. | PIMCO<br>Global StocksPLUS®<br>& Income Fund | PIMCO<br>Global StocksPLUS®<br>& Income Fund |
| (Amounts in thousands†) | Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 | Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 |
| Increase (Decrease) in Net Assets from: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | $3875 | $8568 | $4461 | $8910 |
| Net realized gain (loss) | (47) | 1328 | 1967 | 3779 |
| Net change in unrealized appreciation (depreciation) | 201 | (2972) | 7502 | 4891 |
| Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | 4029 | 6924 | 13930 | 17580 |
| Distributions to Common Shareholders: |  |  |  |  |
| From net investment income and/or net realized capital gains | (4735) | (8280) | (4788) | (9383) |
| Tax basis return of capital | 0 | (2238) | 0 | (155) |
| Total Distributions to Common Shareholders<sup>(a)</sup> | (4735) | (10518) | (4788) | (9538) |
| Common Share Transactions\*: |  |  |  |  |
| Issued as reinvestment of distributions | 511 | 1188 | 178 | 714 |
| Net increase (decrease) resulting from common share transactions | 511 | 1188 | 178 | 714 |
| Total increase (decrease) in net assets applicable to common shareholders | (195) | (2406) | 9320 | 8756 |
| Net Assets Applicable to Common Shareholders: |  |  |  |  |
| Beginning of period | 73084 | 75490 | 93918 | 85162 |
| End of period | $72889 | $73084 | $103238 | $93918 |
| \* Common Share Transactions: |  |  |  |  |
| Shares sold | 0 | 0 | 0 | 0 |
| Shares issued as reinvestment of distributions | 84 | 171 | 21 | 93 |
| Net increase (decrease) in common shares outstanding | 84 | 171 | 21 | 93 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

(a) The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

22 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

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

---

| | |
|:---|:---|
| PIMCO<br>Strategic Income Fund, Inc. | PIMCO<br>Strategic Income Fund, Inc. |
| Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 |
| $11032 | $22344 |
| (4342) | 11537 |
| 12054 | (2532) |
| 18744 | 31349 |
| (11249) | (25038) |
| 0 | (332) |
| (11249) | (25370) |
| 1734 | 3554 |
| 1734 | 3554 |
| 9229 | 9533 |
| 212131 | 202598 |
| $221360 | $212131 |
| 0 | 0 |
| 256 | 548 |
| 256 | 548 |

---

SEMIANNUAL REPORT \| DECEMBER 31, 2025 23

------

Consolidated Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO<br>Access Income Fund | PIMCO<br>Access Income Fund | PIMCO<br>Dynamic Income Fund | PIMCO<br>Dynamic Income Fund |
| (Amounts in thousands†) | Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 | Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 |
| Increase (Decrease) in Net Assets from: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | $35430 | $71268 | $391875 | $753724 |
| Net realized gain (loss) | (4880) | 20196 | (28603) | (5919) |
| Net change in unrealized appreciation (depreciation) | 16373 | (2208) | 94458 | 58307 |
| Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | 46923 | 89256 | 457730 | 806112 |
| Distributions to Common Shareholders: |  |  |  |  |
| From net investment income and/or net realized capital gains | (41299) | (74206) | (551400) | (753252) |
| Tax basis return of capital | 0 | (5940) | 0 | (185588) |
| Total Distributions to Common Shareholders<sup>(a)</sup> | (41299) | (80146) | (551400) | (938840) |
| Common Share Transactions<sup>\*</sup>: |  |  |  |  |
| Net proceeds from at-the-market offering | 12619 | 17340 | 763335 | 1354690 |
| Issued as reinvestment of distributions | 2836 | 5776 | 76535 | 117365 |
| Net increase (decrease) resulting from common share transactions | 15455 | 23116 | 839870 | 1472055 |
| Total increase (decrease) in net assets applicable to common shareholders | 21079 | 32226 | 746200 | 1339327 |
| Net Assets Applicable to Common Shareholders: |  |  |  |  |
| Beginning of period | 694861 | 662635 | 6642643 | 5303316 |
| End of period | $715940 | $694861 | $7388843 | $6642643 |
| Common Share Transactions: |  |  |  |  |
| Shares sold | 787 | 1089 | 40527 | 70783 |
| Shares issued as reinvestment of distributions | 184 | 374 | 4244 | 6410 |
| Net increase (decrease) in common shares outstanding | 971 | 1463 | 44771 | 77193 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

(a) The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

24 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

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

---

| | |
|:---|:---|
| PIMCO<br>Dynamic Income<br>Opportunities Fund | PIMCO<br>Dynamic Income<br>Opportunities Fund |
| Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 |
| $91581 | $176571 |
| (1544) | (60440) |
| 58662 | 106607 |
| 148699 | 222738 |
| (103897) | (184112) |
| 0 | (6947) |
| (103897) | (191059) |
| 92577 | 190692 |
| 13642 | 25108 |
| 106219 | 215800 |
| 151021 | 247479 |
| 1713149 | 1465670 |
| $1864170 | $1713149 |
| 6722 | 14025 |
| 1030 | 1920 |
| 7752 | 15945 |

---

SEMIANNUAL REPORT \| DECEMBER 31, 2025 25

------

Consolidated Statements of Changes in Net Assets (Cont.)

---

| | | |
|:---|:---|:---|
|  | PIMCO<br>Dynamic Income Strategy Fund | PIMCO<br>Dynamic Income Strategy Fund |
| (Amounts in thousands†) | Six Months Ended<br>December 31, 2025<br>(Unaudited) | Year Ended<br>June 30, 2025 |
| Increase (Decrease) in Net Assets from: |  |  |
| Operations: |  |  |
| Net investment income (loss) | $31697 | $62490 |
| Net realized gain (loss) | 9270 | 139803 |
| Net change in unrealized appreciation (depreciation) | (128660) | (37705) |
| Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | (87693) | 164588 |
| Distributions to Common Shareholders: |  |  |
| From net investment income and/or net realized capital gains | (168563) | (82717) |
| Tax basis return of capital | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 0 | 0 |
| Total Distributions to Common Shareholders | (168563) | (82717) |
| Common Share Transactions: |  |  |
| Receipts for shares sold | 0 | 0 |
| Issued as reinvestment of distributions | 0 | 0 |
| Net increase (decrease) resulting from common share transactions | 0 | 0 |
| Total Increase (Decrease) in Net Assets | (256256) | 81871 |
| Net Assets: |  |  |
| Beginning of period | 1196516 | 1114645 |
| End of period | $940260 | $1196516 |
| Shares of Beneficial Interest: |  |  |
| Shares sold | 0 | 0 |
| Shares issued as reinvestment of distributions | 0 | 0 |
| Net increase (decrease) in common shares outstanding | 0 | 0 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

26 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Statements of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) |  |  |  |
| (Amounts in thousands†) | PCM Fund,<br>Inc. | PIMCO<br>Global<br>Stocksplus® &<br>Income Fund | PIMCO<br>Strategic<br>Income Fund,<br>Inc. |
| Cash Flows Provided by (Used for) Operating Activities: |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $4029 | $13930 | $18744 |
| 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 | (13827) | (384099) | (2433594) |
| Proceeds from sales of long-term securities | 8839 | 384061 | 2455934 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 4060 | (1152) | (7651) |
| (Increase) decrease in deposits with counterparty | 186 | (231) | 134 |
| (Increase) decrease in receivable for investments sold | (410) | 2515 | (97297) |
| (Increase) decrease in interest and/or dividends receivable | (124) | (54) | 84 |
| (Increase) decrease in dividends receivable from Affiliates | 15 | 6 | 3 |
| Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 284 | 2655 | 896 |
| Proceeds from (Payments on) over the counter financial derivative instruments | 67 | 494 | 287 |
| Increase (decrease) in payable for investments purchased | 100 | (3726) | 97212 |
| Increase (decrease) in deposits from counterparty | 275 | 3572 | (2263) |
| Increase (decrease) in accrued management fees | 10 | 17 | 26 |
| Proceeds from short sales transactions | 0 | 38764 | 94657 |
| Payments on short sales transactions | 0 | (38744) | (94591) |
| Proceeds from (Payments on) foreign currency transactions | 0 | 27 | (20) |
| Increase (decrease) in foreign capital gains tax payable | 0 | 2 | 8 |
| Net Realized (Gain) Loss |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | 81 | 1409 | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | (7) | 0 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared financial derivative instruments | 6 | (2901) | (1539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter financial derivative instruments | (32) | (442) | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (1) | (33) | 101 |
| Net Change in Unrealized (Appreciation) Depreciation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | 159 | (3639) | (11428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | 6 | (3) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared financial derivative instruments | (339) | (103) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter financial derivative instruments | (28) | (3761) | (714) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency assets and liabilities | 1 | 4 | (86) |
| Net amortization (accretion) on investments | (631) | (636) | (2417) |
| Net Cash Provided by (Used for) Operating Activities | 2719 | 7932 | 22440 |
| Cash Flows Received from (Used for) Financing Activities: |  |  |  |
| Cash distributions paid to coMmon shareholders\* | (4219) | (4609) | (9505) |
| Proceeds from reverse repurchase agreements | 70301 | 70322 | 384694 |
| Payments on reverse repurchase agreements | (68569) | (73325) | (398570) |
| Proceeds from sale-buyback transactions | 0 | 0 | 5720 |
| Payments on sale-buyback transactions | 0 | 0 | (5313) |
| Net Cash Received from (Used for) Financing Activities | (2487) | (7612) | (22974) |
| Net Increase (Decrease) in Cash and Foreign Currency | 232 | 320 | (534) |
| Cash and Foreign Currency: |  |  |  |
| Beginning of period | 85 | 281 | 1759 |
| End of period | $317 | $601 | $1225 |
| \* Reinvestment of distributions | $511 | $178 | $1734 |
| Supplemental Disclosure of Cash Flow Information: |  |  |  |
| Interest expense paid during the period | $1038 | $681 | $2414 |
| Non-Cash Payment In-Kind | $252 | $428 | $835 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 27

------

#### Consolidated Statements of Cash Flows

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) |  |  |  |  |
| (Amounts in thousands†) | PIMCO<br>Access<br>Income Fund | PIMCO<br>Dynamic<br>Income Fund | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund | PIMCO<br>Dynamic<br>Income<br>Strategy Fund |
| Cash Flows Provided by (Used for) Operating Activities: |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $46923 | $457730 | $148699 | $(87693) |
| 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 | (181050) | (2425435) | (545480) | (259013) |
| Proceeds from sales of long-term securities | 154877 | 1409053 | 410976 | 266169 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 7016 | (78111) | (11012) | 44827 |
| (Increase) decrease in deposits with counterparty | (4138) | (33958) | (6916) | (343) |
| (Increase) decrease in receivable for investments sold | 9929 | 207015 | (3479) | (4798) |
| (Increase) decrease in interest and/or dividends receivable | (832) | (7561) | (6591) | (725) |
| (Increase) decrease in dividends receivable from Affiliates | (25) | (443) | (61) | 73 |
| Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 2810 | 12424 | 4322 | 3989 |
| Proceeds from (Payments on) over the counter financial derivative instruments | 628 | 6961 | 3506 | 3855 |
| (Increase) decrease in other assets | (12) | 22 | 152 | (2) |
| Increase (decrease) in payable for investments purchased | 20393 | 205815 | 60629 | 6812 |
| Increase (decrease) in deposits from counterparty | (2830) | (21944) | (4322) | 1118 |
| Increase (decrease) in accrued management fees | 148 | 1702 | 422 | (80) |
| Proceeds from (Payments on) foreign currency transactions | (359) | (534) | 373 | 78 |
| Increase (decrease) in foreign capital gains tax payable | 0 | 160 | 166 | 0 |
| Increase (decrease) in other liabilities | 0 | (3) | (6) | 0 |
| Net Realized (Gain) Loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | 3415 | 25700 | 904 | (6406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | (12) | (33) | (14) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared financial derivative instruments | 1627 | 6789 | 4068 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter financial derivative instruments | (468) | (3880) | (2613) | (3855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 318 | 27 | (801) | 39 |
| Net Change in Unrealized (Appreciation) Depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | (7466) | (34892) | (41635) | (88613) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | (358) | (13124) | (810) | 222221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded or centrally cleared financial derivative instruments | (4307) | (14698) | (7919) | (4831) |
| &nbsp;&nbsp;&nbsp;&nbsp;Over the counter financial derivative instruments | (3558) | (25531) | (7920) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency assets and liabilities | (684) | (6213) | (378) | (23) |
| Net amortization (accretion) on investments | (8341) | (88479) | (16888) | (5958) |
| Net Cash Provided by (Used for) Operating Activities | 33644 | (421441) | (22628) | 87699 |
| Cash Flows Received from (Used for) Financing Activities: |  |  |  |  |
| Proceeds from shares sold | 12619 | 774636 | 93108 | 0 |
| Increase (decrease) in overdraft due to custodian | 0 | 0 | 0 | (274) |
| Cash distributions paid\* | (38318) | (465035) | (89352) | (35783) |
| Proceeds from reverse repurchase agreements | 1601571 | 11375085 | 3593905 | 815264 |
| Payments on reverse repurchase agreements | (1609406) | (11303745) | (3593847) | (866180) |
| Net Cash Received from (Used for) Financing Activities | (33534) | 380941 | 3814 | (86973) |
| Net Increase (Decrease) in Cash and Foreign Currency | 110 | (40500) | (18814) | 726 |
| Cash and Foreign Currency: |  |  |  |  |
| Beginning of period | 2815 | 56539 | 23631 | 812 |
| End of period | $2925 | $16039 | $4817 | $1538 |
| \* Reinvestment of distributions | $2836 | $76535 | $13642 | $0 |
| Supplemental Disclosure of Cash Flow Information: |  |  |  |  |
| Interest expense paid during the period | $10950 | $81746 | $24245 | $9199 |
| Non-Cash Payment In-Kind | $4315 | $29152 | $10080 | $24 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

28 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Schedule of Investments PCM Fund, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN SECURITIES 147.6% | INVESTMENTS IN SECURITIES 147.6% | INVESTMENTS IN SECURITIES 147.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 25.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 25.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 25.3% |
| AP Core Holdings II LLC | AP Core Holdings II LLC | AP Core Holdings II LLC |
| 9.331% (TSFR1M + 5.500%) due 09/01/2027 ~ | 1130 | 1132 |
| Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
| 7.221% (TSFR1M + 3.500%) due 12/23/2030 ~ | 198 | 200 |
| Asurion LLC | Asurion LLC | Asurion LLC |
| 7.816% (TSFR1M + 4.000%) due 08/19/2028 ~ | 298 | 299 |
| Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
| 7.227% (TSFR1M + 3.500%) due 03/24/2031 ~ | 198 | 199 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 595 | 506 |
| Charlotte Buyer, Inc. | Charlotte Buyer, Inc. | Charlotte Buyer, Inc. |
| 8.011% (TSFR1M + 4.250%) due 02/11/2028 ~ | 298 | 294 |
| Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
| 9.672% (TSFR3M + 6.000%) due 05/16/2029 «~ | 530 | 548 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| TBD% due 01/03/2031 ~µ | 91 | 92 |
| TBD% due 01/05/2032 «µ | 91 | 91 |
| TBD% (TSFR1M + 4.500%) due 01/03/2031 ~ | 409 | 417 |
| DTI Holdco, Inc. | DTI Holdco, Inc. | DTI Holdco, Inc. |
| 7.716% (TSFR1M + 4.000%) due 04/26/2029 ~ | 453 | 424 |
| Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
| TBD% - 19.000% due 11/30/2026 «~µ | 391 | 379 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 11.862% (TSFR3M + 7.875%) due 07/20/2026 «~ | 83 | 83 |
| 11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 1812 | 1867 |
| EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
| 8.437% (TSFR3M + 4.500%) due 11/06/2028 ~ | 86 | 62 |
| Guardian | Guardian | Guardian |
| 9.671% (TSFR3M + 5.500%) due 08/29/2032 «~ | 100 | 99 |
| INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
| 6.966% - 7.384% (TSFR1M + 3.250%) due 02/18/2030 ~ | 399 | 325 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| 8.639% (TSFR3M + 4.750%) due 06/01/2029 ~ | 1160 | 970 |
| 9.639% (TSFR3M + 5.750%) due 06/01/2029 ~ | 155 | 161 |
| Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
| 6.831% - 7.566% (TSFR1M + 3.000%) due 06/30/2027 «~ | 27 | 23 |
| Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) |
| 7.831% (TSFR1M + 4.000%) due 12/31/2027 ~ | 227 | 178 |
| McAfee LLC | McAfee LLC | McAfee LLC |
| 6.716% - 7.672% (TSFR1M + 3.000%) due 03/01/2029 ~ | 497 | 461 |
| Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
| 19.000% due 04/03/2026 «~(b) | 390 | 20 |
| MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
| 7.966% (TSFR1M + 4.250%) due 05/03/2028 ~ | 298 | 278 |
| Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
| 8.090% (TSFR3M + 4.250%) due 07/01/2031 ~ | 495 | 493 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
| 7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 182 | 147 |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 24 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. |
| 7.590% (TSFR3M + 3.750%) due 08/06/2032 ~ | 400 | 403 |
| Padagis LLC | Padagis LLC | Padagis LLC |
| 8.949% (TSFR3M + 4.750%) due 07/06/2028 «~ | 346 | 328 |
| Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
| 8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 399 | 352 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 1267 | 1178 |
| Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
| 7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 379 | 366 |
| QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
| 7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 499 | 499 |
| RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
| 6.934% - 7.398% (TSFR3M + 3.000%) due 04/24/2028 ~ | 315 | 315 |
| Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP |
| 6.422% - 7.934% (TSFR3M + 2.750%) due 10/01/2032 ~ | 400 | 363 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
| 10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | 1067 | 1034 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
| 7.422% (TSFR3M + 3.750%) due 09/15/2028 ~ | 298 | 287 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| TBD% - 9.868% due<br>09/25/2030 «~µ | 44 | 43 |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ | 2028 | 1915 |
| 1.500% - 9.868% (TSFR3M + 6.000%) due 09/25/2030 «~ | 350 | 343 |
| Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
| 7.735% (TSFR3M + 3.750%) due 04/01/2031 ~ | 99 | 100 |
| Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
| 8.000% due 03/15/2029 «~ | 263 | 112 |
| X Corp. | X Corp. | X Corp. |
| 9.500% due 10/26/2029 ~ | 100 | 100 |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ | 955 | 940 |
| Total Loan Participations and Assignments (Cost $18,732) | Total Loan Participations and Assignments (Cost $18,732) | 18449 |
| CORPORATE BONDS & NOTES 26.5% | CORPORATE BONDS & NOTES 26.5% | CORPORATE BONDS & NOTES 26.5% |
| BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% |
| Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
| 8.500% due 11/15/2029 (i) | 200 | 202 |
| BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
| 6.600% due 06/10/2029 (i) | 100 | 104 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 7.250% due 10/15/2030 | 100 | 102 |
| FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
| 7.875% due 01/15/2029 (i) | 400 | 414 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| 8.750% due 05/01/2029 | 260 | 264 |
| 9.000% due 08/01/2029 | 100 | 99 |
| 9.500% due 05/30/2029 | 140 | 142 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 5.875% due 10/15/2035 | 100 | 101 |
| Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. |
| 6.650% due 03/15/2030 (i) | 1000 | 1026 |
| RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
| 6.500% due 06/15/2033 | 100 | 104 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 0.000% due 09/30/2028 (f) | 100 | 91 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| 6.000% due 01/15/2030 (i) | 1065 | 992 |
| Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
| 8.500% due 05/09/2026 ^«(c) | 980 | 0 |
|  |  | 3641 |
| INDUSTRIALS 21.0% | INDUSTRIALS 21.0% | INDUSTRIALS 21.0% |
| Avient Corp. | Avient Corp. | Avient Corp. |
| 6.250% due 11/01/2031 | 100 | 103 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (i) | 960 | 1015 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
| 6.375% due 06/15/2033 | 100 | 104 |
| Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
| 7.625% due 07/01/2029 (i) | 100 | 104 |
| 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 (b) | 518 | 415 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 9.000% due 02/01/2031 (i) | 600 | 551 |
| CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
| 5.880% due 01/10/2028 (i) | 316 | 318 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.250% due 12/01/2026 | 660 | 640 |
| 5.750% due 12/01/2028 | 400 | 393 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| 11.750% due 11/15/2027 | 800 | 833 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
| 6.750% due 01/15/2030 (i) | 400 | 381 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 6.625% due 01/15/2034 (i) | 500 | 514 |
| Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
| 0.500% due 01/31/2030 «(b) | 1498 | 1498 |
| Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
| 6.000% due 01/30/2033 «(h) | 1058 | 1651 |
| Insulet Corp. | Insulet Corp. | Insulet Corp. |
| 6.500% due 04/01/2033 (i) | 100 | 105 |
| JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| 9.875% due 09/20/2031 (i) | 400 | 403 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 9.875% due 08/15/2030 (i) | 100 | 108 |
| 11.000% due 10/15/2030 (i) | 500 | 549 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750% due 12/31/2030 | 63 | 55 |
| 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) | 98 | 104 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 | 300 | 302 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 229 | 161 |
| Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
| 7.250% due 06/15/2031 (i) | 200 | 205 |
| Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
| 8.750% due 04/17/2032 | 100 | 91 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 6.125% due 09/15/2032 (i) | 100 | 103 |
| Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| 9.375% due 09/01/2029 (i) | 500 | 526 |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| 6.375% due 03/01/2032 (i) | 400 | 417 |
| 6.750% due 03/01/2033 (i) | 100 | 104 |
| Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
| 7.750% due 10/15/2029 | 100 | 98 |
| Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
| 4.875% due 09/30/2039 | 227 | 203 |
| Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
| 8.000% due 09/30/2028 (i) | 289 | 298 |
| Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
| 8.250% due 05/15/2029 (i) | 500 | 504 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 29

------

Schedule of Investments PCM Fund, Inc. (Cont.)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 9.125% due 09/30/2030 | 100 | 100 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 10.625% due 06/28/2028 | 249 | 214 |
| Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
| 8.375% due 04/30/2030 | 100 | 104 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 9.500% due 02/01/2029 (i) | 200 | 207 |
| 9.875% due 02/01/2032 (i) | 300 | 310 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 6.500% due 01/15/2034 (i) | 250 | 256 |
| 6.750% due 01/15/2036 (i) | 200 | 205 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 7.000% due 02/01/2033 (i) | 200 | 206 |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| 6.750% due 10/15/2033 (i) | 800 | 820 |
|  |  | 15278 |
| UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 4.300% due 03/15/2045 (i) | 463 | 369 |
| Total Corporate Bonds & Notes (Cost $19,666) | Total Corporate Bonds & Notes (Cost $19,666) | 19288 |
| U.S. GOVERNMENT AGENCIES 6.9% | U.S. GOVERNMENT AGENCIES 6.9% | U.S. GOVERNMENT AGENCIES 6.9% |
| Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
| 0.700% due 11/25/2055 ~(a) | 5738 | 346 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| 2.010% due 11/25/2045 ~(a) | 1027 | 36 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| 2.161% due 05/25/2050 •(a) | 1176 | 145 |
| 3.500% due 02/25/2041 (a) | 1284 | 175 |
| 4.000% due 07/25/2050 (a) | 4634 | 1087 |
| 5.000% due 03/15/2040 (a) | 78 | 2 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| 11.374% due 10/25/2041 •(i) | 1100 | 1149 |
| 11.674% due 11/25/2041 •(i) | 1100 | 1157 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 6.974% due 10/25/2041 •  | 800 | 813 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| 4.000% due 06/25/2050 (a) | 521 | 100 |
| Total U.S. Government Agencies (Cost $4,899) | Total U.S. Government Agencies (Cost $4,899) | 5010 |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 (l) | 35 | 35 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (l) | 63 | 64 |
| Total U.S. Treasury Obligations (Cost $100) | Total U.S. Treasury Obligations (Cost $100) | 99 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 33.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 33.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 33.1% |
| 245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
| 3.657% due 06/05/2037 ~ | 655 | 628 |
| Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
| 5.547% due 01/25/2036 ~ | 43 | 41 |
| Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
| 5.323% due 04/15/2035 •(i) | 900 | 901 |
| Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
| 5.116% due 04/25/2037 ~ | 51 | 45 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| 2.764% due 12/20/2034 ~ | 84 | 70 |
| 4.449% due 03/20/2036 ~ | 30 | 27 |
| 5.806% due 03/25/2037 ~ | 24 | 25 |
| 7.000% due 10/25/2037 | 239 | 173 |
| Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
| 5.389% due 06/25/2035 ~ | 34 | 33 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
| 6.768% due 06/20/2031 ~ | 56 | 56 |
| BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
| 4.216% due 08/10/2033 | 500 | 446 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| 3.688% due 02/15/2053 ~ | 1000 | 811 |
| BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
| 4.474% due 07/26/2036 ~ | 35 | 29 |
| Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
| 4.047% due 05/25/2036 ~ | 561 | 523 |
| 4.159% due 08/25/2036 ~ | 173 | 77 |
| 4.186% due 04/25/2037 •  | 323 | 292 |
| 4.195% due 05/25/2036 ~ | 21 | 15 |
| 4.347% due 07/25/2035 ~ | 85 | 57 |
| 4.474% due 11/25/2036 ~ | 426 | 214 |
| 4.727% due 01/25/2047 ~ | 19 | 9 |
| 6.625% due 09/25/2034 ~ | 52 | 50 |
| Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust |
| 5.657% due 10/12/2041 ~ | 12 | 12 |
| CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage |
| 6.040% due 01/25/2039 þ | 61 | 59 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| 5.688% due 10/15/2048 | 45 | 43 |
| Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
| 6.000% due 03/25/2037 | 153 | 80 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 4.103% due 09/20/2036 ~ | 47 | 42 |
| 4.486% due 03/25/2035 •  | 54 | 47 |
| 4.530% due 09/25/2047 ~ | 149 | 133 |
| 5.716% due 03/25/2046 •  | 195 | 154 |
| 6.000% due 05/25/2037 | 176 | 71 |
| 6.224% due 02/20/2036 •  | 1 | 1 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.939% due 11/25/2035 ~ | 983 | 473 |
| 4.958% due 10/25/2035 ~ | 751 | 664 |
| 6.250% due 11/25/2037 ~ | 651 | 250 |
| 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 |
| 3.896% due 09/25/2035 ~ | 50 | 36 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| 4.396% due 10/25/2037 •  | 3261 | 656 |
| 4.406% due 02/25/2037 •  | 92 | 77 |
| 4.426% due 02/25/2036 •  | 318 | 300 |
| 5.500% due 03/25/2035 | 370 | 153 |
| 6.000% due 11/25/2035 | 158 | 21 |
| 6.000% due 04/25/2036 (i) | 2134 | 988 |
| Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
| 7.000% due 02/25/2033 | 22 | 23 |
| CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
| 6.000% due 07/25/2036 (i) | 824 | 359 |
| 6.396% due 04/25/2036 þ | 119 | 61 |
| 6.500% due 05/25/2036 | 143 | 59 |
| DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
| 0.000% due 10/15/2039 ~(a) | 147870 | 0 |
| First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
| 5.203% due 08/25/2035 ~ | 1 | 0 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| 4.147% due 03/25/2047 ~ | 502 | 265 |
| HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
| 4.346% due 01/19/2036 •  | 355 | 229 |
| IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
| 3.957% due 06/25/2037 ~ | 75 | 59 |
| IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
| 3.319% due 05/25/2036 ~ | 85 | 46 |
| JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
| 6.500% due 03/25/2036 (i) | 684 | 336 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| 0.383% due 02/15/2046 «~(a) | 49856 | 100 |
| 5.307% due 07/05/2033 •  | 843 | 739 |
| 6.098% due 02/15/2035 •  | 206 | 199 |
| 8.048% due 02/15/2035 •(i) | 741 | 644 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 6.186% due 07/25/2035 ~ | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
| 5.735% due 04/25/2036 ~ | 137 | 84 |
| MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
| 5.536% due 11/25/2035 ~ | 158 | 65 |
| MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
| 6.000% due 06/25/2036 •  | 137 | 76 |
| Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
| 4.266% due 07/25/2030 •  | 7 | 7 |
| 4.506% due 11/25/2029 •  | 21 | 19 |
| 5.286% due 11/25/2035 •  | 31 | 30 |
| 6.124% due 02/25/2034 ~ | 2 | 1 |
| 7.000% due 05/25/2033 ~ | 5 | 5 |
| MFA Trust | MFA Trust | MFA Trust |
| 4.272% due 12/25/2066 ~ | 1000 | 882 |
| 4.292% due 08/25/2061 ~(i) | 1000 | 848 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| 0.606% due 11/12/2049 ~(a) | 48 | 0 |
| 8.398% due 11/15/2034 •  | 400 | 382 |
| Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
| 6.000% due 08/25/2037 | 136 | 43 |
| 6.011% due 01/25/2035 ~ | 133 | 118 |
| Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
| 4.607% due 03/26/2037 ~(i) | 1547 | 1331 |
| Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
| 4.000% due 07/25/2060 | 24 | 23 |
| Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
| 4.058% due 04/10/2037 ~ | 1197 | 651 |
| 7.695% due 03/15/2035 •(i) | 227 | 227 |
| 8.943% due 03/15/2035 •(i) | 525 | 523 |
| New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| 3.832% due 11/25/2059 ~ | 2900 | 1711 |
| RALI Trust | RALI Trust | RALI Trust |
| 5.077% due 01/25/2036 ~ | 141 | 94 |
| 6.000% due 08/25/2035 | 87 | 78 |
| 6.000% due 06/25/2036 | 47 | 39 |
| 6.500% due 09/25/2037 | 91 | 77 |
| Regal Trust IV | Regal Trust IV | Regal Trust IV |
| 4.456% due 09/29/2031 •  | 6 | 6 |
| Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
| 6.000% due 03/25/2037 | 182 | 56 |
| RFMSI Trust | RFMSI Trust | RFMSI Trust |
| 6.000% due 06/25/2036 | 69 | 59 |
| Soho Trust | Soho Trust | Soho Trust |
| 2.697% due 08/10/2038 ~ | 450 | 372 |
| Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
| 4.062% due 04/25/2036 ~ | 139 | 71 |
| 4.261% due 01/25/2036 ~ | 152 | 81 |
| 4.765% due 09/25/2036 | 12 | 10 |
| TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
| 6.000% due 07/25/2036 | 102 | 33 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| 7.782% due 06/25/2069 ~ | 500 | 505 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| 4.146% due 12/25/2036 ~(i) | 132 | 125 |
| 4.746% due 10/25/2045 •(i) | 2307 | 2038 |
| 4.826% due 06/25/2044 •  | 125 | 127 |
| Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
| 6.500% due 08/25/2036 (i) | 523 | 465 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 4.928% due 12/15/2039 ~(i) | 1042 | 985 |
| Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
| 3.596% due 11/10/2036 ~ | 2400 | 12 |
| Total Non-Agency Mortgage-Backed Securities (Cost $30,183) | Total Non-Agency Mortgage-Backed Securities (Cost $30,183) | 24165 |
| ASSET-BACKED SECURITIES 43.8% | ASSET-BACKED SECURITIES 43.8% | ASSET-BACKED SECURITIES 43.8% |
| AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% |
| Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
| 0.000% due 06/15/2029 | 14 | 0 |

---

30 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 35.2% | HOME EQUITY OTHER 35.2% | HOME EQUITY OTHER 35.2% |
| Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
| 7.098% due 06/21/2029 •  | 53 | 50 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.166% due 12/25/2036 •(i) | 939 | 532 |
| 4.286% due 12/25/2036 •  | 587 | 222 |
| Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
| 4.246% due 06/25/2037 •(i) | 422 | 433 |
| 4.251% due 09/25/2046 •(i) | 4154 | 3460 |
| 4.326% due 05/25/2036 •(i) | 6229 | 5446 |
| 5.721% due 10/25/2035 •(i) | 2199 | 1887 |
| EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
| 5.146% due 02/25/2041 •  | 134 | 136 |
| GE Capital Mortgage Services, Inc. Trust | GE Capital Mortgage Services, Inc. Trust | GE Capital Mortgage Services, Inc. Trust |
| 6.705% due 04/25/2029 ~ | 10 | 9 |
| GSAMP Trust | GSAMP Trust | GSAMP Trust |
| 6.471% due 12/25/2034 •(i) | 2156 | 1695 |
| Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
| 4.086% due 04/25/2037 •(i) | 2826 | 1935 |
| HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
| 4.066% due 04/25/2037 •(i) | 2586 | 1300 |
| 4.186% due 12/25/2036 •(i) | 4024 | 938 |
| MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
| 4.066% due 08/25/2036 •(i) | 2256 | 797 |
| Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
| 3.986% due 10/25/2036 •(i) | 7689 | 3390 |
| 4.626% due 12/25/2034 •  | 41 | 42 |
| People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
| 3.976% due 09/25/2036 •(i) | 5546 | 1002 |
| Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
| 7.238% due 09/25/2037 þ(i) | 3177 | 1229 |
| Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
| 4.796% due 10/25/2037 •(i) | 1335 | 1055 |
| Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
| 8.346% due 10/25/2033 •  | 68 | 85 |
|  |  | 25643 |
| MANUFACTURING HOUSE ABS OTHER 0.8% | MANUFACTURING HOUSE ABS OTHER 0.8% | MANUFACTURING HOUSE ABS OTHER 0.8% |
| Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
| 9.163% due 03/01/2033 ~ | 550 | 557 |
| UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract |
| 7.900% due 01/15/2028 ~ | 6 | 6 |
|  |  | 563 |
| MANUFACTURING HOUSE SEQUENTIAL 0.2% | MANUFACTURING HOUSE SEQUENTIAL 0.2% | MANUFACTURING HOUSE SEQUENTIAL 0.2% |
| BCMSC Trust | BCMSC Trust | BCMSC Trust |
| 7.830% due 06/15/2030 ~ | 1185 | 73 |
| Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
| 7.960% due 05/01/2031 | 324 | 59 |
|  |  | 132 |
| WHOLE LOAN COLLATERAL 2.1% | WHOLE LOAN COLLATERAL 2.1% | WHOLE LOAN COLLATERAL 2.1% |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 5.500% due 12/25/2035 | 21 | 14 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.546% due 11/25/2046 •(i) | 1100 | 943 |
| First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
| 4.716% due 06/25/2036 •  | 315 | 305 |
| Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
| 6.260% due 11/25/2035 þ | 640 | 292 |
|  |  | 1554 |
| OTHER ABS 5.5% | OTHER ABS 5.5% | OTHER ABS 5.5% |
| ABSLT DE LLC | ABSLT DE LLC | ABSLT DE LLC |
| 12.234% due 05/20/2033 « | 1200 | 1209 |
| AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
| 6.213% due 02/15/2040 þ(i) | 448 | 440 |
| Apex Credit CLO LLC | Apex Credit CLO LLC | Apex Credit CLO LLC |
| 0.000% due 10/20/2034 ~ | 500 | 184 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Crown City CLO II | Crown City CLO II | Crown City CLO II |
| 0.000% due 04/20/2035 ~ | 600 | 229 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 11.214% due 01/21/2035 «•  | 500 | 506 |
| Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. |
| 0.000% due 04/15/2038 ~ | 600 | 484 |
| Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. |
| 0.000% due 07/15/2034 ~ | 600 | 292 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| 0.000% due 07/16/2029 | 5 | 0 |
| 0.000% due 03/15/2030 « | 8 | 6 |
| National Collegiate V Commutation Trust | National Collegiate V Commutation Trust | National Collegiate V Commutation Trust |
| 0.000% due 03/25/2038 •  | 3496 | 511 |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| 0.000% due 02/16/2055 « | 0 | 186 |
|  |  | 4047 |
| Total Asset-Backed Securities (Cost $47,152) | Total Asset-Backed Securities (Cost $47,152) | 31939 |
|  | SHARES |  |
| COMMON STOCKS 8.9% | COMMON STOCKS 8.9% | COMMON STOCKS 8.9% |
| COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% |
| Clear Channel Outdoor Holdings, Inc. (d) | 108013 | 239 |
| iHeartMedia, Inc. Class A (d) | 25745 | 107 |
| iHeartMedia, Inc. Class B «(d) | 20009 | 73 |
| Uniti Group, Inc. (d) | 20942 | 147 |
|  |  | 566 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| West Marine «(d)(h) | 2750 | 17 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
| Windstream Services LLC «(d) | 52170 | 351 |
| XBP Global Holdings, Inc. (d) | 131 | 1 |
|  |  | 352 |
| HEALTH CARE 5.0% | HEALTH CARE 5.0% | HEALTH CARE 5.0% |
| AmSurg Corp. «(d)(h) | 81058 | 3641 |
| INDUSTRIALS 2.6% | INDUSTRIALS 2.6% | INDUSTRIALS 2.6% |
| Incora New Equity «(d)(h) | 47162 | 1827 |
| Mcdermott International Ltd. (d) | 57 | 1 |
| Westmoreland Mining Holdings «(d)(h) | 9154 | 5 |
| Westmoreland Mining LLC «(d)(h) | 16748 | 47 |
|  |  | 1880 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
| MNSN Holdings, Inc. «(d)(h) | 511 | 26 |
| Total Common Stocks (Cost $8,408) | Total Common Stocks (Cost $8,408) | 6482 |
| WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
| Windstream Holdings II LLC - Exp. 08/01/2035 « | 10163 | 68 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| West Marine - Exp. 09/08/2028 | 357 | 0 |
| Total Warrants (Cost $62) | Total Warrants (Cost $62) | 68 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 1.5% | PREFERRED SECURITIES 1.5% | PREFERRED SECURITIES 1.5% |
| BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% |
| Windstream Holdings II LLC « | 333 | 331 |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
| Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. |
| 0.000% «(h) | 1626 | 31 |
| SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
| 0.000% due 11/07/2032 (f) | 440 | 0 |
| 11.000% due 11/07/2032 | 583 | 278 |
| Syniverse Holdings, Inc. «(h) | 476430 | 462 |
|  |  | 771 |
| Total Preferred Securities (Cost $1,152) | Total Preferred Securities (Cost $1,152) | 1102 |
| REAL ESTATE INVESTMENT TRUSTS 0.5% | REAL ESTATE INVESTMENT TRUSTS 0.5% | REAL ESTATE INVESTMENT TRUSTS 0.5% |
| REAL ESTATE 0.5% | REAL ESTATE 0.5% | REAL ESTATE 0.5% |
| VICI Properties, Inc. | 13531 | 381 |
| Total Real Estate Investment Trusts (Cost $34) | Total Real Estate Investment Trusts (Cost $34) | 381 |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
| 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 |
| 3.850% (g) | 155700 | 156 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% |
| 3.811% due 01/08/2026 - 04/21/2026 (e)(f)(l) | 484 | 482 |
| Total Short-Term Instruments<br>(Cost $637) | Total Short-Term Instruments<br>(Cost $637) | 638 |
| Total Investments in Securities<br>(Cost $131,025) | Total Investments in Securities<br>(Cost $131,025) | 107621 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% |
| SHORT-TERM INSTRUMENTS 3.9% | SHORT-TERM INSTRUMENTS 3.9% | SHORT-TERM INSTRUMENTS 3.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% |
| PIMCO Short-Term Floating NAV Portfolio III | 290247 | 2827 |
| Total Short-Term Instruments<br>(Cost $2,827) | Total Short-Term Instruments<br>(Cost $2,827) | 2827 |
| Total Investments in Affiliates<br>(Cost $2,827) | Total Investments in Affiliates<br>(Cost $2,827) | 2827 |
| Total Investments 151.5%<br>(Cost $133,852) | Total Investments 151.5%<br>(Cost $133,852) | 110448 |
| Financial Derivative<br>Instruments (j)(k) (0.1)%<br>(Cost or Premiums, net $1,098) | Financial Derivative<br>Instruments (j)(k) (0.1)%<br>(Cost or Premiums, net $1,098) | (115) |
| Other Assets and Liabilities, net (51.4)% | Other Assets and Liabilities, net (51.4)% | (37444) |
| Net Assets Applicable to Common Shareholders 100.0% | Net Assets Applicable to Common Shareholders 100.0% | 72889 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 31

------

Schedule of Investments PCM Fund, Inc. (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) 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) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Coupon represents a 7-Day Yield.

&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<br>Applicable to<br>Common<br>Shareholders |
| AmSurg Corp. | 11/02/2023 - 11/06/2023 | $3387 | $3641 | 5.00% |
| Clover Holdings, Inc. | 12/09/2024 | 25 | 31 | 0.04 |
| Incora New Equity | 01/31/2025 | 2291 | 1827 | 2.51 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 11/03/2025 | 1058 | 1651 | 2.26 |
| MNSN Holdings, Inc. | 03/16/2023 - 03/29/2023 | 6 | 26 | 0.04 |
| Syniverse Holdings, Inc. | 05/12/2022 - 11/30/2025 | 470 | 462 | 0.63 |
| West Marine | 09/12/2023 | 40 | 17 | 0.02 |
| Westmoreland Mining Holdings | 12/08/2014 | 266 | 5 | 0.01 |
| Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 84 | 47 | 0.06 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | 10.57% |

---

#### 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 |
| BNY | 4.810% | 10/23/2025 | 04/23/2026 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1948) | $(1968) |
| BPS | 4.940 | 10/23/2025 | 04/23/2026 |  | (7613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7695) |
|  | 5.360 | 10/22/2025 | 01/22/2026 |  | (1510) | (1526) |
| BRC | 3.580 | 12/12/2025 | TBD | (2) | (347) | (348) |
|  | 3.950 | 12/12/2025 | TBD | (2) | (834) | (836) |
|  | 4.910 | 12/19/2025 | 04/20/2026 |  | (418) | (419) |
| BYR | 3.950 | 12/12/2025 | TBD | (2) | (272) | (273) |
|  | 4.210 | 10/21/2025 | 01/21/2026 |  | (496) | (501) |
| CEW | 4.330 | 11/26/2025 | 02/26/2026 |  | (970) | (975) |
| DBL | 4.661 | 12/08/2025 | 02/06/2026 |  | (224) | (224) |
| GLM | 5.030 | 12/23/2025 | 09/23/2026 |  | (528) | (528) |
| IND | 4.150 | 12/04/2025 | 03/04/2026 |  | (288) | (289) |
|  | 4.330 | 10/08/2025 | 01/08/2026 |  | (1027) | (1038) |
|  | 4.400 | 12/18/2025 | 03/16/2026 |  | (787) | (789) |
|  | 4.400 | 12/23/2025 | 03/23/2026 |  | (1459) | (1461) |
|  | 4.540 | 10/30/2025 | 03/30/2026 |  | (99) | (100) |
| MZF | 4.830 | 12/17/2025 | 06/17/2026 |  | (4104) | (4112) |
| RTA | 4.870 | 12/08/2025 | 03/09/2026 |  | (1667) | (1672) |
| SOG | 3.910 | 12/12/2025 | TBD | (2) | (397) | (398) |
|  | 3.970 | 12/12/2025 | TBD | (2) | (4171) | (4181) |
|  | 4.160 | 12/24/2025 | 02/24/2026 |  | (297) | (297) |
|  | 4.810 | 11/19/2025 | 05/19/2026 |  | (677) | (681) |
| TDM | 3.750 | 12/12/2025 | TBD | (2) | (18) | (18) |
| UBS | 4.820 | 11/19/2025 | 05/19/2026 |  | (101) | (102) |
|  | 4.920 | 09/10/2025 | 03/10/2026 |  | (2178) | (2212) |
|  | 5.040 | 10/08/2025 | 01/08/2026 |  | (1113) | (1127) |
|  | 5.140 | 10/08/2025 | 01/08/2026 |  | (4634) | (4691) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38461) |

---

32 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 December 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 |
| BNY | $0 | $(1968) | $0 | $(1968) | $2611 | $643 |
| BPS | 0 | (9221) | 0 | (9221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 |
| BRC | 0 | (1603) | 0 | (1603) | 1913 | 310 |
| BYR | 0 | (774) | 0 | (774) | 859 | 85 |
| CEW | 0 | (975) | 0 | (975) | 1015 | 40 |
| DBL | 0 | (224) | 0 | (224) | 227 | 3 |
| GLM | 0 | (528) | 0 | (528) | 669 | 141 |
| IND | 0 | (3677) | 0 | (3677) | 4300 | 623 |
| MZF | 0 | (4112) | 0 | (4112) | 5927 | 1815 |
| RTA | 0 | (1672) | 0 | (1672) | 2250 | 578 |
| SOG | 0 | (5557) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5557) | 6464 | 907 |
| TDM | 0 | (18) | 0 | (18) | 19 | 1 |
| UBS | 0 | (8132) | 0 | (8132) | 10824 | 2692 |
| Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38461) | $&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 | $(1539) | $(2450) | $(6053) | $(10042) |
| U.S. Government Agencies | 0 | (1526) | 0 | 0 | (1526) |
| Non-Agency Mortgage-Backed Securities | 0 | 0 | (2794) | (4903) | (7697) |
| Asset-Backed Securities | 0 | (5818) | (2775) | (10603) | (19196) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8883) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21559) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38461) |
| 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  | $(38461) |

---

(i) Securities with an aggregate market value of $49,704 and cash of $25 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(36,980) at a weighted average interest rate of 5.166%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) Open maturity reverse repurchase agreement.

(3) 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;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| 3-Month SOFR Active Contract December Futures | 03/2026 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | $4 | $0 | $0 |
| 3-Month SOFR Active Contract March Futures | 06/2026 | 1 | (241) | 4 | 0 | 0 |
| U.S. Treasury Long-Term Bond March Futures | 03/2026 | 4 | (462) | 2 | 1 | 0 |
| U.S. Ultra Treasury 10-Year Note March Futures | 03/2026 | 6 | (690) | 1 | 1 | 0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 33

------

Schedule of Investments PCM Fund, Inc. (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
| CDX.HY-45 5-Year Index | 5.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&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 | 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 | 2.300% | Annual | 01/17/2026 | $300 | $0 | $6 | $6 | $0 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 1900 | (4) | (42) | (46) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 140 | (5) | (5) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 4900 | 45 | 12 | 57 | 0 | (5) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 01/12/2029 | 2000 | (6) | (107) | (113) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 06/19/2029 | 7800 | (32) | 257 | 225 | 0 | (9) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.500 | Annual | 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | 8 | 462 | 470 | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 7200 | (69) | (22) | (91) | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.370 | Semi-Annual | 07/19/2031 | 100 | 0 | 12 | 12 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 07/20/2031 | 100 | 0 | 12 | 12 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1800 | 54 | (33) | 21 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 12/19/2038 | 5200 | 13 | 653 | 666 | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 01/15/2050 | 100 | (1) | 39 | 38 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 01/16/2050 | 400 | 0 | 175 | 175 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/22/2050 | 700 | (4) | 296 | 292 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 02/03/2050 | 400 | (2) | 176 | 174 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 | 1300 | (1) | 626 | 625 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 5700 | 994 | 1326 | 2320 | 15 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 2800 | 674 | 440 | 1114 | 7 | 0 |
|  |  |  |  |  |  | $1663 | $4279 | $5942 | $46 | $(43) |
| 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;1819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
| Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&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;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

Cash of $1,212 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1) 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.

(2) 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.

(3) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

34 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | ABX.HE.AA.6-1 Index « | 0.320% | Monthly | 07/25/2045 | $1337 | $(266) | $153 | $0 | $(113) |
|  | ABX.HE.PENAAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 412 | (455) | 449 | 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;(721) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
| GST | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |

---

(l) Securities with an aggregate market value of $295 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

(1) 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.

(2) 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.

(3) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4) 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 December 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 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 0 | 0 | 46 | 46 |
|  | $0 | $0 | $0 | $0 | $48 | $48 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | $0 | $1 | $0 | $0 | $43 | $44 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | $0 | $119 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&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;43 | $163 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 35

------

Schedule of Investments PCM Fund, Inc. (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 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 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 19 | 0 | 0 | (42) | (23) |
|  | $0 | $19 | $0 | $0 | $(25) | $(6) |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | $0 | $32 | $0 | $0 | $0 | $32 |
|  | $0 | $51 | $0 | $0 | $(25) | $26 |
| 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 | $(12) | $(12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 0 | 0 | 351 | 351 |
|  | $0 | $0 | $0 | $0 | $339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | $0 | $28 | $0 | $0 | $0 | $28 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&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;339 | $367 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $14513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18449 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 3641 | 0 | 3641 |
| &nbsp;&nbsp;Industrials | 0 | 12129 | 3149 | 15278 |
| &nbsp;&nbsp;Utilities | 0 | 369 | 0 | 369 |
| U.S. Government Agencies | 0 | 5010 | 0 | 5010 |
| U.S. Treasury Obligations | 0 | 99 | 0 | 99 |
| Non-Agency Mortgage-Backed Securities | 0 | 24065 | 100 | 24165 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Home Equity Other | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25643 | 0 | 25643 |
| &nbsp;&nbsp;Manufacturing House ABS Other | 0 | 563 | 0 | 563 |
| &nbsp;&nbsp;Manufacturing House Sequential | 0 | 132 | 0 | 132 |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 1554 | 0 | 1554 |
| &nbsp;&nbsp;Other ABS | 0 | 2140 | 1907 | 4047 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | 0 | 73 | 566 |
| &nbsp;&nbsp;Consumer Discretionary | 0 | 0 | 17 | 17 |
| &nbsp;&nbsp;Financials | 1 | 0 | 351 | 352 |
| &nbsp;&nbsp;Health Care | 0 | 0 | 3641 | 3641 |
| &nbsp;&nbsp;Industrials | 1 | 0 | 1879 | 1880 |
| &nbsp;&nbsp;Real Estate | 0 | 0 | 26 | 26 |
| Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 0 | 0 | 68 | 68 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 0 | 331 | 331 |
| &nbsp;&nbsp;Industrials | 0 | 278 | 493 | 771 |
| Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp;Real Estate | 381 | 0 | 0 | 381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| Loan Participations and Assignments | $0 | $0 | $0 | $0 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Mutual Funds | 0 | 156 | 0 | 156 |
| &nbsp;&nbsp;U.S. Treasury Bills | 0 | 482 | 0 | 482 |
|  | $876 | $90774 | $15971 | $107621 |
| 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 | $2827 | $0 | $0 | $2827 |
| Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110448 |
| 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 | $48 | $0 | $48 |
| 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 | (44) | 0 | (44) |
| Over the counter | 0 | 0 | (119) | (119) |
|  | $0 | $(44) | $(119) | $(163) |
| Total Financial Derivative Instruments | $0 | $4 | $(119) | $(115) |
| Totals | $3703 | $90778 | $15852 | $110333 |

---

36 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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 | $4753 | $652 | $(1093) | $8 | $0 | $(235) | $351 | $(500) | $3936 | $(262) |
| 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 | 0 | 0 | (11) | 0 | 1 | 10 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Industrials | 2984 | 140 | (252) | 5 | 0 | 272 | 0 | 0 | 3149 | 202 |
| Non-Agency Mortgage-Backed Securities | 199 | 0 | 0 | 0 | 0 | (99) | 0 | 0 | 100 | (99) |
| 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;Other ABS | 1954 | 0 | 0 | 1 | (234) | 186 | 0 | 0 | 1907 | (20) |
| 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 | 884 | 0 | (769) | 0 | 452 | (494) | 0 | 0 | 73 | 42 |
| &nbsp;&nbsp;Consumer Discretionary | 17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17 | 0 |
| &nbsp;&nbsp;Financials | 0 | 318 | 0 | 0 | 0 | 33 | 0 | 0 | 351 | 33 |
| &nbsp;&nbsp;Health Care | 3660 | 0 | 0 | 0 | 0 | (19) | 0 | 0 | 3641 | (19) |
| &nbsp;&nbsp;Industrials | 1638 | 0 | 0 | 0 | 0 | 241 | 0 | 0 | 1879 | 241 |
| &nbsp;&nbsp;Real Estate<sup>(3)</sup> | 2 | 0 | 0 | 0 | 0 | 24 | 0 | 0 | 26 | 24 |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 169 | 62 | (153) | 0 | 40 | (50) | 0 | 0 | 68 | 6 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 333 | 0 | 0 | 0 | (2) | 0 | 0 | 331 | (2) |
| &nbsp;&nbsp;Industrials | 453 | 28 | 0 | 0 | 0 | 12 | 0 | 0 | 493 | 12 |
|  | $16713 | $1533 | $(2278) | $14 | $259 | $(121) | $351 | $(500) | $15971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| 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 | $(112) | $7 | $(16) | $0 | $22 | $(20) | $0 | $0 | $(119) | $(80) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2294) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15852 | $78 |

---

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 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $1950 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | Discounted Cash Flow | Discount Rate |  | 5.998-75.000 | 8.232 |
|  | 386 | Recent Transaction | Purchase price |  | 98.000-99.000 | 98.112 |
|  | 554 | Third Party Vendor | Broker Quote |  | 42.500-100.250 | 84.645 |
| 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 | 3149 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000/10.000 |  |
| Non-Agency Mortgage-Backed Securities | 100 | Discounted Cash Flow | Discount Rate |  | 10.000 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS | 1907 | Discounted Cash Flow | Discount Rate |  | 8.660-13.000 | 9.695 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 73 | Reference Instrument | Stock Price w/Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 17 | Comparable Companies / Discounted Cash Flow | Revenue Multiple/Discount Rate |  | 0.500/20.750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 351 | Reference Instrument | Stock Price w/Liquidity Discount |  | 4.130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3641 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1827 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000/10.000 |  |
|  | 52 | Indicative Market Quotation | Broker Quote | $— | 0.563-2.813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 26 | Other Valuation Techniques<sup>(4)</sup> |  |  |  |  |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 68 | Option Pricing Model | Volatility |  | 65.000 |  |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 37

------

Schedule of Investments PCM Fund, Inc. (Cont.) December 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | Input Value(s) | Weighted<br>Average |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | $331 | Discounted Cash Flow | Discount Rate |  | 11.780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 31 | Comparable Companies | Revenue/ EBITDA Multiple | X | 4.625/18.000 |  |
|  | 462 | Discounted Cash Flow | Discount Rate |  | 14.350 |  |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Over the counter | (119) | Indicative Market Quotation | Broker Quote |  | 91.500-98.500 | 91.866 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15852 |  |  |  |  |  |

---

(1) 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.

(2) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) Sector type updated from Financials to Real Estate since prior fiscal year end.

(4) Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

38 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN SECURITIES 140.5% | INVESTMENTS IN SECURITIES 140.5% | INVESTMENTS IN SECURITIES 140.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 27.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 27.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 27.8% |
| Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
| 7.223% due 12/18/2029 «~ | 500 | 504 |
| Altice France SA | Altice France SA | Altice France SA |
| 9.048% (TSFR3M + 5.063%) due 10/30/2028 ~ | 300 | 297 |
| 10.860% (TSFR3M + 6.875%) due 05/31/2031 ~ | 425 | 425 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 9.966% (TSFR1M + 6.250%) due 10/08/2030 ~ | 696 | 682 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 1596 | 1357 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
| TBD% - 10.448% due 12/10/2029 ~µ | 106 | 105 |
| 7.522% (TSFR1M + 3.750%) due 12/09/2031 ~ | 596 | 597 |
| Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
| 9.672% (TSFR3M + 6.000%) due 05/16/2029 «~ | 862 | 891 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| TBD% due 01/03/2031 ~µ | 36 | 37 |
| TBD% due 01/05/2032 «µ | 36 | 36 |
| TBD% (TSFR1M + 4.500%) due 01/03/2031 ~ | 164 | 167 |
| Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~µ | 19 | 19 |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~ | 188 | 186 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 11.862% (TSFR3M + 7.875%) due 07/20/2026 «~ | 230 | 230 |
| 11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 2029 | 2090 |
| Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
| 8.338% (TSFR3M + 4.500%) due 12/19/2030 ~ | 400 | 398 |
| Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
| 9.951% (TSFR3M + 6.250%) due 12/18/2030 ~ | 821 | 823 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| TBD% (TSFR3M + 5.750%) due 06/01/2029 ~µ | 99 | 103 |
| TBD% (TSFR3M + 4.750%) due 06/01/2029 ~ | 741 | 619 |
| Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
| 6.831% - 7.566% (TSFR1M + 3.000%) due 06/30/2027 «~ | 7 | 6 |
| Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) |
| 7.830% (TSFR1M + 4.000%) due 12/31/2027 ~ | 75 | 58 |
| Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
| 19.000% due 04/03/2026 «~(b) | 15 | 1 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 7.590% (TSFR3M + 3.750%) due 12/31/2030 ~ | 751 | 754 |
| 8.702% (TSFR3M + 4.600%) due 12/31/2030 ~ | 174 | 164 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
| 7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 192 | 155 |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 24 | 23 |
| OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
| 9.719% due 11/28/2031 ~ | 1000 | 1351 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 2345 | 2181 |
| Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
| 7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 638 | 617 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
| 7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ | 400 | 170 |
| Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA |
| 7.230% (EUR003M + 5.220%) due 06/29/2029 ~ | 3393 | 4007 |
| Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
| 6.672% - 7.690% (TSFR3M + 3.000%) due 08/31/2028 ~ | 598 | 603 |
| QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
| 7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 299 | 299 |
| Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
| 7.322% (TSFR3M + 3.650%) due 04/25/2029 «~ | 378 | 380 |
| Spruce Bidco II, Inc. | Spruce Bidco II, Inc. | Spruce Bidco II, Inc. |
| TBD% - 10.088% (TSFR6M + 4.750%) due 01/30/2032 «~ | 135 | 136 |
| TBD% - 10.088% (CDOR06 + 4.750%) due 01/30/2032 «~ | 24 | 18 |
| TBD% - 10.088% (JY0003M + 5.000%) due 01/30/2032 «~ | 2618 | 17 |
| TBD% - 10.088% due 01/30/2032 «~µ | 31 | 31 |
| Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL |
| 10.000% due 12/31/2028 ~ | 2293 | 927 |
| Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
| 8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ | 199 | 187 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
| 10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | 2029 | 1965 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| TBD% - 9.868% due 09/25/2030 «~µ | 149 | 147 |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ | 1560 | 1473 |
| TBD% - 9.868% (TSFR3M + 6.000%) due 09/25/2030 «~ | 1190 | 1166 |
| Unicorn BAY | Unicorn BAY | Unicorn BAY |
| 13.000% due 12/31/2026 «~ | 5378 | 700 |
| Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
| 8.000% due 03/15/2029 «~ | 377 | 160 |
| X Corp. | X Corp. | X Corp. |
| 9.500% due 10/26/2029 ~ | 100 | 100 |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ | 1388 | 1366 |
| Total Loan Participations and Assignments (Cost $29,839) | Total Loan Participations and Assignments (Cost $29,839) | 28728 |
| CORPORATE BONDS & NOTES 32.7% | CORPORATE BONDS & NOTES 32.7% | CORPORATE BONDS & NOTES 32.7% |
| BANKING & FINANCE 5.2% | BANKING & FINANCE 5.2% | BANKING & FINANCE 5.2% |
| Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
| 5.100% due 12/31/2099 (g) | 13 | 16 |
| Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
| 8.500% due 11/15/2029 (i) | 200 | 202 |
| CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
| 7.500% due 05/30/2029 (i) | 600 | 639 |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (b) | 153 | 96 |
| Credit Suisse AG AT1 Claim | 200 | 59 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 7.250% due 10/15/2030 | 400 | 409 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 5.755% (SOFRRATE + 2.030%) due 03/20/2028 ~(i) | 900 | 905 |
| 5.918% due 03/20/2028 (i) | 300 | 307 |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| 6.375% due 07/01/2034 (i) | 400 | 408 |
| Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
| 3.730% (BNMMDTSC + 0.100%) due 04/22/2029 ~ | 7 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
| 26.376% (FHMMUSTF + 22.796%) due 06/08/2026 ~ | 100 | 110 |
| ION Platform Finance SARL | ION Platform Finance SARL | ION Platform Finance SARL |
| 6.500% due 09/30/2030 | 200 | 228 |
| 7.875% due 05/01/2029 | 100 | 120 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| 8.750% due 05/01/2029 | 200 | 203 |
| 9.000% due 08/01/2029 | 200 | 198 |
| Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
| 15.930% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | 250 | 147 |
| Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
| 6.250% due 01/14/2031 | 967 | 210 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| 6.000% due 01/15/2030 (i) | 1127 | 1049 |
| Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
| 8.500% due 05/09/2026 ^«(c) | 1203 | 0 |
|  |  | 5310 |
| INDUSTRIALS 24.7% | INDUSTRIALS 24.7% | INDUSTRIALS 24.7% |
| Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
| 10.000% due 01/15/2033 | 347 | 318 |
| Altice France SA | Altice France SA | Altice France SA |
| 6.500% due 10/15/2031 | 154 | 146 |
| 6.500% due 04/15/2032 | 625 | 600 |
| 6.875% due 10/15/2030 | 154 | 150 |
| 9.500% due 11/01/2029 | 562 | 581 |
| ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
| 12.250% due 03/30/2029 | 1600 | 1708 |
| APLD ComputeCo LLC | APLD ComputeCo LLC | APLD ComputeCo LLC |
| 9.250% due 12/15/2030 | 63 | 62 |
| Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
| 10.000% due 03/31/2029 (i) | 200 | 186 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (i) | 1910 | 2020 |
| Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
| 7.250% due 06/15/2029 | 100 | 85 |
| Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| 7.000% due 06/15/2027 | 725 | 727 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 9.000% due 02/01/2031 | 200 | 184 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.250% due 12/01/2026 | 2000 | 1941 |
| 5.750% due 12/01/2028 | 100 | 98 |
| 7.750% due 07/01/2026 | 800 | 791 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 7.750% due 02/01/2032 | 1750 | 1803 |
| 8.375% due 01/19/2036 | 30 | 31 |
| EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
| 9.875% due 08/15/2030 | 100 | 100 |
| HF Sinclair Corp. | HF Sinclair Corp. | HF Sinclair Corp. |
| 6.250% due 01/15/2035 (i) | 450 | 470 |
| Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
| 0.500% due 01/31/2030 «(b) | 1588 | 1588 |
| Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
| 6.000% due 01/30/2033 «(h) | 1122 | 1750 |
| INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
| 7.250% due 03/31/2031 | 100 | 102 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750% due 12/31/2030 | 400 | 351 |
| 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) | 103 | 109 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 | 200 | 201 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 229 | 161 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 39

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 4.810% due 09/17/2030 (i) | 1000 | 943 |
| Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
| 8.000% due 04/15/2030 (i) | 400 | 416 |
| Ocado Group PLC | Ocado Group PLC | Ocado Group PLC |
| 11.000% due 06/15/2030 | 750 | 1023 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 6.700% due 02/16/2032 (i) | 100 | 100 |
| 6.840% due 01/23/2030 | 200 | 203 |
| 8.750% due 06/02/2029 | 306 | 328 |
| Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| 9.375% due 09/01/2029 (i) | 400 | 421 |
| Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
| 9.750% due 10/10/2027 | 10 | 16 |
| Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
| 4.875% due 09/30/2039 | 124 | 111 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 10.625% due 06/28/2028 | 756 | 649 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 0.878% due 11/24/2027 | 100 | 108 |
| Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
| 8.750% due 05/07/2030 | 250 | 269 |
| Vale SA | Vale SA | Vale SA |
| 0.000% due 12/29/2049 ~(g) | 20000 | 1496 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 7.000% due 01/15/2030 (i) | 500 | 482 |
| 9.500% due 02/01/2029 (i) | 296 | 307 |
| 9.875% due 02/01/2032 | 70 | 72 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 6.500% due 01/15/2034 (i) | 300 | 307 |
| 6.750% due 01/15/2036 (i) | 300 | 307 |
| Viridien | Viridien | Viridien |
| 8.500% due 10/15/2030 | 271 | 335 |
| 10.000% due 10/15/2030 | 200 | 211 |
| Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
| 5.625% due 04/15/2032 | 400 | 474 |
| Wayfair LLC | Wayfair LLC | Wayfair LLC |
| 7.750% due 09/15/2030 (i) | 250 | 267 |
| Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
| 8.947% due 07/31/2042 (i) | 392 | 428 |
|  |  | 25536 |
| UTILITIES 2.8% | UTILITIES 2.8% | UTILITIES 2.8% |
| Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
| 0.010% due 12/31/2099 « | 1 | 24 |
| Edison International | Edison International | Edison International |
| 5.250% due 11/15/2028 | 1000 | 1014 |
| FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
| 7.500% due 06/15/2030 | 239 | 236 |
| OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) |
| 10.000% due 06/30/2027 (b) | 1678 | 747 |
| OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) |
| 8.500% due 12/31/2028 (b) | 2532 | 30 |
| Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
| 5.375% due 03/22/2030 (i) | 750 | 727 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| 8.625% due 06/15/2032 | 100 | 98 |
|  |  | 2876 |
| Total Corporate Bonds & Notes (Cost $36,483) | Total Corporate Bonds & Notes (Cost $36,483) | 33722 |
| CONVERTIBLE BONDS & NOTES 0.8% | CONVERTIBLE BONDS & NOTES 0.8% | CONVERTIBLE BONDS & NOTES 0.8% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (b) | 25 | 16 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.8% | INDUSTRIALS 0.8% | INDUSTRIALS 0.8% |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| 3.375% due 08/15/2026 | 600 | 582 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 2.375% due 11/15/2028 | 200 | 230 |
|  |  | 812 |
| Total Convertible Bonds & Notes (Cost $852) | Total Convertible Bonds & Notes (Cost $852) | 828 |
| MUNICIPAL BONDS & NOTES 1.3% | MUNICIPAL BONDS & NOTES 1.3% | MUNICIPAL BONDS & NOTES 1.3% |
| ARIZONA 0.5% | ARIZONA 0.5% | ARIZONA 0.5% |
| 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 | 450 | 472 |
| WEST VIRGINIA 0.8% | WEST VIRGINIA 0.8% | WEST VIRGINIA 0.8% |
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| 0.000% due 06/01/2047 (f) | 8800 | 849 |
| Total Municipal Bonds & Notes (Cost $1,682) | Total Municipal Bonds & Notes (Cost $1,682) | 1321 |
| U.S. GOVERNMENT AGENCIES 43.2% | U.S. GOVERNMENT AGENCIES 43.2% | U.S. GOVERNMENT AGENCIES 43.2% |
| Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
| 0.700% due 11/25/2055 ~(a) | 5216 | 315 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| 2.161% due 05/25/2050 •(a) | 811 | 100 |
| 2.342% due 03/15/2037 •(a) | 197 | 20 |
| 2.472% due 09/15/2036 •(a) | 105 | 11 |
| 2.482% due 09/15/2036 •(a) | 227 | 25 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| 11.374% due 10/25/2041 •(i) | 1200 | 1253 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 3.500% due 03/01/2048 - 04/01/2048 | 295 | 277 |
| 7.000% due 03/01/2045 | 363 | 382 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 6.974% due 10/25/2041 •  | 900 | 915 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| 0.322% due 06/25/2044 •  | 224 | 152 |
| 2.011% due 11/25/2049 •(a) | 88 | 11 |
| 2.061% due 03/25/2037 •(a) | 78 | 8 |
| 2.161% due 11/25/2039 •(a) | 77 | 8 |
| 2.311% due 01/25/2038 •(a) | 112 | 11 |
| 2.391% due 03/25/2037 •(a) | 85 | 9 |
| 2.411% due 12/25/2037 •(a) | 107 | 9 |
| 2.421% due 06/25/2037 •(a) | 43 | 4 |
| 2.461% due 04/25/2037 •(a) | 225 | 27 |
| 2.611% due 11/25/2035 •(a) | 3 | 0 |
| 2.811% due 11/25/2036 •(a) | 401 | 51 |
| 3.000% due 04/25/2050 (a) | 9586 | 1571 |
| 3.211% due 02/25/2037 •(a) | 75 | 9 |
| Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
| 7.344% due 12/25/2042 ~ | 19 | 19 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 3.500% due 05/20/2055 | 296 | 270 |
| 6.500% due 01/20/2055 - 02/20/2055 | 133 | 138 |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| 2.252% due 12/20/2048 •(a) | 652 | 67 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 3.500% due 02/01/2056 | 3000 | 2730 |
| 4.500% due 02/01/2056 | 2100 | 2044 |
| 5.000% due 01/01/2056 | 100 | 100 |
| 6.000% due 01/01/2056 | 700 | 713 |
| 6.500% due 02/01/2056 | 300 | 310 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 2.500% due 01/01/2056 | 150 | 127 |
| 3.000% due 02/01/2056 | 1250 | 1105 |
| 3.500% due 02/01/2056 | 8100 | 7464 |
| 4.000% due 02/01/2056 | 1650 | 1564 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.500% due 02/01/2056 | 1200 | 1171 |
| 5.000% due 02/01/2056 | 2400 | 2391 |
| 5.500% due 02/01/2056 | 5500 | 5572 |
| 6.000% due 02/01/2056 | 6000 | 6158 |
| 6.500% due 02/01/2056 | 7200 | 7485 |
| Total U.S. Government Agencies<br>(Cost $44,525) | Total U.S. Government Agencies<br>(Cost $44,525) | 44596 |
| U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 | 59 | 59 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (l) | 96 | 97 |
| Total U.S. Treasury Obligations (Cost $159) | Total U.S. Treasury Obligations (Cost $159) | 156 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.8% |
| Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
| 5.548% due 12/15/2036 •  | 600 | 588 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| 2.372% due 03/20/2036 ~ | 70 | 67 |
| 2.764% due 12/20/2034 ~ | 84 | 70 |
| 5.846% due 01/25/2037 ~ | 75 | 71 |
| Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
| 6.000% due 07/25/2046 | 1 | 0 |
| Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
| 3.176% due 04/25/2035 ~ | 70 | 58 |
| 4.668% due 11/25/2035 ~ | 47 | 35 |
| 4.791% due 09/25/2035 ~ | 52 | 28 |
| Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
| 4.214% due 07/25/2036 ~ | 59 | 50 |
| Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
| 3.944% due 12/26/2046 ~ | 115 | 92 |
| 5.000% due 01/26/2036 ~ | 187 | 132 |
| CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage |
| 6.040% due 01/25/2039 þ | 61 | 59 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| 5.688% due 10/15/2048 | 48 | 46 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
| 4.146% due 08/25/2035 •  | 19 | 19 |
| 4.892% due 10/25/2034 •  | 1 | 1 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 3.707% due 03/25/2037 ~ | 182 | 153 |
| 4.326% due 03/25/2036 •  | 84 | 80 |
| 4.568% due 10/20/2035 ~ | 14 | 13 |
| 4.626% due 02/25/2035 •  | 38 | 36 |
| 4.651% due 10/20/2035 ~ | 44 | 42 |
| 5.500% due 08/25/2035 | 11 | 5 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.939% due 11/25/2035 ~(i) | 936 | 451 |
| 6.951% due 03/25/2037 ~ | 44 | 45 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| 3.304% due 07/25/2036 •(a) | 702 | 127 |
| 4.135% due 10/25/2035 ~ | 66 | 57 |
| 4.196% due 05/25/2036 •  | 1158 | 299 |
| 4.326% due 12/25/2046 •  | 26 | 16 |
| 4.506% due 10/25/2035 •  | 388 | 260 |
| 4.735% due 02/25/2037 ~ | 48 | 44 |
| 5.500% due 08/25/2034 | 139 | 136 |
| 5.500% due 02/25/2036 | 11 | 6 |
| 6.250% due 09/25/2034 | 19 | 20 |
| 6.500% due 08/25/2036 (i) | 1978 | 561 |
| 9.223% due 07/25/2035 •(i) | 311 | 293 |
| CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
| 6.000% due 11/25/2036 | 68 | 60 |
| First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
| 5.118% due 11/25/2036 ~ | 115 | 78 |
| First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
| 4.784% due 01/25/2037 ~ | 152 | 72 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| 4.400% due 04/25/2035 ~ | 50 | 44 |
| HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
| 2.303% due 11/19/2034 ~ | 24 | 20 |

---

40 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.446% due 04/19/2034 •  | 2 | 2 |
| 5.503% due 08/19/2036 ~ | 1 | 1 |
| 6.873% due 02/25/2036 ~ | 15 | 4 |
| HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
| 5.470% due 01/25/2037 ~ | 82 | 50 |
| IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
| 3.317% due 06/25/2037 ~ | 234 | 211 |
| 4.386% due 06/25/2037 •  | 365 | 458 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 0.000% due 04/25/2037 ~ | 130 | 68 |
| 5.500% due 01/25/2036 | 25 | 11 |
| MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
| 4.008% due 10/25/2034 ~ | 47 | 43 |
| 5.536% due 11/25/2035 ~ | 224 | 92 |
| Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
| 3.986% due 01/25/2037 •  | 584 | 177 |
| Opteum Mortgage Acceptance Corp. Trust | Opteum Mortgage Acceptance Corp. Trust | Opteum Mortgage Acceptance Corp. Trust |
| 4.386% due 07/25/2036 •  | 149 | 49 |
| RALI Trust | RALI Trust | RALI Trust |
| 4.770% due 12/26/2034 ~ | 47 | 42 |
| 5.077% due 01/25/2036 ~ | 289 | 193 |
| 6.000% due 09/25/2035 | 254 | 75 |
| 6.000% due 08/25/2036 | 80 | 68 |
| RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
| 5.000% due 09/26/2036 ~ | 678 | 530 |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| 5.000% due 06/25/2065 ~ | 800 | 669 |
| STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
| 6.674% due 01/25/2037 ~ | 22 | 13 |
| Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
| 4.062% due 04/25/2036 ~ | 139 | 71 |
| 4.252% due 09/25/2036 ~ | 106 | 71 |
| 4.261% due 01/25/2036 ~ | 169 | 90 |
| 4.311% due 09/25/2035 ~ | 28 | 19 |
| 5.429% due 05/25/2035 •(i) | 596 | 469 |
| Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
| 4.306% due 02/25/2036 •(i) | 123 | 102 |
| 4.406% due 02/25/2036 •  | 79 | 67 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| 4.146% due 12/25/2036 ~(i) | 148 | 140 |
| 4.651% due 07/25/2037 ~ | 38 | 34 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 4.928% due 12/15/2039 ~(i) | 1065 | 1006 |
| Total Non-Agency Mortgage-Backed Securities (Cost $10,268) | Total Non-Agency Mortgage-Backed Securities (Cost $10,268) | 9059 |
| ASSET-BACKED SECURITIES 6.1% | ASSET-BACKED SECURITIES 6.1% | ASSET-BACKED SECURITIES 6.1% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
| FHF Trust | FHF Trust | FHF Trust |
| 7.050% due 01/15/2030 | 568 | 568 |
| HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% |
| Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
| 4.146% due 08/25/2036 •  | 20 | 20 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.166% due 01/25/2037 •  | 114 | 38 |
| Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
| 4.946% due 09/25/2034 •  | 25 | 25 |
| Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
| 3.906% due 05/25/2037 •  | 52 | 48 |
| Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
| 3.966% due 11/25/2036 •  | 145 | 39 |
| Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
| 3.851% due 10/25/2036 •  | 73 | 25 |
|  |  | 195 |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
| BCMSC Trust | BCMSC Trust | BCMSC Trust |
| 7.830% due 06/15/2030 ~ | 1421 | 88 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
| 7.960% due 05/01/2031 | 364 | 66 |
|  |  | 154 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 10.855% due 03/25/2036 •(i) | 1610 | 428 |
| Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
| 6.500% due 08/25/2036 | 517 | 151 |
| Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
| 4.212% due 05/25/2037 þ | 13 | 12 |
|  |  | 591 |
| OTHER ABS 4.7% | OTHER ABS 4.7% | OTHER ABS 4.7% |
| Adagio VI CLO DAC | Adagio VI CLO DAC | Adagio VI CLO DAC |
| 0.000% due 04/30/2031 ~ | 187 | 47 |
| Avoca CLO XX DAC | Avoca CLO XX DAC | Avoca CLO XX DAC |
| 0.000% due 07/15/2032 ~ | 1000 | 751 |
| Belle Haven ABS CDO Ltd. | Belle Haven ABS CDO Ltd. | Belle Haven ABS CDO Ltd. |
| 7.500% due 07/05/2046 •  | 34966 | 78 |
| Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
| 0.000% due 04/17/2031 ~ | 1700 | 35 |
| Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
| 0.000% due 01/25/2032 ~ | 300 | 70 |
| 0.000% due 04/15/2038 ~ | 613 | 441 |
| Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
| 0.000% due 10/15/2031 ~ | 600 | 16 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| 0.000% due 07/16/2029 « | 2 | 0 |
| RCKT Trust | RCKT Trust | RCKT Trust |
| 7.830% due 11/27/2034 | 500 | 501 |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| 0.000% due 09/18/2046 « | 1 | 233 |
| 0.000% due 10/15/2048 « | 2 | 345 |
| 0.000% due 02/16/2055 « | 0 | 185 |
| South Coast Funding VII Ltd. | South Coast Funding VII Ltd. | South Coast Funding VII Ltd. |
| 0.454% due 01/06/2041 •  | 11457 | 2141 |
|  |  | 4843 |
| Total Asset-Backed Securities (Cost $19,532) | Total Asset-Backed Securities (Cost $19,532) | 6351 |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
| Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
| 0.750% due 07/09/2030 þ(i) | 410 | 265 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| 1.000% due 07/09/2029 | 77 | 69 |
| 3.500% due 07/09/2041 þ | 205 | 142 |
| 5.000% due 01/09/2038 þ(i) | 1597 | 1244 |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| 6.000% due 10/25/2027 | 255 | 246 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 3.750% due 09/19/2028 | 500 | 583 |
| 5.000% due 09/19/2032 | 400 | 451 |
| 5.625% due 02/19/2036 | 500 | 552 |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 10.500% due 03/15/2037 (i) | 57800 | 986 |
| Hellenic Republic Government Bonds | Hellenic Republic Government Bonds | Hellenic Republic Government Bonds |
| 2.000% due 04/22/2027 | 73 | 86 |
| 3.900% due 01/30/2033 | 162 | 200 |
| 4.000% due 01/30/2037 | 127 | 156 |
| 4.200% due 01/30/2042 | 159 | 194 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 5.250% due 03/10/2030 | 400 | 492 |
| 5.250% due 05/30/2032 (i) | 800 | 962 |
| 5.875% due 07/11/2032 | 300 | 368 |
| Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
| 5.625% due 04/04/2042 | 200 | 140 |
| Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| 38.324% (BISTREFI + 0.000%) due 09/06/2028 ~ | 24200 | 563 |
| 39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ | 4400 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
| 6.000% due 06/25/2035 ^(c) | 50 | 13 |
| 9.250% due 09/15/2027 ^(c) | 62 | 21 |
| Total Sovereign Issues (Cost $7,226) | Total Sovereign Issues (Cost $7,226) | 7836 |
|  | SHARES |  |
| COMMON STOCKS 8.7% | COMMON STOCKS 8.7% | COMMON STOCKS 8.7% |
| COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% |
| Clear Channel Outdoor Holdings, Inc. (d) | 97913 | 217 |
| iHeartMedia, Inc. Class A (d) | 22927 | 95 |
| iHeartMedia, Inc. Class B «(d) | 17837 | 65 |
| SES SA «(d) | 34354 | 534 |
| Uniti Group, Inc. (d) | 19694 | 138 |
|  |  | 1049 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| Steinhoff International Holdings NV «(d)(h) | 4155239 | 0 |
| FINANCIALS 1.7% | FINANCIALS 1.7% | FINANCIALS 1.7% |
| Banca Monte dei Paschi di Siena SpA | 123500 | 1315 |
| Windstream Services LLC «(d) | 62982 | 424 |
| XBP Global Holdings, Inc. (d) | 131 | 1 |
|  |  | 1740 |
| HEALTH CARE 3.1% | HEALTH CARE 3.1% | HEALTH CARE 3.1% |
| AmSurg Corp. «(d)(h) | 71417 | 3208 |
| INDUSTRIALS 2.9% | INDUSTRIALS 2.9% | INDUSTRIALS 2.9% |
| Drillco Holdings Luxembourg SA «(h) | 5770 | 130 |
| Foresea Holdings SA « | 13432 | 303 |
| Incora New Equity «(d)(h) | 49990 | 1936 |
| Luxco Co. Ltd. «(d)(h) | 27149 | 479 |
| Sierra Hamilton Holder LLC «(d)(h) | 100456 | 0 |
| Westmoreland Mining Holdings «(d)(h) | 13114 | 8 |
| Westmoreland Mining LLC «(d)(h) | 41325 | 116 |
|  |  | 2972 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
| MNSN Holdings, Inc. «(d)(h) | 508 | 25 |
| Total Common Stocks (Cost $8,970) | Total Common Stocks (Cost $8,970) | 8994 |
| WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
| Windstream Holdings II LLC - Exp. 08/01/2035 « | 12269 | 83 |
| Total Warrants (Cost $75) | Total Warrants (Cost $75) | 83 |
| PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% |
| BANKING & FINANCE 2.0% | BANKING & FINANCE 2.0% | BANKING & FINANCE 2.0% |
| ADLER Group SA « | 173624 | 0 |
| AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
| 5.916% (US0003M + 1.750%) due 01/15/2067 | 1000000 | 667 |
| OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
| 0.000% due 04/26/2036 ~ | 2501 | 1041 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 41

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | SHARES | MARKET<br>VALUE<br>(000S) |
| Windstream Holdings II LLC « |  | 402 | 399 |
|  |  |  | 2107 |
| INDUSTRIALS 0.7% | INDUSTRIALS 0.7% | INDUSTRIALS 0.7% | INDUSTRIALS 0.7% |
| SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
| 0.000% due 11/07/2032 (f) |  | 440 | 0 |
| 11.000% due 11/07/2032 |  | 579 | 276 |
| Syniverse Holdings, Inc. «(h) |  | 443134 | 430 |
|  |  |  | 706 |
| Total Preferred Securities (Cost $3,211) | Total Preferred Securities (Cost $3,211) | Total Preferred Securities (Cost $3,211) | 2813 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
| 3.931% due 01/20/2026 - 01/27/2026 (e)(f)(l) | $— | 491 | 490 |
| Total Short-Term Instruments<br>(Cost $490) | Total Short-Term Instruments<br>(Cost $490) | Total Short-Term Instruments<br>(Cost $490) | 490 |
| Total Investments in Securities<br>(Cost $163,312) | Total Investments in Securities<br>(Cost $163,312) | Total Investments in Securities<br>(Cost $163,312) | 144977 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% |
| SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% |
| PIMCO Short-Term Floating NAV Portfolio III | 1107117 | $— | 10784 |
| Total Short-Term Instruments<br>(Cost $10,774) | Total Short-Term Instruments<br>(Cost $10,774) |  | 10784 |
| Total Investments in Affiliates<br>(Cost $10,774) | Total Investments in Affiliates<br>(Cost $10,774) |  | 10784 |
| Total Investments 150.9%<br>(Cost $174,086) | Total Investments 150.9%<br>(Cost $174,086) | $— | 155761 |
| Financial Derivative<br>Instruments (j)(k) 8.1%<br>(Cost or Premiums, net $(57)) |  |  | 8354 |
| Other Assets and Liabilities, net (59.0)% | Other Assets and Liabilities, net (59.0)% |  | (60877) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 103238 |

---

#### 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) 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) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

&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 |
| AmSurg Corp. | 11/02/2023 - 11/06/2023 | $2984 | $3208 | 3.11% |
| Drillco Holdings Luxembourg SA | 06/08/2023 | 116 | 130 | 0.12 |
| Incora New Equity | 01/31/2025 | 2428 | 1936 | 1.88 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 11/03/2025 | 1122 | 1750 | 1.70 |
| Luxco Co. Ltd. | 10/01/2025 | 478 | 479 | 0.46 |
| MNSN Holdings, Inc. | 03/16/2023 - 03/29/2023 | 6 | 25 | 0.02 |
| Sierra Hamilton Holder LLC | 07/31/2017 | 25 | 0 | 0.00 |
| Steinhoff International Holdings NV | 06/30/2023 - 10/30/2023 | 0 | 0 | 0.00 |
| Syniverse Holdings, Inc. | 05/12/2022 - 11/30/2025 | 438 | 430 | 0.42 |
| Westmoreland Mining Holdings | 12/08/2014 - 08/05/2016 | 367 | 8 | 0.01 |
| Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 172 | 116 | 0.11 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082 | 7.83% |

---

42 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date |  | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BPS | 4.310% | 12/10/2025 | 02/10/2026 |  | $(123) | $(123) |
|  | 4.940 | 10/23/2025 | 04/23/2026 |  | (229) | (232) |
|  | 5.360 | 10/22/2025 | 01/22/2026 |  | (821) | (830) |
| BRC | 3.950 | 12/12/2025 | TBD | (2) | (883) | (885) |
| BYR | 4.010 | 12/05/2025 | 04/06/2026 |  | (367) | (369) |
|  | 4.260 | 12/05/2025 | 04/06/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2444) | (2453) |
|  | 4.260 | 12/08/2025 | 04/06/2026 |  | (188) | (188) |
| CEW | 4.330 | 11/26/2025 | 02/26/2026 |  | (1930) | (1939) |
| DBL | 3.900 | 12/12/2025 | TBD | (2) | (540) | (541) |
|  | 4.330 | 12/12/2025 | 01/09/2026 |  | (834) | (836) |
| GLM | 4.930 | 12/23/2025 | 09/23/2026 |  | (1526) | (1528) |
| IND | 4.390 | 12/09/2025 | 02/09/2026 |  | (802) | (804) |
| JML | 4.000 | 12/12/2025 | 01/30/2026 |  | (1224) | (1226) |
| MBC | 2.130 | 06/11/2025 | TBD | (2) | (752) | (895) |
| SOG | 3.990 | 12/12/2025 | TBD | (2) | $(85) | (86) |
| TDM | 3.830 | 12/12/2025 | TBD | (2) | (1066) | (1068) |
|  | 3.900 | 12/12/2025 | TBD | (2) | (875) | (877) |
| UBS | 4.320 | 10/22/2025 | 01/22/2026 |  | (1260) | (1270) |
|  | 4.820 | 11/19/2025 | 05/19/2026 |  | (195) | (196) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16346) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
| U.S. Government Agencies (0.6)% | U.S. Government Agencies (0.6)% | U.S. Government Agencies (0.6)% | U.S. Government Agencies (0.6)% | U.S. Government Agencies (0.6)% | U.S. Government Agencies (0.6)% |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $(649) | $(647) |
| Total Short Sales (0.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647) |

---

#### 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 December 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 |
| BPS | $0 | $(1185) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1185) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
| BRC | 0 | (885) | 0 | (885) | 1049 | 164 |
| BYR | 0 | (3010) | 0 | (3010) | 3434 | 424 |
| CEW | 0 | (1939) | 0 | (1939) | 2020 | 81 |
| CIB | 0 | 0 | 0 | 0 | (10) | (10) |
| DBL | 0 | (1377) | 0 | (1377) | 1609 | 232 |
| GLM | 0 | (1528) | 0 | (1528) | 1628 | 100 |
| IND | 0 | (804) | 0 | (804) | 1006 | 202 |
| JML | 0 | (1226) | 0 | (1226) | 1268 | 42 |
| MBC | 0 | (895) | 0 | (895) | 962 | 67 |
| SOG | 0 | (86) | 0 | (86) | 100 | 14 |
| TDM | 0 | (1945) | 0 | (1945) | 2052 | 107 |
| UBS | 0 | (1466) | 0 | (1466) | 1658 | 192 |
| Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16346) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 43

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
| Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
| Corporate Bonds & Notes | $0 | $(1270) | $(2062) | $(6467) | $(9799) |
| U.S. Government Agencies | 0 | (830) | 0 | 0 | (830) |
| Non-Agency Mortgage-Backed Securities | 0 | 0 | (804) | (1956) | (2760) |
| Sovereign Issues | 0 | (2062) | 0 | (895) | (2957) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2866) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9318) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16346) |
| 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  | $(16346) |

---

(i) Securities with an aggregate market value of $18,720 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(17,681) at a weighted average interest rate of 4.606%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) Open maturity reverse repurchase agreement.

(3) 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;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
| Put - CME E-mini S&P 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550.000 | 01/16/2026 | 141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $258 | $63 |
| Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |

---

#### WRITTEN OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
| Call - CME E-mini S&P 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870.000 | 01/16/2026 | 141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570) |
| Total Written Options |  |  |  |  | $(583) | $(570) |

---

#### 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 |
| E-Mini S&P 500 Index March Futures  | 03/2026 | 148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | $0 | $(383) |
| U.S. Treasury 10-Year Note March Futures  | 03/2026 | 1 | 112 | 0 | 0 | 0 |
|  |  |  |  | $194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) |

---

#### 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 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | $5 | $0 | $0 |
| 3-Month SOFR Active Contract March Futures  | 06/2026 | 1 | (241) | 3 | 0 | 0 |
|  |  |  |  | $8 | $0 | $0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) |

---

44 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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>December 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>December 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 |
| Worldline SA/France | 5.000% | Quarterly | 12/20/2030 | 10.384% | EUR 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 1400 | $(7) | $15 | $8 | $1 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 |  | 600 | 123 | 355 | 478 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 |  | $300 | 0 | 6 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 06/15/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | (151) | 481 | 330 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 |  | 1250 | (12) | 88 | 76 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 |  | 340 | (37) | 14 | (23) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 |  | 1200 | (23) | 11 | (12) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 |  | 600 | (5) | 49 | 44 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 |  | 4400 | (56) | 332 | 276 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 |  | 500 | 0 | 31 | 31 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 8300 | (76) | (29) | (105) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 |  | 400 | (12) | 62 | 50 | 1 | 0 |
| Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 |  | 8300 | 10 | 4 | 14 | 0 | (14) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 |  | 2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | (163) | (337) | 0 | (4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | 220 | (9) | (17) | (26) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 |  | 10 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 10 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 40 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 |  | 2900 | 93 | (60) | 33 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 |  | 1500 | 21 | (39) | (18) | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 2450 | (73) | 76 | 3 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 1180 | (19) | 23 | 4 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 |  | 730 | 15 | 27 | 42 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 12/19/2048 |  | 1900 | (5) | (413) | (418) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Annual | 06/15/2052 |  | 5400 | 468 | 1952 | 2420 | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 6000 | 713 | 1727 | 2440 | 15 | 0 |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 |  | 300 | 0 | (4) | (4) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 |  | 300 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 |  | 800 | 0 | (6) | (6) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 02/26/2029 |  | 6100 | 6 | (398) | (392) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 03/18/2030 |  | 1300 | (18) | 191 | 173 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 06/17/2030 |  | 3000 | (132) | 486 | 354 | 2 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 09/21/2032 |  | 800 | 72 | 75 | 147 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 1.250 | Annual | 08/19/2049 |  | 2700 | 11 | 1073 | 1084 | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 400 | 48 | (292) | (244) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 1000 | 171 | (728) | (557) | 0 | (2) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 1600 | 11 | 232 | 243 | 1 | 0 |
| Pay | CAONREPO | 3.500 | Semi-Annual | 06/19/2034 |  | 1000 | 35 | (11) | 24 | 0 | (1) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/20/2044 |  | 600 | 7 | (6) | 1 | 3 | 0 |
|  |  |  |  |  |  |  | $995 | $5136 | $6131 | $66 | $(60) |
| 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;901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

#### 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 December 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;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1013) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 45

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund (Cont.)

Cash of $3,623 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
| BOA | 01/2026 | $130 | 99 | $3 | $0 |
|  | 02/2026 | 9879 | $155 | 1 | (1) |
| BRC | 01/2026 | $73 | 63 | 1 | 0 |
|  | 01/2026 | 85 | 3814 | 3 | 0 |
|  | 02/2026 | 374 | 17041 | 9 | 0 |
|  | 03/2026 | 686 | 31358 | 8 | 0 |
| BSH | 01/2026 | 1699 | $11 | 0 | 0 |
| CBK | 01/2026 | 1298 | 20 | 0 | 0 |
|  | 01/2026 | 215 | 253 | 1 | 0 |
|  | 01/2026 | 128 | 172 | 0 | (1) |
| FAR | 01/2026 | 1909 | 2507 | 0 | (66) |
| GLM | 01/2026 | 2829 | 45 | 1 | 0 |
|  | 02/2026 | 9405 | 146 | 0 | (2) |
|  | 02/2026 | $13 | 573 | 0 | 0 |
|  | 03/2026 | 3 | $1 | 0 | 0 |
|  | 03/2026 | 17357 | 274 | 3 | 0 |
|  | 03/2026 | $101 | 561 | 0 | 0 |
|  | 05/2026 | 9290 | $142 | 0 | (2) |
| JPM | 01/2026 | 4930 | 634 | 1 | 0 |
| MBC | 01/2026 | 57 | 41 | 0 | (1) |
|  | 01/2026 | $412 | 355 | 5 | 0 |
|  | 01/2026 | 132 | 99 | 1 | 0 |
| NGF | 03/2026 | 251 | 11462 | 3 | 0 |
| SCX | 01/2026 | 1241 | $8 | 0 | 0 |
| SOG | 01/2026 | 12056 | 13958 | 0 | (216) |
|  | 01/2026 | 4930 | 32 | 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;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Long Beach Mortgage Loan Trust 6.584% due 07/25/2033 | 6.250% | Monthly | 07/25/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&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 |

---

46 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2026 | 1.757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(2) | $1 | $0 | $(1) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | 400 | 0 | 23 | 23 | 0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 | 500 | (4) | 2 | 0 | (2) |
| MYC | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2028 | 2.346 | 100 | (20) | 16 | 0 | (4) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | ABX.HE.AA.6-1 Index « | 0.320% | Monthly | 07/25/2045 | $595 | $(118) | $68 | $0 | $(50) |
|  | ABX.HE.PENAAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | (489) | 483 | 0 | (6) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Receive | NDDUEAFE Index  | 39 | 4.020% (SOFR plus a specified spread) | Monthly | 11/04/2026 | $414 | $0 | $(1) | $0 | $(1) |
| GST | Receive | NDDUEAFE Index  | 20 | 4.020% (SOFR plus a specified spread) | Monthly | 11/04/2026 | 212 | 0 | (1) | 0 | (1) |
| JPM | Receive | NDDUEAFE Index  | 124 | 3.975% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 1315 | 0 | (5) | 0 | (5) |
| MYI | Receive | NDDUEAFE Index  | 4588 | 4.150% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37089 | 0 | 9536 | 9536 | 0 |
|  | Receive | NDDUEAFE Index  | 62 | 3.990% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 658 | 0 | (2) | 0 | (2) |
|  | Receive | NDDUEAFE Index  | 42 | 4.055% (SOFR plus a specified spread) | Monthly | 11/18/2026 | 445 | 0 | (2) | 0 | (2) |
| UAG | Receive | NDDUEAFE Index  | 40 | 3.965% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 424 | 0 | (1) | 0 | (1) |
|  |  |  |  |  |  |  |  | $0 | $9524 | $9536 | $(12) |
| 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;(633) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) |

---

#### 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 December 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<br>of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
| BOA | $4 | $0 | $0 | $4 | $(1) | $0 | $0 | $(1) | $3 | $0 | $3 |
| BRC | 21 | 0 | 0 | 21 | 0 | 0 | 0 | 0 | 21 | 0 | 21 |
| CBK | 1 | 0 | 0 | 1 | (1) | 0 | (2) | (3) | (2) | 0 | (2) |
| DUB | 0 | 0 | 23 | 23 | 0 | 0 | 0 | 0 | 23 | 0 | 23 |
| FAR | 0 | 0 | 0 | 0 | (66) | 0 | 0 | (66) | (66) | 0 | (66) |
| GLM | 4 | 0 | 0 | 4 | (4) | 0 | 0 | (4) | 0 | 0 | 0 |
| GST | 0 | 0 | 0 | 0 | 0 | 0 | (59) | (59) | (59) | 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| JPM | 1 | 0 | 0 | 1 | 0 | 0 | (5) | (5) | (4) | 0 | (4) |
| MBC | 6 | 0 | 0 | 6 | (1) | 0 | 0 | (1) | 5 | 0 | 5 |
| MYC | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (4) | 0 | (4) |
| MYI | 0 | 0 | 9536 | 9536 | 0 | 0 | (4) | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9630) | (98) |
| NGF | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
| SOG | 0 | 0 | 0 | 0 | (216) | 0 | 0 | (216) | (216) | 272 | 56 |
| UAG | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
| Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364) |  |  |  |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 47

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund (Cont.)

(l) Securities with an aggregate market value of $537 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) 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.

(6) 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 December 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 |
|  | 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  | $0 | $0 | $63 | $0 | $0 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 3 | 0 | 0 | 66 | 69 |
|  | $0 | $3 | $63 | $0 | $66 | $132 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $40 | $0 | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 23 | 9536 | 0 | 0 | 9559 |
|  | $0 | $23 | $9536 | $40 | $0 | $9599 |
|  | $0 | $26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9599 | $40 | $66 | $9731 |
| 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 | $570 | $0 | $0 | $570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures  | 0 | 0 | 383 | 0 | 0 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 0 | 0 | 60 | 60 |
|  | $0 | $0 | $953 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |
| 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;289 | $0 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 63 | 12 | 0 | 0 | 75 |
|  | $0 | $63 | $12 | $289 | $0 | $364 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $965 | $289 | $60 | $1377 |

---

48 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 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  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1731) | $0 | $0 | $(1731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options  | 0 | 0 | (470) | 0 | 0 | (470) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures  | 0 | 0 | 5159 | 0 | 4 | 5163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 2 | 0 | 0 | (63) | (61) |
|  | $0 | $2 | $2958 | $0 | $(59) | $2901 |
| 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;130 | $0 | $130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 42 | 270 | 0 | 0 | 312 |
|  | $0 | $42 | $270 | $130 | $0 | $442 |
|  | $0 | $44 | $3228 | $130 | $(59) | $3343 |
| 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  | $0 | $0 | $81 | $0 | $0 | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options  | 0 | 0 | 762 | 0 | 0 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures  | 0 | 0 | (1237) | 0 | (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | (6) | 0 | 0 | 521 | 515 |
|  | $0 | $(6) | $(394) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | $103 |
| 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 | $279 | $0 | $279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 52 | 3430 | 0 | 0 | 3482 |
|  | $0 | $52 | $3430 | $279 | $0 | $3761 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $3036 | $279 | $503 | $3864 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28728 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 5310 | 0 | 5310 |
| &nbsp;&nbsp;Industrials | 0 | 22198 | 3338 | 25536 |
| &nbsp;&nbsp;Utilities | 0 | 2852 | 24 | 2876 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 16 | 0 | 16 |
| &nbsp;&nbsp;Industrials | 0 | 812 | 0 | 812 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;Arizona | 0 | 472 | 0 | 472 |
| &nbsp;&nbsp;West Virginia | 0 | 849 | 0 | 849 |
| U.S. Government Agencies | 0 | 44596 | 0 | 44596 |
| U.S. Treasury Obligations | 0 | 156 | 0 | 156 |
| Non-Agency Mortgage-Backed Securities | 0 | 9059 | 0 | 9059 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Automobile ABS Other | 0 | 568 | 0 | 568 |
| &nbsp;&nbsp;Home Equity Other | 0 | 195 | 0 | 195 |
| &nbsp;&nbsp;Manufacturing House Sequential | 0 | 154 | 0 | 154 |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 591 | 0 | 591 |
| &nbsp;&nbsp;Other ABS | 0 | 4080 | 763 | 4843 |
| Sovereign Issues | 0 | 7836 | 0 | 7836 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Communication Services | 450 | 0 | 599 | 1049 |
| &nbsp;&nbsp;Financials | 1 | 1315 | 424 | 1740 |
| &nbsp;&nbsp;Health Care | 0 | 0 | 3208 | 3208 |
| &nbsp;&nbsp;Industrials | 0 | 0 | 2972 | 2972 |
| &nbsp;&nbsp;Real Estate | 0 | 0 | 25 | 25 |
| Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 0 | 0 | 83 | 83 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 1708 | 399 | 2107 |
| &nbsp;&nbsp;Industrials | 0 | 276 | 430 | 706 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;U.S. Treasury Bills | $0 | $490 | $0 | $490 |
|  | $451 | $125543 | $18983 | $144977 |
| 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 | $10784 | $0 | $0 | $10784 |
| Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155761 |
| 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 | $(647) | $0 | $(647) |
| 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 | 63 | 69 | 0 | 132 |
| Over the counter | 0 | 9576 | 23 | 9599 |
|  | $63 | $9645 | $23 | $9731 |
| 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 | (953) | (60) | 0 | (1013) |
| Over the counter | 0 | (308) | (56) | (364) |
|  | $(953) | $(368) | $(56) | $(1377) |
| Total Financial Derivative Instruments | $(890) | $9277 | $(33) | $8354 |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163468 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 49

------

Schedule of Investments PIMCO Global StocksPLUS® & Income Fund (Cont.)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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 | $6852 | $1406 | $(1373) | $16 | $0 | $11 | $6 | $(200) | $6718 | $11 |
| 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 | 7 | 0 | (19) | 0 | 1 | 11 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Industrials | 3151 | 148 | (251) | 6 | 0 | 284 | 0 | 0 | 3338 | 214 |
| &nbsp;&nbsp;Utilities | 0 | 17 | 0 | 0 | 0 | 7 | 0 | 0 | 24 | 7 |
| 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;Other ABS | 822 | 0 | (3) | 0 | (1630) | 1574 | 0 | 0 | 763 | (59) |
| 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 | 1058 | 0 | (929) | 0 | 525 | (55) | 0 | 0 | 599 | 572 |
| &nbsp;&nbsp;Financials | 1185 | 384 | (1214) | 0 | (1189) | 1258 | 0 | 0 | 424 | 40 |
| &nbsp;&nbsp;Health Care | 3224 | 0 | 0 | 0 | 0 | (16) | 0 | 0 | 3208 | (16) |
| &nbsp;&nbsp;Industrials | 2187 | 479 | 0 | 0 | 0 | 306 | 0 | 0 | 2972 | 306 |
| &nbsp;&nbsp;Real Estate<sup>(3)</sup> | 2 | 0 | 0 | 0 | 0 | 23 | 0 | 0 | 25 | 23 |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 205 | 75 | (185) | 0 | 49 | (61) | 0 | 0 | 83 | 8 |
| &nbsp;&nbsp;Financials | 0 | 0 | (2) | 0 | (761) | 763 | 0 | 0 | 0 | 0 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 402 | 0 | 0 | 0 | (3) | 0 | 0 | 399 | (3) |
| &nbsp;&nbsp;Industrials | 395 | 26 | 0 | 0 | 0 | 9 | 0 | 0 | 430 | 9 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3976) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3005) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
| Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | 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 | $24 | $0 | $0 | $0 | $0 | $(1) | $0 | $0 | $23 | $0 |
| 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 | $(53) | $5 | $(74) | $0 | $20 | $46 | $0 | $0 | $(56) | $(78) |
| Totals | $19059 | $2942 | $(4050) | $22 | $(2985) | $4156 | $6 | $(200) | $18950 | $1034 |

---

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<br>Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and<br>Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
|  | 2183 | Discounted Cash Flow | Discount Rate |  | 4.814-75.000 | 6.430 |
|  | 700 | Indicative Market Quotation | Broker Quote |  | 101.250 |  |
|  | 1313 | Recent Transaction | Purchase price |  | 98.000-99.000 | 98.112 |
|  | 202 | Third Party Vendor | Broker Quote |  | 42.500-100.250 | 54.080 |
| 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 | 3338 | Comparable Companies/Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000/10.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 24 | Indicative Market Quotation | Broker Quote |  | 14.125 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS | 763 | Discounted Cash Flow | Discount Rate |  | 12.000-14.500 | 13.798 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 534 | Indicative Market Quotation | Broker Quote | $— | 15.542 |  |
|  | 65 | Reference Instrument | Stock Price w/Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 424 | Reference Instrument | Stock Price w/Liquidity Discount |  | 4.130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3208 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1936 | Comparable Companies/Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.000/10.000 |  |
|  | 557 | Indicative Market Quotation | Broker Quote | $— | 0.563-22.563 | 12.878 |
|  | 479 | Indicative Market Quotation | Broker Quote |  | 15.012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 25 | Other Valuation Techniques<sup>(4)</sup> |  |  |  |  |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 83 | Option Pricing Model | Volatility |  | 65.000 |  |

---

50 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and<br>Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and<br>Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | Input Value(s) | Weighted<br>Average |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | $399 | Discounted Cash Flow | Discount Rate | EUR | 11.780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 430 | Discounted Cash Flow | Discount Rate |  | 14.350 |  |
| Financial Derivative Instruments - Assets | 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 | 23 | Indicative Market Quotation | Broker Quote |  | 5.818 |  |
| 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 | (56) | Indicative Market Quotation | Broker Quote |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.500-98.500 | 92.318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18950 |  |  |  |  |  |

---

(1) 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.

(2) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) Sector type updated from Financials to Real Estate since prior fiscal year end.

(4) 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 SEMIANNUAL REPORT \| DECEMBER 31, 2025 51

------

Schedule of Investments PIMCO Strategic Income Fund, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### (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 260.4% | INVESTMENTS IN SECURITIES 260.4% | INVESTMENTS IN SECURITIES 260.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 20.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 20.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 20.6% |
| Altar Bidco, Inc. | Altar Bidco, Inc. | Altar Bidco, Inc. |
| 9.283% - 5.790% due 02/01/2030 ~ | 700 | 666 |
| Altice France SA | Altice France SA | Altice France SA |
| 10.860% (TSFR3M + 6.875%) due 05/31/2031 ~ | 1610 | 1612 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 1091 | 928 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 3802 | 3916 |
| Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
| 8.338% (TSFR3M + 4.500%) due 12/19/2030 ~ | 1300 | 1294 |
| Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
| 9.951% (TSFR3M + 6.250%) due 12/18/2030 ~ | 1972 | 1978 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| TBD% (TSFR3M + 5.750%) due 06/01/2029 ~µ | 164 | 170 |
| TBD% (TSFR3M + 4.750%) due 06/01/2029 ~ | 1228 | 1026 |
| Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
| 6.831% - 7.566% (TSFR1M + 3.000%) due 06/30/2027 «~ | 28 | 23 |
| Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) |
| 7.830% (TSFR1M + 4.000%) due 12/31/2027 ~ | 218 | 170 |
| Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
| 19.000% due 04/03/2026 «~(b) | 971 | 51 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 120 | 113 |
| OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
| 9.719% due 11/28/2031 ~ | 1650 | 2229 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 5061 | 4707 |
| Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
| 7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ | 1000 | 425 |
| Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA |
| 7.480% (EUR003M + 5.470%) due 12/31/2029 ~ | 5052 | 5839 |
| Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL |
| 10.000% due 12/31/2028 ~ | 12051 | 3782 |
| Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
| 6.599% - 7.723% (EUR006M + 4.500%) due 04/26/2032 ~ | 2000 | 2227 |
| 8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ | 299 | 280 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
| 10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | 4732 | 4583 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| TBD% - 9.868% due 09/25/2030 «~µ | 283 | 280 |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ | 3970 | 3749 |
| TBD% - 9.868% (TSFR3M + 6.000%) due 09/25/2030 «~ | 2260 | 2215 |
| Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
| 8.000% due 03/15/2029 «~ | 2 | 1 |
| X Corp. | X Corp. | X Corp. |
| 9.500% due 10/26/2029 ~ | 500 | 499 |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ | 2873 | 2829 |
| Total Loan Participations and Assignments<br>(Cost $53,940) | Total Loan Participations and Assignments<br>(Cost $53,940) | 45592 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 38.7% | CORPORATE BONDS & NOTES 38.7% | CORPORATE BONDS & NOTES 38.7% |
| BANKING & FINANCE 9.7% | BANKING & FINANCE 9.7% | BANKING & FINANCE 9.7% |
| Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
| 6.350% due 10/23/2029 (i) | 1500 | 1532 |
| Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
| 8.500% due 11/15/2029 (i) | 1300 | 1315 |
| BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
| 6.600% due 06/10/2029 (i) | 1000 | 1044 |
| CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
| 7.500% due 05/30/2029 (i) | 1300 | 1383 |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (b) | 153 | 96 |
| Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) |
| 1.000% due 12/31/2032 «(b) | 426 | 26 |
| Credit Suisse AG AT1 Claim | 600 | 177 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 7.250% due 10/15/2030 | 800 | 819 |
| EPR Properties | EPR Properties | EPR Properties |
| 3.750% due 08/15/2029 | 100 | 97 |
| F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
| 6.250% due 10/04/2034 (i) | 400 | 407 |
| 6.500% due 06/04/2029 (i) | 700 | 730 |
| Fairfax India Holdings Corp. | Fairfax India Holdings Corp. | Fairfax India Holdings Corp. |
| 5.000% due 02/26/2028 (i) | 2400 | 2308 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 5.755% (SOFRRATE + 2.030%) due 03/20/2028 ~(i) | 1900 | 1911 |
| 5.918% due 03/20/2028 (i) | 700 | 717 |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| 6.150% due 01/15/2031 (i) | 2300 | 2366 |
| 6.375% due 07/01/2034 (i) | 1000 | 1019 |
| Marex Group PLC | Marex Group PLC | Marex Group PLC |
| 5.829% due 05/08/2028 (i) | 200 | 203 |
| 6.404% due 11/04/2029 (i) | 1000 | 1038 |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 5.773% (SOFRINDX + 2.050%) due 09/13/2027 ~(i) | 665 | 661 |
| Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
| 6.250% due 01/14/2031 | 5074 | 1100 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| 6.000% due 01/15/2030 (i) | 2738 | 2549 |
|  |  | 21498 |
| INDUSTRIALS 24.3% | INDUSTRIALS 24.3% | INDUSTRIALS 24.3% |
| Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
| 10.000% due 01/15/2033 | 857 | 787 |
| Altice France SA | Altice France SA | Altice France SA |
| 4.750% due 10/15/2030 | 847 | 939 |
| 6.500% due 04/15/2032 | 251 | 241 |
| 6.875% due 10/15/2030 | 154 | 150 |
| 6.875% due 07/15/2032 | 271 | 260 |
| 7.250% due 11/01/2029 | 231 | 271 |
| 9.500% due 11/01/2029 | 878 | 907 |
| APLD ComputeCo LLC | APLD ComputeCo LLC | APLD ComputeCo LLC |
| 9.250% due 12/15/2030 | 135 | 133 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (i) | 4200 | 4441 |
| Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
| 5.750% due 06/20/2030 (i) | 2627 | 3624 |
| Centene Corp. | Centene Corp. | Centene Corp. |
| 2.450% due 07/15/2028 | 900 | 843 |
| 3.000% due 10/15/2030 | 900 | 806 |
| 3.375% due 02/15/2030 | 100 | 92 |
| 4.250% due 12/15/2027 | 500 | 497 |
| 4.625% due 12/15/2029 (i) | 250 | 243 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| 8.000% due 06/15/2029 | 50 | 44 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
| 7.250% due 06/15/2029 | 50 | 42 |
| CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
| 7.507% due 01/10/2032 (i) | 435 | 462 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.250% due 12/01/2026 | 3558 | 3453 |
| 5.750% due 12/01/2028 | 3000 | 2947 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 6.875% due 04/29/2030 (i) | 2860 | 2903 |
| 7.750% due 02/01/2032 | 1300 | 1340 |
| 8.375% due 01/19/2036 | 80 | 82 |
| EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
| 9.875% due 08/15/2030 | 200 | 200 |
| Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
| 8.625% due 04/28/2034 | 1710 | 1411 |
| HF Sinclair Corp. | HF Sinclair Corp. | HF Sinclair Corp. |
| 6.250% due 01/15/2035 (i) | 1000 | 1044 |
| Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
| 0.500% due 01/31/2030 «(b) | 3871 | 3871 |
| Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
| 6.000% due 01/30/2033 «(h) | 2734 | 4267 |
| JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| 9.875% due 09/20/2031 | 623 | 628 |
| 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) | 615 | 651 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 | 400 | 402 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 2130 | 1762 |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 4.810% due 09/17/2030 (i) | 2600 | 2453 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 6.700% due 02/16/2032 (i) | 784 | 782 |
| 6.840% due 01/23/2030 (i) | 200 | 203 |
| 8.750% due 06/02/2029 (i) | 350 | 375 |
| Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
| 4.100% due 10/01/2029 | 513 | 493 |
| Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
| 4.875% due 09/30/2039 (i) | 617 | 553 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 10.625% due 06/28/2028 | 1454 | 1247 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 0.878% due 11/24/2027 | 300 | 325 |
| United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
| 4.150% due 02/25/2033 | 63 | 62 |
| Vale SA | Vale SA | Vale SA |
| 0.000% due 12/29/2049 ~(g) | 50000 | 3741 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 7.000% due 01/15/2030 (i) | 1500 | 1445 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 6.500% due 01/15/2034 (i) | 700 | 717 |
| 6.750% due 01/15/2036 | 700 | 717 |
| Viridien | Viridien | Viridien |
| 8.500% due 10/15/2030 | 543 | 670 |
| 10.000% due 10/15/2030 (i) | 321 | 339 |
|  |  | 53865 |
| UTILITIES 4.7% | UTILITIES 4.7% | UTILITIES 4.7% |
| Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
| 0.010% due 12/31/2099 « | 4 | 59 |
| Edison International | Edison International | Edison International |
| 5.250% due 11/15/2028 (i) | 3300 | 3345 |
| 6.250% due 03/15/2030 (i) | 100 | 105 |
| NGD Holdings BV | NGD Holdings BV | NGD Holdings BV |
| 6.750% due 12/31/2026 | 957 | 876 |
| OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) |
| 10.000% due 06/30/2027 (b) | 2472 | 1100 |
| OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) |
| 8.500% due 12/31/2028 (b) | 2231 | 27 |

---

52 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
| 5.375% due 03/22/2030 (i) | 2100 | 2036 |
| SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
| 1.625% due 03/30/2027 | 800 | 1031 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| 6.500% due 02/15/2029 (i) | 1700 | 1634 |
| 8.625% due 06/15/2032 | 100 | 99 |
|  |  | 10312 |
| Total Corporate Bonds & Notes<br>(Cost $88,770) | Total Corporate Bonds & Notes<br>(Cost $88,770) | 85675 |
| CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (b) | 178 | 112 |
| Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
| 0.000% due 12/31/2031 «(f) | 865 | 113 |
|  |  | 225 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 2.375% due 11/15/2028 | 300 | 345 |
| Total Convertible Bonds & Notes<br>(Cost $650) | Total Convertible Bonds & Notes<br>(Cost $650) | 570 |
| MUNICIPAL BONDS & NOTES 2.6% | MUNICIPAL BONDS & NOTES 2.6% | MUNICIPAL BONDS & NOTES 2.6% |
| CALIFORNIA 0.4% | CALIFORNIA 0.4% | CALIFORNIA 0.4% |
| 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 | 1000 | 850 |
| 3.850% due 06/01/2050 | 45 | 41 |
|  |  | 891 |
| 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 |
| 6.725% due 04/01/2035 | 12 | 12 |
| MICHIGAN 1.1% | MICHIGAN 1.1% | MICHIGAN 1.1% |
| Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
| 4.000% due 04/01/2044 | 2983 | 2339 |
| WEST VIRGINIA 1.1% | WEST VIRGINIA 1.1% | WEST VIRGINIA 1.1% |
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| 0.000% due 06/01/2047 (f) | 25300 | 2441 |
| Total Municipal Bonds & Notes<br>(Cost $6,906) | Total Municipal Bonds & Notes<br>(Cost $6,906) | 5683 |
| U.S. GOVERNMENT AGENCIES 153.7% | U.S. GOVERNMENT AGENCIES 153.7% | U.S. GOVERNMENT AGENCIES 153.7% |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 5.500% due 04/01/2039 (i) | 663 | 692 |
| 6.000% due 02/01/2033 - 02/01/2034 | 24 | 24 |
| 6.500% due 06/01/2029 - 07/01/2037 | 52 | 53 |
| 7.000% due 03/01/2031 - 12/01/2036 | 106 | 111 |
| 7.500% due 03/01/2026 - 03/01/2037 | 120 | 122 |
| 8.000% due 12/01/2026 | 2 | 3 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| 2.010% due 11/25/2045 ~(a) | 5336 | 189 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| 0.266% due 11/15/2048 •(a)(i) | $— | 4089 | $— | 168 |
| 1.754% due 11/15/2038 ~(a)(i) |  | 4736 |  | 257 |
| 1.987% due 05/15/2038 ~(a) |  | 1381 |  | 123 |
| 2.011% due 04/25/2048 - 11/25/2049 •(a)(i) |  | 22646 |  | 2913 |
| 2.084% due 08/15/2036 ~(a) |  | 458 |  | 32 |
| 2.161% due 05/25/2050 •(a) |  | 487 |  | 60 |
| 3.000% due 11/25/2050 (a)(i) |  | 7266 |  | 1315 |
| 3.000% due 01/25/2051 (a) |  | 416 |  | 73 |
| 3.500% due 05/25/2050 (a) |  | 439 |  | 83 |
| 5.500% due 06/15/2041 (i) |  | 822 |  | 862 |
| 6.000% due 12/15/2028 - 03/15/2035 |  | 301 |  | 314 |
| 6.500% due 03/15/2026 - 06/15/2032 |  | 476 |  | 496 |
| 6.500% due 07/15/2032 (i) |  | 161 |  | 170 |
| 7.000% due 07/15/2027 - 06/15/2031 |  | 225 |  | 231 |
| 7.500% due 03/15/2028 |  | 2 |  | 2 |
| 8.000% due 04/15/2030 |  | 6 |  | 6 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| 11.374% due 10/25/2041 •(i) |  | 2800 |  | 2925 |
| 11.674% due 11/25/2041 •(i) |  | 2800 |  | 2945 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
| 4.449% due 07/25/2032 ~ |  | 51 |  | 47 |
| 6.500% due 02/25/2043 - 10/25/2043 |  | 136 |  | 139 |
| 6.500% due 09/25/2043 ~ |  | 32 |  | 33 |
| 6.500% due 03/25/2044 (i) |  | 986 |  | 997 |
| 7.000% due 02/25/2043 - 10/25/2043 |  | 247 |  | 257 |
| 7.500% due 02/25/2042 |  | 14 |  | 15 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 4.000% due 06/01/2047 - 03/01/2048 |  | 162 |  | 157 |
| 4.000% due 09/01/2047 - 11/01/2047 (i) |  | 4201 |  | 4063 |
| 4.500% due 03/01/2028 - 08/01/2041 |  | 88 |  | 89 |
| 6.000% due 12/01/2032 - 10/01/2036 |  | 96 |  | 99 |
| 6.000% due 04/01/2035 - 06/01/2040 (i) |  | 1222 |  | 1292 |
| 6.135% due 09/01/2028 •  |  | 1 |  | 1 |
| 6.450% due 11/01/2027 •  |  | 3 |  | 3 |
| 6.500% due 11/01/2028 - 11/01/2047 |  | 460 |  | 481 |
| 6.500% due 04/01/2037 (i) |  | 102 |  | 104 |
| 7.000% due 07/01/2034 - 01/01/2047 |  | 26 |  | 27 |
| 8.000% due 09/01/2027 - 11/01/2031 |  | 23 |  | 24 |
| Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
| 6.000% due 01/25/2044 |  | 390 |  | 407 |
| 6.500% due 12/25/2041 - 08/25/2042 |  | 826 |  | 866 |
| 7.000% due 07/25/2042 - 11/25/2043 |  | 57 |  | 59 |
| 7.500% due 11/25/2040 - 07/25/2042 |  | 153 |  | 158 |
| 7.500% due 06/19/2041 ~ |  | 50 |  | 52 |
| 8.000% due 06/19/2041 ~ |  | 469 |  | 489 |
| Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
| 5.000% due 07/25/2037 (a) |  | 329 |  | 46 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| 0.000% due 02/25/2052 •(a) |  | 101651 |  | 156 |
| 1.136% due 12/25/2042 ~(a) |  | 2011 |  | 33 |
| 1.747% due 08/25/2054 ~(a)(i) |  | 2855 |  | 153 |
| 2.011% due 10/25/2049 •(a)(i) |  | 5243 |  | 724 |
| 2.061% due 02/25/2049 •(a) |  | 48 |  | 5 |
| 2.111% due 07/25/2050 •(a)(i) |  | 768 |  | 92 |
| 2.500% due 12/25/2027 (a) |  | 152 |  | 2 |
| 2.761% due 07/25/2041 •(a) |  | 157 |  | 5 |
| 3.000% due 06/25/2050 (a)(i) |  | 947 |  | 177 |
| 3.500% due 07/25/2036 (a)(i) |  | 1976 |  | 176 |
| 3.500% due 07/25/2042 - 12/25/2049 (a) |  | 279 |  | 30 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.000% due 06/25/2050 (a)(i) | 482 | 91 |
| 4.500% due 07/25/2040 | 313 | 313 |
| 5.000% due 01/25/2038 (i) | 1504 | 1543 |
| 5.000% due 07/25/2038 | 42 | 42 |
| 5.500% due 11/25/2032 (i) | 813 | 837 |
| 5.500% due 12/25/2034 - 04/25/2035 | 533 | 551 |
| 5.750% due 06/25/2033 | 6 | 6 |
| 6.000% due 09/25/2031 | 29 | 29 |
| 6.500% due 09/25/2031 - 03/25/2032 | 169 | 175 |
| 6.850% due 12/18/2027 | 1 | 1 |
| 7.000% due 06/18/2027 - 03/25/2045 | 170 | 177 |
| 8.500% due 06/18/2027 - 06/25/2030 | 4 | 4 |
| Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
| 4.346% due 02/25/2042 ~ | 179 | 180 |
| 4.698% due 12/25/2042 ~ | 11 | 12 |
| 5.058% due 10/25/2042 ~ | 5 | 5 |
| 5.078% due 10/25/2042 ~ | 123 | 126 |
| 5.807% due 08/25/2043 | 558 | 558 |
| 7.000% due 09/25/2041 ~ | 122 | 124 |
| Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
| 6.500% due 09/25/2042 - 06/25/2044 | 329 | 340 |
| 7.000% due 02/25/2044 | 14 | 14 |
| 7.500% due 07/25/2042 - 06/25/2044 | 105 | 109 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 4.000% due 10/15/2051 - 03/15/2052 (i) | 6272 | 5967 |
| 4.000% due 03/15/2052 | 37 | 35 |
| 6.000% due 04/15/2029 - 12/15/2038 | 196 | 203 |
| 6.000% due 11/15/2038 (i) | 102 | 106 |
| 6.500% due 04/15/2032 - 01/20/2055 | 380 | 394 |
| 7.500% due 03/15/2026 - 02/15/2029 | 61 | 63 |
| 8.500% due 02/15/2031 | 4 | 4 |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| 2.202% due 08/20/2049 - 09/20/2049 •(a)(i) | 39120 | 4892 |
| 2.352% due 06/20/2047 •(a)(i) | 4208 | 530 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 3.500% due 02/01/2056 | 1800 | 1638 |
| 4.000% due 02/01/2056 | 3700 | 3494 |
| 4.500% due 02/01/2056 | 100 | 97 |
| 6.500% due 02/01/2056 | 600 | 620 |
| U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
| 5.510% due 11/01/2027 | 25 | 25 |
| 5.780% due 08/01/2027 | 2 | 2 |
| 5.820% due 07/01/2027 | 2 | 2 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 5.000% due 02/01/2056 | 700 | 697 |
| 6.500% due 02/01/2056 - 03/01/2056 | 257800 | 268165 |
| 7.000% due 02/01/2056 | 20800 | 21894 |
| Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
| 6.500% due 03/15/2029 | 14 | 15 |
| 6.750% due 02/15/2026 - 06/15/2026 | 4 | 4 |
| 7.500% due 09/15/2030 | 418 | 439 |
| Total U.S. Government Agencies<br>(Cost $357,134) | Total U.S. Government Agencies<br>(Cost $357,134) | 340150 |
| U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 (i) | 197 | 199 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (i) | 197 | 199 |
| Total U.S. Treasury Obligations<br>(Cost $404) | Total U.S. Treasury Obligations<br>(Cost $404) | 398 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 53

------

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 18.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.5% |
| Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
| 6.819% due 07/25/2035 ~ | 94 | 90 |
| 6.907% due 08/25/2035 ~ | 92 | 91 |
| Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
| 5.323% due 04/15/2035 •(i) | 2200 | 2203 |
| Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
| 5.548% due 12/15/2036 •(i) | 1600 | 1569 |
| Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
| 5.103% due 02/25/2035 ~ | 3 | 3 |
| BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
| 4.474% due 07/26/2036 ~ | 84 | 70 |
| Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
| 4.159% due 08/25/2036 ~ | 196 | 88 |
| Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust |
| 5.657% due 10/12/2041 ~ | 42 | 42 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 4.486% due 03/25/2035 •  | 562 | 495 |
| 5.359% due 08/25/2034 ~ | 97 | 95 |
| 5.716% due 03/25/2046 •  | 559 | 442 |
| CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
| 7.500% due 11/25/2034 | 88 | 90 |
| 7.500% due 06/25/2035 | 17 | 17 |
| CLNY Trust | CLNY Trust | CLNY Trust |
| 6.174% due 11/15/2038 •(i) | 1000 | 944 |
| COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| 9.865% due 12/15/2038 •  | 1380 | 1235 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| 4.266% due 07/25/2046 •  | 732 | 682 |
| CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
| 7.000% due 02/25/2034 | 35 | 35 |
| CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
| 6.500% due 03/25/2036 | 731 | 76 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| 3.431% due 11/10/2032 | 1200 | 966 |
| Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
| 5.501% due 09/13/2045 •  | 1582 | 2009 |
| 6.151% due 09/13/2045 •  | 1130 | 1374 |
| 7.751% due 09/13/2045 •  | 960 | 1281 |
| GC Pastor Hipotecario 5 FTA | GC Pastor Hipotecario 5 FTA | GC Pastor Hipotecario 5 FTA |
| 2.199% due 06/21/2046 •  | 429 | 468 |
| GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
| 0.000% due 08/19/2034 ~ | 13 | 12 |
| GSAA Trust | GSAA Trust | GSAA Trust |
| 6.000% due 04/01/2034 | 276 | 273 |
| GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
| 7.000% due 06/25/2043 (i) | 1087 | 1149 |
| 7.500% due 06/19/2027 ~ | 9 | 9 |
| 8.000% due 09/19/2027 ~ | 238 | 233 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| 4.176% due 12/25/2034 •  | 27 | 26 |
| IM Pastor 3 FTH | IM Pastor 3 FTH | IM Pastor 3 FTH |
| 2.175% due 03/22/2043 •  | 135 | 141 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| 4.597% due 04/15/2037 •(i) | 939 | 928 |
| 5.614% due 12/15/2036 •  | 1700 | 63 |
| 5.615% due 03/15/2036 •  | 900 | 734 |
| 7.048% due 02/15/2035 •(i) | 987 | 944 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 6.331% due 10/25/2036 ~ | 565 | 435 |
| MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
| 4.008% due 10/25/2034 ~ | 187 | 171 |
| MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
| 6.250% due 07/25/2036 | 181 | 91 |
| 7.000% due 04/25/2034 | 13 | 13 |
| MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
| 7.000% due 05/25/2035 | 1949 | 1255 |
| 7.500% due 07/25/2035 | 1029 | 672 |
| Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
| 4.255% due 12/26/2046 ~ | 5574 | 5181 |
| NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
| 7.500% due 03/25/2034 (i) | 1137 | 1075 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NACC Reperforming Loan REMICS Trust | NACC Reperforming Loan REMICS Trust | NACC Reperforming Loan REMICS Trust | NACC Reperforming Loan REMICS Trust |
| 7.000% due 10/25/2034 | $| 364 | 331 |
| 7.500% due 10/25/2034 |  | 1092 | 1009 |
| New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
| 5.387% due 04/15/2032 •  |  | 1000 | 991 |
| Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
| 3.350% due 12/15/2050 •  | EUR | 964 | 1091 |
| 3.600% due 12/15/2050 •  |  | 964 | 1056 |
| RALI Trust | RALI Trust | RALI Trust | RALI Trust |
| 6.000% due 08/25/2035 | $| 551 | 493 |
| RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
| 6.000% due 02/26/2037 ~ |  | 2124 | 1050 |
| 6.250% due 12/26/2036 ~ |  | 5179 | 1691 |
| 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 |  | 111 | 102 |
| 8.500% due 11/25/2031 |  | 596 | 217 |
| 8.500% due 12/25/2031 |  | 4 | 2 |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| 5.000% due 06/25/2065 ~ |  | 1800 | 1505 |
| 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 |  | 1994 | 1118 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| 5.358% due 05/25/2035 ~ |  | 36 | 35 |
| Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
| 7.000% due 03/25/2034 |  | 23 | 24 |
| 7.500% due 04/25/2033 |  | 53 | 54 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 4.928% due 12/15/2039 ~ |  | 2558 | 2418 |
| Total Non-Agency Mortgage-Backed Securities (Cost $44,827) | Total Non-Agency Mortgage-Backed Securities (Cost $44,827) | Total Non-Agency Mortgage-Backed Securities (Cost $44,827) | 40957 |
| ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% |
| HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
| 7.371% due 11/25/2032 •  |  | 39 | 28 |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 2.461% due 09/25/2034 •  |  | 47 | 47 |
| Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
| 3.861% due 11/25/2034 •(i) |  | 2297 | 2027 |
| 4.246% due 06/25/2037 •(i) |  | 1238 | 1270 |
|  |  |  | 3372 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
| Access Financial Manufactured Housing Contract Trust | Access Financial Manufactured Housing Contract Trust | Access Financial Manufactured Housing Contract Trust | Access Financial Manufactured Housing Contract Trust |
| 7.650% due 05/15/2049 |  | 200 | 1 |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
| Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
| 6.530% due 02/01/2031 ~ |  | 29 | 27 |
| Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
| 7.960% due 05/01/2031 |  | 1417 | 257 |
|  |  |  | 284 |
| OTHER ABS 2.8% | OTHER ABS 2.8% | OTHER ABS 2.8% | OTHER ABS 2.8% |
| ABSLT DE LLC | ABSLT DE LLC | ABSLT DE LLC | ABSLT DE LLC |
| 12.234% due 05/20/2033 « |  | 2000 | 2016 |
| ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. |
| 4.947% due 06/15/2040 |  | 504 | 467 |
| Elmwood CLO II Ltd. | Elmwood CLO II Ltd. | Elmwood CLO II Ltd. | Elmwood CLO II Ltd. |
| 0.000% due 04/20/2034 ~ |  | 1213 | 509 |
| Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
| 0.000% due 07/27/2047 ~ |  | 500 | 62 |
| Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. |
| 0.000% due 07/15/2034 ~ |  | 250 | 122 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| 0.000% due 07/16/2029 |  | 7 | 0 |
| National Collegiate V Commutation Trust | National Collegiate V Commutation Trust | National Collegiate V Commutation Trust | National Collegiate V Commutation Trust |
| 0.000% due 03/25/2038 •  |  | 10387 | 1521 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| 0.000% due 10/15/2048 « | 5 | 1035 |
| 0.000% due 02/16/2055 « | 0 | 436 |
|  |  | 6168 |
| Total Asset-Backed Securities<br>(Cost $24,519) | Total Asset-Backed Securities<br>(Cost $24,519) | 9825 |
| SOVEREIGN ISSUES 8.3% | SOVEREIGN ISSUES 8.3% | SOVEREIGN ISSUES 8.3% |
| Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
| 0.750% due 07/09/2030 þ | 412 | 266 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| 1.000% due 07/09/2029 | 215 | 193 |
| 4.125% due 07/09/2046 þ | 110 | 78 |
| 5.000% due 01/09/2038 þ(i) | 4388 | 3419 |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| 6.000% due 10/25/2027 | 560 | 540 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 3.750% due 09/19/2028 | 1000 | 1167 |
| 5.000% due 09/19/2032 | 800 | 903 |
| 5.625% due 02/19/2036 | 1000 | 1104 |
| Colombia TES | Colombia TES | Colombia TES |
| 11.000% due 08/22/2029 | 1023700 | 256 |
| 11.750% due 01/24/2035 | 974100 | 240 |
| 12.750% due 11/28/2040 | 1032300 | 268 |
| 13.250% due 02/09/2033 | 893700 | 240 |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 10.500% due 03/15/2037 (i) | 130400 | 2224 |
| Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
| 0.000% due 07/03/2026 (f) | 11 | 11 |
| 0.000% due 01/03/2030 (f) | 34 | 30 |
| 5.000% due 07/03/2029 þ | 172 | 169 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 5.125% due 09/24/2031 | 2800 | 3369 |
| 5.250% due 05/30/2032 | 1900 | 2284 |
| Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| 38.324% (BISTREFI + 0.000%) due 09/06/2028 ~ | 57400 | 1336 |
| 39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ | 10000 | 233 |
| Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
| 6.000% due 06/25/2035 ^(c) | 135 | 36 |
| 9.250% due 09/15/2027 ^(c) | 171 | 57 |
| Total Sovereign Issues (Cost $17,576) | Total Sovereign Issues (Cost $17,576) | 18423 |
|  | SHARES |  |
| COMMON STOCKS 9.6% | COMMON STOCKS 9.6% | COMMON STOCKS 9.6% |
| COMMUNICATION SERVICES 1.4% | COMMUNICATION SERVICES 1.4% | COMMUNICATION SERVICES 1.4% |
| Clear Channel Outdoor Holdings, Inc. (d) | 291816 | 645 |
| iHeartMedia, Inc. Class A (d) | 68102 | 283 |
| iHeartMedia, Inc. Class B «(d) | 52880 | 194 |
| Promotora de Informaciones SA Class A (d) | 207627 | 86 |
| SES SA «(d) | 98888 | 1537 |
| Uniti Group, Inc. (d) | 32871 | 230 |
|  |  | 2975 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| Steinhoff International Holdings NV «(d)(h) | 17707907 | 0 |
| FINANCIALS 1.7% | FINANCIALS 1.7% | FINANCIALS 1.7% |
| Banca Monte dei Paschi di Siena SpA | 323500 | 3444 |
| Windstream Services LLC «(d) | 33629 | 227 |

---

54 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| XBP Global Holdings, Inc. (d) | 371 | 2 |
|  |  | 3673 |
| HEALTH CARE 3.9% | HEALTH CARE 3.9% | HEALTH CARE 3.9% |
| AmSurg Corp. «(d)(h) | 192582 | 8650 |
| INDUSTRIALS 2.6% | INDUSTRIALS 2.6% | INDUSTRIALS 2.6% |
| Incora New Equity «(d)(h) | 121860 | 4720 |
| Luxco Co. Ltd. «(d)(h) | 63923 | 1128 |
| Westmoreland Mining Holdings «(d)(h) | 69 | 0 |
| Westmoreland Mining LLC «(d)(h) | 219 | 1 |
|  |  | 5849 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
| Country Garden Holdings Co. Ltd. (d) | 3600 | 0 |
| MNSN Holdings, Inc. «(d)(h) | 1054 | 53 |
|  |  | 53 |
| Total Common Stocks (Cost $19,887) | Total Common Stocks (Cost $19,887) | 21200 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
| Windstream Holdings II LLC - Exp. 08/01/2035 « | 6551 | 44 |
| Total Warrants (Cost $40) | Total Warrants (Cost $40) | 44 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 1.4% | PREFERRED SECURITIES 1.4% | PREFERRED SECURITIES 1.4% | PREFERRED SECURITIES 1.4% |
| BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% |
| ADLER Group SA « | 906702 | $— | 0 |
| Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
| 5.000% due 03/15/2026 (g) | 1300000 |  | 1301 |
| Windstream Holdings II LLC « | 215 |  | 213 |
|  |  |  | 1514 |
| INDUSTRIALS 0.7% | INDUSTRIALS 0.7% | INDUSTRIALS 0.7% | INDUSTRIALS 0.7% |
| SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
| 0.000% due 11/07/2032 (f) | 5040 |  | 1 |
| 11.000% due 11/07/2032 | 1202 |  | 573 |
| Syniverse Holdings, Inc. «(h) | 1132846 |  | 1099 |
|  |  |  | 1673 |
| Total Preferred Securities (Cost $3,309) | Total Preferred Securities (Cost $3,309) |  | 3187 |
| REAL ESTATE INVESTMENT TRUSTS 0.4% | REAL ESTATE INVESTMENT TRUSTS 0.4% | REAL ESTATE INVESTMENT TRUSTS 0.4% | REAL ESTATE INVESTMENT TRUSTS 0.4% |
| REAL ESTATE 0.4% | REAL ESTATE 0.4% | REAL ESTATE 0.4% | REAL ESTATE 0.4% |
| VICI Properties, Inc. | 33427 |  | 940 |
| Total Real Estate Investment Trusts<br>(Cost $477) | Total Real Estate Investment Trusts<br>(Cost $477) |  | 940 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% |
| NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% |
| 31.083% due 06/11/2026 - 06/29/2026 (e)(f)<br> NGN | 4232990 |  | 2659 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
| 3.824% due 01/08/2026 - 04/21/2026 (e)(f)(k)(m) | 1087 | $— | 1082 |
| Total Short-Term Instruments<br>(Cost $3,532) | Total Short-Term Instruments<br>(Cost $3,532) |  | 3741 |
| Total Investments in Securities<br>(Cost $621,971) | Total Investments in Securities<br>(Cost $621,971) |  | 576385 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 7.4% | INVESTMENTS IN AFFILIATES 7.4% | INVESTMENTS IN AFFILIATES 7.4% | INVESTMENTS IN AFFILIATES 7.4% |
| SHORT-TERM INSTRUMENTS 7.4% | SHORT-TERM INSTRUMENTS 7.4% | SHORT-TERM INSTRUMENTS 7.4% | SHORT-TERM INSTRUMENTS 7.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4% |
| PIMCO Short-Term Floating NAV Portfolio III | 1691023 |  | 16472 |
| Total Short-Term Instruments<br>(Cost $16,468) | Total Short-Term Instruments<br>(Cost $16,468) |  | 16472 |
| Total Investments in Affiliates<br>(Cost $16,468) | Total Investments in Affiliates<br>(Cost $16,468) |  | 16472 |
| Total Investments 267.8%<br>(Cost $638,439) | Total Investments 267.8%<br>(Cost $638,439) | $— | 592857 |
| Financial Derivative<br>Instruments (j)(l) (0.2)%<br>(Cost or Premiums, net $7,476) |  |  | (482) |
| Other Assets and Liabilities, net (167.6)% | Other Assets and Liabilities, net (167.6)% |  | (371015) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 221360 |

---

#### 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) 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) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

&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 |
| AmSurg Corp. | 11/02/2023 - 11/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | 3.91% |
| Incora New Equity | 01/31/2025 | 5919 | 4720 | 2.13 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 11/03/2025 | 2734 | 4267 | 1.93 |
| Luxco Co. Ltd. | 10/01/2025 | 1126 | 1128 | 0.51 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 55

------

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| MNSN Holdings, Inc. | 03/16/2023 - 03/17/2023 | $12 | $53 | 0.02% |
| Steinhoff International Holdings NV | 06/30/2023 - 10/30/2023 | 0 | 0 | 0.00 |
| Syniverse Holdings, Inc. | 05/12/2022 - 11/30/2025 | 1118 | 1099 | 0.50 |
| Westmoreland Mining Holdings | 03/26/2019 | 0 | 0 | 0.00 |
| Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 1 | 1 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19918 | 9.00% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date |  | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BPS | 3.700% | 12/12/2025 | TBD | (2) | $(932) | $(934) |
|  | 4.261 | 12/19/2025 | 03/19/2026 |  | (2508) | (3386) |
|  | 4.460 | 11/13/2025 | 05/13/2026 |  | $(5428) | (5463) |
|  | 4.940 | 10/23/2025 | 04/23/2026 |  | (2569) | (2597) |
|  | 5.360 | 10/22/2025 | 01/22/2026 |  | (3843) | (3885) |
| BRC | 4.200 | 12/12/2025 | 01/12/2026 |  | (2992) | (2999) |
| BYR | 3.850 | 12/12/2025 | TBD | (2) | (693) | (694) |
|  | 4.210 | 10/10/2025 | 01/12/2026 |  | (294) | (297) |
|  | 4.210 | 10/21/2025 | 01/21/2026 |  | (1981) | (2000) |
|  | 4.210 | 11/03/2025 | 02/03/2026 |  | (7723) | (7781) |
| CIB | 4.130 | 12/11/2025 | 01/07/2026 |  | (6044) | (6059) |
| DBL | 3.950 | 12/15/2025 | TBD | (2) | (274) | (275) |
|  | 4.330 | 12/12/2025 | 01/09/2026 |  | (1882) | (1886) |
|  | 4.661 | 12/08/2025 | 02/06/2026 |  | (1860) | (1866) |
|  | 4.711 | 12/08/2025 | 02/06/2026 |  | (817) | (820) |
|  | 4.761 | 12/08/2025 | 02/06/2026 |  | (1560) | (1565) |
| DEU | 4.270 | 12/15/2025 | 02/13/2026 |  | (2493) | (2498) |
| GSC | 3.970 | 12/11/2025 | 01/07/2026 |  | (5692) | (5706) |
| IND | 4.220 | 12/17/2025 | 02/12/2026 |  | (494) | (495) |
|  | 4.230 | 12/17/2025 | 03/17/2026 |  | (466) | (467) |
|  | 4.230 | 12/26/2025 | 03/17/2026 |  | (269) | (269) |
|  | 4.250 | 11/28/2025 | 02/27/2026 |  | (206) | (207) |
|  | 4.290 | 12/09/2025 | 02/09/2026 |  | (815) | (817) |
|  | 4.330 | 10/08/2025 | 01/08/2026 |  | (4867) | (4918) |
|  | 4.400 | 12/18/2025 | 03/16/2026 |  | (750) | (752) |
|  | 4.540 | 10/30/2025 | 03/30/2026 |  | (1461) | (1473) |
| JML | 4.000 | 12/12/2025 | 01/30/2026 |  | (2771) | (2777) |
| MSB | 4.510 | 12/30/2025 | 06/29/2026 |  | (1278) | (1279) |
|  | 4.760 | 11/19/2025 | 05/18/2026 |  | (707) | (711) |
| RCY | 4.400 | 12/04/2025 | 01/07/2026 |  | (1106) | (1110) |
| SBI | 4.020 | 12/11/2025 | 01/07/2026 |  | (4044) | (4054) |
| SOG | 3.910 | 12/12/2025 | TBD | (2) | (1579) | (1583) |
|  | 3.990 | 12/12/2025 | TBD | (2) | (3422) | (3430) |
|  | 4.350 | 10/21/2025 | 01/21/2026 |  | (1326) | (1337) |
|  | 4.370 | 10/08/2025 | 01/08/2026 |  | (2690) | (2718) |
|  | 4.470 | 10/08/2025 | 01/08/2026 |  | (622) | (629) |
| TDM | 3.770 | 12/12/2025 | TBD | (2) | (393) | (394) |
|  | 3.900 | 12/12/2025 | TBD | (2) | (1138) | (1140) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $(81271) |

---

#### 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 |
| UBS | 3.890% | 12/12/2025 | 01/12/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) | $(407) |
| Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |

---

56 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
| U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% | U.S. Government Agencies (2.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2041 | $200 | $(185) | $(185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | (1583) | (1577) |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 2.500 | 01/01/2056 | 600 | (509) | (507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 4.000 | 02/01/2056 | 1900 | (1803) | (1801) |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 5.500 | 02/01/2056 | 1900 | (1917) | (1925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Security, TBA | 6.000 | 02/01/2056 | 300 | (307) | (308) |
| Total Short Sales (2.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6303) |

---

#### 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 December 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 |
| BPS | $0 | $(16265) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 |
| BRC | 0 | (2999) | 0 | (2999) | 3676 | 677 |
| BYR | 0 | (10772) | 0 | (10772) | 11621 | 849 |
| CIB | 0 | (6059) | 0 | (6059) | 6255 | 196 |
| DBL | 0 | (6412) | 0 | (6412) | 7934 | 1522 |
| DEU | 0 | (2498) | 0 | (2498) | 2903 | 405 |
| GSC | 0 | (5706) | 0 | (5706) | 5966 | 260 |
| IND | 0 | (9398) | 0 | (9398) | 10081 | 683 |
| JML | 0 | (2777) | 0 | (2777) | 3381 | 604 |
| MSB | 0 | (1990) | 0 | (1990) | 2533 | 543 |
| RCY | 0 | (1110) | 0 | (1110) | 1299 | 189 |
| SBI | 0 | (4054) | 0 | (4054) | 4239 | 185 |
| SOG | 0 | (9697) | 0 | (9697) | 10698 | 1001 |
| TDM | 0 | (1534) | 0 | (1534) | 1634 | 100 |
| Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
| UBS | 0 | 0 | (407) | (407) | 397 | (10) |
| Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81271) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |  |  |  |

---

#### 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 | $(11899) | $(17328) | $(8450) | $(37677) |
| U.S. Government Agencies | 0 | (23813) | 0 | (5463) | (29276) |
| Non-Agency Mortgage-Backed Securities | 0 | 0 | (5068) | (1990) | (7058) |
| Asset-Backed Securities | 0 | 0 | 0 | (2597) | (2597) |
| Sovereign Issues | 0 | (4663) | 0 | 0 | (4663) |
| Total | $0 | $(40375) | $(22396) | $(18500) | $(81271) |
| Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
| U.S. Treasury Obligations | 0 | (407) | 0 | 0 | (407) |
| Total | $0 | $(407) | $0 | $0 | $(407) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40782) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22396) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81678) |
| 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  | $(81678) |

---

(i) Securities with an aggregate market value of $93,103 and cash of $20 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(87,196) at a weighted average interest rate of 4.667%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) Open maturity reverse repurchase agreement.

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 57

------

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

(3) 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;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| U.S. Treasury 10-Year Note March Futures  | 03/2026 | 18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(1204) | $19 | $0 | $0 |
| 3-Month SOFR Active Contract March Futures  | 06/2026 | 4 | (965) | 14 | 0 | 0 |
|  |  |  |  | $33 | $0 | $0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&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;(3) |

---

#### 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>December 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>December 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
| Boeing Co. | (1.000)% | Quarterly | 06/20/2026 | 0.217% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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>December 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>December 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 | 06/20/2028 | 0.414% | $500 | $(5) | $12 | $7 | $0 | $0 |
| Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.651 | 1200 | 20 | (1) | 19 | 0 | 0 |
| Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.226 | 1600 | 6 | 0 | 6 | 0 | 0 |
| Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.367 | 2200 | 48 | (80) | (32) | 0 | (1) |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2027 | 10.409 | 100 | (10) | 0 | (10) | 1 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2030 | 10.384 | 1000 | (189) | (10) | (199) | 6 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&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 | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 13300 | $(69) | $143 | $74 | $15 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 | 5900 | 680 | 4022 | 4702 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | $700 | 0 | 14 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 3200 | (1) | 87 | 86 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 02/15/2027 | 2130 | 0 | 55 | 55 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 3500 | (1) | 87 | 86 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.420 | Semi-Annual | 02/24/2027 | 1000 | 0 | 25 | 25 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Semi-Annual | 02/24/2027 | 3400 | (9) | (64) | (73) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 11200 | (763) | 190 | (573) | 0 | (6) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 28200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1308) | 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1028) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 47200 | 3512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2305) | 1207 | 28 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.420 | Semi-Annual | 08/17/2028 | 3800 | (1) | 209 | 208 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.370 | Semi-Annual | 08/25/2028 | 11363 | (3) | 638 | 635 | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 7141 | 97 | (530) | (433) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 59000 | 1147 | (1831) | (684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 2365 | 0 | 150 | 150 | 3 | 0 |

---

58 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.700% | Semi-Annual | 01/12/2029 | $8600 | $(26) | $(462) | $(488) | $0 | $(10) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 2810 | (113) | (154) | (267) | 0 | (3) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 73390 | (5265) | 396 | (4869) | 0 | (89) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2029 | 44200 | 2283 | (3244) | (961) | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 13500 | (254) | 121 | (133) | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 4500 | (46) | (320) | (366) | 0 | (7) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 13700 | (1410) | 693 | (717) | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 6800 | 179 | (14) | 165 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 4805 | 21 | 583 | 604 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 3900 | 259 | (266) | (7) | 6 | 0 |
| Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 27100 | 34 | 13 | 47 | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 12200 | (165) | 1522 | 1357 | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 38250 | 4949 | 798 | 5747 | 72 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 46980 | 1980 | 3575 | 5555 | 85 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 10 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 8305 | 320 | 78 | 398 | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 2510 | 42 | (13) | 29 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 1300 | (46) | 44 | (2) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 250 | (7) | 7 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 2490 | (41) | 50 | 9 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 1640 | 32 | 61 | 93 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 01/15/2050 | 4400 | (31) | 1695 | 1664 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/22/2050 | 4100 | (10) | 1720 | 1710 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.875 | Semi-Annual | 02/07/2050 | 1400 | (5) | 560 | 555 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/16/2050 | 5700 | 537 | 2336 | 2873 | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 | 3500 | (2) | 1683 | 1681 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Semi-Annual | 04/08/2051 | 2100 | 1 | (943) | (942) | 0 | (5) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Annual | 06/15/2052 | 2800 | (106) | (1149) | (1255) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 6900 | 1128 | 1684 | 2812 | 18 | 0 |
| Receive | 1-Year BRL-CDI | 11.823 | Maturity | 01/04/2027 | 40300 | 0 | 322 | 322 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.047 | Maturity | 01/04/2027 | 39700 | 0 | (276) | (276) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 2710 | 12 | (29) | (17) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 09/21/2052 | 3500 | 303 | 1785 | 2088 | 8 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 3700 | 23 | 539 | 562 | 2 | 0 |
| Pay | CAONREPO | 3.500 | Semi-Annual | 06/19/2034 | 2000 | 69 | (21) | 48 | 0 | (1) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/20/2044 | 1300 | 14 | (11) | 3 | 6 | 0 |
|  |  |  |  |  |  | $7940 | $14533 | $22473 | $454 | $(284) |
| Total Swap Agreements | Total Swap Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285) |

---

#### 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 December 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; 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | $&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;(285) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) |

---

(k) Securities with an aggregate market value of $100 and cash of $6,039 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1) 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.

(2) 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.

(3) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 59

------

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

(4) 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.

(5) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(6) This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
| BOA | 01/2026 | 16479 | $4 | $0 | $0 |
|  | 01/2026 | $168 | 142 | 0 | (1) |
|  | 02/2026 | 32945 | $9 | 0 | 0 |
|  | 02/2026 | 27415 | 430 | 1 | (1) |
|  | 03/2026 | 222214 | 58 | 1 | 0 |
| BPS | 01/2026 | 134 | 157 | 0 | 0 |
|  | 01/2026 | $2 | 99 | 0 | 0 |
| BRC | 01/2026 | 204 | 9209 | 7 | 0 |
|  | 02/2026 | 1028 | 46823 | 28 | 0 |
|  | 03/2026 | 1506 | 68890 | 18 | 0 |
| CBK | 01/2026 | 657379 | $173 | 1 | 0 |
|  | 01/2026 | 2595 | 40 | 0 | (1) |
|  | 01/2026 | 158 | 184 | 0 | (1) |
|  | 01/2026 | $35 | 130142 | 0 | 0 |
|  | 01/2026 | 289 | 248 | 2 | 0 |
|  | 02/2026 | 131540 | $35 | 0 | 0 |
|  | 03/2026 | 215885 | 57 | 1 | 0 |
|  | 04/2026 | 102837 | 27 | 1 | 0 |
| FAR | 01/2026 | 6298 | 8271 | 0 | (219) |
|  | 01/2026 | 3100 | 167 | 0 | (5) |
| GLM | 01/2026 | 16414 | 4 | 0 | 0 |
|  | 01/2026 | 4715 | 75 | 1 | 0 |
|  | 01/2026 | 24939 | 17 | 0 | 0 |
|  | 01/2026 | $17 | 24939 | 0 | 0 |
|  | 02/2026 | 329227 | $86 | 0 | 0 |
|  | 02/2026 | 21570 | 336 | 1 | (3) |
|  | 02/2026 | $235 | 1296 | 0 | (1) |
|  | 02/2026 | 29 | 1302 | 1 | 0 |
|  | 03/2026 | 41347 | $653 | 7 | 0 |
|  | 03/2026 | $106 | 584 | 0 | (1) |
|  | 03/2026 | 169 | 3052 | 0 | (1) |
|  | 05/2026 | 16636 | $254 | 0 | (4) |
|  | 08/2026 | 29925 | 19 | 0 | 0 |
| MBC | 01/2026 | 101 | 71 | 0 | (2) |
|  | 01/2026 | 61 | 81 | 0 | (1) |
|  | 01/2026 | $1364 | 1175 | 18 | 0 |
|  | 01/2026 | 243 | 182 | 2 | 0 |
| NGF | 03/2026 | 787 | $17 | 0 | 0 |
|  | 03/2026 | $334 | 15194 | 4 | 0 |
| SCX | 11/2026 | 21028 | $13 | 0 | 0 |
| SOG | 01/2026 | 29220 | 33830 | 0 | (524) |
|  | 03/2026 | $1 | 11 | 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;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) |

---

60 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(</sup><sup>4)</sup> | Swap Agreements,<br>at Value<sup>(</sup><sup>4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Panama Government International Bonds | 1.000% | Quarterly | 12/20/2028 | 0.792% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | $(62) | $71 | $9 | $0 |
| BRC | Egypt Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 2.020 | 700 | (121) | 101 | 0 | (20) |
|  | Egypt Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 2.215 | 400 | (86) | 71 | 0 | (15) |
|  | Panama Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.792 | 1600 | (66) | 76 | 10 | 0 |
| CBK | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.312 | 1100 | (6) | 17 | 11 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.640 | 100 | (1) | 2 | 1 | 0 |
| GST | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.620 | 500 | 70 | (38) | 32 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 | 2400 | (20) | 13 | 0 | (7) |
| JPM | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.640 | 100 | (1) | 3 | 2 | 0 |
| MYC | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2028 | 2.346 | 200 | (39) | 32 | 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;(332) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
| BOA | $2 | $0 | $9 | $11 | $(2) | $0 | $0 | $(2) | $9 | $0 | $9 |
| BRC | 53 | 0 | 10 | 63 | 0 | 0 | (35) | (35) | 28 | 0 | 28 |
| CBK | 5 | 0 | 12 | 17 | (2) | 0 | 0 | (2) | 15 | 0 | 15 |
| FAR | 0 | 0 | 0 | 0 | (224) | 0 | 0 | (224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) |
| GLM | 10 | 0 | 0 | 10 | (10) | 0 | 0 | (10) | 0 | 0 | 0 |
| GST | 0 | 0 | 32 | 32 | 0 | 0 | (7) | (7) | 25 | 0 | 25 |
| JPM | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
| MBC | 20 | 0 | 0 | 20 | (3) | 0 | 0 | (3) | 17 | 0 | 17 |
| MYC | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) | (7) | 0 | (7) |
| NGF | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
| SOG | 0 | 0 | 0 | 0 | (524) | 0 | 0 | (524) | (524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | 139 |
| Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&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;159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814) |  |  |  |

---

(m) Securities with an aggregate market value of $663 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) 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 SEMIANNUAL REPORT \| DECEMBER 31, 2025 61

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Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 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 | $7 | $0 | $0 | $454 | $461 |
| 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 | $94 | $0 | $94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 65 | 0 | 0 | 0 | 65 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $0 | $94 | $0 | $159 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $94 | $454 | $620 |
| 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 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 1 | 0 | 0 | 284 | 285 |
|  | $0 | $1 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | $288 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | $0 | $765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 49 | 0 | 0 | 0 | 49 |
|  | $0 | $49 | $0 | $765 | $0 | $814 |
|  | $0 | $50 | $0 | $765 | $287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 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 on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain 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 | $54 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 33 | 0 | 0 | 1452 | 1485 |
|  | $0 | $33 | $0 | $0 | $1506 | $1539 |
| 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 | $220 | $0 | $220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 66 | 0 | 0 | 0 | 66 |
|  | $0 | $66 | $0 | $220 | $0 | $286 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 |
| 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 | $(78) | $(78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | (100) | 0 | 0 | 2 | (98) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $0 | $0 | $(76) | $(176) |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $558 | $0 | $558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 156 | 0 | 0 | 0 | 156 |
|  | $0 | $156 | $0 | $558 | $0 | $714 |
|  | $0 | $56 | $0 | $558 | $(76) | $538 |

---

62 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $39106 | $6486 | $45592 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 21472 | 26 | 21498 |
| &nbsp;&nbsp;Industrials | 0 | 45727 | 8138 | 53865 |
| &nbsp;&nbsp;Utilities | 0 | 10253 | 59 | 10312 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 112 | 113 | 225 |
| &nbsp;&nbsp;Industrials | 0 | 345 | 0 | 345 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;California | 0 | 891 | 0 | 891 |
| &nbsp;&nbsp;Illinois | 0 | 12 | 0 | 12 |
| &nbsp;&nbsp;Michigan | 0 | 2339 | 0 | 2339 |
| &nbsp;&nbsp;West Virginia | 0 | 2441 | 0 | 2441 |
| U.S. Government Agencies | 0 | 340150 | 0 | 340150 |
| U.S. Treasury Obligations | 0 | 398 | 0 | 398 |
| Non-Agency Mortgage-Backed Securities | 0 | 40957 | 0 | 40957 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Home Equity Other | 0 | 3372 | 0 | 3372 |
| &nbsp;&nbsp;Manufacturing House ABS Other | 0 | 1 | 0 | 1 |
| &nbsp;&nbsp;Manufacturing House Sequential | 0 | 284 | 0 | 284 |
| &nbsp;&nbsp;Other ABS | 0 | 2681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487 | 6168 |
| Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18423 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18423 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | 86 | 1731 | 2975 |
| &nbsp;&nbsp;Financials | 2 | 3444 | 227 | 3673 |
| &nbsp;&nbsp;Health Care | 0 | 0 | 8650 | 8650 |
| &nbsp;&nbsp;Industrials | 0 | 0 | 5849 | 5849 |
| &nbsp;&nbsp;Real Estate | 0 | 0 | 53 | 53 |
| Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 0 | 0 | 44 | 44 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 1301 | 213 | 1514 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| &nbsp;&nbsp;Industrials | $0 | $574 | $1099 | $1673 |
| Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp;Real Estate | 940 | 0 | 0 | 940 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Nigeria Treasury Bills | 0 | 2659 | 0 | 2659 |
| &nbsp;&nbsp;U.S. Treasury Bills | 0 | 1082 | 0 | 1082 |
|  | $2100 | $538110 | $36175 | $576385 |
| 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 | $16472 | $0 | $0 | $16472 |
| Total Investments | $18572 | $538110 | $36175 | $592857 |
| 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 | $(6303) | $0 | $(6303) |
| 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 | 461 | 0 | 461 |
| Over the counter | 0 | 159 | 0 | 159 |
|  | $0 | $620 | $0 | $620 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Exchange-traded or centrally cleared | 0 | (288) | 0 | (288) |
| Over the counter | 0 | (814) | 0 | (814) |
|  | $0 | $(1102) | $0 | $(1102) |
| Total Financial Derivative Instruments | $0 | $(482) | $0 | $(482) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586072 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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 | $5655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1193) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $0 | $(685) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6486 | $(15) |
| 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 | 0 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 26 | 0 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8899 | 361 | (2243) | 24 | 0 | 1097 | 0 | 0 | 8138 | 522 |
| &nbsp;&nbsp;Utilities | 0 | 42 | 0 | (1) | 0 | 18 | 0 | 0 | 59 | 18 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 113 | 0 | 0 | 0 | 0 | 0 | 0 | 113 | 0 |
| 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;Other ABS | 3605 | 0 | (10) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129 | 0 | 0 | 3487 | (119) |
| 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 | 632 | 0 | (496) | 0 | 366 | 1229 | 0 | 0 | 1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 |
| &nbsp;&nbsp;Financials | 3412 | 205 | (3495) | 0 | (3279) | 3384 | 0 | 0 | 227 | 21 |
| &nbsp;&nbsp;Health Care | 8694 | 0 | 0 | 0 | 0 | (44) | 0 | 0 | 8650 | (44) |
| &nbsp;&nbsp;Industrials | 4118 | 1126 | 0 | 0 | 0 | 605 | 0 | 0 | 5849 | 605 |
| &nbsp;&nbsp;Real Estate<sup>(2)</sup> | 4 | 0 | 0 | 0 | 0 | 49 | 0 | 0 | 53 | 49 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 63

------

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.) December 31, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | $109 | $40 | $(99) | $0 | $26 | $(32) | $0 | $0 | $44 | $4 |
| &nbsp;&nbsp;Financials | 2 | 0 | (8) | 0 | (2654) | 2660 | 0 | 0 | 0 | 0 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 215 | 0 | 0 | 0 | (2) | 0 | 0 | 213 | (2) |
| &nbsp;&nbsp;Industrials | 1009 | 67 | 0 | 0 | 0 | 23 | 0 | 0 | 1099 | 23 |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7544) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10778) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 |

---

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 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $3916 | Comparable Companies | EBITDA Multiple | 16.360 |  |
|  | 51 | Discounted Cash Flow | Discount Rate | 75.000 |  |
|  | 2495 | Recent Transaction | Purchase price | 98.000-99.000 | 98.112 |
|  | 24 | Third Party Vendor | Broker Quote | 42.500-84.000 | 82.530 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | 26 | Indicative Market Quotation | Broker Quote | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8138 | Comparable Companies/Discounted Cash Flow | EBITDA Multiple/Discount Rate | 13.000/10.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 59 | Indicative Market Quotation | Broker Quote | 14.125 |  |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | 113 | Indicative Market Quotation | Broker Quote | 13.000 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS | 3487 | Discounted Cash Flow | Discount Rate | 9.610-13.750 | 11.263 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1537 | Indicative Market Quotation | Broker Quote | $15.542 |  |
|  | 194 | Reference Instrument | Stock Price w/Liquidity Discount | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 227 | Reference Instrument | Stock Price w/Liquidity Discount | 4.130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 8650 | Comparable Companies | EBITDA Multiple | 16.360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4720 | Comparable Companies/Discounted Cash Flow | EBITDA Multiple/Discount Rate | 13.000/10.000 |  |
|  | 1128 | Indicative Market Quotation | Broker Quote | 15.012 |  |
|  | 1 | Indicative Market Quotation | Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.563-2.813 | 2.678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 53 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 44 | Option Pricing Model | Volatility | 65.000 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | 213 | Discounted Cash Flow | Discount Rate | 11.780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1099 | Discounted Cash Flow | Discount Rate | 14.350 |  |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36175 |  |  |  |  |

---

(1) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(2) Sector type updated from Financials to Real Estate since prior fiscal year end.

(3) Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

64 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Consolidated Schedule of Investments PIMCO Access Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 (Unaudited)

#### (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 155.0% | INVESTMENTS IN SECURITIES 155.0% | INVESTMENTS IN SECURITIES 155.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 39.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 39.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 39.4% |
| Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
| 7.223% due 12/18/2029 «~ | 3400 | 3425 |
| Altice France SA | Altice France SA | Altice France SA |
| 8.110% (TSFR3M + 4.125%) due 04/30/2028 ~ | 300 | 297 |
| 9.048% (TSFR3M + 5.063%) due 10/30/2028 ~ | 1500 | 1485 |
| 9.360% (TSFR3M + 5.375%) due 05/14/2029 ~ | 2100 | 2087 |
| 10.860% (TSFR3M + 6.875%) due 05/31/2031 ~ | 1762 | 1764 |
| AP Core Holdings II LLC | AP Core Holdings II LLC | AP Core Holdings II LLC |
| 9.331% (TSFR1M + 5.500%) due 09/01/2027 ~ | 1844 | 1846 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 9.966% (TSFR1M + 6.250%) due 10/08/2030 ~ | 2188 | 2142 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 7534 | 6406 |
| Cerba Healthcare SAS | Cerba Healthcare SAS | Cerba Healthcare SAS |
| 5.762% - 9.331% (EUR006M + 3.700%) due 06/30/2028 ~ | 2500 | 2182 |
| 6.012% - 8.831% (EUR006M + 3.950%) due 02/16/2029 ~ | 3000 | 2612 |
| Circor International, Inc. | Circor International, Inc. | Circor International, Inc. |
| TBD% - 10.088% due 06/20/2029 «~µ | 166 | 170 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
| TBD% - 10.448% due 12/10/2029 ~µ | 846 | 838 |
| Comexposium | Comexposium | Comexposium |
| TBD% due 03/28/2026 « | 18708 | 26823 |
| TBD% - 9.868% due 10/16/2031 «~ | 1916 | 2747 |
| Coreweave Compute Acquisition Co. II LLC | Coreweave Compute Acquisition Co. II LLC | Coreweave Compute Acquisition Co. II LLC |
| 13.292% (TSFR3M + 9.620%) due 07/31/2028 «~ | 2362 | 2464 |
| Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
| 9.672% (TSFR3M + 6.000%) due 05/16/2029 «~ | 6628 | 6852 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| TBD% due 01/03/2031 ~µ | 362 | 369 |
| TBD% due 01/05/2032 «µ | 362 | 363 |
| TBD% (TSFR1M + 4.500%) due 01/03/2031 ~ | 1638 | 1666 |
| Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~µ | 155 | 155 |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~ | 1555 | 1540 |
| Envalior Finance GmbH | Envalior Finance GmbH | Envalior Finance GmbH |
| 7.566% (EUR003M + 5.500%) due 03/29/2030 ~ | 2400 | 2761 |
| 9.340% (TSFR3M + 5.500%) due 04/01/2030 ~ | 5792 | 5411 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 11.862% (TSFR3M + 7.875%) due 07/20/2026 «~ | 101 | 101 |
| 11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 13829 | 14244 |
| Espai Barca Fondo De Titulizacion | Espai Barca Fondo De Titulizacion | Espai Barca Fondo De Titulizacion |
| TBD% - 11.862% (EUR006M + 0.000%) due 06/30/2028 «~ | 3432 | 4474 |
| Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
| 7.723% (TSFR3M + 4.000%) due 09/15/2032 ~ | 3900 | 3825 |
| 10.723% (TSFR3M + 7.000%) due 09/15/2033 ~ | 400 | 393 |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| 13.843% (TSFR1M + 10.000%) due 06/29/2026 ~ | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
| 8.338% (TSFR3M + 4.500%) due 12/19/2030 ~ | 3539 | 3521 |
| Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) |
| -5.840% (TSFR3M + 2.000%) due 07/31/2030 ~ | 5956 | 5745 |
| Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
| 9.951% (TSFR3M + 6.250%) due 12/18/2030 ~ | 2527 | 2536 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| 9.123% (TSFR1M + 5.250%) due 06/04/2029 ~ | 24 | 24 |
| Guardian | Guardian | Guardian |
| TBD% - 9.912% due 08/29/2032 «~µ | 300 | 300 |
| TBD% - 9.912% (TSFR3M + 5.500%) due 08/29/2032 «~ | 2100 | 2084 |
| Harp Finco Ltd. | Harp Finco Ltd. | Harp Finco Ltd. |
| 8.723% due 03/27/2032 «~ | 2319 | 3069 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 9.606% (TSFR1M + 5.775%) due 05/01/2029 ~ | 2802 | 2573 |
| INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
| 6.966% - 7.384% (TSFR1M + 3.250%) due 02/18/2030 ~ | 2693 | 2192 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| TBD% (TSFR3M + 5.750%) due 06/01/2029 ~ | 639 | 661 |
| TBD% (TSFR3M + 4.750%) due 06/01/2029 ~ | 4768 | 3986 |
| J&J Ventures Gaming LLC | J&J Ventures Gaming LLC | J&J Ventures Gaming LLC |
| 8.831% (TSFR1M + 5.000%) due 04/26/2028 «~ | 1158 | 1170 |
| McAfee LLC | McAfee LLC | McAfee LLC |
| 6.716% - 7.672% (TSFR1M + 3.000%) due 03/01/2029 ~ | 499 | 462 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 7.590% (TSFR3M + 3.750%) due 12/31/2030 ~ | 137 | 137 |
| 8.702% (TSFR3M + 4.600%) due 12/31/2030 ~ | 3920 | 3694 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
| 7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 3641 | 2979 |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 366 | 345 |
| OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
| 9.719% due 11/28/2031 ~ | 5550 | 7498 |
| Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
| 8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1397 | 1234 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 16816 | 15642 |
| Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
| 7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 9755 | 9429 |
| Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
| 7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ | 3600 | 1529 |
| Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA |
| 7.230% (EUR003M + 5.220%) due 06/29/2029 ~ | 21112 | 24934 |
| 7.480% (EUR003M + 5.470%) due 12/31/2029 ~ | 4274 | 4940 |
| Puris LLC | Puris LLC | Puris LLC |
| 9.436% (TSFR3M + 5.750%) due 06/30/2031 «~ | 1941 | 1832 |
| QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
| 7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 698 | 699 |
| Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
| 7.322% (TSFR3M + 3.650%) due 04/25/2029 «~ | 2740 | 2752 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Spruce Bidco II, Inc. | Spruce Bidco II, Inc. | Spruce Bidco II, Inc. |
| TBD% - 10.088% (TSFR6M + 4.750%) due 01/30/2032 «~ | 1146 | 1156 |
| TBD% - 10.088% (CDOR06 + 4.750%) due 01/30/2032 «~ | 208 | 153 |
| TBD% - 10.088% (JY0003M + 5.000%) due 01/30/2032 «~ | 22250 | 143 |
| TBD% - 10.088% due 01/30/2032 «~µ | 260 | 260 |
| Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL |
| 10.000% due 12/31/2028 ~ | 24300 | 8791 |
| Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
| 6.599% - 7.723% (EUR006M + 4.500%) due 04/26/2032 ~ | 7800 | 8685 |
| 8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ | 1294 | 1214 |
| Strategic Gaming Commitment | Strategic Gaming Commitment | Strategic Gaming Commitment |
| 10.905% (TSFR3M + 7.000%) due 10/15/2030 «~ | 2200 | 2174 |
| Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
| 7.769% (EUR003M + 5.750%) due 08/14/2029 «~ | 6400 | 7559 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
| 10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | 9183 | 8893 |
| Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
| 11.125% due 03/02/2028 «~ | 31119 | 1884 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ | 21201 | 20022 |
| Unicorn BAY | Unicorn BAY | Unicorn BAY |
| 13.000% due 12/31/2026 «~ | 36004 | 4684 |
| X Corp. | X Corp. | X Corp. |
| 9.500% due 10/26/2029 ~ | 800 | 799 |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ | 10199 | 10042 |
| Total Loan Participations and Assignments<br>(Cost $282,184) | Total Loan Participations and Assignments<br>(Cost $282,184) | 281868 |
| CORPORATE BONDS & NOTES 30.3% | CORPORATE BONDS & NOTES 30.3% | CORPORATE BONDS & NOTES 30.3% |
| BANKING & FINANCE 5.7% | BANKING & FINANCE 5.7% | BANKING & FINANCE 5.7% |
| Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
| 15.460% (FHMMUSTF + 11.880%) due 06/08/2026 ~ | 300 | 313 |
| Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
| 8.500% due 11/15/2029 (i) | 4200 | 4250 |
| BOI Finance BV | BOI Finance BV | BOI Finance BV |
| 7.500% due 02/16/2027 (i) | 3600 | 4363 |
| Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
| 12.287% (GSMMUSTF + 8.702%) due 04/05/2027 ~ | 800 | 829 |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (b) | 509 | 320 |
| East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
| 12.042% (T-BILL 3MO + 8.500%) due 03/31/2032 ~ | 250 | 250 |
| 12.550% (JMMMUSTF + 8.890%) due 03/31/2026 ~ | 250 | 255 |
| Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
| 14.121% (GSMMUSTI + 10.500%) due 05/13/2031 ~ | 300 | 316 |
| 15.121% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 300 | 316 |
| 16.371% (GSMMUSTI + 12.750%) due 05/13/2031 ~ | 300 | 318 |
| Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
| 13.292% (T-BILL 1MO + 9.750%) due 01/08/2029 ~ | 420 | 420 |
| Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
| 11.292% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 250 | 260 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 65

------

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
| 3.730% (BNMMDTSC + 0.100%) due 04/22/2029 ~ | $| 27 | 15 |
| Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
| 29.042% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ |  | 250 | 288 |
| Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
| 20.814% (FHMMUSTF + 17.234%) due 06/08/2026 ~ |  | 400 | 429 |
| 26.376% (FHMMUSTF + 22.796%) due 06/08/2026 ~ |  | 400 | 438 |
| ION Platform Finance SARL | ION Platform Finance SARL | ION Platform Finance SARL | ION Platform Finance SARL |
| 6.500% due 09/30/2030 (i) | EUR | 1400 | 1596 |
| 7.875% due 05/01/2029 |  | 900 | 1076 |
| ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
| 7.875% due 09/30/2032 | $| 200 | 190 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| 4.625% due 05/01/2028 |  | 200 | 186 |
| 5.000% due 05/01/2028 (i) |  | 600 | 560 |
| 8.750% due 05/01/2029 (i) |  | 1400 | 1420 |
| 9.000% due 08/01/2029 (i) |  | 1800 | 1780 |
| 9.500% due 05/30/2029 (i) |  | 300 | 304 |
| Long Walk Reinsurance Ltd. | Long Walk Reinsurance Ltd. | Long Walk Reinsurance Ltd. | Long Walk Reinsurance Ltd. |
| 13.850% (BRMMUSDF + 10.240%) due 01/30/2031 ~ |  | 800 | 805 |
| Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
| 10.910% (JMMMUSTF + 7.250%) due 07/22/2031 ~ |  | 300 | 310 |
| Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
| 13.371% (GSMMUSTI + 9.750%) due 04/10/2033 ~ |  | 250 | 260 |
| New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
| 3.250% due 07/23/2027 (i) | EUR | 900 | 1058 |
| Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
| 14.110% (BRMMUSDF + 10.590%) due 01/07/2028 ~ | $| 300 | 316 |
| 16.860% (BRMMUSDF + 13.250%) due 01/07/2027 ~ |  | 800 | 835 |
| Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC |
| 13.026% (EUR003M + 11.000%) due 01/07/2031 «~ | EUR | 250 | 294 |
| Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
| 15.930% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | $| 1815 | 1071 |
| Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
| 6.250% due 01/14/2031 | EUR | 18731 | 4059 |
| Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
| 9.696% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | $| 250 | 262 |
| 10.766% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |  | 250 | 261 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| 6.000% due 01/15/2030 (i) |  | 8400 | 7821 |
| Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. |
| 11.292% (T-BILL 3MO + 7.750%) due 06/07/2028 ~ |  | 250 | 250 |
| Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
| 11.121% (GSMMUSTI + 7.500%) due 02/22/2028 ~ |  | 400 | 408 |
| 12.910% (JMMMUSTF + 9.250%) due 12/07/2028 ~ |  | 900 | 936 |
| Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
| 16.240% (BRMMUSDF + 12.630%) due 03/10/2031 ~ |  | 700 | 711 |
| Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
| 15.320% (BNMMDTSC + 11.690%) due 02/26/2031 ~ |  | 700 | 742 |
|  |  |  | 40891 |
| INDUSTRIALS 21.1% | INDUSTRIALS 21.1% | INDUSTRIALS 21.1% | INDUSTRIALS 21.1% |
| Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
| 10.000% due 01/15/2033 |  | 3520 | 3233 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Altice France SA | Altice France SA | Altice France SA |
| 4.750% due 10/15/2030 | 2772 | 3072 |
| 6.500% due 04/15/2032 (i) | 1864 | 1788 |
| 6.875% due 10/15/2030 (i) | 832 | 808 |
| 6.875% due 07/15/2032 (i) | 1601 | 1537 |
| 9.500% due 11/01/2029 (i) | 1008 | 1041 |
| ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
| 10.500% due 03/30/2029 (i) | 5100 | 6264 |
| 12.250% due 03/30/2029 (i) | 3150 | 3362 |
| APLD ComputeCo LLC | APLD ComputeCo LLC | APLD ComputeCo LLC |
| 9.250% due 12/15/2030 (i) | 250 | 245 |
| Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
| 10.000% due 03/31/2029 (i) | 3800 | 3540 |
| 10.375% due 03/31/2029 (i) | 1600 | 1974 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (i) | 14050 | 14857 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| 8.000% due 06/15/2029 (i) | 2870 | 2498 |
| Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
| 7.250% due 06/15/2029 (i) | 3320 | 2818 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 5.500% due 01/15/2028 (i) | 635 | 629 |
| 7.500% due 05/15/2030 (i) | 400 | 488 |
| Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| 7.000% due 06/15/2027 (i) | 580 | 582 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
| 8.875% due 02/01/2030 (i) | 800 | 810 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.250% due 12/01/2026 | 4820 | 4678 |
| 5.750% due 12/01/2028 | 17600 | 17290 |
| 7.750% due 07/01/2026 | 2500 | 2471 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 4.625% due 11/02/2031 (i) | 1900 | 1704 |
| 7.750% due 02/01/2032 (i) | 12800 | 13189 |
| 8.375% due 01/19/2036 (i) | 240 | 247 |
| 8.875% due 01/13/2033 (i) | 500 | 534 |
| EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
| 9.875% due 08/15/2030 (i) | 1100 | 1099 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| 9.625% due 07/15/2032 | 400 | 415 |
| Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
| 0.500% due 01/31/2030 «(b) | 2546 | 2546 |
| Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
| 6.000% due 01/30/2033 «(h) | 1799 | 2807 |
| INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
| 7.250% due 03/31/2031 (i) | 500 | 509 |
| JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| 9.875% due 09/20/2031 (i) | 2202 | 2220 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750% due 12/31/2030 (i) | 5000 | 4392 |
| 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)(i) | 3280 | 3472 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 | 1800 | 1811 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 3878 | 2880 |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 7.500% due 07/17/2030 | 400 | 420 |
| Ocado Group PLC | Ocado Group PLC | Ocado Group PLC |
| 10.500% due 08/08/2029 (i) | 3900 | 5300 |
| 11.000% due 06/15/2030 (i) | 1700 | 2319 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 6.700% due 02/16/2032 (i) | 1978 | 1974 |
| 6.840% due 01/23/2030 (i) | 800 | 813 |
| 8.750% due 06/02/2029 (i) | 1489 | 1597 |
| Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| 9.375% due 09/01/2029 (i) | 1600 | 1683 |
| ProFrac Holdings II LLC | ProFrac Holdings II LLC | ProFrac Holdings II LLC |
| 10.902% (TSFR3M + 7.250%) due 01/23/2029 ~(i) | 2584 | 2642 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
| 9.750% due 10/10/2027 | 90 | 140 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| 8.250% due 05/15/2030 (i) | 4800 | 5455 |
| 9.500% due 05/15/2030 (i) | 1200 | 1199 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 10.625% due 06/28/2028 | 4470 | 3833 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 0.878% due 11/24/2027 (i) | 3200 | 3467 |
| Vale SA | Vale SA | Vale SA |
| 0.000% due 12/29/2049 ~(f) | 10300 | 771 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 9.500% due 02/01/2029 (i) | 2220 | 2302 |
| Viridien | Viridien | Viridien |
| 8.500% due 10/15/2030 (i) | 1989 | 2457 |
| 10.000% due 10/15/2030 (i) | 1262 | 1332 |
| VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
| 7.500% due 01/15/2033 | 1700 | 1724 |
| Xerox Corp. | Xerox Corp. | Xerox Corp. |
| 13.500% due 04/15/2031 | 100 | 82 |
|  |  | 151320 |
| UTILITIES 3.5% | UTILITIES 3.5% | UTILITIES 3.5% |
| Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
| 0.010% due 12/31/2099 « | 15 | 244 |
| OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) |
| 10.000% due 06/30/2027 (b) | 17124 | 7620 |
| OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) |
| 8.500% due 12/31/2028 (b) | 35764 | 425 |
| Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
| 5.375% due 03/22/2030 (i) | 7938 | 7693 |
| Petersen Claim Units | Petersen Claim Units | Petersen Claim Units |
| 1.000% due 12/31/2099 «(h) | 28 | 818 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| 6.500% due 02/15/2029 (i) | 7325 | 7042 |
| 8.625% due 06/15/2032 (i) | 1200 | 1183 |
|  |  | 25025 |
| Total Corporate Bonds & Notes<br>(Cost $252,906) | Total Corporate Bonds & Notes<br>(Cost $252,906) | 217236 |
| CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 2.375% due 11/15/2028 | 1200 | 1380 |
| Total Convertible Bonds & Notes (Cost $1,343) | Total Convertible Bonds & Notes (Cost $1,343) | 1380 |
| U.S. GOVERNMENT AGENCIES 6.8% | U.S. GOVERNMENT AGENCIES 6.8% | U.S. GOVERNMENT AGENCIES 6.8% |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| 4.500% due 02/25/2059 - 11/25/2061 ~(i) | 14677 | 13965 |
| 4.750% due 08/25/2058 ~(i) | 7888 | 7708 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| 10.974% due 01/25/2042 •(i) | 2000 | 2107 |
| 11.374% due 10/25/2041 •(i) | 7400 | 7730 |
| 11.674% due 11/25/2041 •(i) | 6229 | 6550 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 9.874% due 10/25/2041 •(i) | 4755 | 4912 |
| 13.374% due 03/25/2042 •(i) | 5200 | 5670 |
| Total U.S. Government Agencies (Cost $46,850) | Total U.S. Government Agencies (Cost $46,850) | 48642 |
| U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 (m) | 386 | 390 |

---

66 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (k)(m) | 724 | 729 |
| Total U.S. Treasury Obligations (Cost $1,138) | Total U.S. Treasury Obligations (Cost $1,138) | 1119 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 29.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 29.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 29.1% |
| 225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
| 4.649% due 02/10/2036 ~(i) | 14239 | 13162 |
| 245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
| 3.657% due 06/05/2037 ~(i) | 2680 | 2592 |
| Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
| 7.023% due 04/15/2035 •(i) | 14536 | 14461 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| 6.500% due 07/25/2047 | 825 | 642 |
| BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
| 4.563% due 08/10/2033 ~(i) | 5370 | 3924 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| 3.688% due 02/15/2053 ~(i) | 4785 | 2941 |
| BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
| 0.626% due 11/27/2036 •(i) | 38346 | 8412 |
| 3.777% due 04/25/2038 ~(i) | 2885 | 2249 |
| BCP Trust | BCP Trust | BCP Trust |
| 7.503% due 06/15/2038 •(i) | 5500 | 292 |
| Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
| 7.315% due 03/15/2036 •(i) | 6750 | 1441 |
| 8.315% due 03/15/2036 •(i) | 2500 | 350 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| 3.269% due 02/17/2055 ~(i) | 9615 | 9022 |
| 3.939% due 02/17/2055 ~(i) | 11000 | 8152 |
| BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
| 9.251% due 02/15/2037 •(i) | 8800 | 366 |
| 10.251% due 02/15/2037 •  | 1500 | 31 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 6.500% due 01/25/2038 (i) | 13822 | 5868 |
| CLNY Trust | CLNY Trust | CLNY Trust |
| 6.174% due 11/15/2038 •(i) | 2300 | 2171 |
| 6.870% due 11/15/2038 •(i) | 3400 | 3013 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| 6.994% due 07/15/2032 •(i) | 12000 | 11966 |
| DOLP Trust | DOLP Trust | DOLP Trust |
| 3.704% due 05/10/2041 ~(i) | 14250 | 10658 |
| GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
| 3.468% due 11/26/2037 (i) | 11522 | 10973 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| 6.098% due 12/15/2031 •(i) | 5025 | 4903 |
| 6.305% due 06/15/2038 •(i) | 3276 | 2756 |
| 6.965% due 03/15/2036 •(i) | 2000 | 1022 |
| 7.505% due 06/15/2038 •  | 250 | 164 |
| 7.715% due 03/15/2036 •(i) | 19256 | 7725 |
| 8.715% due 03/15/2036 •  | 1325 | 202 |
| MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
| 2.718% due 12/15/2036 (i) | 16198 | 9478 |
| New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
| 6.487% due 04/15/2032 •(i) | 12700 | 12594 |
| New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| 3.832% due 11/25/2059 ~(i) | 15500 | 9146 |
| Project Cashmere | Project Cashmere | Project Cashmere |
| 0.000% due 12/30/2057 «(a) | 6100 | 4071 |
| 7.563% due 12/30/2057 «(a) | 2400 | 1602 |
| 8.643% due 12/30/2057 «(a) | 2700 | 1802 |
| SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
| 6.264% due 05/15/2038 •  | 340 | 339 |
| 6.764% due 05/15/2038 •(i) | 6500 | 6457 |
| Stratton Hawksmoor PLC | Stratton Hawksmoor PLC | Stratton Hawksmoor PLC |
| 5.834% due 02/25/2053 •(i) | 3800 | 5100 |
| 6.584% due 02/25/2053 •(i) | 8379 | 11246 |
| Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
| 3.369% due 10/10/2040 •(i) | 2640 | 2783 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| 4.746% due 10/25/2045 •(i) | 7242 | 6397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 4.928% due 12/15/2039 ~(i) | $| 8600 | 8041 |
| Total Non-Agency Mortgage-Backed Securities (Cost $258,228) | Total Non-Agency Mortgage-Backed Securities (Cost $258,228) | Total Non-Agency Mortgage-Backed Securities (Cost $258,228) | 208514 |
| ASSET-BACKED SECURITIES 29.0% | ASSET-BACKED SECURITIES 29.0% | ASSET-BACKED SECURITIES 29.0% | ASSET-BACKED SECURITIES 29.0% |
| AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% |
| Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
| 0.000% due 06/15/2029 « |  | 25 | 0 |
| Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
| 7.762% due 06/15/2032 |  | 651 | 663 |
| 10.171% due 06/15/2032 |  | 844 | 870 |
| 13.030% due 06/15/2032 |  | 977 | 1020 |
|  |  |  | 2553 |
| AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% |
| CPS Auto Securitization Trust | CPS Auto Securitization Trust | CPS Auto Securitization Trust | CPS Auto Securitization Trust |
| 11.000% due 06/16/2032 « |  | 4886 | 4963 |
| HOME EQUITY OTHER 18.9% | HOME EQUITY OTHER 18.9% | HOME EQUITY OTHER 18.9% | HOME EQUITY OTHER 18.9% |
| ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
| 4.266% due 04/25/2036 •(i) |  | 24347 | 19521 |
| 4.286% due 08/25/2036 •(i) |  | 20712 | 4717 |
| Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
| 4.821% due 06/25/2035 •(i) |  | 4500 | 1396 |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 4.896% due 07/25/2034 •(i) |  | 3718 | 3985 |
| BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
| 4.136% due 05/25/2037 •(i) |  | 16250 | 14165 |
| Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
| 4.106% due 06/25/2047 •(i) |  | 15224 | 12735 |
| 4.221% due 06/25/2047 •(i) |  | 10582 | 9561 |
| 4.816% due 08/25/2047 •(i) |  | 2000 | 1788 |
| GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
| 4.266% due 05/25/2046 •(i) |  | 13965 | 12576 |
| 4.791% due 07/25/2045 •(i) |  | 15226 | 11728 |
| Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
| 4.761% due 10/25/2035 •(i) |  | 11200 | 9924 |
| HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
| 4.656% due 12/25/2035 •(i) |  | 13243 | 10431 |
| Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
| 5.421% due 02/25/2035 •(i) |  | 10308 | 9509 |
| Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
| 4.896% due 04/25/2036 •(i) |  | 5986 | 5231 |
| Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
| 4.136% due 01/25/2047 •(i) |  | 1712 | 1648 |
| 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 |
| 5.271% due 02/25/2036 •(i) |  | 6876 | 6629 |
|  |  |  | 135544 |
| WHOLE LOAN COLLATERAL 3.0% | WHOLE LOAN COLLATERAL 3.0% | WHOLE LOAN COLLATERAL 3.0% | WHOLE LOAN COLLATERAL 3.0% |
| First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
| 4.156% due 10/25/2036 •(i) |  | 14884 | 12550 |
| Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
| 4.446% due 11/25/2035 •(i) |  | 5148 | 4480 |
| Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
| 5.646% due 12/25/2035 •(i) |  | 4749 | 4635 |
|  |  |  | 21665 |
| OTHER ABS 6.0% | OTHER ABS 6.0% | OTHER ABS 6.0% | OTHER ABS 6.0% |
| College Avenue Student Loans Trust | College Avenue Student Loans Trust | College Avenue Student Loans Trust | College Avenue Student Loans Trust |
| 0.000% due 06/25/2054 « |  | 5 | 2786 |
| 8.660% due 06/25/2054 |  | 914 | 976 |
| Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP |
| 7.740% due 01/25/2052 | CAD | 5400 | 3863 |
| Deer Park CLO DAC | Deer Park CLO DAC | Deer Park CLO DAC | Deer Park CLO DAC |
| 0.000% due 10/15/2034 ~ | EUR | 4000 | 2331 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Duke Funding VI Ltd. | Duke Funding VI Ltd. | Duke Funding VI Ltd. |
| 7.750% due 04/08/2039 •(i) | 125567 | 9719 |
| LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
| 0.000% due 04/15/2028 « | 7600 | 993 |
| 0.000% due 05/15/2028 | 7554 | 993 |
| RR 1 LLC | RR 1 LLC | RR 1 LLC |
| 0.000% due 07/15/2117 ~ | 3200 | 426 |
| RR 17 Ltd. | RR 17 Ltd. | RR 17 Ltd. |
| 0.000% due 07/15/2034 ~ | 4000 | 1779 |
| RR 7 Ltd. | RR 7 Ltd. | RR 7 Ltd. |
| 0.000% due 01/15/2120 ~ | 14600 | 3807 |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| 0.000% due 11/16/2054 « | 9 | 6960 |
| 0.000% due 02/16/2055 « | 5 | 4758 |
| Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
| 7.410% due 09/20/2035 | 3500 | 3475 |
|  |  | 42866 |
| Total Asset-Backed Securities<br>(Cost $249,182) | Total Asset-Backed Securities<br>(Cost $249,182) | 207591 |
| SOVEREIGN ISSUES 6.4% | SOVEREIGN ISSUES 6.4% | SOVEREIGN ISSUES 6.4% |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| 8.000% due 11/26/2029 | 700 | 684 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| 0.750% due 07/09/2030 þ | 560 | 479 |
| 3.500% due 07/09/2041 þ | 1700 | 1180 |
| 4.125% due 07/09/2035 þ | 1100 | 821 |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| 6.000% due 10/25/2027 | 1578 | 1522 |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 10.500% due 03/15/2037 (i) | 427900 | 7297 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 0.000% due 07/31/2030 (e)(i) | 2700 | 2314 |
| 6.900% due 07/31/2030 þ(i) | 4100 | 4067 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 6.375% due 04/11/2031 (i) | 1000 | 1209 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 5.875% due 07/11/2032 (i) | 5600 | 6869 |
| 6.250% due 09/10/2034 | 5500 | 6792 |
| Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
| 5.625% due 04/04/2042 | 8800 | 6160 |
| 5.875% due 09/16/2043 | 200 | 137 |
| Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| 38.324% (BISTREFI + 0.000%) due 09/06/2028 ~ | 240100 | 5587 |
| 39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ | 27900 | 649 |
| Total Sovereign Issues (Cost $39,909) | Total Sovereign Issues (Cost $39,909) | 45767 |
|  | SHARES |  |
| COMMON STOCKS 7.1% | COMMON STOCKS 7.1% | COMMON STOCKS 7.1% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| Steinhoff International Holdings NV «(c)(h) | 39030044 | 0 |
| West Marine «(c)(h) | 8371 | 53 |
|  |  | 53 |
| FINANCIALS 1.6% | FINANCIALS 1.6% | FINANCIALS 1.6% |
| Banca Monte dei Paschi di Siena SpA | 1073500 | 11430 |
| HEALTH CARE 4.5% | HEALTH CARE 4.5% | HEALTH CARE 4.5% |
| AmSurg Corp. «(c)(h) | 718727 | 32281 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 67

------

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% |
| Incora New Equity «(c)(h) | 80167 | $— | 3105 |
| Luxco Co. Ltd. «(c)(h) | 214398 |  | 3782 |
|  |  |  | 6887 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
| MNSN Holdings, Inc. «(c)(h) | 3863 |  | 193 |
| Total Common Stocks (Cost $39,960) | Total Common Stocks (Cost $39,960) |  | 50844 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| West Marine - Exp. 09/08/2028 « | 14259 |  | 0 |
| Total Warrants (Cost $0) |  |  | 0 |
| PREFERRED SECURITIES 5.9% | PREFERRED SECURITIES 5.9% | PREFERRED SECURITIES 5.9% | PREFERRED SECURITIES 5.9% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
| ADLER Group SA « | 3298852 |  | 0 |
| INDUSTRIALS 5.9% | INDUSTRIALS 5.9% | INDUSTRIALS 5.9% | INDUSTRIALS 5.9% |
| Atlas Re Ltd. « | 59 |  | 5947 |
| Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. |
| 0.000% «(h) | 12441 |  | 239 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| Mustang Express Ltd. | Mustang Express Ltd. | Mustang Express Ltd. |
| 0.000% « | 21186 | 21400 |
| SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
| 0.000% due 11/07/2032 (e) | 19600 | 3 |
| 11.000% due 11/07/2032 | 4403 | 2098 |
| Syniverse Holdings, Inc. «(h) | 12788269 | 12409 |
|  |  | 42096 |
| Total Preferred Securities (Cost $42,612) | Total Preferred Securities (Cost $42,612) | 42096 |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
| 3.850% (g) | 118413 | 119 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% |
| 3.766% due 01/08/2026 - 04/21/2026 (d)(e)(m) | $4144 | 4119 |
| Total Short-Term Instruments<br>(Cost $4,237) | Total Short-Term Instruments<br>(Cost $4,237) | 4238 |
| Total Investments in Securities<br>(Cost $1,218,543) | Total Investments in Securities<br>(Cost $1,218,543) | 1109295 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% |
| COMMON STOCKS 0.9% | COMMON STOCKS 0.9% | COMMON STOCKS 0.9% | COMMON STOCKS 0.9% |
| AFFILIATED INVESTMENTS 0.9% | AFFILIATED INVESTMENTS 0.9% | AFFILIATED INVESTMENTS 0.9% | AFFILIATED INVESTMENTS 0.9% |
| Market Garden «(h) | 6322213 | $— | 6506 |
| Total Common Stocks (Cost $6,322) | Total Common Stocks (Cost $6,322) |  | 6506 |
| SHORT-TERM INSTRUMENTS 8.9% | SHORT-TERM INSTRUMENTS 8.9% | SHORT-TERM INSTRUMENTS 8.9% | SHORT-TERM INSTRUMENTS 8.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% |
| PIMCO Short-Term Floating NAV Portfolio III | 6562949 |  | 63930 |
| Total Short-Term Instruments<br>(Cost $63,872) | Total Short-Term Instruments<br>(Cost $63,872) |  | 63930 |
| Total Investments in Affiliates<br>(Cost $70,195) | Total Investments in Affiliates<br>(Cost $70,195) |  | 70436 |
| Total Investments 164.8%<br>(Cost $1,288,738) |  | $— | 1179731 |
| Financial Derivative<br>Instruments (j)(l) (0.3)%<br>(Cost or Premiums, net $12,512) | Financial Derivative<br>Instruments (j)(l) (0.3)%<br>(Cost or Premiums, net $12,512) |  | (2476) |
| Other Assets and Liabilities, net (64.5)% | Other Assets and Liabilities, net (64.5)% |  | (461315) |
| Net Assets 100.0% |  | $— | 715940 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| 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) When-issued security.

(b) Payment in-kind security.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Coupon represents a 7-Day Yield.

&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 |
| AmSurg Corp. | 11/02/2023 - 11/06/2023 | $30032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32281 | 4.51% |
| Clover Holdings, Inc. | 12/09/2024 - 03/10/2025 | 187 | 239 | 0.03 |
| Incora New Equity | 01/31/2025 | 3894 | 3105 | 0.44 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 11/03/2025 | 1799 | 2807 | 0.39 |
| Luxco Co. Ltd. | 10/01/2025 | 3777 | 3782 | 0.53 |
| MNSN Holdings, Inc. | 03/16/2023 - 03/29/2023 | 43 | 193 | 0.03 |
| Market Garden | 03/13/2024 | 6322 | 6506 | 0.91 |
| Petersen Claim Units 1.000% due 12/31/2099 | 12/08/2025 - 12/16/2025 | 803 | 818 | 0.11 |
| Steinhoff International Holdings NV | 06/30/2023 - 10/30/2023 | 0 | 0 | 0.00 |
| Syniverse Holdings, Inc. | 05/12/2022 - 11/30/2025 | 12622 | 12409 | 1.73 |
| West Marine | 09/12/2023 | 120 | 53 | 0.01 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62193 | 8.69% |

---

68 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date |  | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BPS | 0.000% | 11/28/2025 | TBD<sup>(2)</sup> |  | (362) | $(425) |
|  | 2.251 | 12/19/2025 | 03/18/2026 |  | (885) | (1041) |
|  | 3.880 | 12/12/2025 | TBD | (2) | $(1565) | (1569) |
|  | 4.830 | 11/13/2025 | 05/13/2026 |  | (4789) | (4823) |
|  | 4.910 | 11/13/2025 | 05/13/2026 |  | (6836) | (6884) |
|  | 4.940 | 10/23/2025 | 04/23/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49916) |
| BRC | 1.500 | 09/29/2025 | TBD | (2) | (323) | (381) |
|  | 1.500 | 10/17/2025 | TBD | (2) | (422) | (498) |
|  | 1.650 | 11/14/2025 | TBD | (2) | (451) | (531) |
|  | 2.000 | 09/25/2025 | TBD | (2) | (3460) | (4088) |
|  | 3.250 | 12/19/2025 | TBD | (2) | (100) | (135) |
|  | 3.350 | 12/19/2025 | TBD | (2) | (1857) | (2506) |
|  | 3.580 | 12/12/2025 | TBD | (2) | $(1214) | (1216) |
|  | 3.983 | 10/01/2025 | 02/02/2026 |  | (4841) | (4891) |
|  | 4.810 | 10/31/2025 | 01/30/2026 |  | (10793) | (10894) |
|  | 4.890 | 12/10/2025 | 03/10/2026 |  | (1854) | (1860) |
|  | 4.910 | 10/31/2025 | 01/30/2026 |  | (22218) | (22431) |
|  | 4.910 | 12/09/2025 | 02/09/2026 |  | (4398) | (4413) |
|  | 4.910 | 12/19/2025 | 04/20/2026 |  | (4252) | (4260) |
|  | 5.033 | 10/01/2025 | 02/02/2026 |  | (262) | (266) |
|  | 5.090 | 10/08/2025 | 01/08/2026 |  | (6246) | (6322) |
|  | 5.110 | 10/22/2025 | 01/22/2026 |  | (2187) | (2210) |
| BYR | 4.210 | 10/21/2025 | 01/21/2026 |  | (15617) | (15767) |
|  | 4.210 | 11/03/2025 | 02/03/2026 |  | (8970) | (9038) |
|  | 4.210 | 12/03/2025 | 03/03/2026 |  | (4139) | (4155) |
|  | 4.210 | 12/09/2025 | 03/03/2026 |  | (198) | (199) |
|  | 4.210 | 12/31/2025 | 01/21/2026 |  | (2271) | (2271) |
| CEW | 4.330 | 11/26/2025 | 02/26/2026 |  | (14200) | (14264) |
|  | 5.233 | 11/19/2025 | 01/20/2026 |  | (1483) | (1492) |
| DBL | 2.050 | 09/04/2025 | TBD | (2) | (2012) | (2380) |
|  | 2.170 | 12/08/2025 | TBD | (2) | (899) | (1058) |
|  | 3.900 | 12/12/2025 | TBD | (2) | $(963) | (965) |
|  | 3.950 | 12/12/2025 | TBD | (2) | (5946) | (5960) |
|  | 3.950 | 12/15/2025 | TBD | (2) | (1061) | (1063) |
|  | 4.330 | 12/12/2025 | 01/09/2026 |  | (6175) | (6191) |
|  | 4.665 | 12/19/2025 | 02/20/2026 |  | (3867) | (3874) |
|  | 4.861 | 12/08/2025 | 02/06/2026 |  | (14093) | (14140) |
|  | 4.961 | 12/08/2025 | 02/06/2026 |  | (8882) | (8912) |
|  | 5.261 | 12/08/2025 | 02/06/2026 |  | (7346) | (7373) |
| IND | 4.400 | 12/18/2025 | 03/16/2026 |  | (490) | (490) |
| JML | 1.900 | 09/04/2025 | TBD | (2) | (5632) | (6660) |
| MEI | 2.300 | 11/18/2025 | 02/18/2026 |  | (2616) | (3083) |
|  | 4.320 | 12/05/2025 | 03/04/2026 |  | (3002) | (4060) |
|  | 4.560 | 11/24/2025 | 01/26/2026 |  | (6116) | (8284) |
| MSB | 4.710 | 12/30/2025 | 06/29/2026 |  | $(2062) | (2063) |
|  | 4.760 | 11/19/2025 | 05/18/2026 |  | (475) | (478) |
|  | 4.810 | 11/05/2025 | 05/04/2026 |  | (8280) | (8350) |
|  | 4.860 | 11/05/2025 | 05/04/2026 |  | (3812) | (3845) |
|  | 4.960 | 11/05/2025 | 05/04/2026 |  | (5387) | (5434) |
| MSC | 3.250 | 12/12/2025 | 01/30/2026 |  | (2571) | (2576) |
| MYI | 2.705 | 12/05/2025 | 03/04/2026 |  | (1871) | (2203) |
|  | 3.250 | 12/19/2025 | TBD | (2) | (500) | (675) |
|  | 3.300 | 12/29/2025 | TBD | (2) | (210) | (283) |
| MZF | 4.830 | 12/17/2025 | 06/17/2026 |  | $(64008) | (64146) |
| RTA | 4.295 | 11/20/2025 | 05/20/2026 |  | (3035) | (3051) |
|  | 4.295 | 12/02/2025 | 06/02/2026 |  | (6476) | (6501) |
|  | 4.295 | 12/11/2025 | 06/11/2026 |  | (1179) | (1183) |
|  | 4.295 | 12/18/2025 | 06/18/2026 |  | (4298) | (4305) |
|  | 4.350 | 12/10/2025 | 04/09/2026 |  | (3408) | (3418) |
|  | 4.740 | 12/18/2025 | 06/18/2026 |  | (9163) | (9181) |
|  | 4.850 | 12/10/2025 | 04/09/2026 |  | (1716) | (1722) |
|  | 4.870 | 10/28/2025 | 04/28/2026 |  | (1224) | (1236) |
|  | 4.920 | 10/28/2025 | 04/28/2026 |  | (1336) | (1349) |
| SOG | 3.970 | 12/12/2025 | TBD | (2) | (5174) | (5186) |
|  | 3.990 | 12/12/2025 | TBD | (2) | (11138) | (11163) |
|  | 4.470 | 10/07/2025 | 01/07/2026 |  | (1818) | (1838) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 69

------

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | 4.470 | 10/08/2025 | 01/08/2026 |  | $(895) | $(905) |
|  | 4.710 | 12/18/2025 | 06/18/2026 |  | (1266) | (1269) |
|  | 4.810 | 11/19/2025 | 05/19/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3236) | (3257) |
|  | 4.860 | 11/07/2025 | 05/07/2026 |  | (751) | (757) |
| UBS | 2.090 | 09/25/2025 | TBD | (2) | (5614) | (6635) |
|  | 2.150 | 06/11/2025 | TBD | (2) | (240) | (286) |
|  | 2.150 | 12/23/2025 | TBD | (2) | (658) | (774) |
|  | 2.190 | 09/25/2025 | TBD | (2) | (913) | (1079) |
|  | 2.220 | 12/03/2025 | 03/03/2026 |  | (4981) | (5864) |
|  | 3.980 | 12/19/2025 | TBD | (2) | (1289) | (1740) |
|  | 4.870 | 10/23/2025 | 01/23/2026 |  | $(7951) | (8028) |
|  | 4.890 | 10/03/2025 | 01/06/2026 |  | (5418) | (5485) |
|  | 4.900 | 10/16/2025 | 04/16/2026 |  | (8456) | (8546) |
|  | 4.990 | 10/03/2025 | 01/06/2026 |  | (5921) | (5996) |
|  | 5.020 | 10/23/2025 | 01/23/2026 |  | (4304) | (4346) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448392) |

---

#### 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 December 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 |
| BPS | $0 | $(64658) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64658) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18352 |
| BRC | 0 | (66902) | 0 | (66902) | 85320 | 18418 |
| BYR | 0 | (31430) | 0 | (31430) | 36773 | 5343 |
| CEW | 0 | (15756) | 0 | (15756) | 16964 | 1208 |
| DBL | 0 | (51916) | 0 | (51916) | 66523 | 14607 |
| IND | 0 | (490) | 0 | (490) | 534 | 44 |
| JML | 0 | (6660) | 0 | (6660) | 6264 | (396) |
| MEI | 0 | (15427) | 0 | (15427) | 19391 | 3964 |
| MSB | 0 | (20170) | 0 | (20170) | 28514 | 8344 |
| MSC | 0 | (2576) | 0 | (2576) | 3362 | 786 |
| MYI | 0 | (3161) | 0 | (3161) | 3736 | 575 |
| MZF | 0 | (64146) | 0 | (64146) | 87062 | 22916 |
| RTA | 0 | (31946) | 0 | (31946) | 38365 | 6419 |
| SOG | 0 | (24375) | 0 | (24375) | 29893 | 5518 |
| UBS | 0 | (48779) | 0 | (48779) | 63779 | 15000 |
| Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448392) | $&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 | $(23356) | $(38134) | $(56652) | $(118142) |
| U.S. Government Agencies | 0 | (5838) | (12917) | (17417) | (36172) |
| Non-Agency Mortgage-Backed Securities | 0 | (66122) | (31704) | (48109) | (145935) |
| Asset-Backed Securities | 0 | (3527) | (7373) | (111989) | (122889) |
| Sovereign Issues | 0 | (6191) | 0 | (19063) | (25254) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105034) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90128) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253230) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448392) |
| 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  | $(448392) |

---

(i) Securities with an aggregate market value of $569,789 and cash of $1,882 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(430,743) at a weighted average interest rate of 4.959%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) Open maturity reverse repurchase agreement.

(3) 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.

70 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### 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 | 18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4334) | $69 | $0 | $0 |
| 3-Month SOFR Active Contract March Futures  | 06/2026 | 16 | (3859) | 54 | 0 | 0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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>December 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>December 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 |
| Venture Global LNG, Inc. | 5.000% | Quarterly | 12/20/2030 | 4.628% | $5300 | $94 | $(8) | $86 | $14 | $0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2027 | 10.409 | 400 | (39) | (3) | (42) | 2 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2028 | 11.085 | 100 | (14) | (2) | (16) | 1 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2030 | 10.384 | 3100 | (572) | (46) | (618) | 18 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&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 | 3.750% | Annual | 09/17/2030 | 1500 | $(8) | $16 | $8 | $2 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | $2600 | 1 | 52 | 53 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2027 | 239300 | 2406 | (433) | 1973 | 0 | (127) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2028 | 84900 | 1218 | (235) | 983 | 0 | (80) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 1400 | (26) | 12 | (14) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 111900 | (1026) | (392) | (1418) | 0 | (168) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 8500 | (139) | 168 | 29 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 5250 | 102 | 196 | 298 | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 25600 | 6320 | 4111 | 10431 | 65 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 17400 | 4191 | 2735 | 6926 | 44 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 12/21/2052 | 22900 | 40 | 2874 | 2914 | 72 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 09/21/2052 | 7800 | 676 | 3976 | 4652 | 18 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 22900 | 313 | 3163 | 3476 | 14 | 0 |
|  |  |  |  |  |  | $14068 | $16243 | $30311 | $253 | $(375) |
| 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;13537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375) |

---

#### 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 December 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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(375) | $(375) |

---

(k) Securities with an aggregate market value of $611 and cash of $13,578 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025.

(1) 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.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 71

------

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
| BOA | 01/2026 | 1240 | $1464 | $6 | $0 |
|  | 01/2026 | $924 | 702 | 22 | 0 |
|  | 02/2026 | 118241 | $1856 | 5 | (4) |
| BPS | 01/2026 | 464 | 544 | 0 | (1) |
|  | 01/2026 | $1232 | 1048 | 1 | (1) |
|  | 05/2026 | 149 | 45 | 0 | (1) |
|  | 06/2026 | 107 | 33 | 0 | 0 |
|  | 07/2026 | 67 | 20 | 0 | 0 |
|  | 06/2027 | 52 | 16 | 0 | 0 |
|  | 05/2029 | 238 | $820 | 33 | 0 |
|  | 07/2029 | 17 | 60 | 2 | 0 |
|  | 05/2030 | 163 | 560 | 20 | 0 |
| BRC | 01/2026 | $1008 | 45482 | 34 | 0 |
|  | 01/2026 | 4055 | $234 | 0 | (10) |
|  | 02/2026 | $3505 | 159751 | 91 | 0 |
|  | 03/2026 | 3420 | 156437 | 41 | 0 |
| BSH | 01/2026 | 3598 | $23 | 0 | 0 |
| CBK | 01/2026 | 8823 | 136 | 0 | (3) |
|  | 01/2026 | 623 | 733 | 1 | 0 |
|  | 01/2026 | $819 | 703 | 7 | 0 |
| DUB | 01/2026 | 7226 | $415 | 0 | (21) |
| FAR | 01/2026 | 15174 | 19926 | 0 | (527) |
|  | 01/2026 | 5010 | 291 | 0 | (11) |
| GLM | 01/2026 | 115838 | 1870 | 47 | 0 |
|  | 01/2026 | 3726 | 216 | 0 | (9) |
|  | 02/2026 | 21923 | 347 | 3 | 0 |
|  | 02/2026 | $80 | 3633 | 2 | 0 |
|  | 03/2026 | 56618 | $878 | 3 | (12) |
|  | 05/2026 | 53170 | 812 | 0 | (12) |
| JPM | 01/2026 | 33004 | 4247 | 4 | 0 |
|  | 01/2026 | 1366 | 80 | 0 | (3) |
| MBC | 01/2026 | 5348 | 3800 | 0 | (99) |
|  | 01/2026 | 2511 | 2914 | 0 | (38) |
| NGF | 03/2026 | $1376 | 62897 | 15 | 0 |
| SCX | 01/2026 | 2630 | $17 | 0 | 0 |
|  | 01/2026 | $4516 | 3883 | 49 | 0 |
| SOG | 01/2026 | 115535 | $133762 | 0 | (2073) |
|  | 01/2026 | 10442 | 67 | 0 | 0 |
| UAG | 01/2026 | 7078 | 407 | 0 | (20) |
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2845) |

---

72 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2028 | 2.346 | $900 | $(174) | $141 | $0 | $(33) |
| BRC | Egypt Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 2.020 | 3000 | (520) | 436 | 0 | (84) |
|  | Egypt Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 2.215 | 800 | (171) | 140 | 0 | (31) |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 400 | (47) | 45 | 0 | (2) |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 824 | 0 | 7 | 7 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 | 0 | 13 | 13 | 0 |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 900 | (83) | 78 | 0 | (5) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 5.239 | 400 | (30) | 30 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |

---

#### TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive | Underlying Reference | 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 | Underlying Reference | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | AP Core Holdings II, LLC | 1-Day USD-SOFR Compounded-OIS | Maturity | 09/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $0 | $205 | $205 | $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;(1025) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
| BOA | $33 | $0 | $0 | $33 | $(4) | $0 | $0 | $(4) | $29 | $0 | $29 |
| BPS | 56 | 0 | 205 | 261 | (3) | 0 | (33) | (36) | 225 | 0 | 225 |
| BRC | 166 | 0 | 0 | 166 | (10) | 0 | (115) | (125) | 41 | 0 | 41 |
| CBK | 8 | 0 | 0 | 8 | (3) | 0 | (2) | (5) | 3 | 0 | 3 |
| DUB | 0 | 0 | 20 | 20 | (21) | 0 | 0 | (21) | (1) | 0 | (1) |
| FAR | 0 | 0 | 0 | 0 | (538) | 0 | 0 | (538) | (538) | 343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) |
| GLM | 55 | 0 | 0 | 55 | (33) | 0 | 0 | (33) | 22 | 0 | 22 |
| GST | 0 | 0 | 0 | 0 | 0 | 0 | (5) | (5) | (5) | 0 | (5) |
| JPM | 4 | 0 | 0 | 4 | (3) | 0 | 0 | (3) | 1 | 0 | 1 |
| MBC | 0 | 0 | 0 | 0 | (137) | 0 | 0 | (137) | (137) | 0 | (137) |
| NGF | 15 | 0 | 0 | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 15 |
| SCX | 49 | 0 | 0 | 49 | 0 | 0 | 0 | 0 | 49 | 0 | 49 |
| SOG | 0 | 0 | 0 | 0 | (2073) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | 259 |
| UAG | 0 | 0 | 0 | 0 | (20) | 0 | 0 | (20) | (20) | 0 | (20) |
| Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2845) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | $(3000) |  |  |  |

---

(m) Securities with an aggregate market value of $2,675 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(1) 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.

(2) 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.

(3) 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 SEMIANNUAL REPORT \| DECEMBER 31, 2025 73

------

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives 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 Statements of Assets and Liabilities as of December 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;Swap Agreements  | $0 | $35 | $0 | $0 | $253 | $288 |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $386 | $0 | $386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 225 | 0 | 0 | 0 | 225 |
|  | $0 | $225 | $0 | $386 | $0 | $611 |
|  | $0 | $260 | $0 | $386 | $253 | $899 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | $0 | $0 | $0 | $0 | $375 | $375 |
| 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 | $2845 | $0 | $2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 155 | 0 | 0 | 0 | 155 |
|  | $0 | $155 | $0 | $2845 | $0 | $3000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
| Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-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 | $110 | $110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 21 | 0 | 0 | (1758) | (1737) |
|  | $0 | $21 | $0 | $0 | $(1648) | $(1627) |
| 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 | $159 | $0 | $159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 301 | 0 | 0 | 8 | 309 |
|  | $0 | $301 | $0 | $159 | $8 | $468 |
|  | $0 | $322 | $0 | $159 | $(1640) | $(1159) |
| 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 | $(197) | $(197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | (60) | 0 | 0 | 4564 | 4504 |
|  | $0 | $(60) | $0 | $0 | $4367 | $4307 |
| 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 | $2427 | $0 | $2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 925 | 0 | 0 | 206 | 1131 |
|  | $0 | $925 | $0 | $2427 | $206 | $3558 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7865 |

---

74 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $189290 | $92578 | $281868 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 40597 | 294 | 40891 |
| &nbsp;&nbsp;Industrials | 0 | 145967 | 5353 | 151320 |
| &nbsp;&nbsp;Utilities | 0 | 23963 | 1062 | 25025 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Industrials | 0 | 1380 | 0 | 1380 |
| U.S. Government Agencies | 0 | 48642 | 0 | 48642 |
| U.S. Treasury Obligations | 0 | 1119 | 0 | 1119 |
| Non-Agency Mortgage-Backed Securities | 0 | 201039 | 7475 | 208514 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Automobile ABS Other | 0 | 2553 | 0 | 2553 |
| &nbsp;&nbsp;Automobile Sequential | 0 | 0 | 4963 | 4963 |
| &nbsp;&nbsp;Home Equity Other | 0 | 135544 | 0 | 135544 |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 21665 | 0 | 21665 |
| &nbsp;&nbsp;Other ABS | 0 | 27369 | 15497 | 42866 |
| Sovereign Issues | 0 | 45767 | 0 | 45767 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Consumer Discretionary | 0 | 0 | 53 | 53 |
| &nbsp;&nbsp;Financials | 0 | 11430 | 0 | 11430 |
| &nbsp;&nbsp;Health Care | 0 | 0 | 32281 | 32281 |
| &nbsp;&nbsp;Industrials | 0 | 0 | 6887 | 6887 |
| &nbsp;&nbsp;Real Estate | 0 | 0 | 193 | 193 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Industrials | 0 | 2101 | 39995 | 42096 |
| Loan Participations and Assignments | 0 | 0 | 0 | 0 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Mutual Funds | 0 | 119 | 0 | 119 |
| &nbsp;&nbsp;U.S. Treasury Bills | 0 | 4119 | 0 | 4119 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $0 | $0 | $6506 | $6506 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Central Funds Used for Cash Management Purposes | 63930 | 0 | 0 | 63930 |
|  | $63930 | $0 | $6506 | $70436 |
| Total Investments | $63930 | $902664 | $213137 | $1179731 |
| 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 |
| Loan Participations and Assignments | $0 | $0 | $0 | $0 |
| 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 | 288 | 0 | 288 |
| Over the counter | 0 | 591 | 20 | 611 |
|  | $0 | $879 | $20 | $899 |
| 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 | (375) | 0 | (375) |
| Over the counter | 0 | (3000) | 0 | (3000) |
|  | $0 | $(3375) | $0 | $(3375) |
| Total Financial Derivative Instruments | $0 | $(2496) | $20 | $(2476) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177255 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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 |  |  |  |  |  |  |
| Loan Participations and Assignments | $69500 | $5317 | $(9839) | $187 | $25 | $(182) | $29569 | $(1999) | $92578 | $(117) |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Banking & Finance | 58 | 294 | (55) | 0 | 0 | (3) | 0 | 0 | 294 | 0 |
| &nbsp;&nbsp;Industrials | 7749 | 238 | (4118) | 82 | 0 | 1402 | 0 | 0 | 5353 | 343 |
| &nbsp;&nbsp;Utilities | 0 | 976 | 0 | (1) | 0 | 87 | 0 | 0 | 1062 | 87 |
| Non-Agency Mortgage-Backed Securities | 0 | 7324 | 0 | 0 | 0 | 151 | 0 | 0 | 7475 | 151 |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Automobile Sequential | 5082 | 0 | (114) | 0 | 0 | (5) | 0 | 0 | 4963 | (3) |
| &nbsp;&nbsp;Other ABS | 16763 | 0 | 0 | 0 | 0 | (272) | 0 | (994) | 15497 | (279) |
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Consumer Discretionary | 53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53 | 0 |
| &nbsp;&nbsp;Health Care | 32448 | 0 | 0 | 0 | 0 | (167) | 0 | 0 | 32281 | (167) |
| &nbsp;&nbsp;Industrials | 2709 | 3776 | 0 | 0 | 0 | 402 | 0 | 0 | 6887 | 402 |
| &nbsp;&nbsp;Real Estate<sup>(3)</sup> | 16 | 0 | 0 | 0 | 0 | 177 | 0 | 0 | 193 | 177 |
| Preferred Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Industrials | 17611 | 22151 | 0 | 0 | 0 | 233 | 0 | 0 | 39995 | 233 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2993) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 75

------

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
| Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates |  |  |  |  |  |  |  |
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Affiliated Investments | $9950 | $0 | $(3786) | $0 | $0 | $342 | $0 | $0 | $6506 | $283 |
| Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |
| Over the counter | $24 | $0 | $(6) | $0 | $0 | $2 | $0 | $0 | $20 | $2 |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17918) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2993) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |

---

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<br>and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category<br>and Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14345 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
|  | 36057 | Discounted Cash Flow | Discount Rate |  | 4.814-22.746 | 8.184 |
|  | 4684 | Indicative Market Quotation | Broker Quote |  | 101.250 |  |
|  | 37492 | Third Party Vendor | Broker Quote |  | 100.250-122.000 | 117.454 |
| Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | 294 | Recent Transaction | Purchase price |  | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5353 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 244 | Indicative Market Quotation | Broker Quote |  | 14.125 |  |
|  | 818 | Recent Transaction | Purchase Price |  | 2920.000 |  |
| Non-Agency Mortgage-Backed Securities | 7475 | Recent Transaction | Purchase Price |  | 100.000 |  |
| Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile Sequential | 4963 | Discounted Cash Flow | Discount Rate |  | 10.420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS | 15497 | Discounted Cash Flow | Discount Rate |  | 12.000-15.000 | 13.173 |
| Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 53 | Comparable Companies / Discounted Cash Flow | Revenue Multiple/Discount Rate |  | 0.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 32281 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3105 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000 |  |
|  | 3782 | Indicative Market Quotation | Broker Quote |  | 15.012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 193 | Other Valuation Techniques<sup>(4)</sup> |  | $— |  |  |
| Preferred Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 239 | Comparable Companies | Revenue/ EBITDA Multiple |  | 4.625/18.00 |  |
|  | 12409 | Discounted Cash Flow | Discount Rate |  | 14.350 |  |
|  | 21400 | Recent Transaction | Purchase Price | $— | 100.000-1,052.632 | 290.526 |
|  | 5947 | Sum Of The Parts | Discount Rate |  | 3.718 |  |
| Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | 6506 | Sum Of The Parts | Discount rate/mortality assumption |  | 15.323/2015<br>ANB VBT<br>Mortality Table |  |

---

76 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | 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 |
| Over the counter | $20 | Indicative Market Quotation | Broker Quote | 0.497-0.524 | 0.514 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213157 |  |  |  |  |

---

(1) 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.

(2) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) Sector type updated from Financials to Real Estate since prior fiscal year end.

(4) 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 SEMIANNUAL REPORT \| DECEMBER 31, 2025 77

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### (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 134.6% | INVESTMENTS IN SECURITIES 134.6% | INVESTMENTS IN SECURITIES 134.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 36.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 36.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 36.2% |
| Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
| 7.223% due 12/18/2029 «~ | 30300 | 30519 |
| Altice France SA | Altice France SA | Altice France SA |
| 6.391% - 7.966% (EUR003M + 4.375%) due 04/30/2028 ~ | 154 | 179 |
| 6.391% - 7.966% (EUR003M + 4.375%) due 10/30/2028 ~ | 2767 | 3224 |
| 6.391% - 7.966% (TSFR3M + 4.125%) due 04/30/2028 ~ | 1536 | 1522 |
| 8.891% (EUR003M + 6.875%) due 05/31/2031 ~ | 1150 | 1354 |
| 6.391% - 7.966% (TSFR3M + 5.063%) due 10/30/2028 ~ | 18300 | 18123 |
| 10.860% (TSFR3M + 6.875%) due 05/31/2031 ~ | 68568 | 68640 |
| AP Core Holdings II LLC | AP Core Holdings II LLC | AP Core Holdings II LLC |
| 9.331% (TSFR1M + 5.500%) due 09/01/2027 ~ | 2756 | 2759 |
| Aston XLN Topco Ltd. | Aston XLN Topco Ltd. | Aston XLN Topco Ltd. |
| 10.088% due 07/30/2032 «~ | 12658 | 16747 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 9.966% (TSFR1M + 6.250%) due 10/08/2030 ~ | 29236 | 28629 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 93873 | 79820 |
| Cerba Healthcare SAS | Cerba Healthcare SAS | Cerba Healthcare SAS |
| 5.762% - 9.331% (EUR006M + 3.700%) due 06/30/2028 ~ | 15900 | 13880 |
| 6.012% - 8.831% (EUR006M + 3.950%) due 02/16/2029 ~ | 10450 | 9097 |
| 6.012% - 8.831% (EUR006M + 5.450%) due 02/16/2029 ~ | 1100 | 960 |
| Circor International, Inc. | Circor International, Inc. | Circor International, Inc. |
| TBD% - 10.088% due 06/20/2029 «~µ | 1066 | 1094 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
| 0.250% - 10.448% due 12/10/2029 ~ | 6575 | 6519 |
| Comexposium | Comexposium | Comexposium |
| TBD% due 03/28/2026 « | 83116 | 119167 |
| 1.138% - 9.868% due 10/16/2031 «~ | 6310 | 9047 |
| Coreweave Compute Acquisition Co. II LLC | Coreweave Compute Acquisition Co. II LLC | Coreweave Compute Acquisition Co. II LLC |
| 13.292% (TSFR3M + 9.620%) due 07/31/2028 «~ | 15862 | 16542 |
| Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
| 9.672% (TSFR3M + 6.000%) due 05/16/2029 «~ | 52495 | 54270 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| TBD% due 01/03/2031 ~µ | 2809 | 2858 |
| TBD% due 01/05/2032 «µ | 2809 | 2816 |
| TBD% (TSFR1M + 4.500%) due 01/03/2031 ~ | 12691 | 12913 |
| Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
| 0.500% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~µ | 1364 | 1361 |
| 0.500% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~ | 13642 | 13517 |
| Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
| TBD% - 19.000% due 11/30/2026 «~µ | 1354 | 1313 |
| Envalior Finance GmbH | Envalior Finance GmbH | Envalior Finance GmbH |
| 7.566% (EUR003M + 5.500%) due 03/29/2030 ~ | 16200 | 18634 |
| 9.340% (TSFR3M + 5.500%) due 04/01/2030 ~ | 68754 | 64235 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 11.862% (TSFR3M + 7.875%) due 07/20/2026 «~ | 16223 | 16223 |
| 11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 117292 | 120811 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Espai Barca Fondo De Titulizacion | Espai Barca Fondo De Titulizacion | Espai Barca Fondo De Titulizacion |
| TBD% - 11.862% (EUR006M + 0.000%) due 06/30/2028 «~ | 23363 | 30455 |
| Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
| 10.973% (TSFR3M + 7.250%) due 09/13/2029 ~ | 382 | 385 |
| Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
| 8.338% (TSFR3M + 4.500%) due 12/19/2030 ~ | 78209 | 77823 |
| Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) |
| 5.840% (TSFR3M + 2.000%) due 07/31/2030 ~ | 53813 | 51910 |
| Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
| 9.951% (TSFR3M + 6.250%) due 12/18/2030 ~ | 67477 | 67702 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| 9.123% (TSFR1M + 5.250%) due 06/04/2029 ~ | 243 | 244 |
| Harp Finco Ltd. | Harp Finco Ltd. | Harp Finco Ltd. |
| 8.723% due 03/27/2032 «~ | 19324 | 25578 |
| Houghton Mifflin Harcourt Publishing Co. | Houghton Mifflin Harcourt Publishing Co. | Houghton Mifflin Harcourt Publishing Co. |
| TBD% due 04/09/2029 | 3097 | 2741 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 9.606% (TSFR1M + 5.775%) due 05/01/2029 ~ | 15009 | 13782 |
| INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
| 6.966% - 7.384% (TSFR1M + 3.250%) due 02/18/2030 ~ | 32073 | 26110 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| 8.639% (TSFR3M + 4.750%) due 06/01/2029 ~ | 88693 | 74142 |
| 9.639% (TSFR3M + 5.750%) due 06/01/2029 ~ | 11883 | 12297 |
| J&J Ventures Gaming LLC | J&J Ventures Gaming LLC | J&J Ventures Gaming LLC |
| 8.831% (TSFR1M + 5.000%) due 04/26/2028 «~ | 9276 | 9369 |
| Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
| 6.831% - 7.566% (TSFR1M + 3.000%) due 06/30/2027 «~ | 385 | 324 |
| Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) | Lealand Finance Co. BV (7.830% Cash) |
| 7.831% (TSFR1M + 4.000%) due 12/31/2027 ~ | 6609 | 5166 |
| McAfee LLC | McAfee LLC | McAfee LLC |
| 6.716% - 7.672% (TSFR1M + 3.000%) due 03/01/2029 ~ | 3990 | 3695 |
| Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
| 19.000% due 04/03/2026 «~(d) | 17815 | 937 |
| MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
| 7.966% (TSFR1M + 4.250%) due 12/31/2031 ~ | 4950 | 4259 |
| Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
| 7.172% - 7.216% (TSFR3M + 3.500%) due 11/12/2029 ~ | 9962 | 8860 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 7.590% (TSFR3M + 3.750%) due 12/31/2030 ~ | 1002 | 1006 |
| 8.702% (TSFR3M + 4.600%) due 12/31/2030 ~ | 36326 | 34237 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
| 7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 67686 | 54782 |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 5819 | 5488 |
| OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
| 9.719% due 11/28/2031 ~ | 19450 | 26275 |
| Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
| 8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 29620 | 26163 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 170696 | 158778 |
| Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
| 6.066% - 8.702% (EUR003M + 4.000%) due 06/02/2028 ~ | 30550 | 34187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 6.066% - 8.702% (TSFR3M + 3.750%) due 06/02/2028 ~ | $— | 71087 | $— | 68715 |
| Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU | Poseidon Bidco SASU |
| 7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ |  | 90260 |  | 38338 |
| Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. |
| 6.922% - 7.437% (TSFR3M + 3.250%) due 10/26/2030 ~ | $— | 6 |  | 6 |
| Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
| 5.185% - 9.488% (EUR001M + 3.250%) due 04/17/2026 «~ |  | 9888 |  | 11379 |
| Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA |
| 7.230% (EUR003M + 5.220%) due 06/29/2029 ~ |  | 9802 |  | 11577 |
| 7.480% (EUR003M + 5.470%) due 12/31/2029 ~ |  | 147517 |  | 170491 |
| Puris LLC | Puris LLC | Puris LLC | Puris LLC | Puris LLC |
| 9.436% (TSFR3M + 5.750%) due 06/30/2031 «~ | $— | 14991 |  | 14143 |
| QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
| 7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ |  | 4190 |  | 4193 |
| Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
| 9.186% (PRIME + 5.400%) due 04/05/2028 «~ |  | 4167 |  | 4126 |
| Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II | Softbank Vision Fund II |
| 7.322% (TSFR3M + 3.650%) due 04/25/2029 «~ |  | 29385 |  | 29517 |
| Spruce Bidco II, Inc. | Spruce Bidco II, Inc. | Spruce Bidco II, Inc. | Spruce Bidco II, Inc. | Spruce Bidco II, Inc. |
| TBD% - 10.088% due 01/30/2032 «~µ |  | 2245 |  | 2245 |
| 0.500% - 10.088% (JY0003M + 5.000%) due 01/30/2032 «~ |  | 192401 |  | 1241 |
| 0.500% - 10.088% (CDOR06 + 4.750%) due 01/30/2032 «~ |  | 1795 |  | 1319 |
| 0.500% - 10.088% (TSFR6M + 4.750%) due 01/30/2032 «~ | $— | 9914 |  | 9999 |
| Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL | Steenbok Lux Finco 2 SARL |
| 10.000% due 12/31/2028 ~ |  | 236140 |  | 84878 |
| Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
| 6.599% - 7.723% (EUR006M + 4.500%) due 04/26/2032 ~ |  | 48100 |  | 53560 |
| 8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ | $— | 43123 |  | 40463 |
| Strategic Gaming Commitment | Strategic Gaming Commitment | Strategic Gaming Commitment | Strategic Gaming Commitment | Strategic Gaming Commitment |
| 10.905% (TSFR3M + 7.000%) due 10/15/2030 «~ |  | 21000 |  | 20756 |
| Subcalidora 2 | Subcalidora 2 | Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
| 7.769% (EUR003M + 5.750%) due 08/14/2029 «~ |  | 52304 |  | 61775 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
| 10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | $— | 135130 |  | 130872 |
| Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
| 11.125% due 03/02/2028 «~ |  | 147214 |  | 8915 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| TBD% - 9.868% due 09/25/2030 «~µ | $— | 9181 |  | 9089 |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ |  | 169681 |  | 160242 |
| 1.500% - 9.868% (TSFR3M + 6.000%) due 09/25/2030 «~ |  | 73450 |  | 71981 |
| Unicorn BAY | Unicorn BAY | Unicorn BAY | Unicorn BAY | Unicorn BAY |
| 13.000% due 12/31/2026 «~ |  | 270917 |  | 35245 |
| Upfield BV | Upfield BV | Upfield BV | Upfield BV | Upfield BV |
| 8.300% due 12/31/2027 ~ | $— | 15000 |  | 14547 |
| VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
| 8.206% (TSFR3M + 4.250%) due 03/25/2027 «~ |  | 8800 |  | 8800 |
| Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
| 8.000% due 03/15/2029 «~ |  | 7231 |  | 3073 |
| X Corp. | X Corp. | X Corp. | X Corp. | X Corp. |
| 9.500% due 10/26/2029 ~ |  | 12050 |  | 12031 |

---

78 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ | $— | 99566 | 98037 |
| Total Loan Participations and Assignments (Cost $2,797,681) | Total Loan Participations and Assignments (Cost $2,797,681) | Total Loan Participations and Assignments (Cost $2,797,681) | 2675021 |
| CORPORATE BONDS & NOTES 28.6% | CORPORATE BONDS & NOTES 28.6% | CORPORATE BONDS & NOTES 28.6% | CORPORATE BONDS & NOTES 28.6% |
| BANKING & FINANCE 4.0% | BANKING & FINANCE 4.0% | BANKING & FINANCE 4.0% | BANKING & FINANCE 4.0% |
| Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
| 12.014% (FHMMUSTF + 8.434%) due 06/07/2027 ~ |  | 1250 | 1331 |
| 15.460% (FHMMUSTF + 11.880%) due 06/08/2026 ~ |  | 1300 | 1358 |
| Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
| 5.100% due 12/31/2099 (j) |  | 185 | 242 |
| Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
| 8.500% due 11/15/2029 (m) |  | 11600 | 11738 |
| Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
| 12.110% (BRMMUSDF + 8.500%) due 01/07/2032 ~ |  | 600 | 635 |
| 13.810% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |  | 500 | 538 |
| Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
| 11.962% (BNMMDTSC + 8.332%) due 04/30/2031 ~ |  | 250 | 265 |
| 22.130% (BNMMDTSC + 18.500%) due 04/30/2031 ~ |  | 250 | 277 |
| Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
| 7.080% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |  | 400 | 400 |
| 9.580% (FHMMUSTF + 6.000%) due 01/08/2029 ~ |  | 300 | 300 |
| 11.580% (FHMMUSTF + 8.000%) due 01/08/2029 ~ |  | 250 | 250 |
| BOI Finance BV | BOI Finance BV | BOI Finance BV | BOI Finance BV |
| 7.500% due 02/16/2027 (m) |  | 9000 | 10907 |
| Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. | Bonanza RE Ltd. |
| 3.542% (T-BILL 3MO + 0.000%) due 01/08/2027 ~ | $— | 1100 | 924 |
| 3.620% (MSMMUSTF + 0.000%) due 01/08/2026 ~ |  | 400 | 399 |
| Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
| 12.287% (GSMMUSTF + 8.702%) due 04/05/2027 ~ |  | 6500 | 6737 |
| Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
| 11.262% (BNMMDTSC + 7.632%) due 05/10/2031 ~ |  | 250 | 262 |
| Claveau Re Ltd. | Claveau Re Ltd. | Claveau Re Ltd. | Claveau Re Ltd. |
| 17.250% due 07/08/2028 « |  | 2721 | 0 |
| Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) | Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) | Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) | Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) |
| 10.000% due 12/31/2026 (d) |  | 297 | 323 |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (d) |  | 331 | 208 |
| Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) | Country Garden Holdings Co. Ltd. (1.000% Cash or 2.500% PIK) |
| 1.000% due 12/31/2032 «(d) | $— | 1266 | 76 |
| Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
| 9.700% due 03/05/2045 |  | 3500 | 1104 |
| Credit Suisse AG AT1 Claim | $— | 5060 | 1493 |
| East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
| 12.042% (T-BILL 3MO + 8.500%) due 03/31/2032 ~ |  | 2000 | 1999 |
| 12.550% (JMMMUSTF + 8.890%) due 03/31/2026 ~ |  | 1100 | 1120 |
| Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
| 14.121% (GSMMUSTI + 10.500%) due 05/13/2031 ~ |  | 4260 | 4491 |
| 15.121% (GSMMUSTI + 11.500%) due 05/13/2031 ~ |  | 4260 | 4492 |
| 16.371% (GSMMUSTI + 12.750%) due 05/13/2031 ~ |  | 4260 | 4522 |
| Fairfax India Holdings Corp. | Fairfax India Holdings Corp. | Fairfax India Holdings Corp. | Fairfax India Holdings Corp. |
| 5.000% due 02/26/2028 (m) |  | 12350 | 11875 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
| 13.292% (T-BILL 1MO + 9.750%) due 01/08/2029 ~ | 4300 | 4304 |
| Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
| 11.292% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 1500 | 1561 |
| Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. |
| 4.160% (JMMMUSTF + 4.500%) due 01/08/2030 ~ | 300 | 300 |
| Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
| 10.380% (BNMMDTSC + 6.750%) due 03/13/2032 ~ | 500 | 516 |
| 11.880% (BNMMDTSC + 8.250%) due 03/13/2032 ~ | 500 | 520 |
| Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
| 11.626% (T-BILL 1MO + 8.000%) due 06/06/2027 ~ | 250 | 259 |
| 13.292% (T-BILL 1MO + 9.750%) due 06/06/2027 ~ | 250 | 261 |
| 15.792% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ | 800 | 844 |
| 29.042% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ | 1400 | 1612 |
| Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
| 20.814% (FHMMUSTF + 17.234%) due 06/08/2026 ~ | 3200 | 3429 |
| 26.376% (FHMMUSTF + 22.796%) due 06/08/2026 ~ | 3200 | 3506 |
| ION Platform Finance SARL | ION Platform Finance SARL | ION Platform Finance SARL |
| 6.500% due 09/30/2030 (m) | 13400 | 15277 |
| 7.875% due 05/01/2029 (m) | 10900 | 13030 |
| ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
| 7.875% due 09/30/2032 (m) | 1800 | 1710 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| 4.625% due 05/01/2028 (m) | 1500 | 1394 |
| 5.000% due 05/01/2028 (m) | 5000 | 4663 |
| 5.750% due 05/15/2028 (m) | 800 | 755 |
| 8.750% due 05/01/2029 (m) | 13938 | 14135 |
| 9.000% due 08/01/2029 (m) | 16388 | 16207 |
| 9.500% due 05/30/2029 (m) | 2140 | 2169 |
| Long Walk Reinsurance Ltd. | Long Walk Reinsurance Ltd. | Long Walk Reinsurance Ltd. |
| 13.850% (BRMMUSDF + 10.240%) due 01/30/2031 ~ | 5800 | 5838 |
| Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
| 21.553% (GSMMUSTI + 17.932%) due 05/27/2031 ~ | 700 | 770 |
| Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
| 13.371% (GSMMUSTI + 9.750%) due 04/10/2033 ~ | 1200 | 1247 |
| 13.621% (GSMMUSTI + 10.000%) due 12/07/2030 ~ | 824 | 849 |
| New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
| 3.250% due 07/23/2027 (m) | 5800 | 6820 |
| Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
| 8.026% (EUR003M + 6.000%) due 01/17/2029 ~ | 300 | 367 |
| Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
| 11.380% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | 800 | 836 |
| 13.330% (BNMMDTSC + 9.700%) due 06/09/2031 ~ | 250 | 265 |
| Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
| 0.000% due 04/05/2032 (h)(m) | 4677 | 3612 |
| Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
| 10.542% (T-BILL 3MO + 7.000%) due 01/08/2029 ~ | 400 | 400 |
| 12.542% (T-BILL 3MO + 9.000%) due 01/08/2029 ~ | 400 | 400 |
| 14.042% (T-BILL 3MO + 10.500%) due 01/08/2029 ~ | 250 | 250 |
| 14.110% (BRMMUSDF + 10.590%) due 01/07/2028 ~ | 2300 | 2420 |
| 16.860% (BRMMUSDF + 13.250%) due 01/07/2027 ~ | 6500 | 6782 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
| 12.786% (JMMMUSTF + 9.126%) due 06/06/2031 ~ | 700 | 737 |
| Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC |
| 13.026% (EUR003M + 11.000%) due 01/07/2031 «~ | 1700 | 1998 |
| Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
| 10.050% (EUR003M + 8.000%) due 01/06/2031 ~ | 300 | 361 |
| Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
| 12.150% (BNMMDTSC + 8.520%) due 04/07/2031 ~ | 300 | 314 |
| Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
| 15.930% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | 11610 | 6850 |
| Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
| 6.250% due 01/14/2031 | 57661 | 12495 |
| Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
| 9.696% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 2200 | 2304 |
| 10.766% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 1300 | 1357 |
| 12.988% (BRMMUSDF + 9.378%) due 06/05/2031 ~ | 700 | 713 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| 6.000% due 01/15/2030 (m) | 69751 | 64948 |
| Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. |
| 8.542% (T-BILL 3MO + 5.000%) due 12/07/2029 ~ | 300 | 300 |
| 11.292% (T-BILL 3MO + 7.750%) due 06/07/2028 ~ | 2300 | 2300 |
| Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
| 11.121% (GSMMUSTI + 7.500%) due 02/22/2028 ~ | 3700 | 3773 |
| 12.910% (JMMMUSTF + 9.250%) due 12/07/2028 ~ | 6800 | 7071 |
| Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
| 8.621% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 300 | 309 |
| 16.240% (BRMMUSDF + 12.630%) due 03/10/2031 ~ | 4600 | 4672 |
| Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
| 8.500% due 05/09/2026 ^«(e) | 54427 | 0 |
| Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
| 7.236% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 302 |
| Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
| 10.130% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | 300 | 310 |
|  |  | 296688 |
| INDUSTRIALS 22.7% | INDUSTRIALS 22.7% | INDUSTRIALS 22.7% |
| Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
| 10.000% due 01/15/2033 | 18535 | 17022 |
| Altice France SA | Altice France SA | Altice France SA |
| 4.750% due 10/15/2030 | 15017 | 16638 |
| 6.500% due 04/15/2032 (m) | 28873 | 27697 |
| 6.875% due 10/15/2030 (m) | 1169 | 1135 |
| 6.875% due 07/15/2032 (m) | 13230 | 12696 |
| 7.250% due 11/01/2029 | 231 | 271 |
| 9.500% due 11/01/2029 | 16964 | 17526 |
| ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
| 10.500% due 03/30/2029 (m) | 61000 | 74927 |
| 12.250% due 03/30/2029 (m) | 31078 | 33166 |
| APLD ComputeCo LLC | APLD ComputeCo LLC | APLD ComputeCo LLC |
| 9.250% due 12/15/2030 (m) | 1002 | 984 |
| Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
| 10.000% due 03/31/2029 (m) | 46124 | 42964 |
| 10.375% due 03/31/2029 (m) | 9300 | 11474 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (m) | 138270 | 146208 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| 8.000% due 06/15/2029 (m) | 27220 | 23692 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 79

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
| 7.250% due 06/15/2029 (m) | 18470 | 15678 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 5.500% due 01/15/2028 (m) | 5941 | 5883 |
| 7.500% due 05/15/2030 (m) | 4243 | 5177 |
| 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) | 26159 | 20928 |
| Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| 7.000% due 06/15/2027 (m) | 5755 | 5772 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 9.000% due 02/01/2031 (m) | 7800 | 7159 |
| CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
| 7.507% due 01/10/2032 (m) | 1306 | 1387 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.250% due 12/01/2026 | 92615 | 89883 |
| 5.750% due 12/01/2028 | 91806 | 90188 |
| 7.750% due 07/01/2026 | 57800 | 57133 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 4.625% due 11/02/2031 (m) | 4800 | 4306 |
| 7.750% due 02/01/2032 (m) | 116310 | 119847 |
| 8.375% due 01/19/2036 (m) | 1890 | 1946 |
| 8.875% due 01/13/2033 (m) | 3500 | 3740 |
| EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
| 9.875% due 08/15/2030 (m) | 5800 | 5797 |
| Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
| 6.875% due 07/02/2029 (m) | 3000 | 3509 |
| Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
| 7.288% due 08/16/2037 | 300 | 225 |
| 8.625% due 04/28/2034 | 1081 | 892 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| 9.625% due 07/15/2032 (m) | 5500 | 5712 |
| Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
| 0.500% due 01/31/2030 «(d) | 73572 | 73572 |
| Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
| 6.000% due 01/30/2033 «(k) | 51974 | 81098 |
| INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
| 7.250% due 03/31/2031 (m) | 2400 | 2441 |
| JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| 9.875% due 09/20/2031 (m) | 22233 | 22418 |
| Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
| 7.375% due 06/15/2030 (m) | 32600 | 34901 |
| 8.375% due 02/15/2032 (m) | 1200 | 1079 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750% due 12/31/2030 (m) | 53206 | 46730 |
| 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)(m) | 14084 | 14908 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 (m) | 14400 | 14490 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 41247 | 31709 |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 7.500% due 07/17/2030 (m) | 4400 | 4621 |
| Ocado Group PLC | Ocado Group PLC | Ocado Group PLC |
| 10.500% due 08/08/2029 (m) | 41250 | 56056 |
| 11.000% due 06/15/2030 (m) | 18980 | 25891 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 6.700% due 02/16/2032 (m) | 14345 | 14316 |
| 6.840% due 01/23/2030 (m) | 6700 | 6808 |
| 8.750% due 06/02/2029 (m) | 11420 | 12250 |
| Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| 9.375% due 09/01/2029 (m) | 14800 | 15564 |
| ProFrac Holdings II LLC | ProFrac Holdings II LLC | ProFrac Holdings II LLC |
| 10.902% (TSFR3M + 7.250%) due 01/23/2029 ~ | 19716 | 20160 |
| 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) | 200 | 189 |
| Tecpetrol SA | Tecpetrol SA | Tecpetrol SA |
| 7.625% due 11/03/2030 (m) | 7700 | 7655 |
| TGS ASA | TGS ASA | TGS ASA |
| 8.500% due 01/15/2030 (m) | 1400 | 1467 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
| 9.750% due 10/10/2027 | 2217 | 3443 |
| Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
| 8.528% due 08/01/2026 | 450 | 451 |
| Toll Road Investors Partnership II LP | Toll Road Investors Partnership II LP | Toll Road Investors Partnership II LP |
| 0.000% due 02/15/2043 (h)(m) | 18029 | 6379 |
| Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
| 4.875% due 09/30/2039 (m) | 13119 | 11757 |
| 5.750% due 09/30/2039 (m) | 36106 | 36345 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| 8.250% due 05/15/2030 (m) | 74718 | 84912 |
| 9.500% due 05/15/2030 (m) | 5683 | 5680 |
| Transportadora de Gas del Sur SA | Transportadora de Gas del Sur SA | Transportadora de Gas del Sur SA |
| 7.750% due 11/20/2035 (m) | 8725 | 8641 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 10.625% due 06/28/2028 | 13209 | 11327 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 0.878% due 11/24/2027 (m) | 9100 | 9859 |
| Vale SA | Vale SA | Vale SA |
| 0.000% due 12/29/2049 ~(j) | 830470 | 62133 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 9.500% due 02/01/2029 (m) | 23090 | 23947 |
| Viridien | Viridien | Viridien |
| 8.500% due 10/15/2030 (m) | 18988 | 23456 |
| 10.000% due 10/15/2030 (m) | 13851 | 14615 |
| Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
| 5.625% due 04/15/2032 | 200 | 237 |
| VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
| 7.500% due 01/15/2033 | 15000 | 15211 |
| Xerox Corp. | Xerox Corp. | Xerox Corp. |
| 13.500% due 04/15/2031 (m) | 600 | 492 |
| Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
| 5.750% due 12/31/2026 | 586 | 580 |
| Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
| 8.947% due 07/31/2042 (m) | 196 | 214 |
|  |  | 1679564 |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
| Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
| 0.010% due 12/31/2099 « | 78 | 1287 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
| 8.650% due 01/24/2033 (m) | 1250 | 1343 |
| 8.650% due 01/24/2033 | 5000 | 5370 |
| FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
| 7.500% due 06/15/2030 (m) | 2711 | 2676 |
| Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
| 3.000% due 06/29/2027 | 200 | 168 |
| NGD Holdings BV | NGD Holdings BV | NGD Holdings BV |
| 6.750% due 12/31/2026 (m) | 4002 | 3664 |
| OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) |
| 10.000% due 06/30/2027 (d)(m) | 88781 | 39508 |
| 10.000% due 06/30/2027 (d) | 24262 | 10796 |
| OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) |
| 8.500% due 12/31/2028 (d) | 153998 | 1829 |
| Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
| 5.375% due 03/22/2030 (m) | 35293 | 34205 |
| Petersen Claim Units | Petersen Claim Units | Petersen Claim Units |
| 1.000% due 12/31/2099 «(k) | 275 | 8015 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| 6.500% due 02/15/2029 (m) | 22715 | 21837 |
| 8.625% due 06/15/2032 (m) | 7900 | 7788 |
|  |  | 138486 |
| Total Corporate Bonds & Notes (Cost $2,277,409) | Total Corporate Bonds & Notes (Cost $2,277,409) | 2114738 |
| CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
| CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
| 0.000% due 06/30/2029 «(h)(k) | 875 | 63 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (d) | 2521 | 1585 |
| Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
| 0.000% due 12/31/2031 «(h) | 2570 | 334 |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| 5.500% due 03/15/2026 (m) | 7700 | 7712 |
| Sunac China Holdings Ltd. | Sunac China Holdings Ltd. | Sunac China Holdings Ltd. |
| 0.000% due 06/23/2026 «(h) | 193 | 31 |
| 0.000% due 06/23/2028 «(h) | 23 | 5 |
|  |  | 9730 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 2.375% due 11/15/2028 | 11500 | 13228 |
| Total Convertible Bonds & Notes (Cost $23,923) | Total Convertible Bonds & Notes (Cost $23,923) | 22958 |
| MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% |
| ARIZONA 0.0% | ARIZONA 0.0% | ARIZONA 0.0% |
| 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 | 850 | 892 |
| MICHIGAN 0.0% | MICHIGAN 0.0% | MICHIGAN 0.0% |
| Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 |
| 0.000% due 06/01/2046 (h) | 23000 | 3142 |
| WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% |
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| 0.000% due 06/01/2047 (h) | 355485 | 34293 |
| Total Municipal Bonds & Notes (Cost $53,824) |  | 38327 |
| U.S. GOVERNMENT AGENCIES 1.4% | U.S. GOVERNMENT AGENCIES 1.4% | U.S. GOVERNMENT AGENCIES 1.4% |
| Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
| 0.700% due 11/25/2055 ~(a) | 250856 | 15145 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| 2.010% due 11/25/2045 ~(a)(m) | 75137 | 2655 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| 0.266% due 11/15/2048 •(a)(m) | 27604 | 1133 |
| 2.052% due 01/15/2047 •(a) | 201 | 24 |
| 2.102% due 09/15/2042 •(a) | 278 | 26 |
| 2.111% due 06/25/2050 •(a)(m) | 829 | 98 |
| 2.133% due 09/15/2041 •(m) | 602 | 591 |
| 2.161% due 05/25/2050 •(a) | 5638 | 692 |
| 2.202% due 05/15/2037 •(a) | 582 | 53 |
| 2.312% due 05/15/2037 •(a) | 35 | 3 |
| 2.372% due 07/15/2036 •(a)(m) | 752 | 77 |
| 2.426% due 01/25/2051 •(a)(m) | 8398 | 1318 |
| 2.482% due 09/15/2036 •(a) | 233 | 26 |
| 2.502% due 05/15/2041 •(a) | 487 | 47 |
| 2.602% due 04/15/2036 •(a) | 93 | 9 |
| 3.000% due 06/25/2050 (a)(m) | 9687 | 1860 |
| 3.500% due 07/25/2050 (a)(m) | 19423 | 3661 |
| 3.682% due 09/15/2036 •(a) | 378 | 53 |
| 4.000% due 03/15/2027 (a) | 7 | 0 |
| 4.000% due 07/25/2050 (a)(m) | 15494 | 3632 |
| 5.000% due 05/25/2048 (a)(m) | 4967 | 785 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| 1.638% due 11/25/2057 ~ | 846 | 318 |
| 2.736% due 11/25/2061 ~(a) | 11026 | 4448 |
| 3.463% due 05/25/2057 ~ | 4114 | 1754 |
| 3.579% due 10/25/2058 ~ | 2119 | 955 |
| 3.786% due 05/25/2064 ~ | 3984 | 1934 |
| 4.250% due 09/25/2060 (m) | 1467 | 1422 |
| 4.250% due 03/25/2061 ~(m) | 700 | 650 |

---

80 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.251% due 11/25/2059 ~ | 12622 | 6368 |
| 4.500% due 11/25/2061 ~(m) | 3900 | 3644 |
| 5.000% due 04/25/2062 ~ | 3400 | 3141 |
| 5.745% due 05/25/2060 ~ | 1866 | 1077 |
| 7.763% due 03/25/2061 ~ | 1926 | 1152 |
| 11.938% due 11/25/2060 ~ | 1168 | 858 |
| 13.184% due 09/25/2060 ~ | 1571 | 1168 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| 10.974% due 01/25/2042 •(m) | 3800 | 4003 |
| 11.374% due 10/25/2041 •(m) | 8896 | 9292 |
| 11.674% due 11/25/2041 •(m) | 8324 | 8753 |
| Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
| 1.852% due 04/15/2039 •(a)(m) | 883 | 102 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 9.874% due 10/25/2041 •(m) | 8201 | 8472 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| 0.000% due 10/25/2042 •(m) | 843 | 698 |
| 1.931% due 07/25/2041 •(a)(m) | 1204 | 129 |
| 2.011% due 08/25/2038 •(a) | 319 | 24 |
| 2.051% due 10/25/2060 ~(a) | 12512 | 1108 |
| 2.061% due 08/25/2049 •(a) | 130 | 15 |
| 2.061% due 07/25/2059 •(a)(m) | 5311 | 608 |
| 2.081% due 10/25/2040 •(a)(m) | 1076 | 62 |
| 2.161% due 02/25/2043 •(a)(m) | 1178 | 139 |
| 2.361% due 12/25/2037 •(a) | 27 | 2 |
| 2.531% due 09/25/2037 •(a) | 194 | 14 |
| 2.611% due 03/25/2040 •(a) | 363 | 6 |
| 2.651% due 12/25/2036 •(a)(m) | 817 | 104 |
| 2.661% due 11/25/2036 •(a) | 29 | 1 |
| 2.731% due 06/25/2037 •(a) | 130 | 9 |
| 2.991% due 03/25/2038 •(a) | 550 | 67 |
| 3.000% due 01/25/2042 (a) | 49 | 1 |
| 3.011% due 02/25/2038 •(a) | 330 | 41 |
| 3.400% due 01/25/2041 •  | 2015 | 2082 |
| 3.500% due 08/25/2032 (a) | 426 | 32 |
| 3.500% due 06/25/2050 (a)(m) | 14198 | 3044 |
| 4.000% due 06/25/2050 (a)(m) | 1758 | 337 |
| 4.500% due 04/25/2042 (a) | 412 | 40 |
| 5.000% due 01/25/2048 (a)(m) | 3368 | 739 |
| Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
| 1.047% due 08/25/2043 ~(a) | 14360 | 580 |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| 2.252% due 12/20/2048 •(a)(m) | 2225 | 227 |
| 2.272% due 08/20/2042 •(a)(m) | 1131 | 122 |
| 2.402% due 12/20/2040 •(a) | 628 | 31 |
| 2.500% due 09/20/2036 (a) | 31162 | 2520 |
| 3.500% due 06/20/2042 (a) | 138 | 13 |
| Total U.S. Government Agencies<br>(Cost $111,596) | Total U.S. Government Agencies<br>(Cost $111,596) | 104194 |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 (o) | 4166 | 4208 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (o)(q) | 6537 | 6585 |
| Total U.S. Treasury Obligations<br>(Cost $10,982) | Total U.S. Treasury Obligations<br>(Cost $10,982) | 10793 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 35.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 35.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 35.0% |
| 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II |
| 5.690% due 10/13/2037 | 500 | 471 |
| 20 Times Square Trust | 20 Times Square Trust | 20 Times Square Trust |
| 3.100% due 05/15/2035 ~ | 648 | 616 |
| 225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
| 4.649% due 02/10/2036 ~(m) | 7541 | 7045 |
| 245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
| 3.657% due 06/05/2037 ~(m) | 11361 | 10908 |
| 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
| 5.614% due 09/15/2034 •(m) | 12600 | 12486 |
| 6.905% due 09/15/2034 •(m) | 2500 | 2442 |
| Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
| 4.106% due 03/25/2036 •(m) | 2811 | 1672 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.146% due 03/25/2037 •(m) | $— | 500 | $— | 599 |
| 4.895% due 03/25/2037 ~(m) |  | 1060 |  | 990 |
| 5.307% due 03/25/2036 ~(m) |  | 18416 |  | 9048 |
| 6.054% due 11/25/2037 ~(m) |  | 795 |  | 501 |
| 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 |
| 4.386% due 11/25/2035 •  |  | 283 |  | 273 |
| 4.426% due 08/25/2037 •(m) |  | 5051 |  | 4631 |
| 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 |
| 4.386% due 03/25/2037 •  |  | 2404 |  | 857 |
| 4.446% due 09/25/2045 •(m) |  | 1945 |  | 1765 |
| 4.746% due 02/25/2044 •(m) |  | 6483 |  | 6226 |
| 6.600% due 01/25/2037 þ |  | 4653 |  | 636 |
| Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. |
| 5.678% due 06/20/2041 |  | 2021 |  | 0 |
| ASG Resecuritization Trust | ASG Resecuritization Trust | ASG Resecuritization Trust | ASG Resecuritization Trust | ASG Resecuritization Trust |
| 3.664% due 01/28/2037 ~(m) |  | 6716 |  | 5675 |
| 6.000% due 06/28/2037 ~(m) |  | 24524 |  | 11011 |
| Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
| 4.823% due 04/15/2035 •(m) |  | 2622 |  | 2619 |
| 5.173% due 04/15/2035 •(m) |  | 8598 |  | 8625 |
| 5.323% due 04/15/2035 •(m) |  | 24610 |  | 24641 |
| 6.023% due 04/15/2035 •  |  | 266 |  | 265 |
| 7.023% due 04/15/2035 •(m) |  | 10939 |  | 10883 |
| 8.198% due 06/15/2035 •  |  | 391 |  | 385 |
| Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
| 5.548% due 12/15/2036 •(m) |  | 3000 |  | 2942 |
| 5.698% due 12/15/2036 •(m) |  | 1840 |  | 1791 |
| 5.998% due 12/15/2036 •(m) |  | 9300 |  | 8870 |
| 7.098% due 12/15/2036 •(m) |  | 7500 |  | 6934 |
| Avon Finance | Avon Finance | Avon Finance | Avon Finance | Avon Finance |
| 0.000% due 12/28/2049 (b) |  | 11488 |  | 12271 |
| 0.000% due 12/28/2049 (a) |  | 9500 |  | 0 |
| 7.242% due 12/28/2049 •  |  | 11241 |  | 15171 |
| 7.492% due 12/28/2049 •  |  | 8564 |  | 11504 |
| 7.742% due 12/28/2049 •  |  | 9124 |  | 5399 |
| 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 |
| 2.627% due 01/15/2032 (m) | $— | 18810 |  | 16670 |
| 3.606% due 08/14/2034 ~ |  | 8000 |  | 1269 |
| 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 |
| 2.794% due 06/25/2037 •(a) |  | 244 |  | 30 |
| 4.206% due 06/25/2037 •  |  | 227 |  | 166 |
| 6.000% due 06/25/2037 |  | 77 |  | 66 |
| 6.000% due 06/25/2046 |  | 34 |  | 30 |
| 6.000% due 07/25/2046 (m) |  | 536 |  | 472 |
| Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. |
| 3.247% due 05/26/2036 ~(m) |  | 4113 |  | 3643 |
| 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 |
| 0.000% due 06/26/2035 ~(m) |  | 1075 |  | 1080 |
| 0.000% due 11/26/2036 ~ |  | 24258 |  | 8480 |
| 2.764% due 12/20/2034 ~ |  | 182 |  | 153 |
| 3.650% due 08/25/2047 ~(m) |  | 2062 |  | 1679 |
| 4.266% due 04/25/2037 •(m) |  | 780 |  | 660 |
| 4.268% due 04/20/2047 •(m) |  | 3564 |  | 3036 |
| 4.307% due 09/20/2037 ~ |  | 281 |  | 225 |
| 4.328% due 10/20/2046 ~ |  | 234 |  | 197 |
| 4.390% due 01/20/2047 ~ |  | 65 |  | 56 |
| 4.495% due 09/20/2047 ~ |  | 132 |  | 115 |
| 4.523% due 02/20/2035 •(m) |  | 2159 |  | 2106 |
| 4.636% due 03/20/2036 ~(m) |  | 687 |  | 631 |
| 4.896% due 01/25/2035 ~ |  | 69 |  | 67 |
| 5.424% due 04/20/2035 ~(m) |  | 718 |  | 702 |
| 5.902% due 12/20/2036 ~ |  | 15 |  | 15 |
| 6.000% due 10/25/2037 (m) |  | 2467 |  | 2198 |
| 6.220% due 09/20/2046 ~(m) |  | 411 |  | 406 |
| 6.619% due 07/26/2036 ~(m) |  | 8098 |  | 2367 |
| 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 |
| 5.750% due 10/25/2036 (m) |  | 433 |  | 367 |
| 5.750% due 05/25/2037 |  | 467 |  | 346 |
| 5.866% due 01/25/2036 ~ |  | 79 |  | 77 |
| 6.000% due 10/25/2036 |  | 53 |  | 45 |
| 6.622% due 10/20/2046 ~ |  | 15 |  | 13 |
| Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust |
| 4.399% due 03/25/2037 •(m) |  | 92 |  | 88 |
| BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
| 3.966% due 08/10/2033 |  | 28700 |  | 26779 |
| 4.216% due 08/10/2033 |  | 10400 |  | 9276 |
| 4.563% due 08/10/2033 ~(m) |  | 7790 |  | 6283 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| 3.688% due 02/15/2053 ~ | 1250 | 1014 |
| BBCMS Trust | BBCMS Trust | BBCMS Trust |
| 7.598% due 07/15/2037 •  | 2600 | 1895 |
| BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
| 2.087% due 02/26/2037 ~(m) | 6654 | 5370 |
| 3.761% due 04/26/2037 ~(m) | 5291 | 4545 |
| 3.777% due 04/25/2038 ~ | 12880 | 10039 |
| 3.833% due 07/26/2036 ~ | 330 | 295 |
| 4.076% due 02/26/2047 •(m) | 9434 | 7744 |
| 4.141% due 05/26/2037 ~(m) | 1352 | 1214 |
| 4.240% due 10/26/2037 ~(m) | 4290 | 2732 |
| 4.252% due 05/26/2036 •(m) | 2770 | 2356 |
| 4.455% due 02/26/2036 ~(m) | 2152 | 1423 |
| 4.569% due 05/26/2035 •(m) | 3768 | 3395 |
| 4.765% due 03/26/2037 ~(m) | 670 | 615 |
| 4.983% due 03/27/2037 ~(m) | 3600 | 3096 |
| 5.190% due 11/26/2035 ~ | 1811 | 1537 |
| 5.500% due 12/26/2035 ~(m) | 7874 | 4717 |
| 5.645% due 06/26/2036 ~(m) | 1799 | 1512 |
| 6.000% due 06/26/2037 ~(m) | 1118 | 1022 |
| 6.000% due 08/26/2037 ~(m) | 1980 | 1598 |
| 6.000% due 10/26/2037 ~(m) | 1468 | 990 |
| 6.363% due 07/26/2045 ~(m) | 1697 | 1654 |
| 7.653% due 01/26/2036 ~ | 24082 | 7527 |
| BCP Trust | BCP Trust | BCP Trust |
| 7.503% due 06/15/2038 •(m) | 11850 | 628 |
| Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
| 3.963% due 04/25/2037 ~(m) | 3342 | 2297 |
| 4.047% due 05/25/2036 ~ | 153 | 143 |
| 4.092% due 11/25/2035 ~(m) | 7895 | 4190 |
| 4.139% due 11/25/2036 ~ | 1401 | 592 |
| 4.159% due 08/25/2036 ~ | 266 | 119 |
| 4.166% due 06/25/2046 •(m) | 949 | 878 |
| 4.186% due 08/25/2036 •(m) | 12269 | 11143 |
| 4.246% due 02/25/2034 •(m) | 1337 | 1247 |
| 4.251% due 04/25/2035 ~ | 97 | 91 |
| 4.346% due 01/25/2036 •(m) | 2577 | 2473 |
| 4.347% due 07/25/2035 ~ | 182 | 122 |
| 4.368% due 11/25/2035 ~ | 20 | 12 |
| 4.428% due 07/25/2036 ~(m) | 44745 | 18565 |
| 4.510% due 12/25/2046 ~(m) | 3060 | 1480 |
| 4.542% due 08/25/2046 ~(m) | 3609 | 2440 |
| 4.640% due 09/25/2035 ~(m) | 7189 | 2415 |
| 4.688% due 03/25/2036 ~(m) | 977 | 557 |
| 4.847% due 05/25/2036 ~(m) | 6171 | 2450 |
| 4.931% due 05/25/2035 ~ | 85 | 83 |
| 4.971% due 01/25/2035 •(m) | 668 | 643 |
| 4.971% due 03/25/2035 •(m) | 5307 | 4653 |
| 6.625% due 09/25/2034 ~ | 155 | 151 |
| Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
| 4.064% due 08/25/2047 ~ | 100 | 88 |
| 4.244% due 06/25/2047 ~(m) | 1165 | 1045 |
| 4.422% due 02/25/2036 ~ | 244 | 225 |
| 5.816% due 09/25/2034 ~ | 14 | 13 |
| 6.162% due 10/25/2036 ~ | 29 | 28 |
| 6.280% due 09/25/2034 ~ | 10 | 10 |
| Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
| 7.315% due 03/15/2036 •(m) | 6000 | 1281 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| 2.994% due 04/15/2054 ~ | 4596 | 2908 |
| 3.294% due 12/15/2062 ~ | 700 | 20 |
| 3.899% due 03/15/2062 ~(m) | 15430 | 11975 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| 3.269% due 02/17/2055 ~ | 7850 | 7365 |
| Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
| 0.000% due 10/16/2062 ~(m) | 39972 | 52156 |
| 0.000% due 10/16/2062 ~ | 20785 | 6350 |
| 0.000% due 10/16/2062 | 5795 | 0 |
| 9.941% due 10/16/2062 •(m) | 23983 | 32273 |
| 12.941% due 10/16/2062 •(m) | 11991 | 20881 |
| BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
| 4.815% due 08/15/2038 •(m) | 6135 | 5823 |
| 5.215% due 08/15/2038 •(m) | 426 | 395 |
| BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
| 5.501% due 02/15/2037 •(m) | 3300 | 1700 |
| BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
| 6.065% due 09/15/2036 •  | 5000 | 4534 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 81

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| 5.714% due 11/15/2038 •(m) | 17456 | 17443 |
| 5.840% due 01/17/2039 •(m) | 19450 | 19443 |
| 6.190% due 01/17/2039 •(m) | 14442 | 14421 |
| 6.214% due 04/15/2034 •(m) | 6000 | 5752 |
| 6.214% due 02/15/2038 •(m) | 1878 | 1819 |
| 6.951% due 04/15/2034 •(m) | 4000 | 3797 |
| BX Trust | BX Trust | BX Trust |
| 5.251% due 09/15/2034 •(m) | 1044 | 1041 |
| 5.801% due 09/15/2034 •  | 13279 | 13238 |
| 6.292% due 10/15/2026 •(m) | 1074 | 1073 |
| CALI Mortgage Trust | CALI Mortgage Trust | CALI Mortgage Trust |
| 3.957% due 03/10/2039 (m) | 14900 | 14418 |
| CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage | CBA Commercial Small Balance Commercial Mortgage |
| 6.040% due 01/25/2039 þ | 186 | 180 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| 5.688% due 10/15/2048 (m) | 1047 | 994 |
| Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
| 4.391% due 01/25/2036 ~(m) | 2341 | 2110 |
| 4.789% due 03/25/2037 ~(m) | 774 | 750 |
| 5.500% due 11/25/2049 | 521 | 43 |
| 6.000% due 03/25/2037 | 496 | 259 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 3.707% due 03/25/2037 ~(m) | 2484 | 2084 |
| 3.710% due 06/20/2035 ~ | 2 | 2 |
| 4.439% due 11/20/2035 ~(m) | 3772 | 3530 |
| 4.446% due 03/25/2035 •  | 146 | 77 |
| 4.513% due 05/20/2036 ~(m) | 280 | 262 |
| 4.526% due 03/25/2036 •  | 17 | 15 |
| 4.589% due 08/20/2035 ~ | 17 | 16 |
| 4.792% due 11/25/2035 ~(m) | 603 | 498 |
| 4.989% due 09/20/2036 ~(m) | 1350 | 1200 |
| 5.000% due 11/25/2035 | 19 | 7 |
| 5.033% due 09/25/2047 ~(m) | 1547 | 1209 |
| 5.500% due 12/25/2034 | 34 | 35 |
| 5.500% due 08/25/2035 | 28 | 14 |
| 5.500% due 11/25/2035 | 23 | 11 |
| 5.593% due 06/25/2047 ~(m) | 911 | 898 |
| 5.716% due 03/25/2046 •(m) | 14758 | 11651 |
| 6.000% due 07/25/2037 | 141 | 62 |
| 6.000% due 08/25/2037 (m) | 2934 | 1222 |
| 6.000% due 08/25/2037 | 1 | 1 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| 3.790% due 12/15/2072 ~ | 8111 | 2237 |
| Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
| 6.500% due 02/25/2029 | 76 | 76 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 0.000% due 08/25/2037 ~ | 1615 | 63 |
| 2.925% due 07/25/2036 ~(m) | 1483 | 842 |
| 4.457% due 09/25/2037 ~(m) | 2153 | 2026 |
| 4.592% due 10/25/2035 ~(m) | 267 | 261 |
| 4.603% due 04/25/2037 ~ | 232 | 208 |
| 4.877% due 08/25/2034 ~(m) | 4168 | 3908 |
| 4.936% due 03/25/2037 ~(m) | 1519 | 1356 |
| 5.329% due 02/25/2036 ~ | 3544 | 3406 |
| 5.417% due 03/25/2037 ~ | 342 | 310 |
| 5.500% due 11/25/2035 | 155 | 145 |
| 5.500% due 12/25/2035 (m) | 1871 | 893 |
| 6.000% due 07/25/2036 | 3867 | 1686 |
| 6.050% due 03/25/2036 •  | 49 | 50 |
| 6.500% due 09/25/2036 | 801 | 383 |
| 6.951% due 03/25/2037 ~ | 145 | 148 |
| City of Port Huron Water Supply System Revenue | City of Port Huron Water Supply System Revenue | City of Port Huron Water Supply System Revenue |
| 7.750% due 11/01/2045 «(k) | 35335 | 35636 |
| CLNY Trust | CLNY Trust | CLNY Trust |
| 5.825% due 11/15/2038 •(m) | 2336 | 2251 |
| 6.174% due 11/15/2038 •(m) | 8005 | 7557 |
| 6.870% due 11/15/2038 •(m) | 15475 | 13711 |
| 7.566% due 11/15/2038 •(m) | 24000 | 20581 |
| COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| 2.819% due 01/10/2039 (m) | 9131 | 8819 |
| 3.545% due 02/10/2036 (m) | 5000 | 4971 |
| 4.798% due 06/15/2034 •(m) | 2000 | 1946 |
| 8.015% due 12/15/2038 •(m) | 10004 | 9378 |
| 8.865% due 12/15/2038 •(m) | 5000 | 4576 |
| 9.865% due 12/15/2038 •(m) | 3360 | 3006 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| 0.820% due 12/25/2035 ~(a) | 7055 | 297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 1.795% due 12/25/2035 ~(a) | $— | 2419 | $— | 198 |
| 3.304% due 07/25/2036 •(a)(m) |  | 6508 |  | 1178 |
| 4.038% due 03/20/2047 •  |  | 315 |  | 278 |
| 4.135% due 10/25/2035 ~ |  | 2117 |  | 1830 |
| 4.196% due 05/25/2036 •  |  | 1158 |  | 299 |
| 4.196% due 08/25/2036 •  |  | 730 |  | 281 |
| 4.206% due 05/25/2036 •(m) |  | 5656 |  | 5365 |
| 4.226% due 09/25/2046 •(m) |  | 4593 |  | 4378 |
| 4.266% due 08/25/2047 •(m) |  | 686 |  | 585 |
| 4.286% due 06/25/2037 ~ |  | 65 |  | 59 |
| 4.286% due 05/25/2047 •(m) |  | 3138 |  | 2413 |
| 4.306% due 03/25/2036 •(m) |  | 5909 |  | 5839 |
| 4.346% due 06/25/2037 •(m) |  | 4803 |  | 4543 |
| 4.346% due 06/25/2037 •  |  | 449 |  | 381 |
| 4.366% due 07/25/2036 •(m) |  | 6033 |  | 5385 |
| 4.448% due 11/20/2035 •  |  | 51 |  | 47 |
| 4.526% due 09/25/2035 •(m) |  | 2258 |  | 1559 |
| 4.526% due 10/25/2046 •  |  | 78 |  | 60 |
| 4.546% due 10/25/2035 •  |  | 387 |  | 223 |
| 4.879% due 11/25/2046 •(m) |  | 1909 |  | 1756 |
| 5.306% due 11/25/2035 •(m) |  | 6461 |  | 6126 |
| 5.335% due 05/25/2036 ~(m) |  | 1585 |  | 1523 |
| 5.339% due 07/20/2035 •(m) |  | 3175 |  | 2931 |
| 5.500% due 07/25/2035 |  | 702 |  | 346 |
| 5.500% due 10/25/2035 |  | 95 |  | 60 |
| 5.500% due 11/25/2035 |  | 1299 |  | 707 |
| 5.500% due 11/25/2035 (m) |  | 1171 |  | 668 |
| 5.500% due 12/25/2035 |  | 688 |  | 338 |
| 5.500% due 01/25/2036 |  | 49 |  | 47 |
| 5.500% due 02/25/2036 |  | 792 |  | 440 |
| 5.500% due 02/25/2036 (m) |  | 688 |  | 460 |
| 5.500% due 05/25/2036 (m) |  | 2767 |  | 2268 |
| 5.500% due 04/25/2037 (m) |  | 1427 |  | 634 |
| 5.500% due 12/27/2049 |  | 12 |  | 11 |
| 5.750% due 01/25/2036 |  | 121 |  | 57 |
| 5.750% due 05/25/2036 |  | 141 |  | 52 |
| 5.750% due 01/25/2037 (m) |  | 7227 |  | 3463 |
| 5.750% due 04/25/2037 (m) |  | 780 |  | 641 |
| 6.000% due 03/25/2035 |  | 282 |  | 125 |
| 6.000% due 11/25/2035 |  | 315 |  | 43 |
| 6.000% due 04/25/2036 |  | 604 |  | 263 |
| 6.000% due 08/25/2036 |  | 212 |  | 106 |
| 6.000% due 11/25/2036 |  | 204 |  | 106 |
| 6.000% due 12/25/2036 |  | 665 |  | 254 |
| 6.000% due 01/25/2037 (m) |  | 714 |  | 428 |
| 6.000% due 01/25/2037 |  | 511 |  | 420 |
| 6.000% due 02/25/2037 |  | 2103 |  | 741 |
| 6.000% due 03/25/2037 (m) |  | 10310 |  | 3812 |
| 6.000% due 04/25/2037 (m) |  | 8630 |  | 3581 |
| 6.000% due 09/25/2037 (m) |  | 7431 |  | 2393 |
| 6.250% due 12/25/2036 •  |  | 496 |  | 198 |
| 6.500% due 06/25/2036 |  | 339 |  | 152 |
| 6.500% due 11/25/2036 (m) |  | 8376 |  | 2473 |
| 9.223% due 07/25/2035 •  |  | 46 |  | 43 |
| 15.923% due 05/25/2037 •  |  | 649 |  | 715 |
| Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
| 7.000% due 01/25/2037 |  | 5021 |  | 826 |
| Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
| 6.000% due 01/25/2036 |  | 235 |  | 139 |
| 7.500% due 05/25/2032 |  | 535 |  | 544 |
| CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
| 5.500% due 05/25/2037 (m) |  | 1780 |  | 1178 |
| CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
| 4.446% due 07/25/2036 •  |  | 406 |  | 59 |
| 6.000% due 07/25/2036 |  | 1650 |  | 720 |
| 6.396% due 04/25/2036 þ(m) |  | 3828 |  | 1956 |
| 6.500% due 05/25/2036 |  | 2662 |  | 859 |
| CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
| 0.000% due 10/25/2060 ~(a) |  | 208600 |  | 6048 |
| 0.230% due 01/25/2060 ~(a) |  | 190514 |  | 2022 |
| 0.387% due 10/25/2060 ~(a) |  | 187217 |  | 3542 |
| 1.135% due 01/25/2060 ~(a) |  | 231519 |  | 7144 |
| 1.750% due 02/27/2047 ~(m) |  | 29085 |  | 10447 |
| 3.537% due 01/25/2060 ~ |  | 19707 |  | 10057 |
| 3.777% due 10/25/2060 ~ |  | 30103 |  | 17301 |
| 3.778% due 11/10/2032 ~ |  | 2500 |  | 402 |
| 3.840% due 04/28/2037 ~(m) |  | 1301 |  | 1216 |
| 4.126% due 05/27/2036 ~(m) |  | 1030 |  | 886 |
| 4.492% due 10/26/2036 ~(m) |  | 7598 |  | 7075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.543% due 04/26/2035 ~ | $— | 4948 | $— | 4545 |
| 4.651% due 07/26/2037 ~(m) |  | 4542 |  | 4122 |
| 4.663% due 06/25/2036 ~(m) |  | 2033 |  | 1642 |
| 5.265% due 07/15/2038 •(m) |  | 1000 |  | 896 |
| 5.549% due 01/15/2049 ~ |  | 10300 |  | 6334 |
| 5.594% due 07/15/2032 •(m) |  | 3121 |  | 3105 |
| 5.750% due 05/26/2037 |  | 10120 |  | 4437 |
| 6.500% due 07/26/2036 (m) |  | 11414 |  | 2354 |
| 6.765% due 07/15/2038 •(m) |  | 15850 |  | 5252 |
| 6.994% due 07/15/2032 •(m) |  | 7454 |  | 7433 |
| 7.000% due 08/26/2036 (m) |  | 14223 |  | 2500 |
| 7.765% due 07/15/2038 •  |  | 13700 |  | 1979 |
| 8.044% due 07/15/2032 •(m) |  | 15000 |  | 14931 |
| 9.044% due 07/15/2032 •(m) |  | 8500 |  | 8327 |
| 30.376% due 11/27/2037 •(m) |  | 7592 |  | 6542 |
| 31.573% due 11/25/2037 •  |  | 5926 |  | 4977 |
| CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
| 4.042% due 12/29/2037 ~(m) |  | 2587 |  | 1287 |
| 4.047% due 05/26/2036 ~(m) |  | 1970 |  | 1726 |
| 4.192% due 09/26/2047 ~ |  | 14881 |  | 6649 |
| 7.000% due 08/27/2036 (m) |  | 2930 |  | 1461 |
| CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. |
| 4.931% due 06/15/2034 •(m) |  | 489 |  | 480 |
| DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
| 3.843% due 04/10/2037 |  | 1715 |  | 1627 |
| 5.410% due 10/15/2039 •(m) |  | 1000 |  | 1000 |
| 7.165% due 10/15/2039 •(m) |  | 26404 |  | 22744 |
| DBWF Mortgage Trust | DBWF Mortgage Trust | DBWF Mortgage Trust | DBWF Mortgage Trust | DBWF Mortgage Trust |
| 3.791% due 12/10/2036 (m) |  | 22961 |  | 22705 |
| 3.808% due 12/10/2036 ~ |  | 13193 |  | 12704 |
| 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 |
| 3.996% due 02/25/2047 •  |  | 278 |  | 157 |
| 5.500% due 12/25/2035 |  | 359 |  | 307 |
| 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 |
| 4.146% due 04/25/2037 •(m) |  | 3200 |  | 2278 |
| 6.250% due 07/25/2036 ~ |  | 30 |  | 26 |
| 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 |
| 5.500% due 09/25/2033 |  | 50 |  | 51 |
| DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
| 3.704% due 05/10/2041 ~(m) |  | 29000 |  | 23122 |
| DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
| 4.026% due 04/19/2047 •  |  | 181 |  | 187 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| 0.000% due 02/25/2068 ~(a) |  | 212346 |  | 1980 |
| 0.250% due 02/25/2068 ~(a) |  | 212346 |  | 59 |
| 6.687% due 02/25/2068 ~(m) |  | 29269 |  | 29086 |
| Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
| 0.000% due 06/13/2045 ~ |  | 6 |  | 1005 |
| 2.940% due 03/13/2045 •(m) |  | 7067 |  | 7344 |
| 5.151% (BP0003M + 1.250%) due 06/13/2045 ~(m) |  | 14072 |  | 16743 |
| 5.501% due 09/13/2045 •(m) |  | 15554 |  | 19752 |
| 5.651% (BP0003M + 1.750%) due 06/13/2045 ~(m) |  | 8667 |  | 9647 |
| 6.151% due 09/13/2045 •(m) |  | 11113 |  | 13514 |
| 7.401% (BP0003M + 3.500%) due 06/13/2045 ~(m) |  | 3082 |  | 3158 |
| 7.751% due 09/13/2045 •(m) |  | 9266 |  | 12361 |
| 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 |
| 0.000% due 12/26/2049 (b) | $— | 2 |  | 0 |
| 3.254% due 11/25/2036 •(a) |  | 720 |  | 81 |
| 4.358% due 02/25/2036 ~ |  | 24 |  | 17 |
| 4.694% due 05/25/2036 ~ |  | 334 |  | 272 |
| 5.118% due 11/25/2036 ~ |  | 345 |  | 235 |
| 5.203% due 08/25/2035 ~ |  | 52 |  | 2 |
| 6.250% due 11/25/2036 |  | 55 |  | 14 |
| 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 |
| 3.875% due 07/25/2037 ~ |  | 8 |  | 4 |
| 4.784% due 01/25/2037 ~ |  | 170 |  | 81 |
| 5.185% due 05/25/2037 ~ |  | 2248 |  | 885 |
| 5.500% due 08/25/2037 |  | 213 |  | 67 |
| GC Pastor Hipotecario 5 FTA | GC Pastor Hipotecario 5 FTA | GC Pastor Hipotecario 5 FTA | GC Pastor Hipotecario 5 FTA | GC Pastor Hipotecario 5 FTA |
| 2.199% due 06/21/2046 •(m) |  | 10554 |  | 11513 |
| GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
| 3.692% due 07/19/2035 ~ | $— | 15 |  | 13 |

---

82 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
| 4.206% due 01/25/2037 •  | 410 | 384 |
| 4.246% due 12/25/2046 •(m) | 2048 | 2054 |
| GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
| 3.721% due 02/10/2037 (m) | 9000 | 8808 |
| 3.871% due 02/10/2037 (m) | 1501 | 1417 |
| 4.997% due 07/15/2035 •(m) | 1298 | 857 |
| 5.047% due 11/15/2032 •(m) | 7020 | 6977 |
| 5.447% due 11/15/2032 •(m) | 8250 | 8201 |
| 6.047% due 11/15/2032 •(m) | 6640 | 6585 |
| 6.597% due 11/15/2032 •(m) | 10358 | 10266 |
| 8.497% due 11/15/2032 •  | 2210 | 2188 |
| GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
| 0.000% due 09/25/2055 ~(a) | 266656 | 19904 |
| 0.000% due 07/25/2059 ~(a) | 213584 | 2224 |
| 2.176% due 11/25/2065 ~(a) | 320267 | 14255 |
| 2.272% due 10/25/2065 ~(a) | 315362 | 12378 |
| 3.763% due 07/25/2059 ~(m) | 20073 | 13744 |
| 7.432% due 10/25/2065 ~ | 4711 | 4361 |
| 7.446% due 11/25/2065 ~ | 4634 | 4248 |
| 9.238% due 09/25/2055 ~ | 8591 | 8473 |
| GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
| 4.206% due 05/25/2036 •(m) | 825 | 811 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| 4.296% due 07/25/2037 •  | 226 | 51 |
| 4.521% due 01/25/2036 ~ | 232 | 219 |
| 5.039% due 12/25/2034 ~ | 6 | 6 |
| 6.000% due 09/25/2034 | 209 | 213 |
| 6.119% due 11/25/2035 ~ | 115 | 56 |
| 6.500% due 08/25/2036 •  | 588 | 151 |
| HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
| 3.994% due 08/19/2036 ~ | 36 | 31 |
| 4.146% due 01/25/2047 •  | 3980 | 3788 |
| 4.226% due 02/19/2046 •(m) | 525 | 494 |
| 4.266% due 11/19/2036 •(m) | 436 | 414 |
| 4.326% due 03/19/2036 •(m) | 5782 | 5426 |
| 4.346% due 01/19/2036 •(m) | 3873 | 2500 |
| 4.406% due 06/19/2034 •  | 62 | 58 |
| 4.486% due 01/19/2035 •  | 88 | 71 |
| 4.806% due 06/19/2045 •  | 867 | 383 |
| 4.823% due 06/20/2035 •(m) | 2944 | 2731 |
| 5.198% due 06/20/2035 •  | 680 | 619 |
| Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
| 2.828% due 11/05/2035 | 1000 | 867 |
| HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
| 4.346% due 03/25/2035 •(m) | 2667 | 2201 |
| 4.702% due 04/25/2037 ~(m) | 1802 | 1625 |
| HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
| 6.000% due 06/25/2037 (m) | 1151 | 1068 |
| IM Pastor 3 FTH | IM Pastor 3 FTH | IM Pastor 3 FTH |
| 2.175% due 03/22/2043 •(m) | 8772 | 9132 |
| IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA |
| 2.175% due 03/22/2044 •(m) | 13466 | 14156 |
| Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
| 4.366% due 11/25/2035 •  | 66 | 61 |
| 4.566% due 10/25/2034 •  | 12 | 12 |
| Impac Secured Assets Corp. | Impac Secured Assets Corp. | Impac Secured Assets Corp. |
| 4.706% due 03/25/2036 •(m) | 730 | 651 |
| Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
| 4.066% due 05/25/2037 •  | 2 | 1 |
| IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
| 3.792% due 06/25/2037 ~(m) | 2482 | 1477 |
| IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
| 3.045% due 03/25/2037 ~ | 13 | 12 |
| 3.941% due 12/25/2036 ~ | 345 | 263 |
| IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
| 3.187% due 06/25/2037 ~ | 122 | 100 |
| 3.248% due 02/25/2035 ~ | 180 | 163 |
| 3.334% due 05/25/2037 ~(m) | 1337 | 1077 |
| 3.944% due 11/25/2035 ~(m) | 1863 | 1756 |
| 3.990% due 11/25/2036 ~(m) | 454 | 429 |
| 4.068% due 06/25/2036 ~(m) | 452 | 401 |
| 4.246% due 11/25/2046 •(m) | 2797 | 2717 |
| 4.266% due 11/25/2036 •  | 83 | 81 |
| 4.306% due 04/25/2035 •  | 22 | 21 |
| 4.346% due 02/25/2037 •(m) | 1817 | 1202 |
| 4.446% due 07/25/2036 •  | 260 | 172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.646% due 08/25/2034 •  | $— | 92 | $— | 86 |
| 4.706% due 09/25/2034 •  |  | 155 |  | 136 |
| Jefferies Resecuritization Trust | Jefferies Resecuritization Trust | Jefferies Resecuritization Trust | Jefferies Resecuritization Trust | Jefferies Resecuritization Trust |
| 6.000% due 12/26/2036 ~ |  | 3448 |  | 868 |
| 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 |
| 4.210% due 05/25/2036 ~ |  | 492 |  | 264 |
| 4.246% due 06/25/2037 •(m) |  | 20320 |  | 7394 |
| 4.487% due 06/27/2037 •(m) |  | 3891 |  | 2271 |
| 4.606% due 11/25/2036 ~ |  | 33 |  | 44 |
| 5.259% due 06/27/2037 ~ |  | 13000 |  | 6115 |
| 5.500% due 11/25/2036 ~ |  | 7 |  | 3 |
| 6.000% due 12/25/2035 |  | 465 |  | 307 |
| 6.460% due 12/25/2036 þ(m) |  | 1000 |  | 1041 |
| 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 |
| 1.974% due 01/05/2040 (m) |  | 6870 |  | 6358 |
| 2.287% due 03/05/2042 (m) |  | 2210 |  | 2081 |
| 3.861% due 12/05/2038 ~ |  | 8598 |  | 1437 |
| 4.128% due 07/05/2031 (m) |  | 3360 |  | 2961 |
| 4.248% due 07/05/2033 (m) |  | 16715 |  | 15942 |
| 4.379% due 07/05/2031 (m) |  | 13293 |  | 10199 |
| 4.597% due 04/15/2037 •(m) |  | 939 |  | 928 |
| 4.848% due 02/15/2035 •(m) |  | 7700 |  | 7638 |
| 5.007% due 07/05/2033 •  |  | 4338 |  | 4243 |
| 5.107% due 04/15/2037 •(m) |  | 1409 |  | 1386 |
| 5.148% due 02/15/2035 •  |  | 9984 |  | 9812 |
| 5.165% due 03/15/2036 •  |  | 2600 |  | 2363 |
| 5.248% due 12/15/2031 •  |  | 413 |  | 412 |
| 5.307% due 07/05/2033 •(m) |  | 3000 |  | 2630 |
| 5.348% due 02/15/2035 •  |  | 3751 |  | 3659 |
| 5.414% due 12/15/2036 •  |  | 7905 |  | 415 |
| 5.615% due 03/15/2036 •(m) |  | 7900 |  | 6445 |
| 5.864% due 12/15/2036 •  |  | 3030 |  | 48 |
| 5.955% due 06/15/2038 •(m) |  | 2000 |  | 1730 |
| 6.098% due 02/15/2035 •  |  | 699 |  | 675 |
| 6.614% due 12/15/2036 •  |  | 4800 |  | 12 |
| 7.048% due 02/15/2035 •(m) |  | 13987 |  | 13379 |
| 7.235% due 10/05/2040 (m) |  | 1000 |  | 1054 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 4.263% due 10/25/2036 ~ |  | 11 |  | 8 |
| 4.321% due 10/25/2036 ~ |  | 213 |  | 117 |
| 4.512% due 05/25/2036 ~ |  | 149 |  | 122 |
| 4.633% due 06/25/2037 ~(m) |  | 1327 |  | 1039 |
| 5.386% due 07/25/2035 ~ |  | 12 |  | 12 |
| 6.000% due 08/25/2037 |  | 323 |  | 133 |
| JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
| 6.000% due 09/26/2036 ~(m) |  | 835 |  | 669 |
| 6.500% due 04/26/2036 ~(m) |  | 3825 |  | 1139 |
| 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 |
| 3.057% due 11/13/2052 (m) |  | 1028 |  | 941 |
| Lansdowne Mortgage Securities No. 1 PLC | Lansdowne Mortgage Securities No. 1 PLC | Lansdowne Mortgage Securities No. 1 PLC | Lansdowne Mortgage Securities No. 1 PLC | Lansdowne Mortgage Securities No. 1 PLC |
| 2.560% due 06/15/2045 •  |  | 900 |  | 901 |
| Lansdowne Mortgage Securities No. 2 PLC | Lansdowne Mortgage Securities No. 2 PLC | Lansdowne Mortgage Securities No. 2 PLC | Lansdowne Mortgage Securities No. 2 PLC | Lansdowne Mortgage Securities No. 2 PLC |
| 2.422% due 09/16/2048 •(m) |  | 4020 |  | 4528 |
| Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust |
| 6.000% due 11/26/2036 (m) | $— | 5308 |  | 5169 |
| 6.250% due 10/26/2036 (m) |  | 3332 |  | 1437 |
| Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
| 5.735% due 04/25/2036 ~ |  | 165 |  | 102 |
| 6.000% due 08/25/2036 |  | 408 |  | 306 |
| 6.000% due 09/25/2036 |  | 322 |  | 141 |
| 6.000% due 01/25/2038 |  | 296 |  | 290 |
| 6.500% due 09/25/2037 |  | 3133 |  | 1155 |
| 7.250% due 09/25/2037 (m) |  | 30402 |  | 8430 |
| Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
| 4.146% due 07/25/2037 •(m) |  | 22509 |  | 16588 |
| 4.222% due 07/25/2047 •(m) |  | 3349 |  | 3190 |
| 4.746% due 08/25/2047 •  |  | 182 |  | 167 |
| LUX | LUX | LUX | LUX | LUX |
| 6.441% due 08/15/2040 •(m) |  | 1136 |  | 1150 |
| MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
| 4.008% due 10/25/2034 ~ |  | 150 |  | 137 |
| 4.526% due 05/25/2047 •(m) |  | 6137 |  | 5194 |
| MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
| 4.196% due 03/25/2036 •(m) |  | 19796 |  | 1664 |
| 4.246% due 03/25/2036 •(m) |  | 26166 |  | 2229 |
| 7.000% due 10/25/2047 (m) |  | 10521 |  | 4116 |

---

---

| | | |
|:---|:---|:---|
|  | 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 |
| 6.000% due 05/25/2037 (m) | 2125 | 1602 |
| Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
| 4.312% due 03/25/2036 ~(m) | 5086 | 2372 |
| 5.507% due 05/25/2036 ~(m) | 789 | 745 |
| MF1 Trust | MF1 Trust | MF1 Trust |
| 6.570% due 12/15/2034 •  | 475 | 476 |
| 7.970% due 12/15/2034 •(m) | 2750 | 2740 |
| MFA Trust | MFA Trust | MFA Trust |
| 4.039% due 04/25/2065 ~(m) | 14456 | 14107 |
| MFT Mortgage Trust | MFT Mortgage Trust | MFT Mortgage Trust |
| 3.358% due 02/10/2042 | 556 | 448 |
| Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
| 0.000% due 08/25/2058 ~ | 46933 | 1455 |
| 0.000% due 08/25/2058 ~(a) | 44251 | 194 |
| 0.000% due 08/25/2059 ~(a) | 28354 | 544 |
| 0.000% due 11/25/2060 ~(a) | 118978 | 2888 |
| 0.000% due 04/25/2066 ~ | 5231 | 3018 |
| 0.000% due 04/25/2066 ~(a) | 64515 | 291 |
| 0.000% due 04/25/2066 (a) | 64515 | 17 |
| 0.080% due 08/25/2059 ~(a) | 25085 | 133 |
| 0.122% due 04/25/2066 ~(m) | 3615 | 2266 |
| 3.030% due 04/25/2066 ~(m) | 3615 | 2461 |
| 3.245% due 08/25/2058 ~(m) | 2759 | 1761 |
| 3.250% due 08/25/2058 ~(m) | 2759 | 1988 |
| 3.250% due 08/25/2059 ~(m) | 5987 | 4859 |
| 3.755% due 11/25/2060 ~ | 3865 | 2115 |
| 3.844% due 08/25/2059 ~(m) | 1532 | 1073 |
| 3.844% due 08/25/2059 ~ | 4064 | 2223 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| 2.428% due 04/05/2042 ~ | 60 | 48 |
| 3.912% due 09/09/2032 (m) | 25312 | 22896 |
| 4.815% due 12/15/2036 •(m) | 6246 | 4818 |
| 4.898% due 11/15/2034 •(m) | 8186 | 8138 |
| 5.298% due 11/15/2034 •(m) | 12600 | 12395 |
| 5.365% due 12/15/2036 •  | 453 | 24 |
| 5.448% due 11/15/2034 •(m) | 6000 | 5844 |
| 6.109% due 12/15/2036 •(m) | 18590 | 205 |
| 6.248% due 11/15/2034 •(m) | 10059 | 9776 |
| 8.060% due 12/15/2038 •(m) | 18000 | 16034 |
| 8.398% due 11/15/2034 •  | 2500 | 2389 |
| 8.959% due 12/15/2038 •  | 19500 | 17456 |
| Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
| 4.156% due 01/25/2035 •  | 166 | 159 |
| 4.186% due 05/25/2036 •  | 137 | 24 |
| 4.638% due 05/25/2036 ~ | 1233 | 446 |
| 5.144% due 07/25/2035 ~ | 369 | 297 |
| 5.750% due 12/25/2035 | 139 | 87 |
| 5.962% due 06/25/2036 ~ | 1644 | 411 |
| 6.000% due 08/25/2037 | 136 | 43 |
| 6.011% due 01/25/2035 ~ | 133 | 118 |
| Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
| 3.161% due 02/26/2037 •(m) | 1526 | 1479 |
| 3.199% due 03/26/2037 þ(m) | 937 | 986 |
| 5.386% due 07/26/2035 ~(m) | 3821 | 3757 |
| 5.798% due 09/26/2035 ~(m) | 138 | 135 |
| 6.000% due 04/26/2036 (m) | 5441 | 5487 |
| Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
| 5.595% due 06/26/2035 ~(m) | 8804 | 6480 |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
| 0.325% due 01/25/2070 ~(a)(m) | 54245 | 253 |
| 0.375% due 12/25/2068 ~(a) | 173579 | 475 |
| 1.358% due 01/25/2070 ~(a)(m) | 54245 | 1964 |
| 1.560% due 12/25/2068 (a)(m) | 173579 | 7484 |
| 7.125% due 01/25/2070 ~(m) | 1900 | 1861 |
| 7.819% due 12/25/2068 ~(m) | 4006 | 3916 |
| Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
| 4.000% due 07/25/2060 | 954 | 909 |
| Mortgage Funding PLC | Mortgage Funding PLC | Mortgage Funding PLC |
| 7.101% due 03/13/2046 •(m) | 1000 | 1351 |
| MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
| 4.250% due 12/15/2036 ~ | 2700 | 263 |
| MSDB Trust | MSDB Trust | MSDB Trust |
| 3.316% due 07/11/2039 ~(m) | 34438 | 33317 |
| MSSG Trust | MSSG Trust | MSSG Trust |
| 3.397% due 09/13/2039 | 700 | 669 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 83

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 3.740% due 09/13/2039 ~ | $— | 3780 | $— | 3332 |
| Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
| 3.047% due 08/15/2036 (m) |  | 28190 |  | 26220 |
| 3.655% due 08/15/2036 (m) |  | 2398 |  | 2178 |
| 4.058% due 04/10/2037 ~ |  | 5880 |  | 3199 |
| 4.316% due 01/15/2043 ~ |  | 100 |  | 87 |
| 4.398% due 08/15/2036 ~ |  | 900 |  | 347 |
| 5.715% due 08/15/2038 •  |  | 2250 |  | 2156 |
| New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
| 5.087% due 04/15/2032 •(m) |  | 6425 |  | 6379 |
| 5.387% due 04/15/2032 •(m) |  | 1200 |  | 1189 |
| 5.837% due 04/15/2032 •(m) |  | 13642 |  | 13522 |
| 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 |
| 0.000% due 09/25/2064 ~(a) |  | 496821 |  | 2864 |
| 2.343% due 09/25/2064 ~(a)(m) |  | 496821 |  | 19553 |
| 3.832% due 11/25/2059 ~(m) |  | 8300 |  | 4898 |
| 7.625% due 09/25/2064 ~(m) |  | 16143 |  | 14781 |
| Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
| 3.350% due 12/15/2050 •(m) |  | 869 |  | 984 |
| 3.600% due 12/15/2050 •(m) |  | 1660 |  | 1818 |
| 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 |
| 4.166% due 10/25/2036 •(m) | $— | 803 |  | 698 |
| Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
| 4.324% due 09/26/2035 ~(m) |  | 2837 |  | 2500 |
| NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
| 0.388% due 09/25/2046 •  |  | 78 |  | 73 |
| NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
| 4.960% due 11/15/2038 •(m) |  | 2000 |  | 1998 |
| 5.410% due 12/15/2038 •(m) |  | 2200 |  | 2192 |
| ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust |
| 4.564% due 03/15/2036 •  |  | 820 |  | 818 |
| PRET LLC | PRET LLC | PRET LLC | PRET LLC | PRET LLC |
| 5.249% due 10/25/2055 |  | 8017 |  | 8021 |
| PRETM Trust | PRETM Trust | PRETM Trust | PRETM Trust | PRETM Trust |
| 0.000% due 04/25/2065 |  | 16011 |  | 13800 |
| 4.424% due 01/27/2070 |  | 16858 |  | 14448 |
| Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
| 4.196% due 06/25/2036 •(m) |  | 1114 |  | 816 |
| 7.000% due 07/25/2034 |  | 24 |  | 23 |
| Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
| 0.010% due 12/30/2057 «(c) |  | 33505 |  | 22359 |
| 7.563% due 12/30/2057 «(c) |  | 13222 |  | 8824 |
| 8.643% due 12/30/2057 «(c) |  | 14866 |  | 9921 |
| PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
| 5.385% due 10/25/2030 þ | $— | 1212 |  | 1215 |
| 5.503% due 08/25/2030 þ |  | 3069 |  | 3079 |
| 5.729% due 07/25/2030 þ |  | 960 |  | 962 |
| 6.255% due 05/25/2030 þ |  | 900 |  | 902 |
| RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
| 4.146% due 02/25/2037 •  |  | 248 |  | 223 |
| 4.206% due 07/25/2036 •(m) |  | 7571 |  | 2415 |
| 4.226% due 05/25/2037 •(m) |  | 5709 |  | 5443 |
| 4.266% due 06/25/2037 •(m) |  | 534 |  | 487 |
| 5.029% due 01/25/2046 •(m) |  | 2473 |  | 1932 |
| 5.500% due 04/25/2037 |  | 35 |  | 29 |
| 6.000% due 08/25/2035 (m) |  | 453 |  | 405 |
| 6.000% due 12/25/2035 (m) |  | 918 |  | 802 |
| 6.000% due 06/25/2036 |  | 116 |  | 95 |
| 6.000% due 08/25/2036 |  | 176 |  | 154 |
| 6.000% due 09/25/2036 (m) |  | 2667 |  | 967 |
| 6.000% due 11/25/2036 (m) |  | 1163 |  | 938 |
| 6.000% due 01/25/2037 |  | 174 |  | 140 |
| 6.250% due 02/25/2037 (m) |  | 1724 |  | 1442 |
| 6.500% due 09/25/2037 (m) |  | 607 |  | 509 |
| 7.000% due 10/25/2037 (m) |  | 3782 |  | 3039 |
| RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
| 4.994% due 05/26/2037 ~(m) |  | 2733 |  | 1396 |
| 5.229% due 09/26/2035 ~(m) |  | 2910 |  | 1530 |
| 5.368% due 07/26/2045 ~(m) |  | 7998 |  | 7971 |
| 6.000% due 03/26/2036 ~(m) |  | 3284 |  | 1591 |
| 6.000% due 06/26/2037 ~ |  | 199 |  | 183 |
| RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC |
| 5.418% due 10/25/2030 þ |  | 4202 |  | 4163 |
| 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 |
| 8.000% due 05/25/2032 |  | 178 |  | 114 |
| Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
| 5.500% due 07/25/2035 |  | 550 |  | 315 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 6.000% due 08/25/2036 | $— | 6248 | $— | 1580 |
| 6.000% due 02/25/2037 |  | 167 |  | 69 |
| 6.000% due 03/25/2037 |  | 2803 |  | 858 |
| 6.000% due 07/25/2037 (m) |  | 6206 |  | 2244 |
| 6.250% due 01/25/2037 |  | 5396 |  | 1832 |
| 6.250% due 08/25/2037 |  | 4048 |  | 940 |
| 6.500% due 08/25/2036 |  | 10264 |  | 2810 |
| 6.750% due 08/25/2036 |  | 10334 |  | 2937 |
| RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
| 5.714% due 07/27/2037 ~ |  | 87 |  | 69 |
| 5.850% due 11/25/2035 |  | 39 |  | 26 |
| 6.000% due 04/25/2037 |  | 295 |  | 227 |
| 6.000% due 06/25/2037 |  | 141 |  | 112 |
| RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust |
| 4.020% due 05/25/2047 •  |  | 1746 |  | 1522 |
| Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust |
| 6.080% due 09/25/2060 ~(m) |  | 253576 |  | 174362 |
| Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
| 4.124% due 01/20/2038 ~ |  | 68 |  | 55 |
| 4.588% due 07/20/2036 •  |  | 67 |  | 12 |
| 5.239% due 02/20/2034 •  |  | 80 |  | 73 |
| Sequoia Mortgage Trust 9 | Sequoia Mortgage Trust 9 | Sequoia Mortgage Trust 9 | Sequoia Mortgage Trust 9 | Sequoia Mortgage Trust 9 |
| 6.313% due 09/20/2032 ~ |  | 112 |  | 110 |
| SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
| 5.014% due 05/15/2038 •(m) |  | 18150 |  | 18124 |
| 5.364% due 05/15/2038 •(m) |  | 2120 |  | 2112 |
| 5.664% due 05/15/2038 •(m) |  | 1760 |  | 1752 |
| SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust |
| 2.632% due 03/15/2037 |  | 3660 |  | 3507 |
| 4.509% due 02/15/2041 ~(m) |  | 9000 |  | 7643 |
| SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
| 6.451% due 01/15/2039 •(m) |  | 30200 |  | 30073 |
| Soho Trust | Soho Trust | Soho Trust | Soho Trust | Soho Trust |
| 2.697% due 08/10/2038 ~(m) |  | 18930 |  | 15250 |
| 2.697% due 08/10/2038 ~ |  | 9300 |  | 6829 |
| STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
| 6.467% due 02/25/2037 ~(m) |  | 698 |  | 644 |
| Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| 3.935% due 11/25/2066 ~ |  | 100 |  | 78 |
| 3.935% due 11/25/2066 ~(m) |  | 400 |  | 298 |
| Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
| 6.265% due 04/15/2034 •  |  | 221 |  | 221 |
| 7.015% due 04/15/2034 •(m) |  | 13424 |  | 13401 |
| 8.015% due 04/15/2034 •(m) |  | 6612 |  | 6605 |
| Stratton Hawksmoor PLC | Stratton Hawksmoor PLC | Stratton Hawksmoor PLC | Stratton Hawksmoor PLC | Stratton Hawksmoor PLC |
| 5.834% due 02/25/2053 •(m) |  | 1967 |  | 2640 |
| 6.584% due 02/25/2053 •(m) |  | 4300 |  | 5771 |
| Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
| 0.000% due 06/28/2050 (b) |  | 3433 |  | 3744 |
| 0.000% due 06/28/2050 |  | 0 |  | 428 |
| 0.000% due 06/20/2060 (b) |  | 3784 |  | 4115 |
| 0.000% due 06/20/2060 |  | 0 |  | 2249 |
| 7.741% due 06/20/2060 •  |  | 378 |  | 530 |
| 8.741% due 06/28/2050 •  |  | 73 |  | 97 |
| 8.741% due 06/20/2060 •  |  | 378 |  | 542 |
| Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
| 4.136% due 02/25/2037 ~(m) | $— | 4510 |  | 2942 |
| 4.261% due 01/25/2036 ~ |  | 496 |  | 264 |
| 4.349% due 03/25/2036 ~(m) |  | 21278 |  | 11949 |
| 4.576% due 08/25/2036 ~ |  | 2256 |  | 530 |
| 4.822% due 04/25/2047 ~ |  | 990 |  | 371 |
| Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
| 4.186% due 03/25/2037 •  |  | 676 |  | 61 |
| 4.226% due 07/25/2046 •(m) |  | 7276 |  | 5186 |
| 4.266% due 05/25/2036 •(m) |  | 1292 |  | 917 |
| 4.266% due 08/25/2036 •(m) |  | 620 |  | 522 |
| 4.306% due 05/25/2045 •  |  | 41 |  | 39 |
| 4.684% due 02/25/2036 ~ |  | 2610 |  | 1137 |
| 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 |
| 4.859% due 01/25/2034 ~ |  | 50 |  | 49 |
| Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust |
| 3.304% due 04/25/2036 •(a) |  | 3885 |  | 575 |
| TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
| 6.000% due 07/25/2036 |  | 204 |  | 65 |
| 6.500% due 07/25/2036 |  | 18349 |  | 3780 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TDA 27 FTA | TDA 27 FTA | TDA 27 FTA |
| 2.208% due 12/28/2050 •(m) | 4421 | 4721 |
| TDA 28 FTA | TDA 28 FTA | TDA 28 FTA |
| 2.272% due 10/28/2050 •(m) | 6601 | 4321 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| 0.000% due 12/25/2058 (b) | 46177 | 6148 |
| 0.000% due 12/25/2058 (a) | 494360 | 0 |
| 0.000% due 10/25/2059 (a)(k) | 309838 | 0 |
| 0.000% due 01/25/2060 (a) | 62324 | 611 |
| 2.259% due 10/25/2059 ~ | 12232 | 7046 |
| 3.892% due 10/25/2059 ~ | 4000 | 2583 |
| 4.000% due 01/25/2060 ~ | 464 | 423 |
| 4.500% due 10/25/2059 ~ | 4817 | 4098 |
| 4.537% due 01/25/2060 ~ | 3087 | 2305 |
| VASA Trust | VASA Trust | VASA Trust |
| 4.765% due 07/15/2039 •(m) | 1000 | 988 |
| 7.765% due 07/15/2039 •(m) | 4435 | 3852 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| 0.305% due 05/25/2065 ~(a) | 398122 | 2435 |
| 0.963% due 05/25/2065 ~(a) | 398122 | 14269 |
| 6.400% due 05/25/2065 ~ | 9662 | 9142 |
| 7.782% due 06/25/2069 ~ | 1000 | 1009 |
| VNDO Trust | VNDO Trust | VNDO Trust |
| 3.903% due 01/10/2035 ~(m) | 4814 | 4685 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| 3.759% due 03/25/2037 ~ | 200 | 168 |
| 3.860% due 11/25/2036 ~ | 74 | 64 |
| 4.028% due 06/25/2037 ~(m) | 527 | 464 |
| 4.033% due 07/25/2037 ~(m) | 658 | 529 |
| 4.041% due 03/25/2037 ~(m) | 1283 | 1148 |
| 4.104% due 02/25/2037 ~(m) | 1259 | 1086 |
| 4.182% due 07/25/2037 ~ | 418 | 384 |
| 4.386% due 07/25/2045 •  | 76 | 74 |
| 4.550% due 08/25/2036 ~(m) | 769 | 716 |
| 4.686% due 06/25/2044 •  | 62 | 63 |
| 4.779% due 06/25/2047 •  | 1120 | 1061 |
| 4.827% due 07/25/2047 •  | 333 | 293 |
| 4.839% due 07/25/2047 •(m) | 9092 | 7800 |
| 4.909% due 10/25/2046 •  | 175 | 156 |
| 4.989% due 09/25/2046 •(m) | 2083 | 1740 |
| 5.077% due 07/25/2046 •(m) | 1963 | 1822 |
| 5.778% due 03/25/2033 ~ | 18 | 18 |
| Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
| 0.000% due 12/21/2049 | 0 | 1965 |
| 6.412% due 12/21/2049 •  | 646 | 867 |
| 6.912% due 12/21/2049 •  | 646 | 860 |
| Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
| 4.326% due 01/25/2047 •(m) | 6254 | 5736 |
| 4.446% due 07/25/2036 •(m) | 2701 | 1964 |
| 4.590% due 06/25/2046 •(m) | 4375 | 2493 |
| 4.879% due 10/25/2046 •  | 224 | 199 |
| 5.750% due 11/25/2035 (m) | 660 | 627 |
| 6.000% due 04/25/2037 (m) | 985 | 879 |
| 6.467% due 05/25/2036 þ(m) | 2890 | 2562 |
| Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
| 3.725% due 06/25/2033 ~ | 58 | 54 |
| Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
| 5.750% due 07/25/2037 | 146 | 129 |
| 6.442% due 07/25/2037 ~(m) | 1000 | 931 |
| 6.500% due 07/25/2037 (m) | 2484 | 2197 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 3.862% due 12/15/2039 (m) | 4500 | 4371 |
| 5.575% due 09/15/2040 ~ | 500 | 505 |
| Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
| 4.147% due 03/27/2037 ~(m) | 2839 | 1489 |
| 6.064% due 04/27/2036 ~(m) | 2177 | 2064 |
| Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
| 6.000% due 06/25/2037 | 39 | 37 |
| 6.468% due 09/25/2036 ~ | 2 | 2 |
| 6.497% due 10/25/2036 ~ | 3 | 3 |
| Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
| 3.526% due 11/10/2036 | 13944 | 11215 |
| 3.596% due 11/10/2036 ~ | 11000 | 1090 |

---

84 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WSTN Trust | WSTN Trust | WSTN Trust |
| 0.341% due 07/05/2037 ~(a) | 515000 | 1540 |
| 7.690% due 07/05/2037 ~(m) | 11200 | 11382 |
| 8.455% due 07/05/2037 ~(m) | 11200 | 11280 |
| 9.835% due 07/05/2037 ~(m) | 16010 | 16235 |
| Total Non-Agency Mortgage-Backed Securities (Cost $2,722,989) | Total Non-Agency Mortgage-Backed Securities (Cost $2,722,989) | 2583188 |
| ASSET-BACKED SECURITIES 15.9% | ASSET-BACKED SECURITIES 15.9% | ASSET-BACKED SECURITIES 15.9% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
| Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
| 11.395% due 09/15/2032 | 523 | 537 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| 0.000% due 07/15/2033 « | 27 | 11631 |
| 0.000% due 12/15/2033 | 25 | 950 |
| Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
| 0.000% due 12/15/2027 « | 9 | 401 |
| 0.000% due 06/15/2029 « | 3 | 0 |
| Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes |
| 7.918% due 10/20/2032 •  | 389 | 394 |
| 11.418% due 10/20/2032 •  | 468 | 473 |
| Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
| 7.762% due 06/15/2032 | 912 | 928 |
| 10.171% due 06/15/2032 | 1951 | 2013 |
| 13.030% due 06/15/2032 | 1694 | 1767 |
| SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
| 8.710% due 06/15/2033 | 900 | 915 |
|  |  | 20009 |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
| CPS Auto Securitization Trust | CPS Auto Securitization Trust | CPS Auto Securitization Trust |
| 11.000% due 06/16/2032 « | 16712 | 16974 |
| HOME EQUITY OTHER 8.5% | HOME EQUITY OTHER 8.5% | HOME EQUITY OTHER 8.5% |
| Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
| 4.761% due 10/25/2035 •(m) | 2200 | 2109 |
| ABFC Trust | ABFC Trust | ABFC Trust |
| 4.406% due 10/25/2033 •  | 130 | 128 |
| 4.791% due 07/25/2034 •(m) | 211 | 211 |
| 4.821% due 06/25/2035 •(m) | 3182 | 3055 |
| 4.896% due 03/25/2034 •  | 383 | 373 |
| 4.896% due 03/25/2035 •(m) | 246 | 221 |
| 5.016% due 03/25/2035 •  | 418 | 330 |
| ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
| 4.066% due 12/25/2036 •(m) | 20517 | 5192 |
| 4.551% due 05/25/2035 •(m) | 101 | 101 |
| 4.806% due 08/25/2035 •(m) | 5109 | 4447 |
| 4.836% due 05/25/2035 •(m) | 887 | 729 |
| 4.941% due 07/25/2035 •(m) | 17938 | 16888 |
| Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
| 4.566% due 08/25/2035 •  | 93 | 93 |
| 4.806% due 08/25/2035 •  | 2225 | 364 |
| 4.821% due 06/25/2035 •  | 3000 | 931 |
| 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 |
| 5.946% due 09/25/2034 •(m) | 740 | 739 |
| 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 |
| 3.214% due 09/25/2032 •(m) | 1148 | 1048 |
| 4.716% due 11/25/2035 •(m) | 4300 | 4133 |
| 4.761% due 09/25/2035 •(m) | 1438 | 1445 |
| 4.791% due 11/25/2035 •(m) | 1200 | 1071 |
| 4.791% due 01/25/2036 •(m) | 3996 | 3783 |
| 4.821% due 05/25/2035 •(m) | 782 | 765 |
| 4.866% due 01/25/2036 •(m) | 3900 | 3502 |
| 5.571% due 05/25/2034 •  | 114 | 114 |
| 5.571% due 08/25/2035 •(m) | 6373 | 6315 |
| 6.696% due 08/25/2032 •  | 129 | 128 |
| Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
| 3.996% due 09/25/2036 •(m) | 7186 | 2335 |
| 4.046% due 06/25/2036 •(m) | 6279 | 1720 |
| 4.086% due 04/25/2036 •  | 973 | 299 |
| 4.146% due 06/25/2036 •  | 3535 | 968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.226% due 03/25/2036 •(m) | $— | 9516 | $— | 5398 |
| 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 |
| 4.536% due 11/25/2035 •(m) |  | 14851 |  | 13396 |
| 4.536% due 01/25/2036 •(m) |  | 1089 |  | 1185 |
| 4.606% due 02/25/2036 •(m) |  | 18843 |  | 15548 |
| 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 |
| 4.746% due 11/25/2035 •(m) |  | 2439 |  | 2398 |
| 4.851% due 04/25/2035 •  |  | 47 |  | 54 |
| 4.866% due 05/25/2035 •(m) |  | 787 |  | 781 |
| 4.926% due 04/25/2035 •(m) |  | 900 |  | 839 |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 2.461% due 09/25/2034 •  |  | 56 |  | 56 |
| 4.126% due 12/25/2036 •(m) |  | 7240 |  | 7496 |
| 4.767% due 04/25/2035 •(m) |  | 1237 |  | 1250 |
| 4.866% due 10/25/2035 •(m) |  | 441 |  | 443 |
| 4.926% due 12/25/2035 •(m) |  | 2869 |  | 2866 |
| Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
| 3.926% due 03/25/2035 •  |  | 511 |  | 399 |
| 4.266% due 12/26/2036 •(m) |  | 13201 |  | 11743 |
| CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
| 5.596% due 10/25/2037 •  |  | 15000 |  | 15055 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.046% due 05/25/2037 •  |  | 388 |  | 266 |
| 4.146% due 12/25/2036 •(m) |  | 15932 |  | 6005 |
| 4.166% due 09/25/2036 •(m) |  | 9265 |  | 7217 |
| 4.166% due 12/25/2036 •(m) |  | 10205 |  | 5781 |
| 4.286% due 12/25/2036 •(m) |  | 11673 |  | 4412 |
| 4.821% due 10/25/2035 •(m) |  | 2330 |  | 1676 |
| Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
| 4.126% due 03/25/2037 •(m) |  | 9500 |  | 8924 |
| 4.236% due 01/25/2046 •(m) |  | 36092 |  | 29867 |
| 4.526% due 12/25/2036 •  |  | 239 |  | 200 |
| 4.746% due 03/25/2047 •(m) |  | 818 |  | 622 |
| 4.836% due 05/25/2035 •  |  | 102 |  | 102 |
| 4.941% due 05/25/2035 •  |  | 430 |  | 428 |
| 4.946% due 05/25/2047 •(m) |  | 4176 |  | 3846 |
| 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 |
| 4.246% due 06/25/2037 •(m) |  | 15659 |  | 16071 |
| 4.326% due 03/25/2036 •(m) |  | 12141 |  | 11270 |
| 4.326% due 05/25/2036 •(m) |  | 3365 |  | 2942 |
| 4.346% due 11/25/2047 •(m) |  | 3417 |  | 3134 |
| 4.357% due 10/25/2032 «~(m) |  | 1 |  | 0 |
| 4.431% due 04/25/2036 •(m) |  | 8762 |  | 8453 |
| 4.491% due 05/25/2036 •  |  | 821 |  | 658 |
| 4.956% due 08/25/2035 •(m) |  | 670 |  | 666 |
| 5.016% due 04/25/2036 •(m) |  | 3920 |  | 3578 |
| 5.871% due 11/25/2035 •(m) |  | 6297 |  | 4628 |
| 6.867% due 09/25/2046 þ(m) |  | 6157 |  | 4480 |
| 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. |
| 4.896% due 02/25/2031 •(m) |  | 610 |  | 601 |
| EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
| 7.221% due 04/25/2042 •(m) |  | 1615 |  | 1595 |
| Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
| 4.536% due 07/25/2035 •  |  | 223 |  | 220 |
| 4.581% due 07/25/2035 •  |  | 270 |  | 256 |
| 4.896% due 07/25/2035 •  |  | 696 |  | 595 |
| FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust |
| 4.776% due 09/25/2035 •(m) |  | 6500 |  | 5940 |
| 4.821% due 11/25/2035 •  |  | 3644 |  | 2175 |
| Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
| 4.186% due 07/25/2036 •(m) |  | 3826 |  | 2106 |
| Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
| 4.146% due 01/25/2037 •(m) |  | 2610 |  | 1204 |
| 4.326% due 02/25/2037 •  |  | 1055 |  | 322 |
| 4.521% due 01/25/2036 •(m) |  | 4700 |  | 4021 |
| 4.806% due 04/25/2035 •(m) |  | 4300 |  | 3811 |
| 4.911% due 06/25/2035 •  |  | 1049 |  | 1046 |
| GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust |
| 6.749% due 12/25/2037 þ(m) |  | 446 |  | 439 |
| GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
| 3.906% due 01/25/2037 •(m) |  | 2312 |  | 1433 |
| 3.936% due 01/25/2037 •  |  | 690 |  | 427 |
| 3.986% due 12/25/2036 •  |  | 725 |  | 390 |
| 4.096% due 12/25/2036 •(m) |  | 3384 |  | 1680 |
| 4.166% due 04/25/2036 •  |  | 383 |  | 259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.246% due 11/25/2036 •(m) | $— | 3040 | $— | 1426 |
| 4.386% due 04/25/2036 •(m) |  | 13649 |  | 9330 |
| 5.496% due 10/25/2034 •  |  | 97 |  | 100 |
| Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
| 4.006% due 11/25/2036 •(m) |  | 2286 |  | 2137 |
| 4.086% due 04/25/2037 •(m) |  | 14851 |  | 10171 |
| 4.166% due 04/25/2037 •(m) |  | 2048 |  | 1837 |
| 4.551% due 03/25/2036 •  |  | 1026 |  | 841 |
| 4.563% due 12/25/2031 þ |  | 447 |  | 291 |
| 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 |
| 4.036% due 01/25/2037 •(m) |  | 25510 |  | 18417 |
| 4.066% due 12/25/2036 •  |  | 18795 |  | 4597 |
| 4.166% due 10/25/2036 •(m) |  | 6139 |  | 2200 |
| 4.186% due 12/25/2036 •(m) |  | 11512 |  | 2683 |
| 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 |
| 4.821% due 09/25/2035 •(m) |  | 1218 |  | 1326 |
| 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. |
| 4.746% due 09/25/2035 •(m) |  | 2300 |  | 2134 |
| JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
| 4.006% due 08/25/2036 •  |  | 5 |  | 2 |
| 4.146% due 07/25/2036 •(m) |  | 2469 |  | 1159 |
| 4.166% due 07/25/2036 •  |  | 916 |  | 251 |
| 5.962% due 09/25/2029 þ(m) |  | 2225 |  | 1330 |
| 6.388% due 10/25/2036 þ(m) |  | 6096 |  | 3642 |
| 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 |
| 3.936% due 06/25/2037 •(m) |  | 3061 |  | 2051 |
| 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 |
| 4.226% due 02/25/2036 •(m) |  | 16123 |  | 14431 |
| 4.386% due 05/25/2046 •(m) |  | 7647 |  | 2285 |
| 4.551% due 11/25/2035 •(m) |  | 47620 |  | 47000 |
| 4.761% due 08/25/2035 •(m) |  | 3400 |  | 3162 |
| 4.971% due 04/25/2035 •(m) |  | 6500 |  | 6414 |
| 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 |
| 4.066% due 08/25/2036 •(m) |  | 2481 |  | 877 |
| 4.146% due 03/25/2036 •(m) |  | 4512 |  | 2680 |
| 4.186% due 06/25/2036 •(m) |  | 3233 |  | 3039 |
| 4.206% due 02/25/2036 •(m) |  | 5671 |  | 2054 |
| 4.326% due 06/25/2036 •  |  | 2434 |  | 825 |
| 4.386% due 12/25/2035 •(m) |  | 13216 |  | 11177 |
| 4.416% due 01/25/2036 •  |  | 97 |  | 97 |
| 4.746% due 10/25/2035 •(m) |  | 1553 |  | 1466 |
| 4.821% due 05/25/2035 •  |  | 110 |  | 120 |
| 4.851% due 03/25/2035 •  |  | 1280 |  | 1295 |
| 4.866% due 03/25/2035 •  |  | 763 |  | 622 |
| 4.896% due 05/25/2035 •(m) |  | 1200 |  | 1206 |
| 4.926% due 03/25/2035 •  |  | 1707 |  | 1626 |
| 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 |
| 4.791% due 02/25/2036 •  |  | 509 |  | 513 |
| 4.881% due 02/25/2036 •  |  | 180 |  | 177 |
| Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
| 3.916% due 10/25/2036 •  |  | 1994 |  | 879 |
| 3.946% due 11/25/2036 •  |  | 1063 |  | 630 |
| 3.966% due 09/25/2036 •  |  | 3074 |  | 1066 |
| 3.986% due 10/25/2036 •(m) |  | 6730 |  | 2967 |
| 3.996% due 11/25/2036 •(m) |  | 11587 |  | 6880 |
| 4.066% due 10/25/2036 •(m) |  | 3243 |  | 1430 |
| 4.146% due 06/25/2036 •(m) |  | 4141 |  | 2074 |
| 4.146% due 06/25/2036 •  |  | 419 |  | 372 |
| 4.146% due 09/25/2036 •(m) |  | 6175 |  | 2139 |
| 4.176% due 02/25/2037 •(m) |  | 4087 |  | 1816 |
| 4.716% due 09/25/2035 •  |  | 1204 |  | 1015 |
| 4.881% due 01/25/2035 •(m) |  | 6379 |  | 6125 |
| 4.881% due 03/25/2035 •(m) |  | 859 |  | 796 |
| 4.941% due 01/25/2035 •(m) |  | 927 |  | 826 |
| Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
| 4.206% due 03/25/2036 •  |  | 9 |  | 8 |
| 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 |
| 4.076% due 04/25/2037 •(m) |  | 19349 |  | 10005 |
| 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 |
| 4.491% due 12/25/2035 •(m) |  | 908 |  | 883 |
| 4.521% due 12/25/2035 •(m) |  | 2195 |  | 1973 |
| 4.626% due 03/25/2035 •(m) |  | 525 |  | 525 |
| 4.791% due 06/25/2035 •(m) |  | 394 |  | 424 |
| 4.821% due 06/25/2035 •(m) |  | 1067 |  | 1067 |
| 4.866% due 06/25/2035 •(m) |  | 1342 |  | 1383 |
| 4.971% due 03/25/2035 •(m) |  | 813 |  | 817 |
| 6.846% due 01/25/2033 •  |  | 169 |  | 150 |

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See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 85

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 |
| 4.406% due 07/25/2036 •(m) | 3500 | 3049 |
| 4.506% due 10/25/2036 •  | 4031 | 728 |
| 4.761% due 05/25/2035 •(m) | 1980 | 1583 |
| NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
| 4.186% due 11/25/2036 •  | 990 | 301 |
| Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
| 3.976% due 07/25/2037 •(m) | 17902 | 11908 |
| 4.126% due 01/25/2037 •  | 230 | 151 |
| 4.126% due 01/25/2037 •(m) | 6836 | 4029 |
| 4.176% due 04/25/2037 •(m) | 1847 | 916 |
| 4.286% due 01/25/2037 •  | 1394 | 822 |
| 4.346% due 03/25/2037 •  | 451 | 223 |
| 5.662% due 01/25/2037 þ | 1 | 1 |
| Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
| 3.157% due 10/25/2035 þ(m) | 3132 | 1757 |
| 4.746% due 10/25/2036 •  | 2348 | 2351 |
| Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
| 4.791% due 09/25/2035 •(m) | 2200 | 1994 |
| 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 |
| 4.821% due 07/25/2035 •(m) | 1600 | 1441 |
| 5.721% due 10/25/2034 •(m) | 1195 | 1062 |
| People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
| 4.821% due 05/25/2035 •(m) | 900 | 644 |
| RAAC Trust | RAAC Trust | RAAC Trust |
| 6.471% due 05/25/2046 •(m) | 17151 | 17243 |
| Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
| 5.612% due 04/25/2037 þ | 3152 | 789 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| 4.596% due 04/25/2034 •(m) | 780 | 778 |
| 4.716% due 04/25/2034 •(m) | 187 | 188 |
| 5.421% due 04/25/2034 •(m) | 993 | 1006 |
| 5.826% due 04/25/2034 •(m) | 1738 | 1835 |
| Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
| 4.106% due 11/25/2036 •(m) | 3570 | 3351 |
| 4.186% due 10/25/2036 •(m) | 2007 | 1870 |
| 4.326% due 08/25/2036 •(m) | 7451 | 6672 |
| 4.341% due 04/25/2036 •(m) | 6183 | 5409 |
| 4.506% due 12/25/2035 •(m) | 5708 | 5074 |
| 4.791% due 12/25/2035 •(m) | 1786 | 1396 |
| Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
| 1.215% due 11/25/2035 •(m) | 9047 | 7142 |
| 1.432% due 03/25/2035 •(m) | 5096 | 2920 |
| Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
| 4.126% due 07/25/2036 •  | 2081 | 1817 |
| 4.166% due 07/25/2036 •  | 2521 | 823 |
| 4.306% due 02/25/2037 •  | 204 | 91 |
| 4.521% due 01/25/2035 •  | 5 | 5 |
| Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
| 3.996% due 06/25/2037 •(m) | 2671 | 1803 |
| 4.126% due 06/25/2037 •(m) | 4842 | 3269 |
| 4.206% due 02/25/2037 •(m) | 6619 | 1762 |
| 4.366% due 02/25/2037 •(m) | 7681 | 2055 |
| 4.796% due 10/25/2037 •(m) | 3444 | 2721 |
| 4.821% due 11/25/2035 •(m) | 1087 | 1081 |
| 4.946% due 09/25/2037 •(m) | 1334 | 1142 |
| Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
| 4.846% due 09/25/2034 •  | 2279 | 2251 |
| Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
| 9.846% due 05/25/2032 •(m) | 3726 | 3461 |
| UCFC Home Equity Loan Trust | UCFC Home Equity Loan Trust | UCFC Home Equity Loan Trust |
| 7.750% due 04/15/2030 ~ | 244 | 248 |
| Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
| 4.251% due 01/25/2037 •(m) | 9675 | 10010 |
|  |  | 630603 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
| JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
| 4.129% due 03/25/2047 þ | 2296 | 1508 |
| Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
| 5.646% due 08/25/2037 •  | 5 | 5 |
|  |  | 1513 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MANUFACTURING HOUSE ABS OTHER 0.2% | MANUFACTURING HOUSE ABS OTHER 0.2% | MANUFACTURING HOUSE ABS OTHER 0.2% |
| Access Financial Manufactured Housing Contract Trust | Access Financial Manufactured Housing Contract Trust | Access Financial Manufactured Housing Contract Trust |
| 7.650% due 05/15/2049 | 200 | 1 |
| Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
| 8.060% due 09/01/2029 ~ | 2914 | 355 |
| 9.163% due 03/01/2033 ~ | 7266 | 7356 |
| 9.546% due 12/01/2033 ~ | 4277 | 4221 |
| GreenPoint Manufactured Housing | GreenPoint Manufactured Housing | GreenPoint Manufactured Housing |
| 9.230% due 12/15/2029 ~ | 3519 | 3560 |
| Mid-State Capital Corp. Trust | Mid-State Capital Corp. Trust | Mid-State Capital Corp. Trust |
| 6.742% due 10/15/2040 (m) | 1575 | 1599 |
| Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. |
| 8.490% due 10/15/2030 | 1114 | 1091 |
|  |  | 18183 |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
| BCMSC Trust | BCMSC Trust | BCMSC Trust |
| 7.830% due 06/15/2030 ~ | 3549 | 220 |
| Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
| 6.530% due 02/01/2031 ~ | 250 | 226 |
| 7.060% due 02/01/2031 ~ | 1089 | 1002 |
| 7.500% due 03/01/2030 ~ | 5876 | 1479 |
| Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
| 7.770% due 09/01/2031 þ | 150 | 153 |
| 7.960% due 05/01/2031 | 1457 | 264 |
| 8.260% due 12/01/2030 ~ | 4584 | 744 |
| 8.850% due 12/01/2030 ~ | 5630 | 640 |
| Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. |
| 7.840% due 11/15/2029 ~ | 424 | 431 |
|  |  | 5159 |
| WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 6.000% due 12/25/2035 | 227 | 122 |
| 6.500% due 03/25/2037 þ(m) | 8804 | 8088 |
| Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
| 4.632% due 10/25/2036 ~ | 106 | 82 |
| 4.896% due 10/25/2036 ~ | 2323 | 1000 |
| 4.901% due 07/25/2036 ~ | 2 | 2 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.546% due 11/25/2046 •(m) | 4267 | 3657 |
| 6.352% due 05/25/2036 þ | 340 | 121 |
| 6.423% due 03/25/2036 þ | 1275 | 590 |
| 6.851% due 05/25/2036 þ | 1979 | 704 |
| Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
| 4.326% due 04/25/2036 •  | 289 | 268 |
| First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
| 4.416% due 02/25/2036 •(m) | 5308 | 5070 |
| 4.791% due 09/25/2035 •(m) | 5835 | 5485 |
| 4.821% due 05/25/2036 •(m) | 13435 | 12386 |
| 4.896% due 03/25/2035 •(m) | 2101 | 2025 |
| GSAMP Trust | GSAMP Trust | GSAMP Trust |
| 5.721% due 06/25/2034 •(m) | 1253 | 1189 |
| Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
| 4.255% due 05/25/2037 ~(m) | 5388 | 4637 |
| 6.670% due 06/24/2046 þ | 131 | 144 |
| Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
| 4.896% due 04/25/2035 •(m) | 392 | 391 |
| PRET LLC | PRET LLC | PRET LLC |
| 5.184% due 11/25/2055 þ | 7935 | 7961 |
| 5.193% due 10/25/2055 þ | 6112 | 6127 |
| 5.265% due 12/25/2055 «þ | 5600 | 5607 |
| 5.342% due 12/25/2055 þ | 7715 | 7742 |
| 5.391% due 08/25/2055 þ | 1612 | 1617 |
| 5.657% due 08/25/2055 þ | 958 | 961 |
| 5.732% due 08/25/2055 þ | 962 | 965 |
| 5.744% due 06/25/2055 þ | 1387 | 1393 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| 4.676% due 08/25/2033 •  | 252 | 252 |
| Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
| 4.346% due 05/25/2036 •(m) | 13695 | 7396 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.446% due 11/25/2035 •(m) | $— | 8518 | 7413 |
| 4.506% due 08/25/2035 •(m) |  | 1109 | 865 |
| 4.821% due 12/25/2034 •(m) |  | 442 | 386 |
| Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
| 3.671% due 02/25/2037 þ |  | 2302 | 739 |
| 3.924% due 06/25/2037 •(m) |  | 2739 | 1363 |
| 4.546% due 03/25/2037 •  |  | 251 | 130 |
|  |  |  | 96878 |
| OTHER ABS 5.3% | OTHER ABS 5.3% | OTHER ABS 5.3% | OTHER ABS 5.3% |
| ABSLT DE LLC | ABSLT DE LLC | ABSLT DE LLC | ABSLT DE LLC |
| 12.234% due 05/20/2033 « |  | 57200 | 57647 |
| Acacia CDO 5 Ltd. | Acacia CDO 5 Ltd. | Acacia CDO 5 Ltd. | Acacia CDO 5 Ltd. |
| 7.850% due 11/08/2039 •  |  | 8674 | 1907 |
| Adagio VI CLO DAC | Adagio VI CLO DAC | Adagio VI CLO DAC | Adagio VI CLO DAC |
| 0.000% due 04/30/2031 ~ |  | 1343 | 339 |
| AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
| 6.213% due 02/15/2040 þ(m) | $— | 790 | 775 |
| Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
| 0.000% due 07/27/2039 ~ |  | 3400 | 2323 |
| Apex Credit CLO LLC | Apex Credit CLO LLC | Apex Credit CLO LLC | Apex Credit CLO LLC |
| 0.000% due 10/20/2034 ~ |  | 20050 | 7356 |
| Aqueduct European CLO DAC | Aqueduct European CLO DAC | Aqueduct European CLO DAC | Aqueduct European CLO DAC |
| 1.000% due 01/25/2039 |  | 1343 | 923 |
| C-BASS CBO XVI Corp. | C-BASS CBO XVI Corp. | C-BASS CBO XVI Corp. | C-BASS CBO XVI Corp. |
| 7.250% due 09/06/2041 •  | $— | 98373 | 494 |
| Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
| 0.000% due 04/17/2031 ~ |  | 2900 | 60 |
| CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
| 0.000% due 04/24/2030 ~ |  | 3390 | 458 |
| College Avenue Student Loans Trust | College Avenue Student Loans Trust | College Avenue Student Loans Trust | College Avenue Student Loans Trust |
| 0.000% due 06/25/2054 « |  | 21 | 11616 |
| 8.660% due 06/25/2054 |  | 3811 | 4067 |
| Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP |
| 7.740% due 01/25/2052 |  | 2000 | 1431 |
| Cork Street CLO DAC | Cork Street CLO DAC | Cork Street CLO DAC | Cork Street CLO DAC |
| 0.000% due 11/27/2028 ~ |  | 1401 | 201 |
| Coronado CDO Ltd. | Coronado CDO Ltd. | Coronado CDO Ltd. | Coronado CDO Ltd. |
| 5.533% due 09/04/2038 •  | $— | 21624 | 6340 |
| 6.000% due 09/04/2038 |  | 3426 | 1143 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 11.214% due 01/21/2035 «•  |  | 18900 | 19134 |
| Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. |
| 0.000% due 04/15/2038 ~ |  | 8400 | 6772 |
| Duke Funding VI Ltd. | Duke Funding VI Ltd. | Duke Funding VI Ltd. | Duke Funding VI Ltd. |
| 7.750% due 04/08/2039 •  |  | 7546 | 584 |
| ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. |
| 3.473% due 06/15/2040 |  | 443 | 397 |
| 4.947% due 06/15/2040 |  | 2936 | 2724 |
| Euromax V ABS PLC | Euromax V ABS PLC | Euromax V ABS PLC | Euromax V ABS PLC |
| 2.338% due 11/10/2095 •  |  | 2580 | 2900 |
| FAB U.K. Ltd. | FAB U.K. Ltd. | FAB U.K. Ltd. | FAB U.K. Ltd. |
| 0.000% due 12/06/2045 ~ |  | 16148 | 3330 |
| FREED ABS Trust | FREED ABS Trust | FREED ABS Trust | FREED ABS Trust |
| 0.000% due 09/20/2027 « | $— | 10 | 1 |
| Glacier Funding CDO III Ltd. | Glacier Funding CDO III Ltd. | Glacier Funding CDO III Ltd. | Glacier Funding CDO III Ltd. |
| 7.270% due 08/04/2035 •  |  | 31282 | 2308 |
| GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
| 8.750% due 10/27/2059 |  | 483 | 501 |
| Hillcrest CDO I Ltd. | Hillcrest CDO I Ltd. | Hillcrest CDO I Ltd. | Hillcrest CDO I Ltd. |
| 4.731% due 12/10/2039 •  |  | 32573 | 5151 |
| Hout Bay Corp. | Hout Bay Corp. | Hout Bay Corp. | Hout Bay Corp. |
| 4.716% due 07/05/2041 •  |  | 109166 | 17414 |
| 4.916% due 07/05/2041 •  |  | 4871 | 6 |
| 5.046% due 07/05/2041 ^•(e) |  | 1690 | 0 |
| KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust |
| 1.125% due 04/25/2038 «~(a) |  | 485 | 10 |
| Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
| 4.300% due 01/15/2042 (m) |  | 1713 | 1716 |
| LendingPoint Asset Securitization Trust | LendingPoint Asset Securitization Trust | LendingPoint Asset Securitization Trust | LendingPoint Asset Securitization Trust |
| 5.990% due 10/15/2029 |  | 259 | 258 |

---

86 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
| 0.000% due 03/15/2028 | 1400 | 126 |
| 0.000% due 04/15/2028 « | 1700 | 222 |
| Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
| 0.000% due 07/27/2047 ~ | 5600 | 699 |
| Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. | Man GLG U.S. CLO Ltd. |
| 0.000% due 07/15/2034 ~ | 6450 | 3142 |
| Marble Point CLO XXIII Ltd. | Marble Point CLO XXIII Ltd. | Marble Point CLO XXIII Ltd. |
| 0.000% due 01/22/2052 ~ | 17150 | 6646 |
| Margate Funding Ltd. | Margate Funding Ltd. | Margate Funding Ltd. |
| 7.330% due 12/04/2044 •  | 14352 | 2428 |
| 7.600% due 12/04/2044 ^•(e) | 14026 | 0 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| 0.000% due 07/16/2029 « | 16 | 0 |
| 0.000% due 09/17/2029 « | 35 | 0 |
| 0.000% due 03/15/2030 « | 33 | 22 |
| 0.000% due 09/16/2030 « | 9 | 10 |
| National Collegiate V Commutation Trust | National Collegiate V Commutation Trust | National Collegiate V Commutation Trust |
| 0.000% due 03/25/2038 •(m) | 135030 | 19771 |
| OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
| 0.000% due 07/20/2037 ~ | 11 | 3441 |
| Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
| 0.000% due 04/15/2032 «~ | 700 | 327 |
| 5.617% due 04/15/2032 «(m) | 638 | 639 |
| 5.823% due 04/15/2032 « | 450 | 451 |
| 6.261% due 04/15/2032 « | 470 | 472 |
| 10.273% due 04/15/2032 « | 580 | 569 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| 3.270% due 05/15/2029 | 212 | 209 |
| Palisades CDO Ltd. | Palisades CDO Ltd. | Palisades CDO Ltd. |
| 8.200% due 07/22/2039 •  | 6540 | 2161 |
| Putnam Structured Product Funding Ltd. | Putnam Structured Product Funding Ltd. | Putnam Structured Product Funding Ltd. |
| 5.265% due 10/15/2038 •  | 683 | 359 |
| RCKT Trust | RCKT Trust | RCKT Trust |
| 7.830% due 11/27/2034 | 1400 | 1403 |
| Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
| 7.750% due 08/16/2032 | 500 | 514 |
| Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
| 0.000% due 10/15/2029 ~ | 11667 | 596 |
| 0.000% due 10/20/2030 ~ | 4967 | 361 |
| 0.000% due 10/20/2031 ~ | 4967 | 293 |
| 0.000% due 04/20/2034 ~ | 22000 | 8188 |
| SLM Student Loan EDC Repackaging Trust | SLM Student Loan EDC Repackaging Trust | SLM Student Loan EDC Repackaging Trust |
| 0.000% due 10/28/2029 « | 36 | 12417 |
| SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
| 0.000% due 01/25/2042 « | 31 | 5933 |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| 0.000% due 10/15/2048 « | 8 | 1839 |
| 0.000% due 09/15/2054 | 32617 | 37040 |
| 0.000% due 11/16/2054 « | 5 | 4160 |
| 0.000% due 02/16/2055 « | 9 | 9181 |
| Soloso CDO Ltd. | Soloso CDO Ltd. | Soloso CDO Ltd. |
| 4.517% due 10/07/2037 •  | 17418 | 14457 |
| South Coast Funding V Ltd. | South Coast Funding V Ltd. | South Coast Funding V Ltd. |
| 5.198% due 08/06/2039 •  | 3678 | 1135 |
| South Coast Funding VII Ltd. | South Coast Funding VII Ltd. | South Coast Funding VII Ltd. |
| 0.454% due 01/06/2041 •  | 168577 | 31503 |
| 0.644% due 01/06/2041 •  | 10259 | 1 |
| 0.794% due 01/06/2041 •  | 2565 | 0 |
| Start II Ltd. | Start II Ltd. | Start II Ltd. |
| 4.089% due 03/15/2044 (m) | 421 | 420 |
| Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust |
| 6.270% due 07/15/2044 | 319 | 332 |
| Taberna Preferred Funding V Ltd. | Taberna Preferred Funding V Ltd. | Taberna Preferred Funding V Ltd. |
| 4.542% due 08/05/2036 •  | 8395 | 7807 |
| Talon Funding Ltd. | Talon Funding Ltd. | Talon Funding Ltd. |
| 7.490% due 06/05/2035 •  | 676 | 104 |
| Tropic CDO V Ltd. | Tropic CDO V Ltd. | Tropic CDO V Ltd. |
| 4.486% due 07/15/2036 •  | 3261 | 3155 |
| Verde CDO Ltd. | Verde CDO Ltd. | Verde CDO Ltd. |
| 4.426% due 10/05/2045 •  | 240688 | 45531 |
|  |  | 388350 |
| Total Asset-Backed Securities (Cost $1,703,094) | Total Asset-Backed Securities (Cost $1,703,094) | 1177669 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| 8.000% due 11/26/2029 | 7400 | 7235 |
| Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
| 0.750% due 07/09/2030 þ(m) | 25350 | 16403 |
| 4.125% due 07/09/2035 þ | 21344 | 15166 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| 0.750% due 07/09/2030 þ | 400 | 342 |
| 1.000% due 07/09/2029 (m) | 4241 | 3792 |
| 3.500% due 07/09/2041 þ(m) | 17260 | 11979 |
| 4.125% due 07/09/2035 þ(m) | 14400 | 10742 |
| 4.125% due 07/09/2046 þ | 220 | 157 |
| 5.000% due 01/09/2038 þ(m) | 76360 | 59485 |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| 6.000% due 10/25/2027 | 5550 | 5351 |
| Colombia TES | Colombia TES | Colombia TES |
| 11.000% due 08/22/2029 | 34125300 | 8541 |
| 11.750% due 01/24/2035 | 32470900 | 8006 |
| 12.750% due 11/28/2040 | 34412700 | 8935 |
| 13.250% due 02/09/2033 | 29789900 | 7993 |
| Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
| 5.500% due 11/21/2030 | 4000 | 4820 |
| Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
| 18.400% due 10/16/2028 | 1026000 | 2102 |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 10.500% due 03/15/2037 (m) | 3504900 | 59773 |
| 10.750% due 06/01/2036 | 60400 | 1043 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 0.000% due 07/31/2030 (h)(m) | 11400 | 9770 |
| 6.900% due 07/31/2030 þ(m) | 17686 | 17544 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 6.375% due 04/11/2031 (m) | 7000 | 8466 |
| Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
| 0.000% due 07/03/2026 (h)(m) | 182 | 179 |
| 0.000% due 01/03/2030 (h)(m) | 548 | 485 |
| 5.000% due 07/03/2029 þ(m) | 2756 | 2713 |
| Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
| 5.350% due 08/12/2040 | 100 | 26 |
| 6.150% due 08/12/2032 | 5 | 2 |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 5.400% due 08/12/2034 | 1 | 0 |
| 6.900% due 08/12/2037 | 15 | 5 |
| 6.950% due 08/12/2031 | 4 | 1 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 5.125% due 09/24/2031 (m) | 3090 | 3718 |
| 5.250% due 05/30/2032 | 200 | 240 |
| 5.375% due 03/22/2031 (m) | 2620 | 3207 |
| 5.875% due 07/11/2032 (m) | 21200 | 26003 |
| 6.250% due 09/10/2034 | 50600 | 62484 |
| Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
| 5.100% due 03/28/2035 « | 600 | 0 |
| 5.625% due 04/04/2042 | 10200 | 7140 |
| 5.875% due 09/16/2043 | 200 | 137 |
| Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| 38.324% (BISTREFI + 0.000%) due 09/06/2028 ~ | 1484300 | 34538 |
| 39.431% (BISTREFI + 0.000%) due 05/20/2026 ~ | 1700 | 40 |
| 39.431% (BISTREFI + 0.000%) due 08/19/2026 ~ | 1300 | 31 |
| 39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ | 276200 | 6430 |
| Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
| 0.000% due 02/01/2030 þ(i) | 605 | 360 |
| 0.000% due 02/01/2034 þ(i) | 2262 | 1080 |
| 0.000% due 02/01/2035 þ(i) | 1912 | 1090 |
| 0.000% due 02/01/2036 þ(i) | 1593 | 904 |
| 4.500% due 02/01/2034 þ | 3223 | 1974 |
| 4.500% due 02/01/2035 þ | 3879 | 2327 |
| 4.500% due 02/01/2036 þ | 3980 | 2348 |
| Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
| 6.000% due 06/25/2035 ^(e) | 590 | 157 |
| 9.250% due 09/15/2027 ^(e) | 734 | 245 |
| Total Sovereign Issues (Cost $383,234) | Total Sovereign Issues (Cost $383,234) | 425509 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 2.2% | COMMON STOCKS 2.2% | COMMON STOCKS 2.2% |
| COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% |
| Clear Channel Outdoor Holdings, Inc. (f) | 4853248 | 10726 |
| iHeartMedia, Inc. Class A (f) | 2021190 | 8408 |
| Promotora de Informaciones SA Class A (f) | 4079279 | 1698 |
| SES SA «(f) | 1755353 | 27281 |
| Uniti Group, Inc. (f) | 959341 | 6725 |
|  |  | 54838 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| Caesars Entertainment, Inc. (f) | 2 | 0 |
| Desarrolladora Homex SAB de CV «(f) | 719113 | 0 |
| Steinhoff International Holdings NV «(f)(k) | 299163217 | 0 |
| West Marine «(f)(k) | 43000 | 272 |
|  |  | 272 |
| FINANCIALS 0.9% | FINANCIALS 0.9% | FINANCIALS 0.9% |
| Banca Monte dei Paschi di Siena SpA | 6139000 | 65363 |
| Corestate Capital Holding SA «(f)(k) | 843935 | 0 |
| UBS Group AG | 12342 | 570 |
| XBP Global Holdings, Inc. (f) | 5398 | 37 |
|  |  | 65970 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
| Foresea Holdings SA « | 263557 | 5946 |
| Luxco Co. Ltd. «(f)(k) | 1799373 | 31744 |
| Mcdermott International Ltd. (f) | 4683 | 98 |
| Westmoreland Mining Holdings «(f)(k) | 238883 | 134 |
| Westmoreland Mining LLC «(f)(k) | 240987 | 678 |
|  |  | 38600 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
| Country Garden Holdings Co. Ltd. (f) | 10800 | 1 |
| MNSN Holdings, Inc. «(f)(k) | 25645 | 1282 |
|  |  | 1283 |
| Total Common Stocks<br>(Cost $148,656) | Total Common Stocks<br>(Cost $148,656) | 160963 |
| WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
| Windstream Holdings II LLC - Exp. 08/01/2035 « | 737041 | 4961 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| West Marine - Exp. 09/08/2028 « | 5580 | 0 |
| Total Warrants<br>(Cost $4,490) | Total Warrants<br>(Cost $4,490) | 4961 |
| PREFERRED SECURITIES 5.0% | PREFERRED SECURITIES 5.0% | PREFERRED SECURITIES 5.0% |
| BANKING & FINANCE 0.9% | BANKING & FINANCE 0.9% | BANKING & FINANCE 0.9% |
| ADLER Group SA « | 10224514 | 0 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 87

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
| 5.916% (US0003M + 1.750%) due 01/15/2067 (m) | 35500000 | 23682 |
| American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
| 5.250% due 06/15/2026 (j)(m) | 10000000 | 9830 |
| Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
| 5.000% due 03/15/2026 (j)(m) | 4300000 | 4303 |
| Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
| 4.875% due 08/15/2026 (j)(m) | 1900000 | 1874 |
| OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
| 0.000% due 04/26/2036 ~ | 4645 | 1933 |
| Windstream Holdings II LLC « | 24136 | 23990 |
|  |  | 65612 |
| INDUSTRIALS 4.1% | INDUSTRIALS 4.1% | INDUSTRIALS 4.1% |
| Atlas Re Ltd. « | 528 | 53220 |
| Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. |
| 0.000% «(k) | 157800 | 3035 |
| Mustang Express Ltd. | Mustang Express Ltd. | Mustang Express Ltd. |
| 0.000% « | 211068 | 213200 |
| SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
| 0.000% due 11/07/2032 (h) | 167720 | 22 |
| 11.000% due 11/07/2032 | 29233 | 13930 |
| Syniverse Holdings, Inc. «(k) | 23556569 | 22859 |
|  |  | 306266 |
| Total Preferred Securities (Cost $376,106) | Total Preferred Securities (Cost $376,106) | 371878 |
| REAL ESTATE INVESTMENT TRUSTS 0.3% | REAL ESTATE INVESTMENT TRUSTS 0.3% | REAL ESTATE INVESTMENT TRUSTS 0.3% |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
| VICI Properties, Inc. | 711293 | 20002 |
| Total Real Estate Investment Trusts<br>(Cost $8,657) | Total Real Estate Investment Trusts<br>(Cost $8,657) | 20002 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| 13.854% (TSFR1M + 10.000%) due 06/29/2026 ~ | 0 | $— | 0 |
| Total Loan Participations and Assignments (Cost $(45)) | Total Loan Participations and Assignments (Cost $(45)) |  | 0 |
| SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% |
| REPURCHASE AGREEMENTS (l) 2.5% | REPURCHASE AGREEMENTS (l) 2.5% |  |  |
|  |  |  | 187254 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |  |  |
| 33.141% due 06/11/2026 - 06/12/2026 (g)(h) | 6754900 |  | 4278 |
| U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% |
| 3.691% due 01/08/2026 - 04/21/2026 (g)(h)(o)(q) | 45489 |  | 45076 |
| Total Short-Term Instruments (Cost $236,246) |  |  | 236608 |
| Total Investments in Securities (Cost $10,858,842) | Total Investments in Securities (Cost $10,858,842) |  | 9946809 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 13.4% | INVESTMENTS IN AFFILIATES 13.4% | INVESTMENTS IN AFFILIATES 13.4% | INVESTMENTS IN AFFILIATES 13.4% |
| COMMON STOCKS 4.4% | COMMON STOCKS 4.4% | COMMON STOCKS 4.4% | COMMON STOCKS 4.4% |
| AFFILIATED INVESTMENTS 4.4% | AFFILIATED INVESTMENTS 4.4% | AFFILIATED INVESTMENTS 4.4% | AFFILIATED INVESTMENTS 4.4% |
| AmSurg Corp. «(f)(k) | 3517243 |  | 157972 |
| Incora New Equity «(f)(k) | 2316329 |  | 89723 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Market Garden †«‡(k) | 48913966 | $— | 50338 |
| Sierra Hamilton Holder LLC «(f)(k) | 30337712 |  | 3 |
| Windstream Services LLC «(f) | 3783475 |  | 25498 |
|  |  |  | 323534 |
| Total Common Stocks (Cost $339,169) | Total Common Stocks (Cost $339,169) |  | 323534 |
| SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% |
| PIMCO Short-Term Floating NAV Portfolio III | 68016535 |  | 662549 |
| Total Short-Term Instruments (Cost $662,259) | Total Short-Term Instruments (Cost $662,259) |  | 662549 |
| Total Investments in Affiliates (Cost $1,001,428) | Total Investments in Affiliates (Cost $1,001,428) |  | 986083 |
| Total Investments 148.0% (Cost $11,860,270) | Total Investments 148.0% (Cost $11,860,270) | $— | 10932892 |
| Financial Derivative Instruments (n)(p) (0.4)%<br>(Cost or Premiums, net $27,621) | Financial Derivative Instruments (n)(p) (0.4)%<br>(Cost or Premiums, net $27,621) |  | (28776) |
| Other Assets and Liabilities, net (47.6)% | Other Assets and Liabilities, net (47.6)% |  | (3515273) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 7388843 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

† Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 10, Related Party Transactions in the Notes to Consolidated Financial Statements.

^ 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.

‡ Insurance-Linked Investments.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

(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) Perpetual maturity; date shown, if applicable, represents next contractual call date.

88 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(k) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| AmSurg Corp. | 11/02/2023 - 11/06/2023 | $146968 | $157972 | 2.14% |
| CIFI Holdings Group Co. Ltd.0.000% due 06/30/2029 | 12/29/2025 | 64 | 63 | 0.00 |
| City of Port Huron Water Supply System Revenue 7.750% due 11/01/2045 | 12/19/2025 | 35596 | 35636 | 0.48 |
| Clover Holdings, Inc. | 12/09/2024 - 03/10/2025 | 2367 | 3035 | 0.04 |
| Corestate Capital Holding SA | 08/22/2023 | 0 | 0 | 0.00 |
| Incora New Equity | 01/31/2025 | 112516 | 89723 | 1.21 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 11/03/2025 | 51974 | 81098 | 1.10 |
| Luxco Co. Ltd. | 10/01/2025 | 31679 | 31744 | 0.43 |
| MNSN Holdings, Inc. | 03/16/2023 - 03/29/2023 | 285 | 1282 | 0.02 |
| Market Garden | 03/13/2024 | 48914 | 50338 | 0.68 |
| Petersen Claim Units 1.000% due 12/31/2099 | 12/08/2025 - 12/24/2025 | 7868 | 8015 | 0.11 |
| Sierra Hamilton Holder LLC | 07/31/2017 | 7690 | 3 | 0.00 |
| Steinhoff International Holdings NV | 06/30/2023 - 10/30/2023 | 0 | 0 | 0.00 |
| Syniverse Holdings, Inc. | 05/12/2022 - 05/30/2025 | 23250 | 22859 | 0.31 |
| Towd Point Mortgage Trust 0.000% due 10/25/2059 | 05/28/2025 | 128 | 0 | 0.00 |
| West Marine | 09/12/2023 | 618 | 272 | 0.00 |
| Westmoreland Mining Holdings | 12/08/2014 - 03/26/2019 | 6949 | 134 | 0.00 |
| Westmoreland Mining LLC | 06/30/2023 | 1597 | 678 | 0.01 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482852 | 6.53% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(l) 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 | 3.870% | 12/31/2025 | 01/02/2026 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | U.S. Treasury Notes 4.000% due 01/31/2031 | $(19857) | $19500 | $19504 |
| JPS | 3.780 | 11/12/2025 | TBD | (2) | 167754 | U.S. Treasury Bonds 1.375% - 3.875% due 08/15/2040 -11/15/2040 | (169650) | 167754 | 168653 |
| Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189507) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188157 |

---

#### 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 |
| BNY | 4.810% | 10/23/2025 | 04/23/2026 |  | $(81276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82131) |
|  | 4.810 | 11/10/2025 | 05/11/2026 |  | (50709) | (51084) |
|  | 4.810 | 12/30/2025 | 06/30/2026 |  | (18006) | (18013) |
| BOS | 4.210 | 12/03/2025 | 01/05/2026 |  | (16677) | (16736) |
|  | 4.210 | 01/05/2026 | 06/05/2026 |  | (16708) | (16708) |
|  | 4.310 | 12/03/2025 | 01/05/2026 |  | (33212) | (33332) |
|  | 4.310 | 01/05/2026 | 06/05/2026 |  | (33212) | (33212) |
|  | 4.360 | 12/03/2025 | 01/05/2026 |  | (18722) | (18791) |
|  | 4.360 | 01/05/2026 | 06/05/2026 |  | (18615) | (18615) |
|  | 4.410 | 12/03/2025 | 01/05/2026 |  | (10753) | (10793) |
|  | 4.410 | 12/23/2025 | 04/20/2026 |  | (14689) | (14707) |
|  | 4.410 | 01/05/2026 | 06/05/2026 |  | (10716) | (10716) |
|  | 4.460 | 12/03/2025 | 01/05/2026 |  | (1196) | (1201) |
|  | 4.460 | 01/05/2026 | 06/05/2026 |  | (1204) | (1204) |
|  | 4.710 | 12/23/2025 | 04/20/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10999) | (11014) |
|  | 4.810 | 12/23/2025 | 04/20/2026 |  | (3005) | (3009) |
| BPS | 0.000 | 11/28/2025 | TBD | (4) | (905) | (1063) |
|  | 1.750 | 09/01/2025 | TBD | (4) | (1050) | (1241) |
|  | 2.250 | 12/04/2025 | 01/02/2026 |  | (17593) | (20713) |
|  | 2.250 | 01/02/2026 | 04/02/2026 |  | (17951) | (21096) |
|  | 2.251 | 12/19/2025 | 03/18/2026 |  | (10804) | (12708) |
|  | 2.270 | 12/05/2025 | 03/05/2026 |  | (5263) | (6196) |
|  | 2.320 | 12/11/2025 | 02/11/2026 |  | (9010) | (10604) |
|  | 3.880 | 12/12/2025 | TBD | (4) | $(3913) | (3922) |
|  | 4.050 | 12/12/2025 | TBD | (4) | (4231) | (4241) |
|  | 4.050 | 12/31/2025 | TBD | (4) | (5260) | (5261) |
|  | 4.050 | 01/02/2026 | TBD | (4) | (4696) | (4696) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 89

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | 4.060 | 12/11/2025 | 02/10/2026 |  | $(102799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103054) |
|  | 4.100 | 12/12/2025 | TBD | (4) | (4549) | (4560) |
|  | 4.300 | 12/24/2025 | 02/24/2026 |  | (1224) | (1226) |
|  | 4.380 | 12/12/2025 | 01/30/2026 |  | (811) | (813) |
|  | 4.410 | 12/31/2025 | 01/30/2026 |  | (2620) | (2620) |
|  | 4.460 | 11/13/2025 | 05/13/2026 |  | (18696) | (18818) |
|  | 4.557 | 11/26/2025 | 03/26/2026 |  | (7607) | (10301) |
|  | 4.890 | 11/13/2025 | 05/13/2026 |  | $(1187) | (1196) |
|  | 4.930 | 11/13/2025 | 05/13/2026 |  | (3943) | (3971) |
|  | 4.940 | 10/23/2025 | 04/23/2026 |  | (125868) | (127224) |
|  | 4.940 | 11/13/2025 | 05/13/2026 |  | (29144) | (29354) |
| BRC | 1.500 | 09/29/2025 | TBD | (4) | (2689) | (3172) |
|  | 1.650 | 11/14/2025 | TBD | (4) | (2166) | (2551) |
|  | 1.930 | 11/14/2025 | TBD | (4) | (7009) | (8258) |
|  | 2.000 | 12/04/2025 | TBD | (4) | (3996) | (4704) |
|  | 2.150 | 12/05/2025 | TBD | (4) | (1211) | (1426) |
|  | 2.300 | 11/19/2025 | 02/19/2026 |  | (24197) | (28516) |
|  | 3.250 | 12/19/2025 | TBD | (4) | (4998) | (6746) |
|  | 3.450 | 12/19/2025 | TBD | (4) | (2682) | (3621) |
|  | 3.580 | 12/12/2025 | TBD | (4) | $(2254) | (2259) |
|  | 3.800 | 12/12/2025 | TBD | (4) | (4011) | (4020) |
|  | 3.850 | 12/12/2025 | TBD | (4) | (619) | (620) |
|  | 3.974 | 10/01/2025 | 01/05/2026 |  | (334) | (337) |
|  | 4.200 | 12/12/2025 | 01/12/2026 |  | (11951) | (11981) |
|  | 4.400 | 12/17/2025 | 03/17/2026 |  | (19440) | (19478) |
|  | 4.710 | 11/05/2025 | 03/05/2026 |  | (14748) | (14870) |
|  | 4.810 | 10/31/2025 | 01/30/2026 |  | (10842) | (10943) |
|  | 4.810 | 12/23/2025 | 04/23/2026 |  | (132693) | (132869) |
|  | 4.880 | 12/09/2025 | 03/09/2026 |  | (10834) | (10869) |
|  | 4.890 | 12/10/2025 | 03/10/2026 |  | (5599) | (5616) |
|  | 4.910 | 10/31/2025 | 01/30/2026 |  | (5685) | (5739) |
|  | 4.910 | 12/09/2025 | 02/09/2026 |  | (1837) | (1843) |
|  | 4.910 | 12/19/2025 | 04/20/2026 |  | (8429) | (8445) |
|  | 4.932 | 12/05/2025 | 03/04/2026 |  | (20865) | (28231) |
|  | 4.983 | 10/01/2025 | 02/02/2026 |  | $(61133) | (61920) |
|  | 5.020 | 10/10/2025 | 01/12/2026 |  | (10379) | (10500) |
|  | 5.050 | 11/05/2025 | 02/06/2026 |  | (1400) | (1411) |
| BYR | 4.210 | 10/10/2025 | 01/12/2026 |  | (4327) | (4374) |
|  | 4.210 | 10/21/2025 | 01/21/2026 |  | (32752) | (33067) |
|  | 4.210 | 11/03/2025 | 02/03/2026 |  | (85949) | (86594) |
|  | 4.210 | 12/03/2025 | 03/03/2026 |  | (22051) | (22136) |
|  | 4.260 | 12/05/2025 | 04/06/2026 |  | (34639) | (34761) |
|  | 4.260 | 12/15/2025 | 04/06/2026 |  | (10697) | (10719) |
| CDC | 4.210 | 09/22/2025 | 01/20/2026 |  | (11964) | (12121) |
|  | 4.210 | 12/10/2025 | 04/09/2026 |  | (4088) | (4100) |
|  | 4.210 | 12/17/2025 | 04/16/2026 |  | (21540) | (21580) |
|  | 4.210 | 12/23/2025 | 04/16/2026 |  | (10012) | (10024) |
|  | 4.210 | 12/29/2025 | 04/28/2026 |  | (11498) | (11503) |
|  | 4.210 | 01/02/2026 | 05/01/2026 |  | (19421) | (19421) |
|  | 4.270 | 12/02/2025 | 01/02/2026 |  | (2989) | (3000) |
|  | 4.270 | 12/05/2025 | 01/02/2026 |  | (647) | (649) |
|  | 4.270 | 12/19/2025 | 01/02/2026 |  | (1686) | (1688) |
|  | 4.270 | 12/24/2025 | 01/02/2026 |  | (7309) | (7317) |
|  | 4.270 | 12/26/2025 | 01/02/2026 |  | (824) | (825) |
|  | 4.270 | 12/30/2025 | 01/02/2026 |  | (6525) | (6527) |
|  | 4.330 | 10/28/2025 | 01/28/2026 |  | (9962) | (10041) |
|  | 4.480 | 10/01/2025 | 01/05/2026 |  | (5243) | (5303) |
|  | 4.510 | 12/10/2025 | 04/09/2026 |  | (6879) | (6899) |
|  | 4.610 | 12/10/2025 | 04/09/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12394) | (12432) |
|  | 4.660 | 12/10/2025 | 04/09/2026 |  | (560) | (561) |
|  | 4.760 | 12/10/2025 | 04/09/2026 |  | (1691) | (1697) |
| CEW | 5.233 | 11/19/2025 | 01/20/2026 |  | (2817) | (2835) |
| DBL | 2.220 | 12/08/2025 | TBD | (4) | (5558) | (6542) |
|  | 2.350 | 12/11/2025 | TBD | (4) | (9858) | (11602) |
|  | 2.630 | 07/09/2025 | TBD | (4) | (3732) | (4442) |
|  | 2.660 | 07/09/2025 | TBD | (4) | (5211) | (6203) |
|  | 3.900 | 12/12/2025 | TBD | (4) | $(16504) | (16542) |
|  | 3.950 | 12/12/2025 | TBD | (4) | (53798) | (53922) |
|  | 4.151 | 12/19/2025 | 03/20/2026 |  | (1065) | (1067) |
|  | 4.165 | 12/19/2025 | 02/20/2026 |  | (60848) | (60947) |

---

90 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | 4.265 | 12/19/2025 | 02/20/2026 |  | $(825) | $(827) |
|  | 4.330 | 12/12/2025 | 01/09/2026 |  | (50579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50707) |
|  | 4.415 | 12/19/2025 | 02/20/2026 |  | (6337) | (6348) |
|  | 4.461 | 12/08/2025 | 02/06/2026 |  | (10150) | (10182) |
|  | 4.465 | 12/19/2025 | 02/20/2026 |  | (9193) | (9209) |
|  | 4.511 | 12/08/2025 | 02/06/2026 |  | (3452) | (3463) |
|  | 4.515 | 12/19/2025 | 02/20/2026 |  | (5863) | (5873) |
|  | 4.561 | 12/08/2025 | 02/06/2026 |  | (8239) | (8265) |
|  | 4.565 | 12/19/2025 | 02/20/2026 |  | (30398) | (30452) |
|  | 4.611 | 12/08/2025 | 02/06/2026 |  | (1730) | (1735) |
|  | 4.615 | 12/19/2025 | 02/20/2026 |  | (5930) | (5940) |
|  | 4.661 | 12/08/2025 | 02/06/2026 |  | (5496) | (5514) |
|  | 4.711 | 12/08/2025 | 02/06/2026 |  | (5394) | (5412) |
|  | 4.715 | 12/19/2025 | 02/20/2026 |  | (12730) | (12753) |
|  | 4.761 | 12/08/2025 | 02/06/2026 |  | (9724) | (9756) |
|  | 4.765 | 12/19/2025 | 02/20/2026 |  | (5391) | (5401) |
|  | 4.815 | 12/19/2025 | 02/20/2026 |  | (13654) | (13679) |
|  | 4.861 | 12/08/2025 | 02/06/2026 |  | (25481) | (25567) |
|  | 4.911 | 12/08/2025 | 02/06/2026 |  | (3079) | (3089) |
|  | 4.961 | 12/08/2025 | 02/06/2026 |  | (3554) | (3566) |
|  | 4.965 | 12/19/2025 | 02/20/2026 |  | (16743) | (16776) |
|  | 5.011 | 12/08/2025 | 02/06/2026 |  | (7124) | (7148) |
|  | 5.111 | 12/08/2025 | 02/06/2026 |  | (13376) | (13423) |
| GLM | 4.930 | 12/23/2025 | 09/23/2026 |  | (98008) | (98142) |
|  | 4.980 | 12/23/2025 | 09/23/2026 |  | (6104) | (6113) |
|  | 5.030 | 12/23/2025 | 09/23/2026 |  | (4043) | (4049) |
|  | 5.180 | 12/23/2025 | 09/23/2026 |  | (2677) | (2681) |
|  | 5.254 | 07/29/2025 | 04/29/2026 |  | (58514) | (59855) |
|  | 5.304 | 07/29/2025 | 04/29/2026 |  | (2799) | (2864) |
| IND | 4.200 | 12/04/2025 | 03/04/2026 |  | (3286) | (3297) |
|  | 4.290 | 12/09/2025 | 02/09/2026 |  | (1797) | (1803) |
|  | 4.300 | 12/23/2025 | 03/23/2026 |  | (2541) | (2544) |
|  | 4.350 | 12/23/2025 | 03/23/2026 |  | (2618) | (2621) |
|  | 4.470 | 10/28/2025 | 01/28/2026 |  | (15055) | (15179) |
|  | 4.540 | 10/30/2025 | 03/30/2026 |  | (669) | (675) |
| JML | 4.000 | 12/12/2025 | 01/30/2026 |  | (48560) | (48674) |
|  | 4.300 | 12/12/2025 | 01/30/2026 |  | (9818) | (9842) |
|  | 4.750 | 12/12/2025 | 01/30/2026 |  | (111) | (111) |
|  | 4.775 | 12/05/2025 | 03/04/2026 |  | (11490) | (15544) |
| MBC | 4.425 | 11/19/2025 | 03/19/2026 |  | (10579) | (14339) |
|  | 4.475 | 11/19/2025 | 03/19/2026 |  | (6921) | (9382) |
| MEI | 2.530 | 12/05/2025 | 03/04/2026 |  | (2041) | (2403) |
|  | 2.590 | 12/19/2025 | 03/18/2026 |  | (4862) | (5720) |
|  | 4.320 | 12/05/2025 | 03/04/2026 |  | (1554) | (2102) |
|  | 4.370 | 12/05/2025 | 03/04/2026 |  | (800) | (1082) |
|  | 4.560 | 11/24/2025 | 01/26/2026 |  | (3169) | (4292) |
| MSB | 4.610 | 12/30/2025 | 06/29/2026 |  | $(1552) | (1552) |
|  | 4.618 | 10/21/2025 | 04/17/2026 |  | (17493) | (23794) |
|  | 4.710 | 10/10/2025 | 04/10/2026 |  | $(2017) | (2041) |
|  | 4.710 | 12/30/2025 | 06/29/2026 |  | (9426) | (9429) |
|  | 4.760 | 10/10/2025 | 04/10/2026 |  | (1889) | (1911) |
|  | 4.760 | 11/19/2025 | 05/18/2026 |  | (1890) | (1902) |
|  | 4.781 | 09/26/2025 | 03/24/2026 |  | (8758) | (11955) |
|  | 4.810 | 11/05/2025 | 05/04/2026 |  | $(24462) | (24668) |
|  | 4.860 | 10/10/2025 | 04/10/2026 |  | (19110) | (19345) |
|  | 4.860 | 12/30/2025 | 06/29/2026 |  | (38339) | (38355) |
|  | 4.910 | 12/30/2025 | 06/29/2026 |  | (19170) | (19178) |
| MSC | (2.500) | 12/30/2025 | 01/30/2026 |  | (402) | (402) |
|  | 3.630 | 12/12/2025 | 01/30/2026 |  | (5681) | (5693) |
|  | 4.860 | 12/30/2025 | 06/29/2026 |  | (6073) | (6076) |
| MYI | 1.750 | 09/26/2025 | TBD | (4) | (1178) | (1391) |
|  | 1.750 | 11/14/2025 | TBD | (4) | (1579) | (1859) |
|  | 2.300 | 12/05/2025 | TBD | (4) | (7989) | (9405) |
|  | 3.250 | 12/19/2025 | TBD | (4) | (1000) | (1349) |
|  | 3.250 | 12/29/2025 | TBD | (4) | (304) | (409) |
|  | 3.300 | 12/29/2025 | TBD | (4) | (3985) | (5373) |
|  | 3.950 | 12/19/2025 | TBD | (4) | (7577) | (10228) |
| MZF | 4.830 | 12/17/2025 | 06/17/2026 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56074) | (56195) |
| NOM | 3.850 | 12/12/2025 | TBD | (4) | (5045) | (5056) |
|  | 4.000 | 12/12/2025 | TBD | (4) | (2994) | (3001) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 91

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| RCE | 2.980 | 10/28/2025 | 04/29/2026 |  | (2165) | $(2558) |
| RCY | 4.400 | 12/04/2025 | 01/07/2026 |  | $(3119) | (3130) |
| RDR | 4.000 | 12/18/2025 | TBD | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38674) | (38739) |
| RTA | 4.295 | 11/20/2025 | 05/20/2026 |  | (55114) | (55412) |
|  | 4.295 | 12/02/2025 | 06/02/2026 |  | (46750) | (46934) |
|  | 4.295 | 12/15/2025 | 05/20/2026 |  | (2113) | (2118) |
|  | 4.295 | 12/18/2025 | 06/18/2026 |  | (33541) | (33600) |
|  | 4.295 | 12/26/2025 | 06/18/2026 |  | (894) | (895) |
|  | 4.740 | 12/18/2025 | 06/18/2026 |  | (6510) | (6523) |
|  | 4.750 | 12/10/2025 | 04/09/2026 |  | (591) | (593) |
|  | 4.770 | 11/21/2025 | 05/20/2026 |  | (19214) | (19324) |
|  | 4.770 | 12/04/2025 | 06/04/2026 |  | (13058) | (13112) |
|  | 4.820 | 12/04/2025 | 06/04/2026 |  | (2724) | (2735) |
|  | 4.820 | 12/08/2025 | 03/09/2026 |  | (6357) | (6379) |
|  | 4.920 | 10/28/2025 | 04/28/2026 |  | (5592) | (5647) |
|  | 4.920 | 12/10/2025 | 04/09/2026 |  | (13786) | (13830) |
|  | 4.970 | 12/18/2025 | 06/18/2026 |  | (13090) | (13117) |
|  | 4.980 | 10/28/2025 | 04/28/2026 |  | (7889) | (7968) |
|  | 4.990 | 10/28/2025 | 04/28/2026 |  | (20449) | (20654) |
|  | 5.000 | 12/10/2025 | 04/09/2026 |  | (1284) | (1288) |
| SBI | 5.065 | 10/23/2025 | 06/03/2026 |  | (43661) | (44098) |
|  | 5.115 | 10/23/2025 | 06/03/2026 |  | (7569) | (7645) |
| SOG | 3.910 | 12/12/2025 | TBD | (4) | (1291) | (1294) |
|  | 3.970 | 12/12/2025 | TBD | (4) | (66202) | (66355) |
|  | 3.990 | 12/12/2025 | TBD | (4) | (39193) | (39284) |
|  | 4.240 | 12/19/2025 | 01/16/2026 |  | (22154) | (22191) |
|  | 4.260 | 12/24/2025 | 02/24/2026 |  | (13935) | (13950) |
|  | 4.470 | 10/07/2025 | 01/07/2026 |  | (1577) | (1594) |
|  | 4.470 | 10/08/2025 | 01/08/2026 |  | (33991) | (34354) |
|  | 4.470 | 11/13/2025 | 01/08/2026 |  | (188) | (189) |
|  | 4.683 | 12/12/2025 | 03/12/2026 |  | (3611) | (3621) |
|  | 4.710 | 12/18/2025 | 06/18/2026 |  | (16415) | (16447) |
|  | 4.810 | 10/31/2025 | 04/30/2026 |  | (22712) | (22916) |
|  | 4.860 | 10/31/2025 | 04/30/2026 |  | (7910) | (7982) |
|  | 4.860 | 11/07/2025 | 05/07/2026 |  | (22488) | (22665) |
| UBS | 2.070 | 06/11/2025 | TBD | (4) | (2490) | (2960) |
|  | 2.090 | 10/03/2025 | TBD | (4) | (73593) | (86939) |
|  | 2.150 | 12/23/2025 | TBD | (4) | (6581) | (7739) |
|  | 2.200 | 10/31/2025 | TBD | (4) | (8094) | (9548) |
|  | 2.220 | 12/03/2025 | 03/03/2026 |  | (25220) | (29694) |
|  | 2.220 | 12/04/2025 | 03/04/2026 |  | (22706) | (26732) |
|  | 2.270 | 12/11/2025 | 02/11/2026 |  | (4660) | (5484) |
|  | 2.755 | 12/05/2025 | 03/04/2026 |  | (11523) | (13571) |
|  | 2.777 | 12/05/2025 | 03/04/2026 |  | (204) | (240) |
|  | 2.927 | 12/05/2025 | 03/04/2026 |  | (3448) | (4062) |
|  | 4.390 | 10/03/2025 | 01/06/2026 |  | $(17792) | (17989) |
|  | 4.484 | 12/05/2025 | 03/04/2026 |  | (2294) | (3102) |
|  | 4.770 | 11/19/2025 | 05/19/2026 |  | $(1545) | (1554) |
|  | 4.820 | 11/19/2025 | 05/19/2026 |  | (6719) | (6759) |
|  | 4.850 | 10/27/2025 | 04/27/2026 |  | (12448) | (12560) |
|  | 4.860 | 10/27/2025 | 01/26/2026 |  | (6437) | (6495) |
|  | 4.900 | 10/16/2025 | 04/16/2026 |  | (2743) | (2772) |
|  | 4.910 | 10/27/2025 | 01/26/2026 |  | (28782) | (29045) |
|  | 4.960 | 10/27/2025 | 01/26/2026 |  | (4197) | (4236) |
|  | 4.980 | 09/30/2025 | 01/05/2026 |  | (9945) | (10075) |
|  | 4.990 | 10/03/2025 | 01/06/2026 |  | (39146) | (39639) |
| WFS | 4.510 | 11/19/2025 | 02/19/2026 |  | (6102) | (6136) |
|  | 4.530 | 11/19/2025 | 02/19/2026 |  | (27256) | (27407) |
|  | 4.580 | 11/19/2025 | 02/19/2026 |  | (12095) | (12163) |
|  | 4.710 | 10/06/2025 | 01/06/2026 |  | (689) | (697) |
|  | 4.760 | 10/06/2025 | 01/06/2026 |  | (6960) | (7041) |
|  | 4.810 | 10/06/2025 | 01/06/2026 |  | (17275) | (17478) |
|  | 4.910 | 10/06/2025 | 01/06/2026 |  | (23867) | (24154) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3462908) |

---

92 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 December 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>(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 |
| BNY | $0 | $(151228) | $0 | $(151228) | $202128 | $50900 |
| BOS | 19504 | (190038) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107926 | (62608) |
| BPS | 0 | (394878) | 0 | (394878) | 436048 | 41170 |
| BRC | 0 | (390945) | 0 | (390945) | 509395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118450 |
| BYR | 0 | (191651) | 0 | (191651) | 223610 | 31959 |
| CDC | 0 | (135688) | 0 | (135688) | 138385 | 2697 |
| CEW | 0 | (2835) | 0 | (2835) | 4003 | 1168 |
| DBL | 0 | (416352) | 0 | (416352) | 507924 | 91572 |
| GLM | 0 | (173704) | 0 | (173704) | 204898 | 31194 |
| IND | 0 | (26119) | 0 | (26119) | 30343 | 4224 |
| JML | 0 | (74171) | 0 | (74171) | 90248 | 16077 |
| JPS | 168653 | 0 | 0 | 168653 | (171967) | (3314) |
| MBC | 0 | (23721) | 0 | (23721) | 29070 | 5349 |
| MEI | 0 | (15599) | 0 | (15599) | 19908 | 4309 |
| MSB | 0 | (154130) | 0 | (154130) | 209754 | 55624 |
| MSC | 0 | (12171) | 0 | (12171) | 15880 | 3709 |
| MYI | 0 | (30014) | 0 | (30014) | 32442 | 2428 |
| MZF | 0 | (56195) | 0 | (56195) | 77239 | 21044 |
| NOM | 0 | (8057) | 0 | (8057) | 9461 | 1404 |
| RBC | 0 | 0 | 0 | 0 | 13 | 13 |
| RCE | 0 | (2558) | 0 | (2558) | 4321 | 1763 |
| RCY | 0 | (3130) | 0 | (3130) | 3763 | 633 |
| RDR | 0 | (38739) | 0 | (38739) | 40467 | 1728 |
| RTA | 0 | (250129) | 0 | (250129) | 309982 | 59853 |
| SBI | 0 | (51743) | 0 | (51743) | 70165 | 18422 |
| SOG | 0 | (252842) | 0 | (252842) | 312455 | 59613 |
| UBS | 0 | (321195) | 0 | (321195) | 373060 | 51865 |
| WFS | 0 | (95076) | 0 | (95076) | 111806 | 16730 |
| Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3462908) | $&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 | $(162942) | $(350866) | $(493361) | $(1007169) |
| Convertible Bonds & Notes | 0 | 0 | (6379) | 0 | (6379) |
| U.S. Government Agencies | 0 | (17946) | (13679) | (3877) | (35502) |
| Non-Agency Mortgage-Backed Securities | 0 | (259511) | (443124) | (782013) | (1484648) |
| Asset-Backed Securities | 0 | (7192) | (103925) | (379076) | (490193) |
| Sovereign Issues | 0 | (100883) | 0 | (174096) | (274979) |
| Preferred Securities | 0 | (38370) | 0 | 0 | (38370) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586844) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(917973) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1832423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3337240) |
| Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | Payable for reverse repurchase agreements<sup>(6)</sup> | $(3337240) |

---

(m) Securities with an aggregate market value of $4,089,148 and cash of $15,262 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) Includes accrued interest.

(2) Open maturity repurchase agreement.

(3) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(3,071,266) at a weighted average interest rate of 4.860%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(4) Open maturity reverse repurchase agreement.

(5) 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.

(6) Unsettled reverse repurchase agreements liability of $(125,668) is outstanding at period end.

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 93

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### 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 | 102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24560) | $391 | $0 | $0 |
| 3-Month SOFR Active Contract March Futures  | 06/2026 | 95 | (22915) | 317 | 3 | 0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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>December 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>December 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 |
| Venture Global LNG, Inc. | 5.000% | Quarterly | 12/20/2030 | 4.628% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | $921 | $(58) | $863 | $141 | $0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2027 | 10.409 | 3900 | (376) | (31) | (407) | 21 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2028 | 11.085 | 800 | (115) | (14) | (129) | 5 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2030 | 10.384 | 32100 | (6089) | (316) | (6405) | 185 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5659) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6078) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.500% | Annual | 09/16/2030 |  | 27000 | $335 | $4908 | $5243 | $0 | $(21) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 138900 | (632) | 1403 | 771 | 157 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 |  | 28300 | (2278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24829 | 22551 | 0 | (28) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 |  | $15100 | 7 | 303 | 310 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244900 | 6094 | (2564) | 3530 | 0 | (187) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 02/15/2027 |  | 13450 | (2) | 348 | 346 | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2027 |  | 1348200 | 13042 | (1913) | 11129 | 0 | (706) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 |  | 660 | (31) | (18) | (49) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2028 |  | 196000 | 2649 | (381) | 2268 | 0 | (185) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 |  | 123500 | (2337) | 1125 | (1212) | 151 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 275200 | 4155 | (543) | 3612 | 0 | (372) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 1973200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18087) | (6900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24987) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2931) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Annual | 12/15/2031 |  | 98500 | (2199) | 13057 | 10858 | 179 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 |  | 16600 | (225) | 2072 | 1847 | 30 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 |  | 88000 | 10651 | (1892) | 8759 | 172 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 1300 | 28 | (27) | 1 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 83530 | (1370) | 1658 | 288 | 194 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 12/21/2038 |  | 108200 | 418 | 888 | 1306 | 289 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Semi-Annual | 03/20/2043 |  | 1300 | (4) | 263 | 259 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Semi-Annual | 12/16/2045 |  | 3800 | (44) | 931 | 887 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 |  | 52450 | 1014 | 1963 | 2977 | 156 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 06/20/2048 |  | 3100 | 256 | 644 | 900 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 03/12/2050 |  | 20500 | (367) | 7266 | 6899 | 55 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 68000 | 16788 | 10922 | 27710 | 173 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 45800 | 11031 | 7198 | 18229 | 116 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/21/2052 |  | 92160 | 787 | 9557 | 10344 | 294 | 0 |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 |  | 9400 | 0 | (120) | (120) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 |  | 4700 | 0 | (59) | (59) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 |  | 4700 | 0 | (59) | (59) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 |  | 2400 | 0 | (22) | (22) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 |  | 10500 | 0 | (96) | (96) | 0 | 0 |
| Receive | 1-Year BRL-CDI | 11.823 | Maturity | 01/04/2027 |  | 599100 | 0 | 4782 | 4782 | 2 | 0 |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 |  | 25100 | 0 | (201) | (201) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.047 | Maturity | 01/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | 0 | (3033) | (3033) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 03/18/2030 |  | 20400 | 373 | 2336 | 2709 | 13 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 06/17/2030 |  | 1200 | (1) | 143 | 142 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 2500 | 139 | 1386 | 1525 | 5 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 500 | (16) | 295 | 279 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 09/21/2052 |  | 34600 | 2992 | 17645 | 20637 | 81 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 143700 | 1990 | 19820 | 21810 | 89 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 13590 | (183) | 993 | 810 | 45 | 0 |
|  |  |  |  |  |  |  | $44973 | $118907 | $163880 | $2231 | $(4435) |
| 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;39314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4435) |

---

94 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 December 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;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | $&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;(4435) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4435) |

---

(o) Securities with an aggregate market value of $13,648 and cash of $137,849 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) 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;(p) 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 | 01/2026 | 549325 | $144 | $0 | $0 |
|  | 01/2026 | 67696 | 1060 | 0 | (5) |
|  | 01/2026 | 22308 | 26335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | 0 |
|  | 01/2026 | $8487 | 7214 | 0 | (5) |
|  | 01/2026 | 196 | 719 | 4 | 0 |
|  | 02/2026 | 1098204 | $288 | 3 | 0 |
|  | 02/2026 | 260972 | 4064 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
|  | 03/2026 | 7407456 | 1928 | 18 | 0 |
| BPS | 01/2026 | 9780 | 1388 | 0 | (16) |
|  | 01/2026 | $5708 | 4860 | 10 | (4) |
|  | 01/2026 | 131 | 2184733 | 0 | 0 |
|  | 01/2026 | 123 | 452 | 3 | 0 |
|  | 03/2026 | 12010 | $577 | 0 | (8) |
|  | 03/2026 | 312 | 7 | 0 | 0 |
|  | 05/2026 | $687 | 209 | 0 | (5) |
|  | 06/2026 | 494 | 151 | 0 | (2) |
|  | 07/2026 | 307 | 94 | 0 | (1) |
|  | 06/2027 | 239 | 72 | 0 | (1) |
|  | 05/2029 | 1047 | $3600 | 142 | 0 |
|  | 07/2029 | 128 | 440 | 17 | 0 |
|  | 05/2030 | 755 | 2600 | 92 | 0 |
| BRC | 01/2026 | 5822 | 6760 | 0 | (85) |
|  | 01/2026 | $57 | 207 | 1 | 0 |
|  | 01/2026 | 21452 | 961702 | 819 | 0 |
|  | 01/2026 | 19785 | $1142 | 0 | (51) |
|  | 02/2026 | $20957 | 954950 | 532 | 0 |
|  | 03/2026 | 41952 | 1917591 | 519 | 0 |
| BSH | 02/2026 | 1238436 | $324 | 2 | 0 |
|  | 02/2026 | 3520 | 1007 | 0 | (39) |
| CBK | 01/2026 | 344 | 225 | 0 | (4) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 95

------

Consolidated Schedule of Investments PIMCO Dynamic 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 |
|  | 01/2026 | 21913538 | $5777 | $34 | $(6) |
|  | 01/2026 | 80900 | 1247 | 0 | (26) |
|  | 01/2026 | 19873 | 23262 | 12 | (114) |
|  | 01/2026 | $1151 | 4338251 | 0 | (3) |
|  | 01/2026 | 78340 | 67097 | 550 | (4) |
|  | 02/2026 | 4384839 | $1151 | 14 | 0 |
|  | 03/2026 | 7196451 | 1899 | 33 | 0 |
|  | 04/2026 | 2401138 | 630 | 12 | 0 |
| DUB | 01/2026 | 35258 | 2024 | 0 | (103) |
|  | 02/2026 | 199077 | 605 | 0 | (2) |
| FAR | 01/2026 | 4875 | 693 | 0 | (7) |
|  | 01/2026 | $1247 | 1058 | 0 | (3) |
|  | 01/2026 | 1943 | 36044 | 54 | 0 |
|  | 01/2026 | 517 | 1892 | 10 | 0 |
|  | 01/2026 | 24449 | $1422 | 0 | (52) |
| GLM | 01/2026 | 547170 | 144 | 1 | 0 |
|  | 01/2026 | 972872 | 15430 | 121 | 0 |
|  | 01/2026 | 41076 | 28 | 0 | 0 |
|  | 01/2026 | $57 | 82152 | 0 | 0 |
|  | 01/2026 | 275 | 1007 | 5 | 0 |
|  | 01/2026 | 18180 | $1054 | 0 | (42) |
|  | 02/2026 | 10797116 | 2815 | 5 | 0 |
|  | 02/2026 | 124082 | 1941 | 0 | (6) |
|  | 02/2026 | $601 | 198416 | 4 | 0 |
|  | 02/2026 | 797 | 36361 | 22 | 0 |
|  | 03/2026 | 590067 | $9205 | 56 | (84) |
|  | 03/2026 | $199 | 1093 | 0 | (2) |
|  | 05/2026 | 833205 | $12692 | 0 | (222) |
|  | 08/2026 | 48825 | 31 | 0 | 0 |
| JPM | 01/2026 | 20294 | 2881 | 0 | (30) |
|  | 01/2026 | 216613 | 27871 | 22 | 0 |
|  | 01/2026 | 539 | 12 | 0 | 0 |
|  | 01/2026 | $399 | 1468 | 10 | 0 |
|  | 01/2026 | 6664 | $388 | 0 | (14) |
| MBC | 01/2026 | $2934 | 4130 | 76 | 0 |
|  | 01/2026 | 11066 | 9515 | 126 | (5) |
|  | 01/2026 | 4390 | 3288 | 42 | 0 |
| NGF | 01/2026 | 103 | $13 | 0 | 0 |
|  | 01/2026 | $5213 | 235287 | 196 | 0 |
|  | 02/2026 | 2343 | 106123 | 71 | 0 |
|  | 03/2026 | 14781 | 674481 | 170 | 0 |
| SCX | 01/2026 | 9720 | $1380 | 0 | (15) |
|  | 01/2026 | $11929 | 10257 | 130 | 0 |
|  | 01/2026 | 217 | 3633925 | 1 | 0 |
|  | 11/2026 | 32350 | $20 | 1 | 0 |
| SOG | 01/2026 | 875861 | 1014037 | 0 | (15714) |
|  | 01/2026 | 236781 | 312009 | 0 | (7157) |
|  | 03/2026 | 125 | 7 | 0 | 0 |
|  | 03/2026 | $0 | 0 | 0 | 0 |
| SSB | 01/2026 | 8733 | 6547 | 92 | 0 |
| UAG | 01/2026 | 9658 | 8259 | 52 | 0 |
|  | 01/2026 | 188 | 691 | 4 | 0 |
|  | 01/2026 | 34538 | $1986 | 0 | (97) |
| 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;4199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23974) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap<br>Agreements,<br>at Value<sup>(4)</sup> | Swap<br>Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2028 | 2.346% | $3000 | $(580) | $470 | $0 | $(110) |
| BRC | Egypt Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 2.020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |
|  | Egypt Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 2.215 | 6900 | (1476) | 1212 | 0 | (264) |

---

96 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2030 | 2.822 | $3200 | $(252) | $4 | $0 | $(248) |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 1000 | (118) | 112 | 0 | (6) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2030 | 2.822 | 11800 | (955) | 39 | 0 | (916) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | 0 | 1294 | 1294 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 1524 | 0 | 13 | 13 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | 823 | 0 | 8 | 8 | 0 |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 1150 | (118) | 111 | 0 | (7) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 | 4800 | (41) | 27 | 0 | (14) |
| JPM | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2030 | 2.822 | 18200 | (1423) | 11 | 0 | (1412) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 5.239 | 600 | (45) | 45 | 0 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 250 | (22) | 21 | 0 | (1) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2028 | 2.346 | 3700 | (722) | 586 | 0 | (136) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9659) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3744) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | ABX.HE.AA.6-1 Index « | 0.320% | Monthly | 07/25/2045 | $3826 | $(762) | $440 | $0 | $(322) |
|  | ABX.HE.PENAAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 1277 | (1295) | 1276 | 0 | (19) |
| UAG | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 20482 | (1) | (3057) | 0 | (3058) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2058) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1341) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3399) |

---

#### TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive | Underlying Reference | 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 | Underlying Reference | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | AP Core Holdings II, LLC | 1-Month USD-SOFR | Maturity | 09/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC<br> Receive<sup>(5)</sup> | Agile Group Holdings Ltd. « | N/A | 0.000% (SOFR less a specified spread) | Maturity | 01/28/2036 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | $24 | $(1826) | $0 | $(1802) |
| 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;(11693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8945) |

---

#### 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 December 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 | $136 | $0 | $0 | $136 | $(50) | $0 | $0 | $(50) | $86 | $0 | $86 |
| BPS | 264 | 0 | 478 | 742 | (37) | 0 | (110) | (147) | 595 | (648) | (53) |
| BRC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 1871 | (136) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) | 593 | (100) | 493 |
| BSH | 2 | 0 | 0 | 2 | (39) | 0 | 0 | (39) | (37) | 0 | (37) |
| CBK | 655 | 0 | 0 | 655 | (157) | 0 | (922) | (1079) | (424) | 401 | (23) |
| DUB | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | (105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 97

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
| FAR | $64 | $0 | $0 | $64 | $(62) | $0 | $0 | $(62) | $2 | $0 | $2 |
| GLM | 214 | 0 | 0 | 214 | (356) | 0 | 0 | (356) | (142) | 411 | 269 |
| GST | 0 | 0 | 0 | 0 | 0 | 0 | (362) | (362) | (362) | 444 | 82 |
| JPM | 32 | 0 | 0 | 32 | (44) | 0 | (1412) | (1456) | (1424) | 1402 | (22) |
| MBC | 244 | 0 | 0 | 244 | (5) | 0 | 0 | (5) | 239 | (260) | (21) |
| MYC | 0 | 0 | 0 | 0 | 0 | 0 | (1939) | (1939) | (1939) | 1951 | 12 |
| NGF | 437 | 0 | 0 | 437 | 0 | 0 | 0 | 0 | 437 | (260) | 177 |
| SCX | 132 | 0 | 0 | 132 | (15) | 0 | 0 | (15) | 117 | 0 | 117 |
| SOG | 0 | 0 | 0 | 0 | (22871) | 0 | 0 | (22871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646) |
| SSB | 92 | 0 | 0 | 92 | 0 | 0 | 0 | 0 | 92 | 0 | 92 |
| UAG | 56 | 0 | 0 | 56 | (97) | 0 | (3058) | (3155) | (3099) | 2408 | (691) |
| Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23974) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8945) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32919) |  |  |  |

---

(q) Securities with an aggregate market value of $29,242 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) 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.

(6) 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 Statements of Assets and Liabilities as of December 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 | 352 | 0 | 0 | 2231 | 2583 |
|  | $0 | $352 | $0 | $0 | $2234 | $2586 |
| 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 | $4199 | $0 | $4199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 1315 | 0 | 0 | 478 | 1793 |
|  | $0 | $1315 | $0 | $4199 | $478 | $5992 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578 |

---

98 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for 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;Swap Agreements  | $0 | $0 | $0 | $0 | $4435 | $4435 |
| 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 | $23974 | $0 | $23974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 7143 | 0 | 0 | 1802 | 8945 |
|  | $0 | $7143 | $0 | $23974 | $1802 | $32919 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37354 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 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;Futures  | $0 | $0 | $0 | $0 | $317 | $317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 211 | 0 | 0 | (7317) | (7106) |
|  | $0 | $211 | $0 | $0 | $(7000) | $(6789) |
| Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1892 | $0 | $1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 1900 | 0 | 0 | 88 | 1988 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1892 | $88 | $3880 |
|  | $0 | $2111 | $0 | $1892 | $(6912) | $(2909) |
| 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;Futures  | $0 | $0 | $0 | $0 | $(1232) | $(1232) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | (419) | 0 | 0 | 16349 | 15930 |
|  | $0 | $(419) | $0 | $0 | $15117 | $14698 |
| Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $22526 | $0 | $22526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 3549 | 0 | 0 | (544) | 3005 |
|  | $0 | $3549 | $0 | $22526 | $(544) | $25531 |
|  | $0 | $3130 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40229 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911328 | $763693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675021 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 294614 | 2074 | 296688 |
| &nbsp;&nbsp;Industrials | 0 | 1524894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154670 | 1679564 |
| &nbsp;&nbsp;Utilities | 0 | 129184 | 9302 | 138486 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 9297 | 433 | 9730 |
| &nbsp;&nbsp;Industrials | 0 | 13228 | 0 | 13228 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;Arizona | 0 | 892 | 0 | 892 |
| &nbsp;&nbsp;Michigan | 0 | 3142 | 0 | 3142 |
| &nbsp;&nbsp;West Virginia | 0 | 34293 | 0 | 34293 |
| U.S. Government Agencies | 0 | 104194 | 0 | 104194 |
| U.S. Treasury Obligations | 0 | 10793 | 0 | 10793 |
| Non-Agency Mortgage-Backed Securities | 0 | 2506448 | 76740 | 2583188 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Automobile ABS Other | 0 | 7977 | 12032 | 20009 |
| &nbsp;&nbsp;Automobile Sequential | 0 | 0 | 16974 | 16974 |
| &nbsp;&nbsp;Home Equity Other | 0 | 630603 | 0 | 630603 |
| &nbsp;&nbsp;Home Equity Sequential | 0 | 1513 | 0 | 1513 |
| &nbsp;&nbsp;Manufacturing House ABS Other | 0 | 18183 | 0 | 18183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| &nbsp;&nbsp;Manufacturing House Sequential | $0 | $5159 | $0 | $5159 |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 91271 | 5607 | 96878 |
| &nbsp;&nbsp;Other ABS | 0 | 263700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388350 |
| Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425509 | 0 | 425509 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25859 | 1698 | 27281 | 54838 |
| &nbsp;&nbsp;Consumer Discretionary | 0 | 0 | 272 | 272 |
| &nbsp;&nbsp;Financials | 37 | 65933 | 0 | 65970 |
| &nbsp;&nbsp;Industrials | 98 | 0 | 38502 | 38600 |
| &nbsp;&nbsp;Real Estate | 1 | 0 | 1282 | 1283 |
| Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 0 | 0 | 4961 | 4961 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 41622 | 23990 | 65612 |
| &nbsp;&nbsp;Industrials | 0 | 13952 | 292314 | 306266 |
| Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp;Real Estate | 20002 | 0 | 0 | 20002 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Repurchase Agreements | 0 | 187254 | 0 | 187254 |
| &nbsp;&nbsp;Nigeria Treasury Bills | 0 | 4278 | 0 | 4278 |
| &nbsp;&nbsp;U.S. Treasury Bills | 0 | 45076 | 0 | 45076 |
|  | $45997 | $8346035 | $1554777 | $9946809 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 99

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $0 | $0 | $323534 | $323534 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Central Funds Used for Cash Management Purposes | 662549 | 0 | 0 | 662549 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662549 | $0 | $323534 | $986083 |
| Total Investments | $708546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10932892 |
| 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 | 2586 | 0 | 2586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| Over the counter | $0 | $4677 | $1315 | $5992 |
|  | $0 | $7263 | $1315 | $8578 |
| 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 | (4435) | 0 | (4435) |
| Over the counter | 0 | (27718) | (5201) | (32919) |
|  | $0 | $(32153) | $(5201) | $(37354) |
| Total Financial Derivative Instruments | $0 | $(24890) | $(3886) | $(28776) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10904116 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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 | $694936 | $126409 | $(167398) | $2790 | $1513 | $(7604) | $128538 | $(15491) | $763693 | $(625) |
| 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 | 2009 | 1150 | (594) | 0 | 33 | 580 | 0 | (1104) | 2074 | 1 |
| &nbsp;&nbsp;Industrials | 169595 | 6871 | (44569) | 647 | 0 | 22126 | 0 | 0 | 154670 | 9922 |
| &nbsp;&nbsp;Utilities | 0 | 8778 | 0 | (7) | 0 | 531 | 0 | 0 | 9302 | 531 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 432 | 0 | 9 | 0 | (8) | 0 | 0 | 433 | (8) |
| Non-Agency Mortgage-Backed Securities | 195225 | 75869 | (416) | 200 | (946) | 654 | 0 | (193846) | 76740 | 871 |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Automobile ABS Other | 15176 | 0 | 0 | 0 | 0 | (2194) | 0 | (950) | 12032 | (1375) |
| &nbsp;&nbsp;Automobile Sequential | 17379 | 0 | (388) | 0 | 0 | (17) | 0 | 0 | 16974 | (11) |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 5600 | 0 | 0 | 0 | 7 | 0 | 0 | 5607 | 7 |
| &nbsp;&nbsp;Other ABS | 169669 | 0 | (3062) | 42 | (11421) | 6587 | 0 | (37165) | 124650 | (962) |
| 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 | 61862 | 0 | (55754) | 0 | 30645 | (9472) | 0 | 0 | 27281 | 27281 |
| &nbsp;&nbsp;Consumer Discretionary | 272 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 272 | 0 |
| &nbsp;&nbsp;Financials | 60554 | 0 | (62046) | 0 | (52010) | 53502 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Industrials | 6117 | 31679 | 0 | 0 | 0 | 706 | 0 | 0 | 38502 | 706 |
| &nbsp;&nbsp;Real Estate<sup>(3)</sup> | 103 | 0 | 0 | 0 | 0 | 1179 | 0 | 0 | 1282 | 1179 |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;Communication Services | 12301 | 4490 | (11087) | 0 | 2929 | (3672) | 0 | 0 | 4961 | 471 |
| &nbsp;&nbsp;Financials | 28 | 0 | (160) | 0 | (43339) | 43471 | 0 | 0 | 0 | 0 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Banking & Finance | 0 | 24136 | 0 | 0 | 0 | (146) | 0 | 0 | 23990 | (146) |
| &nbsp;&nbsp;Industrials | 77463 | 214585 | 0 | 0 | 0 | 266 | 0 | 0 | 292314 | 266 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345474) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72596) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38108 |
| 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;Affiliated Investments | 314038 | 23081 | (29295) | 0 | 0 | 15710 | 0 | 0 | 323534 | 15253 |
| Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |  |
| Over the counter | $1334 | $0 | $(6) | $0 | $0 | $(13) | $0 | $0 | $1315 | $(19) |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Over the counter | $(5442) | $425 | $(307) | $0 | $30 | $93 | $0 | $0 | $(5201) | $(47) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375082) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72566) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53295 |

---

100 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

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 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137034 | Comparable Companies | EBITDA Multiple |  | 16.360 | —  |
|  | 314142 | Discounted Cash Flow | Discount Rate |  | 4.814-75.000 | 8.719 |
|  | 35245 | Indicative<br>Market Quotation | Broker Quote |  | 101.250 | —  |
|  | 81070 | Recent Transaction | Purchase price |  | 98.000-99.000 | 98.112 |
|  | 196202 | Third Party Vendor | Broker Quote |  | 42.500-122.000 | 113.610 |
| 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 | 1998 | Recent Transaction | Purchase price |  | 100.000 | —  |
|  | 76 | Indicative<br>Market Quotation | Broker Quote |  | 6.000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 154670 | Comparable<br>Companies/<br>Discounted<br>Cash Flow | EBITDA<br>Multiple/Discount Rate |  | 13.000/10.000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1287 | Indicative<br>Market Quotation | Broker Quote |  | 14.125 | —  |
|  | 8015 | Recent Transaction | Purchase Price |  | 2920.000 | —  |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | 433 | Indicative<br>Market Quotation | Broker Quote |  | 7.250-21.500 | 12.469 |
| Non-Agency Mortgage-Backed Securities | 35636 | Proxy Pricing | Base Price |  | 100.813 | —  |
|  | 41104 | Recent Transaction | Purchase Price |  | 100.000 | —  |
| Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile ABS Other | 12032 | Discounted Cash Flow | Discount Rate |  | 10.000-16.000 | 10.200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile Sequential | 16974 | Discounted Cash Flow | Discount Rate |  | 10.420 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Whole Loan Collateral | 5607 | Proxy Pricing | Base Price |  | 100.000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS | 124650 | Discounted Cash Flow | Discount Rate |  | 5.957-20.000 | 11.660 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 27281 | Indicative<br>Market Quotation | Broker Quote | $— | 15.542 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 272 | Comparable<br>Companies/<br>Discounted<br>Cash Flow | Revenue<br>Multiple/Discount Rate |  | 0.500/20.750 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6758 | Indicative<br>Market Quotation | Broker Quote | $— | 0.563-22.563 | 2.440 |
|  | 31744 | Indicative<br>Market Quotation | Broker Quote |  | 15.012 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1282 | Other<br>Valuation Techniques<sup>(4)</sup> | —  |  | —  | —  |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 4961 | Option Pricing Model | Volatility |  | 65.000 | —  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking & Finance | 23990 | Discounted Cash Flow | Discount Rate |  | 11.780 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3035 | Comparable Companies | Revenue/EBITDA Multiple |  | 4.625/18.000 | —  |
|  | 22859 | Discounted Cash Flow | Discount Rate |  | 14.350 | —  |
|  | 42640 | Recent Transaction | Purchase Price | $— | 1052.632 | —  |
|  | 53220 | Sum Of The Parts | Discount Rate |  | 3.718 | —  |
|  | 170560 |  |  |  |  | —  |
| Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |  |
| Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | 157972 | Comparable Companies | EBITDA Multiple |  | 16.360 | —  |
|  | 89723 | Comparable<br>Companies/<br>Discounted<br>Cash Flow | EBITDA<br>Multiple/Discount Rate |  | 13.000/10.000 | —  |
|  | 3 | Expected Recovery | Price |  | 0.000 | —  |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 101

------

Consolidated Schedule of Investments PIMCO Dynamic Income Fund (Cont.) December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  | $25498 | Reference Instrument | Stock Price<br>w/Liquidity Discount | 4.130 |  |
|  | 50338 | Sum Of The Parts | Discount<br>Rate/Mortality Assumption | 15.323/2015<br>ANB VBT<br>Mortality Table |  |
| Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |
| Over the counter | 1315 | Indicative<br>Market Quotation | Broker Quote | 0.497-5.818 | 5.735 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |  |  |  |
| Over the counter | (5201) | Indicative<br>Market Quotation | Broker Quote | 85.000-98.500 | 48.707 |
| Total | $1874425 |  |  |  |  |

---

(1) 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.

(2) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(3) Sector type updated from Financials to Real Estate since prior fiscal year end.

(4) Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

102 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 (Unaudited)

#### (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 143.7% | INVESTMENTS IN SECURITIES 143.7% | INVESTMENTS IN SECURITIES 143.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 36.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 36.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 36.5% |
| Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
| 7.223% due 12/18/2029 «~ | 8100 | 8159 |
| Altice France SA | Altice France SA | Altice France SA |
| 6.391% - 7.966% (EUR003M + 4.375%) due 10/30/2028 ~ | 2281 | 2658 |
| 8.110% (TSFR3M + 4.125%) due 04/30/2028 ~ | 384 | 380 |
| 8.891% - 5.966% (EUR003M + 6.875%) due 05/31/2031 ~ | 76 | 90 |
| 6.391% - 7.966% (TSFR3M + 5.063%) due 10/30/2028 ~ | 3091 | 3061 |
| 9.360% (TSFR3M + 5.375%) due 05/14/2029 ~ | 4200 | 4174 |
| 8.891% - 5.966% (TSFR3M + 6.875%) due 05/31/2031 ~ | 8508 | 8517 |
| Aston XLN Topco Ltd. | Aston XLN Topco Ltd. | Aston XLN Topco Ltd. |
| 10.088% due 07/30/2032 «~ | 3230 | 4273 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 9.966% (TSFR1M + 6.250%) due 10/08/2030 ~ | 5270 | 5161 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 19639 | 16699 |
| Cerba Healthcare SAS | Cerba Healthcare SAS | Cerba Healthcare SAS |
| 5.762% - 9.331% (EUR006M + 3.700%) due 06/30/2028 ~ | 10900 | 9515 |
| 6.012% - 8.831% (EUR006M + 3.950%) due 02/16/2029 ~ | 8300 | 7226 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
| TBD% - 10.448% due 12/10/2029 ~ | 1808 | 1792 |
| Comexposium | Comexposium | Comexposium |
| TBD% due 03/28/2026 « | 38951 | 55845 |
| Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
| 9.672% (TSFR3M + 6.000%) due 05/16/2029 «~ | 14516 | 15006 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| TBD% due 01/03/2031 ~µ | 852 | 867 |
| TBD% due 01/05/2032 «µ | 852 | 854 |
| TBD% (TSFR1M + 4.500%) due 01/03/2031 ~ | 3848 | 3916 |
| Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~µ | 382 | 381 |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~ | 3818 | 3783 |
| Envalior Finance GmbH | Envalior Finance GmbH | Envalior Finance GmbH |
| 7.566% (EUR003M + 5.500%) due 03/29/2030 ~ | 5200 | 5981 |
| 9.340% (TSFR3M + 5.500%) due 04/01/2030 ~ | 16062 | 15006 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 11.862% (TSFR3M + 7.875%) due 11/03/2028 «~ | 32090 | 33053 |
| Espai Barca Fondo De Titulizacion | Espai Barca Fondo De Titulizacion | Espai Barca Fondo De Titulizacion |
| TBD% - 11.862% (EUR006M + 0.000%) due 06/30/2028 «~ | 7243 | 9442 |
| Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
| 7.723% (TSFR3M + 4.000%) due 09/15/2032 ~ | 9700 | 9514 |
| 10.723% (TSFR3M + 7.000%) due 09/15/2033 ~ | 900 | 884 |
| Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
| 8.338% (TSFR3M + 4.500%) due 12/19/2030 ~ | 7877 | 7839 |
| Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) |
| 5.840% (TSFR3M + 2.000%) due 07/31/2030 ~ | 14624 | 14107 |
| Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
| 9.951% (TSFR3M + 6.250%) due 12/18/2030 ~ | 34169 | 34282 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| 9.123% (TSFR1M + 5.250%) due 06/04/2029 ~ | 56 | 56 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Guardian | Guardian | Guardian |
| TBD% - 9.912% due 08/29/2032 «~µ | 700 | 700 |
| TBD% - 9.912% (TSFR3M + 5.500%) due 08/29/2032 «~ | 5100 | 5061 |
| Harp Finco Ltd. | Harp Finco Ltd. | Harp Finco Ltd. |
| 8.723% due 03/27/2032 «~ | 5325 | 7048 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 9.606% (TSFR1M + 5.775%) due 05/01/2029 ~ | 6428 | 5903 |
| INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. |
| 8.066% (TSFR1M + 4.250%) due 04/02/2029 ~ | 8967 | 6367 |
| INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
| 6.966% - 7.384% (TSFR1M + 3.250%) due 02/18/2030 ~ | 6583 | 5359 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| TBD% (TSFR3M + 5.750%) due 06/01/2029 ~ | 1510 | 1563 |
| TBD% (TSFR3M + 4.750%) due 06/01/2029 ~ | 11273 | 9423 |
| J&J Ventures Gaming LLC | J&J Ventures Gaming LLC | J&J Ventures Gaming LLC |
| 8.831% (TSFR1M + 5.000%) due 04/26/2028 «~ | 2564 | 2590 |
| McAfee LLC | McAfee LLC | McAfee LLC |
| 6.716% - 7.672% (TSFR1M + 3.000%) due 03/01/2029 ~ | 1097 | 1016 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 7.590% (TSFR3M + 3.750%) due 12/31/2030 ~ | 284 | 285 |
| 8.702% (TSFR3M + 4.600%) due 12/31/2030 ~ | 5140 | 4844 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
| 7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 9614 | 7890 |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 931 | 878 |
| Obol France 3 SAS | Obol France 3 SAS | Obol France 3 SAS |
| 7.103% - 7.223% (EUR006M + 5.000%) due 12/31/2028 ~ | 6135 | 7130 |
| OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
| 9.719% due 11/28/2031 ~ | 13000 | 17562 |
| Paradigm Parent LLC |  |  |
| 8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 3591 | 3172 |
| Peraton Corp. |  |  |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 43012 | 40009 |
| Polaris Newco LLC |  |  |
| 7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 26275 | 25398 |
| Poseidon Bidco SASU |  |  |
| 7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ | 12700 | 5394 |
| Project Quasar Pledgco SLU |  |  |
| 5.185% - 9.488% (EUR001M + 3.250%) due 04/17/2026 «~ | 5719 | 6582 |
| Promotora de Informaciones SA | Promotora de Informaciones SA | Promotora de Informaciones SA |
| 7.480% (EUR003M + 5.470%) due 12/31/2029 ~ | 39500 | 45652 |
| Puris LLC |  |  |
| 9.436% (TSFR3M + 5.750%) due 06/30/2031 «~ | 4171 | 3935 |
| QuidelOrtho Corp. |  |  |
| 7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 1397 | 1398 |
| Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
| 9.186% (PRIME + 5.400%) due 04/05/2028 «~ | 4167 | 4126 |
| Softbank Vision Fund II |  |  |
| 7.322% (TSFR3M + 3.650%) due 04/25/2029 «~ | 6614 | 6644 |
| Spruce Bidco II, Inc. |  |  |
| TBD% - 10.088% (TSFR6M + 4.750%) due 01/30/2032 «~ | 2630 | 2653 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TBD% - 10.088% (CDOR06 + 4.750%) due 01/30/2032 «~ |  | 476 | 350 |
| TBD% - 10.088% (JY0003M + 5.000%) due 01/30/2032 «~ |  | 51045 | 329 |
| TBD% - 10.088% due 01/30/2032 «~µ | $— | 596 | 596 |
| Steenbok Lux Finco 2 SARL |  |  |  |
| 10.000% due 12/31/2028 ~ |  | 62978 | 23095 |
| Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |  |
| 6.599% - 7.723% (EUR006M + 4.500%) due 04/26/2032 ~ |  | 18600 | 20711 |
| 8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ | $— | 3985 | 3739 |
| Strategic Gaming Commitment | Strategic Gaming Commitment | Strategic Gaming Commitment |  |
| 10.905% (TSFR3M + 7.000%) due 10/15/2030 «~ |  | 5500 | 5436 |
| Subcalidora 2 |  |  |  |
| 7.769% (EUR003M + 5.750%) due 08/14/2029 «~ |  | 14400 | 17007 |
| Transnet SOC Ltd. |  |  |  |
| 11.125% due 03/02/2028 «~ |  | 74689 | 4523 |
| U.S. Renal Care, Inc. |  |  |  |
| TBD% - 9.868% due 09/25/2030 «~µ | $— | 1969 | 1949 |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ |  | 40972 | 38693 |
| TBD% - 9.868% (TSFR3M + 6.000%) due 09/25/2030 «~ |  | 15750 | 15435 |
| Unicorn BAY | Unicorn BAY | Unicorn BAY | Unicorn BAY |
| 13.000% due 12/31/2026 «~ |  | 81239 | 10569 |
| X Corp. |  |  |  |
| 9.500% due 10/26/2029 ~ | $— | 2850 | 2845 |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ |  | 25216 | 24829 |
| Total Loan Participations and Assignments (Cost $692,589) | Total Loan Participations and Assignments (Cost $692,589) | Total Loan Participations and Assignments (Cost $692,589) | 681209 |
| CORPORATE BONDS & NOTES 32.6% | CORPORATE BONDS & NOTES 32.6% | CORPORATE BONDS & NOTES 32.6% | CORPORATE BONDS & NOTES 32.6% |
| BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% | BANKING & FINANCE 5.0% |
| 123 Lights Re Ltd. |  |  |  |
| 14.580% (FHMMUSTF + 11.000%) due 09/14/2031 ~ |  | 350 | 361 |
| Alamo Re Ltd. |  |  |  |
| 12.014% (FHMMUSTF + 8.434%) due 06/07/2027 ~ |  | 550 | 585 |
| 15.460% (FHMMUSTF + 11.880%) due 06/08/2026 ~ |  | 250 | 261 |
| Armor Holdco, Inc. |  |  |  |
| 8.500% due 11/15/2029 (l) |  | 3100 | 3137 |
| Armor RE II Ltd. |  |  |  |
| 12.110% (BRMMUSDF + 8.500%) due 01/07/2032 ~ |  | 250 | 264 |
| 13.810% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |  | 250 | 269 |
| Blue Ridge Re Ltd. |  |  |  |
| 7.080% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |  | 250 | 250 |
| Bonanza RE Ltd. |  |  |  |
| 3.542% (T-BILL 3MO + 0.000%) due 01/08/2027 ~ |  | 400 | 336 |
| Cape Lookout Re Ltd. |  |  |  |
| 12.287% (GSMMUSTF + 8.702%) due 04/05/2027 ~ |  | 1800 | 1866 |
| Claveau Re Ltd. |  |  |  |
| 17.250% due 07/08/2028 « |  | 1088 | 0 |
| Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) | Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) | Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) | Corestate Capital Holding SA (10.000% Cash or 11.000% PIK) |
| 10.000% due 12/31/2026 (c) |  | 223 | 242 |
| Credit Suisse AG AT1 Claim | $— | 800 | 236 |
| East Lane Re VII Ltd. |  |  |  |
| 12.042% (T-BILL 3MO + 8.500%) due 03/31/2032 ~ |  | 450 | 450 |
| 12.550% (JMMMUSTF + 8.890%) due 03/31/2026 ~ |  | 300 | 306 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 103

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Everglades Re II Ltd. |  |  |  |  |
| 14.121% (GSMMUSTI + 10.500%) due 05/13/2031 ~ | $— | 500 | $— | 527 |
| 15.121% (GSMMUSTI + 11.500%) due 05/13/2031 ~ |  | 500 |  | 527 |
| 16.371% (GSMMUSTI + 12.750%) due 05/13/2031 ~ |  | 500 |  | 531 |
| Fairfax India Holdings Corp. |  |  |  |  |
| 5.000% due 02/26/2028 (l) |  | 18350 |  | 17645 |
| Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
| 13.292% (T-BILL 1MO + 9.750%) due 01/08/2029 ~ |  | 1080 |  | 1081 |
| Greengrove RE Ltd. |  |  |  |  |
| 11.292% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ |  | 300 |  | 312 |
| Hestia Re Ltd. |  |  |  |  |
| 3.730% (BNMMDTSC + 0.100%) due 04/22/2029 ~ |  | 67 |  | 38 |
| 10.380% (BNMMDTSC + 6.750%) due 03/13/2032 ~ |  | 250 |  | 258 |
| 11.880% (BNMMDTSC + 8.250%) due 03/13/2032 ~ |  | 250 |  | 260 |
| Integrity RE III Ltd. |  |  |  |  |
| 15.792% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ |  | 400 |  | 422 |
| 29.042% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ |  | 300 |  | 345 |
| Integrity Re Ltd. |  |  |  |  |
| 20.814% (FHMMUSTF + 17.234%) due 06/08/2026 ~ |  | 900 |  | 964 |
| 26.376% (FHMMUSTF + 22.796%) due 06/08/2026 ~ |  | 900 |  | 986 |
| ION Platform Finance SARL |  |  |  |  |
| 6.500% due 09/30/2030 (l) |  | 3800 |  | 4332 |
| 7.875% due 05/01/2029 (l) |  | 2100 |  | 2510 |
| ION Platform Finance U.S., Inc. |  |  |  |  |
| 7.875% due 09/30/2032 (l) | $— | 500 |  | 475 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| 4.625% due 05/01/2028 |  | 400 |  | 372 |
| 5.000% due 05/01/2028 (l) |  | 1600 |  | 1492 |
| 8.750% due 05/01/2029 (l) |  | 3500 |  | 3549 |
| 9.000% due 08/01/2029 (l) |  | 4200 |  | 4154 |
| 9.500% due 05/30/2029 (l) |  | 600 |  | 608 |
| Long Walk Reinsurance Ltd. |  |  |  |  |
| 13.850% (BRMMUSDF + 10.240%) due 01/30/2031 ~ |  | 1700 |  | 1711 |
| Longleaf Pine Re Ltd. |  |  |  |  |
| 21.553% (GSMMUSTI + 17.932%) due 05/27/2031 ~ |  | 280 |  | 308 |
| Luca RE Ltd. |  |  |  |  |
| 10.910% (JMMMUSTF + 7.250%) due 07/22/2031 ~ |  | 700 |  | 723 |
| Nature Coast Re Ltd. |  |  |  |  |
| 13.371% (GSMMUSTI + 9.750%) due 04/10/2033 ~ |  | 250 |  | 260 |
| New Immo Holding SA |  |  |  |  |
| 3.250% due 07/23/2027 (l) |  | 2000 |  | 2352 |
| Palm RE Ltd. |  |  |  |  |
| 11.380% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | $— | 300 |  | 314 |
| Polestar Re Ltd. |  |  |  |  |
| 14.110% (BRMMUSDF + 10.590%) due 01/07/2028 ~ |  | 600 |  | 631 |
| 16.860% (BRMMUSDF + 13.250%) due 01/07/2027 ~ |  | 1800 |  | 1878 |
| Purple Re Ltd. |  |  |  |  |
| 12.786% (JMMMUSTF + 9.126%) due 06/06/2031 ~ |  | 300 |  | 316 |
| Quercus II Re DAC |  |  |  |  |
| 13.026% (EUR003M + 11.000%) due 01/07/2031 «~ |  | 350 |  | 411 |
| Quercus Re DAC |  |  |  |  |
| 10.050% (EUR003M + 8.000%) due 01/06/2031 ~ |  | 250 |  | 301 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
| 15.930% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | 4164 | 2457 |
| Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
| 6.250% due 01/14/2031 | 20125 | 4361 |
| Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
| 9.696% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 400 | 419 |
| 10.766% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 300 | 313 |
| 12.988% (BRMMUSDF + 9.378%) due 06/05/2031 ~ | 300 | 306 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
| 6.000% due 01/15/2030 (l) | 21202 | 19742 |
| Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. |
| 11.292% (T-BILL 3MO + 7.750%) due 06/07/2028 ~ | 500 | 500 |
| Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
| 11.121% (GSMMUSTI + 7.500%) due 02/22/2028 ~ | 900 | 918 |
| 12.910% (JMMMUSTF + 9.250%) due 12/07/2028 ~ | 2000 | 2080 |
| Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
| 16.240% (BRMMUSDF + 12.630%) due 03/10/2031 ~ | 1600 | 1625 |
| Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
| 8.500% due 05/09/2026 ^«(d) | 21907 | 0 |
| Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
| 13.840% (BNMMDTSC + 10.210%) due 02/26/2031 ~ | 250 | 266 |
| 15.320% (BNMMDTSC + 11.690%) due 02/26/2031 ~ | 1400 | 1484 |
|  |  | 93627 |
| INDUSTRIALS 24.3% | INDUSTRIALS 24.3% | INDUSTRIALS 24.3% |
| Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
| 10.000% due 01/15/2033 | 8999 | 8264 |
| Altice France SA | Altice France SA | Altice France SA |
| 4.750% due 10/15/2030 | 6623 | 7338 |
| 6.500% due 04/15/2032 (l) | 3434 | 3295 |
| 6.875% due 10/15/2030 (l) | 1746 | 1695 |
| 6.875% due 07/15/2032 (l) | 2090 | 2006 |
| 7.250% due 11/01/2029 | 308 | 361 |
| 9.500% due 11/01/2029 (l) | 3363 | 3475 |
| ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
| 10.500% due 03/30/2029 (l) | 12700 | 15599 |
| 12.250% due 03/30/2029 (l) | 7950 | 8484 |
| APLD ComputeCo LLC | APLD ComputeCo LLC | APLD ComputeCo LLC |
| 9.250% due 12/15/2030 (l) | 520 | 510 |
| Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
| 10.000% due 03/31/2029 (l) | 9600 | 8942 |
| 10.375% due 03/31/2029 (l) | 3924 | 4841 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (l) | 35180 | 37200 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
| 8.000% due 06/15/2029 (l) | 7470 | 6502 |
| Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
| 7.250% due 06/15/2029 (l) | 7900 | 6706 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 5.500% due 01/15/2028 (l) | 1740 | 1723 |
| 7.500% due 05/15/2030 (l) | 1100 | 1342 |
| Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| 7.000% due 06/15/2027 (l) | 1440 | 1444 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 9.000% due 02/01/2031 (l) | 2600 | 2386 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
| 8.875% due 02/01/2030 (l) | 2100 | 2127 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.250% due 12/01/2026 | 30500 | 29600 |
| 5.750% due 12/01/2028 | 13400 | 13164 |
| 7.750% due 07/01/2026 | 14600 | 14431 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 4.625% due 11/02/2031 (l) | 4900 | 4396 |
| 7.750% due 02/01/2032 (l) | 31500 | 32458 |
| 8.375% due 01/19/2036 (l) | 520 | 536 |
| 8.875% due 01/13/2033 (l) | 1000 | 1069 |
| EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
| 9.875% due 08/15/2030 (l) | 2900 | 2898 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| 9.625% due 07/15/2032 | 900 | 935 |
| Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
| 0.500% due 01/31/2030 «(c) | 30081 | 30081 |
| Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
| 6.000% due 01/30/2033 «(k) | 21250 | 33158 |
| INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
| 7.250% due 03/31/2031 (l) | 1200 | 1221 |
| JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| 9.875% due 09/20/2031 (l) | 5640 | 5687 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750% due 12/31/2030 (l) | 17000 | 14931 |
| 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)(l) | 8764 | 9276 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 (l) | 4500 | 4528 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 10077 | 7186 |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 7.500% due 07/17/2030 (l) | 1000 | 1050 |
| Ocado Group PLC | Ocado Group PLC | Ocado Group PLC |
| 10.500% due 08/08/2029 (l) | 10200 | 13861 |
| 11.000% due 06/15/2030 (l) | 4200 | 5729 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 6.700% due 02/16/2032 (l) | 4206 | 4197 |
| 6.840% due 01/23/2030 (l) | 2000 | 2032 |
| 8.750% due 06/02/2029 (l) | 3253 | 3490 |
| Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| 9.375% due 09/01/2029 (l) | 3900 | 4101 |
| ProFrac Holdings II LLC | ProFrac Holdings II LLC | ProFrac Holdings II LLC |
| 10.902% (TSFR3M + 7.250%) due 01/23/2029 ~(l) | 5553 | 5678 |
| Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
| 9.750% due 10/10/2027 | 348 | 540 |
| Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
| 8.528% due 08/01/2026 | 94 | 94 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| 8.250% due 05/15/2030 (l) | 12200 | 13865 |
| 9.500% due 05/15/2030 (l) | 3117 | 3116 |
| Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
| 4.200% due 09/15/2028 (l) | 103 | 102 |
| U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
| 10.625% due 06/28/2028 | 7141 | 6123 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 0.878% due 11/24/2027 (l) | 7700 | 8342 |
| Vale SA | Vale SA | Vale SA |
| 0.000% due 12/29/2049 ~(i) | 340000 | 25438 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 9.500% due 02/01/2029 (l) | 9232 | 9575 |
| Viridien | Viridien | Viridien |
| 8.500% due 10/15/2030 (l) | 4702 | 5808 |
| 10.000% due 10/15/2030 (l) | 4057 | 4281 |
| VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
| 7.500% due 01/15/2033 | 4500 | 4563 |
| Xerox Corp. | Xerox Corp. | Xerox Corp. |
| 13.500% due 04/15/2031 (l) | 300 | 246 |
| Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
| 8.947% due 07/31/2042 (l) | 196 | 214 |
|  |  | 452240 |
| UTILITIES 3.3% | UTILITIES 3.3% | UTILITIES 3.3% |
| Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
| 0.010% due 12/31/2099 « | 38 | 625 |

---

104 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
| 8.650% due 01/24/2033 (l) | 900 | 967 |
| 8.650% due 01/24/2033 | 1250 | 1342 |
| Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
| 3.000% due 06/29/2027 | 200 | 168 |
| NGD Holdings BV | NGD Holdings BV | NGD Holdings BV |
| 6.750% due 12/31/2026 (l) | 720 | 659 |
| OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) |
| 10.000% due 06/30/2027 (c)(l) | 33262 | 14802 |
| OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) |
| 8.500% due 12/31/2028 (c) | 69007 | 819 |
| Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
| 5.375% due 03/22/2030 (l) | 12470 | 12086 |
| Petersen Claim Units | Petersen Claim Units | Petersen Claim Units |
| 1.000% due 12/31/2099 «(k) | 72 | 2102 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
| 6.500% due 02/15/2029 (l) | 26904 | 25865 |
| 8.625% due 06/15/2032 (l) | 3000 | 2957 |
|  |  | 62392 |
| Total Corporate Bonds & Notes (Cost $691,311) | Total Corporate Bonds & Notes (Cost $691,311) | 608259 |
| CONVERTIBLE BONDS & NOTES 1.7% | CONVERTIBLE BONDS & NOTES 1.7% | CONVERTIBLE BONDS & NOTES 1.7% |
| BANKING & FINANCE 1.3% | BANKING & FINANCE 1.3% | BANKING & FINANCE 1.3% |
| Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
| 8.000% due 12/31/2028 (c) | 1859 | 1169 |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| 5.500% due 03/15/2026 (l) | 24225 | 24261 |
|  |  | 25430 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| 3.375% due 08/15/2026 | 3700 | 3589 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 2.375% due 11/15/2028 | 3000 | 3451 |
|  |  | 7040 |
| Total Convertible Bonds & Notes (Cost $33,450) | Total Convertible Bonds & Notes (Cost $33,450) | 32470 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
| Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| 0.000% due 06/01/2047 (g) | 25000 | 2412 |
| Total Municipal Bonds & Notes (Cost $4,119) | Total Municipal Bonds & Notes (Cost $4,119) | 2412 |
| U.S. GOVERNMENT AGENCIES 5.9% | U.S. GOVERNMENT AGENCIES 5.9% | U.S. GOVERNMENT AGENCIES 5.9% |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| 1.902% due 07/15/2042 •(a)(l) | 1395 | 140 |
| 2.000% due 11/25/2050 - 01/25/2051 (a)(l) | 16526 | 1664 |
| 2.102% due 03/15/2043 •(a)(l) | 6374 | 702 |
| 2.102% due 11/15/2047 •(a) | 174 | 28 |
| 3.000% due 11/25/2050 - 09/25/2051 (a)(l) | 37945 | 5727 |
| 3.500% due 04/25/2041 (a)(l) | 6341 | 673 |
| 4.000% due 11/25/2048 - 06/25/2051 (a)(l) | 11292 | 2359 |
| 4.500% due 12/25/2050 (a)(l) | 3575 | 811 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| 2.558% due 06/25/2057 ~(a) | 5117 | 998 |
| 3.463% due 05/25/2057 ~(l) | 18120 | 7725 |
| 4.250% due 09/25/2060 (l) | 6151 | 5961 |
| 4.250% due 03/25/2061 ~ | 3263 | 3030 |
| 11.938% due 11/25/2060 ~ | 5400 | 3967 |
| 13.184% due 09/25/2060 ~ | 4174 | 3103 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| 8.624% due 01/25/2051 •(l) | 1700 | 1890 |
| 10.974% due 01/25/2042 •(l) | 4800 | 5057 |
| 11.374% due 10/25/2041 •(l) | 23500 | 24546 |
| 11.674% due 11/25/2041 •(l) | 14300 | 15038 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 9.374% due 12/25/2041 •(l) | 8900 | 9208 |
| 9.874% due 10/25/2041 •(l) | 7100 | 7334 |
| Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
| 3.500% due 05/25/2030 (a) | 1843 | 70 |
| 5.000% due 08/25/2043 (a)(l) | 1997 | 402 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| 2.500% due 04/25/2049 - 02/25/2050 (a)(l) | 18246 | 2559 |
| 3.000% due 12/25/2032 - 01/25/2051 (a)(l) | 10320 | 1637 |
| 4.000% due 09/25/2051 (a)(l) | 20255 | 4848 |
| Total U.S. Government Agencies (Cost $111,431) | Total U.S. Government Agencies (Cost $111,431) | 109477 |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 (n)(p) | 935 | 944 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (n)(p) | 1520 | 1531 |
| Total U.S. Treasury Obligations (Cost $2,519) | Total U.S. Treasury Obligations (Cost $2,519) | 2475 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 25.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 25.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 25.9% |
| 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
| 6.905% due 09/15/2034 •(l) | 4750 | 4640 |
| Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
| 4.531% due 02/25/2036 ~(l) | 5960 | 3762 |
| 4.531% due 02/25/2036 ~ | 997 | 625 |
| Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
| 6.023% due 04/15/2035 •(l) | 2500 | 2488 |
| 7.023% due 04/15/2035 •(l) | 8700 | 8655 |
| Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
| 7.098% due 12/15/2036 •(l) | 1111 | 1027 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| 1.187% due 09/26/2036 ~(l) | 3863 | 2867 |
| 4.086% due 06/26/2036 •(l) | 2707 | 2361 |
| 5.750% due 05/26/2036 | 264 | 150 |
| BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
| 4.563% due 08/10/2033 ~(l) | 16650 | 12167 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| 3.688% due 02/15/2053 ~(l) | 15650 | 11540 |
| BBCMS Trust | BBCMS Trust | BBCMS Trust |
| 7.598% due 07/15/2037 •(l) | 2100 | 1530 |
| BCP Trust | BCP Trust | BCP Trust |
| 6.357% due 06/15/2038 •  | 10000 | 1160 |
| 7.503% due 06/15/2038 •(l) | 5000 | 265 |
| Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust |
| 5.566% due 01/12/2045 ~ | 17 | 17 |
| Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
| 7.315% due 03/15/2036 •(l) | 5750 | 1228 |
| 8.315% due 03/15/2036 •(l) | 7125 | 997 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| 5.246% due 08/25/2035 •(l) | 2141 | 1654 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| 3.790% due 12/15/2072 ~ | 6250 | 1677 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.574% due 08/25/2036 ~(l) | 979 | 884 |
| CLNY Trust | CLNY Trust | CLNY Trust |
| 6.870% due 11/15/2038 •(l) | 15000 | 13291 |
| COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
| 7.961% due 04/25/2068 ~(l) | 3288 | 3308 |
| COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
| 4.998% due 06/15/2034 •  | 3065 | 2895 |
| 5.198% due 06/15/2034 •  | 5000 | 4525 |
| 5.448% due 06/15/2034 •  | 500 | 438 |
| 6.292% due 06/15/2034 •(l) | 7400 | 5217 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| 6.250% due 12/25/2036 (l) | 4548 | 1819 |
| CRSNT Trust | CRSNT Trust | CRSNT Trust |
| 7.374% due 04/15/2036 •(l) | 7000 | 6873 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| 0.000% due 02/25/2067 ~(a) | 336231 | 100 |
| 0.005% due 02/25/2067 ~(a) | 336231 | 124 |
| 3.536% due 01/25/2058 ~ | 9321 | 7661 |
| 3.978% due 01/25/2060 ~(l) | 8144 | 6216 |
| 4.000% due 02/25/2067 ~(l) | 23825 | 18117 |
| 4.051% due 02/25/2067 ~ | 9126 | 1263 |
| 6.994% due 07/15/2032 •(l) | 19982 | 19925 |
| Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. |
| 3.887% due 11/27/2036 •  | 6141 | 6086 |
| DOLP Trust | DOLP Trust | DOLP Trust |
| 0.665% due 05/10/2041 ~(a)(l) | 309500 | 8552 |
| 3.704% due 05/10/2041 ~(l) | 32400 | 24967 |
| DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
| 6.614% due 10/15/2043 •(l) | 5500 | 4666 |
| Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC |
| 7.742% due 06/18/2039 •(l) | 1940 | 2565 |
| Greenwood Park CLO Ltd. | Greenwood Park CLO Ltd. | Greenwood Park CLO Ltd. |
| 0.000% due 04/15/2031 « | 27000 | 1 |
| GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
| 6.597% due 11/15/2032 •(l) | 10782 | 10687 |
| GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
| 0.000% due 12/25/2060 ~ | 137 | 131 |
| 0.000% due 12/25/2060 ~(a) | 151599 | 4693 |
| 0.165% due 12/25/2060 ~(a) | 130450 | 1048 |
| 3.923% due 12/25/2060 ~(l) | 34468 | 23516 |
| GSR Mortgage Loan Trust |  |  |
| 6.250% due 08/25/2036 (l) | 4050 | 1116 |
| JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
| 4.126% due 03/25/2037 •(l) | 10309 | 8939 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| 5.614% due 12/15/2036 •  | 1700 | 62 |
| 6.098% due 02/15/2035 •(l) | 1234 | 1192 |
| 6.307% due 07/05/2033 •(l) | 5012 | 2631 |
| 6.657% due 07/05/2033 •(l) | 10000 | 3950 |
| 6.965% due 03/15/2036 •(l) | 25550 | 13060 |
| 7.715% due 03/15/2036 •(l) | 9500 | 3811 |
| 8.715% due 03/15/2036 •  | 700 | 107 |
| JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
| 4.041% due 12/27/2046 •(l) | 10104 | 8483 |
| Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
| 0.000% due 04/25/2057 ~ | 126979 | 3807 |
| 0.000% due 04/25/2057 ~(a) | 126979 | 392 |
| 0.000% due 11/25/2058 ~(a) | 98519 | 235 |
| 0.000% due 11/25/2058 ~ | 98519 | 378 |
| 1.823% due 11/25/2058 ~(l) | 16205 | 11276 |
| 3.946% due 04/25/2057 ~(l) | 20617 | 15825 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| 6.109% due 12/15/2036 •(l) | 4294 | 47 |
| 6.248% due 11/15/2034 •(l) | 5370 | 5219 |
| 7.198% due 11/15/2034 •(l) | 3357 | 3232 |
| Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
| 3.199% due 03/26/2037 þ(l) | 2343 | 2465 |
| MRCD Mortgage Trust |  |  |
| 2.718% due 12/15/2036 (l) | 28715 | 17693 |
| Myers Park CLO Ltd. |  |  |
| 0.000% due 10/20/2030 « | 13000 | 2 |
| New Orleans Hotel Trust |  |  |
| 6.487% due 04/15/2032 •(l) | 11978 | 11878 |
| New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| 3.978% due 07/25/2059 ~(l) | 5000 | 3824 |
| Project Cashmere |  |  |
| 0.000% due 12/30/2057 «(b) | 15400 | 10277 |
| 7.563% due 12/30/2057 «(b) | 6100 | 4071 |
| 8.643% due 12/30/2057 «(b) | 6800 | 4538 |
| RALI Trust |  |  |
| 4.266% due 06/25/2037 •(l) | 622 | 568 |
| Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
| 6.500% due 08/25/2036 (l) | 5384 | 1474 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 105

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
| 6.764% due 05/15/2038 •(l) | $| 18000 | 17880 |
| 7.514% due 05/15/2038 •(l) |  | 8000 | 7920 |
| Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
| 5.244% due 03/25/2036 ~(l) |  | 3472 | 3397 |
| Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
| 0.000% due 07/15/2059 | GBP | 10 | 2210 |
| 0.000% due 07/15/2059 (l) |  | 7804 | 9172 |
| 6.944% (SONIO/N + 3.000%) due 07/15/2059 ~(l) |  | 4682 | 6317 |
| 7.694% (SONIO/N + 3.750%) due 07/15/2059 ~(l) |  | 4682 | 6306 |
| 8.944% (SONIO/N + 5.000%) due 07/15/2059 ~(l) |  | 6244 | 9511 |
| 9.444% (SONIO/N + 5.500%) due 07/15/2059 ~(l) |  | 4682 | 6199 |
| 9.944% (SONIO/N + 6.000%) due 07/15/2059 ~(l) |  | 2389 | 3226 |
| VASA Trust | VASA Trust | VASA Trust | VASA Trust |
| 7.015% due 07/15/2039 •(l) | $| 10000 | 9122 |
| 7.765% due 07/15/2039 •(l) |  | 7000 | 6079 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| 8.085% due 12/25/2068 ~(l) |  | 4538 | 4611 |
| WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| 4.839% due 07/25/2047 •(l) |  | 1745 | 1497 |
| 4.896% due 12/25/2045 •(l) |  | 11938 | 10667 |
| Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
| 6.756% due 10/25/2036 ~ |  | 164 | 157 |
| Total Non-Agency Mortgage-Backed Securities (Cost $614,514) | Total Non-Agency Mortgage-Backed Securities (Cost $614,514) | Total Non-Agency Mortgage-Backed Securities (Cost $614,514) | 483201 |
| ASSET-BACKED SECURITIES 18.2% | ASSET-BACKED SECURITIES 18.2% | ASSET-BACKED SECURITIES 18.2% | ASSET-BACKED SECURITIES 18.2% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| 0.000% due 01/10/2028 « |  | 10 | 836 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| 0.000% due 12/15/2033 |  | 12 | 481 |
| Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
| 0.000% due 04/17/2028 « |  | 10 | 411 |
| Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes |
| 7.918% due 10/20/2032 •  |  | 611 | 619 |
| 11.418% due 10/20/2032 •  |  | 655 | 662 |
| Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
| 7.762% due 06/15/2032 (l) |  | 1042 | 1060 |
| 10.171% due 06/15/2032 (l) |  | 2417 | 2494 |
| 13.030% due 06/15/2032 |  | 2132 | 2225 |
|  |  |  | 8788 |
| AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% |
| CPS Auto Securitization Trust | CPS Auto Securitization Trust | CPS Auto Securitization Trust | CPS Auto Securitization Trust |
| 11.000% due 06/16/2032 « |  | 7818 | 7941 |
| HOME EQUITY OTHER 11.2% | HOME EQUITY OTHER 11.2% | HOME EQUITY OTHER 11.2% | HOME EQUITY OTHER 11.2% |
| Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |  |
| 6.546% due 01/25/2035 •(l) |  | 5000 | 4052 |
| ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
| 4.221% due 08/25/2036 •(l) |  | 25176 | 20982 |
| 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 |
| 5.646% due 07/25/2035 •(l) |  | 7500 | 6553 |
| 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 |
| 4.536% due 01/25/2036 •(l) |  | 21502 | 23400 |
| 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 |
| 4.076% due 05/25/2037 •(l) |  | 7464 | 5409 |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 4.509% due 01/25/2037 •(l) |  | 6307 | 5785 |
| BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |  |
| 5.346% due 11/25/2037 •(l) |  | 32783 | 23654 |
| Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
| 4.221% due 06/25/2037 •(l) |  | 5638 | 5486 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Encore Credit Receivables Trust | Encore Credit Receivables Trust |  |
| 5.601% due 10/25/2035 •(l) | 6319 | 5846 |
| Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |  |
| 6.771% due 08/25/2034 •(l) | 2344 | 1888 |
| First NLC Trust | First NLC Trust |  |
| 4.866% due 12/25/2035 •(l) | 8859 | 7977 |
| Fremont Home Loan Trust | Fremont Home Loan Trust |  |
| 4.896% due 01/25/2035 •(l) | 7156 | 6170 |
| GSAMP Trust | GSAMP Trust |  |
| 4.296% due 08/25/2036 •(l) | 16983 | 14759 |
| MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |  |
| 4.431% due 01/25/2036 •(l) | 6403 | 5259 |
| Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |  |
| 4.956% due 07/25/2035 •(l) | 9845 | 8097 |
| Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
| 4.911% due 05/25/2035 •(l) | 5341 | 5198 |
| New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
| 4.866% due 06/25/2035 •(l) | 17591 | 18130 |
| Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
| 4.326% due 09/25/2036 •(l) | 11239 | 9352 |
| Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
| 4.671% due 12/25/2035 •(l) | 6312 | 6204 |
| Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
| 4.821% due 07/25/2035 •(l) | 10518 | 8555 |
| Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
| 4.146% due 04/25/2036 •(l) | 18388 | 15738 |
|  |  | 208494 |
| WHOLE LOAN COLLATERAL 1.4% | WHOLE LOAN COLLATERAL 1.4% | WHOLE LOAN COLLATERAL 1.4% |
| First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
| 4.156% due 10/25/2036 •(l) | 5954 | 5020 |
| 4.776% due 11/25/2035 •(l) | 8078 | 7669 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| 5.121% due 02/25/2035 •(l) | 5313 | 4690 |
| Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
| 4.346% due 03/25/2036 •(l) | 1328 | 842 |
| Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
| 4.146% due 09/25/2037 •(l) | 21219 | 7346 |
|  |  | 25567 |
| OTHER ABS 4.7% | OTHER ABS 4.7% | OTHER ABS 4.7% |
| Ayresome CDO I Ltd. | Ayresome CDO I Ltd. | Ayresome CDO I Ltd. |
| 7.370% due 12/08/2045 •(l) | 25992 | 6400 |
| College Avenue Student Loans Trust | College Avenue Student Loans Trust | College Avenue Student Loans Trust |
| 0.000% due 06/25/2054 «(l) | 11 | 6008 |
| 8.660% due 06/25/2054 (l) | 1971 | 2104 |
| Duke Funding High Grade III Ltd. | Duke Funding High Grade III Ltd. | Duke Funding High Grade III Ltd. |
| 0.090% due 08/02/2049 (a) | 840370 | 144 |
| 5.100% due 08/02/2049 •  | 29910 | 225 |
| FREED ABS Trust | FREED ABS Trust | FREED ABS Trust |
| 0.000% due 09/20/2027 « | 4 | 0 |
| Greenwood Park CLO Ltd. | Greenwood Park CLO Ltd. | Greenwood Park CLO Ltd. |
| 0.000% due 04/15/2031 ~ | 27000 | 2430 |
| KKR CLO 31 Ltd. | KKR CLO 31 Ltd. | KKR CLO 31 Ltd. |
| 0.000% due 04/20/2034 ~(l) | 10000 | 3504 |
| Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
| 0.000% due 07/27/2047 ~(l) | 5600 | 699 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| 0.000% due 09/16/2030 « | 38 | 45 |
| Montauk Point CDO II Ltd. | Montauk Point CDO II Ltd. | Montauk Point CDO II Ltd. |
| 7.560% due 04/06/2046 •(l) | 327058 | 9853 |
| 7.670% due 04/06/2046 •  | 4400 | 0 |
| Montauk Point CDO Ltd. | Montauk Point CDO Ltd. | Montauk Point CDO Ltd. |
| 7.565% due 10/06/2042 •(l) | 213556 | 21613 |
| Myers Park CLO Ltd. | Myers Park CLO Ltd. | Myers Park CLO Ltd. |
| 0.000% due 10/20/2030 «~ | 13000 | 3411 |
| Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
| 7.750% due 08/16/2032 | 500 | 513 |
| Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
| 4.278% due 09/07/2039 •  | 883 | 486 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| 0.000% due 02/16/2055 « | 5 | 4934 |
| Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust |
| 6.270% due 07/15/2044 | 319 | 332 |
| Structured Finance Advisors ABS CDO III Ltd. | Structured Finance Advisors ABS CDO III Ltd. | Structured Finance Advisors ABS CDO III Ltd. |
| 7.250% due 07/02/2037 •(l) | 41770 | 5172 |
| Summer Street Ltd. | Summer Street Ltd. | Summer Street Ltd. |
| 4.249% due 12/06/2045 •  | 56060 | 11970 |
| Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
| 7.410% due 09/20/2035 | 8800 | 8738 |
|  |  | 88581 |
| Total Asset-Backed Securities (Cost $433,090) | Total Asset-Backed Securities (Cost $433,090) | 339371 |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| 8.000% due 11/26/2029 | 1900 | 1858 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| 3.500% due 07/09/2041 þ | 10733 | 7449 |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| 6.000% due 10/25/2027 | 3768 | 3632 |
| Colombia TES | Colombia TES | Colombia TES |
| 11.000% due 08/22/2029 | 37406000 | 9362 |
| 11.750% due 01/24/2035 | 35592000 | 8776 |
| 12.750% due 11/28/2040 | 37721000 | 9794 |
| 13.250% due 02/09/2033 | 32653000 | 8761 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 0.000% due 07/31/2030 (g)(l) | 6200 | 5313 |
| 6.900% due 07/31/2030 þ(l) | 10657 | 10571 |
| 6.900% due 07/31/2035 þ(l) | 2570 | 2272 |
| Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
| 21.954% due 03/04/2028 | 877000 | 18412 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 6.375% due 04/11/2031 (l) | 2000 | 2419 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 5.875% due 07/11/2032 (l) | 16000 | 19625 |
| 6.250% due 09/10/2034 | 11400 | 14077 |
| Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
| 5.100% due 03/28/2035 « | 200 | 0 |
| 5.625% due 04/04/2042 | 4200 | 2940 |
| Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| 38.324% (BISTREFI + 0.000%) due 09/06/2028 ~ | 396200 | 9219 |
| 39.431% (BISTREFI + 0.000%) due 05/20/2026 ~ | 600 | 14 |
| 39.431% (BISTREFI + 0.000%) due 08/19/2026 ~ | 400 | 9 |
| 39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ | 79200 | 1844 |
| Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
| 0.000% due 02/01/2030 þ(h) | 271 | 161 |
| 0.000% due 02/01/2034 þ(h) | 1014 | 484 |
| 0.000% due 02/01/2035 þ(h) | 856 | 488 |
| 0.000% due 02/01/2036 þ(h) | 714 | 405 |
| 4.500% due 02/01/2034 þ | 1614 | 988 |
| 4.500% due 02/01/2035 þ | 1738 | 1043 |
| 4.500% due 02/01/2036 þ | 1614 | 952 |
| Total Sovereign Issues (Cost $128,571) | Total Sovereign Issues (Cost $128,571) | 140868 |
|  | SHARES |  |
| COMMON STOCKS 8.2% | COMMON STOCKS 8.2% | COMMON STOCKS 8.2% |
| COMMUNICATION SERVICES 0.6% | COMMUNICATION SERVICES 0.6% | COMMUNICATION SERVICES 0.6% |
| Promotora de Informaciones SA Class A (e) | 1623357 | 676 |
| SES SA «(e) | 652149 | 10135 |
|  |  | 10811 |

---

106 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
| Steinhoff International Holdings NV «(e)(k) | 115240755 | $— | 0 |
| FINANCIALS 1.3% | FINANCIALS 1.3% | FINANCIALS 1.3% | FINANCIALS 1.3% |
| Banca Monte dei Paschi di Siena SpA | 2274000 |  | 24212 |
| Corestate Capital Holding SA «(e)(k) | 632951 |  | 0 |
| UBS Group AG | 5143 |  | 237 |
|  |  |  | 24449 |
| HEALTH CARE 3.8% | HEALTH CARE 3.8% | HEALTH CARE 3.8% | HEALTH CARE 3.8% |
| AmSurg Corp. «(e)(k) | 1571862 |  | 70598 |
| INDUSTRIALS 2.5% | INDUSTRIALS 2.5% | INDUSTRIALS 2.5% | INDUSTRIALS 2.5% |
| Incora New Equity «(e)(k) | 947048 |  | 36684 |
| Luxco Co. Ltd. «(e)(k) | 544081 |  | 9599 |
|  |  |  | 46283 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
| MNSN Holdings, Inc. «(e)(k) | 8417 |  | 421 |
| Total Common Stocks (Cost $126,889) | Total Common Stocks (Cost $126,889) |  | 152562 |
| PREFERRED SECURITIES 4.4% | PREFERRED SECURITIES 4.4% | PREFERRED SECURITIES 4.4% | PREFERRED SECURITIES 4.4% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
| ADLER Group SA « | 3588226 |  | 0 |
| INDUSTRIALS 4.4% | INDUSTRIALS 4.4% | INDUSTRIALS 4.4% | INDUSTRIALS 4.4% |
| Atlas Re Ltd. « | 140 |  | 14111 |
| Clover Holdings, Inc. | Clover Holdings, Inc. |  |  |
| 0.000% «(k) | 27610 |  | 531 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES |  | MARKET<br>VALUE<br>(000S) |
| Mustang Express Ltd. | Mustang Express Ltd. |  |  |
| 0.000% « | 53559 | $| 54100 |
| SVB Financial Trust | SVB Financial Trust |  |  |
| 0.000% due 11/07/2032 (g) | 51680 |  | 7 |
| 11.000% due 11/07/2032 | 9596 |  | 4573 |
| Syniverse Holdings, Inc. «(k) | 9101659 |  | 8832 |
|  |  |  | 82154 |
| Total Preferred Securities (Cost $82,970) | Total Preferred Securities (Cost $82,970) |  | 82154 |
| REAL ESTATE INVESTMENT TRUSTS 1.1% | REAL ESTATE INVESTMENT TRUSTS 1.1% | REAL ESTATE INVESTMENT TRUSTS 1.1% | REAL ESTATE INVESTMENT TRUSTS 1.1% |
| REAL ESTATE 1.1% | REAL ESTATE 1.1% | REAL ESTATE 1.1% | REAL ESTATE 1.1% |
| Annaly Capital Management, Inc. | 609500 | 13629 | 13629 |
| PennyMac Mortgage Investment Trust | 556200 | 6980 | 6980 |
| Total Real Estate Investment Trusts (Cost $26,500) | Total Real Estate Investment Trusts (Cost $26,500) |  | 20609 |
| SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% |
| 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 |
| 3.850% (j) | 1437322 |  | 1437 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% |
| 3.708% due 01/13/2026 - 04/21/2026 (f)(g)(n)(p) | 23777 |  | 23586 |
| Total Short-Term Instruments<br>(Cost $25,019) | Total Short-Term Instruments<br>(Cost $25,019) | Total Short-Term Instruments<br>(Cost $25,019) | 25023 |
| Total Investments in Securities (Cost $2,972,972) | Total Investments in Securities (Cost $2,972,972) | Total Investments in Securities (Cost $2,972,972) | 2680090 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 9.3% | INVESTMENTS IN AFFILIATES 9.3% | INVESTMENTS IN AFFILIATES 9.3% | INVESTMENTS IN AFFILIATES 9.3% |
| COMMON STOCKS 0.8% | COMMON STOCKS 0.8% | COMMON STOCKS 0.8% | COMMON STOCKS 0.8% |
| AFFILIATED INVESTMENTS 0.8% | AFFILIATED INVESTMENTS 0.8% | AFFILIATED INVESTMENTS 0.8% | AFFILIATED INVESTMENTS 0.8% |
| Market Garden †«‡(k) | 13975418 | $— | 14382 |
| Total Common Stocks (Cost $13,976) | Total Common Stocks (Cost $13,976) |  | 14382 |
| SHORT-TERM INSTRUMENTS 8.5% | SHORT-TERM INSTRUMENTS 8.5% | SHORT-TERM INSTRUMENTS 8.5% | SHORT-TERM INSTRUMENTS 8.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% |
| PIMCO Short-Term Floating NAV Portfolio III | 16263419 |  | 158422 |
| Total Short-Term Instruments (Cost $158,278) | Total Short-Term Instruments (Cost $158,278) |  | 158422 |
| Total Investments in Affiliates (Cost $172,254) | Total Investments in Affiliates (Cost $172,254) |  | 172804 |
| Total Investments 153.0% (Cost $3,145,226) |  | $— | 2852894 |
| Financial Derivative Instruments (m)(o) (0.2)%<br>(Cost or Premiums, net $25,528) | Financial Derivative Instruments (m)(o) (0.2)%<br>(Cost or Premiums, net $25,528) |  | (3711) |
| Other Assets and Liabilities, net (52.8)% | Other Assets and Liabilities, net (52.8)% |  | (985013) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1864170 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

† Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 10, Related Party Transactions in the Notes to Consolidated Financial Statements.

^ 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.

‡ Insurance-Linked Investments.

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) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) Coupon represents a 7-Day Yield.

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 107

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(k) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| AmSurg Corp. | 11/02/2023 - 11/06/2023 | $65680 | $70598 | 3.79% |
| Clover Holdings, Inc. | 12/09/2024 | 414 | 531 | 0.03 |
| Corestate Capital Holding SA | 08/22/2023 | 0 | 0 | 0.00 |
| Incora New Equity | 01/31/2025 | 46003 | 36684 | 1.97 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 -11/03/2025 | 21250 | 33158 | 1.78 |
| Luxco Co. Ltd. | 10/01/2025 | 9579 | 9599 | 0.52 |
| MNSN Holdings, Inc. | 03/16/2023 - 03/16/2023 | 94 | 421 | 0.02 |
| Market Garden | 03/13/2024 | 13975 | 14382 | 0.77 |
| Petersen Claim Units 1.000% due 12/31/2099 | 12/08/2025 -12/16/2025 | 2066 | 2102 | 0.11 |
| Steinhoff International Holdings NV | 06/30/2023 -10/30/2023 | 0 | 0 | 0.00 |
| Syniverse Holdings, Inc. | 05/12/2022 -11/30/2025 | 8983 | 8832 | 0.47 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176307 | 9.46% |

---

#### 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 |
| BNY | 4.470% | 01/05/2026 | 01/09/2026 |  | $(2068) | $(2068) |
|  | 4.810 | 11/10/2025 | 05/11/2026 |  | (13581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13681) |
|  | 4.810 | 12/05/2025 | 06/05/2026 |  | (9411) | (9448) |
|  | 4.810 | 12/30/2025 | 06/30/2026 |  | (4384) | (4386) |
| BOS | 4.560 | 12/23/2025 | 04/22/2026 |  | (2486) | (2489) |
|  | 4.760 | 12/23/2025 | 04/22/2026 |  | (683) | (684) |
|  | 4.960 | 12/23/2025 | 04/22/2026 |  | (1459) | (1462) |
| BPS | 0.000 | 11/28/2025 | TBD | (2) | (724) | (851) |
|  | 2.251 | 12/19/2025 | 03/18/2026 |  | (2301) | (2707) |
|  | 3.880 | 12/12/2025 | TBD | (2) | $(4148) | (4157) |
|  | 4.300 | 12/24/2025 | 02/24/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11306) | (11318) |
|  | 4.810 | 11/13/2025 | 05/13/2026 |  | (4664) | (4697) |
|  | 4.910 | 11/13/2025 | 05/13/2026 |  | (6105) | (6149) |
|  | 4.940 | 10/23/2025 | 04/23/2026 |  | (89037) | (89996) |
|  | 4.940 | 11/13/2025 | 05/13/2026 |  | (15233) | (15343) |
|  | 5.360 | 10/22/2025 | 01/22/2026 |  | (15046) | (15208) |
| BRC | 1.500 | 09/29/2025 | TBD | (2) | (645) | (762) |
|  | 1.650 | 11/14/2025 | TBD | (2) | (1083) | (1276) |
|  | 1.930 | 11/14/2025 | TBD | (2) | (1510) | (1779) |
|  | 2.150 | 09/29/2025 | TBD | (2) | (5339) | (6309) |
|  | 3.250 | 12/19/2025 | TBD | (2) | (100) | (135) |
|  | 3.450 | 12/19/2025 | TBD | (2) | (619) | (836) |
|  | 3.580 | 12/12/2025 | TBD | (2) | $(1907) | (1911) |
|  | 3.983 | 10/01/2025 | 02/02/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11248) | (11364) |
|  | 4.200 | 12/12/2025 | 01/12/2026 |  | (17097) | (17138) |
|  | 4.810 | 12/09/2025 | 02/09/2026 |  | (6460) | (6482) |
|  | 4.860 | 12/09/2025 | 02/09/2026 |  | (8580) | (8609) |
|  | 4.880 | 12/09/2025 | 03/09/2026 |  | (10999) | (11034) |
|  | 4.883 | 10/01/2025 | 01/05/2026 |  | (3687) | (3734) |
|  | 4.890 | 12/10/2025 | 03/10/2026 |  | (21545) | (21613) |
|  | 4.910 | 10/31/2025 | 01/30/2026 |  | (8201) | (8280) |
|  | 4.910 | 11/05/2025 | 03/05/2026 |  | (699) | (705) |
|  | 4.910 | 12/09/2025 | 02/09/2026 |  | (46571) | (46730) |
|  | 4.910 | 12/19/2025 | 04/20/2026 |  | (2909) | (2915) |
|  | 4.983 | 10/01/2025 | 02/02/2026 |  | (748) | (758) |
|  | 5.033 | 10/01/2025 | 02/02/2026 |  | (8048) | (8153) |
|  | 5.090 | 10/08/2025 | 01/08/2026 |  | (3704) | (3749) |
|  | 5.110 | 10/22/2025 | 01/22/2026 |  | (1396) | (1411) |
|  | 5.430 | 08/04/2025 | 02/04/2026 |  | (12669) | (12958) |
| BYR | 4.210 | 10/21/2025 | 01/21/2026 |  | (22140) | (22353) |
|  | 4.210 | 11/03/2025 | 02/03/2026 |  | (26636) | (26836) |
|  | 4.210 | 12/03/2025 | 03/03/2026 |  | (2389) | (2398) |
|  | 4.210 | 12/31/2025 | 01/21/2026 |  | (5402) | (5403) |
|  | 4.260 | 12/05/2025 | 04/06/2026 |  | (10733) | (10770) |
|  | 4.260 | 12/15/2025 | 04/06/2026 |  | (3454) | (3461) |

---

108 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| CDC | 4.210% | 09/22/2025 | 01/20/2026 |  | $(2338) | $(2368) |
|  | 4.210 | 12/10/2025 | 04/09/2026 |  | (3247) | (3256) |
|  | 4.210 | 12/17/2025 | 04/16/2026 |  | (5627) | (5638) |
|  | 4.210 | 12/23/2025 | 04/16/2026 |  | (2292) | (2294) |
|  | 4.210 | 12/29/2025 | 04/28/2026 |  | (268) | (268) |
|  | 4.210 | 12/30/2025 | 04/09/2026 |  | (851) | (851) |
|  | 4.210 | 01/02/2026 | 05/01/2026 |  | (2274) | (2274) |
|  | 4.250 | 12/01/2025 | 03/02/2026 |  | (1153) | (1158) |
|  | 4.270 | 12/02/2025 | 01/02/2026 |  | (1776) | (1783) |
|  | 4.270 | 12/26/2025 | 01/02/2026 |  | (412) | (412) |
|  | 4.270 | 12/29/2025 | 04/28/2026 |  | (730) | (731) |
| CEW | 4.330 | 11/26/2025 | 02/26/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35557) | (35715) |
|  | 5.183 | 11/19/2025 | 01/20/2026 |  | (3628) | (3651) |
|  | 5.233 | 11/19/2025 | 01/20/2026 |  | (3558) | (3581) |
| DBL | 2.220 | 12/08/2025 | TBD | (2) | (1917) | (2256) |
|  | 3.900 | 12/12/2025 | TBD | (2) | $(6363) | (6377) |
|  | 3.950 | 12/12/2025 | TBD | (2) | (6278) | (6293) |
|  | 4.561 | 12/08/2025 | 02/06/2026 |  | (7780) | (7805) |
|  | 4.665 | 12/19/2025 | 02/20/2026 |  | (4595) | (4604) |
|  | 4.761 | 12/08/2025 | 02/06/2026 |  | (4682) | (4697) |
|  | 4.815 | 12/19/2025 | 02/20/2026 |  | (12080) | (12102) |
|  | 4.861 | 12/08/2025 | 02/06/2026 |  | (19728) | (19795) |
|  | 4.961 | 12/08/2025 | 02/06/2026 |  | (2403) | (2411) |
|  | 5.211 | 12/08/2025 | 02/06/2026 |  | (1392) | (1397) |
|  | 5.236 | 12/08/2025 | 02/06/2026 |  | (14585) | (14594) |
|  | 5.261 | 12/08/2025 | 02/06/2026 |  | (2644) | (2654) |
|  | 5.311 | 12/08/2025 | 02/06/2026 |  | (9500) | (9535) |
|  | 5.391 | 12/08/2025 | 02/06/2026 |  | (2234) | (2234) |
| GLM | 4.930 | 12/23/2025 | 09/23/2026 |  | (467) | (468) |
|  | 5.254 | 07/29/2025 | 04/29/2026 |  | (2022) | (2068) |
| IND | 4.200 | 12/04/2025 | 03/04/2026 |  | (939) | (942) |
|  | 4.230 | 12/17/2025 | 03/17/2026 |  | (916) | (918) |
| JML | 0.000 | 11/18/2025 | TBD | (2) | (156) | (183) |
|  | 4.200 | 12/12/2025 | 01/30/2026 |  | $(1783) | (1787) |
|  | 4.300 | 12/12/2025 | 01/30/2026 |  | (3749) | (3758) |
| MSB | 4.810 | 11/05/2025 | 05/04/2026 |  | (3044) | (3070) |
|  | 4.810 | 12/30/2025 | 06/29/2026 |  | (9971) | (9975) |
|  | 4.860 | 12/30/2025 | 06/29/2026 |  | (20021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20029) |
|  | 4.910 | 12/30/2025 | 06/29/2026 |  | (6543) | (6546) |
| MSC | (2.500) | 12/30/2025 | 01/30/2026 |  | (201) | (201) |
|  | 3.250 | 12/12/2025 | 01/30/2026 |  | (1836) | (1840) |
|  | 3.630 | 12/12/2025 | 01/30/2026 |  | (361) | (362) |
|  | 4.860 | 11/05/2025 | 05/04/2026 |  | (4111) | (4146) |
| MYI | 1.750 | 06/11/2025 | TBD | (2) | (104) | (124) |
|  | 1.750 | 07/07/2025 | TBD | (2) | (106) | (125) |
|  | 1.750 | 11/14/2025 | TBD | (2) | (526) | (620) |
|  | 2.300 | 12/05/2025 | TBD | (2) | (5752) | (6772) |
|  | 3.250 | 12/19/2025 | TBD | (2) | (1000) | (1349) |
|  | 3.300 | 12/29/2025 | TBD | (2) | (1049) | (1414) |
|  | 3.950 | 12/19/2025 | TBD | (2) | (3177) | (4289) |
|  | 4.445 | 12/05/2025 | 03/04/2026 |  | (3505) | (4740) |
|  | 4.475 | 12/05/2025 | 03/04/2026 |  | (3272) | (4425) |
|  | 4.505 | 12/05/2025 | 03/04/2026 |  | (1390) | (1880) |
|  | 4.575 | 12/05/2025 | 03/04/2026 |  | (2031) | (2747) |
|  | 4.725 | 12/05/2025 | 03/04/2026 |  | (3782) | (5116) |
|  | 4.925 | 12/05/2025 | 03/04/2026 |  | (4439) | (6006) |
| MZF | 4.830 | 12/17/2025 | 06/17/2026 |  | $(10893) | (10916) |
|  | 4.910 | 12/17/2025 | 06/17/2026 |  | (4699) | (4709) |
| RCY | 4.400 | 12/04/2025 | 01/07/2026 |  | (841) | (844) |
| RTA | 4.295 | 11/20/2025 | 05/20/2026 |  | (12744) | (12813) |
|  | 4.295 | 12/02/2025 | 06/02/2026 |  | (27620) | (27728) |
|  | 4.295 | 12/11/2025 | 06/11/2026 |  | (1965) | (1971) |
|  | 4.295 | 12/18/2025 | 06/18/2026 |  | (7264) | (7276) |
|  | 4.295 | 12/26/2025 | 06/18/2026 |  | (1382) | (1383) |
|  | 4.350 | 12/10/2025 | 04/09/2026 |  | (2827) | (2835) |
|  | 4.450 | 12/10/2025 | 04/09/2026 |  | (8856) | (8883) |
|  | 4.850 | 12/10/2025 | 04/09/2026 |  | (3033) | (3043) |
|  | 4.900 | 12/10/2025 | 04/09/2026 |  | (11957) | (11996) |
|  | 4.920 | 12/04/2025 | 06/04/2026 |  | (12880) | (12934) |
|  | 4.920 | 12/10/2025 | 04/09/2026 |  | (16095) | (16147) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 109

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | 4.930% | 12/10/2025 | 04/09/2026 |  | $(4038) | $(4051) |
|  | 4.970 | 12/10/2025 | 02/09/2026 |  | (20245) | (20312) |
| SBI | 4.920 | 10/23/2025 | 06/03/2026 |  | (8204) | (8283) |
| SOG | 2.100 | 08/06/2025 | TBD | (2) | (22269) | (26396) |
|  | 3.970 | 12/12/2025 | TBD | (2) | $(12480) | (12509) |
|  | 3.990 | 12/12/2025 | TBD | (2) | (20562) | (20610) |
|  | 4.470 | 11/07/2025 | 01/07/2026 |  | (1254) | (1263) |
|  | 4.470 | 11/13/2025 | 01/07/2026 |  | (188) | (190) |
|  | 4.470 | 11/24/2025 | 01/09/2026 |  | (2221) | (2232) |
|  | 4.470 | 11/28/2025 | 01/08/2026 |  | (1051) | (1056) |
|  | 4.470 | 12/19/2025 | 01/16/2026 |  | (2552) | (2556) |
|  | 4.543 | 10/17/2025 | 01/16/2026 |  | (3593) | (4889) |
|  | 4.683 | 12/12/2025 | 03/12/2026 |  | $(8131) | (8154) |
|  | 4.810 | 10/31/2025 | 04/30/2026 |  | (4140) | (4178) |
| UBS | 2.150 | 06/11/2025 | TBD | (2) | (561) | (668) |
|  | 2.150 | 12/23/2025 | TBD | (2) | (1222) | (1437) |
|  | 2.220 | 12/03/2025 | 03/03/2026 |  | (9846) | (11593) |
|  | 2.220 | 12/04/2025 | 03/04/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10212) | (12023) |
|  | 4.390 | 10/03/2025 | 01/06/2026 |  | $(671) | (678) |
|  | 5.020 | 10/23/2025 | 01/23/2026 |  | (9413) | (9506) |
| WFS | 4.530 | 11/19/2025 | 02/19/2026 |  | (7734) | (7777) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974979) |

---

#### 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 December 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 |
| BNY | $0 | $(29583) | $0 | $(29583) | $38764 | $9181 |
| BOS | 0 | (4635) | 0 | (4635) | 6944 | 2309 |
| BPS | 0 | (150426) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47652 |
| BRC | 0 | (178641) | 0 | (178641) | 232364 | 53723 |
| BYR | 0 | (71221) | 0 | (71221) | 81409 | 10188 |
| CDC | 0 | (21033) | 0 | (21033) | 21673 | 640 |
| CEW | 0 | (42947) | 0 | (42947) | 47116 | 4169 |
| DBL | 0 | (96754) | 0 | (96754) | 136880 | 40126 |
| GLM | 0 | (2536) | 0 | (2536) | 3033 | 497 |
| IND | 0 | (1860) | 0 | (1860) | 2119 | 259 |
| JML | 0 | (5728) | 0 | (5728) | 6944 | 1216 |
| MSB | 0 | (39620) | 0 | (39620) | 55075 | 15455 |
| MSC | 0 | (6549) | 0 | (6549) | 8608 | 2059 |
| MYI | 0 | (39607) | 0 | (39607) | 53004 | 13397 |
| MZF | 0 | (15625) | 0 | (15625) | 21780 | 6155 |
| RBC | 0 | 0 | 0 | 0 | (70) | (70) |
| RCY | 0 | (844) | 0 | (844) | 968 | 124 |
| RTA | 0 | (131372) | 0 | (131372) | 168019 | 36647 |
| SBI | 0 | (8283) | 0 | (8283) | 9174 | 891 |
| SOG | 0 | (84033) | 0 | (84033) | 98528 | 14495 |
| UBS | 0 | (35905) | 0 | (35905) | 44817 | 8912 |
| WFS | 0 | (7777) | 0 | (7777) | 8938 | 1161 |
| Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974979) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

110 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 | $(46461) | $(105607) | $(152252) | $(304320) |
| Convertible Bonds & Notes | 0 | 0 | (20312) | 0 | (20312) |
| U.S. Government Agencies | 0 | (46277) | (14513) | (9781) | (70571) |
| Non-Agency Mortgage-Backed Securities | 0 | (21980) | (181148) | (122291) | (325419) |
| Asset-Backed Securities | 0 | (3734) | (55416) | (141736) | (200886) |
| Sovereign Issues | 0 | (1787) | 0 | (47342) | (49129) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120239) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376996) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473402) | $(970637) |
| 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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970637) |

---

(l) Securities with an aggregate market value of $1,243,057 and cash of $7,923 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(907,947) at a weighted average interest rate of 4.943%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2) Open maturity reverse repurchase agreement.

(3) 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.

(4) Unsettled reverse repurchase agreements liability of $(4,342) is outstanding at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### 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 | 38 | $(9150) | $146 | $0 | $0 |
| 3-Month SOFR Active Contract March Futures  | 06/2026 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8684) | 120 | 1 | 0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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>December 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>December 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 |
| Venture Global LNG, Inc. | 5.000% | Quarterly | 12/20/2030 | 4.628% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | $113 | $58 | $171 | $28 | $0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2027 | 10.409 | 900 | (87) | (7) | (94) | 5 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2028 | 11.085 | 200 | (29) | (3) | (32) | 1 | 0 |
| Worldline SA/France | 5.000 | Quarterly | 12/20/2030 | 10.384 | 8200 | (1502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | (1636) | 47 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1505) | $(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1591) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | $&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 | 3.750% | Annual | 09/17/2030 | 23100 | $(120) | $248 | $128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 | 9800 | 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809 | 0 | (10) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | $58100 | 289 | (125) | 164 | 0 | (9) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966 | (408) | 5558 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2028 | 53800 | 770 | (148) | 622 | 0 | (52) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 49800 | (924) | 434 | (490) | 59 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159500 | 2399 | (307) | 2092 | 0 | (218) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 172300 | (1579) | (605) | (2184) | 0 | (258) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 48600 | 1057 | (987) | 70 | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 21090 | (346) | 419 | 73 | 49 | 0 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 111

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/17/2045 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13270 | $257 | $496 | $753 | $39 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 40100 | 9900 | 6441 | 16341 | 102 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 27100 | 6527 | 4259 | 10786 | 69 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/21/2052 |  | 81300 | (245) | 9370 | 9125 | 259 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 46700 | 166 | (455) | (289) | 0 | (36) |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 09/21/2032 |  | 50200 | 4740 | 4508 | 9248 | 54 | 0 |
| Receive | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 |  | 5700 | 448 | (61) | 387 | 7 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 29900 | 182 | 4356 | 4538 | 18 | 0 |
|  |  |  |  |  |  |  | $29773 | $34958 | $64731 | $682 | $(1021) |
| 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;28268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
| Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | $&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;(1021) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021) |

---

(n) Securities with an aggregate market value of $3,886 and cash of $32,965 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) 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;(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
| BOA | 01/2026 | 7600057 | $1995 | $0 | $(1) |
|  | 01/2026 | $3365 | 2516 | 32 | (5) |
|  | 02/2026 | 3342305 | $869 | 3 | (3) |
|  | 03/2026 | 7992322 | 2080 | 20 | 0 |
| BPS | 01/2026 | 1819 | 2133 | 0 | (6) |
|  | 01/2026 | $13479 | 11562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | (2) |
|  | 01/2026 | 30 | 501858 | 0 | 0 |
|  | 03/2026 | 111 | $3 | 0 | 0 |
|  | 05/2026 | $348 | 106 | 0 | (2) |
|  | 06/2026 | 250 | 76 | 0 | (1) |
|  | 07/2026 | 155 | 47 | 0 | (1) |
|  | 06/2027 | 121 | 37 | 0 | (1) |
|  | 05/2029 | 518 | $1780 | 70 | 0 |
|  | 07/2029 | 78 | 270 | 10 | 0 |
|  | 05/2030 | 379 | 1304 | 46 | 0 |

---

112 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 | 01/2026 | 262678 | $304980 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3851) |
|  | 01/2026 | $11547 | 9884 | 74 | 0 |
|  | 01/2026 | 5536 | 249549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | 0 |
|  | 01/2026 | 9887 | $571 | 0 | (25) |
|  | 02/2026 | $5876 | 268130 | 153 | 0 |
|  | 03/2026 | 11775 | 538051 | 149 | 0 |
| BSH | 01/2026 | 25852 | $166 | 1 | 0 |
|  | 02/2026 | 19 | 0 | 0 | 0 |
| CBK | 01/2026 | 27668773 | 7305 | 49 | (7) |
|  | 01/2026 | 2200 | 2583 | 3 | (6) |
|  | 01/2026 | $1745 | 6577183 | 0 | (4) |
|  | 02/2026 | 6647814 | $1745 | 21 | 0 |
|  | 03/2026 | 10910800 | 2879 | 51 | 0 |
|  | 04/2026 | 6312674 | 1645 | 22 | 0 |
| DUB | 01/2026 | 17619 | 1011 | 0 | (51) |
| FAR | 01/2026 | 67765 | 88990 | 0 | (2354) |
|  | 01/2026 | 12218 | 711 | 0 | (26) |
| GLM | 01/2026 | 87 | 109 | 0 | (1) |
|  | 01/2026 | 601664 | 158 | 0 | 0 |
|  | 01/2026 | $6957 | 5952 | 41 | 0 |
|  | 01/2026 | 9085 | $527 | 0 | (21) |
|  | 02/2026 | $229 | 10445 | 6 | 0 |
|  | 03/2026 | 52 | $9 | 0 | 0 |
|  | 03/2026 | $1714 | 9496 | 0 | (3) |
| MYI | 01/2026 | 1007 | $1340 | 0 | (17) |
|  | 01/2026 | 3329 | 194 | 0 | (7) |
| NGF | 01/2026 | 65454 | 8421 | 6 | 0 |
|  | 03/2026 | 5438 | 119 | 0 | (1) |
|  | 03/2026 | $3412 | 155258 | 43 | 0 |
| SCX | 01/2026 | 1239 | $1463 | 6 | 0 |
|  | 01/2026 | 20896 | 134 | 1 | 0 |
|  | 01/2026 | $50 | 834746 | 0 | 0 |
| SSB | 01/2026 | 2581 | 1954 | 53 | 0 |
| UAG | 01/2026 | 17259 | $992 | 0 | (48) |
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $1180 | $(6444) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION <sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | Egypt Government International Bonds | 1.000% | Quarterly | 12/20/2028 | 2.020% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | $(1071) | $898 | $0 | $(173) |
|  | Egypt Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 2.215 | 1900 | (405) | 332 | 0 | (73) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2030 | 2.822 | 4800 | (377) | 5 | 0 | (372) |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 800 | (94) | 89 | 0 | (5) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2030 | 2.822 | 2600 | (211) | 9 | 0 | (202) |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 500 | (56) | 53 | 0 | (3) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 5.239 | 1200 | (90) | 89 | 0 | (1) |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 5.525 | 700 | (65) | 61 | 0 | (4) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2028 | 2.346 | 1900 | (371) | 302 | 0 | (69) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902) |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 113

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

#### TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive | Underlying Reference | 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 | Underlying Reference | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | AP Core Holdings II, LLC | 1-Day USD-SOFR Compounded-OIS | Maturity | 01/30/2026 | $30 | $0 | $31 | $31 | $0 |
| BPS | Pay | Syniverse Holdings, Inc. | 1-Day USD-SOFR Compounded-OIS | Maturity | 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 | 0 | 2681 | 2681 | 0 |
|  |  |  |  |  |  |  | $0 | $2712 | $2712 | $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;(2740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
| BOA | $55 | $0 | $0 | $55 | $(9) | $0 | $0 | $(9) | $46 | $0 | $46 |
| BPS | 242 | 0 | 2712 | 2954 | (13) | 0 | 0 | (13) | 2941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2720) | 221 |
| BRC | 580 | 0 | 0 | 580 | (3876) | 0 | (618) | (4494) | (3914) | 4232 | 318 |
| BSH | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| CBK | 146 | 0 | 0 | 146 | (17) | 0 | (207) | (224) | (78) | 311 | 233 |
| DUB | 0 | 0 | 0 | 0 | (51) | 0 | 0 | (51) | (51) | 0 | (51) |
| FAR | 0 | 0 | 0 | 0 | (2380) | 0 | 0 | (2380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2380) | 2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| GLM | 47 | 0 | 0 | 47 | (25) | 0 | 0 | (25) | 22 | 0 | 22 |
| GST | 0 | 0 | 0 | 0 | 0 | 0 | (3) | (3) | (3) | 0 | (3) |
| MYC | 0 | 0 | 0 | 0 | 0 | 0 | (74) | (74) | (74) | 154 | 80 |
| MYI | 0 | 0 | 0 | 0 | (24) | 0 | 0 | (24) | (24) | 0 | (24) |
| NGF | 49 | 0 | 0 | 49 | (1) | 0 | 0 | (1) | 48 | 0 | 48 |
| SCX | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
| SSB | 53 | 0 | 0 | 53 | 0 | 0 | 0 | 0 | 53 | 0 | 53 |
| UAG | 0 | 0 | 0 | 0 | (48) | 0 | 0 | (48) | (48) | 0 | (48) |
| Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6444) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7346) |  |  |  |

---

(p) Securities with an aggregate market value of $7,201 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

(1) 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.

(2) 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.

(3) 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.

(4) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master netting Arrangements, in the Notes to Financial Statements for more information.

114 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
| Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 81 | 0 | 0 | 682 | 763 |
|  | $0 | $81 | $0 | $0 | $683 | $764 |
| 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 | $1180 | $0 | $1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements | $0 | $0 | $0 | $0 | $2712 | $2712 |
|  | $0 | $0 | $0 | $1180 | $2712 | $3892 |
|  | $0 | $81 | $0 | $1180 | $3395 | $4656 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | $0 | $0 | $0 | $0 | $1021 | $1021 |
| 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 | $6444 | $0 | $6444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 902 | 0 | 0 | 0 | 902 |
|  | $0 | $902 | $0 | $6444 | $0 | $7346 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 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 | $195 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 41 | 0 | 0 | (4304) | (4263) |
|  | $0 | $41 | $0 | $0 | $(4109) | $(4068) |
| 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 | $1157 | $0 | $1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 1571 | 0 | 0 | (115) | 1456 |
|  | $0 | $1571 | $0 | $1157 | $(115) | $2613 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | $(4224) | $(1455) |
| 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 | $(423) | $(423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | (87) | 0 | 0 | 8429 | 8342 |
|  | $0 | $(87) | $0 | $0 | $8006 | $7919 |
| 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 | $5946 | $0 | $5946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | (738) | 0 | 0 | 2712 | 1974 |
|  | $0 | $(738) | $0 | $5946 | $2712 | $7920 |
|  | $0 | $(825) | $0 | $5946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15839 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 115

------

Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $454880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226329 | $681209 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 93216 | 411 | 93627 |
| &nbsp;&nbsp;Industrials | 0 | 389001 | 63239 | 452240 |
| &nbsp;&nbsp;Utilities | 0 | 59665 | 2727 | 62392 |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 25430 | 0 | 25430 |
| &nbsp;&nbsp;Industrials | 0 | 7040 | 0 | 7040 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;West Virginia | 0 | 2412 | 0 | 2412 |
| U.S. Government Agencies | 0 | 109477 | 0 | 109477 |
| U.S. Treasury Obligations | 0 | 2475 | 0 | 2475 |
| Non-Agency Mortgage-Backed Securities | 0 | 464312 | 18889 | 483201 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Automobile ABS Other | 0 | 7541 | 1247 | 8788 |
| &nbsp;&nbsp;Automobile Sequential | 0 | 0 | 7941 | 7941 |
| &nbsp;&nbsp;Home Equity Other | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208494 | 0 | 208494 |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 25567 | 0 | 25567 |
| &nbsp;&nbsp;Other ABS | 0 | 74183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14398 | 88581 |
| Sovereign Issues | 0 | 140868 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140868 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Communication Services | 0 | 676 | 10135 | 10811 |
| &nbsp;&nbsp;Financials | 0 | 24449 | 0 | 24449 |
| &nbsp;&nbsp;Health Care | 0 | 0 | 70598 | 70598 |
| &nbsp;&nbsp;Industrials | 0 | 0 | 46283 | 46283 |
| &nbsp;&nbsp;Real Estate | 0 | 0 | 421 | 421 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Industrials | 0 | 4580 | 77574 | 82154 |
| Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20609 | 0 | 0 | 20609 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Mutual Funds | 0 | 1437 | 0 | 1437 |
| &nbsp;&nbsp;U.S. Treasury Bills | 0 | 23586 | 0 | 23586 |
|  | $20609 | $2119289 | $540192 | $2680090 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $0 | $0 | $14382 | $14382 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Central Funds Used for Cash Management Purposes | 158422 | 0 | 0 | 158422 |
|  | $158422 | $0 | $14382 | $172804 |
| Total Investments | $179031 | $2119289 | $554574 | $2852894 |
| 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 | 764 | 0 | 764 |
| Over the counter | 0 | 3892 | 0 | 3892 |
|  | $0 | $4656 | $0 | $4656 |
| 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 | (1021) | 0 | (1021) |
| Over the counter | 0 | (7346) | 0 | (7346) |
|  | $0 | $(8367) | $0 | $(8367) |
| Total Financial Derivative Instruments | $0 | $(3711) | $0 | $(3711) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849183 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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;181551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $(122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4698) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226329 | $(17) |
| 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 | 224 | 411 | (451) | 0 | 13 | 214 | 0 | 0 | 411 | 0 |
| &nbsp;&nbsp;Industrials | 64087 | 2810 | (12619) | 46 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915 | 0 | 0 | 63239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057 |
| &nbsp;&nbsp;Utilities | 0 | 2508 | 0 | (4) | 0 | 223 | 0 | 0 | 2727 | 223 |
| Non-Agency Mortgage-Backed Securities | 608 | 18503 | 0 | 0 | (12) | 168 | 0 | (378) | 18889 | 177 |
| 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 | 2224 | 0 | 0 | 0 | 0 | (497) | 0 | (480) | 1247 | (82) |
| &nbsp;&nbsp;Automobile Sequential | 8131 | 0 | (182) | 0 | 0 | (8) | 0 | 0 | 7941 | (5) |
| &nbsp;&nbsp;Other ABS | 15138 | 0 | 0 | 174 | 0 | (914) | 0 | 0 | 14398 | (914) |
| 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 | 0 | 0 | 0 | 0 | 0 | 10135 | 0 | 0 | 10135 | 10135 |
| &nbsp;&nbsp;Financials | 22497 | 0 | (23051) | 0 | (15629) | 16183 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Health Care | 70964 | 0 | 0 | 0 | 0 | (366) | 0 | 0 | 70598 | (366) |
| &nbsp;&nbsp;Industrials | 31997 | 9579 | 0 | 0 | 0 | 4707 | 0 | 0 | 46283 | 4706 |
| &nbsp;&nbsp;Real Estate<sup>(2)</sup> | 33 | 0 | 0 | 0 | 0 | 388 | 0 | 0 | 421 | 388 |

---

116 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Industrials | $22832 | $54635 | $0 | $0 | $0 | $107 | $0 | $0 | $77574 | $107 |
| Totals | $420286 | $122948 | $(77607) | $670 | $(15527) | $39133 | $55845 | $(5556) | $540192 | $18409 |
| Investments in Affiliates | Investments in Affiliates | Investments in Affiliates |  |  |  |  |  |  |  |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Affiliated Investments | 21996 | 0 | (8370) | 0 | 0 | 756 | 0 | 0 | 14382 | 626 |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85977) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15527) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19035 |

---

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 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $33053 | Comparable Companies | EBITDA Multiple |  | 16.360 | —  |
|  | 91617 | Discounted Cash Flow | Discount Rate |  | 4.814-22.746 | 8.459 |
|  | 10569 | Indicative Market Quotation | Broker Quote |  | 101.250 | —  |
|  | 17384 | Recent Transaction | Purchase price |  | 98.000-99.000 | 98.112 |
|  | 73706 | Third Party Vendor | Broker Quote |  | 100.250-122.000 | 116.787 |
| 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 | 411 | Recent Transaction | Purchase price |  | 100.000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 63239 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000/10.000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 625 | Indicative Market Quotation | Broker Quote |  | 14.125 | —  |
|  | 2102 | Recent Transaction | Purchase Price |  | 2920.000 | —  |
| Non-Agency Mortgage-Backed Securities | 3 | Discounted Cash Flow | Discount Rate |  | 28.000-38.000 | 33.156 |
|  | 18886 | Recent Transaction | Purchase Price |  | 100.000 | —  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile ABS Other | 1247 | Discounted Cash Flow | Discount Rate |  | 10.500-17.000 | 14.859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile Sequential | 7941 | Discounted Cash Flow | Discount Rate |  | 10.420 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other ABS | 14398 | Discounted Cash Flow | Discount Rate |  | 12.000-38.000 | 18.502 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 10135 | Indicative Market Quotation | Broker Quote |  | 15.542 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 70598 | Comparable Companies | EBITDA Multiple |  | 16.360 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 36684 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 13.000/10.000 | —  |
|  | 9599 | Indicative Market Quotation | Broker Quote |  | 15.012 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 421 | Other Valuation Techniques<sup>(3)</sup> |  |  |  | —  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 531 | Comparable Companies | Revenue/ EBITDA Multiple |  | 4.625 | —  |
|  | 8832 | Discounted Cash Flow | Discount Rate |  | 14.350 | —  |
|  | 54100 | Recent Transaction | Purchase Price | $— | 100-1052.632 | 290.526 |
|  | 14111 | Sum Of The Parts | Discount Rate |  | 3.718 | —  |
| Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates | Investments in Affiliates |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | 14382 | Sum Of The Parts | Discount rate/mortality assumption |  | 15.323/2015<br>ANB VBT<br>Mortality Table | —  |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554574 |  |  |  |  |  |

---

(1) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(2) Security type updated from Common Stock Financials to Common Stock Real Estate.

(3) 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 SEMIANNUAL REPORT \| DECEMBER 31, 2025 117

------

Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### (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 138.3% | INVESTMENTS IN SECURITIES 138.3% | INVESTMENTS IN SECURITIES 138.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 21.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 21.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 21.2% |
| Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
| 7.223% due 12/18/2029 «~ | 8000 | 8058 |
| Altice France SA | Altice France SA | Altice France SA |
| 8.891% (EUR003M + 6.875%)<br>due 05/31/2031 ~ | 77 | 90 |
| 8.891% (TSFR3M + 6.875%)<br>due 05/31/2031 ~ | 461 | 461 |
| AP Core Holdings II LLC | AP Core Holdings II LLC | AP Core Holdings II LLC |
| 9.331% (TSFR1M + 5.500%)<br>due 09/01/2027 ~ | 5000 | 5007 |
| Apro LLC | Apro LLC | Apro LLC |
| 7.677% (TSFR3M + 3.750%)<br>due 07/09/2031 ~ | 4935 | 4966 |
| Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
| 7.221% (TSFR1M + 3.500%)<br>due 12/23/2030 ~ | 992 | 999 |
| BDO USA PC | BDO USA PC | BDO USA PC |
| 8.273% (TSFR3M + 4.500%)<br>due 08/31/2028 «~ | 341 | 337 |
| 8.865% (TSFR3M + 5.000%)<br>due 08/31/2028 «~ | 4444 | 4455 |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 6.922% - 7.422% (TSFR3M + 3.250%) due 09/12/2032 ~ | 700 | 707 |
| Cast & Crew Payroll LLC | Cast & Crew Payroll LLC | Cast & Crew Payroll LLC |
| 7.466% (TSFR1M + 3.750%)<br>due 12/29/2028 ~ | 2969 | 1793 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| 6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 4532 | 3854 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
| 7.750% due 12/09/2031 ~ | 2886 | 2878 |
| Comexposium | Comexposium | Comexposium |
| TBD% due 03/28/2026 « | 1025 | 1469 |
| TBD% - 9.868% due 10/16/2031 «~ | 565 | 810 |
| Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
| 9.672% (TSFR3M + 6.000%)<br>due 05/16/2029 «~ | 3579 | 3700 |
| Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
| 6.623% - 7.716% (TSFR1M + 2.750%) due 05/01/2031 ~ | 2948 | 2840 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| TBD% due 01/03/2031 ~µ | 1069 | 1088 |
| TBD% due 01/05/2032 «µ | 1069 | 1072 |
| TBD% (TSFR1M + 4.500%)<br>due 01/03/2031 ~ | 4831 | 4915 |
| Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~µ | 227 | 227 |
| TBD% - 10.088% (TSFR1M + 5.500%) due 08/26/2032 «~ | 2273 | 2252 |
| Envalior Finance GmbH | Envalior Finance GmbH | Envalior Finance GmbH |
| 9.340% (TSFR3M + 5.500%)<br>due 04/01/2030 ~ | 1970 | 1841 |
| Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
| 7.723% (TSFR3M + 4.000%)<br>due 09/15/2032 ~ | 3500 | 3433 |
| Fleet Midco I Ltd. | Fleet Midco I Ltd. | Fleet Midco I Ltd. |
| 6.542% - 7.730% (TSFR6M + 2.500%) due 02/21/2031 ~ | 2409 | 2424 |
| Frontier Communications Corp. | Frontier Communications Corp. | Frontier Communications Corp. |
| 6.236% - 8.199% (TSFR1M + 2.500%) due 07/01/2031 ~ | 2673 | 2678 |
| Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) | Galaxy U.S. Opco, Inc.(5.840% Cash) |
| 5.840% (TSFR3M + 2.000%)<br>due 07/31/2030 ~ | 2026 | 1955 |
| Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
| 9.951% (TSFR3M + 6.250%)<br>due 12/18/2030 ~ | 2633 | 2641 |
| GBT U.S. III LLC | GBT U.S. III LLC | GBT U.S. III LLC |
| 6.358% - 8.000% (TSFR3M + 2.500%) due 07/25/2031 ~ | 3960 | 3978 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 6.273% - 8.172% (TSFR3M + 2.500%) due 03/03/2032 ~ | 2693 | 2708 |
| Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
| 7.672% (TSFR3M + 4.000%) due 12/04/2031 ~ | 3950 | 3980 |
| Harp Finco Ltd. | Harp Finco Ltd. | Harp Finco Ltd. |
| 8.723% due 03/27/2032 «~ | 3865 | 5116 |
| Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC |
| 6.216% - 8.272% (TSFR1M + 2.500%) due 12/31/2029 ~ | 3267 | 3274 |
| INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
| 6.716% - 7.672% (TSFR1M + 3.000%) due 02/07/2031 ~ | 344 | 277 |
| 6.966% - 7.384% (TSFR1M + 3.250%) due 02/18/2030 ~ | 2839 | 2311 |
| Iridium Satellite LLC | Iridium Satellite LLC | Iridium Satellite LLC |
| 5.966% - 8.949% (TSFR1M + 2.250%) due 09/20/2030 ~ | 4500 | 4396 |
| ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
| 6.191 - 8.272% (TSFR1M + 2.475%) due 10/11/2030 ~ | 970 | 977 |
| Lakeshore Intermediate LLC | Lakeshore Intermediate LLC | Lakeshore Intermediate LLC |
| 7.331% (TSFR1M + 3.500%) due 09/29/2028 ~ | 3589 | 2710 |
| LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC |
| 6.716% - 7.672% (TSFR1M + 3.000%) due 05/01/2031 ~ | 7915 | 7948 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 7.655% (TSFR3M + 3.750%) due 05/19/2031 ~ | 6600 | 6629 |
| MI Windows & Doors LLC | MI Windows & Doors LLC | MI Windows & Doors LLC |
| 6.466% - 7.831% (TSFR1M + 2.750%) due 03/28/2031 ~ | 2463 | 2468 |
| Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |  |
| 7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 2304 | 1862 |
| 9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 328 | 309 |
| Paradigm Parent LLC |  |  |
| 8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1097 | 969 |
| Peraton Corp. |  |  |
| 7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 2753 | 2561 |
| Phoenix Guarantor, Inc. |  |  |
| 6.216% - 8.272% (TSFR1M + 2.500%) due 02/21/2031 ~ | 3940 | 3964 |
| Poseidon Bidco SASU |  |  |
| 7.018% - 7.322% (EUR003M + 5.000%) due 03/13/2030 ~ | 4700 | 1996 |
| Promotora de Informaciones SA | Promotora de Informaciones SA |  |
| 7.480% (EUR003M + 5.470%) due 12/31/2029 ~ | 3198 | 3696 |
| QuidelOrtho Corp. |  |  |
| 7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 3392 | 3394 |
| RealTruck Group, Inc. |  |  |
| 8.831% (TSFR1M + 5.000%) due 01/31/2028 ~ | 3283 | 2571 |
| Softbank Vision Fund II |  |  |
| 7.322% (TSFR3M + 3.650%) due 04/25/2029 «~ | 945 | 949 |
| Spruce Bidco II, Inc. |  |  |
| TBD% - 10.088% (TSFR6M + 4.750%) due 01/30/2032 «~ | 2023 | 2041 |
| TBD% - 10.088% (CDOR06 + 4.750%) due 01/30/2032 «~ | 366 | 269 |
| TBD% - 10.088% (JY0003M + 5.000%) due 01/30/2032 «~ | 39266 | 253 |
| TBD% - 10.088% due 01/30/2032 «~µ | 458 | 458 |
| Star Parent, Inc. |  |  |
| 7.672% (TSFR3M + 4.000%) due 09/27/2030 ~ | 4925 | 4936 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Steenbok Lux Finco 2 SARL |  |  |  |
| 10.000% due 12/31/2028 ~ |  | 8429 | 3459 |
| Stonepeak Nile Parent LLC |  |  |  |
| 6.162% - 8.445% (TSFR3M + 2.250%) due 04/09/2032 ~ | $— | 2100 | 2103 |
| Subcalidora 2 |  |  |  |
| 7.769% (EUR003M + 5.750%) due 08/14/2029 «~ |  | 3338 | 3942 |
| Syniverse Holdings, Inc. |  |  |  |
| 10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | $— | 5494 | 5320 |
| Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC |
| 6.422% - 7.922% (TSFR3M + 2.750%) due 10/24/2031 ~ |  | 2878 | 2904 |
| Truist Insurance Holdings LLC |  |  |  |
| 6.422% - 7.905% (TSFR3M + 2.750%) due 05/06/2031 ~ |  | 3700 | 3711 |
| U.S. Renal Care, Inc. |  |  |  |
| 8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ |  | 7408 | 6996 |
| Unicorn BAY |  |  |  |
| 13.000% due 12/31/2026 «~ |  | 21512 | 2799 |
| Varsity Brands, Inc. |  |  |  |
| 6.672% - 7.690% (TSFR3M + 3.000%) due 08/26/2031 ~ | $— | 6269 | 6299 |
| Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
| 7.735% (TSFR3M + 3.750%) due 04/01/2031 ~ |  | 5940 | 6006 |
| WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. |
| 7.081% - 7.227% (TSFR1M + 3.250%) due 03/24/2028 ~ |  | 1493 | 1502 |
| X Corp. |  |  |  |
| 10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ |  | 10014 | 9861 |
| Total Loan Participations and Assignments<br>(Cost $205,842) | Total Loan Participations and Assignments<br>(Cost $205,842) | Total Loan Participations and Assignments<br>(Cost $205,842) | 198852 |
| CORPORATE BONDS & NOTES 33.9% | CORPORATE BONDS & NOTES 33.9% | CORPORATE BONDS & NOTES 33.9% | CORPORATE BONDS & NOTES 33.9% |
| BANKING & FINANCE 6.2% |  |  |  |
| American Assets Trust LP |  |  |  |
| 6.150% due 10/01/2034 (h) |  | 3600 | 3662 |
| Antares Holdings LP |  |  |  |
| 6.350% due 10/23/2029 |  | 3500 | 3574 |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| 9.250% due 07/01/2031 (h) |  | 4100 | 4226 |
| Charles River Re Ltd. |  |  |  |
| 11.262% (BNMMDTSC + 7.632%) due 05/10/2031 ~ |  | 1900 | 1991 |
| Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
| 6.740% due 03/20/2030 «(f) |  | 300 | 306 |
| Diversified Healthcare Trust |  |  |  |
| 7.250% due 10/15/2030 |  | 200 | 205 |
| Freedom Mortgage Corp. |  |  |  |
| 6.625% due 01/15/2027 |  | 3000 | 3022 |
| FS KKR Capital Corp. |  |  |  |
| 3.125% due 10/12/2028 |  | 3500 | 3231 |
| Hudson Pacific Properties LP |  |  |  |
| 5.950% due 02/15/2028 |  | 3000 | 2959 |
| Integrity Re Ltd. |  |  |  |
| 20.814% (FHMMUSTF + 17.234%) due 06/08/2026 ~ |  | 650 | 696 |
| 26.376% (FHMMUSTF + 22.796%) due 06/08/2026 ~ |  | 650 | 712 |
| Kona Spc Ltd. |  |  |  |
| 5.718% due 09/15/2026 «•  |  | 1000 | 1179 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
| 7.000% due 07/15/2031 (h) | $— | 3000 | 3183 |
| New Immo Holding SA |  |  |  |
| 3.250% due 07/23/2027 |  | 3500 | 4116 |
| 5.875% due 04/17/2028 |  | 1800 | 2193 |

---

118 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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 (e) | 8298 | 6408 |
| Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| 3.150% due 08/15/2030 (h) | 3600 | 3308 |
| 6.875% due 07/15/2029 (h) | 4000 | 4251 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 0.000% due 09/30/2028 (e) | 300 | 271 |
| Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
| 6.125% due 07/15/2030 (h) | 3600 | 3696 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 7.250% due 04/01/2029 | 2700 | 2855 |
| Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
| 13.840% (BNMMDTSC + 10.210%) due 02/26/2031 ~ | 1000 | 1062 |
| 15.320% (BNMMDTSC + 11.690%) due 02/26/2031 ~ | 1000 | 1060 |
|  |  | 58166 |
| INDUSTRIALS 22.6% | INDUSTRIALS 22.6% | INDUSTRIALS 22.6% |
| ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
| 4.875% due 07/15/2032 (h) | 5300 | 5139 |
| Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
| 10.000% due 01/15/2033 | 900 | 827 |
| Altice France SA | Altice France SA | Altice France SA |
| 6.875% due 07/15/2032 | 1925 | 1848 |
| ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
| 12.250% due 03/30/2029 | 900 | 961 |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 6.125% due 03/15/2030 | 500 | 517 |
| 6.250% due 03/15/2033 | 400 | 418 |
| B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| 8.000% due 09/15/2028 | 3200 | 3152 |
| BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
| 6.500% due 07/10/2031 | 1550 | 1707 |
| Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
| 6.581% due 05/30/2049 (h) | 14990 | 15851 |
| CAB SELAS | CAB SELAS | CAB SELAS |
| 3.375% due 02/01/2028 | 3200 | 3665 |
| Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
| 5.625% due 03/01/2034 | 3200 | 3254 |
| Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
| 9.375% due 10/03/2031 | 3000 | 3116 |
| Champion Iron Canada, Inc. | Champion Iron Canada, Inc. | Champion Iron Canada, Inc. |
| 7.875% due 07/15/2032 | 6500 | 6927 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 7.125% due 06/15/2031 | 700 | 844 |
| 7.500% due 05/15/2030 | 3300 | 4027 |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 6.000% due 10/01/2030 | 500 | 508 |
| 6.750% due 03/15/2033 | 1400 | 1449 |
| Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
| 9.625% due 06/15/2033 | 2000 | 2161 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| 6.750% due 04/15/2032 | 1000 | 1029 |
| 8.750% due 04/15/2030 (h) | 5500 | 5596 |
| Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| 7.000% due 06/15/2027 | 200 | 200 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 9.000% due 02/01/2031 | 1400 | 1285 |
| Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
| 6.500% due 01/10/2031 | 200 | 206 |
| Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
| 7.750% due 11/15/2029 (h) | 3600 | 3703 |
| Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
| 8.500% due 10/01/2030 | 3300 | 3508 |
| Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. |
| 9.750% due 04/09/2029 | 2625 | 2588 |
| ELO SACA | ELO SACA | ELO SACA |
| 2.875% due 01/29/2026 | 800 | 939 |
| Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
| 8.000% due 05/15/2030 | 4500 | 4771 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
| 6.875% due 07/02/2029 | 5100 | 5965 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 7.125% due 07/01/2033 | 2000 | 2044 |
| goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
| 7.625% due 07/01/2029 | 200 | 198 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| 9.625% due 07/15/2032 | 600 | 623 |
| 10.500% due 07/15/2029 (h) | 2430 | 2617 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 5.750% due 09/15/2033 | 700 | 717 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 6.625% due 01/15/2034 | 6000 | 6167 |
| 7.375% due 07/15/2032 | 3700 | 3907 |
| Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
| 3.875% due 11/01/2028 | 3900 | 3814 |
| Insulet Corp. | Insulet Corp. | Insulet Corp. |
| 6.500% due 04/01/2033 (h) | 5100 | 5336 |
| Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC |
| 6.750% due 08/01/2032 | 3600 | 3598 |
| IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
| 7.110% due 03/11/2032 | 4700 | 4857 |
| JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| 9.875% due 09/20/2031 (h) | 5700 | 5748 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. |
| 4.750% due 09/30/2028 | 1270 | 1251 |
| Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
| 0.000% due 07/24/2030 ~ | 900 | 927 |
| Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
| 7.625% due 08/15/2029 (h) | 4600 | 4560 |
| Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| 6.250% due 04/15/2033 (h) | 4000 | 4021 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.750% due 12/31/2030 | 3600 | 3162 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| 10.500% due 12/15/2030 | 2750 | 2767 |
| NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| 5.250% due 10/01/2030 | 3484 | 3353 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
| 11.750% due 04/30/2029 | 4068 | 3670 |
| Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
| 8.750% due 04/17/2032 | 200 | 181 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
| 6.250% due 04/01/2029 | 2500 | 2521 |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| 6.375% due 03/01/2032 | 2200 | 2291 |
| Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
| 8.500% due 02/15/2030 (h) | 5000 | 5213 |
| Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
| 8.375% due 08/01/2030 | 4475 | 4657 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 6.875% due 03/01/2033 | 600 | 622 |
| Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
| 7.250% due 03/15/2032 | 500 | 530 |
| Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
| 9.750% due 10/10/2027 | 1361 | 2113 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| 9.500% due 05/15/2030 | 700 | 700 |
| Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
| 7.875% due 10/15/2032 | 1963 | 2059 |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 9.125% due 09/30/2030 | 200 | 200 |
| Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
| 0.878% due 11/24/2027 (h) | 5400 | 5850 |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| 8.500% due 07/31/2031 | 3000 | 3136 |
| Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
| 8.375% due 04/30/2030 (h) | 7850 | 8173 |
| Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| 3.625% due 06/15/2031 (h) | 4200 | 3863 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 9.125% due 07/15/2031 | 2700 | 2893 |
| Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
| 7.750% due 04/15/2032 (h) | 8700 | 9077 |
| WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
| 6.250% due 10/15/2030 | 2000 | 2013 |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| 6.750% due 10/15/2033 | 3600 | 3689 |
| Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC |
| 5.250% due 04/28/2030 | 2000 | 2712 |
|  |  | 211991 |
| UTILITIES 5.1% | UTILITIES 5.1% | UTILITIES 5.1% |
| Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
| 0.000% due 12/31/2099 « | 4 | 63 |
| Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC |
| 2.000% due 07/31/2028 | 2500 | 3088 |
| Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
| 6.000% due 06/20/2039 | 2300 | 3037 |
| 6.625% due 01/15/2029 þ | 2000 | 2837 |
| Edison International | Edison International | Edison International |
| 6.250% due 03/15/2030 | 600 | 628 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |
| 5.375% due 12/30/2030 | 3000 | 2793 |
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |
| 8.499% due 06/30/2032 | 2000 | 2077 |
| Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV |
| 5.125% due 05/07/2029 | 1912 | 1893 |
| Northumbrian Water Finance PLC | Northumbrian Water Finance PLC | Northumbrian Water Finance PLC |
| 4.500% due 02/14/2031 | 2000 | 2637 |
| PacifiCorp | PacifiCorp | PacifiCorp |
| 7.375% due 09/15/2055 •(h) | 3500 | 3570 |
| Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
| 5.375% due 03/22/2030 | 2475 | 2399 |
| Sabesp Lux SARL | Sabesp Lux SARL | Sabesp Lux SARL |
| 5.625% due 08/20/2030 | 600 | 603 |
| Sempra | Sempra | Sempra |
| 6.375% due 04/01/2056 •  | 2600 | 2658 |
| SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
| 2.375% due 05/28/2028 | 2500 | 3153 |
| 7.375% due 12/12/2041 | 2200 | 3072 |
| VoltaGrid LLC | VoltaGrid LLC | VoltaGrid LLC |
| 7.375% due 11/01/2030 | 2700 | 2676 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 6.690% due 06/15/2055 «(f) | 8000 | 8043 |
| Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
| 9.625% due 05/03/2029 | 3000 | 3146 |
|  |  | 48373 |
| Total Corporate Bonds & Notes (Cost $308,635) | Total Corporate Bonds & Notes (Cost $308,635) | 318530 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| MICHIGAN 0.0% | MICHIGAN 0.0% | MICHIGAN 0.0% |
| Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
| 4.000% due 04/01/2044 | 497 | 390 |
| Total Municipal Bonds & Notes<br>(Cost $399) | Total Municipal Bonds & Notes<br>(Cost $399) | 390 |
| U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
| 0.000% due 08/25/2056 (b)(e) | 3182 | 522 |
| 0.075% due 08/25/2056 ~(a) | 122836 | 516 |
| 1.535% due 08/25/2056 ~(a) | 31749 | 3831 |
| 3.463% due 05/25/2057 ~ | 4900 | 2089 |
| 3.579% due 10/25/2058 ~ | 17287 | 7792 |
| 3.786% due 05/25/2064 ~ | 10409 | 5054 |

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See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 119

------

Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 4.470% due 08/25/2059 ~ | 12063 | 6349 |
| 4.735% due 02/25/2059 ~ | 2495 | 1041 |
| 5.745% due 05/25/2060 ~ | 589 | 340 |
| Total U.S. Government Agencies<br>(Cost $26,240) | Total U.S. Government Agencies<br>(Cost $26,240) | 27534 |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.875% due 08/15/2045 (k) | 499 | 504 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.250% due 08/15/2035 (k) | 760 | 766 |
| Total U.S. Treasury Obligations<br>(Cost $1,292) | Total U.S. Treasury Obligations<br>(Cost $1,292) | 1270 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 11.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.8% |
| AG Trust | AG Trust | AG Trust |
| 5.766% due 08/15/2041 •  | 238 | 239 |
| American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
| 3.971% due 03/25/2047 •  | 2477 | 2253 |
| Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
| 4.800% due 11/25/2067 þ(h) | 817 | 816 |
| APS Resecuritization Trust | APS Resecuritization Trust | APS Resecuritization Trust |
| 0.296% due 08/28/2054 ~ | 6515 | 1733 |
| Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
| 4.084% due 08/25/2036 ~ | 1106 | 721 |
| Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
| 4.206% due 10/25/2036 •(h) | 13434 | 11972 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| 4.077% due 07/15/2051 | 196 | 195 |
| 4.203% due 10/10/2051 | 464 | 463 |
| BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| 6.790% due 01/17/2039 •(h) | 3000 | 2994 |
| ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
| 4.260% due 08/25/2037 •  | 3277 | 2771 |
| 4.260% due 08/25/2037 þ | 1455 | 1246 |
| CIM Trust | CIM Trust | CIM Trust |
| 5.400% due 04/25/2062 ~ | 259 | 258 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 3.000% due 09/25/2064 ~ | 2087 | 2063 |
| 3.000% due 09/25/2064 ~(h) | 16643 | 15067 |
| City of Port Huron Water Supply System Revenue | City of Port Huron Water Supply System Revenue | City of Port Huron Water Supply System Revenue |
| 7.750% due 11/01/2045 «(f) | 4899 | 4940 |
| CLNY Trust | CLNY Trust | CLNY Trust |
| 5.627% due 11/15/2038 •  | 3115 | 3039 |
| 6.870% due 11/15/2038 •(h) | 2500 | 2215 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| 4.946% due 02/25/2036 •  | 1432 | 1108 |
| 6.000% due 07/25/2037 | 967 | 559 |
| CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
| 6.220% due 09/25/2036 þ | 2720 | 742 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| 1.115% due 01/25/2060 ~ | 2395 | 2050 |
| 3.778% due 11/10/2032 ~ | 5200 | 836 |
| GCAT Trust | GCAT Trust | GCAT Trust |
| 4.250% due 05/25/2067 ~(h) | 829 | 793 |
| GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
| 4.997% due 07/15/2035 •  | 998 | 659 |
| GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
| 3.750% due 10/25/2057 (h) | 1848 | 1824 |
| HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
| 4.366% due 03/19/2036 •(h) | 19071 | 12330 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| 4.597% due 04/15/2037 •  | 939 | 928 |
| 5.397% due 11/15/2035 •  | 5000 | 4382 |
| 5.747% due 11/15/2035 •  | 5000 | 3954 |
| 7.048% due 02/15/2035 •(h) | 987 | 944 |
| Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
| 4.646% due 09/25/2047 •  | 1729 | 1568 |
| MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
| 4.829% due 12/25/2046 •  | 4597 | 3550 |
| 4.946% due 09/25/2037 •  | 736 | 284 |
| MFA Trust | MFA Trust | MFA Trust |
| 6.105% due 12/25/2068 þ(h) | 602 | 608 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
| 3.250% due 08/25/2059 ~(h) | 2850 | 2489 |
| 3.750% due 05/25/2058 ~(h) | 2595 | 2317 |
| Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
| 6.731% due 08/25/2036 þ | 2548 | 418 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
| 7.010% due 08/25/2036 þ | 7830 | 2022 |
| OBX Trust | OBX Trust | OBX Trust |
| 6.465% due 10/25/2063 þ(h) | 560 | 565 |
| PRKCM Trust | PRKCM Trust | PRKCM Trust |
| 7.225% due 11/25/2058 þ(h) | 584 | 591 |
| PRPM LLC | PRPM LLC | PRPM LLC |
| 4.000% due 11/25/2053 þ(h) | 330 | 328 |
| PRPM Trust | PRPM Trust | PRPM Trust |
| 6.221% due 11/25/2068 þ(h) | 645 | 651 |
| RALI Trust | RALI Trust | RALI Trust |
| 6.000% due 09/25/2036 | 2192 | 1790 |
| 6.500% due 11/25/2036 | 4120 | 3456 |
| Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
| 5.500% due 09/25/2035 | 5368 | 2256 |
| 6.000% due 04/25/2036 | 998 | 424 |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| 5.000% due 06/25/2065 ~ | 500 | 418 |
| SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
| 4.751% due 01/15/2039 •(h) | 500 | 500 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| 3.000% due 06/25/2058 ~(h) | 1490 | 1422 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| 6.259% due 12/25/2068 þ(h) | 497 | 502 |
| 6.876% due 11/25/2068 ~(h) | 659 | 669 |
| Total Non-Agency Mortgage-Backed Securities (Cost $113,113) | Total Non-Agency Mortgage-Backed Securities (Cost $113,113) | 110922 |
| ASSET-BACKED SECURITIES 30.7% | ASSET-BACKED SECURITIES 30.7% | ASSET-BACKED SECURITIES 30.7% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
| FHF Trust | FHF Trust | FHF Trust |
| 7.050% due 01/15/2030 | 500 | 500 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
| BDS LLC | BDS LLC | BDS LLC |
| 5.013% due 10/17/2042 •  | 500 | 500 |
| MF1 LLC | MF1 LLC | MF1 LLC |
| 5.054% due 02/18/2040 •  | 500 | 499 |
| 5.468% due 03/19/2039 •(h) | 9000 | 9027 |
| PFP Ltd. | PFP Ltd. | PFP Ltd. |
| 5.610% due 09/17/2039 •(h) | 266 | 266 |
|  |  | 10292 |
| HOME EQUITY OTHER 25.7% | HOME EQUITY OTHER 25.7% | HOME EQUITY OTHER 25.7% |
| Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
| 6.546% due 01/25/2035 •(h) | 3500 | 2836 |
| ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
| 4.146% due 07/25/2037 •  | 2081 | 664 |
| 4.246% due 12/25/2036 •(h) | 17108 | 4329 |
| 4.606% due 03/25/2037 •  | 1502 | 616 |
| Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
| 4.251% due 01/25/2037 •(h) | 22785 | 22035 |
| 4.356% due 10/25/2036 •(h) | 3264 | 3191 |
| 4.611% due 09/25/2035 •(h) | 17460 | 17139 |
| Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
| 4.401% due 06/25/2036 •(h) | 17000 | 15488 |
| 4.776% due 09/25/2034 •  | 402 | 399 |
| CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
| 5.596% due 10/25/2037 •(h) | 56686 | 56894 |
| 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 |
| 5.466% due 10/25/2034 •  | 1894 | 1539 |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| 4.046% due 12/25/2036 •  | 2462 | 1722 |

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| | | |
|:---|:---|:---|
|  | 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 |
| 3.083% due 04/25/2036 •(h) | 7200 | 6132 |
| 5.993% due 02/25/2036 þ | 508 | 494 |
| GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
| 3.926% due 03/25/2037 •  | 8407 | 1489 |
| 4.100% due 03/25/2036 ~(h) | 4721 | 2798 |
| 4.206% due 12/25/2046 •(h) | 12421 | 3527 |
| 4.306% due 12/25/2046 •  | 2127 | 816 |
| 4.326% due 10/25/2036 •(h) | 12457 | 3872 |
| GSAA Trust | GSAA Trust | GSAA Trust |
| 4.466% due 12/25/2035 •(h) | 3941 | 3891 |
| 4.566% due 12/25/2035 •  | 734 | 659 |
| GSAMP Trust | GSAMP Trust | GSAMP Trust |
| 4.166% due 04/25/2036 •(h) | 12698 | 9638 |
| 4.416% due 02/25/2036 •(h) | 9042 | 9583 |
| 5.646% due 06/25/2035 •  | 1822 | 1779 |
| Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
| 4.326% due 08/25/2036 •(h) | 3402 | 3500 |
| HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
| 4.046% due 04/25/2037 •  | 104 | 68 |
| JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
| 4.106% due 12/25/2036 •(h) | 5012 | 3211 |
| 4.206% due 08/25/2036 •  | 3337 | 2146 |
| 5.241% due 07/25/2036 •(h) | 5000 | 4460 |
| 6.037% due 10/25/2036 þ | 1918 | 1146 |
| 6.080% due 08/25/2036 þ | 1139 | 668 |
| Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
| 4.346% due 07/25/2036 •  | 1615 | 642 |
| 4.496% due 09/25/2034 •  | 1094 | 1085 |
| Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
| 4.106% due 06/25/2037 •  | 1434 | 1438 |
| Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
| 5.721% due 04/25/2035 •(h) | 1174 | 1172 |
| Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
| 3.966% due 09/25/2036 •  | 768 | 267 |
| 5.721% due 11/25/2034 •  | 1741 | 1539 |
| New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
| 4.926% due 01/25/2034 •  | 378 | 384 |
| NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
| 4.346% due 09/25/2036 •  | 4556 | 1786 |
| 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 |
| 4.806% due 08/25/2035 •(h) | 5619 | 5003 |
| Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
| 4.126% due 01/25/2037 •(h) | 11351 | 10147 |
| Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
| 4.606% due 05/25/2034 •  | 1185 | 1091 |
| Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
| 4.641% due 02/25/2036 •(h) | 4100 | 3465 |
| 4.971% due 07/25/2035 •  | 1823 | 1830 |
| Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
| 4.026% due 05/25/2037 •  | 483 | 360 |
| 4.746% due 12/26/2034 •  | 1122 | 1098 |
| Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
| 2.803% due 01/25/2036 þ | 18 | 16 |
| 4.286% due 04/25/2037 •  | 1461 | 998 |
| Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
| 4.026% due 08/25/2037 •  | 1133 | 1129 |
| 4.326% due 11/25/2036 •  | 7123 | 1914 |
| 4.346% due 11/25/2036 •  | 243 | 233 |
| 4.796% due 10/25/2037 •(h) | 7148 | 5648 |
| Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
| 4.521% due 04/25/2035 •  | 94 | 96 |
| 4.551% due 02/25/2035 •  | 1100 | 1057 |
| 5.646% due 05/25/2035 •  | 1004 | 868 |
| 6.096% due 04/25/2031 •(h) | 2772 | 2897 |
| 7.221% due 11/25/2035 •(h) | 7885 | 7107 |
| Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
| 8.346% due 10/25/2034 •  | 1621 | 1707 |
|  |  | 241706 |

---

120 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY SEQUENTIAL 0.3% | HOME EQUITY SEQUENTIAL 0.3% | HOME EQUITY SEQUENTIAL 0.3% |
| Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
| 4.166% due 10/25/2036 •(h) | 3583 | 3092 |
| WHOLE LOAN COLLATERAL 1.9% | WHOLE LOAN COLLATERAL 1.9% | WHOLE LOAN COLLATERAL 1.9% |
| First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
| 4.017% due 05/25/2034 •  | 199 | 182 |
| 4.086% due 10/25/2036 •(h) | 10884 | 7052 |
| 4.326% due 05/25/2036 •  | 1500 | 1335 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| 4.446% due 03/25/2036 •  | 234 | 233 |
| Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
| 4.226% due 11/25/2036 •  | 20056 | 9157 |
|  |  | 17959 |
| OTHER ABS 1.6% | OTHER ABS 1.6% | OTHER ABS 1.6% |
| ABSLT DE LLC | ABSLT DE LLC | ABSLT DE LLC |
| 12.234% due 05/20/2033 « | 2900 | 2923 |
| Apex Credit CLO LLC | Apex Credit CLO LLC | Apex Credit CLO LLC |
| 0.000% due 10/20/2034 ~ | 5100 | 1871 |
| College Avenue Student Loans Trust | College Avenue Student Loans Trust | College Avenue Student Loans Trust |
| 0.000% due 06/25/2054 « | 5 | 2748 |
| 6.610% due 06/25/2054 | 626 | 655 |
| 8.660% due 06/25/2054 | 902 | 963 |
| Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. | Dryden 123 CLO Ltd. |
| 0.000% due 04/15/2038 ~ | 3000 | 2418 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| 5.452% due 01/25/2034 •(h) | 3618 | 3837 |
|  |  | 15415 |
| Total Asset-Backed Securities<br>(Cost $284,465) | Total Asset-Backed Securities<br>(Cost $284,465) | 288964 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| 6.000% due 10/25/2027 | 1120 | 1080 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 8.000% due 11/14/2035 | 1481 | 1582 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 5.375% due 03/22/2031 (h) | 2500 | 3060 |
| 5.625% due 02/22/2036 (h) | 2500 | 2910 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| 39.431% (BISTREFI + 0.000%) due 05/20/2026 ~ | TRY | 46200 | 1082 |
| 39.431% (BISTREFI + 0.000%) due 05/17/2028 ~ |  | 4500 | 105 |
| Total Sovereign Issues (Cost $9,504) | Total Sovereign Issues (Cost $9,504) | Total Sovereign Issues (Cost $9,504) | 9819 |
|  |  | SHARES |  |
| COMMON STOCKS 18.7% | COMMON STOCKS 18.7% | COMMON STOCKS 18.7% | COMMON STOCKS 18.7% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
| SES SA «(c) |  | 21303 | 331 |
| ENERGY 17.7% | ENERGY 17.7% | ENERGY 17.7% | ENERGY 17.7% |
| Enbridge, Inc. |  | 727000 | 34789 |
| Hess Midstream LP Class A |  | 172570 | 5953 |
| TC Energy Corp. |  | 337000 | 18557 |
| Venture Global, Inc. Class A |  | 15699112 | 107068 |
|  |  |  | 166367 |
| FINANCIALS 0.9% | FINANCIALS 0.9% | FINANCIALS 0.9% | FINANCIALS 0.9% |
| Fiserv, Inc. (c) |  | 119900 | 8054 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
| Luxco Co. Ltd. «(c)(f) |  | 54066 | 954 |
| Total Common Stocks (Cost $79,579) | Total Common Stocks (Cost $79,579) | Total Common Stocks (Cost $79,579) | 175706 |
| MASTER LIMITED PARTNERSHIPS 13.6% | MASTER LIMITED PARTNERSHIPS 13.6% | MASTER LIMITED PARTNERSHIPS 13.6% | MASTER LIMITED PARTNERSHIPS 13.6% |
| ENERGY 13.6% | ENERGY 13.6% | ENERGY 13.6% | ENERGY 13.6% |
| Energy Transfer LP |  | 2154999 | 35536 |
| Enterprise Products Partners LP |  | 1023587 | 32816 |
| MPLX LP |  | 829136 | 44251 |
| Western Midstream Partners LP |  | 233278 | 9215 |
| Sunoco LP |  | 117800 | 6174 |
| Total Master Limited Partnerships (Cost $91,652) | Total Master Limited Partnerships (Cost $91,652) | Total Master Limited Partnerships (Cost $91,652) | 127992 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 3.2% | PREFERRED SECURITIES 3.2% | PREFERRED SECURITIES 3.2% | PREFERRED SECURITIES 3.2% |
| INDUSTRIALS 3.2% | INDUSTRIALS 3.2% | INDUSTRIALS 3.2% | INDUSTRIALS 3.2% |
| Mustang Express Ltd. |  |  |  |
| 0.000% « | 29700 |  | 30000 |
| Total Preferred Securities (Cost $30,000) | Total Preferred Securities (Cost $30,000) |  | 30000 |
| i | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% |
| REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% | REPURCHASE AGREEMENTS (g) 0.6% |
|  |  |  | 5400 |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
| 3.775% due 01/02/2026 - 04/14/2026 (d)(e)(k) | 4912 |  | 4896 |
| Total Short-Term Instruments (Cost $10,296) | Total Short-Term Instruments (Cost $10,296) |  | 10296 |
| Total Investments in Securities (Cost $1,161,017) | Total Investments in Securities (Cost $1,161,017) |  | 1300275 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% | INVESTMENTS IN AFFILIATES 9.8% |
| SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% | SHORT-TERM INSTRUMENTS 9.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8% |
| PIMCO Short-Term<br>Floating NAV Portfolio III | 9479329 |  | 92338 |
| Total Short-Term Instruments (Cost $92,270) | Total Short-Term Instruments (Cost $92,270) |  | 92338 |
| Total Investments in Affiliates (Cost $92,270) | Total Investments in Affiliates (Cost $92,270) |  | 92338 |
| Total Investments 148.1% (Cost $1,253,287) | Total Investments 148.1% (Cost $1,253,287) | $— | 1392613 |
| Financial Derivative<br>Instruments (i)(j) (0.4)%<br>(Cost or Premiums, net $75) | Financial Derivative<br>Instruments (i)(j) (0.4)%<br>(Cost or Premiums, net $75) |  | (3945) |
| Other Assets and Liabilities, net (47.7)% | Other Assets and Liabilities, net (47.7)% |  | (448408) |
| Net Assets Applicable to Common Shareholders 100.0% | Net Assets Applicable to Common Shareholders 100.0% | $— | 940260 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| 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) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 121

------

Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets<br>Applicable to<br>Common Shareholders |
| City of Port Huron Water Supply System Revenue 7.750% due 11/01/2045 | 12/19/2025 | $4935 | $4940 | 0.53% |
| Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 02/20/2025 | 300 | 306 | 0.03 |
| Luxco Co. Ltd. | 10/01/2025 | 952 | 954 | 0.10 |
| WEC Energy Group, Inc. 6.690% due 06/15/2055 | 12/13/2024 | 8000 | 8043 | 0.85 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14187 | $14243 | 1.51% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.900% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | U.S. Treasury Notes 4.125% due 02/28/2027 | $(5513) | $5400 | $5401 |
| Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5513) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401 |

---

#### 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 | 3.490% | 12/24/2025 | 03/04/2026 |  | $(1959) | $(1961) |
| BPS | 0.000 | 11/28/2025 | TBD | (3) | (543) | (638) |
| BRC | 3.580 | 12/12/2025 | TBD | (3) | $(2428) | (2433) |
| BYR | 3.950 | 12/12/2025 | TBD | (3) | (3046) | (3053) |
|  | 4.210 | 11/14/2025 | 02/13/2026 |  | (2902) | (2920) |
| CEW | 4.330 | 11/26/2025 | 02/26/2026 |  | (15150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15218) |
| DBL | 3.900 | 12/12/2025 | TBD | (3) | (3468) | (3476) |
|  | 4.135 | 12/23/2025 | 03/23/2026 |  | (448) | (448) |
| IND | 4.230 | 12/17/2025 | 03/17/2026 |  | (3970) | (3977) |
|  | 4.250 | 12/23/2025 | 03/23/2026 |  | (299) | (300) |
|  | 4.300 | 12/23/2025 | 03/23/2026 |  | (1003) | (1004) |
|  | 4.440 | 11/28/2025 | 03/02/2026 |  | (16195) | (16265) |
| MBC | 2.120 | 11/19/2025 | TBD | (3) | (5000) | (5891) |
| MSB | 4.660 | 12/30/2025 | 06/29/2026 |  | $(16653) | (16660) |
|  | 4.760 | 07/14/2025 | 01/12/2026 |  | (2150) | (2205) |
|  | 4.760 | 11/19/2025 | 05/18/2026 |  | (2446) | (2461) |
| MSC | 4.660 | 12/30/2025 | 06/29/2026 |  | (35588) | (35602) |
|  | 4.760 | 07/14/2025 | 01/12/2026 |  | (6820) | (6994) |
|  | 4.760 | 10/23/2025 | 04/21/2026 |  | (13083) | (13219) |
| RTA | 4.795 | 12/30/2025 | 06/30/2026 |  | (26997) | (27008) |
|  | 4.820 | 11/07/2025 | 05/06/2026 |  | (23313) | (23493) |
| SOG | 4.310 | 11/06/2025 | 02/05/2026 |  | (4022) | (4049) |
|  | 4.360 | 10/09/2025 | 01/09/2026 |  | (6492) | (6558) |
|  | 4.360 | 12/24/2025 | 01/09/2026 |  | (3509) | (3513) |
|  | 4.430 | 11/06/2025 | 02/05/2026 |  | (7840) | (7895) |
|  | 4.470 | 10/09/2025 | 01/09/2026 |  | (21946) | (22178) |
|  | 4.660 | 12/23/2025 | 06/23/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13649) | (13667) |
|  | 4.760 | 10/10/2025 | 04/09/2026 |  | (19771) | (20011) |
|  | 4.760 | 12/23/2025 | 06/23/2026 |  | (24823) | (24855) |
| TDM | 3.930 | 12/12/2025 | TBD | (3) | (3151) | (3158) |
| WFS | 4.530 | 11/24/2025 | 02/24/2026 |  | (16288) | (16368) |
| Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307478) |

---

122 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 December 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401 | $(1961) | $0 | $3440 | $(2896) | $544 |
| BPS | 0 | (638) | 0 | (638) | 650 | 12 |
| BRC | 0 | (2433) | 0 | (2433) | 2823 | 390 |
| BYR | 0 | (5973) | 0 | (5973) | 6618 | 645 |
| CEW | 0 | (15218) | 0 | (15218) | 15896 | 678 |
| DBL | 0 | (3924) | 0 | (3924) | 4520 | 596 |
| IND | 0 | (21546) | 0 | (21546) | 23891 | 2345 |
| MBC | 0 | (5891) | 0 | (5891) | 5970 | 79 |
| MSB | 0 | (21326) | 0 | (21326) | 28179 | 6853 |
| MSC | 0 | (55815) | 0 | (55815) | 75097 | 19282 |
| RTA | 0 | (50501) | 0 | (50501) | 66458 | 15957 |
| SOG | 0 | (102726) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25944 |
| TDM | 0 | (3158) | 0 | (3158) | 3336 | 178 |
| WFS | 0 | (16368) | 0 | (16368) | 18097 | 1729 |
| Total Borrowings and Other Financing Transactions | $5401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307478) | $&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 | $(32249) | $(36020) | $(12758) | $(81027) |
| Non-Agency Mortgage-Backed Securities | 0 | (2205) | (24971) | (21553) | (48729) |
| Asset-Backed Securities | 0 | (6994) | (9414) | (155423) | (171831) |
| Sovereign Issues | 0 | 0 | 0 | (5891) | (5891) |
| Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41448) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70405) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195625) | $(307478) |
| 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;(307478) |

---

Cash of $509 has been pledged as collateral as of December 31, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

(h) Securities with an aggregate market value of $385,810 and cash of $360 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

(1) Includes accrued interest.

(2) The average amount of borrowings outstanding during the period ended December 31, 2025 was $(323,081) at a weighted average interest rate of 4.874%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3) Open maturity reverse repurchase agreement.

(4) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| California Carbon Allowance Vintage December Futures  | 12/2026 | 1284 | $42244 | $1521 | $192 | $0 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $1521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 123

------

Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.)

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 06/20/2034 | $100 | $(1) | $1 | $0 | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | (93) | 127 | 34 | 23 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | 183 | 352 | 19 | 0 |
| Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 December 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;192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | $&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 |

---

Cash of $4,447 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
| BOA | 01/2026 | $684 | 590 | $9 | $0 |
| BRC | 01/2026 | 25665 | $3983 | 0 | (58) |
|  | 01/2026 | 6226 | 138 | 0 | (6) |
|  | 02/2026 | 12855 | 284 | 0 | (8) |
| CBK | 01/2026 | 22 | 16 | 0 | 0 |
| FAR | 01/2026 | 24383 | 32020 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847) |
|  | 01/2026 | $9908 | 183794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | 0 |
| GLM | 02/2026 | 10408 | 57208 | 0 | (46) |
|  | 02/2026 | 145 | 6602 | 4 | 0 |
|  | 03/2026 | 203 | $37 | 0 | 0 |
| JPM | 01/2026 | 17865 | 2298 | 2 | 0 |
|  | 01/2026 | 634 | 34 | 0 | (1) |
| MBC | 01/2026 | 51863 | 36849 | 0 | (957) |
|  | 01/2026 | $1987 | 1712 | 26 | 0 |
| MYI | 01/2026 | 2697 | 2026 | 34 | 0 |
| SOG | 01/2026 | 37119 | $42975 | 0 | (666) |
|  | 01/2026 | $2571 | 2221 | 40 | 0 |
|  | 03/2026 | 0 | 3 | 0 | 0 |
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2589) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | Plains All American Pipeline LP | N/A | 4.450% (SOFR less a specified spread) | Monthly | 11/04/2026 | $623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| FAR | Receive | Plains All American Pipeline LP | N/A | 4.310% (SOFR plus a specified spread) | Maturity | 12/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11550 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | 0 |
|  | Receive | Western Gas Partners LP | N/A | 4.300% (SOFR less a specified spread) | Maturity | 12/16/2026 | 15683 | 0 | 401 | 401 | 0 |

---

124 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Receive | Energy Tranfer LP | N/A | 4.300% (SOFR plus a specified spread) | Maturity | 04/15/2026 | $17770 | $0 | $(2065) | $0 | $(2065) |
|  | Receive | Enterprise Product Partners LP | N/A | 4.300% (SOFR plus a specified spread) | Maturity | 04/15/2026 | 13532 | 0 | (655) | 0 | (655) |
|  | Receive | Mplx LP | N/A | 4.300% (SOFR plus a specified spread) | Maturity | 04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21686 | 0 | (46) | 0 | (46) |
|  | Receive | Plains All American Pipeline LP | N/A | 4.300% (SOFR plus a specified spread) | Maturity | 04/15/2026 | 5532 | 0 | (515) | 0 | (515) |
|  | Receive | Western Gas Partners LP | N/A | 4.300% (SOFR less a specified spread) | Maturity | 04/15/2026 | 4913 | 0 | (146) | 0 | (146) |
| Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1980) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3429) |

---

#### 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 December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
| BOA | $9 | $0 | $0 | $9 | $0 | $0 | $(2) | $(2) | $7 | $0 | $7 |
| BRC | 0 | 0 | 0 | 0 | (72) | 0 | 0 | (72) | (72) | 1 | (71) |
| FAR | 275 | 0 | 1449 | 1724 | (847) | 0 | 0 | (847) | 877 | (760) | 117 |
| GLM | 4 | 0 | 0 | 4 | (46) | 0 | 0 | (46) | (42) | 0 | (42) |
| GST | 0 | 0 | 0 | 0 | 0 | 0 | (3427) | (3427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |
| JPM | 2 | 0 | 0 | 2 | (1) | 0 | 0 | (1) | 1 | 0 | 1 |
| MBC | 26 | 0 | 0 | 26 | (957) | 0 | 0 | (957) | (931) | 884 | (47) |
| MYI | 34 | 0 | 0 | 34 | 0 | 0 | 0 | 0 | 34 | 0 | 34 |
| SOG | 40 | 0 | 0 | 40 | (666) | 0 | 0 | (666) | (626) | 684 | 58 |
| Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2589) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3429) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6018) |  |  |  |

---

(k) Securities with an aggregate market value of $4,849 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

(1) 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.

(2) 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 Statements of Assets and Liabilities as of December 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  | $192 | $0 | $0 | $0 | $0 | $192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 0 | 0 | 42 | 42 |
|  | $192 | $0 | $0 | $0 | $42 | $234 |
| 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 | $390 | $0 | $390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 1449 | 0 | 0 | 1449 |
|  | $0 | $0 | $1449 | $390 | $0 | $1839 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $0 | $1449 | $390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $2073 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2589 | $0 | $2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 3429 | 0 | 0 | 3429 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018 |

---

See Accompanying Notes SEMIANNUAL REPORT \| DECEMBER 31, 2025 125

------

Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.)

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 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  | $(973) | $0 | $0 | $0 | $0 | $(973) |
| 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 | $3744 | $0 | $3744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 111 | 0 | 0 | 111 |
|  | $0 | $0 | $111 | $3744 | $0 | $3855 |
|  | $(973) | $0 | $111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744 | $0 | $2882 |
| 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  | $4522 | $0 | $0 | $0 | $0 | $4522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 0 | 0 | 309 | 309 |
|  | $4522 | $0 | $0 | $0 | $309 | $4831 |
| 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 | $(644) | $0 | $(644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements  | 0 | 0 | 738 | 0 | 0 | 738 |
|  | $0 | $0 | $738 | $(644) | $0 | $94 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | $(644) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| 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 | $160645 | $38207 | $198852 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;Banking & Finance | 0 | 56681 | 1485 | 58166 |
| &nbsp;&nbsp;Industrials | 0 | 211991 | 0 | 211991 |
| &nbsp;&nbsp;Utilities | 0 | 40267 | 8106 | 48373 |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;Michigan | 0 | 390 | 0 | 390 |
| U.S. Government Agencies | 0 | 27534 | 0 | 27534 |
| U.S. Treasury Obligations | 0 | 1270 | 0 | 1270 |
| Non-Agency Mortgage-Backed Securities | 0 | 105982 | 4940 | 110922 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;Automobile ABS Other | 0 | 500 | 0 | 500 |
| &nbsp;&nbsp;CMBS Other | 0 | 10292 | 0 | 10292 |
| &nbsp;&nbsp;Home Equity Other | 0 | 241706 | 0 | 241706 |
| &nbsp;&nbsp;Home Equity Sequential | 0 | 3092 | 0 | 3092 |
| &nbsp;&nbsp;Whole Loan Collateral | 0 | 17959 | 0 | 17959 |
| &nbsp;&nbsp;Other ABS | 0 | 9744 | 5671 | 15415 |
| Sovereign Issues | 0 | 9819 | 0 | 9819 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;Communication Services | 0 | 0 | 331 | 331 |
| &nbsp;&nbsp;Energy | 166367 | 0 | 0 | 166367 |
| &nbsp;&nbsp;Financials | 8054 | 0 | 0 | 8054 |
| &nbsp;&nbsp;Industrials | 0 | 0 | 954 | 954 |
| Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships |
| &nbsp;&nbsp;Energy | 127992 | 0 | 0 | 127992 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;Industrials | 0 | 0 | 30000 | 30000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;Repurchase Agreements | $0 | $5400 | $0 | $5400 |
| &nbsp;&nbsp;U.S. Treasury Bills | 0 | 4896 | 0 | 4896 |
|  | $302413 | $908168 | $89694 | $1300275 |
| 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 | $92338 | $0 | $0 | $92338 |
| Total Investments | $394751 | $908168 | $89694 | $1392613 |
| 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 | 192 | 42 | 0 | 234 |
| Over the counter | 0 | 1839 | 0 | 1839 |
|  | $192 | $1881 | $0 | $2073 |
| Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
| Over the counter | $0 | $(6018) | $0 | $(6018) |
| Total Financial Derivative Instruments | $192 | $(4137) | $0 | $(3945) |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388668 |

---

126 PIMCO CLOSED-END FUNDS See Accompanying Notes

------

December 31, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<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 | $45544 | $1739 | $(4708) | $156 | $(1) | $(207) | $2279 | $(6595) | $38207 | $12 |
| 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 | 728 | 1170 | (402) | 0 | 0 | (11) | 0 | 0 | 1485 | 12 |
| &nbsp;&nbsp;Industrials | 3162 | 0 | (4403) | (4) | 1 | 1244 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Utilities | 7905 | 44 | 0 | 0 | 0 | 157 | 0 | 0 | 8106 | 156 |
| Non-Agency Mortgage-Backed Securities | 0 | 4935 | 0 | 0 | 0 | 5 | 0 | 0 | 4940 | 5 |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other ABS | 5520 | 0 | 0 | 0 | 0 | 151 | 0 | 0 | 5671 | 151 |
| 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 | 0 | 0 | 0 | 0 | 0 | 331 | 0 | 0 | 331 | 331 |
| &nbsp;&nbsp;Financials | 735 | 0 | (753) | 0 | (946) | 964 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Industrials | 0 | 952 | 0 | 0 | 0 | 2 | 0 | 0 | 954 | 2 |
| &nbsp;&nbsp;Preferred Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Industrials | 0 | 30000 | 0 | 0 | 0 | 0 | 0 | 0 | 30000 | 0 |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10266) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6595) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 |

---

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 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise)  | (% Unless Noted Otherwise)  | (% Unless Noted Otherwise)  |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | 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 | $28115 | Discounted<br>Cash Flow | Discount Rate |  | 4.814-10.084 | 7.321 |
|  | 2799 | Indicative<br>Market Quotation | Broker Quote |  | 101.250 | —  |
|  | 7293 | Third Party Vendor | Broker Quote |  | 100.250-122.000 | 107.181 |
| 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 | 1485 | Discounted<br>Cash Flow | Discount Rate |  | 5.429 -6.230 | 5.594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 63 | Indicative<br>Market Quotation | Broker Quote |  | 14.125 | —  |
|  | 8043 | Discounted<br>Cash Flow | Discount Rate |  | 7.460 | —  |
| Non-Agency Mortgage-Backed Securities | 4940 | Proxy Pricing | Base Price |  | 100.813 | —  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |  |  |
| Other ABS | 5671 | Discounted<br>Cash Flow | Discount Rate |  | 9.610-12.000 | 10.768 |
| Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 331 | Indicative<br>Market Quotation | Broker Quote | $— | 15.542 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 954 | Indicative<br>Market Quotation | Broker Quote |  | 15.012 | —  |
| Preferred Securities | Preferred Securities | Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 30000 | Recent Transaction | Purchase Price | $— | 100.00-1,052.632 | 290.526 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89694 |  |  |  |  |  |

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(1) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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Notes to Financial Statements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. ORGANIZATION

PCM Fund, Inc., PIMCO Global StocksPLUS® & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund (each, a "Fund" and collectively, the "Funds") are each organized as closed-end management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the "Act"). PIMCO Global StocksPLUS® & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were each organized as Massachusetts business trusts on the dates shown in the table below. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations on the dates shown in the table below. Pacific Investment Management Company LLC ("PIMCO" or the "Manager") serves as each Fund's investment manager.

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| | |
|:---|:---|
| Fund Name | Formation Date |
| PCM Fund, Inc. | June 23, 1993 |
| PIMCO Global StocksPLUS® & Income Fund | February 16, 2005 |
| PIMCO Strategic Income Fund, Inc. | December 9, 1993 |
| PIMCO Access Income Fund | October 1, 2021 |
| PIMCO Dynamic Income Fund | January 19, 2011 |
| PIMCO Dynamic Income Opportunities Fund | December 23, 2019 |
| PIMCO Dynamic Income Strategy Fund | October 25, 2018 |

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PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund have established wholly-owned subsidiaries in Delaware. PIMCO Dynamic Income Strategy Fund has established wholly-owned subsidiaries in Cayman Islands and Delaware. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the treatment of each Fund's subsidiaries in the financial statements.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has 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 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 of the Funds, as listed in the Management of the Funds section of the most recent

annual report, 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 each Fund 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

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certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt 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 Funds 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 December 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 — Common Shares

The following table shows the anticipated frequency of distributions from net investment income to common shareholders.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
| PCM Fund, Inc. |  | Monthly |  | Monthly |
| PIMCO Global StocksPLUS® & Income Fund |  | Monthly |  | Monthly |
| PIMCO Strategic Income Fund, Inc. |  | Monthly |  | Monthly |
| PIMCO Access Income Fund |  | Monthly |  | Monthly |
| PIMCO Dynamic Income Fund |  | Monthly |  | Monthly |
| PIMCO Dynamic Income Opportunities Fund |  | Monthly |  | Monthly |
| PIMCO Dynamic Income Strategy Fund |  | Monthly |  | Monthly |

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Each Fund other than PIMCO Global StocksPLUS® & Income Fund and PIMCO Strategic Income Fund, Inc. intends to distribute each year substantially all of its net investment income and net short-term capital gains. PIMCO Global StocksPLUS® & Income Fund and PIMCO Strategic Income Fund, Inc. intend to distribute all or substantially all of their net investment income and net short-term capital gains over time. In addition, at least annually, each Fund intends to distribute net realized long-term capital gains not previously distributed, if any. 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.

As of the end of the fiscal year, none of the Funds were in default on long-term debt or had any accumulated dividend in arrears.

A Fund may engage in investment strategies, including those that employ the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund's net asset value ("NAV"). A Fund's income and gain generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support

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Notes to Financial Statements (Cont.)

monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or the Fund's debt investments, or arising from its use of derivatives. A Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund's duration or yield curve management strategies, and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, common shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder's investment in a Fund at a time when their investment in the Fund has declined in value, which may be taxed at ordinary income rates. The tax treatment of certain derivatives in which a Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by a Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

More generally, sales of a Fund's portfolio holdings may result in short-term capital gains (which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net of long-term capital losses), potentially subjecting shareholders of the Fund to adverse tax consequences.

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.

Certain Funds may invest in one or more wholly-owned subsidiaries (each a "Subsidiary" and collectively the "Subsidiaries") that are treated as disregarded entities for U.S. federal income tax purposes. In the case of a subsidiary that is so treated, for U.S. federal income tax purposes, (i) the Fund is treated as owning the subsidiary's assets directly; (ii) any income, gain, loss, deduction or other tax items arising in respect of the subsidiary's assets will be treated as if they are realized or incurred, as applicable, directly by the Fund; and (iii) distributions, if any, the Fund receives from the subsidiary will have no effect on a Fund's U.S. federal income tax liability.

PIMCO Cayman Commodity Fund IX, Ltd., a Subsidiary of PIMCO Dynamic Income Strategy Fund organized under the laws of the Cayman Islands (the "Cayman Subsidiary"), will be treated as a controlled foreign corporation. As a result, the Fund will be required to include in gross income for U.S. federal income tax purposes all of its Cayman Subsidiary's "subpart F income," whether or not such income is distributed by such Cayman Subsidiary. It is expected that all of the Cayman Subsidiary's income and realized gains and mark-to-market gains will be "subpart F income." The Fund's recognition of its Cayman Subsidiary's "subpart F income" will increase such Fund's tax basis in its Cayman Subsidiary. Distributions by the Cayman Subsidiary to its Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Fund's tax basis in its Cayman Subsidiary. "Subpart F income" is generally treated by the Fund as ordinary income, regardless of the character of the Cayman Subsidiary's underlying income or gains. If a net loss is realized by the Cayman Subsidiary, such loss is not generally available to offset the income earned by the Cayman Subsidiary's parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Cayman Subsidiary in future periods.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19

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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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs 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 derivatives 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 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. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a 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, 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 a 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, 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

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Notes to Financial Statements (Cont.)

relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

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

Fair valuation may require subjective determinations about the value of a security. While the Funds' 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, a Fund 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.

(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

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an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

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

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

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

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Notes to Financial Statements (Cont.)

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

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

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

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

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

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

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

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

134 PIMCO CLOSED-END FUNDS

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December 31, 2025 (Unaudited)

and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

fair value of the security. These securities are categorized as level 3 of the fair value hierarchy.

The Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each require its own valuation methodology, typically an income or market approach. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each 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 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 December 31, 2025 (amounts in thousands

†):

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2025 | 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>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| PCM Fund, Inc. | $7137 | $16489 | $(20800) | $7 | $(6) | $2827 | $89 | $0 |
| PIMCO Global StocksPLUS® & Income Fund | 10174 | 46007 | (45400) | 0 | 3 | 10784 | 206 | 0 |
| PIMCO Strategic Income Fund, Inc. | 7682 | 86783 | (78000) | 5 | 2 | 16472 | 281 | 0 |
| PIMCO Access Income Fund | 64290 | 210412 | (210800) | 12 | 16 | 63930 | 1406 | 0 |
| PIMCO Dynamic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2347400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| PIMCO Dynamic Income Opportunities Fund | 145779 | 531676 | (519100) | 14 | 53 | 158422 | 3756 | 0 |
| PIMCO Dynamic Income Strategy Fund | 136258 | 262248 | (306200) | 21 | 11 | 92338 | 1746 | 0 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 135

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Notes to Financial Statements (Cont.)

(1) The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Significant Accounting Policies—Distributions Common Shares, in the Notes to Financial Statements for more information.

An affiliate includes any company in which a Fund owns 5% or more of the company's outstanding voting shares. The tables below represents transactions in and earnings from these affiliated issuers for the period ended December 31, 2025 (amounts in thousands

†, except number of shares).

#### PIMCO Access Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value<br>at 06/30/2025 | Purchases<br>at cost | Proceeds<br>from Sale | Net<br>Realized<br>Gain/(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>at 12/31/2025 | Dividend<br>Income | Shares Held<br>at 12/31/2025 |
| Market Garden Dogwood LLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3786) | $&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;6506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 6322213 |

---

#### PIMCO Dynamic Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value<br>at 06/30/2025 | Purchases<br>at cost | Proceeds<br>from Sale | Net<br>Realized<br>Gain/(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>at 12/31/2025 | Dividend<br>Income | Shares Held<br>at 12/31/2025 |
| Amsurg Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158792 | $0 | $0 | $0 | $(820) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 3517243 |
| INCORA NEW EQUITY | 78258 | &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;11465 | 89723 | 0 | 2316329 |
| Market Garden Dogwood LLC | 76985 | 0 | (29295) | 0 | 2648 | 50338 | 0 | 48913966 |
| Oi SA | 2853 | 0 | (469) | 469 | (2853) | 0 | 0 | 0 |
| Sierra Hamilton Holder LLC | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 30337712 |
| Windstream Services LLC | 0 | 23081 | 0 | 0 | 2417 | 25498 | 0 | 3783475 |

---

#### PIMCO Dynamic Income Opportunities Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market Value<br>at 06/30/2025 | Purchases<br>at cost | Proceeds<br>from Sale | Net<br>Realized<br>Gain/(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>at 12/31/2025 | Dividend<br>Income | Shares Held<br>at 12/31/2025 |
| Market Garden Dogwood LLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8371) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 13975418 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

(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, 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, 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. The Funds 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.

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 direct investments, participations in loans or assignments of all or a portion of loans from third parties or exposure to investments in loans through investments in a mutual fund or other pooled investment vehicle. 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. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement.

In the event of the insolvency of the agent selling a participation, a Fund may be treated as a general creditor of the agent and may not benefit from any set-off between the agent and the borrower. 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.

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December 31, 2025 (Unaudited)

Investments in loans are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. The Funds may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

Additionally, because loans are not ordinarily registered with the SEC or any state securities commission or listed on any securities exchange, there is usually less publicly available information about such instruments. In addition, loans may not be considered "securities" for purposes of the anti-fraud provisions under the federal securities laws and, as a result, as a purchaser of these instruments, a Fund may not be entitled to the anti-fraud protections of the federal securities laws. In the course of investing in such instruments, a Fund may come into possession of material nonpublic information and, because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a publicly-traded security of that issuer when it would otherwise be advantageous for the Fund to do so. Alternatively, a Fund may choose not to receive material nonpublic information about an issuer of such loans, with the result that the Fund may have less information about such issuers than other investors who transact in such assets.

The types of loans and related investments in which a 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 Funds may 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.

Certain Funds may also seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans or similar investments. The Funds may originate loans to corporations and/or other legal entities and individuals, including foreign (non-U.S.) entities and individuals.

The Funds may acquire residential mortgage loans and unsecured consumer loans through a Subsidiary. Subsidiaries directly holding a beneficial interest in loans will be formed as domestic common law or statutory trusts with a federally chartered bank serving as trustee. Each such Subsidiary will hold the beneficial interests of loans and the federally chartered bank acting as trustee will hold legal title to the loans for the benefit of the Subsidiary and/or the trust's beneficial owners (i.e., the Funds or its direct or indirect fully-owned subsidiary). State licensing laws typically exempt federally chartered banks from their licensing requirements, and federally chartered banks may also benefit from federal preemption of state laws, including any licensing requirements. The use of common law or statutory trusts with a federally chartered bank serving as trustee is intended to address any state licensing requirements that may be applicable to purchasers or holders of loans, including state licensing requirements related to foreclosure. The Funds believe that such direct or indirect fully-owned Subsidiaries will not be treated as associations or publicly traded partnerships taxable as corporations for U.S. federal income tax purposes, and that therefore, the Subsidiaries will not be subject to U.S. federal income tax at the subsidiary level. Investments in residential mortgage loans or unsecured consumer loans through entities that are not so treated can potentially be limited by the Funds' intention to qualify as a regulated investment company, and limit the Funds' ability to qualify as such.

If a Fund or a Subsidiary of a Fund is required to be licensed in any particular jurisdiction in order to acquire, hold, dispose or foreclose loans, obtaining the required license may not be viable (because, for example, it is not possible or practical) and the Fund or its Subsidiary may be unable to restructure its holdings to address the licensing requirement. In that case, a Fund or a Subsidiary of a Fund may be forced to cease activities involving the affected loans, or may be forced to sell such loans. If a state regulator or court were to determine that a Fund or a Subsidiary of a Fund acquired, held or foreclosed a loan without a required state license, the Fund or Subsidiary could be subject to penalties or other sanctions, prohibited or restricted in its ability to enforce its rights under the loan, or subject to litigation risk or other losses or damages.

Investments in loans may include unfunded loan commitments, which are contractual obligations for future 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

SEMIANNUAL REPORT \| DECEMBER 31, 2025 137

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Notes to Financial Statements (Cont.)

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.

Master Limited Partnerships ("MLPs") are generally publicly traded entities that are organized as limited partnerships or limited liability companies and are treated as partnerships under the Internal Revenue Code. Currently, most MLPs operate in the energy and/or natural resources sectors. The only asset of an MLP is most commonly the ownership of the limited liability company or limited partnership known as the operating entity, which in turn owns subsidiaries and operating assets. The ownership of an MLP is split between the public and a sponsor. Interests in MLPs ("units") are often traded on securities exchanges like shares of corporate stock. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, and are intended to receive cash distributions and to have no role in the operation and management of the entity. MLP cash distributions are not guaranteed and depend on each partnership's or limited liability company's ability to generate adequate cash flow. The partnership or operating agreements of MLPs determine how cash distributions will be made to general partners and limited partners or to managing members and members, as applicable.

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 typically provide a monthly payment which consists of both principal and interest payments. Interest may be determined by fixed or adjustable rates. In times of declining interest rates, there is a greater likelihood that a Fund's higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. 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. Interest-only

and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. 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. The Funds may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

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 typically 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. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of

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December 31, 2025 (Unaudited)

protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. 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. CBOs, CLOs and 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.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Fund may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient

cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Fund may invest in various tranches of CMO bonds, including support bonds and equity or "first loss" tranches (see "Collateralized Debt Obligations" above).

Insurance-Linked Investments include, for example, insurance-linked instruments and similar investments, such as reinsurance contracts, sidecars and event-linked bonds, such as catastrophe and resilience bonds, and securities relating to life insurance policies, annuity contracts and premium finance loans. The aforementioned instruments may include life settlement contracts and longevity and mortality investments. In a life settlement contract, a life insurance policy owner transfers his or her policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The longer the insured lives, the lower a Fund's rate of return on the policy. The terms of a longevity bond typically provide that the investor in the bond will receive less than the bond's par amount at maturity if the actual average longevity (life span) of a specified population of people observed over a specified period of time (typically measured by a longevity index) is higher than a specified level. If longevity is higher than expected, the bond will return less than its par amount at maturity. A mortality bond, in contrast to a longevity bond, typically provides that the investor in the bond will receive less than the bond's par amount at maturity if the mortality rate of a specified population of people observed over a specified period of time (typically measured by a mortality index) is higher than a specified level. During their term, both longevity bonds and mortality bonds typically pay a floating rate of interest to investors.

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). IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the

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Funds may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

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 generally 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 the Funds that invest in REITs will bear their 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 December 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. The U.S. Government does not guarantee the NAV of a Fund's shares. 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 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, 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. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency's obligations.

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,

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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) 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). 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 the 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. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Fund's obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price.

(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

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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 the 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 the 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: (i) to 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 broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. 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.

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.

PIMCO Global StocksPLUS® & Income Fund and PIMCO Dynamic Income Strategy Fund are subject to regulation as commodity pools under the Commodity Exchange Act by the Commodity Futures Trading Commission (the "CFTC"). The Manager has registered with the CFTC as a Commodity Pool Operator and a Commodity Trading Adviser with respect to the Funds, and is a member of the National Futures Association. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply to PIMCO Global StocksPLUS® & Income Fund and PIMCO Dynamic Income Strategy 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 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. The contractual obligations of a buyer or seller of a forward foreign currency contract may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. Although forwards may be intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should

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the value of such currencies increase. 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 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.

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 Indexes ("Index Option") use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

(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

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swaps, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of a Fund's investment policy adopted pursuant to Rule 35d-1 under the Act (if any), the Fund will account for derivative instruments at market value. For purposes of applying a Fund's other 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, 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 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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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 corporate or sovereign issues 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 default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the agreement, undergoes a certain credit event. Unlike credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues, deliverable obligations in most instances would be limited to the specific referenced obligation, or in some cases, specific tranches of the specified reference obligation, as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation's default.

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit 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, as well as the annual payment rate, serve as an indication 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.

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Notes to Financial Statements (Cont.)

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 as 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.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists. See below for a summary of select principal risks associated with investments in the Funds. For a complete list of the principal risks the Funds may be subject to, please see the Funds' annual report dated June 30, 2025.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PCM<br>Fund,<br>Inc. (PCM) | PCM<br>Fund,<br>Inc. (PCM) | PIMCO<br>Global<br>StocksPLUS® &<br>Income<br>Fund (PGP) | PIMCO<br>Global<br>StocksPLUS® &<br>Income<br>Fund (PGP) | PIMCO<br>Strategic<br>Income Fund,<br>Inc. (RCS) | PIMCO<br>Strategic<br>Income Fund,<br>Inc. (RCS) | PIMCO<br>Access<br>Income<br>Fund (PAXS) | PIMCO<br>Access<br>Income<br>Fund (PAXS) | PIMCO<br>Dynamic<br>Income<br>Fund (PDI) | PIMCO<br>Dynamic<br>Income<br>Fund (PDI) | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund (PDO) | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund (PDO) | PIMCO<br>Dynamic<br>Income<br>Strategy<br>Fund (PDX) | PIMCO<br>Dynamic<br>Income<br>Strategy<br>Fund (PDX) |
| Asset Allocation |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Call |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Collateralized Bond Obligations, Collateralized Loan Obligations and Collateralized Debt Obligations |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Commodity |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
| Confidential Information Access |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Contingent Convertible Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Convertible Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Corporate Debt |  |  |  | X |  | X |  | X |  | X |  | X |  | X |
| Counterparty |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| "Covenant-lite" Obligations |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Credit Default Swaps |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Credit |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Currency |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Cyber Security |  | X |  | X |  | X |  | X |  | X |  | X |  | X |

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146 PIMCO CLOSED-END FUNDS

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December 31, 2025 (Unaudited)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PCM<br>Fund,<br>Inc. (PCM) | PCM<br>Fund,<br>Inc. (PCM) | PIMCO<br>Global<br>StocksPLUS® &<br>Income<br>Fund (PGP) | PIMCO<br>Global<br>StocksPLUS® &<br>Income<br>Fund (PGP) | PIMCO<br>Strategic<br>Income Fund,<br>Inc. (RCS) | PIMCO<br>Strategic<br>Income Fund,<br>Inc. (RCS) | PIMCO<br>Access<br>Income<br>Fund (PAXS) | PIMCO<br>Access<br>Income<br>Fund (PAXS) | PIMCO<br>Dynamic<br>Income<br>Fund (PDI) | PIMCO<br>Dynamic<br>Income<br>Fund (PDI) | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund (PDO) | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund (PDO) | PIMCO<br>Dynamic<br>Income<br>Strategy<br>Fund (PDX) | PIMCO<br>Dynamic<br>Income<br>Strategy<br>Fund (PDX) |
| Debt Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Derivatives |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Distressed and Defaulted Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Distribution Rate |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Emerging Markets |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Energy Sector |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
| Equity Securities and Related Market |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Focused Investment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Foreign (Non-U.S.) Government Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Foreign (Non·U.S.) Investment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Foreign Loan Originations |  |  |  |  |  |  |  | X |  | X |  | X |  | X |
| High Yield Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Industry Specific |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Inflation/Deflation |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Inflation-Indexed Security |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Insurance-Linked and Other Instruments |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Interest Rate |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Investments in REITS |  |  |  |  |  |  |  | X |  | X |  |  |  |  |
| Issuer |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Leverage |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Limited Term |  |  |  |  |  |  |  | X |  |  |  | X |  | X |
| Liquidity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Loan Origination |  |  |  |  |  |  |  | X |  | X |  | X |  | X |
| Loans and Other Indebtedness; Loan Acquisitions, Participations and Assignments |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Management |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Market |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Market Discount |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Market Disruptions |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Mortgage-Related and Other Asset-Backed Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Mortgage-Related Derivative Instruments |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Municipal Bond |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
| Non-Diversification |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
| Operational |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Other Investment Companies |  | X |  | X |  | X |  |  |  |  |  |  |  | X |
| Other Pooled Investment Vehicles Risk |  |  |  |  |  |  |  | X |  | X |  | X |  |  |
| Platform |  |  |  |  |  |  |  | X |  | X |  | X |  | X |
| Portfolio Turnover |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Potential Conflicts of Interest Risk-Allocation of Investment Opportunities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Preferred Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Privacy and Data Security |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Private Commercial Real Estate |  |  |  |  |  |  |  |  |  | X |  |  |  |  |
| Private Placement and Restricted Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Privately-Issued Mortgage-Related Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Real Estate |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Real Estate Joint Venture |  |  |  |  |  |  |  |  |  | X |  |  |  |  |
| Regulation S Securities |  | X |  | X |  | X |  | X |  |  |  |  |  |  |
| Regulatory Changes |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Regulatory Risk-Commodity Pool Operator |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| Reinvestment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
| REIT |  |  |  |  |  |  |  | X |  | X |  |  |  |  |
| REIT Subsidiary |  |  |  |  |  |  |  |  |  | X |  |  |  |  |

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SEMIANNUAL REPORT \| DECEMBER 31, 2025 147

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Notes to Financial Statements (Cont.)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PCM<br>Fund,<br>Inc. (PCM) | PIMCO<br>Global<br>StocksPLUS® &<br>Income<br>Fund (PGP) | PIMCO<br>Strategic<br>Income Fund,<br>Inc. (RCS) | PIMCO<br>Access<br>Income<br>Fund (PAXS) | PIMCO<br>Dynamic<br>Income<br>Fund (PDI) | PIMCO<br>Dynamic<br>Income<br>Opportunities<br>Fund (PDO) | PIMCO<br>Dynamic<br>Income<br>Strategy<br>Fund (PDX) |
| Repurchase Agreements | X | X | X | X | X | X | X |
| Risks of Equity Securities of MLPs, Risks of Debt Securities of MLPs, and Risks of MLP General Partner and Managing Member Interests |  |  |  |  |  |  | X |
| Risks of ETNs |  |  |  |  |  |  | X |
| Risk Retention Investment | X | X | X | X | X | X | X |
| Securities Lending |  |  |  |  | X |  |  |
| Senior Debt | X | X | X | X | X | X | X |
| Short Exposure | X | X | X | X | X | X | X |
| Smaller Company | X | X | X | X | X | X | X |
| Sovereign Debt | X | X | X | X | X | X | X |
| Special Purpose Acquisition Companies ("SPACs") |  |  |  |  | X |  |  |
| Structured Investments | X | X | X | X | X | X | X |
| Subprime | X | X | X | X | X | X | X |
| Subsidiary |  |  |  | X | X | X | X |
| Synthetic Convertible Securities | X | X | X | X | X | X | X |
| Tax | X | X | X | X | X | X | X |
| Total Return Swap | X | X | X | X | X | X | X |
| U.S. Government Securities | X | X | X | X | X | X | X |
| Valuation | X | X | X | X | X | X | X |
| Zero-Coupon Bond, Step-Ups and Payment-in-Kind Securities |  |  |  | X | X | X | X |

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Asset Allocation Risk

is the risk that a Fund could experience losses as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could experience losses as a result of these allocation decisions, which could result in the Fund being underweight or overweight in sectors, asset classes, or geographies that perform differently than expected.

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.

Collateralized Bond Obligations, Collateralized Loan Obligations and Collateralized Debt Obligations Risk

is the risk that an investment in a CLO, CBO or other CDO depends largely on the type of the collateral securities and the class/tranche of the instrument in which a Fund invests. In addition to the normal risks associated with debt instruments (e.g., interest rate risk and credit risk), CLOs, CBOs and CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from the collateral will not be adequate to

make interest or other payments; (ii) the risk that the quality of the collateral may decline in value or default; (iii) the risk that a Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the risk that the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or others and may produce unexpected investment results.

Commodity Risk

is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Confidential Information Access Risk

is the risk that, in managing a Fund (and other PIMCO clients), PIMCO may from time to time have

148 PIMCO CLOSED-END FUNDS

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December 31, 2025 (Unaudited)

the opportunity to receive material, non-public information ("Confidential Information") about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by a Fund or held in the Fund's portfolio. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates.

Contingent Convertible Securities Risk

is the risk of investing in contingent convertible securities, including the risk that interest payments may 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 periods of financial distress or regulatory intervention, the risk the 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.

Convertible Securities Risk

is the risk that the market values of convertible securities may decline as interest rates increase and, conversely, may increase as interest rates decline. Convertible securities are fixed income securities, preferred securities or other securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. Convertible debt securities pay interest and convertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities are often rated below investment grade or not rated.

Corporate Debt Securities Risk

is the risk that the market value of a corporate debt security may be affected by factors directly relating to the issuer and that the issuers of corporate debt securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. The market value of corporate debt securities generally may be expected to rise and fall inversely with interest rates. In addition, certain corporate debt securities may be highly customized and as a result may be subject to, among others, liquidity and valuation/pricing transparency risks.

Counterparty Risk

is the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by a Fund or held by special purpose or structured vehicles in which a Fund invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, a Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy, or other analogous proceeding. Counterparty credit risk also includes the related risk of having concentrated exposure to a single counterparty, which may increase potential losses if the counterparty were to become insolvent.

"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, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. Covenant-lite loans carry a risk that the borrower could transfer or encumber its assets, which could reduce the amount of assets that can be used to satisfy debts and result in losses for debtholders. 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 Default Swaps Risk

is the risk of investing in credit default swaps, including illiquidity risk, counterparty risk, leverage risk and credit risk. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller (if any), coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. When a Fund acts as a seller of a credit default swap, it is

SEMIANNUAL REPORT \| DECEMBER 31, 2025 149

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Notes to Financial Statements (Cont.)

exposed to many of the same risks of leverage described herein. As the seller, a Fund would receive a stream of payments over the term of the swap agreement provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. A Fund would effectively add leverage to its portfolio because, if a default occurs, the stream of payments may stop and, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. In addition, selling credit default swaps may not be profitable for a Fund if no secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous times.

Credit Risk

is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), the counterparty to a derivative contract, or the issuer or guarantor of collateral, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its financial obligations. Credit risk also includes credit spread risk, which is the risk that credit spreads (i.e., the difference in yield between securities that is due to the difference in their actual or perceived credit quality) may increase when the market believes that investments generally have a greater risk of default.

Currency Risk

is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or derivatives that provide exposure to, foreign (non-U.S.) currencies, or derivatives or other instruments that provide exposure to foreign (non-U.S.) currencies may decline in value, due to the risk that those currencies may fluctuate in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will fluctuate in value relative to the currency being hedged.

Currency risk

may be particularly high to the extent that a Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. These currency transactions may present market, credit, currency, liquidity, legal, political, headline, reputational and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) currencies or engaging in foreign currency transactions that are economically tied to developed foreign countries.

Cyber Security Risk

is the risk that, as the use of complex information technology and communication systems, 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 despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. 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. A 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.

Debt Securities Risk

is the risk that prices of bonds and other fixed income securities will generally increase as interest rates fall and decrease as interest rates rise. Income from a Fund's portfolio may decline if the Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below the portfolio's current earnings rate. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise.

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 investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset,

150 PIMCO CLOSED-END FUNDS

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rate or index, and a Fund could lose more than the initial amount invested. In addition, the use of derivatives may cause a Fund's investment returns to be impacted by the performance of assets the Fund does not own, potentially resulting in the Fund's total investment exposure exceeding the value of its portfolio.

Changes in the value of a derivative or other similar investments 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 regulations 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 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.

Distressed and Defaulted Securities Risk

is the risk of investing in the securities of financially distressed issuers, including the risk of default. These securities may fluctuate more in price and are typically less liquid. Distressed securities generally trade significantly below "par" or full value. A Fund also will be subject to significant uncertainty as to when, and in what manner, and for what value obligations evidenced by securities of financially distressed issuers will eventually be satisfied.

Distribution Rate Risk

is the risk that, although a Fund may seek to maintain level distributions, the Fund's distribution rate may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund's distribution rate or that the rate will be sustainable in the future.

Emerging Markets Risk

is the risk of investing in emerging market securities. The risks primarily associated with foreign (non-U.S.) investments may be particularly high to the extent a Fund invests in securities of issuers based or doing business in emerging markets countries or in securities denominated in the currencies of emerging market countries.

Energy Sector Risk

is the risk that applies to a Fund's investments in MLPs and other companies which operate natural gas, natural gas liquids, crude oil, refined products, coal or other facilities within the energy sector. A Fund's performance will be susceptible to fluctuations in commodity prices, changes in the supply of or demand for energy commodities, an inability to acquire additional energy deposits sufficient to replace the natural depletion of existing reserves, environmental and safety regulations, seasonal and extreme weather, catastrophic events or accidents, acquisition costs and erroneous assumptions regarding new acquisitions and the cyclical fluctuation and intense price competition inherent to the energy industry. Additionally, MLPs and other entities operating in the energy sector are subject to industry-specific risks related to infrastructure, which includes transportation via pipeline, the gathering, processing and midstream storage of resources, variations in upstream and downstream demand, and the effects of land, weather and unforeseen events on oil, oilfields, coal stockpiles, power infrastructure and

marine transportation.

Equity Securities and Related Market 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.

Focused Investment Risk

is the risk that, to the extent that a Fund focuses its investments in a particular industry, country or geographic region, the NAV of its common shares will be more susceptible to events or factors affecting companies in that industry, country or geographic region.

Foreign (Non-U.S.) Government Securities 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.

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. issuers or securities that trade exclusively in U.S. markets, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio

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securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Foreign Loan Originations Risk

is the risk associated with a Fund originating loans to foreign entities and individuals, including foreign (non-U.S.) and emerging market entities and individuals, which may involve risks not ordinarily associated with exposure to loans to U.S. entities and individuals due to more or less governmental supervision and regulation than exists in the U.S. Due to differences in legal systems, there may be difficulty in obtaining or enforcing a court judgment outside the U.S. In addition, to the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on a Fund. A Fund's loans to foreign entities and individuals may be subject to risks of increased transaction costs, potential delays in settlement or unfavorable differences between the U.S. economy and foreign economies.

High Yield Securities 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 market, credit, call and liquidity risks, including the risk that a court will subordinate high yield senior debt to other debt of the issuer or take other actions detrimental to holders of the senior debt. 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.

Industry Specific Risks

are the risks that MLPs and other entities operating in a specific sector that are specific to the industry within that sector they serve.

Inflation/Deflation Risk

is the risk that the value of assets or income from a Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Fund's portfolio could decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy or changes in fiscal or monetary policies. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Fund's portfolio and common shares.

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 (e.g., real interest rates). In general, the value of an inflation-indexed security, including Treasury Inflation-Protected Securities ("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 for the amount of the increase in the calendar year, even though the Fund will not receive the principal until maturity.

Insurance-Linked and Other Instruments Risk

is the risk that a Fund could lose a portion or all of the principal it has invested in insurance-linked instruments and similar investments (which may include, for example, exposure to reinsurance contracts (through sidecars or otherwise), event-linked bonds, such as catastrophe and resilience bonds, and securities relating to life insurance policies, annuity contracts and premium finance loans).

Interest Rate Risk

is the risk that fixed income securities and other instruments in a Fund's portfolio will fluctuate in value due to changes 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.

Investments in REITs Risk

is the risk that an investment in a REIT, or in a real estate linked derivative instrument linked to the value of a REIT, is subject to the risks that impact the value of the underlying properties of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment.

Issuer Risk

is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, major litigation, investigations or other controversies, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer's goods or services.

Leverage Risk

is the risk that certain transactions of a Fund, such as direct borrowing from banks, reverse repurchase agreements, loans of

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portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and 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. There can be no assurance these circumstances will occur. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks. When a Fund reduces or discontinues its use of leverage ("deleveraging"), which it may be required to do at inopportune times, it may be required to sell portfolio securities at inopportune times to repay leverage obligations, which could result in realized losses and a decrease in the Fund's net asset value. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Limited Term Risk

is the risk that unless the limited term provision of the Fund's Declaration of Trust is amended by shareholders in accordance with the Declaration of Trust, or unless the Fund completes an Eligible Tender Offer and converts to perpetual existence, the Fund will terminate on or about a date specified in the Fund's Prospectus.

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 investments at an advantageous time or price or possibly require a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, such as during political events (including periods of rapid interest rate changes). There can be no assurance that an investment that is deemed to be liquid when purchased will continue to be liquid while it is held by the Fund and/or when the Fund wishes to dispose of it.

Loan Origination Risk

is the risk associated with the fact that a Fund may also seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. A Fund may originate loans to corporations and/or other legal entities and individuals, including foreign (non-U.S.) entities and individuals. Such borrowers may have credit ratings that are determined by one or more NRSROs or PIMCO to be below investment grade. This may include loans to public or private firms or individuals, such as in connection with housing development projects. The loans a Fund invests in or originates may vary in maturity and/or duration. A Fund is not limited in the amount, size or type of loans it may invest in and/or originate,

including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. A Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. A Fund may subsequently offer such investments for sale to third parties; provided, that there is no assurance that a Fund will complete the sale of such an investment. If a Fund is unable to sell, assign or successfully close transactions for the loans that it originates, a Fund will be forced to hold its interest in such loans for an indeterminate period of time.

This could result in a Fund's investments having high exposure to certain borrowers. A Fund will be responsible for the expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be indirectly borne by a Fund and Common Shareholders.

Loans and Other Indebtedness; Loan Acquisitions, Participations and Assignments Risk is the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of a loan. Additionally, there is a risk that the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower's obligation, and a Fund could become part owner of any collateral if a loan is foreclosed, subjecting a Fund to costs associated with owning and disposing of the collateral. In the event of the insolvency of the lender selling a participation, there is a risk that a Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. If a loan is foreclosed, a Fund may become owner of the loan's collateral. A Fund may bear the costs and liabilities associated with owning and holding or disposing of the collateral. There is the risk that a Fund may have difficulty disposing of loans and loan participations due to the lack of a liquid secondary market for loans and loan participations. To the extent a Fund invests in loans or originates loans, including bank loans, a Fund may be subject to greater levels of credit risk, call risk, settlement risk, risk of subordination to other creditors, insufficient or lack of protection under federal securities laws and liquidity risk than funds that do not acquire such instruments.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or perceived 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.

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Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries, sectors or companies.

Market Discount Risk is the risk that the price of a Fund's common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a discount from their net asset value.

Market Disruptions Risk is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, geopolitical disputes, terrorism, social or political unrest, recessions, supply chain disruptions, tariffs and other restrictions on trade, sanctions, market manipulation, government interventions, defaults and shutdowns, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, climate-change and climate related events, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors, causing 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.

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.

Mortgage-Related Derivative Instruments Risk is the risk of investing in derivative mortgage-backed securities, including call risk and extension risk. Small changes in mortgage prepayments can significantly impact the cash flows and the market value of these derivative instruments. In addition, particular derivative instruments may be leveraged such that their exposure (i.e., price sensitivity) to interest rate risk and/or prepayment risk is magnified.

Municipal Bond Risk is the risk that a Fund may be affected significantly by the economic, regulatory, social, environmental, public health or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds") to pay interest or repay principal.

Non-Diversification Risk is the risk of focusing investments in 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."

Operational Risk is the risk 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.

Other Investment Companies Risk is the risk that Common Shareholders may be subject to duplicative expenses to the extent a Fund invests in other investment companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional risks associated with leverage.

Other Pooled Investment Vehicles Risk is associated with the risks relating to the Fund's investment in other pooled investment vehicles, including investment companies, private funds or other pooled investment vehicles that would qualify as "investment companies" under the 1940 Act but for an applicable exemption or exclusion, including but not limited to Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("Private Funds"). In addition to the risks discussed above in "Other Investment Companies Risk," to the extent the Fund invests through one or more Private Funds, the Fund would be exposed to the risks associated with such Private Fund's investments. The Fund's investments in Private Funds would not be subject to the protections afforded to shareholders under the 1940 Act. By investing in Private Funds indirectly through the Fund, a shareholder would bear two layers of asset-based fees and expenses — at the Fund level and the Private Fund level — in addition to indirectly bearing any performance fees charged by the Private Fund.

Platform Risk is the risk resulting from the fact that the Alt Lending ABS in which a Fund invests are typically not listed on any securities exchange and not registered under the Securities Act. In addition, a Fund anticipates that these instruments may only be sold to a limited number of investors and may have a limited or non-existent secondary market. Accordingly, a Fund currently expects that certain of the investments in Alt Lending ABS will face heightened levels of liquidity risk. Although currently, there is generally no active reliable, secondary market for certain Alt Lending ABS, a secondary market for these Alt

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Lending ABS may develop. If a Fund purchases Alt Lending ABS on an alternative lending platform, the Fund will have the right to receive principal and interest payments due on loans underlying the Alt Lending ABS only if the platform servicing the loans receives the borrower's payments on such loans and passes such payments through to a Fund. If a borrower is unable or fails to make payments on a loan for any reason, a Fund may be greatly limited in its ability to recover any outstanding principal or interest due, as (among other reasons) a Fund may not have direct recourse against the borrower or may otherwise be limited in its ability to directly enforce its rights under the loan, whether through the borrower or the platform through which such loan was originated. For example, the loan may be unsecured or under-collateralized and/or it may be impracticable to commence a legal proceeding against the defaulting borrower.

Portfolio Turnover Risk is the risk that a high portfolio turnover will result in greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of a Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses) and may adversely affect the Fund's after-tax returns. The realization of short- term capital gains may also cause adverse tax consequences for the Fund's shareholders.

Potential Conflicts of Interest Risk — Allocation of Investment Opportunities is the risk that PIMCO's or any of its affiliate's interests or the interests of its clients may conflict with those of the Funds and the results of a Fund's investment activities may differ from those of the Fund's affiliates, or another account managed by PIMCO or its affiliates, and it is possible that a Fund could sustain losses during periods in which one or more of the Fund's affiliates and/or other accounts managed by PIMCO or its affiliates, including proprietary accounts, achieve profits on their trading.

Preferred Securities Risk is the risk that certain preferred securities contain provisions that allow an issuer under certain conditions to skip or defer distributions which may require the Fund to include the amount of the deferred distribution in its taxable income for tax purposes although it does not currently receive such amount in cash. Additionally, preferred securities are subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred securities may trade less frequently and in a more limited volume and

may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities and U.S. Government securities.

Privacy and Data Security Risk is the risk resulting from the fact that the Gramm-Leach-Bliley Act ("GLBA") and other laws limit the disclosure of certain non-public personal information about a consumer to non-affiliated third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and non-affiliated third parties. Many states and a number of non-U.S. jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers' personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and the SEC implement the GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants' personal information securely and dispose of it properly.

Private Placement and Restricted Securities Risk is the risk that securities received in a private placement may be subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities and the risk that a Fund's investment in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act, may be relatively less liquid than registered securities traded on established securities markets. Therefore, a Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks.

Private Commercial Real Estate Risk is the risk that exposure to private commercial real estate comes with a variety of risks, including lease defaults, terminations by one or more tenants or landlord-tenant disputes that may reduce the revenues and net income from investments in U.S. and non-U.S. real estate investments through one or more controlled subsidiaries structured as real estate investment trusts (each a "REIT Subsidiary"), which would reduce the amount of income payable by the REIT Subsidiary to a Fund. Any of these situations may result in extended periods during which there is a significant decline in revenues or no revenues generated by a property. If this occurred, it could adversely affect a Fund's performance.

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Real Estate Risk is the risk associated with investing in real estate investments, including investments in equity or debt securities issued by private and public real estate investment trusts ("REITs"), real estate operating companies ("REOCs"), private or public real estate-related loans, real estate-linked derivative instruments and pooled investment vehicles (including registered investment companies and private funds or other pooled investment vehicles that would qualify as "investment companies" under the Act but for an applicable exemption or exclusion) that invest in real estate investments, as applicable. The Fund will be subject to the risks associated with owning real estate and with the real estate industry generally.

Real Estate Joint Venture Risk is the risk that in joint ventures with third parties to make investments, the investments in U.S. and non-U.S. real estate investments through one or more controlled subsidiaries structured as real estate investment trusts (each a "REIT Subsidiary") would generally share control with the third-party partner (for example, the REIT Subsidiary may have approval rights over some or all of the joint venture's activities, and in limited circumstances that do not amount to primary control of the joint venture, may have the ability to require that the joint venture take specific actions), even though the REIT Subsidiary may hold a majority of the economic interests of a

joint venture.

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.

Regulatory Changes Risk is the risk associated with the fact that 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 the Fund and the value of its investments, and limit and /or preclude the Fund's ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. A Fund and the Investment Manager have historically been eligible for exemptions from certain regulations.

However, there is no assurance that a Fund and PIMCO will continue to be eligible for such exemptions. Moreover, government regulation may have unpredictable and unintended effects.

Regulatory Risk — Commodity Pool Operator is the risk associated with the CFTC's adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps or other financial instruments regulated under the Commodity Exchange Act ("CEA") and the rules thereunder ("commodity interests"), or if the Fund markets itself as providing investment exposure to such instruments. PIMCO is registered with the CFTC as a Commodity Pool Operator.

Reinvestment Risk is the risk that income from a Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons.

REIT Risk is the risk associated with investing in REITs, which are pooled investment vehicles that own, and usually operate, income- producing real estate. Some REITs also finance 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 typically taxed on the income distributed to shareholders. Therefore, REITs may pay higher dividends than other issuers.

REIT Subsidiary Risk — is the risk that investments in U.S. and non-U.S. real estate investments through one or more REIT Subsidiaries are subject to risks associated with the direct ownership of real estate. REIT Subsidiaries may be affected by changes in the real estate markets generally as well as changes in the values of any properties owned by the REIT Subsidiaries or securing any mortgages owned by the REIT Subsidiaries (which changes in value could be influenced by market conditions for real estate in general or fluctuations in the value of rights to natural resources appurtenant to the properties held by the REIT Subsidiaries).

Repurchase Agreements Risk is the risk that, if the party agreeing to repurchase a security should default, a Fund will seek to sell the securities which it holds, which could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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Risks of Equity Securities of MLPs, Risks of Debt Securities of MLPs, and Risks of MLP General Partner and Managing Member Interests is the risk that investments in equity and debt securities of MLPs and/or their affiliates are subject to risks in addition to those risks associated with investments in all equity and debt securities. Holders of MLP units have more limited rights for voting and control than shareholders of common stock in a corporation, additional tax risks and additional potential conflicts of interest among unit holders and partners. MLP subordinated units generally entail greater risk than MLP common units as a result of more limited distribution rights. Additionally, distributions by certain MLPs may be affected by the failure of an affiliated party to satisfy its obligations to an MLP or by an MLP's loss of customers or suppliers. A Fund's investment in MLPs or other entities that hold a general partner or managing member interest and IDRs in MLPs may be subject to additional liability greater than the investment amount and may have higher distribution prospects which would decline at a greater rate than the decline rate in and MLP's distributions or be eliminated if the MLP unit holders choose to remove the general partner or managing member.

Risks of ETNs is the risk that the value of exchange-traded notes ("ETNs") may be influenced by time to maturity, level of supply and demand for the ETN, volatility, and lack of liquidity in underlying markets, changes in the applicable interest rates and underlying reference asset values, changes in the issuer's credit rating, and economic, legal, political, or geographic events that may affect the referenced index.

Risk Retention Investment Risk is the risk associated with the Fund's investments in risk retention tranches of commercial mortgage-backed securities ("CMBS") or other eligible securitizations, if any ("risk retention tranches"), which are eligible residual interests typically held by the sponsors of such securitizations pursuant to the final rules implementing the credit risk retention requirements of Section 941 of the Dodd-Frank Act (the "U.S. Risk Retention Rules"). There can be no assurance that the applicable federal agencies charged with the implementation of the final U.S. Risk Retention Rules (the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development, and the Federal Housing Finance Agency) could not take positions in the future that differ from the interpretation of such rules taken or embodied in such securitizations, or that the final U.S. Risk Retention Rules will not change. Furthermore, if the Fund breaches any undertakings in any risk retention agreement, it will be exposed to claims by the other parties thereto, including for any losses incurred as a result of such breach, which could be significant and exceed the value of the Fund's investments.

Securities Lending Risk is the risk that, when a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and lose rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan, which may be an affiliate of the Fund.

Senior Debt Risk is the risk that a Fund may be subject to greater levels of credit risk than funds that do not invest in below investment grade senior debt. A Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior debt. Restrictions on transfers in loan agreements, a lack of publicly available information and other factors may, in certain instances, make senior debt more difficult to sell at an advantageous time or price than other types of securities or instruments.

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.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Special Purpose Acquisition Companies ("SPACs") Risk is the risk that, because SPACs and similar entities are in essence "blank check" companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. A SPAC's structure may result in significant dilution of a stockholder's share value immediately upon the completion of a business combination due to, among other reasons, interests held by the SPAC sponsor, conversion of warrants into additional shares, shares issued in connection with a business combination and/or certain embedded costs. There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which

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are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Structured Investments Risk is the risk that a Fund's investment in structured products, including structured notes, credit-linked notes and other types of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. A Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products generally entail risks associated with derivative instruments.

Subprime Risk is the risk that loans, and debt instruments collateralized by loans (including Alt Lending ABS), acquired by a Fund may be subprime in quality, or may become subprime in quality. Although there is no specific legal or market definition of "subprime," subprime loans are generally understood to refer to loans made to borrowers that display poor credit histories and other characteristics that correlate with a higher default risk. Accordingly, subprime loans, and debt instruments secured by such loans, have speculative characteristics and are subject to heightened risks, including the risk of nonpayment of interest or repayment of principal, and the risks associated with investments in high yield securities. In addition, these instruments could be subject to increased regulatory scrutiny. A Fund is not restricted by any particular borrower credit criteria when acquiring loans or debt instruments collateralized by loans.

Subsidiary Risk is the risk that, by investing in a Fund's Subsidiary, the Fund is indirectly exposed to the risks associated with a Subsidiary's investments. Each Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Synthetic Convertible Securities Risk is the risk that the values of synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because a synthetic convertible is composed of two or more separate securities or instruments, (such as a debt security and a warrant or option to purchase another security), each with its own market value. Synthetic convertible securities are also subject to the risks associated with derivatives. In addition, if the value of the underlying common stock or the level of the index involved in the convertible element falls below the strike price of the warrant or option, the warrant or option may lose all value.

Tax Risk is the risk that if, in any year, a Fund were to fail to qualify for treatment as a regulated investment company under Subchapter M

of the Tax Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund's current or accumulated earnings and profits.

Total Return Swap Risk is the risk that total return swaps could result in losses if the underlying asset or reference does not perform as anticipated, that they add leverage to a Fund's portfolio and the risk that the counterparty might default on the contract. Total return swaps can have the potential for unlimited losses. Total return swaps are also subject to certain other risks applicable to derivatives transactions generally.

U.S. Government Securities Risk

is the risk that the obligations supported by (i) the full faith and credit of the United States, (ii) the right of the issuer to borrow from the U.S. Treasury, (iii) the discretionary authority of the U.S. Government to purchase the agency's obligations (iv) or only by the credit of the agency, instrumentality or corporation will not be satisfied in full, or that such obligations will decrease in value or default. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Valuation Risk

is the risk that fair value pricing used when market quotations are not readily available may not result in adjustments to the prices of securities or other assets, or that fair value pricing may not reflect actual market value. It is possible that the fair value determined in good faith for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

Zero-Coupon Bond, Step-Ups and Payment-in-Kind Securities Risk

is the risk presented by the market prices of zero-coupon, step ups and payment-in-kind securities generally being more volatile than the prices of securities that pay interest periodically and in cash and being likely to respond to changes in interest rates to a greater degree than other types of debt securities with similar maturities and credit quality. In addition, as these securities may not pay cash interest, the Fund's investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund's portfolio.

(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 then-currently effective prospectus and statement

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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 a Fund's performance.

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 CFTC. 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. Portability of exposure reduces risk to the Funds. 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

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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) Management Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Manager to the Funds, pursuant to an investment management agreement.

Pursuant to the Investment Management Agreements with PIMCO (the "Agreement"), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice, and statistical and economic data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, NYSE listing and related fees, tax services,

valuation services and other services the Funds require for their daily operations. Pursuant to the Agreements, PIMCO receives an annual fee, payable monthly, at the annual rates shown in the table below:

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| | | |
|:---|:---|:---|
| Fund Name | Annual Rate |  |
| PCM Fund, Inc. | 0.900% | (1) |
| PIMCO Global StocksPLUS® & Income Fund | 1.105% | (2) |
| PIMCO Strategic Income Fund, Inc. | 0.955% | (3) |
| PIMCO Access Income Fund | 1.250% | (4) |
| PIMCO Dynamic Income Fund | 1.100% | (5) |
| PIMCO Dynamic Income Opportunities Fund | 1.150% | (5) |
| PIMCO Dynamic Income Strategy Fund | 1.250% | (4) |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Management fees calculated based on the Fund's average daily "total managed assets". Total managed assets refer to the total assets of the Fund (including assets attributable to any reverse repurchase agreements, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements and borrowings).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Management fees calculated based on the Fund's average daily "total managed assets". Total managed assets refer to the total assets of the Fund (including assets attributable to any preferred shares and borrowings that may be outstanding) minus accrued liabilities (other than liabilities representing borrowings).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Management fees calculated based on the Fund's average daily net asset value (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Management fees calculated based on the Fund's average daily "total managed assets". Total managed assets refer to the total assets of the Fund (including any assets attributable to any reverse repurchase agreements, dollar rolls/buybacks, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls/buybacks and borrowings).

&nbsp;&nbsp;&nbsp;&nbsp;(5) Management fees calculated based on the Fund's average daily "total managed assets." Total managed assets include total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings).

In rendering investment advisory services to each Fund, PIMCO may use the resources of one or more foreign (non-U.S.) affiliates that are not registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act") (the "PIMCO Overseas Affiliates"), to provide portfolio management, research and trading services to a Fund under the Memorandums of Understanding ("MOUs"). Each of the PIMCO

Overseas Affiliates are Participating Affiliates of PIMCO as that term is used in relief granted by the staff of the SEC allowing U.S. registered advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered adviser. Each PIMCO Overseas Affiliate and any of their respective employees who provide services to the Funds are considered under the MOUs to be "associated persons" of PIMCO as that term is defined in the Advisers Act for purposes of PIMCO's required supervision.

(b) Fund Expenses With respect to each Fund other than PIMCO Access Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund, each Fund bears other

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expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Fund's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, subject to specific or general authorization by the Fund's Board (for example, so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); (iv) expenses of the Fund's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) organizational and offering expenses of the Fund, including with respect to share offerings, such as rights offerings and shelf offerings, following the Fund's initial offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund that are capitalized in accordance with U.S. GAAP.

With respect to PIMCO Access Income Fund, the Fund bears other expenses, which may vary and affect the total level of expenses paid by

shareholders, such as (i) salaries and other compensation or expenses, including travel expenses, of any of the Fund's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating, structuring, acquiring, disposing of and/or terminating specialized loans and other investments made by the Fund, any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broker-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))(for these purposes, it is understood that "portfolio transaction expenses" shall be interpreted broadly to include, by way of example and without limitation, any expenses relating to the Fund's investments (including those made by a subsidiary of the Fund) in commercial and residential real estate, including for-sale and for-rent housing, office, hotel, retail and industrial investments, and/or any other expenses incurred by a direct or indirect portfolio investment of the Fund, such as expenses paid directly by a portfolio investment and other expenses that are capitalized or otherwise embedded into the cost basis of a portfolio investment); (iv) expenses of the Fund's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls/buybacks, bank borrowings, credit facilities and tender option bonds; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls/buybacks, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests (except as otherwise agreed to between PIMCO and any such fund or vehicle); (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers,

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employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of Trustees, shareholder proposals or other non-routine matters that are not initiated or proposed by Fund management; (xii) organizational and offering expenses of the Fund, including registration (including share registration fees), legal, marketing, printing, accounting and other expenses, associated with organizing the Fund in its state of jurisdiction and in connection with the initial registration of the Fund under the Act and the initial registration of its Shares under the Securities Act of 1933, as amended (the "Securities Act"), and with respect to share offerings, such as rights offerings and shelf offerings, following the Fund's initial offering, expenses associated with tender offers and other Share repurchases and redemptions; (xiii) fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC in connection with the operation of a managed distribution plan (xiv) expenses of the Fund that are capitalized in accordance with U.S. GAAP.

With respect to PIMCO Dynamic Income Opportunities Fund, the Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses, of any of the Fund's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring, acquiring, disposing of and/or terminating specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) expenses of the Fund's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the

use by the Fund of reverse repurchase agreements, dollar rolls/buybacks, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls/buybacks, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests (except as otherwise agreed to between PIMCO and any such fund or vehicle); (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of trustees, shareholder proposals or other non-routine matters that are not initiated or proposed by Fund management; (xii) organizational and offering expenses of the Fund, including registration (including share registration fees), legal, marketing, printing, accounting and other expenses, associated with organizing the Fund in its state of jurisdiction and in connection with the initial registration of the Fund under the Act and the initial registration of its Common Shares under the Securities Act, and with respect to Share offerings, such as rights offerings and shelf offerings, following the Fund's initial offering; expenses associated with tender offers and other share repurchases and redemptions; and fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC in connection with the operation of a managed distribution plan; and (xiii) expenses of the Fund that are capitalized in accordance with U.S. GAAP Without limiting the generality of the foregoing, the Fund may bear such expenses either directly or indirectly through contracts or arrangements with PIMCO or an affiliated or unaffiliated third party.

With respect to PIMCO Dynamic Income Strategy Fund, the Fund bears other expenses, which may vary and affect the total level of expenses

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paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses, of any of the Fund's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) expenses of the Fund's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds and; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of trustees, shareholder proposals or other non-routine

matters that are not initiated or proposed by Fund management; (xii) organizational and offering expenses of the Fund; (xiii) expenses associated with tender offers and other share repurchases and redemptions; (xiv) fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC in connection with the operation of a managed distribution plan; and (xv) expenses of the Fund which are capitalized in accordance with U.S. GAAP. Without limiting the generality or scope of the foregoing, it is understood that the Fund may bear such expenses either directly or indirectly through contracts or arrangements with PIMCO or an affiliated or unaffiliated third-party.

Each of the Trustees of the Funds who is not an interested person under Section 2(a)(19) of the Act, (the "Independent Trustees"), also serves as a trustee of a number of other closed-end funds for which PIMCO serves as investment manager (together with the Funds, the "PIMCO Closed-End Funds"), as well as PIMCO California Flexible Municipal Income Fund, PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a closed end management investment company managed by PIMCO that is operated as an "interval fund" and PIMCO Managed Accounts Trust, an open-end management investment company with multiple series for which PIMCO serves as investment adviser and administrator.

The Funds pay no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Funds from the Manager or its affiliates.

(c) Acquired Fund Fees and Expenses The Cayman Subsidiary has entered into a separate contract with PIMCO for the management of the Cayman Subsidiary's portfolio pursuant to which the Cayman Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the PIMCO Dynamic Income Strategy Fund's management fee in an amount equal to the management fee paid by the Cayman Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. PIMCO may not seek reimbursement from a Fund with respect to the management fees waived. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2025, the amount was $26,567. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Cayman Subsidiary.

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10. RELATED PARTY TRANSACTIONS

The Manager is a related party. Fees payable to this party are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

The Funds have received exemptive relief from the SEC that, to the extent the Funds rely on such relief, permits it to (among other things) co-invest with certain other persons, including certain affiliates of the Advisor and certain public or private funds managed by the Advisor and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any co-investments made in reliance on such relief.

11. GUARANTEES AND INDEMNIFICATIONS

Under the organizational documents of PIMCO Global StocksPLUS® & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Under the organizational documents of PCM Fund, Inc., and PIMCO Strategic Income Fund, Inc., each Director and officer is indemnified to the fullest extent permitted by Maryland law and the Act. For PCM Fund, Inc., employees and agents of the Fund are indemnified to the maximum extent permitted by Maryland law and the Act. For PIMCO Strategic Income Fund, Inc.,

employees and agents of the Fund may be indemnified to the extent determined by the Board and subject to the limitations of the Act. 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 a Fund's after-tax returns. The transaction costs and tax effects 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 December 31, 2025 were as follows (amounts in thousands

†):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
| PCM Fund, Inc. | $1175 | $1082 | $11672 | $4519 |
| PIMCO Global StocksPLUS® & Income Fund | 356070 | 355363 | 26923 | 25461 |
| PIMCO Strategic Income Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396198 | 33987 | 48132 |
| PIMCO Access Income Fund | 15146 | 18131 | 151556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117831 |
| PIMCO Dynamic Income Fund | 151410 | 182309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145176 | 942499 |
| PIMCO Dynamic Income Opportunities Fund | 37794 | 41467 | 478629 | 286345 |
| PIMCO Dynamic Income Strategy Fund | 22253 | 19761 | 233203 | 208561 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

13. COMMON SHARES OFFERING

PCM Fund, Inc. has the authority to issue 300 million shares of $0.001 par value common stock. PIMCO Strategic Income Fund, Inc. has the authority to issue 500 million shares of $0.00001 par value common stock. Each of PIMCO Global StocksPLUS® & Income Fund, PIMCO Dynamic Income Fund ("PDI"), PIMCO Dynamic Income Opportunities Fund ("PDO"), PIMCO Dynamic Income Strategy Fund and PIMCO Access Income Fund ("PAXS") has been authorized to issue an

unlimited number of Common Shares at a par value of $0.00001 per share (each of the foregoing Fund's shares as the context requires, "Common Shares").

As of the end of the reporting period, PDI had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the "shelf" registration process pursuant to Rule 415 under the Securities Act (each, a "Shelf Registration Statement"). Pursuant to

164 PIMCO CLOSED-END FUNDS

------

December 31, 2025 (Unaudited)

such Shelf Registration Statement, PDI may offer and sell Common Shares having an aggregate offering value of up to $2,000,000,000. PDI may have had one or more prior Shelf Registration Statements in effect during this and/or previous fiscal periods authorizing the sale of additional Common Shares.

As of the end of the reporting period, PDO had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the "shelf" registration process pursuant to Rule 415 under the Securities Act. Pursuant to such Shelf Registration Statement, PDO may offer and sell Common Shares having an aggregate offering value of up to $500,000,000. PDO may have had one or more prior Shelf Registration Statements in effect during this and/or previous fiscal periods authorizing the sale of additional Common Shares.

As of the end of the reporting period, PAXS had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the "shelf" registration process pursuant to Rule

415 under the Securities Act. Pursuant to such Shelf Registration Statement, PAXS may offer and sell Common Shares having an aggregate offering value of up to $250,000,000.

PDI, PDO and PAXS have each entered into a sales agreement (a "Sales Agreement") with JonesTrading Institutional Services LLC ("JonesTrading"), pursuant to which each respective Fund may offer and sell its Common Shares offered by an applicable prospectus supplement through JonesTrading as its agent in negotiated transactions or transactions that are deemed to be "at the market" as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. Each Fund will pay JonesTrading compensation of up to 1.00% of the gross proceeds with respect to sales of the Common Shares actually effected by JonesTrading under its respective Sales Agreement.

The aggregate dollar amount of Common Shares registered under PDI's, PDO's and PAXS' Shelf Registration Statement as of the end of the periods described below, as well as the number of Common Shares sold and the total amount of offering proceeds (net of offering costs, if any) received by the Fund under one or more Shelf Registration Statements during the Fund's most recent and prior fiscal periods were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | PDI | PDI | PDO | PDO |
|  | Six Months<br>Ended<br>12/31/2025 | Year Ended<br>06/30/2025 | Six Months<br>Ended<br>12/31/2025 | Year Ended<br>06/30/2025 |
| Common Shares registered (aggregate $) | $2000000000 | $2000000000 | $500000000 | $500000000 |
| Common Shares sold | 40527369 | 70782993 | 6722382 | 14025159 |
| Offering proceeds (net of offering costs) | 763334565 | 1354689532 | 92576854 | 190692420 |

---

---

| | | |
|:---|:---|:---|
| | PAXS | PAXS |
|  | Six Months<br>Ended<br>12/31/2025 | Year Ended<br>06/30/2025 |
| Common Shares registered (aggregate $) | $250000000 | $250000000 |
| Common Shares sold | 786839 | 1088574 |
| Offering proceeds (net of offering costs) | 12618542 | 17340178 |

---

A Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market", including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.

14. BASIS FOR CONSOLIDATION

PIMCO Access Income Fund's, PIMCO Dynamic Income Fund's, PIMCO Dynamic Income Opportunities Fund's, and PIMCO Dynamic Income Strategy Fund's subsidiaries were each formed 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. Each Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of each Fund and its subsidiaries. All inter-company transactions and balances have been eliminated. This structure was

SEMIANNUAL REPORT \| DECEMBER 31, 2025 165

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Notes to Financial Statements (Cont.)

established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiaries.

---

| | | | |
|:---|:---|:---|:---|
| Fund name | Subsidiary | Date of<br>Formation | Subsidiary%<br>of Consolidated<br>Fund Net Assets† |
| PIMCO Access Income Fund | PAXSLS I LLC | 12/13/2021 | 0.0% |
| PIMCO Access Income Fund | RLM 4355 LLC | 12/13/2021 | 0.0% |
| PIMCO Dynamic Income Fund | PCILS I LLC  | 03/07/2013 | 0.0% |
| PIMCO Dynamic Income Fund | PDILS I LLC  | 03/12/2013 | 0.0% |
| PIMCO Dynamic Income Opportunities Fund | PDOLS I LLC | 01/15/2021 | 0.0% |
| PIMCO Dynamic Income Opportunities Fund | RLM 4365 LLC | 01/15/2021 | 0.0% |
| PIMCO Dynamic Income Strategy Fund | Cayman Commodity<br>Fund IX Ltd. | 12/14/2018 | 1.0% |
| PIMCO Dynamic Income Strategy Fund | NRGX SPV I LLC | 11/07/2022 | 0.0% |
| PIMCO Dynamic Income Strategy Fund | NRGX SPV II LLC | 11/07/2022 | 0.0% |

---

† A zero balance may reflect actual amounts rounding to less than 0.01%.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made. Due to the timing of when distributions are made by a Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund's annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year.

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 Manager has reviewed the Funds' tax positions for all open tax years. As of December 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 June 30, 2025, the components of distributable taxable earnings are as follows (amounts in thousands

†):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
| PCM Fund, Inc. | $134950 | $11925 | $(30438) | $(18513) |
| PIMCO Global StocksPLUS® & Income Fund | 173380 | 25153 | (28458) | (3305) |
| PIMCO Strategic Income Fund, Inc. | 639611 | 46398 | (77820) | (31422) |
| PIMCO Access Income Fund | 1301250 | 82767 | (176831) | (94064) |
| PIMCO Dynamic Income Fund | 11887891 | 821525 | (1644941) | (823416) |
| PIMCO Dynamic Income Opportunities Fund | 3170754 | 209951 | (470483) | (260532) |
| PIMCO Dynamic Income Strategy Fund | 1253362 | 164040 | (27061) | 136979 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

166 PIMCO CLOSED-END FUNDS

------

December 31, 2025 (Unaudited)

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 their last fiscal year ended June 30, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands

†):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
| PCM Fund, Inc. | $2759 | $15913 |
| PIMCO Global StocksPLUS® & Income Fund | 28041 | 4491 |
| PIMCO Strategic Income Fund, Inc. | 27074 | 66693 |
| PIMCO Access Income Fund | 37875 | 28000 |
| PIMCO Dynamic Income Fund\* | 257419 | 731307 |
| PIMCO Dynamic Income Opportunities Fund | 3309 | 375850 |
| PIMCO Dynamic Income Strategy Fund | 0 | 0 |

---

† 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 December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands

†):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
| PCM Fund, Inc. | $134950 | $11925 | $(30438) | $(18513) |
| PIMCO Global StocksPLUS® & Income Fund | 173380 | 25153 | (28458) | (3305) |
| PIMCO Strategic Income Fund, Inc. | 639611 | 46398 | (77820) | (31422) |
| PIMCO Access Income Fund | 1301250 | 82767 | (176831) | (94064) |
| PIMCO Dynamic Income Fund | 11887891 | 821525 | (1644941) | (823416) |
| PIMCO Dynamic Income Opportunities Fund | 3170754 | 209951 | (470483) | (260532) |
| PIMCO Dynamic Income Strategy Fund | 1253362 | 164040 | (27061) | 136979 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

(1) Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

17. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds' management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On January 02, 2026, the following distributions were declared to common shareholders payable February 02, 2026 to shareholders of record on January 13, 2026:

---

| | |
|:---|:---|
| PCM Fund, Inc. | $0.064240 per common share |
| PIMCO Global StocksPLUS® & Income Fund | $0.069000 per common share |
| PIMCO Strategic Income Fund, Inc. | $0.040000 per common share |
| PIMCO Access Income Fund | $0.149400 per common share |
| PIMCO Dynamic Income Fund | $0.220500 per common share |
| PIMCO Dynamic Income Opportunities Fund | $0.127900 per common share |
| PIMCO Dynamic Income Strategy Fund | $0.133400 per common share |

---

On February 02, 2026, the following distributions were declared to common shareholders payable March 02, 2026 to shareholders of record on February 12, 2026:

---

| | |
|:---|:---|
| PCM Fund, Inc. | $0.064240 per common share |
| PIMCO Global StocksPLUS® & Income Fund | $0.069000 per common share |
| PIMCO Strategic Income Fund, Inc. | $0.040000 per common share |
| PIMCO Access Income Fund | $0.149400 per common share |
| PIMCO Dynamic Income Fund | $0.220500 per common share |
| PIMCO Dynamic Income Opportunities Fund | $0.127900 per common share |
| PIMCO Dynamic Income Strategy Fund | $0.133400 per common share |

---

There were no other subsequent events identified that require recognition or disclosure.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 167

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Glossary: (abbreviations that may be used in the preceding statements) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| BNY | Bank of New York Mellon | GLM | Goldman Sachs Bank USA | NOM | Nomura Securities International, Inc. |
| BOA | Bank of America N.A. | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | RCE | Royal Bank of Canada Europe Limited  |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | RCY | Royal Bank of Canada |
| BRC | Barclays Bank PLC | JML | JP Morgan Securities Plc | RDR | RBC Capital Markets LLC |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | RTA | RBC (Barbados) Trading Bank Corp. |
| BYR | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SBI | Citigroup Global Markets Ltd. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | SCX | Standard Chartered Bank, London |
| CDC | Natixis Securities Americas LLC | MEI | Merrill Lynch International | SOG | Societe Generale Paris |
| CEW | Canadian Imperial Bank of Commerce World Markets | MSB | Morgan Stanley Bank, N.A | SSB | State Street Bank and Trust Co. |
| CIB | Canadian Imperial Bank of Commerce | MSC | Morgan Stanley & Co. LLC. | TDM | TD Securities (USA) LLC |
| DBL | Deutsche Bank AG London | MYC | Morgan Stanley Capital Services LLC | UAG | UBS AG Stamford |
| DEU | Deutsche Bank Securities, Inc. | MYI | Morgan Stanley & Co. International PLC | UBS | UBS Securities LLC |
| DUB | Deutsche Bank AG | MZF | Mizuho Securities USA LLC | WFS | Wells Fargo Securities, LLC |
| FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |  |  |
| Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | DOP | Dominican Peso | KZT | Kazakhstani Tenge |
| BRL | Brazilian Real | EGP | Egyptian Pound | MXN | Mexican Peso |
| CAD | Canadian Dollar | EUR | Euro | NGN | Nigerian Naira |
| CHF | Swiss Franc | GBP | British Pound | PEN | Peruvian New Sol |
| CNH | Chinese Renminbi (Offshore) | HKD | Hong Kong Dollar | PLN | Polish Zloty |
| CNY | Chinese Renminbi (Mainland) | HUF | Hungarian Forint | TRY | Turkish New Lira |
| COP | Colombian Peso | IDR | Indonesian Rupiah | USD (or $) | United States Dollar |
| CZK | Czech Koruna | JPY | Japanese Yen | ZAR | South African Rand |
| DKK | Danish Krone | KWD | Kuwaiti Dinar |  |  |
| Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CME | Chicago Mercantile Exchange | OTC | Over the Counter |  |  |
| Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | EUR006M | 6 Month EUR Swap Rate | PRIME | Daily US Prime Rate |
| BISTREFI | Turkish Lira Overnight Reference Rate | FEDL01 | Federal funds effective rate | S&P 500 | Standard & Poor's 500 Index |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | SOFR | Secured Overnight Financing Rate |
| BP0003M | 3 Month GBP-LIBOR | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | SOFRINDX | Secured Overnight Financing Rate Index |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | JY0003M | 3 Month JPY-LIBOR | TSFR1M | Term SOFR 1-Month |
| CDOR06 | 6 month CDN Swap Rate | MSMMUSTF | MSILF Money Market US Treasury Fund Index | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | NDDUEAFE | MSCI EAFE Index | TSFR6M | Term SOFR 6-Month |
| EUR001M | 1 Month EUR Swap Rate | PENAAA | Penultimate AAA Sub-Index | US0003M | ICE 3-Month USD LIBOR |
| EUR003M | 3 Month EUR Swap Rate |  |  |  |  |
| Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| ACA | American Capital Access Holding Ltd. |  |  |  |  |
| Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | PIK | Payment-in-Kind |
| BABs | Build America Bonds | DAC | Designated Activity Company | REMIC | Real Estate Mortgage Investment Conduit |
| BRL-CDI | Brazil Interbank Deposit Rate | EBITDA | Earnings before Interest, Taxes, Depreciation and Amoritization | TBA | To-Be-Announced |
| CBO | Collateralized Bond Obligation | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| CDO | Collateralized Debt Obligation | JSC | Joint Stock Company | TBD% | Interest rate to be determined when loan settles or at the time of funding |

---

168 PIMCO CLOSED-END FUNDS

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PCM Fund, Inc. | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.0610 | $0.0000 | $0.0032 | $0.0642 |
| August 2025 | $0.0486 | $0.0000 | $0.0156 | $0.0642 |
| September 2025 | $0.0476 | $0.0000 | $0.0166 | $0.0642 |
| October 2025 | $0.0563 | $0.0000 | $0.0079 | $0.0642 |
| November 2025 | $0.0424 | $0.0000 | $0.0218 | $0.0642 |
| December 2025 | $0.0512 | $0.0000 | $0.0130 | $0.0642 |
| PIMCO Global StocksPLUS® & Income Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.0597 | $0.0000 | $0.0093 | $0.0690 |
| August 2025 | $0.0663 | $0.0000 | $0.0027 | $0.0690 |
| September 2025 | $0.0690 | $0.0000 | $0.0000 | $0.0690 |
| October 2025 | $0.0690 | $0.0000 | $0.0000 | $0.0690 |
| November 2025 | $0.0662 | $0.0000 | $0.0028 | $0.0690 |
| December 2025 | $0.0690 | $0.0000 | $0.0000 | $0.0690 |
| PIMCO Strategic Income Fund, Inc. | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
| August 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
| September 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
| October 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
| November 2025 | $0.0395 | $0.0000 | $0.0005 | $0.0400 |
| December 2025 | $0.0393 | $0.0000 | $0.0007 | $0.0400 |
| PIMCO Access Income Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.1494 | $0.0000 | $0.0000 | $0.1494 |
| August 2025 | $0.1304 | $0.0000 | $0.0190 | $0.1494 |
| September 2025 | $0.0867 | $0.0000 | $0.0627 | $0.1494 |
| October 2025 | $0.1373 | $0.0000 | $0.0121 | $0.1494 |
| November 2025 | $0.1081 | $0.0000 | $0.0413 | $0.1494 |
| December 2025 | $0.1298 | $0.0000 | $0.0196 | $0.1494 |
| PIMCO Dynamic Income Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.1767 | $0.0000 | $0.0438 | $0.2205 |
| August 2025 | $0.1386 | $0.0000 | $0.0819 | $0.2205 |
| September 2025 | $0.1284 | $0.0000 | $0.0921 | $0.2205 |
| October 2025 | $0.1675 | $0.0000 | $0.0530 | $0.2205 |
| November 2025 | $0.1239 | $0.0000 | $0.0966 | $0.2205 |
| December 2025 | $0.1565 | $0.0000 | $0.0640 | $0.2205 |

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SEMIANNUAL REPORT \| DECEMBER 31, 2025 169

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Distribution Information (Cont.) (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Dynamic Income Opportunities Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.1279 | $0.0000 | $0.0000 | $0.1279 |
| August 2025 | $0.1279 | $0.0000 | $0.0000 | $0.1279 |
| September 2025 | $0.0971 | $0.0000 | $0.0308 | $0.1279 |
| October 2025 | $0.1097 | $0.0000 | $0.0182 | $0.1279 |
| November 2025 | $0.0864 | $0.0000 | $0.0415 | $0.1279 |
| December 2025 | $0.1132 | $0.0000 | $0.0147 | $0.1279 |
| PIMCO Dynamic Income Strategy Fund | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
| July 2025 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |
| August 2025 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |
| September 2025 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |
| October 2025 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |
| November 2025 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |
| December 2025 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |

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\* 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. 

170 PIMCO CLOSED-END FUNDS

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Changes to Board of Trustees (Unaudited)

Effective December 31, 2025, Ms. E. Grace Vandecruze retired from her position as Trustee of the Funds.

Effective September 18, 2025, the Board of Trustees appointed Mr. Mark Michel as a Class III Trustee of PIMCO Global StocksPLUS® & Income Fund, a Class II Trustee of PIMCO Strategic Income Fund, Inc., PIMCO Dynamic Income Fund, PCM Fund, Inc., and PIMCO Dynamic Income Opportunities Fund, and a Class I Trustee of PIMCO Dynamic Income Strategy Fund and PIMCO Access Income Fund.

Effective September 18, 2025, the Board of Trustees appointed Ms. Sonya Morris as a Class III Trustee of PIMCO Global StocksPLUS® & Income Fund, PIMCO Access Income Fund, PCM Fund, Inc., and PIMCO Dynamic Income Strategy Fund, a Class II Trustee of PIMCO Strategic Income Fund, Inc. and PIMCO Dynamic Income Fund, and a Class I Trustee of PIMCO Dynamic Income Opportunities Fund.

Effective January 1, 2026, Mr. Alan Rappaport was appointed Chair of the Trustees of the Funds, succeeding Ms. Deborah A. DeCotis, who continues to serve as a Trustee of the Funds.

SEMIANNUAL REPORT \| DECEMBER 31, 2025 171

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#### General Information
Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive,

Newport Beach, CA, 92660

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent, Dividend Paying Agent and Registrar

Equiniti Trust Company, LLC ("EQ")

48 Wall Street, Floor 23

New York, NY 10005

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

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](g797227g1g75h91.jpg)

CEF4010SAR_123125

------

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

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

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

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

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

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

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

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

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

The information required by this Item 6 is included as part of the semiannual report to stockholders filed under Item 1 of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) Not applicable to closed-end investment companies.

(b) Not applicable to closed-end investment companies.

**Item 8.** **Changes in and Disagreements with Accountant for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable for the most recent fiscal half-year period.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

The information required by this Item 12 is only required in an annual report on this Form N-CSR.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

(a) The information required by this Item 13(a) is only required in an annual report on this Form N-CSR.

(b) There have been no changes in any of the Portfolio Managers identified in the registrant's previous annual report on Form N-CSR.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

None.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which stockholders may recommend nominees to the Fund's Board of Trustees since the Fund 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 as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) 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>

None.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports. |
| (a)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| (a)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d797227dex99cert.htm) |
| (a)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None. |
| (a)(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There was no change in the registrant's independent public accountant for the period covered by the report. |
| (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d797227dex99906cert.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 Strategic Income Fund, Inc. | PIMCO Strategic Income Fund, Inc. |
| By: | /s/ Joshua D. Ratner |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: March 5, 2026 | Date: March 5, 2026 |

---

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 |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: March 5, 2026 | Date: March 5, 2026 |
| By: | /s/ Bijal Y. Parikh |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: March 5, 2026 | Date: March 5, 2026 |

---

## 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 Strategic Income
Fund, Inc.;

&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: | March 5, 2026<br>|
| Signature: | /s/ Joshua D. Ratner<br>|
| Title: | President (Principal Executive Officer)<br>|

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Strategic Income
Fund, Inc.;

&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: | March 5, 2026<br>|
| Signature: | /s/ Bijal Y. Parikh<br>|
| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Strategic Income Fund, Inc. (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>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Joshua D. Ratner<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | March 5, 2026<br>| Date: | March 5, 2026<br>|

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.