# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-135849
**Filing Date:** 2025-6
**Character Count:** 4309414
**Document Hash:** 8c675915188de8a254b510f279adef47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135849.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135849

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 111

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251026985

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

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

## Series and Classes Contracts Data

### PIMCO All Asset All Authority Fund (Series ID: S000009675)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026506 | Institutional | PAUIX           |
| C000026507 | A             | PAUAX           |
| C000026508 | C             | PAUCX           |
| C000064130 | I-2           | PAUPX           |
| C000200436 | I-3           | PAUNX           |

### PIMCO International Bond Fund (Unhedged) (Series ID: S000009679)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026523 | Institutional  | PFUIX           |
| C000026524 | A              | PFUAX           |
| C000026525 | C              | PFRCX           |
| C000031146 | Administrative | PFUUX           |
| C000064133 | I-2            | PFUPX           |
| C000200439 | I-3            | PFUNX           |

### PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Series ID: S000009682)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026534 | Institutional  | PGBIX           |
| C000026535 | Administrative | PGDAX           |
| C000026536 | A              | PAIIX           |
| C000026538 | C              | PCIIX           |
| C000064136 | I-2            | PGNPX           |

### PIMCO All Asset Fund (Series ID: S000009686)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026553 | Institutional  | PAAIX           |
| C000026554 | Administrative | PAALX           |
| C000026555 | A              | PASAX           |
| C000026557 | C              | PASCX           |
| C000031163 | R              | PATRX           |
| C000064139 | I-2            | PALPX           |
| C000200442 | I-3            | PAANX           |

### PIMCO Municipal Bond Fund (Series ID: S000009696)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026592 | Institutional | PFMIX           |
| C000026594 | A             | PMLAX           |
| C000026596 | C             | PMLCX           |
| C000064145 | I-2           | PMUPX           |
| C000203303 | I-3           | PMUNX           |

### PIMCO California Intermediate Municipal Bond Fund (Series ID: S000009697)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026598 | Institutional | PCIMX           |
| C000026600 | A             | PCMBX           |
| C000064146 | I-2           | PCIPX           |
| C000080406 | Class C       | PCFCX           |

### PIMCO New York Municipal Bond Fund (Series ID: S000009698)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026602 | Institutional | PNYIX           |
| C000026603 | A             | PNYAX           |
| C000064147 | I-2           | PNYPX           |
| C000080407 | Class C       | PBFCX           |
| C000203304 | I-3           | PNYNX           |

### PIMCO Short Duration Municipal Income Fund (Series ID: S000009702)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026618 | Institutional | PSDIX           |
| C000026620 | A             | PSDAX           |
| C000026621 | C             | PSDCX           |
| C000064150 | I-2           | PSDPX           |
| C000203305 | I-3           | PSDUX           |
| C000222834 | Class C-2     | PCCMX           |

### PIMCO Emerging Markets Currency and Short-Term Investments Fund (Series ID: S000009713)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026668 | Institutional | PLMIX           |
| C000026669 | A             | PLMAX           |
| C000064159 | I-2           | PLMPX           |

### PIMCO Emerging Markets Bond Fund (Series ID: S000009715)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026678 | Institutional | PEBIX           |
| C000026680 | A             | PAEMX           |
| C000026682 | C             | PEBCX           |
| C000064161 | I-2           | PEMPX           |
| C000200456 | I-3           | PEBNX           |

### PIMCO High Yield Municipal Bond Fund (Series ID: S000012844)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034728 | Class A       | PYMAX           |
| C000034730 | Institutional | PHMIX           |
| C000041556 | Class C       | PYMCX           |
| C000064163 | I-2           | PYMPX           |
| C000203307 | I-3           | PYMNX           |

### PIMCO California Short Duration Municipal Income Fund (Series ID: S000013234)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000035571 | Institutional | PCDIX           |
| C000035573 | Class A       | PCDAX           |
| C000064166 | I-2           | PCDPX           |

### PIMCO Emerging Markets Local Currency and Bond Fund (Series ID: S000014994)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000040829 | Class A       | PELAX           |
| C000040830 | Class C       | PELCX           |
| C000040832 | Institutional | PELBX           |
| C000064168 | I-2           | PELPX           |
| C000200459 | I-3           | PELNX           |

### PIMCO Global Advantage Strategy Bond Fund (Series ID: S000022556)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000065240 | I-2           | PGBPX           |
| C000065241 | Institutional | PSAIX           |
| C000074976 | Class A       | PGSAX           |

### PIMCO Global Core Asset Allocation Fund (Series ID: S000023224)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000067743 | A             | PGMAX           |
| C000067744 | C             | PGMCX           |
| C000067746 | I-2           | PGAPX           |
| C000067747 | Institutional | PGAIX           |

### PIMCO Emerging Markets Corporate Bond Fund (Series ID: S000025820)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000077188 | Institutional | PEMIX           |

### PIMCO California Municipal Bond Fund (Series ID: S000037096)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114194 | Institutional Class | PCTIX           |
| C000114195 | I-2                 | PCTPX           |
| C000114198 | Class A             | PCTTX           |
| C000114199 | Class C             | PCTGX           |

### PIMCO National Intermediate Municipal Bond Fund (Series ID: S000037097)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114203 | Class A             | PMNTX           |
| C000114204 | Class C             | PMNNX           |
| C000114206 | Institutional Class | PMNIX           |
| C000114207 | I-2                 | PMNPX           |

### PIMCO Emerging Markets Full Spectrum Bond Fund (Series ID: S000039671)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000122921 | Institutional Class | PFSIX           |

### PIMCO California Municipal Intermediate Value Fund (Series ID: S000064092)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000207235 | Institutional Class | GCMVX           |

### PIMCO California Municipal Opportunistic Value Fund (Series ID: S000064093)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000207236 | Institutional Class | GCMFX           |

### PIMCO National Municipal Intermediate Value Fund (Series ID: S000064094)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000207237 | Institutional Class | GNMVX           |

### PIMCO National Municipal Opportunistic Value Fund (Series ID: S000064095)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000207238 | Institutional Class | GNMFX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

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

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

------

#### EXPLANATORY NOTE
The Registrant is filing this Certified Shareholder Report on Form N-CSR in six (6) separate submissions due to file size limitations on EDGAR submissions. This submission provides the information required by Items 1, 6 and 7 for a limited number of the Registrant's reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). The five companion submissions (the "first companion submission", the "second companion submission", the "third companion submission", the "fourth companion submission" and the "fifth companion submission") to this Certified Shareholder Report on Form N-CSR will follow immediately and will provide the information required by Items 1, 6 and 7 for the other reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). Apart from Items 1, 6 and 7, the companion submissions will be identical in all material respects to this initial submission.

------

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

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

Filed under this submission on Form N-CSR:

● PIMCO All Asset Fund Class A

● PIMCO All Asset Fund Administrative Class

● PIMCO All Asset Fund Class C

● PIMCO All Asset Fund Institutional Class

● PIMCO All Asset Fund I-2

● PIMCO All Asset Fund Class R

● PIMCO All Asset Fund I-3

● PIMCO All Asset All Authority Fund Class A

● PIMCO All Asset All Authority Fund Class C

● PIMCO All Asset All Authority Fund Institutional Class

● PIMCO All Asset All Authority Fund I-2

● PIMCO All Asset All Authority Fund I-3

● PIMCO Global Core Asset Allocation Fund Class A

● PIMCO Global Core Asset Allocation Fund Class C

● PIMCO Global Core Asset Allocation Fund Institutional Class

● PIMCO Global Core Asset Allocation Fund I-2

● PIMCO California Intermediate Municipal Bond Fund Class A

● PIMCO California Intermediate Municipal Bond Fund Class C

● PIMCO California Intermediate Municipal Bond Fund Institutional Class

● PIMCO California Intermediate Municipal Bond Fund I-2

● PIMCO California Municipal Bond Fund Class A

● PIMCO California Municipal Bond Fund Class C

● PIMCO California Municipal Bond Fund Institutional Class

● PIMCO California Municipal Bond Fund I-2

● PIMCO California Short Duration Municipal Income Fund Class A

● PIMCO California Short Duration Municipal Income Fund Institutional Class

● PIMCO California Short Duration Municipal Income Fund I-2

● PIMCO High Yield Municipal Bond Fund Class A

● PIMCO High Yield Municipal Bond Fund Class C

● PIMCO High Yield Municipal Bond Fund Institutional Class

● PIMCO High Yield Municipal Bond Fund I-2

● PIMCO High Yield Municipal Bond Fund I-3

● PIMCO Municipal Bond Fund Class A

● PIMCO Municipal Bond Fund Class C

● PIMCO Municipal Bond Fund Institutional Class

● PIMCO Municipal Bond Fund I-2

● PIMCO Municipal Bond Fund I-3

● PIMCO National Intermediate Municipal Bond Fund Class A

● PIMCO National Intermediate Municipal Bond Fund Class C

● PIMCO National Intermediate Municipal Bond Fund Institutional Class

● PIMCO National Intermediate Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund Class A

● PIMCO New York Municipal Bond Fund Class C

● PIMCO New York Municipal Bond Fund Institutional Class

● PIMCO New York Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund I-3

● PIMCO Short Duration Municipal Income Fund Class A

● PIMCO Short Duration Municipal Income Fund Class C

● PIMCO Short Duration Municipal Income Fund Institutional Class

● PIMCO Short Duration Municipal Income Fund I-2

● PIMCO Short Duration Municipal Income Fund Class C-2

● PIMCO Short Duration Municipal Income Fund I-3

------

● PIMCO California Municipal Intermediate Value Fund Institutional Class

● PIMCO California Municipal Opportunistic Value Fund Institutional Class

● PIMCO National Municipal Intermediate Value Fund Institutional Class

● PIMCO National Municipal Opportunistic Value Fund Institutional Class

● PIMCO Emerging Markets Bond Fund Class A

● PIMCO Emerging Markets Bond Fund Class C

● PIMCO Emerging Markets Bond Fund Institutional Class

● PIMCO Emerging Markets Bond Fund I-2

● PIMCO Emerging Markets Bond Fund I-3

● PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

● PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

● PIMCO Emerging Markets Local Currency and Bond Fund Class A

● PIMCO Emerging Markets Local Currency and Bond Fund Class C

● PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

● PIMCO Global Advantage® Strategy Bond Fund Class A

● PIMCO Global Advantage® Strategy Bond Fund Institutional Class

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

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

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

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

● PIMCO International Bond Fund (Unhedged) Class A

● PIMCO International Bond Fund (Unhedged) Administrative Class

● PIMCO International Bond Fund (Unhedged) Class C

● PIMCO International Bond Fund (Unhedged) Institutional Class

● PIMCO International Bond Fund (Unhedged) I-2

● PIMCO International Bond Fund (Unhedged) I-3

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

● PIMCO RAE Fundamental Advantage PLUS Fund Class A

● PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

● PIMCO RAE PLUS EMG Fund Institutional Class

● PIMCO RAE PLUS EMG Fund I-2

● PIMCO RAE PLUS EMG Fund Class A

● PIMCO RAE PLUS EMG Fund Class C

● PIMCO RAE PLUS Fund Class A

● PIMCO RAE PLUS Fund Class C

● PIMCO RAE PLUS Fund Institutional Class

● PIMCO RAE PLUS Fund I-2

● PIMCO RAE PLUS Fund I-3

● PIMCO RAE PLUS International Fund Institutional Class

● PIMCO RAE PLUS International Fund Class A

● PIMCO RAE PLUS International Fund I-2

● PIMCO RAE PLUS Small Fund Institutional Class

● PIMCO RAE PLUS Small Fund Class A

● PIMCO RAE PLUS Small Fund Class C

● PIMCO RAE PLUS Small Fund I-2

● PIMCO RAE Worldwide Long/Short PLUS Fund Class A

● PIMCO RAE Worldwide Long/Short PLUS Fund Class C

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

● PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

● PIMCO StocksPLUS® Absolute Return Fund Class A

● PIMCO StocksPLUS® Absolute Return Fund Class C

● PIMCO StocksPLUS® Absolute Return Fund Institutional Class

● PIMCO StocksPLUS® Absolute Return Fund I-2

------

● PIMCO StocksPLUS® Absolute Return Fund I-3

● PIMCO StocksPLUS® Fund Class A

● PIMCO StocksPLUS® Fund Class C

● PIMCO StocksPLUS® Fund Institutional Class

● PIMCO StocksPLUS® Fund I-2

● PIMCO StocksPLUS® Fund Class R

● PIMCO StocksPLUS® Fund I-3

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

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

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

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

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

● PIMCO StocksPLUS® International Fund (Unhedged) Class A

● PIMCO StocksPLUS® International Fund (Unhedged) Class C

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

● PIMCO StocksPLUS® International Fund (Unhedged) I-2

● PIMCO StocksPLUS® International Fund (Unhedged) I-3

● PIMCO StocksPLUS® Long Duration Fund Institutional Class

● PIMCO StocksPLUS® Short Fund Class A

● PIMCO StocksPLUS® Short Fund Class C

● PIMCO StocksPLUS® Short Fund Institutional Class

● PIMCO StocksPLUS® Short Fund I-2

● PIMCO StocksPLUS® Short Fund I-3

● PIMCO StocksPLUS® Small Fund Class A

● PIMCO StocksPLUS® Small Fund Class C

● PIMCO StocksPLUS® Small Fund Institutional Class

● PIMCO StocksPLUS® Small Fund I-2

● PIMCO StocksPLUS® Small Fund I-3

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

● PIMCO Climate Bond Fund Class A

● PIMCO Climate Bond Fund Class C

● PIMCO Climate Bond Fund Institutional Class

● PIMCO Climate Bond Fund I-2

● PIMCO Climate Bond Fund I-3

● PIMCO Dynamic Bond Fund Class A

● PIMCO Dynamic Bond Fund Class C

● PIMCO Dynamic Bond Fund Institutional Class

● PIMCO Dynamic Bond Fund I-2

● PIMCO Dynamic Bond Fund Class R

● PIMCO Dynamic Bond Fund I-3

● PIMCO Extended Duration Fund Institutional Class

● PIMCO Extended Duration Fund I-2

● PIMCO GNMA and Government Securities Fund Class A

● PIMCO GNMA and Government Securities Fund Class C

● PIMCO GNMA and Government Securities Fund Institutional Class

● PIMCO GNMA and Government Securities Fund I-2

● PIMCO GNMA and Government Securities Fund I-3

● PIMCO Investment Grade Credit Bond Fund Class A

● PIMCO Investment Grade Credit Bond Fund Administrative Class

● PIMCO Investment Grade Credit Bond Fund Class C

● PIMCO Investment Grade Credit Bond Fund Institutional Class

● PIMCO Investment Grade Credit Bond Fund I-2

● PIMCO Investment Grade Credit Bond Fund I-3

● PIMCO Long Duration Total Return Fund Institutional Class

● PIMCO Long Duration Total Return Fund I-2

● PIMCO Long Duration Total Return Fund Class A

● PIMCO Long Duration Total Return Fund Class C

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

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

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

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

● PIMCO Low Duration Opportunities Fund Class A

------

● PIMCO Low Duration Opportunities Fund Class C

● PIMCO Low Duration Opportunities Fund Institutional Class

● PIMCO Low Duration Opportunities Fund I-2

● PIMCO Moderate Duration Fund Institutional Class

● PIMCO Moderate Duration Fund I-2

● PIMCO Mortgage Opportunities and Bond Fund I-3

● PIMCO Mortgage Opportunities and Bond Fund Class A

● PIMCO Mortgage Opportunities and Bond Fund Class C

● PIMCO Mortgage Opportunities and Bond Fund Institutional Class

● PIMCO Mortgage Opportunities and Bond Fund I-2

● PIMCO Total Return ESG Fund Administrative Class

● PIMCO Total Return ESG Fund Institutional Class

● PIMCO Total Return ESG Fund I-2

● PIMCO Total Return ESG Fund Class A

● PIMCO Total Return ESG Fund Class C

● PIMCO Total Return ESG Fund I-3

● PIMCO Total Return Fund II Institutional Class

● PIMCO Total Return Fund II I-2

● PIMCO Total Return Fund IV Class A

● PIMCO Total Return Fund IV Institutional Class

● PIMCO Total Return Fund V Institutional Class

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

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

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

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

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

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

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

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

● PIMCO ABS and Short-Term Investments Portfolio

● PIMCO EM Bond and Short-Term Investments Portfolio

● PIMCO High Yield and Short-Term Investments Portfolio

● PIMCO Investment Grade Credit Bond Portfolio

● PIMCO Long Duration Credit Bond Portfolio

● PIMCO Low Duration Portfolio

● PIMCO Moderate Duration Portfolio

● PIMCO Mortgage and Short-Term Investments Portfolio

● PIMCO Municipal Portfolio

● PIMCO Real Return Portfolio

● PIMCO Sector Funds Series – AM

● PIMCO Sector Fund Series – H

● PIMCO Sector Fund Series – I

● PIMCO Short-Term Portfolio

● PIMCO Short-Term Floating NAV Portfolio II

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

● PIMCO International Portfolio

● PIMCO Short Asset Portfolio

● PIMCO Short-Term Floating NAV Portfolio III

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

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

● PIMCO All Authority: Multi-RAE PLUS Fund

● PIMCO Income Fund Class A

● PIMCO Income Fund Administrative Class

● PIMCO Income Fund Class C

● PIMCO Income Fund Institutional Class

● PIMCO Income Fund I-2

● PIMCO Income Fund Class R

● PIMCO Income Fund I-3

------

● PIMCO Total Return Fund Class A

● PIMCO Total Return Fund Administrative Class

● PIMCO Total Return Fund Class C

● PIMCO Total Return Fund Institutional Class

● PIMCO Total Return Fund I-2

● PIMCO Total Return Fund Class R

● PIMCO Total Return Fund I-3

● PIMCO Credit Opportunities Bond Fund Class A

● PIMCO Credit Opportunities Bond Fund Class C

● PIMCO Credit Opportunities Bond Fund Institutional Class

● PIMCO Credit Opportunities Bond Fund I-2

● PIMCO Diversified Income Fund Class A

● PIMCO Diversified Income Fund Administrative Class

● PIMCO Diversified Income Fund Class C

● PIMCO Diversified Income Fund Institutional Class

● PIMCO Diversified Income Fund I-2

● PIMCO Diversified Income Fund I-3

● PIMCO ESG Income Fund Class A

● PIMCO ESG Income Fund Class C

● PIMCO ESG Income Fund Institutional Class

● PIMCO ESG Income Fund I-2

● PIMCO ESG Income Fund I-3

● PIMCO High Yield Fund Class A

● PIMCO High Yield Fund Administrative Class

● PIMCO High Yield Fund Class C

● PIMCO High Yield Fund Institutional Class

● PIMCO High Yield Fund I-2

● PIMCO High Yield Fund Class R

● PIMCO High Yield Fund I-3

● PIMCO High Yield Spectrum Fund Class A

● PIMCO High Yield Spectrum Fund Class C

● PIMCO High Yield Spectrum Fund Institutional Class

● PIMCO High Yield Spectrum Fund I-2

● PIMCO High Yield Spectrum Fund I-3

● PIMCO Long-Term Credit Bond Fund Institutional Class

● PIMCO Long-Term Credit Bond Fund I-2

● PIMCO Low Duration Credit Fund Class A

● PIMCO Low Duration Credit Fund Class C

● PIMCO Low Duration Credit Fund Institutional Class

● PIMCO Low Duration Credit Fund I-2

● PIMCO Low Duration Income Fund Class A

● PIMCO Low Duration Income Fund Class C

● PIMCO Low Duration Income Fund Institutional Class

● PIMCO Low Duration Income Fund I-2

● PIMCO Low Duration Income Fund I-3

● PIMCO Low Duration Income Fund Class C-2

● PIMCO Preferred and Capital Securities Fund Class A

● PIMCO Preferred and Capital Securities Fund Class C

● PIMCO Preferred and Capital Securities Fund I-2

● PIMCO Preferred and Capital Securities Fund Institutional Class

● PIMCO Preferred and Capital Securities Fund I-3

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

● PIMCO Government Money Market Fund Class A

● PIMCO Government Money Market Fund Class C

● PIMCO Government Money Market Fund Class M

● PIMCO Government Money Market Fund I-2

● PIMCO Government Money Market Fund Institutional Class

● PIMCO Government Money Market Fund Administrative Class

● PIMCO Low Duration Fund Class A

------

● PIMCO Low Duration Fund Administrative Class

● PIMCO Low Duration Fund Class C

● PIMCO Low Duration Fund Institutional Class

● PIMCO Low Duration Fund I-2

● PIMCO Low Duration Fund Class R

● PIMCO Low Duration Fund I-3

● PIMCO Low Duration Fund Class C-2

● PIMCO Low Duration Fund II Administrative Class

● PIMCO Low Duration Fund II Institutional Class

● PIMCO Low Duration ESG Fund Institutional Class

● PIMCO Low Duration ESG Fund I-2

● PIMCO Short Asset Investment Fund Class A

● PIMCO Short Asset Investment Fund Administrative Class

● PIMCO Short Asset Investment Fund Institutional Class

● PIMCO Short Asset Investment Fund I-2

● PIMCO Short Asset Investment Fund Class M

● PIMCO Short Asset Investment Fund I-3

● PIMCO Short-Term Fund Class A

● PIMCO Short-Term Fund Administrative Class

● PIMCO Short-Term Fund Class C

● PIMCO Short-Term Fund Institutional Class

● PIMCO Short-Term Fund I-2

● PIMCO Short-Term Fund Class R

● PIMCO Short-Term Fund I-3

● PIMCO CommoditiesPLUS® Strategy Fund Class A

● PIMCO CommoditiesPLUS® Strategy Fund Class C

● PIMCO CommoditiesPLUS® Strategy Fund Institutional Class

● PIMCO CommoditiesPLUS® Strategy Fund I-2

● PIMCO CommoditiesPLUS® Strategy Fund I-3

● PIMCO CommodityRealReturnStrategy Fund® Class A

● PIMCO CommodityRealReturnStrategy Fund® Administrative Class

● PIMCO CommodityRealReturnStrategy Fund® Class C

● PIMCO CommodityRealReturnStrategy Fund® Institutional Class

● PIMCO CommodityRealReturnStrategy Fund® I-2

● PIMCO CommodityRealReturnStrategy Fund® Class R

● PIMCO CommodityRealReturnStrategy Fund® I-3

● PIMCO Inflation Response Multi-Asset Fund Class A

● PIMCO Inflation Response Multi-Asset Fund Institutional Class

● PIMCO Inflation Response Multi-Asset Fund I-2

● PIMCO Inflation Response Multi-Asset Fund I-3

● PIMCO Long-Term Real Return Fund Institutional Class

● PIMCO Long-Term Real Return Fund I-2

● PIMCO Real Return Fund Class A

● PIMCO Real Return Fund Administrative Class

● PIMCO Real Return Fund Class C

● PIMCO Real Return Fund Institutional Class

● PIMCO Real Return Fund I-2

● PIMCO Real Return Fund Class R

● PIMCO Real Return Fund I-3

● PIMCO RealEstateRealReturn Strategy Fund Class A

● PIMCO RealEstateRealReturn Strategy Fund Class C

● PIMCO RealEstateRealReturn Strategy Fund Institutional Class

● PIMCO RealEstateRealReturn Strategy Fund I-2

● PIMCO RealEstateRealReturn Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund Class C

● PIMCO TRENDS Managed Futures Strategy Fund Class A

● PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

● PIMCO TRENDS Managed Futures Strategy Fund I-2

# Class A: PAUAX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $328 | 3.21% |

---

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

* Positions in short-term bonds, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns. 

* Positions in U.S. & global core bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* The Fund has a line of credit up to 1.5x of net assets to invest in additional UPFs exposure. As the cost of borrowing thereunder is tied to 1M SOFR, and front-end rates remained elevated, interest costs associated with this borrowing remained higher than recent history, though the returns of the money the Fund invested were positive on average.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* Short positions in U.S. equities, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i720caf0535e52d4b02c6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/15** | $9450 | $10000 | $10000 | $10000 |
| **4/30/15** | $9752 | $9944 | $10074 | $10062 |
| **5/31/15** | $9585 | $9903 | $9991 | $10147 |
| **6/30/15** | $9421 | $9780 | $9894 | $10227 |
| **7/31/15** | $9222 | $9877 | $9914 | $10296 |
| **8/31/15** | $8813 | $9851 | $9838 | $10350 |
| **9/30/15** | $8465 | $9909 | $9780 | $10383 |
| **10/31/15** | $8677 | $9941 | $9805 | $10447 |
| **11/30/15** | $8486 | $9946 | $9795 | $10513 |
| **12/31/15** | $8337 | $9919 | $9718 | $10558 |
| **1/31/16** | $8261 | $10064 | $9862 | $10609 |
| **2/29/16** | $8218 | $10161 | $9972 | $10652 |
| **3/31/16** | $8791 | $10244 | $10151 | $10739 |
| **4/30/16** | $9119 | $10262 | $10186 | $10834 |
| **5/31/16** | $8857 | $10305 | $10114 | $10916 |
| **6/30/16** | $9183 | $10501 | $10324 | $11002 |
| **7/31/16** | $9369 | $10564 | $10414 | $11055 |
| **8/31/16** | $9402 | $10559 | $10367 | $11132 |
| **9/30/16** | $9533 | $10557 | $10424 | $11219 |
| **10/31/16** | $9588 | $10455 | $10382 | $11302 |
| **11/30/16** | $9248 | $10282 | $10183 | $11374 |
| **12/31/16** | $9438 | $10311 | $10173 | $11461 |
| **1/31/17** | $9641 | $10273 | $10259 | $11565 |
| **2/28/17** | $9775 | $10361 | $10307 | $11643 |
| **3/31/17** | $9860 | $10356 | $10301 | $11699 |
| **4/30/17** | $9917 | $10426 | $10362 | $11774 |
| **5/31/17** | $10029 | $10487 | $10358 | $11828 |
| **6/30/17** | $10023 | $10458 | $10260 | $11898 |
| **7/31/17** | $10227 | $10492 | $10305 | $11964 |
| **8/31/17** | $10352 | $10588 | $10415 | $12071 |
| **9/30/17** | $10328 | $10539 | $10348 | $12192 |
| **10/31/17** | $10362 | $10583 | $10370 | $12265 |
| **11/30/17** | $10339 | $10600 | $10384 | $12360 |
| **12/31/17** | $10531 | $10624 | $10479 | $12450 |
| **1/31/18** | $10719 | $10548 | $10389 | $12566 |
| **2/28/18** | $10448 | $10524 | $10288 | $12664 |
| **3/31/18** | $10533 | $10611 | $10396 | $12733 |
| **4/30/18** | $10545 | $10572 | $10390 | $12831 |
| **5/31/18** | $10332 | $10611 | $10434 | $12926 |
| **6/30/18** | $10178 | $10631 | $10476 | $13005 |
| **7/31/18** | $10237 | $10634 | $10426 | $13083 |
| **8/31/18** | $9964 | $10667 | $10501 | $13174 |
| **9/30/18** | $10041 | $10626 | $10390 | $13269 |
| **10/31/18** | $9814 | $10605 | $10242 | $13368 |
| **11/30/18** | $9838 | $10657 | $10290 | $13429 |
| **12/31/18** | $9840 | $10811 | $10347 | $13509 |
| **1/31/19** | $10225 | $10925 | $10486 | $13569 |
| **2/28/19** | $10200 | $10938 | $10484 | $13679 |
| **3/31/19** | $10194 | $11134 | $10677 | $13800 |
| **4/30/19** | $10194 | $11141 | $10713 | $13921 |
| **5/31/19** | $10156 | $11301 | $10890 | $13998 |
| **6/30/19** | $10377 | $11460 | $10983 | $14068 |
| **7/31/19** | $10277 | $11550 | $11022 | $14173 |
| **8/31/19** | $10076 | $11812 | $11284 | $14260 |
| **9/30/19** | $10194 | $11757 | $11131 | $14355 |
| **10/31/19** | $10332 | $11737 | $11159 | $14469 |
| **11/30/19** | $10257 | $11723 | $11176 | $14583 |
| **12/31/19** | $10543 | $11699 | $11219 | $14700 |
| **1/31/20** | $10289 | $11910 | $11454 | $14804 |
| **2/29/20** | $9984 | $12056 | $11613 | $14889 |
| **3/31/20** | $8482 | $11868 | $11409 | $14903 |
| **4/30/20** | $8992 | $12060 | $11726 | $14870 |
| **5/31/20** | $9285 | $12095 | $11761 | $14936 |
| **6/30/20** | $9589 | $12155 | $11892 | $15083 |
| **7/31/20** | $9895 | $12288 | $12166 | $15235 |
| **8/31/20** | $9857 | $12199 | $12299 | $15369 |
| **9/30/20** | $9724 | $12243 | $12253 | $15488 |
| **10/31/20** | $9620 | $12244 | $12174 | $15587 |
| **11/30/20** | $10526 | $12314 | $12311 | $15702 |
| **12/31/20** | $10981 | $12352 | $12452 | $15850 |
| **1/31/21** | $11260 | $12286 | $12493 | $15967 |
| **2/28/21** | $11485 | $12095 | $12292 | $16105 |
| **3/31/21** | $11616 | $12047 | $12269 | $16263 |
| **4/30/21** | $11903 | $12078 | $12440 | $16452 |
| **5/31/21** | $12259 | $12105 | $12591 | $16642 |
| **6/30/21** | $12369 | $12164 | $12667 | $16866 |
| **7/31/21** | $12369 | $12316 | $13005 | $17028 |
| **8/31/21** | $12439 | $12291 | $12982 | $17164 |
| **9/30/21** | $12247 | $12175 | $12889 | $17326 |
| **10/31/21** | $12479 | $12143 | $13035 | $17571 |
| **11/30/21** | $12160 | $12230 | $13152 | $17801 |
| **12/31/21** | $12619 | $12180 | $13194 | $18015 |
| **1/31/22** | $12374 | $11989 | $12927 | $18215 |
| **2/28/22** | $12175 | $11829 | $13037 | $18432 |
| **3/31/22** | $12272 | $11574 | $12795 | $18709 |
| **4/30/22** | $11744 | $11263 | $12533 | $18876 |
| **5/31/22** | $11729 | $11248 | $12409 | $19144 |
| **6/30/22** | $10787 | $11077 | $12016 | $19480 |
| **7/31/22** | $11228 | $11359 | $12539 | $19574 |
| **8/31/22** | $10897 | $11063 | $12206 | $19690 |
| **9/30/22** | $9847 | $10707 | $11398 | $19873 |
| **10/31/22** | $10163 | $10671 | $11540 | $20076 |
| **11/30/22** | $10796 | $10943 | $11750 | $20228 |
| **12/31/22** | $10594 | $10814 | $11631 | $20340 |
| **1/31/23** | $11294 | $11063 | $11844 | $20554 |
| **2/28/23** | $10844 | $10886 | $11681 | $20728 |
| **3/31/23** | $10945 | $11128 | $12019 | $20848 |
| **4/30/23** | $11013 | $11185 | $12032 | $21037 |
| **5/31/23** | $10625 | $11141 | $11888 | $21178 |
| **6/30/23** | $10838 | $11134 | $11848 | $21342 |
| **7/31/23** | $11041 | $11138 | $11863 | $21488 |
| **8/31/23** | $10754 | $11124 | $11757 | $21702 |
| **9/30/23** | $10430 | $10932 | $11540 | $21900 |
| **10/31/23** | $10193 | $10854 | $11457 | $22033 |
| **11/30/23** | $10667 | $11228 | $11767 | $22178 |
| **12/31/23** | $11133 | $11586 | $12084 | $22338 |
| **1/31/24** | $11081 | $11564 | $12105 | $22529 |
| **2/29/24** | $10995 | $11484 | $11975 | $22731 |
| **3/31/24** | $11165 | $11588 | $12074 | $22926 |
| **4/30/24** | $10854 | $11401 | $11870 | $23110 |
| **5/31/24** | $11078 | $11502 | $12074 | $23240 |
| **6/30/24** | $11061 | $11602 | $12169 | $23363 |
| **7/31/24** | $11373 | $11826 | $12386 | $23516 |
| **8/31/24** | $11512 | $11956 | $12483 | $23680 |
| **9/30/24** | $11736 | $12094 | $12670 | $23856 |
| **10/31/24** | $11282 | $11931 | $12443 | $24031 |
| **11/30/24** | $11526 | $12072 | $12503 | $24221 |
| **12/31/24** | $11218 | $11980 | $12306 | $24432 |
| **1/31/25** | $11394 | $12026 | $12465 | $24669 |
| **2/28/25** | $11640 | $12171 | $12736 | $24849 |
| **3/31/25** | $11634 | $12120 | $12818 | $24968 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.21% | 6.52% | 2.10% |
| Class A (including sales charge) | (1.53%) | 5.32% | 1.53% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Consumer Price Index +650 Basis Points | 8.91% | 10.87% | 9.58% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $998287 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $2805 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 140.2% |
| Other Assets and Liabilities, Net | (40.2%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 28.1% |
| PIMCO Total Return Fund | 17.7% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 17.4% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8.5% |
| PIMCO RealEstateRealReturn Strategy Fund | 7.7% |
| PIMCO All Asset: Multi-Real Fund | 7.0% |
| PIMCO High Yield Fund | 5.7% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.4% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 5.3% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.41% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.25% and interest expense by 0.16% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PAUAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset All Authority Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4019TSRAR_033125

# Class C: PAUCX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $403 | 3.96% |

---

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

* Positions in short-term bonds, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns. 

* Positions in U.S. & global core bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* The Fund has a line of credit up to 1.5x of net assets to invest in additional UPFs exposure. As the cost of borrowing thereunder is tied to 1M SOFR, and front-end rates remained elevated, interest costs associated with this borrowing remained higher than recent history, though the returns of the money the Fund invested were positive on average.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* Short positions in U.S. equities, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i92147dcbd5127df7c7c4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10319 | $9944 | $10074 | $10062 |
| **5/31/15** | $10132 | $9903 | $9991 | $10147 |
| **6/30/15** | $9953 | $9780 | $9894 | $10227 |
| **7/31/15** | $9732 | $9877 | $9914 | $10296 |
| **8/31/15** | $9300 | $9851 | $9838 | $10350 |
| **9/30/15** | $8924 | $9909 | $9780 | $10383 |
| **10/31/15** | $9147 | $9941 | $9805 | $10447 |
| **11/30/15** | $8935 | $9946 | $9795 | $10513 |
| **12/31/15** | $8778 | $9919 | $9718 | $10558 |
| **1/31/16** | $8687 | $10064 | $9862 | $10609 |
| **2/29/16** | $8641 | $10161 | $9972 | $10652 |
| **3/31/16** | $9241 | $10244 | $10151 | $10739 |
| **4/30/16** | $9574 | $10262 | $10186 | $10834 |
| **5/31/16** | $9287 | $10305 | $10114 | $10916 |
| **6/30/16** | $9626 | $10501 | $10324 | $11002 |
| **7/31/16** | $9810 | $10564 | $10414 | $11055 |
| **8/31/16** | $9856 | $10559 | $10367 | $11132 |
| **9/30/16** | $9975 | $10557 | $10424 | $11219 |
| **10/31/16** | $10032 | $10455 | $10382 | $11302 |
| **11/30/16** | $9664 | $10282 | $10183 | $11374 |
| **12/31/16** | $9851 | $10311 | $10173 | $11461 |
| **1/31/17** | $10062 | $10273 | $10259 | $11565 |
| **2/28/17** | $10203 | $10361 | $10307 | $11643 |
| **3/31/17** | $10285 | $10356 | $10301 | $11699 |
| **4/30/17** | $10332 | $10426 | $10362 | $11774 |
| **5/31/17** | $10437 | $10487 | $10358 | $11828 |
| **6/30/17** | $10427 | $10458 | $10260 | $11898 |
| **7/31/17** | $10640 | $10492 | $10305 | $11964 |
| **8/31/17** | $10758 | $10588 | $10415 | $12071 |
| **9/30/17** | $10722 | $10539 | $10348 | $12192 |
| **10/31/17** | $10758 | $10583 | $10370 | $12265 |
| **11/30/17** | $10734 | $10600 | $10384 | $12360 |
| **12/31/17** | $10910 | $10624 | $10479 | $12450 |
| **1/31/18** | $11106 | $10548 | $10389 | $12566 |
| **2/28/18** | $10825 | $10524 | $10288 | $12664 |
| **3/31/18** | $10907 | $10611 | $10396 | $12733 |
| **4/30/18** | $10919 | $10572 | $10390 | $12831 |
| **5/31/18** | $10686 | $10611 | $10434 | $12926 |
| **6/30/18** | $10512 | $10631 | $10476 | $13005 |
| **7/31/18** | $10573 | $10634 | $10426 | $13083 |
| **8/31/18** | $10290 | $10667 | $10501 | $13174 |
| **9/30/18** | $10349 | $10626 | $10390 | $13269 |
| **10/31/18** | $10115 | $10605 | $10242 | $13368 |
| **11/30/18** | $10127 | $10657 | $10290 | $13429 |
| **12/31/18** | $10129 | $10811 | $10347 | $13509 |
| **1/31/19** | $10525 | $10925 | $10486 | $13569 |
| **2/28/19** | $10487 | $10938 | $10484 | $13679 |
| **3/31/19** | $10475 | $11134 | $10677 | $13800 |
| **4/30/19** | $10462 | $11141 | $10713 | $13921 |
| **5/31/19** | $10424 | $11301 | $10890 | $13998 |
| **6/30/19** | $10648 | $11460 | $10983 | $14068 |
| **7/31/19** | $10533 | $11550 | $11022 | $14173 |
| **8/31/19** | $10314 | $11812 | $11284 | $14260 |
| **9/30/19** | $10425 | $11757 | $11131 | $14355 |
| **10/31/19** | $10566 | $11737 | $11159 | $14469 |
| **11/30/19** | $10476 | $11723 | $11176 | $14583 |
| **12/31/19** | $10769 | $11699 | $11219 | $14700 |
| **1/31/20** | $10509 | $11910 | $11454 | $14804 |
| **2/29/20** | $10185 | $12056 | $11613 | $14889 |
| **3/31/20** | $8652 | $11868 | $11409 | $14903 |
| **4/30/20** | $9158 | $12060 | $11726 | $14870 |
| **5/31/20** | $9457 | $12095 | $11761 | $14936 |
| **6/30/20** | $9755 | $12155 | $11892 | $15083 |
| **7/31/20** | $10067 | $12288 | $12166 | $15235 |
| **8/31/20** | $10015 | $12199 | $12299 | $15369 |
| **9/30/20** | $9869 | $12243 | $12253 | $15488 |
| **10/31/20** | $9764 | $12244 | $12174 | $15587 |
| **11/30/20** | $10671 | $12314 | $12311 | $15702 |
| **12/31/20** | $11135 | $12352 | $12452 | $15850 |
| **1/31/21** | $11403 | $12286 | $12493 | $15967 |
| **2/28/21** | $11632 | $12095 | $12292 | $16105 |
| **3/31/21** | $11759 | $12047 | $12269 | $16263 |
| **4/30/21** | $12049 | $12078 | $12440 | $16452 |
| **5/31/21** | $12395 | $12105 | $12591 | $16642 |
| **6/30/21** | $12487 | $12164 | $12667 | $16866 |
| **7/31/21** | $12487 | $12316 | $13005 | $17028 |
| **8/31/21** | $12558 | $12291 | $12982 | $17164 |
| **9/30/21** | $12352 | $12175 | $12889 | $17326 |
| **10/31/21** | $12570 | $12143 | $13035 | $17571 |
| **11/30/21** | $12249 | $12230 | $13152 | $17801 |
| **12/31/21** | $12713 | $12180 | $13194 | $18015 |
| **1/31/22** | $12452 | $11989 | $12927 | $18215 |
| **2/28/22** | $12237 | $11829 | $13037 | $18432 |
| **3/31/22** | $12328 | $11574 | $12795 | $18709 |
| **4/30/22** | $11799 | $11263 | $12533 | $18876 |
| **5/31/22** | $11768 | $11248 | $12409 | $19144 |
| **6/30/22** | $10825 | $11077 | $12016 | $19480 |
| **7/31/22** | $11250 | $11359 | $12539 | $19574 |
| **8/31/22** | $10919 | $11063 | $12206 | $19690 |
| **9/30/22** | $9864 | $10707 | $11398 | $19873 |
| **10/31/22** | $10164 | $10671 | $11540 | $20076 |
| **11/30/22** | $10795 | $10943 | $11750 | $20228 |
| **12/31/22** | $10596 | $10814 | $11631 | $20340 |
| **1/31/23** | $11277 | $11063 | $11844 | $20554 |
| **2/28/23** | $10812 | $10886 | $11681 | $20728 |
| **3/31/23** | $10912 | $11128 | $12019 | $20848 |
| **4/30/23** | $10979 | $11185 | $12032 | $21037 |
| **5/31/23** | $10578 | $11141 | $11888 | $21178 |
| **6/30/23** | $10774 | $11134 | $11848 | $21342 |
| **7/31/23** | $10975 | $11138 | $11863 | $21488 |
| **8/31/23** | $10690 | $11124 | $11757 | $21702 |
| **9/30/23** | $10365 | $10932 | $11540 | $21900 |
| **10/31/23** | $10131 | $10854 | $11457 | $22033 |
| **11/30/23** | $10583 | $11228 | $11767 | $22178 |
| **12/31/23** | $11050 | $11586 | $12084 | $22338 |
| **1/31/24** | $10982 | $11564 | $12105 | $22529 |
| **2/29/24** | $10897 | $11484 | $11975 | $22731 |
| **3/31/24** | $11047 | $11588 | $12074 | $22926 |
| **4/30/24** | $10723 | $11401 | $11870 | $23110 |
| **5/31/24** | $10944 | $11502 | $12074 | $23240 |
| **6/30/24** | $10927 | $11602 | $12169 | $23363 |
| **7/31/24** | $11235 | $11826 | $12386 | $23516 |
| **8/31/24** | $11371 | $11956 | $12483 | $23680 |
| **9/30/24** | $11569 | $12094 | $12670 | $23856 |
| **10/31/24** | $11124 | $11931 | $12443 | $24031 |
| **11/30/24** | $11363 | $12072 | $12503 | $24221 |
| **12/31/24** | $11034 | $11980 | $12306 | $24432 |
| **1/31/25** | $11206 | $12026 | $12465 | $24669 |
| **2/28/25** | $11447 | $12171 | $12736 | $24849 |
| **3/31/25** | $11422 | $12120 | $12818 | $24968 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 3.40% | 5.71% | 1.34% |
| Class C (including sales charge) | 2.40% | 5.71% | 1.34% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Consumer Price Index +650 Basis Points | 8.91% | 10.87% | 9.58% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $998287 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $2805 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 140.2% |
| Other Assets and Liabilities, Net | (40.2%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 28.1% |
| PIMCO Total Return Fund | 17.7% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 17.4% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8.5% |
| PIMCO RealEstateRealReturn Strategy Fund | 7.7% |
| PIMCO All Asset: Multi-Real Fund | 7.0% |
| PIMCO High Yield Fund | 5.7% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.4% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 5.3% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.41% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.25% and interest expense by 0.16% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class C: PAUCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset All Authority Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4219TSRAR_033125

# I-3: PAUNX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $298 | 2.91% |

---

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

* Positions in short-term bonds, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns. 

* Positions in U.S. & global core bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* The Fund has a line of credit up to 1.5x of net assets to invest in additional UPFs exposure. As the cost of borrowing thereunder is tied to 1M SOFR, and front-end rates remained elevated, interest costs associated with this borrowing remained higher than recent history, though the returns of the money the Fund invested were positive on average.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* Short positions in U.S. equities, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i2ba13cb28b712dc85736.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1032908 | $994409 | $1007358 | $1006239 |
| **5/31/15** | $1015096 | $990287 | $999089 | $1014684 |
| **6/30/15** | $997334 | $978046 | $989363 | $1022710 |
| **7/31/15** | $976065 | $987733 | $991398 | $1029635 |
| **8/31/15** | $933707 | $985063 | $983840 | $1035040 |
| **9/30/15** | $896814 | $990905 | $978028 | $1038296 |
| **10/31/15** | $920258 | $994119 | $980501 | $1044693 |
| **11/30/15** | $899883 | $994576 | $979546 | $1051344 |
| **12/31/15** | $884173 | $991885 | $971787 | $1055814 |
| **1/31/16** | $875936 | $1006395 | $986217 | $1060921 |
| **2/29/16** | $871176 | $1016068 | $997187 | $1065166 |
| **3/31/16** | $932867 | $1024433 | $1015106 | $1073916 |
| **4/30/16** | $967521 | $1026173 | $1018620 | $1083444 |
| **5/31/16** | $939518 | $1030510 | $1011416 | $1091582 |
| **6/30/16** | $974823 | $1050127 | $1032440 | $1100224 |
| **7/31/16** | $994455 | $1056401 | $1041390 | $1105503 |
| **8/31/16** | $998942 | $1055863 | $1036719 | $1113240 |
| **9/30/16** | $1012761 | $1055737 | $1042394 | $1121865 |
| **10/31/16** | $1019606 | $1045500 | $1038223 | $1130211 |
| **11/30/16** | $983197 | $1028232 | $1018300 | $1137390 |
| **12/31/16** | $1003594 | $1031050 | $1017300 | $1146094 |
| **1/31/17** | $1024952 | $1027295 | $1025852 | $1156514 |
| **2/28/17** | $1040341 | $1036089 | $1030684 | $1164337 |
| **3/31/17** | $1048891 | $1035611 | $1030132 | $1169937 |
| **4/30/17** | $1054705 | $1042634 | $1036226 | $1177446 |
| **5/31/17** | $1066497 | $1048720 | $1035781 | $1182798 |
| **6/30/17** | $1066522 | $1045784 | $1025961 | $1189789 |
| **7/31/17** | $1089340 | $1049222 | $1030532 | $1196431 |
| **8/31/17** | $1102468 | $1058784 | $1041497 | $1207065 |
| **9/30/17** | $1099744 | $1053896 | $1034823 | $1219249 |
| **10/31/17** | $1103238 | $1058341 | $1037037 | $1226514 |
| **11/30/17** | $1101829 | $1059981 | $1038383 | $1236030 |
| **12/31/17** | $1122220 | $1062350 | $1047889 | $1245001 |
| **1/31/18** | $1142157 | $1054766 | $1038904 | $1256568 |
| **2/28/18** | $1114312 | $1052388 | $1028807 | $1266373 |
| **3/31/18** | $1123040 | $1061113 | $1039614 | $1273254 |
| **4/30/18** | $1125397 | $1057165 | $1039018 | $1283075 |
| **5/31/18** | $1102687 | $1061115 | $1043447 | $1292584 |
| **6/30/18** | $1087262 | $1063093 | $1047633 | $1300529 |
| **7/31/18** | $1093613 | $1063384 | $1042593 | $1308347 |
| **8/31/18** | $1064399 | $1066652 | $1050102 | $1317426 |
| **9/30/18** | $1072415 | $1062572 | $1039044 | $1326934 |
| **10/31/18** | $1049379 | $1060496 | $1024151 | $1336802 |
| **11/30/18** | $1050659 | $1065684 | $1029044 | $1342913 |
| **12/31/18** | $1052018 | $1081078 | $1034667 | $1350856 |
| **1/31/19** | $1094524 | $1092528 | $1048586 | $1356937 |
| **2/28/19** | $1090539 | $1093841 | $1048450 | $1367922 |
| **3/31/19** | $1090567 | $1113432 | $1067721 | $1379993 |
| **4/30/19** | $1090567 | $1114096 | $1071271 | $1392144 |
| **5/31/19** | $1086562 | $1130127 | $1088971 | $1399816 |
| **6/30/19** | $1111163 | $1145973 | $1098308 | $1406798 |
| **7/31/19** | $1100453 | $1154991 | $1102211 | $1417284 |
| **8/31/19** | $1079033 | $1181184 | $1128442 | $1425951 |
| **9/30/19** | $1091053 | $1175711 | $1113082 | $1435537 |
| **10/31/19** | $1107197 | $1173681 | $1115928 | $1446874 |
| **11/30/19** | $1099125 | $1172304 | $1117630 | $1458300 |
| **12/31/19** | $1130788 | $1169901 | $1121867 | $1469995 |
| **1/31/20** | $1103507 | $1191013 | $1145423 | $1480415 |
| **2/29/20** | $1070771 | $1205590 | $1161276 | $1488864 |
| **3/31/20** | $910353 | $1186827 | $1140859 | $1490310 |
| **4/30/20** | $965029 | $1206040 | $1172593 | $1486991 |
| **5/31/20** | $997835 | $1209459 | $1176117 | $1493578 |
| **6/30/20** | $1029597 | $1215495 | $1189245 | $1508322 |
| **7/31/20** | $1063872 | $1228777 | $1216571 | $1523536 |
| **8/31/20** | $1059759 | $1219873 | $1229861 | $1536906 |
| **9/30/20** | $1044878 | $1224329 | $1225326 | $1548816 |
| **10/31/20** | $1033762 | $1224418 | $1217412 | $1558723 |
| **11/30/20** | $1131024 | $1231405 | $1231063 | $1570236 |
| **12/31/20** | $1181012 | $1235188 | $1245186 | $1584955 |
| **1/31/21** | $1210965 | $1228563 | $1249304 | $1596707 |
| **2/28/21** | $1236639 | $1209452 | $1229179 | $1610467 |
| **3/31/21** | $1251340 | $1204687 | $1226855 | $1626281 |
| **4/30/21** | $1282255 | $1207836 | $1244024 | $1645168 |
| **5/31/21** | $1322004 | $1210532 | $1259091 | $1664242 |
| **6/30/21** | $1331461 | $1216436 | $1266717 | $1686566 |
| **7/31/21** | $1332976 | $1231555 | $1300475 | $1702844 |
| **8/31/21** | $1340550 | $1229087 | $1298188 | $1716437 |
| **9/30/21** | $1321044 | $1217483 | $1288906 | $1732560 |
| **10/31/21** | $1346028 | $1214299 | $1303532 | $1757095 |
| **11/30/21** | $1311675 | $1222961 | $1315189 | $1780107 |
| **12/31/21** | $1362358 | $1218001 | $1319351 | $1801451 |
| **1/31/22** | $1335969 | $1198865 | $1292667 | $1821492 |
| **2/28/22** | $1314527 | $1182918 | $1303707 | $1843167 |
| **3/31/22** | $1324052 | $1157419 | $1279468 | $1870886 |
| **4/30/22** | $1268744 | $1126312 | $1253318 | $1887586 |
| **5/31/22** | $1267068 | $1124762 | $1240883 | $1914378 |
| **6/30/22** | $1166103 | $1107692 | $1201616 | $1947972 |
| **7/31/22** | $1213699 | $1135906 | $1253928 | $1957381 |
| **8/31/22** | $1178002 | $1106252 | $1220580 | $1969032 |
| **9/30/22** | $1065088 | $1070739 | $1139803 | $1987346 |
| **10/31/22** | $1099225 | $1067074 | $1153964 | $2007609 |
| **11/30/22** | $1169207 | $1094267 | $1175039 | $2022760 |
| **12/31/22** | $1146887 | $1081352 | $1163065 | $2034033 |
| **1/31/23** | $1222625 | $1106259 | $1184372 | $2055377 |
| **2/28/23** | $1173936 | $1088614 | $1168130 | $2072783 |
| **3/31/23** | $1185594 | $1112753 | $1201894 | $2084754 |
| **4/30/23** | $1192878 | $1118482 | $1203212 | $2103657 |
| **5/31/23** | $1150991 | $1114079 | $1188819 | $2117787 |
| **6/30/23** | $1174637 | $1113414 | $1184814 | $2134184 |
| **7/31/23** | $1196559 | $1113774 | $1186301 | $2148820 |
| **8/31/23** | $1165503 | $1112375 | $1175707 | $2170240 |
| **9/30/23** | $1131373 | $1093192 | $1154005 | $2189957 |
| **10/31/23** | $1107535 | $1085430 | $1145656 | $2203281 |
| **11/30/23** | $1157044 | $1122750 | $1176694 | $2217751 |
| **12/31/23** | $1210336 | $1158631 | $1208370 | $2233820 |
| **1/31/24** | $1204750 | $1156360 | $1210515 | $2252857 |
| **2/29/24** | $1193577 | $1148426 | $1197508 | $2273147 |
| **3/31/24** | $1212749 | $1158782 | $1207363 | $2292583 |
| **4/30/24** | $1179010 | $1140124 | $1187004 | $2310952 |
| **5/31/24** | $1203377 | $1150213 | $1207395 | $2324035 |
| **6/30/24** | $1202213 | $1160193 | $1216871 | $2336293 |
| **7/31/24** | $1236132 | $1182607 | $1238574 | $2351635 |
| **8/31/24** | $1253091 | $1195560 | $1248291 | $2367969 |
| **9/30/24** | $1276387 | $1209433 | $1267030 | $2385576 |
| **10/31/24** | $1229043 | $1193067 | $1244299 | $2403150 |
| **11/30/24** | $1255556 | $1207238 | $1250329 | $2422098 |
| **12/31/24** | $1221373 | $1197974 | $1230558 | $2443182 |
| **1/31/25** | $1240457 | $1202615 | $1246472 | $2466865 |
| **2/28/25** | $1267174 | $1217096 | $1273649 | $2484874 |
| **3/31/25** | $1267354 | $1212017 | $1281815 | $2496750 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 4.50% | 6.84% | 2.40% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Consumer Price Index +650 Basis Points | 8.91% | 10.87% | 9.58% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $998287 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $2805 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 140.2% |
| Other Assets and Liabilities, Net | (40.2%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 28.1% |
| PIMCO Total Return Fund | 17.7% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 17.4% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8.5% |
| PIMCO RealEstateRealReturn Strategy Fund | 7.7% |
| PIMCO All Asset: Multi-Real Fund | 7.0% |
| PIMCO High Yield Fund | 5.7% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.4% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 5.3% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.41% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.25% and interest expense by 0.16% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-3: PAUNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset All Authority Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2174TSRAR_033125

# Institutional Class: PAUIX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $282 | 2.76% |

---

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

* Positions in short-term bonds, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns. 

* Positions in U.S. & global core bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* The Fund has a line of credit up to 1.5x of net assets to invest in additional UPFs exposure. As the cost of borrowing thereunder is tied to 1M SOFR, and front-end rates remained elevated, interest costs associated with this borrowing remained higher than recent history, though the returns of the money the Fund invested were positive on average.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* Short positions in U.S. equities, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i9736942cfa08f73f0744.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1033076 | $994409 | $1007358 | $1006239 |
| **5/31/15** | $1015436 | $990287 | $999089 | $1014684 |
| **6/30/15** | $997833 | $978046 | $989363 | $1022710 |
| **7/31/15** | $976721 | $987733 | $991398 | $1029635 |
| **8/31/15** | $934496 | $985063 | $983840 | $1035040 |
| **9/30/15** | $897722 | $990905 | $978028 | $1038296 |
| **10/31/15** | $921347 | $994119 | $980501 | $1044693 |
| **11/30/15** | $901097 | $994576 | $979546 | $1051344 |
| **12/31/15** | $885516 | $991885 | $971787 | $1055814 |
| **1/31/16** | $877414 | $1006395 | $986217 | $1060921 |
| **2/29/16** | $872783 | $1016068 | $997187 | $1065166 |
| **3/31/16** | $934743 | $1024433 | $1015106 | $1073916 |
| **4/30/16** | $969621 | $1026173 | $1018620 | $1083444 |
| **5/31/16** | $941718 | $1030510 | $1011416 | $1091582 |
| **6/30/16** | $977262 | $1050127 | $1032440 | $1100224 |
| **7/31/16** | $997111 | $1056401 | $1041390 | $1105503 |
| **8/31/16** | $1001781 | $1055863 | $1036719 | $1113240 |
| **9/30/16** | $1015805 | $1055737 | $1042394 | $1121865 |
| **10/31/16** | $1022843 | $1045500 | $1038223 | $1130211 |
| **11/30/16** | $986481 | $1028232 | $1018300 | $1137390 |
| **12/31/16** | $1007115 | $1031050 | $1017300 | $1146094 |
| **1/31/17** | $1028722 | $1027295 | $1025852 | $1156514 |
| **2/28/17** | $1044326 | $1036089 | $1030684 | $1164337 |
| **3/31/17** | $1053087 | $1035611 | $1030132 | $1169937 |
| **4/30/17** | $1059097 | $1042634 | $1036226 | $1177446 |
| **5/31/17** | $1071119 | $1048720 | $1035781 | $1182798 |
| **6/30/17** | $1071320 | $1045784 | $1025961 | $1189789 |
| **7/31/17** | $1094424 | $1049222 | $1030532 | $1196431 |
| **8/31/17** | $1107801 | $1058784 | $1041497 | $1207065 |
| **9/30/17** | $1105246 | $1053896 | $1034823 | $1219249 |
| **10/31/17** | $1108946 | $1058341 | $1037037 | $1226514 |
| **11/30/17** | $1107713 | $1059981 | $1038383 | $1236030 |
| **12/31/17** | $1128402 | $1062350 | $1047889 | $1245001 |
| **1/31/18** | $1148642 | $1054766 | $1038904 | $1256568 |
| **2/28/18** | $1120811 | $1052388 | $1028807 | $1266373 |
| **3/31/18** | $1129781 | $1061113 | $1039614 | $1273254 |
| **4/30/18** | $1132320 | $1057165 | $1039018 | $1283075 |
| **5/31/18** | $1109470 | $1061115 | $1043447 | $1292584 |
| **6/30/18** | $1093880 | $1063093 | $1047633 | $1300529 |
| **7/31/18** | $1100269 | $1063384 | $1042593 | $1308347 |
| **8/31/18** | $1072155 | $1066652 | $1050102 | $1317426 |
| **9/30/18** | $1079200 | $1062572 | $1039044 | $1326934 |
| **10/31/18** | $1056019 | $1060496 | $1024151 | $1336802 |
| **11/30/18** | $1058595 | $1065684 | $1029044 | $1342913 |
| **12/31/18** | $1059144 | $1081078 | $1034667 | $1350856 |
| **1/31/19** | $1101938 | $1092528 | $1048586 | $1356937 |
| **2/28/19** | $1097926 | $1093841 | $1048450 | $1367922 |
| **3/31/19** | $1098326 | $1113432 | $1067721 | $1379993 |
| **4/30/19** | $1099670 | $1114096 | $1071271 | $1392144 |
| **5/31/19** | $1095637 | $1130127 | $1088971 | $1399816 |
| **6/30/19** | $1120316 | $1145973 | $1098308 | $1406798 |
| **7/31/19** | $1109518 | $1154991 | $1102211 | $1417284 |
| **8/31/19** | $1087922 | $1181184 | $1128442 | $1425951 |
| **9/30/19** | $1100521 | $1175711 | $1113082 | $1435537 |
| **10/31/19** | $1116805 | $1173681 | $1115928 | $1446874 |
| **11/30/19** | $1108663 | $1172304 | $1117630 | $1458300 |
| **12/31/19** | $1139833 | $1169901 | $1121867 | $1469995 |
| **1/31/20** | $1113678 | $1191013 | $1145423 | $1480415 |
| **2/29/20** | $1080639 | $1205590 | $1161276 | $1488864 |
| **3/31/20** | $919090 | $1186827 | $1140859 | $1490310 |
| **4/30/20** | $972910 | $1206040 | $1172593 | $1486991 |
| **5/31/20** | $1006030 | $1209459 | $1176117 | $1493578 |
| **6/30/20** | $1039779 | $1215495 | $1189245 | $1508322 |
| **7/31/20** | $1073008 | $1228777 | $1216571 | $1523536 |
| **8/31/20** | $1068854 | $1219873 | $1229861 | $1536906 |
| **9/30/20** | $1054154 | $1224329 | $1225326 | $1548816 |
| **10/31/20** | $1044329 | $1224418 | $1217412 | $1558723 |
| **11/30/20** | $1142585 | $1231405 | $1231063 | $1570236 |
| **12/31/20** | $1192132 | $1235188 | $1245186 | $1584955 |
| **1/31/21** | $1222404 | $1228563 | $1249304 | $1596707 |
| **2/28/21** | $1248351 | $1209452 | $1229179 | $1610467 |
| **3/31/21** | $1263600 | $1204687 | $1226855 | $1626281 |
| **4/30/21** | $1296344 | $1207836 | $1244024 | $1645168 |
| **5/31/21** | $1335041 | $1210532 | $1259091 | $1664242 |
| **6/30/21** | $1346413 | $1216436 | $1266717 | $1686566 |
| **7/31/21** | $1346413 | $1231555 | $1300475 | $1702844 |
| **8/31/21** | $1355604 | $1229087 | $1298188 | $1716437 |
| **9/30/21** | $1334694 | $1217483 | $1288906 | $1732560 |
| **10/31/21** | $1359966 | $1214299 | $1303532 | $1757095 |
| **11/30/21** | $1326796 | $1222961 | $1315189 | $1780107 |
| **12/31/21** | $1377017 | $1218001 | $1319351 | $1801451 |
| **1/31/22** | $1350311 | $1198865 | $1292667 | $1821492 |
| **2/28/22** | $1328613 | $1182918 | $1303707 | $1843167 |
| **3/31/22** | $1340607 | $1157419 | $1279468 | $1870886 |
| **4/30/22** | $1282910 | $1126312 | $1253318 | $1887586 |
| **5/31/22** | $1281213 | $1124762 | $1240883 | $1914378 |
| **6/30/22** | $1181019 | $1107692 | $1201616 | $1947972 |
| **7/31/22** | $1229224 | $1135906 | $1253928 | $1957381 |
| **8/31/22** | $1193070 | $1106252 | $1220580 | $1969032 |
| **9/30/22** | $1079499 | $1070739 | $1139803 | $1987346 |
| **10/31/22** | $1112368 | $1067074 | $1153964 | $2007609 |
| **11/30/22** | $1183297 | $1094267 | $1175039 | $2022760 |
| **12/31/22** | $1161236 | $1081352 | $1163065 | $2034033 |
| **1/31/23** | $1238042 | $1106259 | $1184372 | $2055377 |
| **2/28/23** | $1188666 | $1088614 | $1168130 | $2072783 |
| **3/31/23** | $1200870 | $1112753 | $1201894 | $2084754 |
| **4/30/23** | $1208260 | $1118482 | $1203212 | $2103657 |
| **5/31/23** | $1165768 | $1114079 | $1188819 | $2117787 |
| **6/30/23** | $1190078 | $1113414 | $1184814 | $2134184 |
| **7/31/23** | $1214176 | $1113774 | $1186301 | $2148820 |
| **8/31/23** | $1182663 | $1112375 | $1175707 | $2170240 |
| **9/30/23** | $1146639 | $1093192 | $1154005 | $2189957 |
| **10/31/23** | $1122440 | $1085430 | $1145656 | $2203281 |
| **11/30/23** | $1174560 | $1122750 | $1176694 | $2217751 |
| **12/31/23** | $1227369 | $1158631 | $1208370 | $2233820 |
| **1/31/24** | $1221695 | $1156360 | $1210515 | $2252857 |
| **2/29/24** | $1212239 | $1148426 | $1197508 | $2273147 |
| **3/31/24** | $1232113 | $1158782 | $1207363 | $2292583 |
| **4/30/24** | $1195931 | $1140124 | $1187004 | $2310952 |
| **5/31/24** | $1220687 | $1150213 | $1207395 | $2324035 |
| **6/30/24** | $1221782 | $1160193 | $1216871 | $2336293 |
| **7/31/24** | $1256252 | $1182607 | $1238574 | $2351635 |
| **8/31/24** | $1271572 | $1195560 | $1248291 | $2367969 |
| **9/30/24** | $1297680 | $1209433 | $1267030 | $2385576 |
| **10/31/24** | $1247621 | $1193067 | $1244299 | $2403150 |
| **11/30/24** | $1274576 | $1207238 | $1250329 | $2422098 |
| **12/31/24** | $1240368 | $1197974 | $1230558 | $2443182 |
| **1/31/25** | $1261721 | $1202615 | $1246472 | $2466865 |
| **2/28/25** | $1288896 | $1217096 | $1273649 | $2484874 |
| **3/31/25** | $1287556 | $1212017 | $1281815 | $2496750 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.50% | 6.97% | 2.56% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Consumer Price Index +650 Basis Points | 8.91% | 10.87% | 9.58% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $998287 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $2805 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 140.2% |
| Other Assets and Liabilities, Net | (40.2%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 28.1% |
| PIMCO Total Return Fund | 17.7% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 17.4% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8.5% |
| PIMCO RealEstateRealReturn Strategy Fund | 7.7% |
| PIMCO All Asset: Multi-Real Fund | 7.0% |
| PIMCO High Yield Fund | 5.7% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.4% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 5.3% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.41% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.25% and interest expense by 0.16% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PAUIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset All Authority Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1860TSRAR_033125

# I-2: PAUPX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $293 | 2.86% |

---

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

* Positions in short-term bonds, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns. 

* Positions in U.S. & global core bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* The Fund has a line of credit up to 1.5x of net assets to invest in additional UPFs exposure. As the cost of borrowing thereunder is tied to 1M SOFR, and front-end rates remained elevated, interest costs associated with this borrowing remained higher than recent history, though the returns of the money the Fund invested were positive on average.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* Short positions in U.S. equities, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i8a63f03df38dc0b93356.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1031938 | $994409 | $1007358 | $1006239 |
| **5/31/15** | $1014317 | $990287 | $999089 | $1014684 |
| **6/30/15** | $997628 | $978046 | $989363 | $1022710 |
| **7/31/15** | $976543 | $987733 | $991398 | $1029635 |
| **8/31/15** | $933264 | $985063 | $983840 | $1035040 |
| **9/30/15** | $896225 | $990905 | $978028 | $1038296 |
| **10/31/15** | $919810 | $994119 | $980501 | $1044693 |
| **11/30/15** | $899595 | $994576 | $979546 | $1051344 |
| **12/31/15** | $884834 | $991885 | $971787 | $1055814 |
| **1/31/16** | $876748 | $1006395 | $986217 | $1060921 |
| **2/29/16** | $872128 | $1016068 | $997187 | $1065166 |
| **3/31/16** | $933747 | $1024433 | $1015106 | $1073916 |
| **4/30/16** | $968545 | $1026173 | $1018620 | $1083444 |
| **5/31/16** | $940707 | $1030510 | $1011416 | $1091582 |
| **6/30/16** | $974821 | $1050127 | $1032440 | $1100224 |
| **7/31/16** | $995784 | $1056401 | $1041390 | $1105503 |
| **8/31/16** | $1000443 | $1055863 | $1036719 | $1113240 |
| **9/30/16** | $1013009 | $1055737 | $1042394 | $1121865 |
| **10/31/16** | $1020028 | $1045500 | $1038223 | $1130211 |
| **11/30/16** | $983765 | $1028232 | $1018300 | $1137390 |
| **12/31/16** | $1004016 | $1031050 | $1017300 | $1146094 |
| **1/31/17** | $1026753 | $1027295 | $1025852 | $1156514 |
| **2/28/17** | $1041113 | $1036089 | $1030684 | $1164337 |
| **3/31/17** | $1050860 | $1035611 | $1030132 | $1169937 |
| **4/30/17** | $1056851 | $1042634 | $1036226 | $1177446 |
| **5/31/17** | $1068834 | $1048720 | $1035781 | $1182798 |
| **6/30/17** | $1068844 | $1045784 | $1025961 | $1189789 |
| **7/31/17** | $1090657 | $1049222 | $1030532 | $1196431 |
| **8/31/17** | $1105199 | $1058784 | $1041497 | $1207065 |
| **9/30/17** | $1101165 | $1053896 | $1034823 | $1219249 |
| **10/31/17** | $1106081 | $1058341 | $1037037 | $1226514 |
| **11/30/17** | $1104852 | $1059981 | $1038383 | $1236030 |
| **12/31/17** | $1125162 | $1062350 | $1047889 | $1245001 |
| **1/31/18** | $1145321 | $1054766 | $1038904 | $1256568 |
| **2/28/18** | $1117602 | $1052388 | $1028807 | $1266373 |
| **3/31/18** | $1126295 | $1061113 | $1039614 | $1273254 |
| **4/30/18** | $1128823 | $1057165 | $1039018 | $1283075 |
| **5/31/18** | $1104806 | $1061115 | $1043447 | $1292584 |
| **6/30/18** | $1089066 | $1063093 | $1047633 | $1300529 |
| **7/31/18** | $1096700 | $1063384 | $1042593 | $1308347 |
| **8/31/18** | $1067438 | $1066652 | $1050102 | $1317426 |
| **9/30/18** | $1075414 | $1062572 | $1039044 | $1326934 |
| **10/31/18** | $1052342 | $1060496 | $1024151 | $1336802 |
| **11/30/18** | $1053624 | $1065684 | $1029044 | $1342913 |
| **12/31/18** | $1055078 | $1081078 | $1034667 | $1350856 |
| **1/31/19** | $1096323 | $1092528 | $1048586 | $1356937 |
| **2/28/19** | $1093662 | $1093841 | $1048450 | $1367922 |
| **3/31/19** | $1093834 | $1113432 | $1067721 | $1379993 |
| **4/30/19** | $1093834 | $1114096 | $1071271 | $1392144 |
| **5/31/19** | $1089822 | $1130127 | $1088971 | $1399816 |
| **6/30/19** | $1114169 | $1145973 | $1098308 | $1406798 |
| **7/31/19** | $1103430 | $1154991 | $1102211 | $1417284 |
| **8/31/19** | $1081952 | $1181184 | $1128442 | $1425951 |
| **9/30/19** | $1095539 | $1175711 | $1113082 | $1435537 |
| **10/31/19** | $1110380 | $1173681 | $1115928 | $1446874 |
| **11/30/19** | $1102285 | $1172304 | $1117630 | $1458300 |
| **12/31/19** | $1134289 | $1169901 | $1121867 | $1469995 |
| **1/31/20** | $1106923 | $1191013 | $1145423 | $1480415 |
| **2/29/20** | $1074085 | $1205590 | $1161276 | $1488864 |
| **3/31/20** | $913296 | $1186827 | $1140859 | $1490310 |
| **4/30/20** | $968148 | $1206040 | $1172593 | $1486991 |
| **5/31/20** | $1001060 | $1209459 | $1176117 | $1493578 |
| **6/30/20** | $1033034 | $1215495 | $1189245 | $1508322 |
| **7/31/20** | $1066047 | $1228777 | $1216571 | $1523536 |
| **8/31/20** | $1061920 | $1219873 | $1229861 | $1536906 |
| **9/30/20** | $1048432 | $1224329 | $1225326 | $1548816 |
| **10/31/20** | $1037278 | $1224418 | $1217412 | $1558723 |
| **11/30/20** | $1134871 | $1231405 | $1231063 | $1570236 |
| **12/31/20** | $1185126 | $1235188 | $1245186 | $1584955 |
| **1/31/21** | $1215184 | $1228563 | $1249304 | $1596707 |
| **2/28/21** | $1240948 | $1209452 | $1229179 | $1610467 |
| **3/31/21** | $1255848 | $1204687 | $1226855 | $1626281 |
| **4/30/21** | $1286875 | $1207836 | $1244024 | $1645168 |
| **5/31/21** | $1325289 | $1210532 | $1259091 | $1664242 |
| **6/30/21** | $1336341 | $1216436 | $1266717 | $1686566 |
| **7/31/21** | $1337861 | $1231555 | $1300475 | $1702844 |
| **8/31/21** | $1345463 | $1229087 | $1298188 | $1716437 |
| **9/30/21** | $1325898 | $1217483 | $1288906 | $1732560 |
| **10/31/21** | $1350974 | $1214299 | $1303532 | $1757095 |
| **11/30/21** | $1316495 | $1222961 | $1315189 | $1780107 |
| **12/31/21** | $1367495 | $1218001 | $1319351 | $1801451 |
| **1/31/22** | $1341006 | $1198865 | $1292667 | $1821492 |
| **2/28/22** | $1319484 | $1182918 | $1303707 | $1843167 |
| **3/31/22** | $1329403 | $1157419 | $1279468 | $1870886 |
| **4/30/22** | $1273871 | $1126312 | $1253318 | $1887586 |
| **5/31/22** | $1272188 | $1124762 | $1240883 | $1914378 |
| **6/30/22** | $1170926 | $1107692 | $1201616 | $1947972 |
| **7/31/22** | $1218719 | $1135906 | $1253928 | $1957381 |
| **8/31/22** | $1182875 | $1106252 | $1220580 | $1969032 |
| **9/30/22** | $1069979 | $1070739 | $1139803 | $1987346 |
| **10/31/22** | $1102559 | $1067074 | $1153964 | $2007609 |
| **11/30/22** | $1174577 | $1094267 | $1175039 | $2022760 |
| **12/31/22** | $1152282 | $1081352 | $1163065 | $2034033 |
| **1/31/23** | $1228376 | $1106259 | $1184372 | $2055377 |
| **2/28/23** | $1179459 | $1088614 | $1168130 | $2072783 |
| **3/31/23** | $1191307 | $1112753 | $1201894 | $2084754 |
| **4/30/23** | $1198627 | $1118482 | $1203212 | $2103657 |
| **5/31/23** | $1156537 | $1114079 | $1188819 | $2117787 |
| **6/30/23** | $1180397 | $1113414 | $1184814 | $2134184 |
| **7/31/23** | $1202426 | $1113774 | $1186301 | $2148820 |
| **8/31/23** | $1171218 | $1112375 | $1175707 | $2170240 |
| **9/30/23** | $1137090 | $1093192 | $1154005 | $2189957 |
| **10/31/23** | $1111289 | $1085430 | $1145656 | $2203281 |
| **11/30/23** | $1162891 | $1122750 | $1176694 | $2217751 |
| **12/31/23** | $1214795 | $1158631 | $1208370 | $2233820 |
| **1/31/24** | $1209180 | $1156360 | $1210515 | $2252857 |
| **2/29/24** | $1199821 | $1148426 | $1197508 | $2273147 |
| **3/31/24** | $1219201 | $1158782 | $1207363 | $2292583 |
| **4/30/24** | $1185282 | $1140124 | $1187004 | $2310952 |
| **5/31/24** | $1209779 | $1150213 | $1207395 | $2324035 |
| **6/30/24** | $1208736 | $1160193 | $1216871 | $2336293 |
| **7/31/24** | $1242838 | $1182607 | $1238574 | $2351635 |
| **8/31/24** | $1259889 | $1195560 | $1248291 | $2367969 |
| **9/30/24** | $1283505 | $1209433 | $1267030 | $2385576 |
| **10/31/24** | $1235897 | $1193067 | $1244299 | $2403150 |
| **11/30/24** | $1262558 | $1207238 | $1250329 | $2422098 |
| **12/31/24** | $1228346 | $1197974 | $1230558 | $2443182 |
| **1/31/25** | $1247539 | $1202615 | $1246472 | $2466865 |
| **2/28/25** | $1274409 | $1217096 | $1273649 | $2484874 |
| **3/31/25** | $1274735 | $1212017 | $1281815 | $2496750 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.55% | 6.90% | 2.46% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS Index | 6.17% | 2.36% | 2.51% |
| Consumer Price Index +650 Basis Points | 8.91% | 10.87% | 9.58% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $998287 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $2805 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 140.2% |
| Other Assets and Liabilities, Net | (40.2%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 28.1% |
| PIMCO Total Return Fund | 17.7% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 17.4% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8.5% |
| PIMCO RealEstateRealReturn Strategy Fund | 7.7% |
| PIMCO All Asset: Multi-Real Fund | 7.0% |
| PIMCO High Yield Fund | 5.7% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.4% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 5.3% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.41% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.25% and interest expense by 0.16% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PAUPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset All Authority Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1932TSRAR_033125

# Class A: PASAX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 0.60% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i6944f7184c177923b401.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $9625 | $10000 | $10000 | $10000 |
| **4/30/15** | $9882 | $9944 | $10087 | $10051 |
| **5/31/15** | $9750 | $9903 | $10039 | $10123 |
| **6/30/15** | $9592 | $9780 | $9985 | $10192 |
| **7/31/15** | $9450 | $9877 | $9976 | $10249 |
| **8/31/15** | $9041 | $9851 | $9924 | $10290 |
| **9/30/15** | $8751 | $9909 | $9899 | $10310 |
| **10/31/15** | $9045 | $9941 | $9902 | $10362 |
| **11/30/15** | $8877 | $9946 | $9888 | $10416 |
| **12/31/15** | $8732 | $9919 | $9830 | $10447 |
| **1/31/16** | $8613 | $10064 | $9956 | $10486 |
| **2/29/16** | $8604 | $10161 | $10039 | $10515 |
| **3/31/16** | $9185 | $10244 | $10184 | $10589 |
| **4/30/16** | $9451 | $10262 | $10211 | $10671 |
| **5/31/16** | $9245 | $10305 | $10152 | $10739 |
| **6/30/16** | $9548 | $10501 | $10318 | $10811 |
| **7/31/16** | $9755 | $10564 | $10351 | $10850 |
| **8/31/16** | $9789 | $10559 | $10299 | $10914 |
| **9/30/16** | $9894 | $10557 | $10377 | $10986 |
| **10/31/16** | $9920 | $10455 | $10365 | $11055 |
| **11/30/16** | $9687 | $10282 | $10213 | $11112 |
| **12/31/16** | $9858 | $10311 | $10224 | $11184 |
| **1/31/17** | $10078 | $10273 | $10300 | $11273 |
| **2/28/17** | $10255 | $10361 | $10325 | $11336 |
| **3/31/17** | $10349 | $10356 | $10332 | $11377 |
| **4/30/17** | $10384 | $10426 | $10378 | $11437 |
| **5/31/17** | $10517 | $10487 | $10373 | $11475 |
| **6/30/17** | $10524 | $10458 | $10291 | $11529 |
| **7/31/17** | $10738 | $10492 | $10342 | $11580 |
| **8/31/17** | $10872 | $10588 | $10414 | $11670 |
| **9/30/17** | $10862 | $10539 | $10363 | $11774 |
| **10/31/17** | $10934 | $10583 | $10380 | $11831 |
| **11/30/17** | $10988 | $10600 | $10369 | $11909 |
| **12/31/17** | $11188 | $10624 | $10418 | $11982 |
| **1/31/18** | $11455 | $10548 | $10340 | $12079 |
| **2/28/18** | $11160 | $10524 | $10292 | $12159 |
| **3/31/18** | $11198 | $10611 | $10377 | $12211 |
| **4/30/18** | $11208 | $10572 | $10363 | $12291 |
| **5/31/18** | $11060 | $10611 | $10411 | $12368 |
| **6/30/18** | $10924 | $10631 | $10440 | $12429 |
| **7/31/18** | $11054 | $10634 | $10400 | $12489 |
| **8/31/18** | $10887 | $10667 | $10470 | $12562 |
| **9/30/18** | $10950 | $10626 | $10397 | $12638 |
| **10/31/18** | $10612 | $10605 | $10316 | $12717 |
| **11/30/18** | $10696 | $10657 | $10349 | $12760 |
| **12/31/18** | $10576 | $10811 | $10392 | $12820 |
| **1/31/19** | $11048 | $10925 | $10508 | $12863 |
| **2/28/19** | $11068 | $10938 | $10518 | $12952 |
| **3/31/19** | $11134 | $11134 | $10658 | $13052 |
| **4/30/19** | $11202 | $11141 | $10704 | $13152 |
| **5/31/19** | $11085 | $11301 | $10821 | $13209 |
| **6/30/19** | $11423 | $11460 | $10928 | $13259 |
| **7/31/19** | $11364 | $11550 | $10945 | $13342 |
| **8/31/19** | $11228 | $11812 | $11086 | $13408 |
| **9/30/19** | $11342 | $11757 | $10994 | $13482 |
| **10/31/19** | $11508 | $11737 | $11025 | $13573 |
| **11/30/19** | $11508 | $11723 | $11027 | $13665 |
| **12/31/19** | $11815 | $11699 | $11104 | $13759 |
| **1/31/20** | $11636 | $11910 | $11248 | $13840 |
| **2/29/20** | $11229 | $12056 | $11345 | $13903 |
| **3/31/20** | $9920 | $11868 | $11138 | $13899 |
| **4/30/20** | $10448 | $12060 | $11364 | $13850 |
| **5/31/20** | $10797 | $12095 | $11435 | $13895 |
| **6/30/20** | $11110 | $12155 | $11556 | $14017 |
| **7/31/20** | $11481 | $12288 | $11722 | $14142 |
| **8/31/20** | $11571 | $12199 | $11888 | $14250 |
| **9/30/20** | $11388 | $12243 | $11846 | $14344 |
| **10/31/20** | $11236 | $12244 | $11797 | $14419 |
| **11/30/20** | $12250 | $12314 | $11888 | $14509 |
| **12/31/20** | $12755 | $12352 | $12035 | $14629 |
| **1/31/21** | $12971 | $12286 | $12110 | $14720 |
| **2/28/21** | $13310 | $12095 | $12023 | $14830 |
| **3/31/21** | $13532 | $12047 | $12042 | $14959 |
| **4/30/21** | $13882 | $12078 | $12196 | $15116 |
| **5/31/21** | $14242 | $12105 | $12309 | $15275 |
| **6/30/21** | $14335 | $12164 | $12320 | $15463 |
| **7/31/21** | $14400 | $12316 | $12603 | $15594 |
| **8/31/21** | $14497 | $12291 | $12580 | $15701 |
| **9/30/21** | $14245 | $12175 | $12527 | $15831 |
| **10/31/21** | $14479 | $12143 | $12629 | $16038 |
| **11/30/21** | $14166 | $12230 | $12659 | $16231 |
| **12/31/21** | $14682 | $12180 | $12720 | $16407 |
| **1/31/22** | $14440 | $11989 | $12565 | $16571 |
| **2/28/22** | $14234 | $11829 | $12687 | $16750 |
| **3/31/22** | $14339 | $11574 | $12498 | $16984 |
| **4/30/22** | $13816 | $11263 | $12381 | $17117 |
| **5/31/22** | $13827 | $11248 | $12376 | $17341 |
| **6/30/22** | $12867 | $11077 | $12070 | $17627 |
| **7/31/22** | $13372 | $11359 | $12505 | $17692 |
| **8/31/22** | $13090 | $11063 | $12207 | $17776 |
| **9/30/22** | $12061 | $10707 | $11595 | $17921 |
| **10/31/22** | $12463 | $10671 | $11722 | $18084 |
| **11/30/22** | $13135 | $10943 | $11866 | $18200 |
| **12/31/22** | $12932 | $10814 | $11786 | $18279 |
| **1/31/23** | $13608 | $11063 | $11943 | $18451 |
| **2/28/23** | $13202 | $10886 | $11802 | $18586 |
| **3/31/23** | $13322 | $11128 | $12132 | $18671 |
| **4/30/23** | $13420 | $11185 | $12156 | $18819 |
| **5/31/23** | $13087 | $11141 | $12018 | $18924 |
| **6/30/23** | $13409 | $11134 | $11960 | $19048 |
| **7/31/23** | $13719 | $11138 | $12014 | $19156 |
| **8/31/23** | $13434 | $11124 | $11961 | $19326 |
| **9/30/23** | $13099 | $10932 | $11839 | $19479 |
| **10/31/23** | $12811 | $10854 | $11825 | $19575 |
| **11/30/23** | $13411 | $11228 | $12050 | $19681 |
| **12/31/23** | $13967 | $11586 | $12300 | $19801 |
| **1/31/24** | $13941 | $11564 | $12345 | $19947 |
| **2/29/24** | $13979 | $11484 | $12234 | $20104 |
| **3/31/24** | $14222 | $11588 | $12332 | $20253 |
| **4/30/24** | $13877 | $11401 | $12206 | $20391 |
| **5/31/24** | $14184 | $11502 | $12375 | $20483 |
| **6/30/24** | $14218 | $11602 | $12470 | $20566 |
| **7/31/24** | $14554 | $11826 | $12655 | $20677 |
| **8/31/24** | $14735 | $11956 | $12743 | $20797 |
| **9/30/24** | $15014 | $12094 | $12906 | $20927 |
| **10/31/24** | $14542 | $11931 | $12736 | $21057 |
| **11/30/24** | $14883 | $12072 | $12793 | $21199 |
| **12/31/24** | $14479 | $11980 | $12680 | $21360 |
| **1/31/25** | $14733 | $12026 | $12833 | $21542 |
| **2/28/25** | $14960 | $12171 | $13055 | $21675 |
| **3/31/25** | $14939 | $12120 | $13188 | $21752 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.04% | 8.53% | 4.49% |
| Class A (including sales charge) | 1.10% | 7.71% | 4.10% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PASAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4018TSRAR_033125

# Administrative Class: PAALX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $41 | 0.40% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i0a16bcf665aebcec2a83.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1027586 | $994409 | $1008663 | $1005066 |
| **5/31/15** | $1014655 | $990287 | $1003941 | $1012344 |
| **6/30/15** | $997989 | $978046 | $998542 | $1019177 |
| **7/31/15** | $983236 | $987733 | $997635 | $1024885 |
| **8/31/15** | $940713 | $985063 | $992419 | $1029049 |
| **9/30/15** | $911060 | $990905 | $989912 | $1031035 |
| **10/31/15** | $941661 | $994119 | $990197 | $1036183 |
| **11/30/15** | $924175 | $994576 | $988825 | $1041569 |
| **12/31/15** | $910016 | $991885 | $982977 | $1044745 |
| **1/31/16** | $897550 | $1006395 | $995634 | $1048551 |
| **2/29/16** | $896659 | $1016068 | $1003929 | $1051485 |
| **3/31/16** | $956739 | $1024433 | $1018389 | $1058916 |
| **4/30/16** | $985352 | $1026173 | $1021088 | $1067105 |
| **5/31/16** | $963892 | $1030510 | $1015217 | $1073880 |
| **6/30/16** | $995059 | $1050127 | $1031789 | $1081136 |
| **7/31/16** | $1017511 | $1056401 | $1035102 | $1085029 |
| **8/31/16** | $1022001 | $1055863 | $1029862 | $1091361 |
| **9/30/16** | $1032724 | $1055737 | $1037715 | $1098554 |
| **10/31/16** | $1035430 | $1045500 | $1036484 | $1105461 |
| **11/30/16** | $1011077 | $1028232 | $1021294 | $1111191 |
| **12/31/16** | $1029508 | $1031050 | $1022416 | $1118408 |
| **1/31/17** | $1052529 | $1027295 | $1029998 | $1127301 |
| **2/28/17** | $1070946 | $1036089 | $1032518 | $1133610 |
| **3/31/17** | $1081148 | $1035611 | $1033194 | $1137712 |
| **4/30/17** | $1084838 | $1042634 | $1037798 | $1143683 |
| **5/31/17** | $1098675 | $1048720 | $1037285 | $1147508 |
| **6/30/17** | $1099808 | $1045784 | $1029062 | $1152929 |
| **7/31/17** | $1122139 | $1049222 | $1034243 | $1157999 |
| **8/31/17** | $1136096 | $1058784 | $1041375 | $1166972 |
| **9/30/17** | $1135674 | $1053896 | $1036305 | $1177436 |
| **10/31/17** | $1143208 | $1058341 | $1037986 | $1183073 |
| **11/30/17** | $1148858 | $1059981 | $1036855 | $1190892 |
| **12/31/17** | $1170390 | $1062350 | $1041794 | $1198150 |
| **1/31/18** | $1198257 | $1054766 | $1033952 | $1207918 |
| **2/28/18** | $1168468 | $1052388 | $1029233 | $1215949 |
| **3/31/18** | $1171954 | $1061113 | $1037652 | $1221117 |
| **4/30/18** | $1172920 | $1057165 | $1036263 | $1229127 |
| **5/31/18** | $1157474 | $1061115 | $1041068 | $1236807 |
| **6/30/18** | $1144627 | $1063093 | $1044029 | $1242945 |
| **7/31/18** | $1157269 | $1063384 | $1039969 | $1248949 |
| **8/31/18** | $1140737 | $1066652 | $1046967 | $1256163 |
| **9/30/18** | $1146916 | $1062572 | $1039687 | $1263767 |
| **10/31/18** | $1111596 | $1060496 | $1031628 | $1271709 |
| **11/30/18** | $1121407 | $1065684 | $1034943 | $1276009 |
| **12/31/18** | $1108488 | $1081078 | $1039154 | $1282049 |
| **1/31/19** | $1158001 | $1092528 | $1050796 | $1286283 |
| **2/28/19** | $1161033 | $1093841 | $1051827 | $1295216 |
| **3/31/19** | $1167440 | $1113432 | $1065826 | $1305169 |
| **4/30/19** | $1174547 | $1114096 | $1070443 | $1315173 |
| **5/31/19** | $1162365 | $1130127 | $1082091 | $1320859 |
| **6/30/19** | $1198129 | $1145973 | $1092832 | $1325864 |
| **7/31/19** | $1193026 | $1154991 | $1094509 | $1334207 |
| **8/31/19** | $1177718 | $1181184 | $1108568 | $1340799 |
| **9/30/19** | $1190216 | $1175711 | $1099430 | $1348243 |
| **10/31/19** | $1208732 | $1173681 | $1102508 | $1357346 |
| **11/30/19** | $1208732 | $1172304 | $1102680 | $1366507 |
| **12/31/19** | $1240624 | $1169901 | $1110382 | $1375889 |
| **1/31/20** | $1221858 | $1191013 | $1124778 | $1384037 |
| **2/29/20** | $1180156 | $1205590 | $1134508 | $1390301 |
| **3/31/20** | $1042319 | $1186827 | $1113795 | $1389927 |
| **4/30/20** | $1098774 | $1206040 | $1136415 | $1385049 |
| **5/31/20** | $1135365 | $1209459 | $1143471 | $1389520 |
| **6/30/20** | $1168609 | $1215495 | $1155646 | $1401659 |
| **7/31/20** | $1206475 | $1228777 | $1172178 | $1414217 |
| **8/31/20** | $1215942 | $1219873 | $1188793 | $1425015 |
| **9/30/20** | $1197380 | $1224329 | $1184623 | $1434410 |
| **10/31/20** | $1182466 | $1224418 | $1179725 | $1441914 |
| **11/30/20** | $1287929 | $1231405 | $1188777 | $1450899 |
| **12/31/20** | $1342711 | $1235188 | $1203549 | $1462851 |
| **1/31/21** | $1365396 | $1228563 | $1210992 | $1471997 |
| **2/28/21** | $1401043 | $1209452 | $1202273 | $1483000 |
| **3/31/21** | $1424949 | $1204687 | $1204235 | $1495890 |
| **4/30/21** | $1462799 | $1207836 | $1219577 | $1511606 |
| **5/31/21** | $1499536 | $1210532 | $1230941 | $1527450 |
| **6/30/21** | $1509732 | $1216436 | $1231965 | $1546274 |
| **7/31/21** | $1516569 | $1231555 | $1260300 | $1559445 |
| **8/31/21** | $1526824 | $1229087 | $1257953 | $1570101 |
| **9/30/21** | $1500973 | $1217483 | $1252697 | $1583065 |
| **10/31/21** | $1525656 | $1214299 | $1262858 | $1603792 |
| **11/30/21** | $1493921 | $1222961 | $1265883 | $1623056 |
| **12/31/21** | $1547762 | $1218001 | $1271972 | $1640726 |
| **1/31/22** | $1523578 | $1198865 | $1256540 | $1657146 |
| **2/28/22** | $1500603 | $1182918 | $1268725 | $1675037 |
| **3/31/22** | $1513534 | $1157419 | $1249778 | $1698446 |
| **4/30/22** | $1458474 | $1126312 | $1238099 | $1711669 |
| **5/31/22** | $1458474 | $1124762 | $1237564 | $1734115 |
| **6/30/22** | $1357864 | $1107692 | $1207002 | $1762741 |
| **7/31/22** | $1412278 | $1135906 | $1250484 | $1769156 |
| **8/31/22** | $1382598 | $1106252 | $1220658 | $1777609 |
| **9/30/22** | $1273605 | $1070739 | $1159487 | $1792121 |
| **10/31/22** | $1315892 | $1067074 | $1172172 | $1808391 |
| **11/30/22** | $1388030 | $1094267 | $1186583 | $1819955 |
| **12/31/22** | $1366321 | $1081352 | $1178558 | $1827946 |
| **1/31/23** | $1438915 | $1106259 | $1194334 | $1845072 |
| **2/28/23** | $1394840 | $1088614 | $1180163 | $1858581 |
| **3/31/23** | $1407987 | $1112753 | $1213222 | $1867124 |
| **4/30/23** | $1418416 | $1118482 | $1215572 | $1881928 |
| **5/31/23** | $1384521 | $1114079 | $1201780 | $1892358 |
| **6/30/23** | $1419073 | $1113414 | $1195961 | $1904805 |
| **7/31/23** | $1450462 | $1113774 | $1201417 | $1915648 |
| **8/31/23** | $1421689 | $1112375 | $1196083 | $1932593 |
| **9/30/23** | $1385687 | $1093192 | $1183945 | $1947947 |
| **10/31/23** | $1355333 | $1085430 | $1182506 | $1957521 |
| **11/30/23** | $1419999 | $1122750 | $1204998 | $1968097 |
| **12/31/23** | $1479534 | $1158631 | $1229994 | $1980072 |
| **1/31/24** | $1475513 | $1156360 | $1234538 | $1994669 |
| **2/29/24** | $1480874 | $1148426 | $1223429 | $2010361 |
| **3/31/24** | $1507188 | $1158782 | $1233209 | $2025251 |
| **4/30/24** | $1470691 | $1140124 | $1220603 | $2039145 |
| **5/31/24** | $1503133 | $1150213 | $1237520 | $2048267 |
| **6/30/24** | $1506034 | $1160193 | $1246962 | $2056620 |
| **7/31/24** | $1542933 | $1182607 | $1265508 | $2067721 |
| **8/31/24** | $1562066 | $1195560 | $1274253 | $2079681 |
| **9/30/24** | $1592378 | $1209433 | $1290626 | $2092729 |
| **10/31/24** | $1542399 | $1193067 | $1273591 | $2105733 |
| **11/30/24** | $1578495 | $1207238 | $1279332 | $2119919 |
| **12/31/24** | $1536699 | $1197974 | $1268038 | $2135950 |
| **1/31/25** | $1563609 | $1202615 | $1283335 | $2154231 |
| **2/28/25** | $1587687 | $1217096 | $1305537 | $2167456 |
| **3/31/25** | $1586150 | $1212017 | $1318822 | $2175233 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 5.24% | 8.76% | 4.72% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Administrative Class: PAALX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0588TSRAR_033125

# Class C: PASCX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $137 | 1.35% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i5b4952d0eaa8e9b2fad8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10260 | $9944 | $10087 | $10051 |
| **5/31/15** | $10121 | $9903 | $10039 | $10123 |
| **6/30/15** | $9942 | $9780 | $9985 | $10192 |
| **7/31/15** | $9785 | $9877 | $9976 | $10249 |
| **8/31/15** | $9360 | $9851 | $9924 | $10290 |
| **9/30/15** | $9055 | $9909 | $9899 | $10310 |
| **10/31/15** | $9352 | $9941 | $9902 | $10362 |
| **11/30/15** | $9178 | $9946 | $9888 | $10416 |
| **12/31/15** | $9023 | $9919 | $9830 | $10447 |
| **1/31/16** | $8890 | $10064 | $9956 | $10486 |
| **2/29/16** | $8872 | $10161 | $10039 | $10515 |
| **3/31/16** | $9468 | $10244 | $10184 | $10589 |
| **4/30/16** | $9743 | $10262 | $10211 | $10671 |
| **5/31/16** | $9512 | $10305 | $10152 | $10739 |
| **6/30/16** | $9820 | $10501 | $10318 | $10811 |
| **7/31/16** | $10034 | $10564 | $10351 | $10850 |
| **8/31/16** | $10069 | $10559 | $10299 | $10914 |
| **9/30/16** | $10167 | $10557 | $10377 | $10986 |
| **10/31/16** | $10185 | $10455 | $10365 | $11055 |
| **11/30/16** | $9935 | $10282 | $10213 | $11112 |
| **12/31/16** | $10105 | $10311 | $10224 | $11184 |
| **1/31/17** | $10323 | $10273 | $10300 | $11273 |
| **2/28/17** | $10505 | $10361 | $10325 | $11336 |
| **3/31/17** | $10586 | $10356 | $10332 | $11377 |
| **4/30/17** | $10623 | $10426 | $10378 | $11437 |
| **5/31/17** | $10750 | $10487 | $10373 | $11475 |
| **6/30/17** | $10749 | $10458 | $10291 | $11529 |
| **7/31/17** | $10959 | $10492 | $10342 | $11580 |
| **8/31/17** | $11087 | $10588 | $10414 | $11670 |
| **9/30/17** | $11073 | $10539 | $10363 | $11774 |
| **10/31/17** | $11138 | $10583 | $10380 | $11831 |
| **11/30/17** | $11184 | $10600 | $10369 | $11909 |
| **12/31/17** | $11384 | $10624 | $10418 | $11982 |
| **1/31/18** | $11647 | $10548 | $10340 | $12079 |
| **2/28/18** | $11346 | $10524 | $10292 | $12159 |
| **3/31/18** | $11375 | $10611 | $10377 | $12211 |
| **4/30/18** | $11375 | $10572 | $10363 | $12291 |
| **5/31/18** | $11215 | $10611 | $10411 | $12368 |
| **6/30/18** | $11080 | $10631 | $10440 | $12429 |
| **7/31/18** | $11194 | $10634 | $10400 | $12489 |
| **8/31/18** | $11023 | $10667 | $10470 | $12562 |
| **9/30/18** | $11075 | $10626 | $10397 | $12638 |
| **10/31/18** | $10722 | $10605 | $10316 | $12717 |
| **11/30/18** | $10808 | $10657 | $10349 | $12760 |
| **12/31/18** | $10677 | $10811 | $10392 | $12820 |
| **1/31/19** | $11147 | $10925 | $10508 | $12863 |
| **2/28/19** | $11167 | $10938 | $10518 | $12952 |
| **3/31/19** | $11224 | $11134 | $10658 | $13052 |
| **4/30/19** | $11283 | $11141 | $10704 | $13152 |
| **5/31/19** | $11155 | $11301 | $10821 | $13209 |
| **6/30/19** | $11490 | $11460 | $10928 | $13259 |
| **7/31/19** | $11431 | $11550 | $10945 | $13342 |
| **8/31/19** | $11274 | $11812 | $11086 | $13408 |
| **9/30/19** | $11394 | $11757 | $10994 | $13482 |
| **10/31/19** | $11552 | $11737 | $11025 | $13573 |
| **11/30/19** | $11542 | $11723 | $11027 | $13665 |
| **12/31/19** | $11844 | $11699 | $11104 | $13759 |
| **1/31/20** | $11654 | $11910 | $11248 | $13840 |
| **2/29/20** | $11244 | $12056 | $11345 | $13903 |
| **3/31/20** | $9918 | $11868 | $11138 | $13899 |
| **4/30/20** | $10448 | $12060 | $11364 | $13850 |
| **5/31/20** | $10789 | $12095 | $11435 | $13895 |
| **6/30/20** | $11099 | $12155 | $11556 | $14017 |
| **7/31/20** | $11450 | $12288 | $11722 | $14142 |
| **8/31/20** | $11531 | $12199 | $11888 | $14250 |
| **9/30/20** | $11343 | $12243 | $11846 | $14344 |
| **10/31/20** | $11190 | $12244 | $11797 | $14419 |
| **11/30/20** | $12185 | $12314 | $11888 | $14509 |
| **12/31/20** | $12682 | $12352 | $12035 | $14629 |
| **1/31/21** | $12897 | $12286 | $12110 | $14720 |
| **2/28/21** | $13216 | $12095 | $12023 | $14830 |
| **3/31/21** | $13430 | $12047 | $12042 | $14959 |
| **4/30/21** | $13777 | $12078 | $12196 | $15116 |
| **5/31/21** | $14115 | $12105 | $12309 | $15275 |
| **6/30/21** | $14200 | $12164 | $12320 | $15463 |
| **7/31/21** | $14253 | $12316 | $12603 | $15594 |
| **8/31/21** | $14340 | $12291 | $12580 | $15701 |
| **9/30/21** | $14083 | $12175 | $12527 | $15831 |
| **10/31/21** | $14304 | $12143 | $12629 | $16038 |
| **11/30/21** | $13994 | $12230 | $12659 | $16231 |
| **12/31/21** | $14486 | $12180 | $12720 | $16407 |
| **1/31/22** | $14247 | $11989 | $12565 | $16571 |
| **2/28/22** | $14031 | $11829 | $12687 | $16750 |
| **3/31/22** | $14122 | $11574 | $12498 | $16984 |
| **4/30/22** | $13605 | $11263 | $12381 | $17117 |
| **5/31/22** | $13605 | $11248 | $12376 | $17341 |
| **6/30/22** | $12650 | $11077 | $12070 | $17627 |
| **7/31/22** | $13137 | $11359 | $12505 | $17692 |
| **8/31/22** | $12859 | $11063 | $12207 | $17776 |
| **9/30/22** | $11843 | $10707 | $11595 | $17921 |
| **10/31/22** | $12216 | $10671 | $11722 | $18084 |
| **11/30/22** | $12879 | $10943 | $11866 | $18200 |
| **12/31/22** | $12669 | $10814 | $11786 | $18279 |
| **1/31/23** | $13322 | $11063 | $11943 | $18451 |
| **2/28/23** | $12911 | $10886 | $11802 | $18586 |
| **3/31/23** | $13021 | $11128 | $12132 | $18671 |
| **4/30/23** | $13106 | $11185 | $12156 | $18819 |
| **5/31/23** | $12778 | $11141 | $12018 | $18924 |
| **6/30/23** | $13089 | $11134 | $11960 | $19048 |
| **7/31/23** | $13381 | $11138 | $12014 | $19156 |
| **8/31/23** | $13101 | $11124 | $11961 | $19326 |
| **9/30/23** | $12760 | $10932 | $11839 | $19479 |
| **10/31/23** | $12466 | $10854 | $11825 | $19575 |
| **11/30/23** | $13053 | $11228 | $12050 | $19681 |
| **12/31/23** | $13589 | $11586 | $12300 | $19801 |
| **1/31/24** | $13540 | $11564 | $12345 | $19947 |
| **2/29/24** | $13577 | $11484 | $12234 | $20104 |
| **3/31/24** | $13804 | $11588 | $12332 | $20253 |
| **4/30/24** | $13467 | $11401 | $12206 | $20391 |
| **5/31/24** | $13742 | $11502 | $12375 | $20483 |
| **6/30/24** | $13766 | $11602 | $12470 | $20566 |
| **7/31/24** | $14093 | $11826 | $12655 | $20677 |
| **8/31/24** | $14257 | $11956 | $12743 | $20797 |
| **9/30/24** | $14512 | $12094 | $12906 | $20927 |
| **10/31/24** | $14053 | $11931 | $12736 | $21057 |
| **11/30/24** | $14372 | $12072 | $12793 | $21199 |
| **12/31/24** | $13971 | $11980 | $12680 | $21360 |
| **1/31/25** | $14204 | $12026 | $12833 | $21542 |
| **2/28/25** | $14425 | $12171 | $13055 | $21675 |
| **3/31/25** | $14394 | $12120 | $13188 | $21752 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 4.27% | 7.73% | 3.71% |
| Class C (including sales charge) | 3.28% | 7.73% | 3.71% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class C: PASCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4218TSRAR_033125

# I-3: PAANX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $30 | 0.30% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i73b1554c6fa35952a86f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1027508 | $994409 | $1008663 | $1005066 |
| **5/31/15** | $1014426 | $990287 | $1003941 | $1012344 |
| **6/30/15** | $997242 | $978046 | $998542 | $1019177 |
| **7/31/15** | $983205 | $987733 | $997635 | $1024885 |
| **8/31/15** | $940486 | $985063 | $992419 | $1029049 |
| **9/30/15** | $911415 | $990905 | $989912 | $1031035 |
| **10/31/15** | $941967 | $994119 | $990197 | $1036183 |
| **11/30/15** | $925204 | $994576 | $988825 | $1041569 |
| **12/31/15** | $910722 | $991885 | $982977 | $1044745 |
| **1/31/16** | $898109 | $1006395 | $995634 | $1048551 |
| **2/29/16** | $897110 | $1016068 | $1003929 | $1051485 |
| **3/31/16** | $957722 | $1024433 | $1018389 | $1058916 |
| **4/30/16** | $986299 | $1026173 | $1021088 | $1067105 |
| **5/31/16** | $964657 | $1030510 | $1015217 | $1073880 |
| **6/30/16** | $996258 | $1050127 | $1031789 | $1081136 |
| **7/31/16** | $1018649 | $1056401 | $1035102 | $1085029 |
| **8/31/16** | $1023022 | $1055863 | $1029862 | $1091361 |
| **9/30/16** | $1034307 | $1055737 | $1037715 | $1098554 |
| **10/31/16** | $1036890 | $1045500 | $1036484 | $1105461 |
| **11/30/16** | $1012336 | $1028232 | $1021294 | $1111191 |
| **12/31/16** | $1030656 | $1031050 | $1022416 | $1118408 |
| **1/31/17** | $1053631 | $1027295 | $1029998 | $1127301 |
| **2/28/17** | $1072918 | $1036089 | $1032518 | $1133610 |
| **3/31/17** | $1082623 | $1035611 | $1033194 | $1137712 |
| **4/30/17** | $1087120 | $1042634 | $1037798 | $1143683 |
| **5/31/17** | $1100870 | $1048720 | $1037285 | $1147508 |
| **6/30/17** | $1102400 | $1045784 | $1029062 | $1152929 |
| **7/31/17** | $1124680 | $1049222 | $1034243 | $1157999 |
| **8/31/17** | $1138548 | $1058784 | $1041375 | $1166972 |
| **9/30/17** | $1137790 | $1053896 | $1036305 | $1177436 |
| **10/31/17** | $1146156 | $1058341 | $1037986 | $1183073 |
| **11/30/17** | $1151688 | $1059981 | $1036855 | $1190892 |
| **12/31/17** | $1173009 | $1062350 | $1041794 | $1198150 |
| **1/31/18** | $1200855 | $1054766 | $1033952 | $1207918 |
| **2/28/18** | $1171760 | $1052388 | $1029233 | $1215949 |
| **3/31/18** | $1175761 | $1061113 | $1037652 | $1221117 |
| **4/30/18** | $1176599 | $1057165 | $1036263 | $1229127 |
| **5/31/18** | $1162073 | $1061115 | $1041068 | $1236807 |
| **6/30/18** | $1148748 | $1063093 | $1044029 | $1242945 |
| **7/31/18** | $1161436 | $1063384 | $1039969 | $1248949 |
| **8/31/18** | $1144844 | $1066652 | $1046967 | $1256163 |
| **9/30/18** | $1151678 | $1062572 | $1039687 | $1263767 |
| **10/31/18** | $1116211 | $1060496 | $1031628 | $1271709 |
| **11/30/18** | $1125078 | $1065684 | $1034943 | $1276009 |
| **12/31/18** | $1113465 | $1081078 | $1039154 | $1282049 |
| **1/31/19** | $1163201 | $1092528 | $1050796 | $1286283 |
| **2/28/19** | $1165231 | $1093841 | $1051827 | $1295216 |
| **3/31/19** | $1172884 | $1113432 | $1065826 | $1305169 |
| **4/30/19** | $1179003 | $1114096 | $1070443 | $1315173 |
| **5/31/19** | $1167785 | $1130127 | $1082091 | $1320859 |
| **6/30/19** | $1203505 | $1145973 | $1092832 | $1325864 |
| **7/31/19** | $1198384 | $1154991 | $1094509 | $1334207 |
| **8/31/19** | $1183020 | $1181184 | $1108568 | $1340799 |
| **9/30/19** | $1195888 | $1175711 | $1099430 | $1348243 |
| **10/31/19** | $1214477 | $1173681 | $1102508 | $1357346 |
| **11/30/19** | $1214477 | $1172304 | $1102680 | $1366507 |
| **12/31/19** | $1247699 | $1169901 | $1110382 | $1375889 |
| **1/31/20** | $1228858 | $1191013 | $1124778 | $1384037 |
| **2/29/20** | $1185942 | $1205590 | $1134508 | $1390301 |
| **3/31/20** | $1047906 | $1186827 | $1113795 | $1389927 |
| **4/30/20** | $1104606 | $1206040 | $1136415 | $1385049 |
| **5/31/20** | $1141356 | $1209459 | $1143471 | $1389520 |
| **6/30/20** | $1174946 | $1215495 | $1155646 | $1401659 |
| **7/31/20** | $1212984 | $1228777 | $1172178 | $1414217 |
| **8/31/20** | $1223550 | $1219873 | $1188793 | $1425015 |
| **9/30/20** | $1204221 | $1224329 | $1184623 | $1434410 |
| **10/31/20** | $1189235 | $1224418 | $1179725 | $1441914 |
| **11/30/20** | $1296277 | $1231405 | $1188777 | $1450899 |
| **12/31/20** | $1349767 | $1235188 | $1203549 | $1462851 |
| **1/31/21** | $1373657 | $1228563 | $1210992 | $1471997 |
| **2/28/21** | $1409491 | $1209452 | $1202273 | $1483000 |
| **3/31/21** | $1432727 | $1204687 | $1204235 | $1495890 |
| **4/30/21** | $1471903 | $1207836 | $1219577 | $1511606 |
| **5/31/21** | $1508841 | $1210532 | $1230941 | $1527450 |
| **6/30/21** | $1519730 | $1216436 | $1231965 | $1546274 |
| **7/31/21** | $1527753 | $1231555 | $1260300 | $1559445 |
| **8/31/21** | $1538068 | $1229087 | $1257953 | $1570101 |
| **9/30/21** | $1511947 | $1217483 | $1252697 | $1583065 |
| **10/31/21** | $1536772 | $1214299 | $1262858 | $1603792 |
| **11/30/21** | $1504854 | $1222961 | $1265883 | $1623056 |
| **12/31/21** | $1559508 | $1218001 | $1271972 | $1640726 |
| **1/31/22** | $1535179 | $1198865 | $1256540 | $1657146 |
| **2/28/22** | $1512066 | $1182918 | $1268725 | $1675037 |
| **3/31/22** | $1524216 | $1157419 | $1249778 | $1698446 |
| **4/30/22** | $1470044 | $1126312 | $1238099 | $1711669 |
| **5/31/22** | $1470044 | $1124762 | $1237564 | $1734115 |
| **6/30/22** | $1369042 | $1107692 | $1207002 | $1762741 |
| **7/31/22** | $1423804 | $1135906 | $1250484 | $1769156 |
| **8/31/22** | $1393934 | $1106252 | $1220658 | $1777609 |
| **9/30/22** | $1284495 | $1070739 | $1159487 | $1792121 |
| **10/31/22** | $1327061 | $1067074 | $1172172 | $1808391 |
| **11/30/22** | $1399674 | $1094267 | $1186583 | $1819955 |
| **12/31/22** | $1378351 | $1081352 | $1178558 | $1827946 |
| **1/31/23** | $1451445 | $1106259 | $1194334 | $1845072 |
| **2/28/23** | $1407066 | $1088614 | $1180163 | $1858581 |
| **3/31/23** | $1420600 | $1112753 | $1213222 | $1867124 |
| **4/30/23** | $1431103 | $1118482 | $1215572 | $1881928 |
| **5/31/23** | $1396967 | $1114079 | $1201780 | $1892358 |
| **6/30/23** | $1432101 | $1113414 | $1195961 | $1904805 |
| **7/31/23** | $1465038 | $1113774 | $1201417 | $1915648 |
| **8/31/23** | $1434736 | $1112375 | $1196083 | $1932593 |
| **9/30/23** | $1398881 | $1093192 | $1183945 | $1947947 |
| **10/31/23** | $1368297 | $1085430 | $1182506 | $1957521 |
| **11/30/23** | $1433454 | $1122750 | $1204998 | $1968097 |
| **12/31/23** | $1493930 | $1158631 | $1229994 | $1980072 |
| **1/31/24** | $1489878 | $1156360 | $1234538 | $1994669 |
| **2/29/24** | $1495281 | $1148426 | $1223429 | $2010361 |
| **3/31/24** | $1522358 | $1158782 | $1233209 | $2025251 |
| **4/30/24** | $1485560 | $1140124 | $1220603 | $2039145 |
| **5/31/24** | $1518269 | $1150213 | $1237520 | $2048267 |
| **6/30/24** | $1521502 | $1160193 | $1246962 | $2056620 |
| **7/31/24** | $1558713 | $1182607 | $1265508 | $2067721 |
| **8/31/24** | $1578007 | $1195560 | $1274253 | $2079681 |
| **9/30/24** | $1608930 | $1209433 | $1290626 | $2092729 |
| **10/31/24** | $1558520 | $1193067 | $1273591 | $2105733 |
| **11/30/24** | $1596328 | $1207238 | $1279332 | $2119919 |
| **12/31/24** | $1554231 | $1197974 | $1268038 | $2135950 |
| **1/31/25** | $1581373 | $1202615 | $1283335 | $2154231 |
| **2/28/25** | $1605658 | $1217096 | $1305537 | $2167456 |
| **3/31/25** | $1604371 | $1212017 | $1318822 | $2175233 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 5.39% | 8.89% | 4.84% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-3: PAANX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2175TSRAR_033125

# Institutional Class: PAAIX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $15 | 0.15% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i165709707e8275efd69f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1027634 | $994409 | $1008663 | $1005066 |
| **5/31/15** | $1014680 | $990287 | $1003941 | $1012344 |
| **6/30/15** | $997616 | $978046 | $998542 | $1019177 |
| **7/31/15** | $983700 | $987733 | $997635 | $1024885 |
| **8/31/15** | $941082 | $985063 | $992419 | $1029049 |
| **9/30/15** | $912106 | $990905 | $989912 | $1031035 |
| **10/31/15** | $942802 | $994119 | $990197 | $1036183 |
| **11/30/15** | $926138 | $994576 | $988825 | $1041569 |
| **12/31/15** | $911758 | $991885 | $982977 | $1044745 |
| **1/31/16** | $899244 | $1006395 | $995634 | $1048551 |
| **2/29/16** | $898350 | $1016068 | $1003929 | $1051485 |
| **3/31/16** | $959164 | $1024433 | $1018389 | $1058916 |
| **4/30/16** | $987903 | $1026173 | $1021088 | $1067105 |
| **5/31/16** | $966349 | $1030510 | $1015217 | $1073880 |
| **6/30/16** | $998127 | $1050127 | $1031789 | $1081136 |
| **7/31/16** | $1020688 | $1056401 | $1035102 | $1085029 |
| **8/31/16** | $1025201 | $1055863 | $1029862 | $1091361 |
| **9/30/16** | $1036636 | $1055737 | $1037715 | $1098554 |
| **10/31/16** | $1039357 | $1045500 | $1036484 | $1105461 |
| **11/30/16** | $1014869 | $1028232 | $1021294 | $1111191 |
| **12/31/16** | $1033365 | $1031050 | $1022416 | $1118408 |
| **1/31/17** | $1056535 | $1027295 | $1029998 | $1127301 |
| **2/28/17** | $1075997 | $1036089 | $1032518 | $1133610 |
| **3/31/17** | $1085868 | $1035611 | $1033194 | $1137712 |
| **4/30/17** | $1090512 | $1042634 | $1037798 | $1143683 |
| **5/31/17** | $1104445 | $1048720 | $1037285 | $1147508 |
| **6/30/17** | $1106116 | $1045784 | $1029062 | $1152929 |
| **7/31/17** | $1128613 | $1049222 | $1034243 | $1157999 |
| **8/31/17** | $1142674 | $1058784 | $1041375 | $1166972 |
| **9/30/17** | $1142054 | $1053896 | $1036305 | $1177436 |
| **10/31/17** | $1150599 | $1058341 | $1037986 | $1183073 |
| **11/30/17** | $1156295 | $1059981 | $1036855 | $1190892 |
| **12/31/17** | $1177849 | $1062350 | $1041794 | $1198150 |
| **1/31/18** | $1205962 | $1054766 | $1033952 | $1207918 |
| **2/28/18** | $1176880 | $1052388 | $1029233 | $1215949 |
| **3/31/18** | $1181047 | $1061113 | $1037652 | $1221117 |
| **4/30/18** | $1182022 | $1057165 | $1036263 | $1229127 |
| **5/31/18** | $1166430 | $1061115 | $1041068 | $1236807 |
| **6/30/18** | $1153061 | $1063093 | $1044029 | $1242945 |
| **7/31/18** | $1166811 | $1063384 | $1039969 | $1248949 |
| **8/31/18** | $1150114 | $1066652 | $1046967 | $1256163 |
| **9/30/18** | $1157131 | $1062572 | $1039687 | $1263767 |
| **10/31/18** | $1121435 | $1060496 | $1031628 | $1271709 |
| **11/30/18** | $1131350 | $1065684 | $1034943 | $1276009 |
| **12/31/18** | $1119205 | $1081078 | $1039154 | $1282049 |
| **1/31/19** | $1169288 | $1092528 | $1050796 | $1286283 |
| **2/28/19** | $1172354 | $1093841 | $1051827 | $1295216 |
| **3/31/19** | $1179478 | $1113432 | $1065826 | $1305169 |
| **4/30/19** | $1186670 | $1114096 | $1070443 | $1315173 |
| **5/31/19** | $1174341 | $1130127 | $1082091 | $1320859 |
| **6/30/19** | $1211089 | $1145973 | $1092832 | $1325864 |
| **7/31/19** | $1205922 | $1154991 | $1094509 | $1334207 |
| **8/31/19** | $1191456 | $1181184 | $1108568 | $1340799 |
| **9/30/19** | $1203854 | $1175711 | $1099430 | $1348243 |
| **10/31/19** | $1221573 | $1173681 | $1102508 | $1357346 |
| **11/30/19** | $1222615 | $1172304 | $1102680 | $1366507 |
| **12/31/19** | $1255868 | $1169901 | $1110382 | $1375889 |
| **1/31/20** | $1236839 | $1191013 | $1124778 | $1384037 |
| **2/29/20** | $1194554 | $1205590 | $1134508 | $1390301 |
| **3/31/20** | $1054345 | $1186827 | $1113795 | $1389927 |
| **4/30/20** | $1112684 | $1206040 | $1136415 | $1385049 |
| **5/31/20** | $1149809 | $1209459 | $1143471 | $1389520 |
| **6/30/20** | $1184043 | $1215495 | $1155646 | $1401659 |
| **7/31/20** | $1222479 | $1228777 | $1172178 | $1414217 |
| **8/31/20** | $1233156 | $1219873 | $1188793 | $1425015 |
| **9/30/20** | $1213998 | $1224329 | $1184623 | $1434410 |
| **10/31/20** | $1198850 | $1224418 | $1179725 | $1441914 |
| **11/30/20** | $1307050 | $1231405 | $1188777 | $1450899 |
| **12/31/20** | $1361504 | $1235188 | $1203549 | $1462851 |
| **1/31/21** | $1385660 | $1228563 | $1210992 | $1471997 |
| **2/28/21** | $1420796 | $1209452 | $1202273 | $1483000 |
| **3/31/21** | $1445818 | $1204687 | $1204235 | $1495890 |
| **4/30/21** | $1484313 | $1207836 | $1219577 | $1511606 |
| **5/31/21** | $1522808 | $1210532 | $1230941 | $1527450 |
| **6/30/21** | $1533931 | $1216436 | $1231965 | $1546274 |
| **7/31/21** | $1540887 | $1231555 | $1260300 | $1559445 |
| **8/31/21** | $1551322 | $1229087 | $1257953 | $1570101 |
| **9/30/21** | $1524844 | $1217483 | $1252697 | $1583065 |
| **10/31/21** | $1551176 | $1214299 | $1262858 | $1603792 |
| **11/30/21** | $1517663 | $1222961 | $1265883 | $1623056 |
| **12/31/21** | $1573634 | $1218001 | $1271972 | $1640726 |
| **1/31/22** | $1548988 | $1198865 | $1256540 | $1657146 |
| **2/28/22** | $1526807 | $1182918 | $1268725 | $1675037 |
| **3/31/22** | $1539636 | $1157419 | $1249778 | $1698446 |
| **4/30/22** | $1483491 | $1126312 | $1238099 | $1711669 |
| **5/31/22** | $1484738 | $1124762 | $1237564 | $1734115 |
| **6/30/22** | $1382765 | $1107692 | $1207002 | $1762741 |
| **7/31/22** | $1438278 | $1135906 | $1250484 | $1769156 |
| **8/31/22** | $1407998 | $1106252 | $1220658 | $1777609 |
| **9/30/22** | $1297610 | $1070739 | $1159487 | $1792121 |
| **10/31/22** | $1340779 | $1067074 | $1172172 | $1808391 |
| **11/30/22** | $1414421 | $1094267 | $1186583 | $1819955 |
| **12/31/22** | $1392134 | $1081352 | $1178558 | $1827946 |
| **1/31/23** | $1466311 | $1106259 | $1194334 | $1845072 |
| **2/28/23** | $1422600 | $1088614 | $1180163 | $1858581 |
| **3/31/23** | $1436761 | $1112753 | $1213222 | $1867124 |
| **4/30/23** | $1447423 | $1118482 | $1215572 | $1881928 |
| **5/31/23** | $1412770 | $1114079 | $1201780 | $1892358 |
| **6/30/23** | $1447425 | $1113414 | $1195961 | $1904805 |
| **7/31/23** | $1480868 | $1113774 | $1201417 | $1915648 |
| **8/31/23** | $1451438 | $1112375 | $1196083 | $1932593 |
| **9/30/23** | $1415513 | $1093192 | $1183945 | $1947947 |
| **10/31/23** | $1384447 | $1085430 | $1182506 | $1957521 |
| **11/30/23** | $1450631 | $1122750 | $1204998 | $1968097 |
| **12/31/23** | $1511361 | $1158631 | $1229994 | $1980072 |
| **1/31/24** | $1508616 | $1156360 | $1234538 | $1994669 |
| **2/29/24** | $1514107 | $1148426 | $1223429 | $2010361 |
| **3/31/24** | $1540525 | $1158782 | $1233209 | $2025251 |
| **4/30/24** | $1504505 | $1140124 | $1220603 | $2039145 |
| **5/31/24** | $1537754 | $1150213 | $1237520 | $2048267 |
| **6/30/24** | $1541512 | $1160193 | $1246962 | $2056620 |
| **7/31/24** | $1579349 | $1182607 | $1265508 | $2067721 |
| **8/31/24** | $1598968 | $1195560 | $1274253 | $2079681 |
| **9/30/24** | $1629629 | $1209433 | $1290626 | $2092729 |
| **10/31/24** | $1579771 | $1193067 | $1273591 | $2105733 |
| **11/30/24** | $1616809 | $1207238 | $1279332 | $2119919 |
| **12/31/24** | $1573669 | $1197974 | $1268038 | $2135950 |
| **1/31/25** | $1601303 | $1202615 | $1283335 | $2154231 |
| **2/28/25** | $1627482 | $1217096 | $1305537 | $2167456 |
| **3/31/25** | $1626751 | $1212017 | $1318822 | $2175233 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.60% | 9.06% | 4.99% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PAAIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0034TSRAR_033125

# I-2: PALPX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $25 | 0.25% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i71cc31f417dd40ab91a1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1028448 | $994409 | $1008663 | $1005066 |
| **5/31/15** | $1014655 | $990287 | $1003941 | $1012344 |
| **6/30/15** | $998276 | $978046 | $998542 | $1019177 |
| **7/31/15** | $983519 | $987733 | $997635 | $1024885 |
| **8/31/15** | $940984 | $985063 | $992419 | $1029049 |
| **9/30/15** | $911789 | $990905 | $989912 | $1031035 |
| **10/31/15** | $942415 | $994119 | $990197 | $1036183 |
| **11/30/15** | $924915 | $994576 | $988825 | $1041569 |
| **12/31/15** | $911057 | $991885 | $982977 | $1044745 |
| **1/31/16** | $898577 | $1006395 | $995634 | $1048551 |
| **2/29/16** | $897685 | $1016068 | $1003929 | $1051485 |
| **3/31/16** | $958116 | $1024433 | $1018389 | $1058916 |
| **4/30/16** | $986770 | $1026173 | $1021088 | $1067105 |
| **5/31/16** | $965279 | $1030510 | $1015217 | $1073880 |
| **6/30/16** | $996768 | $1050127 | $1031789 | $1081136 |
| **7/31/16** | $1019258 | $1056401 | $1035102 | $1085029 |
| **8/31/16** | $1023756 | $1055863 | $1029862 | $1091361 |
| **9/30/16** | $1034904 | $1055737 | $1037715 | $1098554 |
| **10/31/16** | $1037615 | $1045500 | $1036484 | $1105461 |
| **11/30/16** | $1013212 | $1028232 | $1021294 | $1111191 |
| **12/31/16** | $1032257 | $1031050 | $1022416 | $1118408 |
| **1/31/17** | $1055339 | $1027295 | $1029998 | $1127301 |
| **2/28/17** | $1073805 | $1036089 | $1032518 | $1133610 |
| **3/31/17** | $1084368 | $1035611 | $1033194 | $1137712 |
| **4/30/17** | $1088994 | $1042634 | $1037798 | $1143683 |
| **5/31/17** | $1102872 | $1048720 | $1037285 | $1147508 |
| **6/30/17** | $1103414 | $1045784 | $1029062 | $1152929 |
| **7/31/17** | $1126752 | $1049222 | $1034243 | $1157999 |
| **8/31/17** | $1140755 | $1058784 | $1041375 | $1166972 |
| **9/30/17** | $1139853 | $1053896 | $1036305 | $1177436 |
| **10/31/17** | $1147414 | $1058341 | $1037986 | $1183073 |
| **11/30/17** | $1154030 | $1059981 | $1036855 | $1190892 |
| **12/31/17** | $1175191 | $1062350 | $1041794 | $1198150 |
| **1/31/18** | $1203172 | $1054766 | $1033952 | $1207918 |
| **2/28/18** | $1173261 | $1052388 | $1029233 | $1215949 |
| **3/31/18** | $1177164 | $1061113 | $1037652 | $1221117 |
| **4/30/18** | $1178134 | $1057165 | $1036263 | $1229127 |
| **5/31/18** | $1163589 | $1061115 | $1041068 | $1236807 |
| **6/30/18** | $1150072 | $1063093 | $1044029 | $1242945 |
| **7/31/18** | $1162775 | $1063384 | $1039969 | $1248949 |
| **8/31/18** | $1146164 | $1066652 | $1046967 | $1256163 |
| **9/30/18** | $1152834 | $1062572 | $1039687 | $1263767 |
| **10/31/18** | $1117332 | $1060496 | $1031628 | $1271709 |
| **11/30/18** | $1127194 | $1065684 | $1034943 | $1276009 |
| **12/31/18** | $1114699 | $1081078 | $1039154 | $1282049 |
| **1/31/19** | $1164490 | $1092528 | $1050796 | $1286283 |
| **2/28/19** | $1167538 | $1093841 | $1051827 | $1295216 |
| **3/31/19** | $1174369 | $1113432 | $1065826 | $1305169 |
| **4/30/19** | $1181518 | $1114096 | $1070443 | $1315173 |
| **5/31/19** | $1170285 | $1130127 | $1082091 | $1320859 |
| **6/30/19** | $1206588 | $1145973 | $1092832 | $1325864 |
| **7/31/19** | $1200427 | $1154991 | $1094509 | $1334207 |
| **8/31/19** | $1186050 | $1181184 | $1108568 | $1340799 |
| **9/30/19** | $1199112 | $1175711 | $1099430 | $1348243 |
| **10/31/19** | $1216716 | $1173681 | $1102508 | $1357346 |
| **11/30/19** | $1216716 | $1172304 | $1102680 | $1366507 |
| **12/31/19** | $1249366 | $1169901 | $1110382 | $1375889 |
| **1/31/20** | $1230468 | $1191013 | $1124778 | $1384037 |
| **2/29/20** | $1188473 | $1205590 | $1134508 | $1390301 |
| **3/31/20** | $1050039 | $1186827 | $1113795 | $1389927 |
| **4/30/20** | $1106911 | $1206040 | $1136415 | $1385049 |
| **5/31/20** | $1143773 | $1209459 | $1143471 | $1389520 |
| **6/30/20** | $1177555 | $1215495 | $1155646 | $1401659 |
| **7/31/20** | $1216771 | $1228777 | $1172178 | $1414217 |
| **8/31/20** | $1226311 | $1219873 | $1188793 | $1425015 |
| **9/30/20** | $1206981 | $1224329 | $1184623 | $1434410 |
| **10/31/20** | $1191947 | $1224418 | $1179725 | $1441914 |
| **11/30/20** | $1299330 | $1231405 | $1188777 | $1450899 |
| **12/31/20** | $1354068 | $1235188 | $1203549 | $1462851 |
| **1/31/21** | $1376945 | $1228563 | $1210992 | $1471997 |
| **2/28/21** | $1412893 | $1209452 | $1202273 | $1483000 |
| **3/31/21** | $1437441 | $1204687 | $1204235 | $1495890 |
| **4/30/21** | $1475623 | $1207836 | $1219577 | $1511606 |
| **5/31/21** | $1513805 | $1210532 | $1230941 | $1527450 |
| **6/30/21** | $1524599 | $1216436 | $1231965 | $1546274 |
| **7/31/21** | $1531498 | $1231555 | $1260300 | $1559445 |
| **8/31/21** | $1541846 | $1229087 | $1257953 | $1570101 |
| **9/30/21** | $1515227 | $1217483 | $1252697 | $1583065 |
| **10/31/21** | $1541331 | $1214299 | $1262858 | $1603792 |
| **11/30/21** | $1508108 | $1222961 | $1265883 | $1623056 |
| **12/31/21** | $1563177 | $1218001 | $1271972 | $1640726 |
| **1/31/22** | $1538752 | $1198865 | $1256540 | $1657146 |
| **2/28/22** | $1516770 | $1182918 | $1268725 | $1675037 |
| **3/31/22** | $1529152 | $1157419 | $1249778 | $1698446 |
| **4/30/22** | $1473524 | $1126312 | $1238099 | $1711669 |
| **5/31/22** | $1474760 | $1124762 | $1237564 | $1734115 |
| **6/30/22** | $1372240 | $1107692 | $1207002 | $1762741 |
| **7/31/22** | $1427230 | $1135906 | $1250484 | $1769156 |
| **8/31/22** | $1398485 | $1106252 | $1220658 | $1777609 |
| **9/30/22** | $1288828 | $1070739 | $1159487 | $1792121 |
| **10/31/22** | $1330322 | $1067074 | $1172172 | $1808391 |
| **11/30/22** | $1403251 | $1094267 | $1186583 | $1819955 |
| **12/31/22** | $1381944 | $1081352 | $1178558 | $1827946 |
| **1/31/23** | $1455368 | $1106259 | $1194334 | $1845072 |
| **2/28/23** | $1412100 | $1088614 | $1180163 | $1858581 |
| **3/31/23** | $1425842 | $1112753 | $1213222 | $1867124 |
| **4/30/23** | $1435075 | $1118482 | $1215572 | $1881928 |
| **5/31/23** | $1400781 | $1114079 | $1201780 | $1892358 |
| **6/30/23** | $1436136 | $1113414 | $1195961 | $1904805 |
| **7/31/23** | $1469226 | $1113774 | $1201417 | $1915648 |
| **8/31/23** | $1440107 | $1112375 | $1196083 | $1932593 |
| **9/30/23** | $1402881 | $1093192 | $1183945 | $1947947 |
| **10/31/23** | $1373487 | $1085430 | $1182506 | $1957521 |
| **11/30/23** | $1438955 | $1122750 | $1204998 | $1968097 |
| **12/31/23** | $1498548 | $1158631 | $1229994 | $1980072 |
| **1/31/24** | $1495834 | $1156360 | $1234538 | $1994669 |
| **2/29/24** | $1499906 | $1148426 | $1223429 | $2010361 |
| **3/31/24** | $1527064 | $1158782 | $1233209 | $2025251 |
| **4/30/24** | $1490085 | $1140124 | $1220603 | $2039145 |
| **5/31/24** | $1522955 | $1150213 | $1237520 | $2048267 |
| **6/30/24** | $1527717 | $1160193 | $1246962 | $2056620 |
| **7/31/24** | $1565114 | $1182607 | $1265508 | $2067721 |
| **8/31/24** | $1584505 | $1195560 | $1274253 | $2079681 |
| **9/30/24** | $1614402 | $1209433 | $1290626 | $2092729 |
| **10/31/24** | $1563732 | $1193067 | $1273591 | $2105733 |
| **11/30/24** | $1601735 | $1207238 | $1279332 | $2119919 |
| **12/31/24** | $1558635 | $1197974 | $1268038 | $2135950 |
| **1/31/25** | $1585929 | $1202615 | $1283335 | $2154231 |
| **2/28/25** | $1611787 | $1217096 | $1305537 | $2167456 |
| **3/31/25** | $1610712 | $1212017 | $1318822 | $2175233 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 5.48% | 8.93% | 4.88% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PALPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1922TSRAR_033125

# Class R: PATRX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $87 | 0.85% |

---

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

* Positions in real estate investment trusts and master limited partnerships, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

* Positions in short-term bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in developed ex-U.S. equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in select liquid alternatives, through exposure to certain UPFs, detracted from performance, as these exposures posted negative returns.

* There were no other material detractors for this Fund.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i09a551c3daabdea3b62d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10269 | $9944 | $10087 | $10051 |
| **5/31/15** | $10130 | $9903 | $10039 | $10123 |
| **6/30/15** | $9961 | $9780 | $9985 | $10192 |
| **7/31/15** | $9813 | $9877 | $9976 | $10249 |
| **8/31/15** | $9386 | $9851 | $9924 | $10290 |
| **9/30/15** | $9085 | $9909 | $9899 | $10310 |
| **10/31/15** | $9384 | $9941 | $9902 | $10362 |
| **11/30/15** | $9208 | $9946 | $9888 | $10416 |
| **12/31/15** | $9061 | $9919 | $9830 | $10447 |
| **1/31/16** | $8936 | $10064 | $9956 | $10486 |
| **2/29/16** | $8918 | $10161 | $10039 | $10515 |
| **3/31/16** | $9519 | $10244 | $10184 | $10589 |
| **4/30/16** | $9796 | $10262 | $10211 | $10671 |
| **5/31/16** | $9573 | $10305 | $10152 | $10739 |
| **6/30/16** | $9884 | $10501 | $10318 | $10811 |
| **7/31/16** | $10108 | $10564 | $10351 | $10850 |
| **8/31/16** | $10144 | $10559 | $10299 | $10914 |
| **9/30/16** | $10248 | $10557 | $10377 | $10986 |
| **10/31/16** | $10266 | $10455 | $10365 | $11055 |
| **11/30/16** | $10022 | $10282 | $10213 | $11112 |
| **12/31/16** | $10201 | $10311 | $10224 | $11184 |
| **1/31/17** | $10422 | $10273 | $10300 | $11273 |
| **2/28/17** | $10605 | $10361 | $10325 | $11336 |
| **3/31/17** | $10698 | $10356 | $10332 | $11377 |
| **4/30/17** | $10744 | $10426 | $10378 | $11437 |
| **5/31/17** | $10873 | $10487 | $10373 | $11475 |
| **6/30/17** | $10875 | $10458 | $10291 | $11529 |
| **7/31/17** | $11097 | $10492 | $10342 | $11580 |
| **8/31/17** | $11227 | $10588 | $10414 | $11670 |
| **9/30/17** | $11219 | $10539 | $10363 | $11774 |
| **10/31/17** | $11284 | $10583 | $10380 | $11831 |
| **11/30/17** | $11340 | $10600 | $10369 | $11909 |
| **12/31/17** | $11540 | $10624 | $10418 | $11982 |
| **1/31/18** | $11817 | $10548 | $10340 | $12079 |
| **2/28/18** | $11521 | $10524 | $10292 | $12159 |
| **3/31/18** | $11554 | $10611 | $10377 | $12211 |
| **4/30/18** | $11554 | $10572 | $10363 | $12291 |
| **5/31/18** | $11401 | $10611 | $10411 | $12368 |
| **6/30/18** | $11264 | $10631 | $10440 | $12429 |
| **7/31/18** | $11390 | $10634 | $10400 | $12489 |
| **8/31/18** | $11216 | $10667 | $10470 | $12562 |
| **9/30/18** | $11274 | $10626 | $10397 | $12638 |
| **10/31/18** | $10924 | $10605 | $10316 | $12717 |
| **11/30/18** | $11012 | $10657 | $10349 | $12760 |
| **12/31/18** | $10888 | $10811 | $10392 | $12820 |
| **1/31/19** | $11368 | $10925 | $10508 | $12863 |
| **2/28/19** | $11388 | $10938 | $10518 | $12952 |
| **3/31/19** | $11460 | $11134 | $10658 | $13052 |
| **4/30/19** | $11520 | $11141 | $10704 | $13152 |
| **5/31/19** | $11399 | $11301 | $10821 | $13209 |
| **6/30/19** | $11744 | $11460 | $10928 | $13259 |
| **7/31/19** | $11683 | $11550 | $10945 | $13342 |
| **8/31/19** | $11542 | $11812 | $11086 | $13408 |
| **9/30/19** | $11652 | $11757 | $10994 | $13482 |
| **10/31/19** | $11825 | $11737 | $11025 | $13573 |
| **11/30/19** | $11815 | $11723 | $11027 | $13665 |
| **12/31/19** | $12133 | $11699 | $11104 | $13759 |
| **1/31/20** | $11949 | $11910 | $11248 | $13840 |
| **2/29/20** | $11527 | $12056 | $11345 | $13903 |
| **3/31/20** | $10179 | $11868 | $11138 | $13899 |
| **4/30/20** | $10724 | $12060 | $11364 | $13850 |
| **5/31/20** | $11074 | $12095 | $11435 | $13895 |
| **6/30/20** | $11403 | $12155 | $11556 | $14017 |
| **7/31/20** | $11765 | $12288 | $11722 | $14142 |
| **8/31/20** | $11858 | $12199 | $11888 | $14250 |
| **9/30/20** | $11673 | $12243 | $11846 | $14344 |
| **10/31/20** | $11516 | $12244 | $11797 | $14419 |
| **11/30/20** | $12542 | $12314 | $11888 | $14509 |
| **12/31/20** | $13064 | $12352 | $12035 | $14629 |
| **1/31/21** | $13287 | $12286 | $12110 | $14720 |
| **2/28/21** | $13626 | $12095 | $12023 | $14830 |
| **3/31/21** | $13848 | $12047 | $12042 | $14959 |
| **4/30/21** | $14208 | $12078 | $12196 | $15116 |
| **5/31/21** | $14569 | $12105 | $12309 | $15275 |
| **6/30/21** | $14670 | $12164 | $12320 | $15463 |
| **7/31/21** | $14726 | $12316 | $12603 | $15594 |
| **8/31/21** | $14826 | $12291 | $12580 | $15701 |
| **9/30/21** | $14556 | $12175 | $12527 | $15831 |
| **10/31/21** | $14798 | $12143 | $12629 | $16038 |
| **11/30/21** | $14476 | $12230 | $12659 | $16231 |
| **12/31/21** | $14997 | $12180 | $12720 | $16407 |
| **1/31/22** | $14760 | $11989 | $12565 | $16571 |
| **2/28/22** | $14535 | $11829 | $12687 | $16750 |
| **3/31/22** | $14647 | $11574 | $12498 | $16984 |
| **4/30/22** | $14108 | $11263 | $12381 | $17117 |
| **5/31/22** | $14108 | $11248 | $12376 | $17341 |
| **6/30/22** | $13126 | $11077 | $12070 | $17627 |
| **7/31/22** | $13646 | $11359 | $12505 | $17692 |
| **8/31/22** | $13356 | $11063 | $12207 | $17776 |
| **9/30/22** | $12300 | $10707 | $11595 | $17921 |
| **10/31/22** | $12701 | $10671 | $11722 | $18084 |
| **11/30/22** | $13393 | $10943 | $11866 | $18200 |
| **12/31/22** | $13174 | $10814 | $11786 | $18279 |
| **1/31/23** | $13869 | $11063 | $11943 | $18451 |
| **2/28/23** | $13452 | $10886 | $11802 | $18586 |
| **3/31/23** | $13569 | $11128 | $12132 | $18671 |
| **4/30/23** | $13658 | $11185 | $12156 | $18819 |
| **5/31/23** | $13327 | $11141 | $12018 | $18924 |
| **6/30/23** | $13653 | $11134 | $11960 | $19048 |
| **7/31/23** | $13959 | $11138 | $12014 | $19156 |
| **8/31/23** | $13678 | $11124 | $11961 | $19326 |
| **9/30/23** | $13326 | $10932 | $11839 | $19479 |
| **10/31/23** | $13030 | $10854 | $11825 | $19575 |
| **11/30/23** | $13647 | $11228 | $12050 | $19681 |
| **12/31/23** | $14208 | $11586 | $12300 | $19801 |
| **1/31/24** | $14169 | $11564 | $12345 | $19947 |
| **2/29/24** | $14208 | $11484 | $12234 | $20104 |
| **3/31/24** | $14450 | $11588 | $12332 | $20253 |
| **4/30/24** | $14096 | $11401 | $12206 | $20391 |
| **5/31/24** | $14397 | $11502 | $12375 | $20483 |
| **6/30/24** | $14426 | $11602 | $12470 | $20566 |
| **7/31/24** | $14783 | $11826 | $12655 | $20677 |
| **8/31/24** | $14956 | $11956 | $12743 | $20797 |
| **9/30/24** | $15232 | $12094 | $12906 | $20927 |
| **10/31/24** | $14748 | $11931 | $12736 | $21057 |
| **11/30/24** | $15098 | $12072 | $12793 | $21199 |
| **12/31/24** | $14686 | $11980 | $12680 | $21360 |
| **1/31/25** | $14947 | $12026 | $12833 | $21542 |
| **2/28/25** | $15166 | $12171 | $13055 | $21675 |
| **3/31/25** | $15151 | $12120 | $13188 | $21752 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.85% | 8.28% | 4.24% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 6.94% | 3.44% | 2.81% |
| Consumer Price Index + 500 Basis Points | 7.41% | 9.37% | 8.08% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $11186113 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $11799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-RAE PLUS Fund | 18.4% |
| PIMCO All Asset: Multi-Real Fund | 16.0% |
| PIMCO Low Duration Fund | 11.5% |
| PIMCO Total Return Fund | 7.9% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 4.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 4.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.6% |
| PIMCO TRENDS Managed Futures Strategy Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.5% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class R: PATRX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4518TSRAR_033125

# Class A: PCMBX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 0.78% |

---

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

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the transportation sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i800f254fe85c1b945d60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9733 | $9948 | $9970 |
| **5/31/15** | $9700 | $9920 | $9938 |
| **6/30/15** | $9698 | $9911 | $9941 |
| **7/31/15** | $9747 | $9983 | $10002 |
| **8/31/15** | $9774 | $10002 | $10026 |
| **9/30/15** | $9832 | $10075 | $10109 |
| **10/31/15** | $9870 | $10115 | $10154 |
| **11/30/15** | $9908 | $10155 | $10168 |
| **12/31/15** | $9960 | $10226 | $10220 |
| **1/31/16** | $10077 | $10348 | $10352 |
| **2/29/16** | $10096 | $10365 | $10381 |
| **3/31/16** | $10103 | $10398 | $10369 |
| **4/30/16** | $10152 | $10474 | $10436 |
| **5/31/16** | $10160 | $10502 | $10426 |
| **6/30/16** | $10289 | $10669 | $10544 |
| **7/31/16** | $10295 | $10676 | $10568 |
| **8/31/16** | $10302 | $10690 | $10568 |
| **9/30/16** | $10280 | $10637 | $10529 |
| **10/31/16** | $10213 | $10525 | $10441 |
| **11/30/16** | $9821 | $10133 | $10050 |
| **12/31/16** | $9882 | $10252 | $10145 |
| **1/31/17** | $9951 | $10319 | $10244 |
| **2/28/17** | $10012 | $10391 | $10310 |
| **3/31/17** | $10032 | $10414 | $10328 |
| **4/30/17** | $10102 | $10489 | $10415 |
| **5/31/17** | $10213 | $10656 | $10568 |
| **6/30/17** | $10171 | $10617 | $10525 |
| **7/31/17** | $10240 | $10703 | $10622 |
| **8/31/17** | $10332 | $10785 | $10672 |
| **9/30/17** | $10289 | $10730 | $10604 |
| **10/31/17** | $10307 | $10756 | $10615 |
| **11/30/17** | $10231 | $10699 | $10499 |
| **12/31/17** | $10302 | $10810 | $10591 |
| **1/31/18** | $10224 | $10683 | $10500 |
| **2/28/18** | $10181 | $10651 | $10452 |
| **3/31/18** | $10200 | $10691 | $10478 |
| **4/30/18** | $10166 | $10652 | $10440 |
| **5/31/18** | $10259 | $10774 | $10569 |
| **6/30/18** | $10269 | $10784 | $10588 |
| **7/31/18** | $10287 | $10810 | $10627 |
| **8/31/18** | $10309 | $10837 | $10648 |
| **9/30/18** | $10252 | $10767 | $10583 |
| **10/31/18** | $10197 | $10701 | $10529 |
| **11/30/18** | $10271 | $10819 | $10640 |
| **12/31/18** | $10376 | $10949 | $10770 |
| **1/31/19** | $10459 | $11032 | $10880 |
| **2/28/19** | $10512 | $11091 | $10928 |
| **3/31/19** | $10629 | $11266 | $11044 |
| **4/30/19** | $10659 | $11308 | $11051 |
| **5/31/19** | $10798 | $11464 | $11202 |
| **6/30/19** | $10837 | $11507 | $11247 |
| **7/31/19** | $10920 | $11599 | $11349 |
| **8/31/19** | $11037 | $11782 | $11457 |
| **9/30/19** | $10945 | $11688 | $11350 |
| **10/31/19** | $10961 | $11709 | $11384 |
| **11/30/19** | $10968 | $11738 | $11411 |
| **12/31/19** | $10995 | $11774 | $11444 |
| **1/31/20** | $11154 | $11986 | $11621 |
| **2/29/20** | $11269 | $12140 | $11711 |
| **3/31/20** | $10866 | $11700 | $11391 |
| **4/30/20** | $10751 | $11553 | $11347 |
| **5/31/20** | $11044 | $11920 | $11716 |
| **6/30/20** | $11149 | $12019 | $11751 |
| **7/31/20** | $11288 | $12221 | $11922 |
| **8/31/20** | $11259 | $12164 | $11881 |
| **9/30/20** | $11254 | $12166 | $11880 |
| **10/31/20** | $11227 | $12130 | $11852 |
| **11/30/20** | $11365 | $12313 | $11971 |
| **12/31/20** | $11416 | $12388 | $12007 |
| **1/31/21** | $11476 | $12467 | $12044 |
| **2/28/21** | $11303 | $12269 | $11841 |
| **3/31/21** | $11339 | $12344 | $11898 |
| **4/30/21** | $11410 | $12448 | $11972 |
| **5/31/21** | $11431 | $12485 | $11972 |
| **6/30/21** | $11443 | $12519 | $11977 |
| **7/31/21** | $11522 | $12623 | $12074 |
| **8/31/21** | $11487 | $12577 | $12056 |
| **9/30/21** | $11395 | $12486 | $11966 |
| **10/31/21** | $11360 | $12449 | $11924 |
| **11/30/21** | $11427 | $12555 | $11981 |
| **12/31/21** | $11431 | $12576 | $12010 |
| **1/31/22** | $11147 | $12231 | $11656 |
| **2/28/22** | $11081 | $12188 | $11622 |
| **3/31/22** | $10775 | $11793 | $11286 |
| **4/30/22** | $10507 | $11466 | $11029 |
| **5/31/22** | $10590 | $11637 | $11223 |
| **6/30/22** | $10482 | $11446 | $11158 |
| **7/31/22** | $10717 | $11749 | $11443 |
| **8/31/22** | $10564 | $11491 | $11246 |
| **9/30/22** | $10298 | $11050 | $10877 |
| **10/31/22** | $10248 | $10958 | $10838 |
| **11/30/22** | $10591 | $11471 | $11227 |
| **12/31/22** | $10627 | $11504 | $11301 |
| **1/31/23** | $10855 | $11834 | $11571 |
| **2/28/23** | $10658 | $11566 | $11324 |
| **3/31/23** | $10845 | $11823 | $11554 |
| **4/30/23** | $10832 | $11796 | $11505 |
| **5/31/23** | $10750 | $11694 | $11380 |
| **6/30/23** | $10811 | $11811 | $11471 |
| **7/31/23** | $10834 | $11858 | $11511 |
| **8/31/23** | $10764 | $11687 | $11396 |
| **9/30/23** | $10554 | $11344 | $11139 |
| **10/31/23** | $10472 | $11248 | $11074 |
| **11/30/23** | $10968 | $11962 | $11613 |
| **12/31/23** | $11207 | $12240 | $11859 |
| **1/31/24** | $11195 | $12177 | $11817 |
| **2/29/24** | $11209 | $12193 | $11813 |
| **3/31/24** | $11238 | $12193 | $11790 |
| **4/30/24** | $11123 | $12042 | $11642 |
| **5/31/24** | $11116 | $12006 | $11517 |
| **6/30/24** | $11240 | $12190 | $11659 |
| **7/31/24** | $11331 | $12301 | $11776 |
| **8/31/24** | $11424 | $12398 | $11935 |
| **9/30/24** | $11525 | $12521 | $12045 |
| **10/31/24** | $11384 | $12338 | $11875 |
| **11/30/24** | $11522 | $12552 | $12012 |
| **12/31/24** | $11392 | $12369 | $11883 |
| **1/31/25** | $11421 | $12431 | $11929 |
| **2/28/25** | $11560 | $12554 | $12078 |
| **3/31/25** | $11404 | $12341 | $11928 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 1.47% | 0.97% | 1.55% |
| Class A (including sales charge) | (0.81%) | 0.51% | 1.32% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Intermediate Municipal Bond Index | 1.17% | 0.92% | 1.78% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $197873 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $423 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 14.4% |
| Port, Airport & Marina Revenue | 11.9% |
| Ad Valorem Property Tax | 11.6% |
| Electric Power & Light Revenue | 10.2% |
| Health, Hospital & Nursing Home Revenue | 10.0% |
| U.S. Government Agencies | 5.5% |
| Highway Revenue Tolls | 3.7% |
| Special Tax | 3.7% |
| Lease (Abatement) | 3.4% |
| Resource Recovery Revenue | 3.1% |
| Sewer Revenue | 2.5% |
| Natural Gas Revenue | 2.4% |
| Other Investments | 14.0% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 2.0% |
| Other Assets and Liabilities, Net | (0.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PCMBX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4038TSRAR_033125

# Class C: PCFCX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $153 | 1.53% |

---

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

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the transportation sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i7c4b7809afa2984096b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9951 | $9948 | $9970 |
| **5/31/15** | $9911 | $9920 | $9938 |
| **6/30/15** | $9903 | $9911 | $9941 |
| **7/31/15** | $9946 | $9983 | $10002 |
| **8/31/15** | $9968 | $10002 | $10026 |
| **9/30/15** | $10021 | $10075 | $10109 |
| **10/31/15** | $10053 | $10115 | $10154 |
| **11/30/15** | $10086 | $10155 | $10168 |
| **12/31/15** | $10132 | $10226 | $10220 |
| **1/31/16** | $10244 | $10348 | $10352 |
| **2/29/16** | $10258 | $10365 | $10381 |
| **3/31/16** | $10259 | $10398 | $10369 |
| **4/30/16** | $10302 | $10474 | $10436 |
| **5/31/16** | $10303 | $10502 | $10426 |
| **6/30/16** | $10428 | $10669 | $10544 |
| **7/31/16** | $10428 | $10676 | $10568 |
| **8/31/16** | $10428 | $10690 | $10568 |
| **9/30/16** | $10399 | $10637 | $10529 |
| **10/31/16** | $10325 | $10525 | $10441 |
| **11/30/16** | $9922 | $10133 | $10050 |
| **12/31/16** | $9977 | $10252 | $10145 |
| **1/31/17** | $10041 | $10319 | $10244 |
| **2/28/17** | $10097 | $10391 | $10310 |
| **3/31/17** | $10110 | $10414 | $10328 |
| **4/30/17** | $10174 | $10489 | $10415 |
| **5/31/17** | $10280 | $10656 | $10568 |
| **6/30/17** | $10231 | $10617 | $10525 |
| **7/31/17** | $10295 | $10703 | $10622 |
| **8/31/17** | $10380 | $10785 | $10672 |
| **9/30/17** | $10330 | $10730 | $10604 |
| **10/31/17** | $10342 | $10756 | $10615 |
| **11/30/17** | $10260 | $10699 | $10499 |
| **12/31/17** | $10324 | $10810 | $10591 |
| **1/31/18** | $10240 | $10683 | $10500 |
| **2/28/18** | $10191 | $10651 | $10452 |
| **3/31/18** | $10203 | $10691 | $10478 |
| **4/30/18** | $10163 | $10652 | $10440 |
| **5/31/18** | $10249 | $10774 | $10569 |
| **6/30/18** | $10253 | $10784 | $10588 |
| **7/31/18** | $10265 | $10810 | $10627 |
| **8/31/18** | $10279 | $10837 | $10648 |
| **9/30/18** | $10217 | $10767 | $10583 |
| **10/31/18** | $10155 | $10701 | $10529 |
| **11/30/18** | $10223 | $10819 | $10640 |
| **12/31/18** | $10320 | $10949 | $10770 |
| **1/31/19** | $10397 | $11032 | $10880 |
| **2/28/19** | $10444 | $11091 | $10928 |
| **3/31/19** | $10553 | $11266 | $11044 |
| **4/30/19** | $10577 | $11308 | $11051 |
| **5/31/19** | $10707 | $11464 | $11202 |
| **6/30/19** | $10740 | $11507 | $11247 |
| **7/31/19** | $10815 | $11599 | $11349 |
| **8/31/19** | $10924 | $11782 | $11457 |
| **9/30/19** | $10826 | $11688 | $11350 |
| **10/31/19** | $10836 | $11709 | $11384 |
| **11/30/19** | $10835 | $11738 | $11411 |
| **12/31/19** | $10855 | $11774 | $11444 |
| **1/31/20** | $11005 | $11986 | $11621 |
| **2/29/20** | $11112 | $12140 | $11711 |
| **3/31/20** | $10709 | $11700 | $11391 |
| **4/30/20** | $10588 | $11553 | $11347 |
| **5/31/20** | $10870 | $11920 | $11716 |
| **6/30/20** | $10967 | $12019 | $11751 |
| **7/31/20** | $11096 | $12221 | $11922 |
| **8/31/20** | $11061 | $12164 | $11881 |
| **9/30/20** | $11049 | $12166 | $11880 |
| **10/31/20** | $11015 | $12130 | $11852 |
| **11/30/20** | $11144 | $12313 | $11971 |
| **12/31/20** | $11187 | $12388 | $12007 |
| **1/31/21** | $11238 | $12467 | $12044 |
| **2/28/21** | $11063 | $12269 | $11841 |
| **3/31/21** | $11091 | $12344 | $11898 |
| **4/30/21** | $11152 | $12448 | $11972 |
| **5/31/21** | $11167 | $12485 | $11972 |
| **6/30/21** | $11171 | $12519 | $11977 |
| **7/31/21** | $11241 | $12623 | $12074 |
| **8/31/21** | $11200 | $12577 | $12056 |
| **9/30/21** | $11104 | $12486 | $11966 |
| **10/31/21** | $11063 | $12449 | $11924 |
| **11/30/21** | $11121 | $12555 | $11981 |
| **12/31/21** | $11118 | $12576 | $12010 |
| **1/31/22** | $10834 | $12231 | $11656 |
| **2/28/22** | $10764 | $12188 | $11622 |
| **3/31/22** | $10460 | $11793 | $11286 |
| **4/30/22** | $10193 | $11466 | $11029 |
| **5/31/22** | $10268 | $11637 | $11223 |
| **6/30/22** | $10157 | $11446 | $11158 |
| **7/31/22** | $10378 | $11749 | $11443 |
| **8/31/22** | $10223 | $11491 | $11246 |
| **9/30/22** | $9959 | $11050 | $10877 |
| **10/31/22** | $9905 | $10958 | $10838 |
| **11/30/22** | $10231 | $11471 | $11227 |
| **12/31/22** | $10258 | $11504 | $11301 |
| **1/31/23** | $10472 | $11834 | $11571 |
| **2/28/23** | $10276 | $11566 | $11324 |
| **3/31/23** | $10449 | $11823 | $11554 |
| **4/30/23** | $10430 | $11796 | $11505 |
| **5/31/23** | $10345 | $11694 | $11380 |
| **6/30/23** | $10397 | $11811 | $11471 |
| **7/31/23** | $10412 | $11858 | $11511 |
| **8/31/23** | $10339 | $11687 | $11396 |
| **9/30/23** | $10131 | $11344 | $11139 |
| **10/31/23** | $10046 | $11248 | $11074 |
| **11/30/23** | $10516 | $11962 | $11613 |
| **12/31/23** | $10737 | $12240 | $11859 |
| **1/31/24** | $10719 | $12177 | $11817 |
| **2/29/24** | $10727 | $12193 | $11813 |
| **3/31/24** | $10747 | $12193 | $11790 |
| **4/30/24** | $10630 | $12042 | $11642 |
| **5/31/24** | $10617 | $12006 | $11517 |
| **6/30/24** | $10729 | $12190 | $11659 |
| **7/31/24** | $10809 | $12301 | $11776 |
| **8/31/24** | $10890 | $12398 | $11935 |
| **9/30/24** | $10980 | $12521 | $12045 |
| **10/31/24** | $10839 | $12338 | $11875 |
| **11/30/24** | $10964 | $12552 | $12012 |
| **12/31/24** | $10833 | $12369 | $11883 |
| **1/31/25** | $10854 | $12431 | $11929 |
| **2/28/25** | $10980 | $12554 | $12078 |
| **3/31/25** | $10824 | $12341 | $11928 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 0.72% | 0.22% | 0.80% |
| Class C (including sales charge) | (0.27%) | 0.22% | 0.80% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Intermediate Municipal Bond Index | 1.17% | 0.92% | 1.78% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $197873 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $423 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 14.4% |
| Port, Airport & Marina Revenue | 11.9% |
| Ad Valorem Property Tax | 11.6% |
| Electric Power & Light Revenue | 10.2% |
| Health, Hospital & Nursing Home Revenue | 10.0% |
| U.S. Government Agencies | 5.5% |
| Highway Revenue Tolls | 3.7% |
| Special Tax | 3.7% |
| Lease (Abatement) | 3.4% |
| Resource Recovery Revenue | 3.1% |
| Sewer Revenue | 2.5% |
| Natural Gas Revenue | 2.4% |
| Other Investments | 14.0% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 2.0% |
| Other Assets and Liabilities, Net | (0.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PCFCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4238TSRAR_033125

# Institutional Class: PCIMX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $45 | 0.45% |

---

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

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the transportation sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143id22457ed4c2073debaee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $995963 | $994753 | $997031 |
| **5/31/15** | $992910 | $992005 | $993787 |
| **6/30/15** | $992972 | $991101 | $994054 |
| **7/31/15** | $998226 | $998280 | $1000224 |
| **8/31/15** | $1001257 | $1000240 | $1002609 |
| **9/30/15** | $1007520 | $1007486 | $1010871 |
| **10/31/15** | $1011703 | $1011492 | $1015358 |
| **11/30/15** | $1015818 | $1015513 | $1016806 |
| **12/31/15** | $1021498 | $1022648 | $1022031 |
| **1/31/16** | $1033703 | $1034850 | $1035164 |
| **2/29/16** | $1035979 | $1036478 | $1038117 |
| **3/31/16** | $1037047 | $1039761 | $1036890 |
| **4/30/16** | $1042370 | $1047406 | $1043616 |
| **5/31/16** | $1043414 | $1050239 | $1042573 |
| **6/30/16** | $1056947 | $1066947 | $1054414 |
| **7/31/16** | $1057947 | $1067598 | $1056820 |
| **8/31/16** | $1058964 | $1069039 | $1056795 |
| **9/30/16** | $1056946 | $1063703 | $1052859 |
| **10/31/16** | $1050374 | $1052544 | $1044075 |
| **11/30/16** | $1010321 | $1013289 | $1005017 |
| **12/31/16** | $1016879 | $1025185 | $1014511 |
| **1/31/17** | $1024227 | $1031944 | $1024445 |
| **2/28/17** | $1030798 | $1039109 | $1030975 |
| **3/31/17** | $1033176 | $1041365 | $1032768 |
| **4/30/17** | $1040602 | $1048921 | $1041506 |
| **5/31/17** | $1052408 | $1065568 | $1056793 |
| **6/30/17** | $1048364 | $1061747 | $1052531 |
| **7/31/17** | $1055786 | $1070337 | $1062169 |
| **8/31/17** | $1065505 | $1078482 | $1067240 |
| **9/30/17** | $1061367 | $1072999 | $1060363 |
| **10/31/17** | $1063492 | $1075618 | $1061472 |
| **11/30/17** | $1055986 | $1069859 | $1049896 |
| **12/31/17** | $1063631 | $1081041 | $1059102 |
| **1/31/18** | $1055899 | $1068314 | $1050010 |
| **2/28/18** | $1051666 | $1065122 | $1045249 |
| **3/31/18** | $1053967 | $1069053 | $1047768 |
| **4/30/18** | $1050700 | $1065238 | $1044035 |
| **5/31/18** | $1060615 | $1077436 | $1056936 |
| **6/30/18** | $1061928 | $1078356 | $1058786 |
| **7/31/18** | $1064147 | $1080972 | $1062662 |
| **8/31/18** | $1066698 | $1083748 | $1064815 |
| **9/30/18** | $1061083 | $1076732 | $1058310 |
| **10/31/18** | $1055643 | $1070102 | $1052852 |
| **11/30/18** | $1063641 | $1081946 | $1063977 |
| **12/31/18** | $1074760 | $1094900 | $1077045 |
| **1/31/19** | $1083679 | $1103177 | $1088021 |
| **2/28/19** | $1089459 | $1109084 | $1092769 |
| **3/31/19** | $1101861 | $1126616 | $1104423 |
| **4/30/19** | $1105321 | $1130850 | $1105066 |
| **5/31/19** | $1120025 | $1146440 | $1120234 |
| **6/30/19** | $1124354 | $1150673 | $1124695 |
| **7/31/19** | $1133297 | $1159947 | $1134870 |
| **8/31/19** | $1145781 | $1178243 | $1145683 |
| **9/30/19** | $1136451 | $1168798 | $1134961 |
| **10/31/19** | $1138512 | $1170893 | $1138402 |
| **11/30/19** | $1139500 | $1173821 | $1141092 |
| **12/31/19** | $1142606 | $1177405 | $1144410 |
| **1/31/20** | $1159477 | $1198559 | $1162063 |
| **2/29/20** | $1171726 | $1214015 | $1171127 |
| **3/31/20** | $1130185 | $1169979 | $1139147 |
| **4/30/20** | $1118493 | $1155296 | $1134725 |
| **5/31/20** | $1149259 | $1192047 | $1171608 |
| **6/30/20** | $1160550 | $1201858 | $1175141 |
| **7/31/20** | $1175393 | $1222100 | $1192242 |
| **8/31/20** | $1172683 | $1216366 | $1188137 |
| **9/30/20** | $1172469 | $1216624 | $1187971 |
| **10/31/20** | $1169935 | $1212970 | $1185207 |
| **11/30/20** | $1184690 | $1231274 | $1197140 |
| **12/31/20** | $1190370 | $1238775 | $1200735 |
| **1/31/21** | $1196834 | $1246669 | $1204369 |
| **2/28/21** | $1179148 | $1226861 | $1184126 |
| **3/31/21** | $1183270 | $1234427 | $1189786 |
| **4/30/21** | $1190951 | $1244781 | $1197248 |
| **5/31/21** | $1193511 | $1248495 | $1197184 |
| **6/30/21** | $1195038 | $1251923 | $1197663 |
| **7/31/21** | $1203617 | $1262306 | $1207351 |
| **8/31/21** | $1200291 | $1257674 | $1205578 |
| **9/30/21** | $1191091 | $1248597 | $1196630 |
| **10/31/21** | $1187738 | $1244947 | $1192373 |
| **11/30/21** | $1195076 | $1255545 | $1198096 |
| **12/31/21** | $1195872 | $1257570 | $1200953 |
| **1/31/22** | $1166391 | $1223147 | $1165588 |
| **2/28/22** | $1159781 | $1218765 | $1162182 |
| **3/31/22** | $1128144 | $1179256 | $1128633 |
| **4/30/22** | $1100375 | $1146639 | $1102860 |
| **5/31/22** | $1109395 | $1163672 | $1122337 |
| **6/30/22** | $1098374 | $1144613 | $1115797 |
| **7/31/22** | $1123236 | $1174856 | $1144279 |
| **8/31/22** | $1107528 | $1149107 | $1124619 |
| **9/30/22** | $1079970 | $1105003 | $1087711 |
| **10/31/22** | $1075000 | $1095814 | $1083812 |
| **11/30/22** | $1111340 | $1147069 | $1122666 |
| **12/31/22** | $1115389 | $1150353 | $1130071 |
| **1/31/23** | $1139630 | $1183397 | $1157060 |
| **2/28/23** | $1119237 | $1156638 | $1132446 |
| **3/31/23** | $1139162 | $1182301 | $1155436 |
| **4/30/23** | $1138102 | $1179600 | $1150470 |
| **5/31/23** | $1129886 | $1169378 | $1137954 |
| **6/30/23** | $1136610 | $1181092 | $1147061 |
| **7/31/23** | $1139243 | $1185764 | $1151143 |
| **8/31/23** | $1132225 | $1168693 | $1139568 |
| **9/30/23** | $1110495 | $1134441 | $1113852 |
| **10/31/23** | $1102131 | $1124787 | $1107420 |
| **11/30/23** | $1154693 | $1196190 | $1161300 |
| **12/31/23** | $1180150 | $1223991 | $1185853 |
| **1/31/24** | $1179195 | $1217740 | $1181663 |
| **2/29/24** | $1181032 | $1219304 | $1181302 |
| **3/31/24** | $1184363 | $1219266 | $1178970 |
| **4/30/24** | $1172538 | $1204165 | $1164217 |
| **5/31/24** | $1172224 | $1200633 | $1151652 |
| **6/30/24** | $1185577 | $1219036 | $1165941 |
| **7/31/24** | $1195493 | $1230147 | $1177565 |
| **8/31/24** | $1205641 | $1239849 | $1193482 |
| **9/30/24** | $1216639 | $1252103 | $1204538 |
| **10/31/24** | $1202029 | $1233846 | $1187450 |
| **11/30/24** | $1217004 | $1255160 | $1201198 |
| **12/31/24** | $1203616 | $1236886 | $1188260 |
| **1/31/25** | $1207020 | $1243085 | $1192947 |
| **2/28/25** | $1222046 | $1255411 | $1207751 |
| **3/31/25** | $1205784 | $1234135 | $1192775 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.81% | 1.30% | 1.89% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Intermediate Municipal Bond Index | 1.17% | 0.92% | 1.78% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $197873 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $423 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 14.4% |
| Port, Airport & Marina Revenue | 11.9% |
| Ad Valorem Property Tax | 11.6% |
| Electric Power & Light Revenue | 10.2% |
| Health, Hospital & Nursing Home Revenue | 10.0% |
| U.S. Government Agencies | 5.5% |
| Highway Revenue Tolls | 3.7% |
| Special Tax | 3.7% |
| Lease (Abatement) | 3.4% |
| Resource Recovery Revenue | 3.1% |
| Sewer Revenue | 2.5% |
| Natural Gas Revenue | 2.4% |
| Other Investments | 14.0% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 2.0% |
| Other Assets and Liabilities, Net | (0.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PCIMX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0054TSRAR_033125

# I-2: PCIPX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 0.55% |

---

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

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the transportation sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i0c3f9a6875a35a960e24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $995881 | $994753 | $997031 |
| **5/31/15** | $992744 | $992005 | $993787 |
| **6/30/15** | $992724 | $991101 | $994054 |
| **7/31/15** | $997887 | $998280 | $1000224 |
| **8/31/15** | $1000838 | $1000240 | $1002609 |
| **9/30/15** | $1007017 | $1007486 | $1010871 |
| **10/31/15** | $1011110 | $1011492 | $1015358 |
| **11/30/15** | $1015142 | $1015513 | $1016806 |
| **12/31/15** | $1020725 | $1022648 | $1022031 |
| **1/31/16** | $1032841 | $1034850 | $1035164 |
| **2/29/16** | $1034960 | $1036478 | $1038117 |
| **3/31/16** | $1035939 | $1039761 | $1036890 |
| **4/30/16** | $1041168 | $1047406 | $1043616 |
| **5/31/16** | $1042125 | $1050239 | $1042573 |
| **6/30/16** | $1055560 | $1066947 | $1054414 |
| **7/31/16** | $1056469 | $1067598 | $1056820 |
| **8/31/16** | $1057394 | $1069039 | $1056795 |
| **9/30/16** | $1055287 | $1063703 | $1052859 |
| **10/31/16** | $1048641 | $1052544 | $1044075 |
| **11/30/16** | $1008573 | $1013289 | $1005017 |
| **12/31/16** | $1015028 | $1025185 | $1014511 |
| **1/31/17** | $1022281 | $1031944 | $1024445 |
| **2/28/17** | $1028761 | $1039109 | $1030975 |
| **3/31/17** | $1031041 | $1041365 | $1032768 |
| **4/30/17** | $1038373 | $1048921 | $1041506 |
| **5/31/17** | $1050067 | $1065568 | $1056793 |
| **6/30/17** | $1045940 | $1061747 | $1052531 |
| **7/31/17** | $1053260 | $1070337 | $1062169 |
| **8/31/17** | $1062866 | $1078482 | $1067240 |
| **9/30/17** | $1058647 | $1072999 | $1060363 |
| **10/31/17** | $1060678 | $1075618 | $1061472 |
| **11/30/17** | $1053105 | $1069859 | $1049896 |
| **12/31/17** | $1060636 | $1081041 | $1059102 |
| **1/31/18** | $1052838 | $1068314 | $1050010 |
| **2/28/18** | $1048535 | $1065122 | $1045249 |
| **3/31/18** | $1050736 | $1069053 | $1047768 |
| **4/30/18** | $1047394 | $1065238 | $1044035 |
| **5/31/18** | $1057182 | $1077436 | $1056936 |
| **6/30/18** | $1058400 | $1078356 | $1058786 |
| **7/31/18** | $1060525 | $1080972 | $1062662 |
| **8/31/18** | $1062968 | $1083748 | $1064815 |
| **9/30/18** | $1057294 | $1076732 | $1058310 |
| **10/31/18** | $1051784 | $1070102 | $1052852 |
| **11/30/18** | $1059657 | $1081946 | $1063977 |
| **12/31/18** | $1070649 | $1094900 | $1077045 |
| **1/31/19** | $1079447 | $1103177 | $1088021 |
| **2/28/19** | $1085121 | $1109084 | $1092769 |
| **3/31/19** | $1097382 | $1126616 | $1104423 |
| **4/30/19** | $1100738 | $1130850 | $1105066 |
| **5/31/19** | $1115285 | $1146440 | $1120234 |
| **6/30/19** | $1119510 | $1150673 | $1124695 |
| **7/31/19** | $1128319 | $1159947 | $1134870 |
| **8/31/19** | $1140646 | $1178243 | $1145683 |
| **9/30/19** | $1131270 | $1168798 | $1134961 |
| **10/31/19** | $1133226 | $1170893 | $1138402 |
| **11/30/19** | $1134113 | $1173821 | $1141092 |
| **12/31/19** | $1137108 | $1177405 | $1144410 |
| **1/31/20** | $1153798 | $1198559 | $1162063 |
| **2/29/20** | $1165899 | $1214015 | $1171127 |
| **3/31/20** | $1124472 | $1169979 | $1139147 |
| **4/30/20** | $1112747 | $1155296 | $1134725 |
| **5/31/20** | $1143260 | $1192047 | $1171608 |
| **6/30/20** | $1154397 | $1201858 | $1175141 |
| **7/31/20** | $1169056 | $1222100 | $1192242 |
| **8/31/20** | $1166268 | $1216366 | $1188137 |
| **9/30/20** | $1165959 | $1216624 | $1187971 |
| **10/31/20** | $1163338 | $1212970 | $1185207 |
| **11/30/20** | $1177917 | $1231274 | $1197140 |
| **12/31/20** | $1183454 | $1238775 | $1200735 |
| **1/31/21** | $1189789 | $1246669 | $1204369 |
| **2/28/21** | $1172116 | $1226861 | $1184126 |
| **3/31/21** | $1176112 | $1234427 | $1189786 |
| **4/30/21** | $1183638 | $1244781 | $1197248 |
| **5/31/21** | $1186089 | $1248495 | $1197184 |
| **6/30/21** | $1187508 | $1251923 | $1197663 |
| **7/31/21** | $1195929 | $1262306 | $1207351 |
| **8/31/21** | $1192525 | $1257674 | $1205578 |
| **9/30/21** | $1183287 | $1248597 | $1196630 |
| **10/31/21** | $1179856 | $1244947 | $1192373 |
| **11/30/21** | $1187048 | $1255545 | $1198096 |
| **12/31/21** | $1187733 | $1257570 | $1200953 |
| **1/31/22** | $1158358 | $1223147 | $1165588 |
| **2/28/22** | $1151705 | $1218765 | $1162182 |
| **3/31/22** | $1120192 | $1179256 | $1128633 |
| **4/30/22** | $1092530 | $1146639 | $1102860 |
| **5/31/22** | $1101393 | $1163672 | $1122337 |
| **6/30/22** | $1090365 | $1144613 | $1115797 |
| **7/31/22** | $1114954 | $1174856 | $1144279 |
| **8/31/22** | $1099267 | $1149107 | $1124619 |
| **9/30/22** | $1071819 | $1105003 | $1087711 |
| **10/31/22** | $1066802 | $1095814 | $1083812 |
| **11/30/22** | $1102763 | $1147069 | $1122666 |
| **12/31/22** | $1106682 | $1150353 | $1130071 |
| **1/31/23** | $1130644 | $1183397 | $1157060 |
| **2/28/23** | $1110326 | $1156638 | $1132446 |
| **3/31/23** | $1129987 | $1182301 | $1155436 |
| **4/30/23** | $1128848 | $1179600 | $1150470 |
| **5/31/23** | $1120603 | $1169378 | $1137954 |
| **6/30/23** | $1127174 | $1181092 | $1147061 |
| **7/31/23** | $1129696 | $1185764 | $1151143 |
| **8/31/23** | $1122642 | $1168693 | $1139568 |
| **9/30/23** | $1101000 | $1134441 | $1113852 |
| **10/31/23** | $1092613 | $1124787 | $1107420 |
| **11/30/23** | $1144630 | $1196190 | $1161300 |
| **12/31/23** | $1169765 | $1223991 | $1185853 |
| **1/31/24** | $1168724 | $1217740 | $1181663 |
| **2/29/24** | $1170452 | $1219304 | $1181302 |
| **3/31/24** | $1173655 | $1219266 | $1178970 |
| **4/30/24** | $1161841 | $1204165 | $1164217 |
| **5/31/24** | $1161425 | $1200633 | $1151652 |
| **6/30/24** | $1174568 | $1219036 | $1165941 |
| **7/31/24** | $1184293 | $1230147 | $1177565 |
| **8/31/24** | $1194238 | $1239849 | $1193482 |
| **9/30/24** | $1205040 | $1252103 | $1204538 |
| **10/31/24** | $1190468 | $1233846 | $1187450 |
| **11/30/24** | $1205198 | $1255160 | $1201198 |
| **12/31/24** | $1191838 | $1236886 | $1188260 |
| **1/31/25** | $1195104 | $1243085 | $1192947 |
| **2/28/25** | $1209891 | $1255411 | $1207751 |
| **3/31/25** | $1193695 | $1234135 | $1192775 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 1.71% | 1.20% | 1.79% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Intermediate Municipal Bond Index | 1.17% | 0.92% | 1.78% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $197873 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Net Advisory Fees Paid During the Reporting Period | $423 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 14.4% |
| Port, Airport & Marina Revenue | 11.9% |
| Ad Valorem Property Tax | 11.6% |
| Electric Power & Light Revenue | 10.2% |
| Health, Hospital & Nursing Home Revenue | 10.0% |
| U.S. Government Agencies | 5.5% |
| Highway Revenue Tolls | 3.7% |
| Special Tax | 3.7% |
| Lease (Abatement) | 3.4% |
| Resource Recovery Revenue | 3.1% |
| Sewer Revenue | 2.5% |
| Natural Gas Revenue | 2.4% |
| Other Investments | 14.0% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 2.0% |
| Other Assets and Liabilities, Net | (0.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PCIPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1918TSRAR_033125

# Class A: PCTTX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $80 | 0.79% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* An underweight exposure to the education sector contributed to performance, as the sector underperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell, and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* An underweight exposure to the pre-refunded sector detracted from performance, as the sector outperformed the broader municipal market.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i3b4b0a8e101f5a529376.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/15** | $9776 | $10000 | $10000 |
| **4/30/15** | $9700 | $9948 | $9945 |
| **5/31/15** | $9653 | $9920 | $9922 |
| **6/30/15** | $9653 | $9911 | $9914 |
| **7/31/15** | $9702 | $9983 | $9988 |
| **8/31/15** | $9741 | $10002 | $10016 |
| **9/30/15** | $9821 | $10075 | $10085 |
| **10/31/15** | $9920 | $10115 | $10122 |
| **11/30/15** | $10009 | $10155 | $10162 |
| **12/31/15** | $10103 | $10226 | $10238 |
| **1/31/16** | $10245 | $10348 | $10351 |
| **2/29/16** | $10246 | $10365 | $10368 |
| **3/31/16** | $10352 | $10398 | $10402 |
| **4/30/16** | $10470 | $10474 | $10481 |
| **5/31/16** | $10548 | $10502 | $10511 |
| **6/30/16** | $10752 | $10669 | $10678 |
| **7/31/16** | $10752 | $10676 | $10682 |
| **8/31/16** | $10794 | $10690 | $10700 |
| **9/30/16** | $10741 | $10637 | $10635 |
| **10/31/16** | $10568 | $10525 | $10511 |
| **11/30/16** | $10038 | $10133 | $10106 |
| **12/31/16** | $10141 | $10252 | $10225 |
| **1/31/17** | $10222 | $10319 | $10305 |
| **2/28/17** | $10305 | $10391 | $10365 |
| **3/31/17** | $10340 | $10414 | $10385 |
| **4/30/17** | $10442 | $10489 | $10458 |
| **5/31/17** | $10613 | $10656 | $10632 |
| **6/30/17** | $10619 | $10617 | $10597 |
| **7/31/17** | $10672 | $10703 | $10690 |
| **8/31/17** | $10764 | $10785 | $10756 |
| **9/30/17** | $10680 | $10730 | $10705 |
| **10/31/17** | $10723 | $10756 | $10740 |
| **11/30/17** | $10718 | $10699 | $10683 |
| **12/31/17** | $10843 | $10810 | $10800 |
| **1/31/18** | $10715 | $10683 | $10671 |
| **2/28/18** | $10658 | $10651 | $10636 |
| **3/31/18** | $10713 | $10691 | $10684 |
| **4/30/18** | $10684 | $10652 | $10641 |
| **5/31/18** | $10839 | $10774 | $10784 |
| **6/30/18** | $10845 | $10784 | $10787 |
| **7/31/18** | $10867 | $10810 | $10813 |
| **8/31/18** | $10913 | $10837 | $10847 |
| **9/30/18** | $10832 | $10767 | $10763 |
| **10/31/18** | $10711 | $10701 | $10689 |
| **11/30/18** | $10818 | $10819 | $10801 |
| **12/31/18** | $10923 | $10949 | $10920 |
| **1/31/19** | $10988 | $11032 | $10991 |
| **2/28/19** | $11054 | $11091 | $11045 |
| **3/31/19** | $11285 | $11266 | $11227 |
| **4/30/19** | $11351 | $11308 | $11276 |
| **5/31/19** | $11521 | $11464 | $11441 |
| **6/30/19** | $11563 | $11507 | $11480 |
| **7/31/19** | $11648 | $11599 | $11576 |
| **8/31/19** | $11900 | $11782 | $11764 |
| **9/30/19** | $11825 | $11688 | $11676 |
| **10/31/19** | $11824 | $11709 | $11697 |
| **11/30/19** | $11834 | $11738 | $11724 |
| **12/31/19** | $11874 | $11774 | $11757 |
| **1/31/20** | $12114 | $11986 | $11968 |
| **2/29/20** | $12322 | $12140 | $12123 |
| **3/31/20** | $11823 | $11700 | $11699 |
| **4/30/20** | $11608 | $11553 | $11574 |
| **5/31/20** | $12050 | $11920 | $11966 |
| **6/30/20** | $12206 | $12019 | $12035 |
| **7/31/20** | $12425 | $12221 | $12242 |
| **8/31/20** | $12333 | $12164 | $12161 |
| **9/30/20** | $12317 | $12166 | $12157 |
| **10/31/20** | $12280 | $12130 | $12124 |
| **11/30/20** | $12542 | $12313 | $12311 |
| **12/31/20** | $12646 | $12388 | $12362 |
| **1/31/21** | $12734 | $12467 | $12421 |
| **2/28/21** | $12450 | $12269 | $12196 |
| **3/31/21** | $12529 | $12344 | $12280 |
| **4/30/21** | $12683 | $12448 | $12377 |
| **5/31/21** | $12762 | $12485 | $12411 |
| **6/30/21** | $12820 | $12519 | $12444 |
| **7/31/21** | $12920 | $12623 | $12547 |
| **8/31/21** | $12847 | $12577 | $12505 |
| **9/30/21** | $12709 | $12486 | $12413 |
| **10/31/21** | $12702 | $12449 | $12377 |
| **11/30/21** | $12825 | $12555 | $12488 |
| **12/31/21** | $12847 | $12576 | $12513 |
| **1/31/22** | $12489 | $12231 | $12142 |
| **2/28/22** | $12406 | $12188 | $12105 |
| **3/31/22** | $11964 | $11793 | $11702 |
| **4/30/22** | $11494 | $11466 | $11363 |
| **5/31/22** | $11700 | $11637 | $11555 |
| **6/30/22** | $11349 | $11446 | $11375 |
| **7/31/22** | $11755 | $11749 | $11696 |
| **8/31/22** | $11515 | $11491 | $11446 |
| **9/30/22** | $10959 | $11050 | $11023 |
| **10/31/22** | $10830 | $10958 | $10951 |
| **11/30/22** | $11500 | $11471 | $11454 |
| **12/31/22** | $11487 | $11504 | $11491 |
| **1/31/23** | $11881 | $11834 | $11801 |
| **2/28/23** | $11588 | $11566 | $11533 |
| **3/31/23** | $11778 | $11823 | $11784 |
| **4/30/23** | $11807 | $11796 | $11755 |
| **5/31/23** | $11714 | $11694 | $11656 |
| **6/30/23** | $11849 | $11811 | $11772 |
| **7/31/23** | $11868 | $11858 | $11819 |
| **8/31/23** | $11742 | $11687 | $11683 |
| **9/30/23** | $11401 | $11344 | $11347 |
| **10/31/23** | $11228 | $11248 | $11249 |
| **11/30/23** | $12014 | $11962 | $11937 |
| **12/31/23** | $12359 | $12240 | $12206 |
| **1/31/24** | $12358 | $12177 | $12156 |
| **2/29/24** | $12405 | $12193 | $12170 |
| **3/31/24** | $12441 | $12193 | $12155 |
| **4/30/24** | $12292 | $12042 | $12000 |
| **5/31/24** | $12330 | $12006 | $11963 |
| **6/30/24** | $12516 | $12190 | $12131 |
| **7/31/24** | $12620 | $12301 | $12239 |
| **8/31/24** | $12694 | $12398 | $12341 |
| **9/30/24** | $12821 | $12521 | $12467 |
| **10/31/24** | $12678 | $12338 | $12297 |
| **11/30/24** | $12854 | $12552 | $12492 |
| **12/31/24** | $12697 | $12369 | $12331 |
| **1/31/25** | $12706 | $12431 | $12348 |
| **2/28/25** | $12859 | $12554 | $12485 |
| **3/31/25** | $12640 | $12341 | $12272 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 1.60% | 1.35% | 2.60% |
| Class A (including sales charge) | (0.71%) | 0.88% | 2.37% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Municipal Bond Index | 0.96% | 0.96% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $335680 |
| # of Portfolio Holdings | 254 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $556 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 15.6% |
| Local or Guaranteed Housing | 12.4% |
| Port, Airport & Marina Revenue | 11.0% |
| Electric Power & Light Revenue | 8.3% |
| Health, Hospital & Nursing Home Revenue | 8.3% |
| College & University Revenue | 5.5% |
| U.S. Government Agencies | 5.0% |
| Special Tax | 4.2% |
| Tobacco Settlement Funded | 3.6% |
| Water Revenue | 3.5% |
| Highway Revenue Tolls | 3.4% |
| Other Investments | 14.3% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 3.2% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PCTTX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6040TSRAR_033125

# Class C: PCTGX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $155 | 1.54% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* An underweight exposure to the education sector contributed to performance, as the sector underperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell, and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* An underweight exposure to the pre-refunded sector detracted from performance, as the sector outperformed the broader municipal market.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143if9fb7a5f4122a9cde7cd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9917 | $9948 | $9945 |
| **5/31/15** | $9861 | $9920 | $9922 |
| **6/30/15** | $9856 | $9911 | $9914 |
| **7/31/15** | $9899 | $9983 | $9988 |
| **8/31/15** | $9933 | $10002 | $10016 |
| **9/30/15** | $10009 | $10075 | $10085 |
| **10/31/15** | $10103 | $10115 | $10122 |
| **11/30/15** | $10187 | $10155 | $10162 |
| **12/31/15** | $10276 | $10226 | $10238 |
| **1/31/16** | $10415 | $10348 | $10351 |
| **2/29/16** | $10410 | $10365 | $10368 |
| **3/31/16** | $10511 | $10398 | $10402 |
| **4/30/16** | $10623 | $10474 | $10481 |
| **5/31/16** | $10696 | $10502 | $10511 |
| **6/30/16** | $10896 | $10669 | $10678 |
| **7/31/16** | $10890 | $10676 | $10682 |
| **8/31/16** | $10925 | $10690 | $10700 |
| **9/30/16** | $10864 | $10637 | $10635 |
| **10/31/16** | $10683 | $10525 | $10511 |
| **11/30/16** | $10141 | $10133 | $10106 |
| **12/31/16** | $10238 | $10252 | $10225 |
| **1/31/17** | $10313 | $10319 | $10305 |
| **2/28/17** | $10391 | $10391 | $10365 |
| **3/31/17** | $10419 | $10414 | $10385 |
| **4/30/17** | $10516 | $10489 | $10458 |
| **5/31/17** | $10682 | $10656 | $10632 |
| **6/30/17** | $10681 | $10617 | $10597 |
| **7/31/17** | $10727 | $10703 | $10690 |
| **8/31/17** | $10813 | $10785 | $10756 |
| **9/30/17** | $10721 | $10730 | $10705 |
| **10/31/17** | $10759 | $10756 | $10740 |
| **11/30/17** | $10747 | $10699 | $10683 |
| **12/31/17** | $10865 | $10810 | $10800 |
| **1/31/18** | $10730 | $10683 | $10671 |
| **2/28/18** | $10667 | $10651 | $10636 |
| **3/31/18** | $10714 | $10691 | $10684 |
| **4/30/18** | $10680 | $10652 | $10641 |
| **5/31/18** | $10828 | $10774 | $10784 |
| **6/30/18** | $10827 | $10784 | $10787 |
| **7/31/18** | $10842 | $10810 | $10813 |
| **8/31/18** | $10881 | $10837 | $10847 |
| **9/30/18** | $10794 | $10767 | $10763 |
| **10/31/18** | $10667 | $10701 | $10689 |
| **11/30/18** | $10765 | $10819 | $10801 |
| **12/31/18** | $10864 | $10949 | $10920 |
| **1/31/19** | $10921 | $11032 | $10991 |
| **2/28/19** | $10981 | $11091 | $11045 |
| **3/31/19** | $11203 | $11266 | $11227 |
| **4/30/19** | $11261 | $11308 | $11276 |
| **5/31/19** | $11423 | $11464 | $11441 |
| **6/30/19** | $11458 | $11507 | $11480 |
| **7/31/19** | $11535 | $11599 | $11576 |
| **8/31/19** | $11777 | $11782 | $11764 |
| **9/30/19** | $11695 | $11688 | $11676 |
| **10/31/19** | $11687 | $11709 | $11697 |
| **11/30/19** | $11689 | $11738 | $11724 |
| **12/31/19** | $11722 | $11774 | $11757 |
| **1/31/20** | $11951 | $11986 | $11968 |
| **2/29/20** | $12150 | $12140 | $12123 |
| **3/31/20** | $11650 | $11700 | $11699 |
| **4/30/20** | $11431 | $11553 | $11574 |
| **5/31/20** | $11859 | $11920 | $11966 |
| **6/30/20** | $12005 | $12019 | $12035 |
| **7/31/20** | $12212 | $12221 | $12242 |
| **8/31/20** | $12115 | $12164 | $12161 |
| **9/30/20** | $12092 | $12166 | $12157 |
| **10/31/20** | $12047 | $12130 | $12124 |
| **11/30/20** | $12297 | $12313 | $12311 |
| **12/31/20** | $12390 | $12388 | $12362 |
| **1/31/21** | $12470 | $12467 | $12421 |
| **2/28/21** | $12184 | $12269 | $12196 |
| **3/31/21** | $12253 | $12344 | $12280 |
| **4/30/21** | $12397 | $12448 | $12377 |
| **5/31/21** | $12466 | $12485 | $12411 |
| **6/30/21** | $12515 | $12519 | $12444 |
| **7/31/21** | $12604 | $12623 | $12547 |
| **8/31/21** | $12525 | $12577 | $12505 |
| **9/30/21** | $12383 | $12486 | $12413 |
| **10/31/21** | $12368 | $12449 | $12377 |
| **11/30/21** | $12480 | $12555 | $12488 |
| **12/31/21** | $12494 | $12576 | $12513 |
| **1/31/22** | $12138 | $12231 | $12142 |
| **2/28/22** | $12050 | $12188 | $12105 |
| **3/31/22** | $11613 | $11793 | $11702 |
| **4/30/22** | $11149 | $11466 | $11363 |
| **5/31/22** | $11343 | $11637 | $11555 |
| **6/30/22** | $10996 | $11446 | $11375 |
| **7/31/22** | $11382 | $11749 | $11696 |
| **8/31/22** | $11143 | $11491 | $11446 |
| **9/30/22** | $10597 | $11050 | $11023 |
| **10/31/22** | $10466 | $10958 | $10951 |
| **11/30/22** | $11107 | $11471 | $11454 |
| **12/31/22** | $11087 | $11504 | $11491 |
| **1/31/23** | $11460 | $11834 | $11801 |
| **2/28/23** | $11171 | $11566 | $11533 |
| **3/31/23** | $11346 | $11823 | $11784 |
| **4/30/23** | $11368 | $11796 | $11755 |
| **5/31/23** | $11271 | $11694 | $11656 |
| **6/30/23** | $11394 | $11811 | $11772 |
| **7/31/23** | $11405 | $11858 | $11819 |
| **8/31/23** | $11277 | $11687 | $11683 |
| **9/30/23** | $10943 | $11344 | $11347 |
| **10/31/23** | $10770 | $11248 | $11249 |
| **11/30/23** | $11517 | $11962 | $11937 |
| **12/31/23** | $11839 | $12240 | $12206 |
| **1/31/24** | $11831 | $12177 | $12156 |
| **2/29/24** | $11869 | $12193 | $12170 |
| **3/31/24** | $11897 | $12193 | $12155 |
| **4/30/24** | $11747 | $12042 | $12000 |
| **5/31/24** | $11776 | $12006 | $11963 |
| **6/30/24** | $11946 | $12190 | $12131 |
| **7/31/24** | $12038 | $12301 | $12239 |
| **8/31/24** | $12100 | $12398 | $12341 |
| **9/30/24** | $12214 | $12521 | $12467 |
| **10/31/24** | $12070 | $12338 | $12297 |
| **11/30/24** | $12230 | $12552 | $12492 |
| **12/31/24** | $12072 | $12369 | $12331 |
| **1/31/25** | $12073 | $12431 | $12348 |
| **2/28/25** | $12211 | $12554 | $12485 |
| **3/31/25** | $11996 | $12341 | $12272 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 0.84% | 0.59% | 1.84% |
| Class C (including sales charge) | (0.15%) | 0.59% | 1.84% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Municipal Bond Index | 0.96% | 0.96% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $335680 |
| # of Portfolio Holdings | 254 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $556 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 15.6% |
| Local or Guaranteed Housing | 12.4% |
| Port, Airport & Marina Revenue | 11.0% |
| Electric Power & Light Revenue | 8.3% |
| Health, Hospital & Nursing Home Revenue | 8.3% |
| College & University Revenue | 5.5% |
| U.S. Government Agencies | 5.0% |
| Special Tax | 4.2% |
| Tobacco Settlement Funded | 3.6% |
| Water Revenue | 3.5% |
| Highway Revenue Tolls | 3.4% |
| Other Investments | 14.3% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 3.2% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PCTGX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6240TSRAR_033125

# Institutional Class: PCTIX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $44 | 0.44% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* An underweight exposure to the education sector contributed to performance, as the sector underperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell, and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* An underweight exposure to the pre-refunded sector detracted from performance, as the sector outperformed the broader municipal market.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143iab7d2950e3ffc5d463f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $992551 | $994753 | $994478 |
| **5/31/15** | $987954 | $992005 | $992200 |
| **6/30/15** | $988286 | $991101 | $991403 |
| **7/31/15** | $993578 | $998280 | $998836 |
| **8/31/15** | $997891 | $1000240 | $1001620 |
| **9/30/15** | $1006392 | $1007486 | $1008546 |
| **10/31/15** | $1016852 | $1011492 | $1012234 |
| **11/30/15** | $1026170 | $1015513 | $1016171 |
| **12/31/15** | $1036199 | $1022648 | $1023843 |
| **1/31/16** | $1051044 | $1034850 | $1035079 |
| **2/29/16** | $1051446 | $1036478 | $1036761 |
| **3/31/16** | $1062645 | $1039761 | $1040237 |
| **4/30/16** | $1075013 | $1047406 | $1048090 |
| **5/31/16** | $1083333 | $1050239 | $1051112 |
| **6/30/16** | $1104567 | $1066947 | $1067768 |
| **7/31/16** | $1104966 | $1067598 | $1068232 |
| **8/31/16** | $1109551 | $1069039 | $1070019 |
| **9/30/16** | $1104475 | $1063703 | $1063486 |
| **10/31/16** | $1087041 | $1052544 | $1051093 |
| **11/30/16** | $1032810 | $1013289 | $1010570 |
| **12/31/16** | $1043748 | $1025185 | $1022456 |
| **1/31/17** | $1052331 | $1031944 | $1030464 |
| **2/28/17** | $1061138 | $1039109 | $1036466 |
| **3/31/17** | $1065092 | $1041365 | $1038487 |
| **4/30/17** | $1075857 | $1048921 | $1045768 |
| **5/31/17** | $1093889 | $1065568 | $1063208 |
| **6/30/17** | $1094842 | $1061747 | $1059664 |
| **7/31/17** | $1100513 | $1070337 | $1068991 |
| **8/31/17** | $1110352 | $1078482 | $1075572 |
| **9/30/17** | $1102000 | $1072999 | $1070547 |
| **10/31/17** | $1106828 | $1075618 | $1074024 |
| **11/30/17** | $1106627 | $1069859 | $1068269 |
| **12/31/17** | $1119822 | $1081041 | $1079971 |
| **1/31/18** | $1106913 | $1068314 | $1067052 |
| **2/28/18** | $1101338 | $1065122 | $1063605 |
| **3/31/18** | $1107336 | $1069053 | $1068385 |
| **4/30/18** | $1104743 | $1065238 | $1064063 |
| **5/31/18** | $1121085 | $1077436 | $1078398 |
| **6/30/18** | $1121980 | $1078356 | $1078740 |
| **7/31/18** | $1124631 | $1080972 | $1081292 |
| **8/31/18** | $1129765 | $1083748 | $1084656 |
| **9/30/18** | $1121624 | $1076732 | $1076347 |
| **10/31/18** | $1109463 | $1070102 | $1068945 |
| **11/30/18** | $1120828 | $1081946 | $1080069 |
| **12/31/18** | $1132064 | $1094900 | $1091966 |
| **1/31/19** | $1139101 | $1103177 | $1099091 |
| **2/28/19** | $1146290 | $1109084 | $1104537 |
| **3/31/19** | $1170588 | $1126616 | $1122692 |
| **4/30/19** | $1177707 | $1130850 | $1127589 |
| **5/31/19** | $1195712 | $1146440 | $1144132 |
| **6/30/19** | $1200449 | $1150673 | $1148039 |
| **7/31/19** | $1209617 | $1159947 | $1157631 |
| **8/31/19** | $1236155 | $1178243 | $1176392 |
| **9/30/19** | $1228667 | $1168798 | $1167643 |
| **10/31/19** | $1228913 | $1170893 | $1169699 |
| **11/30/19** | $1230305 | $1173821 | $1172353 |
| **12/31/19** | $1234852 | $1177405 | $1175724 |
| **1/31/20** | $1260247 | $1198559 | $1196785 |
| **2/29/20** | $1282221 | $1214015 | $1212281 |
| **3/31/20** | $1230562 | $1169979 | $1169950 |
| **4/30/20** | $1208629 | $1155296 | $1157427 |
| **5/31/20** | $1255001 | $1192047 | $1196631 |
| **6/30/20** | $1271541 | $1201858 | $1203510 |
| **7/31/20** | $1294782 | $1222100 | $1224187 |
| **8/31/20** | $1285612 | $1216366 | $1216061 |
| **9/30/20** | $1284334 | $1216624 | $1215719 |
| **10/31/20** | $1280836 | $1212970 | $1212375 |
| **11/30/20** | $1308555 | $1231274 | $1231082 |
| **12/31/20** | $1319764 | $1238775 | $1236225 |
| **1/31/21** | $1329361 | $1246669 | $1242118 |
| **2/28/21** | $1300065 | $1226861 | $1219561 |
| **3/31/21** | $1308630 | $1234427 | $1227956 |
| **4/30/21** | $1325204 | $1244781 | $1237733 |
| **5/31/21** | $1333770 | $1248495 | $1241124 |
| **6/30/21** | $1340220 | $1251923 | $1244360 |
| **7/31/21** | $1351123 | $1262306 | $1254717 |
| **8/31/21** | $1343844 | $1257674 | $1250478 |
| **9/30/21** | $1329849 | $1248597 | $1241250 |
| **10/31/21** | $1329414 | $1244947 | $1237742 |
| **11/30/21** | $1342680 | $1255545 | $1248814 |
| **12/31/21** | $1345472 | $1257570 | $1251259 |
| **1/31/22** | $1308348 | $1223147 | $1214158 |
| **2/28/22** | $1299995 | $1218765 | $1210487 |
| **3/31/22** | $1254049 | $1179256 | $1170203 |
| **4/30/22** | $1205109 | $1146639 | $1136274 |
| **5/31/22** | $1227081 | $1163672 | $1155451 |
| **6/30/22** | $1190651 | $1144613 | $1137532 |
| **7/31/22** | $1233572 | $1174856 | $1169612 |
| **8/31/22** | $1208809 | $1149107 | $1144575 |
| **9/30/22** | $1150756 | $1105003 | $1102268 |
| **10/31/22** | $1137507 | $1095814 | $1095085 |
| **11/30/22** | $1208221 | $1147069 | $1145409 |
| **12/31/22** | $1207240 | $1150353 | $1149091 |
| **1/31/23** | $1248999 | $1183397 | $1180118 |
| **2/28/23** | $1218560 | $1156638 | $1153290 |
| **3/31/23** | $1238857 | $1182301 | $1178427 |
| **4/30/23** | $1242237 | $1179600 | $1175457 |
| **5/31/23** | $1232881 | $1169378 | $1165628 |
| **6/30/23** | $1247491 | $1181092 | $1177179 |
| **7/31/23** | $1249812 | $1185764 | $1181938 |
| **8/31/23** | $1236905 | $1168693 | $1168284 |
| **9/30/23** | $1201379 | $1134441 | $1134734 |
| **10/31/23** | $1183450 | $1124787 | $1124905 |
| **11/30/23** | $1266682 | $1196190 | $1193667 |
| **12/31/23** | $1303381 | $1223991 | $1220607 |
| **1/31/24** | $1303647 | $1217740 | $1215643 |
| **2/29/24** | $1308977 | $1219304 | $1217004 |
| **3/31/24** | $1313209 | $1219266 | $1215490 |
| **4/30/24** | $1297804 | $1204165 | $1199952 |
| **5/31/24** | $1302313 | $1200633 | $1196287 |
| **6/30/24** | $1322221 | $1219036 | $1213079 |
| **7/31/24** | $1333656 | $1230147 | $1223879 |
| **8/31/24** | $1341887 | $1239849 | $1234112 |
| **9/30/24** | $1355715 | $1252103 | $1246686 |
| **10/31/24** | $1340971 | $1233846 | $1229698 |
| **11/30/24** | $1359942 | $1255160 | $1249192 |
| **12/31/24** | $1343730 | $1236886 | $1233087 |
| **1/31/25** | $1345076 | $1243085 | $1234798 |
| **2/28/25** | $1361655 | $1255411 | $1248499 |
| **3/31/25** | $1338852 | $1234135 | $1227197 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.95% | 1.70% | 2.96% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Municipal Bond Index | 0.96% | 0.96% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $335680 |
| # of Portfolio Holdings | 254 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $556 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 15.6% |
| Local or Guaranteed Housing | 12.4% |
| Port, Airport & Marina Revenue | 11.0% |
| Electric Power & Light Revenue | 8.3% |
| Health, Hospital & Nursing Home Revenue | 8.3% |
| College & University Revenue | 5.5% |
| U.S. Government Agencies | 5.0% |
| Special Tax | 4.2% |
| Tobacco Settlement Funded | 3.6% |
| Water Revenue | 3.5% |
| Highway Revenue Tolls | 3.4% |
| Other Investments | 14.3% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 3.2% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PCTIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2062TSRAR_033125

# I-2: PCTPX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $54 | 0.54% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* An underweight exposure to the education sector contributed to performance, as the sector underperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell, and long-end maturities rose.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* An underweight exposure to the pre-refunded sector detracted from performance, as the sector outperformed the broader municipal market.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i65ce2ac8c26bd2ab1ba1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $992468 | $994753 | $994478 |
| **5/31/15** | $987788 | $992005 | $992200 |
| **6/30/15** | $988041 | $991101 | $991403 |
| **7/31/15** | $993244 | $998280 | $998836 |
| **8/31/15** | $997480 | $1000240 | $1001620 |
| **9/30/15** | $1005897 | $1007486 | $1008546 |
| **10/31/15** | $1016264 | $1011492 | $1012234 |
| **11/30/15** | $1025499 | $1015513 | $1016171 |
| **12/31/15** | $1035431 | $1022648 | $1023843 |
| **1/31/16** | $1050159 | $1034850 | $1035079 |
| **2/29/16** | $1050479 | $1036478 | $1036761 |
| **3/31/16** | $1061578 | $1039761 | $1040237 |
| **4/30/16** | $1073843 | $1047406 | $1048090 |
| **5/31/16** | $1082063 | $1050239 | $1051112 |
| **6/30/16** | $1103178 | $1066947 | $1067768 |
| **7/31/16** | $1103491 | $1067598 | $1068232 |
| **8/31/16** | $1107973 | $1069039 | $1070019 |
| **9/30/16** | $1102807 | $1063703 | $1063486 |
| **10/31/16** | $1085315 | $1052544 | $1051093 |
| **11/30/16** | $1031082 | $1013289 | $1010570 |
| **12/31/16** | $1041907 | $1025185 | $1022456 |
| **1/31/17** | $1050391 | $1031944 | $1030464 |
| **2/28/17** | $1059102 | $1039109 | $1036466 |
| **3/31/17** | $1062953 | $1041365 | $1038487 |
| **4/30/17** | $1073615 | $1048921 | $1045768 |
| **5/31/17** | $1091517 | $1065568 | $1063208 |
| **6/30/17** | $1092372 | $1061747 | $1059664 |
| **7/31/17** | $1097943 | $1070337 | $1068991 |
| **8/31/17** | $1107666 | $1078482 | $1075572 |
| **9/30/17** | $1099242 | $1072999 | $1070547 |
| **10/31/17** | $1103968 | $1075618 | $1074024 |
| **11/30/17** | $1103676 | $1069859 | $1068269 |
| **12/31/17** | $1116726 | $1081041 | $1079971 |
| **1/31/18** | $1103763 | $1068314 | $1067052 |
| **2/28/18** | $1098119 | $1065122 | $1063605 |
| **3/31/18** | $1104003 | $1069053 | $1068385 |
| **4/30/18** | $1101333 | $1065238 | $1064063 |
| **5/31/18** | $1117531 | $1077436 | $1078398 |
| **6/30/18** | $1118328 | $1078356 | $1078740 |
| **7/31/18** | $1120880 | $1080972 | $1081292 |
| **8/31/18** | $1125892 | $1083748 | $1084656 |
| **9/30/18** | $1117696 | $1076732 | $1076347 |
| **10/31/18** | $1105484 | $1070102 | $1068945 |
| **11/30/18** | $1116711 | $1081946 | $1080069 |
| **12/31/18** | $1127814 | $1094900 | $1091966 |
| **1/31/19** | $1134733 | $1103177 | $1099091 |
| **2/28/19** | $1141810 | $1109084 | $1104537 |
| **3/31/19** | $1165914 | $1126616 | $1122692 |
| **4/30/19** | $1172910 | $1130850 | $1127589 |
| **5/31/19** | $1190750 | $1146440 | $1144132 |
| **6/30/19** | $1195377 | $1150673 | $1148039 |
| **7/31/19** | $1204404 | $1159947 | $1157631 |
| **8/31/19** | $1230717 | $1178243 | $1176392 |
| **9/30/19** | $1223169 | $1168798 | $1167643 |
| **10/31/19** | $1223308 | $1170893 | $1169699 |
| **11/30/19** | $1224588 | $1173821 | $1172353 |
| **12/31/19** | $1229010 | $1177405 | $1175724 |
| **1/31/20** | $1254174 | $1198559 | $1196785 |
| **2/29/20** | $1275945 | $1214015 | $1212281 |
| **3/31/20** | $1224446 | $1169979 | $1169950 |
| **4/30/20** | $1202522 | $1155296 | $1157427 |
| **5/31/20** | $1248555 | $1192047 | $1196631 |
| **6/30/20** | $1264905 | $1201858 | $1203510 |
| **7/31/20** | $1287907 | $1222100 | $1224187 |
| **8/31/20** | $1278684 | $1216366 | $1216061 |
| **9/30/20** | $1277308 | $1216624 | $1215719 |
| **10/31/20** | $1273717 | $1212970 | $1212375 |
| **11/30/20** | $1301180 | $1231274 | $1231082 |
| **12/31/20** | $1312203 | $1238775 | $1236225 |
| **1/31/21** | $1321644 | $1246669 | $1242118 |
| **2/28/21** | $1292421 | $1226861 | $1219561 |
| **3/31/21** | $1300825 | $1234427 | $1227956 |
| **4/30/21** | $1317186 | $1244781 | $1237733 |
| **5/31/21** | $1325596 | $1248495 | $1241124 |
| **6/30/21** | $1331893 | $1251923 | $1244360 |
| **7/31/21** | $1342611 | $1262306 | $1254717 |
| **8/31/21** | $1335269 | $1257674 | $1250478 |
| **9/30/21** | $1321254 | $1248597 | $1241250 |
| **10/31/21** | $1320710 | $1244947 | $1237742 |
| **11/30/21** | $1333781 | $1255545 | $1248814 |
| **12/31/21** | $1336432 | $1257570 | $1251259 |
| **1/31/22** | $1299453 | $1223147 | $1214158 |
| **2/28/22** | $1291057 | $1218765 | $1210487 |
| **3/31/22** | $1245320 | $1179256 | $1170203 |
| **4/30/22** | $1196615 | $1146639 | $1136274 |
| **5/31/22** | $1218332 | $1163672 | $1155451 |
| **6/30/22** | $1182069 | $1144613 | $1137532 |
| **7/31/22** | $1224580 | $1174856 | $1169612 |
| **8/31/22** | $1199894 | $1149107 | $1144575 |
| **9/30/22** | $1142166 | $1105003 | $1102268 |
| **10/31/22** | $1128918 | $1095814 | $1095085 |
| **11/30/22** | $1199003 | $1147069 | $1145409 |
| **12/31/22** | $1197921 | $1150353 | $1149091 |
| **1/31/23** | $1239261 | $1183397 | $1180118 |
| **2/28/23** | $1208965 | $1156638 | $1153290 |
| **3/31/23** | $1228993 | $1182301 | $1178427 |
| **4/30/23** | $1232251 | $1179600 | $1175457 |
| **5/31/23** | $1222867 | $1169378 | $1165628 |
| **6/30/23** | $1237252 | $1181092 | $1177179 |
| **7/31/23** | $1239458 | $1185764 | $1181938 |
| **8/31/23** | $1226555 | $1168693 | $1168284 |
| **9/30/23** | $1191226 | $1134441 | $1134734 |
| **10/31/23** | $1173352 | $1124787 | $1124905 |
| **11/30/23** | $1255767 | $1196190 | $1193667 |
| **12/31/23** | $1292038 | $1223991 | $1220607 |
| **1/31/24** | $1292194 | $1217740 | $1215643 |
| **2/29/24** | $1297376 | $1219304 | $1217004 |
| **3/31/24** | $1301460 | $1219266 | $1215490 |
| **4/30/24** | $1286087 | $1204165 | $1199952 |
| **5/31/24** | $1290437 | $1200633 | $1196287 |
| **6/30/24** | $1310063 | $1219036 | $1213079 |
| **7/31/24** | $1321280 | $1230147 | $1223879 |
| **8/31/24** | $1329314 | $1239849 | $1234112 |
| **9/30/24** | $1342908 | $1252103 | $1246686 |
| **10/31/24** | $1328190 | $1233846 | $1229698 |
| **11/30/24** | $1346866 | $1255160 | $1249192 |
| **12/31/24** | $1330695 | $1236886 | $1233087 |
| **1/31/25** | $1331913 | $1243085 | $1234798 |
| **2/28/25** | $1348228 | $1255411 | $1248499 |
| **3/31/25** | $1325544 | $1234135 | $1227197 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 1.85% | 1.60% | 2.86% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Municipal Bond Index | 0.96% | 0.96% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $335680 |
| # of Portfolio Holdings | 254 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $556 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 15.6% |
| Local or Guaranteed Housing | 12.4% |
| Port, Airport & Marina Revenue | 11.0% |
| Electric Power & Light Revenue | 8.3% |
| Health, Hospital & Nursing Home Revenue | 8.3% |
| College & University Revenue | 5.5% |
| U.S. Government Agencies | 5.0% |
| Special Tax | 4.2% |
| Tobacco Settlement Funded | 3.6% |
| Water Revenue | 3.5% |
| Highway Revenue Tolls | 3.4% |
| Other Investments | 14.3% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 3.2% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PCTPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2068TSRAR_033125

# Institutional Class: GCMVX

# PIMCO California Municipal Intermediate Value Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $39 | 0.39% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Security selection within the education sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Security selection within the transportation sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the industrial revenue sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the water and sewer sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

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

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

### Cumulative Returns Based on $250,000 Investment
![Growth of 10K Chart](g868143i4df4c46d312e7372f285.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1-10 Year (1-12) Municipal Securities Index** |
| **12/7/15** | $250000 | $250000 | $250000 |
| **12/31/15** | $250620 | $251337 | $250708 |
| **1/31/16** | $253096 | $254335 | $253221 |
| **2/29/16** | $253291 | $254736 | $253898 |
| **3/31/16** | $253819 | $255542 | $253645 |
| **4/30/16** | $255590 | $257421 | $254840 |
| **5/31/16** | $255625 | $258118 | $254669 |
| **6/30/16** | $258888 | $262224 | $256998 |
| **7/31/16** | $258890 | $262384 | $257572 |
| **8/31/16** | $259421 | $262738 | $257538 |
| **9/30/16** | $258910 | $261427 | $256503 |
| **10/31/16** | $256663 | $258684 | $255040 |
| **11/30/16** | $246321 | $249036 | $248032 |
| **12/31/16** | $248917 | $251960 | $249881 |
| **1/31/17** | $250520 | $253621 | $251923 |
| **2/28/17** | $251804 | $255382 | $253325 |
| **3/31/17** | $252633 | $255937 | $253568 |
| **4/30/17** | $254726 | $257794 | $255069 |
| **5/31/17** | $258104 | $261885 | $257820 |
| **6/30/17** | $257399 | $260946 | $256940 |
| **7/31/17** | $259018 | $263057 | $258798 |
| **8/31/17** | $261662 | $265059 | $259853 |
| **9/30/17** | $260201 | $263711 | $258648 |
| **10/31/17** | $260303 | $264355 | $258865 |
| **11/30/17** | $258583 | $262940 | $256391 |
| **12/31/17** | $260712 | $265688 | $258026 |
| **1/31/18** | $258245 | $262560 | $256726 |
| **2/28/18** | $257254 | $261775 | $256142 |
| **3/31/18** | $257865 | $262742 | $256531 |
| **4/30/18** | $256925 | $261804 | $255777 |
| **5/31/18** | $259631 | $264802 | $258242 |
| **6/30/18** | $259980 | $265028 | $258804 |
| **7/31/18** | $260612 | $265671 | $259640 |
| **8/31/18** | $261242 | $266353 | $260045 |
| **9/30/18** | $259770 | $264629 | $258627 |
| **10/31/18** | $258585 | $262999 | $257673 |
| **11/30/18** | $261291 | $265910 | $259782 |
| **12/31/18** | $264291 | $269094 | $262300 |
| **1/31/19** | $266775 | $271128 | $264318 |
| **2/28/19** | $268137 | $272580 | $265269 |
| **3/31/19** | $271168 | $276889 | $267555 |
| **4/30/19** | $271552 | $277929 | $267765 |
| **5/31/19** | $275352 | $281761 | $270738 |
| **6/30/19** | $276498 | $282801 | $271738 |
| **7/31/19** | $278710 | $285081 | $273795 |
| **8/31/19** | $281741 | $289577 | $275829 |
| **9/30/19** | $279452 | $287256 | $273788 |
| **10/31/19** | $279590 | $287771 | $274604 |
| **11/30/19** | $280019 | $288491 | $275226 |
| **12/31/19** | $280682 | $289371 | $275913 |
| **1/31/20** | $284830 | $294570 | $279183 |
| **2/29/20** | $287401 | $298369 | $280973 |
| **3/31/20** | $278748 | $287546 | $275044 |
| **4/30/20** | $277310 | $283938 | $274476 |
| **5/31/20** | $286022 | $292970 | $281999 |
| **6/30/20** | $286459 | $295381 | $282539 |
| **7/31/20** | $289857 | $300356 | $285694 |
| **8/31/20** | $288897 | $298947 | $284902 |
| **9/30/20** | $288777 | $299010 | $284927 |
| **10/31/20** | $288107 | $298112 | $284308 |
| **11/30/20** | $290665 | $302611 | $286581 |
| **12/31/20** | $291221 | $304454 | $287276 |
| **1/31/21** | $292051 | $306394 | $288014 |
| **2/28/21** | $288066 | $301526 | $284578 |
| **3/31/21** | $288923 | $303386 | $285646 |
| **4/30/21** | $290642 | $305930 | $287020 |
| **5/31/21** | $290674 | $306843 | $287094 |
| **6/30/21** | $291019 | $307686 | $287189 |
| **7/31/21** | $292992 | $310238 | $288946 |
| **8/31/21** | $292754 | $309099 | $288638 |
| **9/30/21** | $290899 | $306868 | $287048 |
| **10/31/21** | $290664 | $305971 | $286343 |
| **11/30/21** | $291543 | $308576 | $287306 |
| **12/31/21** | $291879 | $309074 | $287734 |
| **1/31/22** | $285812 | $300613 | $280901 |
| **2/28/22** | $284790 | $299536 | $280142 |
| **3/31/22** | $278757 | $289826 | $273638 |
| **4/30/22** | $273064 | $281810 | $268888 |
| **5/31/22** | $276205 | $285996 | $272968 |
| **6/30/22** | $274396 | $281312 | $271773 |
| **7/31/22** | $279225 | $288745 | $277116 |
| **8/31/22** | $275424 | $282416 | $272980 |
| **9/30/22** | $268314 | $271577 | $265884 |
| **10/31/22** | $267844 | $269319 | $265358 |
| **11/30/22** | $275238 | $281916 | $273039 |
| **12/31/22** | $276217 | $282723 | $274286 |
| **1/31/23** | $281361 | $290844 | $279634 |
| **2/28/23** | $276485 | $284267 | $274523 |
| **3/31/23** | $281427 | $290575 | $279479 |
| **4/30/23** | $280694 | $289911 | $278323 |
| **5/31/23** | $278006 | $287398 | $275996 |
| **6/30/23** | $279892 | $290277 | $278026 |
| **7/31/23** | $280282 | $291426 | $278900 |
| **8/31/23** | $279013 | $287230 | $277029 |
| **9/30/23** | $275232 | $278812 | $272057 |
| **10/31/23** | $274019 | $276439 | $271155 |
| **11/30/23** | $283939 | $293988 | $281897 |
| **12/31/23** | $288783 | $300821 | $286563 |
| **1/31/24** | $288165 | $299285 | $285782 |
| **2/29/24** | $288166 | $299669 | $285871 |
| **3/31/24** | $288131 | $299659 | $285360 |
| **4/30/24** | $286096 | $295948 | $282746 |
| **5/31/24** | $284658 | $295080 | $280764 |
| **6/30/24** | $287494 | $299603 | $283828 |
| **7/31/24** | $289803 | $302334 | $286276 |
| **8/31/24** | $292453 | $304718 | $289523 |
| **9/30/24** | $294491 | $307730 | $291872 |
| **10/31/24** | $291030 | $303243 | $288569 |
| **11/30/24** | $293999 | $308481 | $291368 |
| **12/31/24** | $291674 | $303990 | $288947 |
| **1/31/25** | $292912 | $305514 | $290024 |
| **2/28/25** | $295606 | $308543 | $293032 |
| **3/31/25** | $292943 | $303314 | $290194 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 12/7/15** |
| Institutional Class | 1.67% | 1.00% | 1.72% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.10% |
| Bloomberg California 1-10 Year (1-12) Municipal Securities Index | 1.69% | 1.08% | 1.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $25782 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $51 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 25.2% |
| Lease (Abatement) | 23.4% |
| Health, Hospital & Nursing Home Revenue | 7.8% |
| Port, Airport & Marina Revenue | 6.7% |
| Tax Increment/Allocation Revenue | 5.5% |
| Special Tax | 4.9% |
| General Fund | 4.3% |
| Water Revenue | 4.2% |
| Local or Guaranteed Housing | 3.3% |
| College & University Revenue | 2.6% |
| Private Schools | 2.2% |
| Other Investments | 5.8% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 4.8% |
| Other Assets and Liabilities, Net | (1.2%) |
| Total | 100.0% |

---

---

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

---

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

Change to Shareholder Expenses. PIMCO has provided notice terminating the current fee waiver agreement for the Fund, effective as of the end of the current term, July 31, 2025 ("Current Fee Waiver"). PIMCO has proposed, and the Fund's Board of Trustees has approved, a new fee waiver agreement for the Fund that shall become effective on August 1, 2025 and shall have a one-month term through August 31, 2025 ("New Fee Waiver"). Both the Current Fee Waiver and New Fee Waiver require that PIMCO shall waive its advisory fee for the Fund by 0.11% of the average daily net assets attributable to the Fund. The New Fee Waiver Agreement will not automatically renew at the end of its term and shall expire after August 31, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: GCMVX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Municipal Intermediate Value Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2207TSRAR_033125

# Institutional Class: GCMFX

# PIMCO California Municipal Opportunistic Value Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $60 | 0.60% |

---

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

* An overweight exposure to the transportation sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Security selection within the lease-backed sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the industrial revenue sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the water and sewer sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

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

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

### Cumulative Returns Based on $250,000 Investment
![Growth of 10K Chart](g868143ifde3ea5fd4923810c98c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/15** | $250000 | $250000 | $250000 |
| **4/30/15** | $249602 | $248688 | $248619 |
| **5/31/15** | $249716 | $248001 | $248050 |
| **6/30/15** | $249614 | $247775 | $247851 |
| **7/31/15** | $251037 | $249570 | $249709 |
| **8/31/15** | $251738 | $250060 | $250405 |
| **9/30/15** | $252943 | $251872 | $252137 |
| **10/31/15** | $253954 | $252873 | $253059 |
| **11/30/15** | $254920 | $253878 | $254043 |
| **12/31/15** | $256144 | $255662 | $255961 |
| **1/31/16** | $257634 | $258712 | $258770 |
| **2/29/16** | $257764 | $259119 | $259190 |
| **3/31/16** | $258430 | $259940 | $260059 |
| **4/30/16** | $259330 | $261852 | $262022 |
| **5/31/16** | $260000 | $262560 | $262778 |
| **6/30/16** | $261914 | $266737 | $266942 |
| **7/31/16** | $261798 | $266900 | $267058 |
| **8/31/16** | $262683 | $267260 | $267505 |
| **9/30/16** | $261762 | $265926 | $265871 |
| **10/31/16** | $261127 | $263136 | $262773 |
| **11/30/16** | $256119 | $253322 | $252642 |
| **12/31/16** | $256957 | $256296 | $255614 |
| **1/31/17** | $257642 | $257986 | $257616 |
| **2/28/17** | $258530 | $259777 | $259116 |
| **3/31/17** | $258969 | $260341 | $259622 |
| **4/30/17** | $259912 | $262230 | $261442 |
| **5/31/17** | $262175 | $266392 | $265802 |
| **6/30/17** | $262333 | $265437 | $264916 |
| **7/31/17** | $263541 | $267584 | $267248 |
| **8/31/17** | $264761 | $269621 | $268893 |
| **9/30/17** | $264663 | $268250 | $267637 |
| **10/31/17** | $264860 | $268904 | $268506 |
| **11/30/17** | $263987 | $267465 | $267067 |
| **12/31/17** | $265840 | $270260 | $269993 |
| **1/31/18** | $265513 | $267078 | $266763 |
| **2/28/18** | $265385 | $266280 | $265901 |
| **3/31/18** | $265366 | $267263 | $267096 |
| **4/30/18** | $265076 | $266309 | $266016 |
| **5/31/18** | $267206 | $269359 | $269599 |
| **6/30/18** | $267714 | $269589 | $269685 |
| **7/31/18** | $268251 | $270243 | $270323 |
| **8/31/18** | $268808 | $270937 | $271164 |
| **9/30/18** | $267744 | $269183 | $269087 |
| **10/31/18** | $266991 | $267525 | $267236 |
| **11/30/18** | $268657 | $270486 | $270017 |
| **12/31/18** | $270693 | $273725 | $272991 |
| **1/31/19** | $272141 | $275794 | $274773 |
| **2/28/19** | $272969 | $277271 | $276134 |
| **3/31/19** | $275775 | $281654 | $280673 |
| **4/30/19** | $276662 | $282712 | $281897 |
| **5/31/19** | $279195 | $286610 | $286033 |
| **6/30/19** | $280045 | $287668 | $287010 |
| **7/31/19** | $281468 | $289987 | $289408 |
| **8/31/19** | $283728 | $294561 | $294098 |
| **9/30/19** | $282348 | $292200 | $291911 |
| **10/31/19** | $282911 | $292723 | $292425 |
| **11/30/19** | $283531 | $293455 | $293088 |
| **12/31/19** | $284383 | $294351 | $293931 |
| **1/31/20** | $286913 | $299640 | $299196 |
| **2/29/20** | $288873 | $303504 | $303070 |
| **3/31/20** | $283313 | $292495 | $292487 |
| **4/30/20** | $282211 | $288824 | $289357 |
| **5/31/20** | $286442 | $298012 | $299158 |
| **6/30/20** | $286764 | $300465 | $300877 |
| **7/31/20** | $288810 | $305525 | $306047 |
| **8/31/20** | $288545 | $304092 | $304015 |
| **9/30/20** | $288636 | $304156 | $303930 |
| **10/31/20** | $289241 | $303242 | $303094 |
| **11/30/20** | $291480 | $307819 | $307770 |
| **12/31/20** | $291979 | $309694 | $309056 |
| **1/31/21** | $293024 | $311667 | $310529 |
| **2/28/21** | $292178 | $306715 | $304890 |
| **3/31/21** | $293568 | $308607 | $306989 |
| **4/30/21** | $295014 | $311195 | $309433 |
| **5/31/21** | $295802 | $312124 | $310281 |
| **6/30/21** | $296062 | $312981 | $311090 |
| **7/31/21** | $296906 | $315577 | $313679 |
| **8/31/21** | $296545 | $314418 | $312620 |
| **9/30/21** | $296201 | $312149 | $310313 |
| **10/31/21** | $296521 | $311237 | $309435 |
| **11/30/21** | $297036 | $313886 | $312204 |
| **12/31/21** | $297084 | $314393 | $312815 |
| **1/31/22** | $293496 | $305787 | $303539 |
| **2/28/22** | $292897 | $304691 | $302622 |
| **3/31/22** | $289619 | $294814 | $292551 |
| **4/30/22** | $286093 | $286660 | $284068 |
| **5/31/22** | $288953 | $290918 | $288863 |
| **6/30/22** | $286906 | $286153 | $284383 |
| **7/31/22** | $291320 | $293714 | $292403 |
| **8/31/22** | $287235 | $287277 | $286144 |
| **9/30/22** | $280551 | $276251 | $275567 |
| **10/31/22** | $278807 | $273953 | $273771 |
| **11/30/22** | $288403 | $286767 | $286352 |
| **12/31/22** | $288624 | $287588 | $287273 |
| **1/31/23** | $294654 | $295849 | $295030 |
| **2/28/23** | $290324 | $289159 | $288323 |
| **3/31/23** | $294713 | $295575 | $294607 |
| **4/30/23** | $294814 | $294900 | $293864 |
| **5/31/23** | $293765 | $292344 | $291407 |
| **6/30/23** | $295795 | $295273 | $294295 |
| **7/31/23** | $296509 | $296441 | $295485 |
| **8/31/23** | $293972 | $292173 | $292071 |
| **9/30/23** | $288113 | $283610 | $283683 |
| **10/31/23** | $284617 | $281197 | $281226 |
| **11/30/23** | $298898 | $299047 | $298417 |
| **12/31/23** | $305248 | $305998 | $305152 |
| **1/31/24** | $305123 | $304435 | $303911 |
| **2/29/24** | $305658 | $304826 | $304251 |
| **3/31/24** | $305552 | $304816 | $303873 |
| **4/30/24** | $303295 | $301041 | $299988 |
| **5/31/24** | $303868 | $300158 | $299072 |
| **6/30/24** | $307477 | $304759 | $303270 |
| **7/31/24** | $309871 | $307537 | $305970 |
| **8/31/24** | $311411 | $309962 | $308528 |
| **9/30/24** | $314444 | $313026 | $311671 |
| **10/31/24** | $310906 | $308461 | $307425 |
| **11/30/24** | $315289 | $313790 | $312298 |
| **12/31/24** | $312034 | $309222 | $308272 |
| **1/31/25** | $311659 | $310771 | $308699 |
| **2/28/25** | $314452 | $313853 | $312125 |
| **3/31/25** | $310476 | $308534 | $306799 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.61% | 1.85% | 2.19% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California Municipal Bond Index | 0.96% | 0.96% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $247430 |
| # of Portfolio Holdings | 117 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $979 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 33.0% |
| Lease (Abatement) | 14.9% |
| Port, Airport & Marina Revenue | 9.9% |
| Health, Hospital & Nursing Home Revenue | 7.0% |
| Local or Guaranteed Housing | 4.9% |
| Lease (Appropriation) | 3.4% |
| Lease (Non-Terminable) | 3.1% |
| Electric Power & Light Revenue | 2.8% |
| College & University Revenue | 2.4% |
| Water Revenue | 2.0% |
| Miscellaneous Taxes | 1.8% |
| Other Investments | 7.5% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 7.0% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

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

---

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

Change to Shareholder Expenses. Effective August 1, 2024, the advisory fee for the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.03%. The advisory fee decrease resulted in the management fees decreasing by 0.03% for the Institutional Class shares of the Fund. Previously, the advisory fee for the Fund was 0.40% per annum. In addition, the Fund's contractual advisory fee waiver agreement to waive 0.03% of the average daily net assets of the Fund, in effect through July 31, 2024, was not renewed.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: GCMFX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Municipal Opportunistic Value Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2208TSRAR_033125

# Class A: PCDAX

# PIMCO California Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $74 | 0.73% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i9f4c6ae19d5647b29d21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1 Year Municipal Bond Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9769 | $9948 | $10001 |
| **5/31/15** | $9743 | $9920 | $10002 |
| **6/30/15** | $9747 | $9911 | $10004 |
| **7/31/15** | $9770 | $9983 | $10016 |
| **8/31/15** | $9773 | $10002 | $10031 |
| **9/30/15** | $9788 | $10075 | $10042 |
| **10/31/15** | $9802 | $10115 | $10053 |
| **11/30/15** | $9787 | $10155 | $10040 |
| **12/31/15** | $9794 | $10226 | $10037 |
| **1/31/16** | $9828 | $10348 | $10065 |
| **2/29/16** | $9854 | $10365 | $10079 |
| **3/31/16** | $9829 | $10398 | $10065 |
| **4/30/16** | $9845 | $10474 | $10075 |
| **5/31/16** | $9839 | $10502 | $10080 |
| **6/30/16** | $9874 | $10669 | $10098 |
| **7/31/16** | $9888 | $10676 | $10115 |
| **8/31/16** | $9883 | $10690 | $10100 |
| **9/30/16** | $9859 | $10637 | $10077 |
| **10/31/16** | $9843 | $10525 | $10087 |
| **11/30/16** | $9739 | $10133 | $10037 |
| **12/31/16** | $9744 | $10252 | $10057 |
| **1/31/17** | $9789 | $10319 | $10097 |
| **2/28/17** | $9827 | $10391 | $10127 |
| **3/31/17** | $9823 | $10414 | $10123 |
| **4/30/17** | $9839 | $10489 | $10139 |
| **5/31/17** | $9885 | $10656 | $10159 |
| **6/30/17** | $9873 | $10617 | $10147 |
| **7/31/17** | $9901 | $10703 | $10172 |
| **8/31/17** | $9938 | $10785 | $10192 |
| **9/30/17** | $9916 | $10730 | $10179 |
| **10/31/17** | $9914 | $10756 | $10179 |
| **11/30/17** | $9851 | $10699 | $10126 |
| **12/31/17** | $9869 | $10810 | $10134 |
| **1/31/18** | $9866 | $10683 | $10165 |
| **2/28/18** | $9866 | $10651 | $10183 |
| **3/31/18** | $9863 | $10691 | $10175 |
| **4/30/18** | $9842 | $10652 | $10165 |
| **5/31/18** | $9881 | $10774 | $10202 |
| **6/30/18** | $9901 | $10784 | $10233 |
| **7/31/18** | $9920 | $10810 | $10254 |
| **8/31/18** | $9921 | $10837 | $10253 |
| **9/30/18** | $9900 | $10767 | $10229 |
| **10/31/18** | $9890 | $10701 | $10237 |
| **11/30/18** | $9922 | $10819 | $10265 |
| **12/31/18** | $9962 | $10949 | $10300 |
| **1/31/19** | $9994 | $11032 | $10326 |
| **2/28/19** | $10017 | $11091 | $10342 |
| **3/31/19** | $10049 | $11266 | $10370 |
| **4/30/19** | $10061 | $11308 | $10379 |
| **5/31/19** | $10103 | $11464 | $10415 |
| **6/30/19** | $10124 | $11507 | $10443 |
| **7/31/19** | $10165 | $11599 | $10473 |
| **8/31/19** | $10186 | $11782 | $10487 |
| **9/30/19** | $10165 | $11688 | $10464 |
| **10/31/19** | $10175 | $11709 | $10494 |
| **11/30/19** | $10184 | $11738 | $10512 |
| **12/31/19** | $10203 | $11774 | $10523 |
| **1/31/20** | $10242 | $11986 | $10554 |
| **2/29/20** | $10272 | $12140 | $10571 |
| **3/31/20** | $10128 | $11700 | $10524 |
| **4/30/20** | $10095 | $11553 | $10561 |
| **5/31/20** | $10225 | $11920 | $10665 |
| **6/30/20** | $10253 | $12019 | $10656 |
| **7/31/20** | $10301 | $12221 | $10674 |
| **8/31/20** | $10296 | $12164 | $10675 |
| **9/30/20** | $10303 | $12166 | $10680 |
| **10/31/20** | $10298 | $12130 | $10672 |
| **11/30/20** | $10325 | $12313 | $10681 |
| **12/31/20** | $10341 | $12388 | $10685 |
| **1/31/21** | $10356 | $12467 | $10698 |
| **2/28/21** | $10312 | $12269 | $10694 |
| **3/31/21** | $10328 | $12344 | $10697 |
| **4/30/21** | $10345 | $12448 | $10703 |
| **5/31/21** | $10351 | $12485 | $10708 |
| **6/30/21** | $10347 | $12519 | $10705 |
| **7/31/21** | $10362 | $12623 | $10718 |
| **8/31/21** | $10357 | $12577 | $10715 |
| **9/30/21** | $10331 | $12486 | $10701 |
| **10/31/21** | $10314 | $12449 | $10700 |
| **11/30/21** | $10319 | $12555 | $10703 |
| **12/31/21** | $10315 | $12576 | $10700 |
| **1/31/22** | $10216 | $12231 | $10625 |
| **2/28/22** | $10181 | $12188 | $10613 |
| **3/31/22** | $10072 | $11793 | $10527 |
| **4/30/22** | $9975 | $11466 | $10488 |
| **5/31/22** | $10035 | $11637 | $10569 |
| **6/30/22** | $10013 | $11446 | $10572 |
| **7/31/22** | $10095 | $11749 | $10618 |
| **8/31/22** | $10011 | $11491 | $10548 |
| **9/30/22** | $9919 | $11050 | $10452 |
| **10/31/22** | $9900 | $10958 | $10469 |
| **11/30/22** | $10050 | $11471 | $10594 |
| **12/31/22** | $10066 | $11504 | $10586 |
| **1/31/23** | $10164 | $11834 | $10673 |
| **2/28/23** | $10085 | $11566 | $10580 |
| **3/31/23** | $10175 | $11823 | $10687 |
| **4/30/23** | $10159 | $11796 | $10659 |
| **5/31/23** | $10134 | $11694 | $10650 |
| **6/30/23** | $10174 | $11811 | $10700 |
| **7/31/23** | $10190 | $11858 | $10717 |
| **8/31/23** | $10177 | $11687 | $10738 |
| **9/30/23** | $10102 | $11344 | $10687 |
| **10/31/23** | $10089 | $11248 | $10708 |
| **11/30/23** | $10302 | $11962 | $10868 |
| **12/31/23** | $10409 | $12240 | $10923 |
| **1/31/24** | $10406 | $12177 | $10925 |
| **2/29/24** | $10427 | $12193 | $10937 |
| **3/31/24** | $10426 | $12193 | $10930 |
| **4/30/24** | $10405 | $12042 | $10932 |
| **5/31/24** | $10395 | $12006 | $10957 |
| **6/30/24** | $10471 | $12190 | $11014 |
| **7/31/24** | $10538 | $12301 | $11082 |
| **8/31/24** | $10618 | $12398 | $11157 |
| **9/30/24** | $10662 | $12521 | $11192 |
| **10/31/24** | $10607 | $12338 | $11163 |
| **11/30/24** | $10672 | $12552 | $11204 |
| **12/31/24** | $10638 | $12369 | $11204 |
| **1/31/25** | $10660 | $12431 | $11249 |
| **2/28/25** | $10725 | $12554 | $11293 |
| **3/31/25** | $10679 | $12341 | $11302 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 2.42% | 1.07% | 0.89% |
| Class A (including sales charge) | 0.12% | 0.61% | 0.66% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California 1 Year Municipal Bond Index | 3.40% | 1.44% | 1.23% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $139906 |
| # of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $233 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 12.6% |
| Health, Hospital & Nursing Home Revenue | 9.9% |
| General Fund | 9.2% |
| Highway Revenue Tolls | 7.7% |
| Port, Airport & Marina Revenue | 7.0% |
| Water Revenue | 6.9% |
| Electric Power & Light Revenue | 6.2% |
| Local or Guaranteed Housing | 5.7% |
| Tobacco Settlement Funded | 4.3% |
| College & University Revenue | 4.2% |
| Lease (Abatement) | 4.1% |
| Other Investments | 15.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 3.6% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PCDAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4117TSRAR_033125

# Institutional Class: PCDIX

# PIMCO California Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $33 | 0.33% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i200b78c796f3d8b36603.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1 Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999736 | $994753 | $1000111 |
| **5/31/15** | $997377 | $992005 | $1000235 |
| **6/30/15** | $998097 | $991101 | $1000427 |
| **7/31/15** | $1000841 | $998280 | $1001572 |
| **8/31/15** | $1001502 | $1000240 | $1003130 |
| **9/30/15** | $1003300 | $1007486 | $1004247 |
| **10/31/15** | $1005088 | $1011492 | $1005307 |
| **11/30/15** | $1003857 | $1015513 | $1004004 |
| **12/31/15** | $1004944 | $1022648 | $1003655 |
| **1/31/16** | $1008778 | $1034850 | $1006460 |
| **2/29/16** | $1011745 | $1036478 | $1007915 |
| **3/31/16** | $1009556 | $1039761 | $1006503 |
| **4/30/16** | $1011495 | $1047406 | $1007504 |
| **5/31/16** | $1011266 | $1050239 | $1008009 |
| **6/30/16** | $1015177 | $1066947 | $1009807 |
| **7/31/16** | $1016972 | $1067598 | $1011459 |
| **8/31/16** | $1016793 | $1069039 | $1010010 |
| **9/30/16** | $1014649 | $1063703 | $1007733 |
| **10/31/16** | $1013375 | $1052544 | $1008733 |
| **11/30/16** | $1003002 | $1013289 | $1003656 |
| **12/31/16** | $1003848 | $1025185 | $1005720 |
| **1/31/17** | $1008824 | $1031944 | $1009672 |
| **2/28/17** | $1012989 | $1039109 | $1012673 |
| **3/31/17** | $1012974 | $1041365 | $1012346 |
| **4/30/17** | $1014970 | $1048921 | $1013868 |
| **5/31/17** | $1020091 | $1065568 | $1015882 |
| **6/30/17** | $1019215 | $1061747 | $1014666 |
| **7/31/17** | $1022352 | $1070337 | $1017180 |
| **8/31/17** | $1026573 | $1078482 | $1019221 |
| **9/30/17** | $1024665 | $1072999 | $1017874 |
| **10/31/17** | $1024711 | $1075618 | $1017941 |
| **11/30/17** | $1018588 | $1069859 | $1012612 |
| **12/31/17** | $1020769 | $1081041 | $1013377 |
| **1/31/18** | $1020859 | $1068314 | $1016453 |
| **2/28/18** | $1021091 | $1065122 | $1018307 |
| **3/31/18** | $1021234 | $1069053 | $1017512 |
| **4/30/18** | $1019378 | $1065238 | $1016520 |
| **5/31/18** | $1023761 | $1077436 | $1020164 |
| **6/30/18** | $1026153 | $1078356 | $1023316 |
| **7/31/18** | $1028476 | $1080972 | $1025384 |
| **8/31/18** | $1028919 | $1083748 | $1025286 |
| **9/30/18** | $1027037 | $1076732 | $1022854 |
| **10/31/18** | $1026348 | $1070102 | $1023672 |
| **11/30/18** | $1030016 | $1081946 | $1026475 |
| **12/31/18** | $1034598 | $1094900 | $1030019 |
| **1/31/19** | $1038180 | $1103177 | $1032568 |
| **2/28/19** | $1040904 | $1109084 | $1034240 |
| **3/31/19** | $1044594 | $1126616 | $1037020 |
| **4/30/19** | $1046184 | $1130850 | $1037853 |
| **5/31/19** | $1050973 | $1146440 | $1041504 |
| **6/30/19** | $1053421 | $1150673 | $1044299 |
| **7/31/19** | $1058051 | $1159947 | $1047273 |
| **8/31/19** | $1060644 | $1178243 | $1048708 |
| **9/30/19** | $1058774 | $1168798 | $1046412 |
| **10/31/19** | $1060135 | $1170893 | $1049413 |
| **11/30/19** | $1061471 | $1173821 | $1051161 |
| **12/31/19** | $1063812 | $1177405 | $1052258 |
| **1/31/20** | $1068293 | $1198559 | $1055382 |
| **2/29/20** | $1071688 | $1214015 | $1057085 |
| **3/31/20** | $1056973 | $1169979 | $1052427 |
| **4/30/20** | $1053892 | $1155296 | $1056087 |
| **5/31/20** | $1067876 | $1192047 | $1066478 |
| **6/30/20** | $1071131 | $1201858 | $1065579 |
| **7/31/20** | $1076532 | $1222100 | $1067387 |
| **8/31/20** | $1076379 | $1216366 | $1067481 |
| **9/30/20** | $1077394 | $1216624 | $1067985 |
| **10/31/20** | $1077309 | $1212970 | $1067153 |
| **11/30/20** | $1080434 | $1231274 | $1068125 |
| **12/31/20** | $1082522 | $1238775 | $1068482 |
| **1/31/21** | $1084459 | $1246669 | $1069819 |
| **2/28/21** | $1080157 | $1226861 | $1069392 |
| **3/31/21** | $1082191 | $1234427 | $1069750 |
| **4/30/21** | $1084371 | $1244781 | $1070342 |
| **5/31/21** | $1085363 | $1248495 | $1070809 |
| **6/30/21** | $1085270 | $1251923 | $1070465 |
| **7/31/21** | $1087287 | $1262306 | $1071770 |
| **8/31/21** | $1087044 | $1257674 | $1071512 |
| **9/30/21** | $1084674 | $1248597 | $1070134 |
| **10/31/21** | $1083329 | $1244947 | $1070035 |
| **11/30/21** | $1084215 | $1255545 | $1070273 |
| **12/31/21** | $1084161 | $1257570 | $1070024 |
| **1/31/22** | $1074050 | $1223147 | $1062520 |
| **2/28/22** | $1070725 | $1218765 | $1061312 |
| **3/31/22** | $1059600 | $1179256 | $1052651 |
| **4/30/22** | $1049763 | $1146639 | $1048762 |
| **5/31/22** | $1056467 | $1163672 | $1056936 |
| **6/30/22** | $1054467 | $1144613 | $1057162 |
| **7/31/22** | $1063470 | $1174856 | $1061836 |
| **8/31/22** | $1055018 | $1149107 | $1054761 |
| **9/30/22** | $1045612 | $1105003 | $1045242 |
| **10/31/22** | $1043954 | $1095814 | $1046910 |
| **11/30/22** | $1060145 | $1147069 | $1059370 |
| **12/31/22** | $1062234 | $1150353 | $1058586 |
| **1/31/23** | $1072932 | $1183397 | $1067290 |
| **2/28/23** | $1064935 | $1156638 | $1058045 |
| **3/31/23** | $1074826 | $1182301 | $1068667 |
| **4/30/23** | $1073431 | $1179600 | $1065903 |
| **5/31/23** | $1071096 | $1169378 | $1064961 |
| **6/30/23** | $1075699 | $1181092 | $1069959 |
| **7/31/23** | $1077776 | $1185764 | $1071697 |
| **8/31/23** | $1076812 | $1168693 | $1073791 |
| **9/30/23** | $1069168 | $1134441 | $1068721 |
| **10/31/23** | $1068159 | $1124787 | $1070810 |
| **11/30/23** | $1091050 | $1196190 | $1086834 |
| **12/31/23** | $1102747 | $1223991 | $1092341 |
| **1/31/24** | $1102835 | $1217740 | $1092487 |
| **2/29/24** | $1105409 | $1219304 | $1093681 |
| **3/31/24** | $1105704 | $1219266 | $1092992 |
| **4/30/24** | $1103750 | $1204165 | $1093226 |
| **5/31/24** | $1103129 | $1200633 | $1095741 |
| **6/30/24** | $1111536 | $1219036 | $1101352 |
| **7/31/24** | $1119061 | $1230147 | $1108223 |
| **8/31/24** | $1127903 | $1239849 | $1115668 |
| **9/30/24** | $1132936 | $1252103 | $1119175 |
| **10/31/24** | $1127450 | $1233846 | $1116304 |
| **11/30/24** | $1134762 | $1255160 | $1120359 |
| **12/31/24** | $1131612 | $1236886 | $1120352 |
| **1/31/25** | $1134246 | $1243085 | $1124850 |
| **2/28/25** | $1141596 | $1255411 | $1129304 |
| **3/31/25** | $1137040 | $1234135 | $1130174 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.83% | 1.47% | 1.29% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California 1 Year Municipal Bond Index | 3.40% | 1.44% | 1.23% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $139906 |
| # of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $233 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 12.6% |
| Health, Hospital & Nursing Home Revenue | 9.9% |
| General Fund | 9.2% |
| Highway Revenue Tolls | 7.7% |
| Port, Airport & Marina Revenue | 7.0% |
| Water Revenue | 6.9% |
| Electric Power & Light Revenue | 6.2% |
| Local or Guaranteed Housing | 5.7% |
| Tobacco Settlement Funded | 4.3% |
| College & University Revenue | 4.2% |
| Lease (Abatement) | 4.1% |
| Other Investments | 15.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 3.6% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PCDIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1888TSRAR_033125

# I-2: PCDPX

# PIMCO California Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $44 | 0.43% |

---

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

* Security selection within the special tax sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143id5fa9d17e18e907893db.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1 Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999654 | $994753 | $1000111 |
| **5/31/15** | $997211 | $992005 | $1000235 |
| **6/30/15** | $997849 | $991101 | $1000427 |
| **7/31/15** | $1000503 | $998280 | $1001572 |
| **8/31/15** | $1001084 | $1000240 | $1003130 |
| **9/30/15** | $1002800 | $1007486 | $1004247 |
| **10/31/15** | $1004499 | $1011492 | $1005307 |
| **11/30/15** | $1003190 | $1015513 | $1004004 |
| **12/31/15** | $1004182 | $1022648 | $1003655 |
| **1/31/16** | $1007936 | $1034850 | $1006460 |
| **2/29/16** | $1010820 | $1036478 | $1007915 |
| **3/31/16** | $1008548 | $1039761 | $1006503 |
| **4/30/16** | $1010401 | $1047406 | $1007504 |
| **5/31/16** | $1010088 | $1050239 | $1008009 |
| **6/30/16** | $1013911 | $1066947 | $1009807 |
| **7/31/16** | $1015618 | $1067598 | $1011459 |
| **8/31/16** | $1015352 | $1069039 | $1010010 |
| **9/30/16** | $1013122 | $1063703 | $1007733 |
| **10/31/16** | $1011768 | $1052544 | $1008733 |
| **11/30/16** | $1001327 | $1013289 | $1003656 |
| **12/31/16** | $1002080 | $1025185 | $1005720 |
| **1/31/17** | $1006969 | $1031944 | $1009672 |
| **2/28/17** | $1011049 | $1039109 | $1012673 |
| **3/31/17** | $1010943 | $1041365 | $1012346 |
| **4/30/17** | $1012857 | $1048921 | $1013868 |
| **5/31/17** | $1017882 | $1065568 | $1015882 |
| **6/30/17** | $1016919 | $1061747 | $1014666 |
| **7/31/17** | $1019969 | $1070337 | $1017180 |
| **8/31/17** | $1024092 | $1078482 | $1019221 |
| **9/30/17** | $1022102 | $1072999 | $1017874 |
| **10/31/17** | $1022064 | $1075618 | $1017941 |
| **11/30/17** | $1015874 | $1069859 | $1012612 |
| **12/31/17** | $1017959 | $1081041 | $1013377 |
| **1/31/18** | $1017966 | $1068314 | $1016453 |
| **2/28/18** | $1018118 | $1065122 | $1018307 |
| **3/31/18** | $1018172 | $1069053 | $1017512 |
| **4/30/18** | $1016241 | $1065238 | $1016520 |
| **5/31/18** | $1020524 | $1077436 | $1020164 |
| **6/30/18** | $1022820 | $1078356 | $1023316 |
| **7/31/18** | $1025051 | $1080972 | $1025384 |
| **8/31/18** | $1025397 | $1083748 | $1025286 |
| **9/30/18** | $1023446 | $1076732 | $1022854 |
| **10/31/18** | $1022673 | $1070102 | $1023672 |
| **11/30/18** | $1026237 | $1081946 | $1026475 |
| **12/31/18** | $1030719 | $1094900 | $1030019 |
| **1/31/19** | $1034204 | $1103177 | $1032568 |
| **2/28/19** | $1036838 | $1109084 | $1034240 |
| **3/31/19** | $1040426 | $1126616 | $1037020 |
| **4/30/19** | $1041925 | $1130850 | $1037853 |
| **5/31/19** | $1046599 | $1146440 | $1041504 |
| **6/30/19** | $1048956 | $1150673 | $1044299 |
| **7/31/19** | $1053478 | $1159947 | $1047273 |
| **8/31/19** | $1055965 | $1178243 | $1048708 |
| **9/30/19** | $1054022 | $1168798 | $1046412 |
| **10/31/19** | $1055288 | $1170893 | $1049413 |
| **11/30/19** | $1056528 | $1173821 | $1051161 |
| **12/31/19** | $1058769 | $1177405 | $1052258 |
| **1/31/20** | $1063136 | $1198559 | $1055382 |
| **2/29/20** | $1066434 | $1214015 | $1057085 |
| **3/31/20** | $1051704 | $1169979 | $1052427 |
| **4/30/20** | $1048552 | $1155296 | $1056087 |
| **5/31/20** | $1062376 | $1192047 | $1066478 |
| **6/30/20** | $1065527 | $1201858 | $1065579 |
| **7/31/20** | $1070803 | $1222100 | $1067387 |
| **8/31/20** | $1070566 | $1216366 | $1067481 |
| **9/30/20** | $1071487 | $1216624 | $1067985 |
| **10/31/20** | $1071309 | $1212970 | $1067153 |
| **11/30/20** | $1074332 | $1231274 | $1068125 |
| **12/31/20** | $1076308 | $1238775 | $1068482 |
| **1/31/21** | $1078152 | $1246669 | $1069819 |
| **2/28/21** | $1073792 | $1226861 | $1069392 |
| **3/31/21** | $1075723 | $1234427 | $1069750 |
| **4/30/21** | $1077795 | $1244781 | $1070342 |
| **5/31/21** | $1078695 | $1248495 | $1070809 |
| **6/30/21** | $1078514 | $1251923 | $1070465 |
| **7/31/21** | $1080424 | $1262306 | $1071770 |
| **8/31/21** | $1080094 | $1257674 | $1071512 |
| **9/30/21** | $1077647 | $1248597 | $1070134 |
| **10/31/21** | $1076220 | $1244947 | $1070035 |
| **11/30/21** | $1077011 | $1255545 | $1070273 |
| **12/31/21** | $1076861 | $1257570 | $1070024 |
| **1/31/22** | $1066740 | $1223147 | $1062520 |
| **2/28/22** | $1063358 | $1218765 | $1061312 |
| **3/31/22** | $1052223 | $1179256 | $1052651 |
| **4/30/22** | $1042364 | $1146639 | $1048762 |
| **5/31/22** | $1048936 | $1163672 | $1056936 |
| **6/30/22** | $1046865 | $1144613 | $1057162 |
| **7/31/22** | $1055712 | $1174856 | $1061836 |
| **8/31/22** | $1047233 | $1149107 | $1054761 |
| **9/30/22** | $1037805 | $1105003 | $1045242 |
| **10/31/22** | $1036076 | $1095814 | $1046910 |
| **11/30/22** | $1052060 | $1147069 | $1059370 |
| **12/31/22** | $1054037 | $1150353 | $1058586 |
| **1/31/23** | $1064569 | $1183397 | $1067290 |
| **2/28/23** | $1056553 | $1156638 | $1058045 |
| **3/31/23** | $1066271 | $1182301 | $1068667 |
| **4/30/23** | $1064806 | $1179600 | $1065903 |
| **5/31/23** | $1062400 | $1169378 | $1064961 |
| **6/30/23** | $1066873 | $1181092 | $1069959 |
| **7/31/23** | $1068848 | $1185764 | $1071697 |
| **8/31/23** | $1067801 | $1168693 | $1073791 |
| **9/30/23** | $1060146 | $1134441 | $1068721 |
| **10/31/23** | $1059056 | $1124787 | $1070810 |
| **11/30/23** | $1081664 | $1196190 | $1086834 |
| **12/31/23** | $1093166 | $1223991 | $1092341 |
| **1/31/24** | $1093163 | $1217740 | $1092487 |
| **2/29/24** | $1095628 | $1219304 | $1093681 |
| **3/31/24** | $1095827 | $1219266 | $1092992 |
| **4/30/24** | $1093802 | $1204165 | $1093226 |
| **5/31/24** | $1093087 | $1200633 | $1095741 |
| **6/30/24** | $1101334 | $1219036 | $1101352 |
| **7/31/24** | $1108696 | $1230147 | $1108223 |
| **8/31/24** | $1117354 | $1239849 | $1115668 |
| **9/30/24** | $1122255 | $1252103 | $1119175 |
| **10/31/24** | $1116726 | $1233846 | $1116304 |
| **11/30/24** | $1123873 | $1255160 | $1120359 |
| **12/31/24** | $1120657 | $1236886 | $1120352 |
| **1/31/25** | $1123168 | $1243085 | $1124850 |
| **2/28/25** | $1130360 | $1255411 | $1129304 |
| **3/31/25** | $1125759 | $1234135 | $1130174 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 2.73% | 1.37% | 1.19% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg California 1 Year Municipal Bond Index | 3.40% | 1.44% | 1.23% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $139906 |
| # of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $233 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 12.6% |
| Health, Hospital & Nursing Home Revenue | 9.9% |
| General Fund | 9.2% |
| Highway Revenue Tolls | 7.7% |
| Port, Airport & Marina Revenue | 7.0% |
| Water Revenue | 6.9% |
| Electric Power & Light Revenue | 6.2% |
| Local or Guaranteed Housing | 5.7% |
| Tobacco Settlement Funded | 4.3% |
| College & University Revenue | 4.2% |
| Lease (Abatement) | 4.1% |
| Other Investments | 15.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 3.6% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PCDPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO California Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1929TSRAR_033125

# Class A: PAEMX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $162 | 1.56% |

---

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

* Security selection within Mexican external debt contributed to relative performance the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price of select holdings depreciated.

* Exposure to Ukrainian external debt contributed to relative performance versus the Index, as the Ukrainian sub-index outperformed the broader index.

* Legacy exposure to Russian quasi-sovereign debt detracted from relative performance versus the Index, as the price of select holdings depreciated.

* Overweight exposure to Senegalese external sovereign debt detracted from relative performance versus the Index, as the Senegalese sub-index underperformed the broader index

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i8929a158474864259391.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9915 | $9944 | $10197 |
| **5/31/15** | $9882 | $9903 | $10142 |
| **6/30/15** | $9689 | $9780 | $9971 |
| **7/31/15** | $9660 | $9877 | $10012 |
| **8/31/15** | $9404 | $9851 | $9904 |
| **9/30/15** | $9020 | $9909 | $9767 |
| **10/31/15** | $9444 | $9941 | $10076 |
| **11/30/15** | $9422 | $9946 | $10070 |
| **12/31/15** | $9132 | $9919 | $9919 |
| **1/31/16** | $9020 | $10064 | $9899 |
| **2/29/16** | $9188 | $10161 | $10099 |
| **3/31/16** | $9633 | $10244 | $10436 |
| **4/30/16** | $9893 | $10262 | $10636 |
| **5/31/16** | $9856 | $10305 | $10604 |
| **6/30/16** | $10272 | $10501 | $10999 |
| **7/31/16** | $10477 | $10564 | $11171 |
| **8/31/16** | $10684 | $10559 | $11371 |
| **9/30/16** | $10734 | $10557 | $11410 |
| **10/31/16** | $10668 | $10455 | $11243 |
| **11/30/16** | $10236 | $10282 | $10775 |
| **12/31/16** | $10451 | $10311 | $10929 |
| **1/31/17** | $10600 | $10273 | $11086 |
| **2/28/17** | $10843 | $10361 | $11317 |
| **3/31/17** | $10920 | $10356 | $11356 |
| **4/30/17** | $11097 | $10426 | $11541 |
| **5/31/17** | $11183 | $10487 | $11637 |
| **6/30/17** | $11124 | $10458 | $11607 |
| **7/31/17** | $11239 | $10492 | $11683 |
| **8/31/17** | $11421 | $10588 | $11885 |
| **9/30/17** | $11446 | $10539 | $11884 |
| **10/31/17** | $11489 | $10583 | $11905 |
| **11/30/17** | $11437 | $10600 | $11873 |
| **12/31/17** | $11514 | $10624 | $11948 |
| **1/31/18** | $11539 | $10548 | $11925 |
| **2/28/18** | $11345 | $10524 | $11691 |
| **3/31/18** | $11368 | $10611 | $11735 |
| **4/30/18** | $11236 | $10572 | $11563 |
| **5/31/18** | $11094 | $10611 | $11438 |
| **6/30/18** | $10974 | $10631 | $11323 |
| **7/31/18** | $11186 | $10634 | $11556 |
| **8/31/18** | $10929 | $10667 | $11334 |
| **9/30/18** | $11152 | $10626 | $11535 |
| **10/31/18** | $10901 | $10605 | $11277 |
| **11/30/18** | $10843 | $10657 | $11233 |
| **12/31/18** | $10993 | $10811 | $11397 |
| **1/31/19** | $11469 | $10925 | $11901 |
| **2/28/19** | $11554 | $10938 | $11975 |
| **3/31/19** | $11698 | $11134 | $12149 |
| **4/30/19** | $11705 | $11141 | $12163 |
| **5/31/19** | $11748 | $11301 | $12233 |
| **6/30/19** | $12144 | $11460 | $12605 |
| **7/31/19** | $12278 | $11550 | $12750 |
| **8/31/19** | $12266 | $11812 | $12820 |
| **9/30/19** | $12236 | $11757 | $12774 |
| **10/31/19** | $12317 | $11737 | $12821 |
| **11/30/19** | $12304 | $11723 | $12800 |
| **12/31/19** | $12581 | $11699 | $13041 |
| **1/31/20** | $12804 | $11910 | $13267 |
| **2/29/20** | $12719 | $12056 | $13160 |
| **3/31/20** | $10938 | $11868 | $11508 |
| **4/30/20** | $11160 | $12060 | $11761 |
| **5/31/20** | $11866 | $12095 | $12435 |
| **6/30/20** | $12224 | $12155 | $12797 |
| **7/31/20** | $12691 | $12288 | $13270 |
| **8/31/20** | $12761 | $12199 | $13310 |
| **9/30/20** | $12530 | $12243 | $13089 |
| **10/31/20** | $12538 | $12244 | $13074 |
| **11/30/20** | $13088 | $12314 | $13564 |
| **12/31/20** | $13353 | $12352 | $13807 |
| **1/31/21** | $13195 | $12286 | $13640 |
| **2/28/21** | $12870 | $12095 | $13290 |
| **3/31/21** | $12706 | $12047 | $13152 |
| **4/30/21** | $13011 | $12078 | $13404 |
| **5/31/21** | $13158 | $12105 | $13549 |
| **6/30/21** | $13249 | $12164 | $13669 |
| **7/31/21** | $13316 | $12316 | $13743 |
| **8/31/21** | $13457 | $12291 | $13869 |
| **9/30/21** | $13171 | $12175 | $13597 |
| **10/31/21** | $13101 | $12143 | $13605 |
| **11/30/21** | $12825 | $12230 | $13408 |
| **12/31/21** | $13036 | $12180 | $13599 |
| **1/31/22** | $12677 | $11989 | $13206 |
| **2/28/22** | $11976 | $11829 | $12479 |
| **3/31/22** | $11953 | $11574 | $12340 |
| **4/30/22** | $11299 | $11263 | $11663 |
| **5/31/22** | $11324 | $11248 | $11685 |
| **6/30/22** | $10602 | $11077 | $11038 |
| **7/31/22** | $10879 | $11359 | $11391 |
| **8/31/22** | $10754 | $11063 | $11258 |
| **9/30/22** | $10078 | $10707 | $10575 |
| **10/31/22** | $10050 | $10671 | $10583 |
| **11/30/22** | $10833 | $10943 | $11318 |
| **12/31/22** | $10862 | $10814 | $11361 |
| **1/31/23** | $11273 | $11063 | $11714 |
| **2/28/23** | $10995 | $10886 | $11456 |
| **3/31/23** | $11123 | $11128 | $11616 |
| **4/30/23** | $11158 | $11185 | $11675 |
| **5/31/23** | $11017 | $11141 | $11571 |
| **6/30/23** | $11311 | $11134 | $11794 |
| **7/31/23** | $11505 | $11138 | $11984 |
| **8/31/23** | $11348 | $11124 | $11817 |
| **9/30/23** | $11028 | $10932 | $11485 |
| **10/31/23** | $10945 | $10854 | $11318 |
| **11/30/23** | $11558 | $11228 | $11973 |
| **12/31/23** | $12131 | $11586 | $12549 |
| **1/31/24** | $12043 | $11564 | $12401 |
| **2/29/24** | $12132 | $11484 | $12486 |
| **3/31/24** | $12396 | $11588 | $12724 |
| **4/30/24** | $12151 | $11401 | $12468 |
| **5/31/24** | $12379 | $11502 | $12695 |
| **6/30/24** | $12437 | $11602 | $12779 |
| **7/31/24** | $12715 | $11826 | $13012 |
| **8/31/24** | $12972 | $11956 | $13316 |
| **9/30/24** | $13258 | $12094 | $13555 |
| **10/31/24** | $12981 | $11931 | $13311 |
| **11/30/24** | $13179 | $12072 | $13469 |
| **12/31/24** | $13026 | $11980 | $13268 |
| **1/31/25** | $13252 | $12026 | $13430 |
| **2/28/25** | $13503 | $12171 | $13652 |
| **3/31/25** | $13378 | $12120 | $13579 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.93% | 4.11% | 3.35% |
| Class A (including sales charge) | 3.88% | 3.32% | 2.95% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 6.72% | 3.37% | 3.11% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1677333 |
| # of Portfolio Holdings | 1493 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $7496 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 9.6% |
| United States | 8.7% |
| Brazil | 5.7% |
| Turkey | 4.9% |
| Egypt | 4.2% |
| Dominican Republic | 3.9% |
| Argentina | 3.1% |
| Indonesia | 3.0% |
| Saudi Arabia | 3.0% |
| Other Countries | 58.1% |
| Short-Term Instruments | 6.0% |
| Affiliated Investments | 3.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PAEMX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4001TSRAR_033125

# Class C: PEBCX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $239 | 2.31% |

---

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

* Security selection within Mexican external debt contributed to relative performance the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price of select holdings depreciated.

* Exposure to Ukrainian external debt contributed to relative performance versus the Index, as the Ukrainian sub-index outperformed the broader index.

* Legacy exposure to Russian quasi-sovereign debt detracted from relative performance versus the Index, as the price of select holdings depreciated.

* Overweight exposure to Senegalese external sovereign debt detracted from relative performance versus the Index, as the Senegalese sub-index underperformed the broader index

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i18cc11a701996192cb46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10295 | $9944 | $10197 |
| **5/31/15** | $10255 | $9903 | $10142 |
| **6/30/15** | $10048 | $9780 | $9971 |
| **7/31/15** | $10011 | $9877 | $10012 |
| **8/31/15** | $9739 | $9851 | $9904 |
| **9/30/15** | $9336 | $9909 | $9767 |
| **10/31/15** | $9768 | $9941 | $10076 |
| **11/30/15** | $9741 | $9946 | $10070 |
| **12/31/15** | $9434 | $9919 | $9919 |
| **1/31/16** | $9313 | $10064 | $9899 |
| **2/29/16** | $9481 | $10161 | $10099 |
| **3/31/16** | $9934 | $10244 | $10436 |
| **4/30/16** | $10195 | $10262 | $10636 |
| **5/31/16** | $10151 | $10305 | $10604 |
| **6/30/16** | $10573 | $10501 | $10999 |
| **7/31/16** | $10778 | $10564 | $11171 |
| **8/31/16** | $10983 | $10559 | $11371 |
| **9/30/16** | $11028 | $10557 | $11410 |
| **10/31/16** | $10954 | $10455 | $11243 |
| **11/30/16** | $10503 | $10282 | $10775 |
| **12/31/16** | $10717 | $10311 | $10929 |
| **1/31/17** | $10863 | $10273 | $11086 |
| **2/28/17** | $11105 | $10361 | $11317 |
| **3/31/17** | $11177 | $10356 | $11356 |
| **4/30/17** | $11352 | $10426 | $11541 |
| **5/31/17** | $11432 | $10487 | $11637 |
| **6/30/17** | $11365 | $10458 | $11607 |
| **7/31/17** | $11475 | $10492 | $11683 |
| **8/31/17** | $11654 | $10588 | $11885 |
| **9/30/17** | $11671 | $10539 | $11884 |
| **10/31/17** | $11708 | $10583 | $11905 |
| **11/30/17** | $11648 | $10600 | $11873 |
| **12/31/17** | $11719 | $10624 | $11948 |
| **1/31/18** | $11737 | $10548 | $11925 |
| **2/28/18** | $11533 | $10524 | $11691 |
| **3/31/18** | $11549 | $10611 | $11735 |
| **4/30/18** | $11408 | $10572 | $11563 |
| **5/31/18** | $11256 | $10611 | $11438 |
| **6/30/18** | $11128 | $10631 | $11323 |
| **7/31/18** | $11336 | $10634 | $11556 |
| **8/31/18** | $11067 | $10667 | $11334 |
| **9/30/18** | $11288 | $10626 | $11535 |
| **10/31/18** | $11026 | $10605 | $11277 |
| **11/30/18** | $10960 | $10657 | $11233 |
| **12/31/18** | $11105 | $10811 | $11397 |
| **1/31/19** | $11579 | $10925 | $11901 |
| **2/28/19** | $11659 | $10938 | $11975 |
| **3/31/19** | $11795 | $11134 | $12149 |
| **4/30/19** | $11796 | $11141 | $12163 |
| **5/31/19** | $11831 | $11301 | $12233 |
| **6/30/19** | $12223 | $11460 | $12605 |
| **7/31/19** | $12350 | $11550 | $12750 |
| **8/31/19** | $12329 | $11812 | $12820 |
| **9/30/19** | $12293 | $11757 | $12774 |
| **10/31/19** | $12366 | $11737 | $12821 |
| **11/30/19** | $12345 | $11723 | $12800 |
| **12/31/19** | $12616 | $11699 | $13041 |
| **1/31/20** | $12831 | $11910 | $13267 |
| **2/29/20** | $12738 | $12056 | $13160 |
| **3/31/20** | $10947 | $11868 | $11508 |
| **4/30/20** | $11162 | $12060 | $11761 |
| **5/31/20** | $11862 | $12095 | $12435 |
| **6/30/20** | $12212 | $12155 | $12797 |
| **7/31/20** | $12670 | $12288 | $13270 |
| **8/31/20** | $12733 | $12199 | $13310 |
| **9/30/20** | $12493 | $12243 | $13089 |
| **10/31/20** | $12494 | $12244 | $13074 |
| **11/30/20** | $13034 | $12314 | $13564 |
| **12/31/20** | $13289 | $12352 | $13807 |
| **1/31/21** | $13124 | $12286 | $13640 |
| **2/28/21** | $12792 | $12095 | $13290 |
| **3/31/21** | $12621 | $12047 | $13152 |
| **4/30/21** | $12916 | $12078 | $13404 |
| **5/31/21** | $13054 | $12105 | $13549 |
| **6/30/21** | $13137 | $12164 | $13669 |
| **7/31/21** | $13194 | $12316 | $13743 |
| **8/31/21** | $13326 | $12291 | $13869 |
| **9/30/21** | $13034 | $12175 | $13597 |
| **10/31/21** | $12956 | $12143 | $13605 |
| **11/30/21** | $12676 | $12230 | $13408 |
| **12/31/21** | $12876 | $12180 | $13599 |
| **1/31/22** | $12514 | $11989 | $13206 |
| **2/28/22** | $11814 | $11829 | $12479 |
| **3/31/22** | $11784 | $11574 | $12340 |
| **4/30/22** | $11132 | $11263 | $11663 |
| **5/31/22** | $11151 | $11248 | $11685 |
| **6/30/22** | $10432 | $11077 | $11038 |
| **7/31/22** | $10698 | $11359 | $11391 |
| **8/31/22** | $10569 | $11063 | $11258 |
| **9/30/22** | $9898 | $10707 | $10575 |
| **10/31/22** | $9864 | $10671 | $10583 |
| **11/30/22** | $10626 | $10943 | $11318 |
| **12/31/22** | $10648 | $10814 | $11361 |
| **1/31/23** | $11045 | $11063 | $11714 |
| **2/28/23** | $10765 | $10886 | $11456 |
| **3/31/23** | $10884 | $11128 | $11616 |
| **4/30/23** | $10912 | $11185 | $11675 |
| **5/31/23** | $10767 | $11141 | $11571 |
| **6/30/23** | $11047 | $11134 | $11794 |
| **7/31/23** | $11230 | $11138 | $11984 |
| **8/31/23** | $11070 | $11124 | $11817 |
| **9/30/23** | $10751 | $10932 | $11485 |
| **10/31/23** | $10663 | $10854 | $11318 |
| **11/30/23** | $11253 | $11228 | $11973 |
| **12/31/23** | $11803 | $11586 | $12549 |
| **1/31/24** | $11711 | $11564 | $12401 |
| **2/29/24** | $11791 | $11484 | $12486 |
| **3/31/24** | $12040 | $11588 | $12724 |
| **4/30/24** | $11795 | $11401 | $12468 |
| **5/31/24** | $12007 | $11502 | $12695 |
| **6/30/24** | $12057 | $11602 | $12779 |
| **7/31/24** | $12319 | $11826 | $13012 |
| **8/31/24** | $12559 | $11956 | $13316 |
| **9/30/24** | $12829 | $12094 | $13555 |
| **10/31/24** | $12553 | $11931 | $13311 |
| **11/30/24** | $12737 | $12072 | $13469 |
| **12/31/24** | $12581 | $11980 | $13268 |
| **1/31/25** | $12791 | $12026 | $13430 |
| **2/28/25** | $13025 | $12171 | $13652 |
| **3/31/25** | $12897 | $12120 | $13579 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 7.13% | 3.33% | 2.58% |
| Class C (including sales charge) | 6.13% | 3.33% | 2.58% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 6.72% | 3.37% | 3.11% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1677333 |
| # of Portfolio Holdings | 1493 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $7496 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 9.6% |
| United States | 8.7% |
| Brazil | 5.7% |
| Turkey | 4.9% |
| Egypt | 4.2% |
| Dominican Republic | 3.9% |
| Argentina | 3.1% |
| Indonesia | 3.0% |
| Saudi Arabia | 3.0% |
| Other Countries | 58.1% |
| Short-Term Instruments | 6.0% |
| Affiliated Investments | 3.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PEBCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4201TSRAR_033125

# I-3: PEBNX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $139 | 1.34% |

---

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

* Security selection within Mexican external debt contributed to relative performance the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price of select holdings depreciated.

* Exposure to Ukrainian external debt contributed to relative performance versus the Index, as the Ukrainian sub-index outperformed the broader index.

* Legacy exposure to Russian quasi-sovereign debt detracted from relative performance versus the Index, as the price of select holdings depreciated.

* Overweight exposure to Senegalese external sovereign debt detracted from relative performance versus the Index, as the Senegalese sub-index underperformed the broader index

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i5967351e75199e2e0c86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1030267 | $994409 | $1019705 |
| **5/31/15** | $1027115 | $990287 | $1014239 |
| **6/30/15** | $1007233 | $978046 | $997073 |
| **7/31/15** | $1004419 | $987733 | $1001161 |
| **8/31/15** | $977889 | $985063 | $990394 |
| **9/30/15** | $938135 | $990905 | $976716 |
| **10/31/15** | $982418 | $994119 | $1007567 |
| **11/30/15** | $980378 | $994576 | $1006987 |
| **12/31/15** | $950423 | $991885 | $991852 |
| **1/31/16** | $938858 | $1006395 | $989881 |
| **2/29/16** | $956502 | $1016068 | $1009889 |
| **3/31/16** | $1003044 | $1024433 | $1043580 |
| **4/30/16** | $1030281 | $1026173 | $1063556 |
| **5/31/16** | $1026605 | $1030510 | $1060384 |
| **6/30/16** | $1070084 | $1050127 | $1099950 |
| **7/31/16** | $1091726 | $1056401 | $1117060 |
| **8/31/16** | $1113420 | $1055863 | $1137148 |
| **9/30/16** | $1118909 | $1055737 | $1141003 |
| **10/31/16** | $1112262 | $1045500 | $1124295 |
| **11/30/16** | $1067376 | $1028232 | $1077460 |
| **12/31/16** | $1090049 | $1031050 | $1092949 |
| **1/31/17** | $1105707 | $1027295 | $1108648 |
| **2/28/17** | $1131259 | $1036089 | $1131662 |
| **3/31/17** | $1139536 | $1035611 | $1135591 |
| **4/30/17** | $1158222 | $1042634 | $1154113 |
| **5/31/17** | $1167376 | $1048720 | $1163686 |
| **6/30/17** | $1161506 | $1045784 | $1160701 |
| **7/31/17** | $1173646 | $1049222 | $1168337 |
| **8/31/17** | $1192891 | $1058784 | $1188518 |
| **9/30/17** | $1195713 | $1053896 | $1188360 |
| **10/31/17** | $1200436 | $1058341 | $1190490 |
| **11/30/17** | $1195209 | $1059981 | $1187318 |
| **12/31/17** | $1203538 | $1062350 | $1194806 |
| **1/31/18** | $1206281 | $1054766 | $1192461 |
| **2/28/18** | $1186223 | $1052388 | $1169099 |
| **3/31/18** | $1188859 | $1061113 | $1173498 |
| **4/30/18** | $1175253 | $1057165 | $1156337 |
| **5/31/18** | $1160587 | $1061115 | $1143803 |
| **6/30/18** | $1148201 | $1063093 | $1132312 |
| **7/31/18** | $1170511 | $1063384 | $1155644 |
| **8/31/18** | $1143804 | $1066652 | $1133426 |
| **9/30/18** | $1167424 | $1062572 | $1153463 |
| **10/31/18** | $1141356 | $1060496 | $1127732 |
| **11/30/18** | $1135435 | $1065684 | $1123305 |
| **12/31/18** | $1151348 | $1081078 | $1139716 |
| **1/31/19** | $1201481 | $1092528 | $1190075 |
| **2/28/19** | $1210623 | $1093841 | $1197474 |
| **3/31/19** | $1225825 | $1113432 | $1214863 |
| **4/30/19** | $1226818 | $1114096 | $1216323 |
| **5/31/19** | $1231577 | $1130127 | $1223292 |
| **6/30/19** | $1273285 | $1145973 | $1260536 |
| **7/31/19** | $1287612 | $1154991 | $1275033 |
| **8/31/19** | $1286545 | $1181184 | $1282019 |
| **9/30/19** | $1283658 | $1175711 | $1277400 |
| **10/31/19** | $1292389 | $1173681 | $1282138 |
| **11/30/19** | $1291246 | $1172304 | $1280032 |
| **12/31/19** | $1320640 | $1169901 | $1304053 |
| **1/31/20** | $1344306 | $1191013 | $1326748 |
| **2/29/20** | $1335547 | $1205590 | $1315958 |
| **3/31/20** | $1148786 | $1186827 | $1150752 |
| **4/30/20** | $1172296 | $1206040 | $1176060 |
| **5/31/20** | $1246743 | $1209459 | $1243510 |
| **6/30/20** | $1284514 | $1215495 | $1279720 |
| **7/31/20** | $1333919 | $1228777 | $1327011 |
| **8/31/20** | $1341511 | $1219873 | $1330953 |
| **9/30/20** | $1317381 | $1224329 | $1308927 |
| **10/31/20** | $1318573 | $1224418 | $1307362 |
| **11/30/20** | $1376589 | $1231405 | $1356382 |
| **12/31/20** | $1404810 | $1235188 | $1380723 |
| **1/31/21** | $1388412 | $1228563 | $1363973 |
| **2/28/21** | $1354388 | $1209452 | $1329003 |
| **3/31/21** | $1337358 | $1204687 | $1315211 |
| **4/30/21** | $1369749 | $1207836 | $1340363 |
| **5/31/21** | $1385507 | $1210532 | $1354879 |
| **6/30/21** | $1395332 | $1216436 | $1366932 |
| **7/31/21** | $1402657 | $1231555 | $1374339 |
| **8/31/21** | $1417737 | $1229087 | $1386868 |
| **9/30/21** | $1387880 | $1217483 | $1359662 |
| **10/31/21** | $1380708 | $1214299 | $1360475 |
| **11/30/21** | $1351876 | $1222961 | $1340753 |
| **12/31/21** | $1374430 | $1218001 | $1359870 |
| **1/31/22** | $1336829 | $1198865 | $1320582 |
| **2/28/22** | $1263103 | $1182918 | $1247887 |
| **3/31/22** | $1260881 | $1157419 | $1233959 |
| **4/30/22** | $1192112 | $1126312 | $1166334 |
| **5/31/22** | $1195055 | $1124762 | $1168539 |
| **6/30/22** | $1118986 | $1107692 | $1103832 |
| **7/31/22** | $1148460 | $1135906 | $1139122 |
| **8/31/22** | $1135490 | $1106252 | $1125810 |
| **9/30/22** | $1064355 | $1070739 | $1057450 |
| **10/31/22** | $1061553 | $1067074 | $1058278 |
| **11/30/22** | $1144450 | $1094267 | $1131826 |
| **12/31/22** | $1147836 | $1081352 | $1136129 |
| **1/31/23** | $1191528 | $1106259 | $1171441 |
| **2/28/23** | $1162287 | $1088614 | $1145616 |
| **3/31/23** | $1176113 | $1112753 | $1161649 |
| **4/30/23** | $1179969 | $1118482 | $1167510 |
| **5/31/23** | $1165260 | $1114079 | $1157129 |
| **6/30/23** | $1196594 | $1113414 | $1179425 |
| **7/31/23** | $1217323 | $1113774 | $1198395 |
| **8/31/23** | $1200967 | $1112375 | $1181668 |
| **9/30/23** | $1167340 | $1093192 | $1148457 |
| **10/31/23** | $1158674 | $1085430 | $1131757 |
| **11/30/23** | $1223795 | $1122750 | $1197323 |
| **12/31/23** | $1284687 | $1158631 | $1254858 |
| **1/31/24** | $1275630 | $1156360 | $1240078 |
| **2/29/24** | $1285325 | $1148426 | $1248604 |
| **3/31/24** | $1313497 | $1158782 | $1272371 |
| **4/30/24** | $1287803 | $1140124 | $1246818 |
| **5/31/24** | $1312199 | $1150213 | $1269540 |
| **6/30/24** | $1318611 | $1160193 | $1277943 |
| **7/31/24** | $1348353 | $1182607 | $1301240 |
| **8/31/24** | $1375840 | $1195560 | $1331603 |
| **9/30/24** | $1406431 | $1209433 | $1355466 |
| **10/31/24** | $1377257 | $1193067 | $1331141 |
| **11/30/24** | $1398587 | $1207238 | $1346943 |
| **12/31/24** | $1382579 | $1197974 | $1326770 |
| **1/31/25** | $1406841 | $1202615 | $1343047 |
| **2/28/25** | $1433674 | $1217096 | $1365204 |
| **3/31/25** | $1420724 | $1212017 | $1357896 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 8.16% | 4.34% | 3.57% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 6.72% | 3.37% | 3.11% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1677333 |
| # of Portfolio Holdings | 1493 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $7496 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 9.6% |
| United States | 8.7% |
| Brazil | 5.7% |
| Turkey | 4.9% |
| Egypt | 4.2% |
| Dominican Republic | 3.9% |
| Argentina | 3.1% |
| Indonesia | 3.0% |
| Saudi Arabia | 3.0% |
| Other Countries | 58.1% |
| Short-Term Instruments | 6.0% |
| Affiliated Investments | 3.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PEBNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2180TSRAR_033125

# Institutional Class: PEBIX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $124 | 1.19% |

---

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

* Security selection within Mexican external debt contributed to relative performance the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price of select holdings depreciated.

* Exposure to Ukrainian external debt contributed to relative performance versus the Index, as the Ukrainian sub-index outperformed the broader index.

* Legacy exposure to Russian quasi-sovereign debt detracted from relative performance versus the Index, as the price of select holdings depreciated.

* Overweight exposure to Senegalese external sovereign debt detracted from relative performance versus the Index, as the Senegalese sub-index underperformed the broader index

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i54028f146c73503aac4d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1030394 | $994409 | $1019705 |
| **5/31/15** | $1027372 | $990287 | $1014239 |
| **6/30/15** | $1007609 | $978046 | $997073 |
| **7/31/15** | $1004922 | $987733 | $1001161 |
| **8/31/15** | $978504 | $985063 | $990394 |
| **9/30/15** | $938844 | $990905 | $976716 |
| **10/31/15** | $983284 | $994119 | $1007567 |
| **11/30/15** | $981363 | $994576 | $1006987 |
| **12/31/15** | $951500 | $991885 | $991852 |
| **1/31/16** | $940041 | $1006395 | $989881 |
| **2/29/16** | $957819 | $1016068 | $1009889 |
| **3/31/16** | $1004549 | $1024433 | $1043580 |
| **4/30/16** | $1031953 | $1026173 | $1063556 |
| **5/31/16** | $1028401 | $1030510 | $1060384 |
| **6/30/16** | $1072084 | $1050127 | $1099950 |
| **7/31/16** | $1093905 | $1056401 | $1117060 |
| **8/31/16** | $1115784 | $1055863 | $1137148 |
| **9/30/16** | $1121421 | $1055737 | $1141003 |
| **10/31/16** | $1114901 | $1045500 | $1124295 |
| **11/30/16** | $1070041 | $1028232 | $1077460 |
| **12/31/16** | $1092908 | $1031050 | $1092949 |
| **1/31/17** | $1108748 | $1027295 | $1108648 |
| **2/28/17** | $1134499 | $1036089 | $1131662 |
| **3/31/17** | $1142944 | $1035611 | $1135591 |
| **4/30/17** | $1161828 | $1042634 | $1154113 |
| **5/31/17** | $1171158 | $1048720 | $1163686 |
| **6/30/17** | $1165413 | $1045784 | $1160701 |
| **7/31/17** | $1177743 | $1049222 | $1168337 |
| **8/31/17** | $1197206 | $1058784 | $1188518 |
| **9/30/17** | $1200186 | $1053896 | $1188360 |
| **10/31/17** | $1205079 | $1058341 | $1190490 |
| **11/30/17** | $1199980 | $1059981 | $1187318 |
| **12/31/17** | $1208495 | $1062350 | $1194806 |
| **1/31/18** | $1211403 | $1054766 | $1192461 |
| **2/28/18** | $1191397 | $1052388 | $1169099 |
| **3/31/18** | $1194196 | $1061113 | $1173498 |
| **4/30/18** | $1180668 | $1057165 | $1156337 |
| **5/31/18** | $1166119 | $1061115 | $1143803 |
| **6/30/18** | $1153952 | $1063093 | $1132312 |
| **7/31/18** | $1176549 | $1063384 | $1155644 |
| **8/31/18** | $1149866 | $1066652 | $1133426 |
| **9/30/18** | $1173738 | $1062572 | $1153463 |
| **10/31/18** | $1147677 | $1060496 | $1127732 |
| **11/30/18** | $1141871 | $1065684 | $1123305 |
| **12/31/18** | $1158012 | $1081078 | $1139716 |
| **1/31/19** | $1208575 | $1092528 | $1190075 |
| **2/28/19** | $1217910 | $1093841 | $1197474 |
| **3/31/19** | $1233373 | $1113432 | $1214863 |
| **4/30/19** | $1234521 | $1114096 | $1216323 |
| **5/31/19** | $1239467 | $1130127 | $1223292 |
| **6/30/19** | $1281584 | $1145973 | $1260536 |
| **7/31/19** | $1296163 | $1154991 | $1275033 |
| **8/31/19** | $1295261 | $1181184 | $1282019 |
| **9/30/19** | $1292501 | $1175711 | $1277400 |
| **10/31/19** | $1301455 | $1173681 | $1282138 |
| **11/30/19** | $1300460 | $1172304 | $1280032 |
| **12/31/19** | $1330229 | $1169901 | $1304053 |
| **1/31/20** | $1354241 | $1191013 | $1326748 |
| **2/29/20** | $1345573 | $1205590 | $1315958 |
| **3/31/20** | $1157559 | $1186827 | $1150752 |
| **4/30/20** | $1181393 | $1206040 | $1176060 |
| **5/31/20** | $1256573 | $1209459 | $1243510 |
| **6/30/20** | $1294797 | $1215495 | $1279720 |
| **7/31/20** | $1344781 | $1228777 | $1327011 |
| **8/31/20** | $1352596 | $1219873 | $1330953 |
| **9/30/20** | $1328432 | $1224329 | $1308927 |
| **10/31/20** | $1329804 | $1224418 | $1307362 |
| **11/30/20** | $1388476 | $1231405 | $1356382 |
| **12/31/20** | $1417134 | $1235188 | $1380723 |
| **1/31/21** | $1400754 | $1228563 | $1363973 |
| **2/28/21** | $1366585 | $1209452 | $1329003 |
| **3/31/21** | $1349572 | $1204687 | $1315211 |
| **4/30/21** | $1382438 | $1207836 | $1340363 |
| **5/31/21** | $1398506 | $1210532 | $1354879 |
| **6/30/21** | $1408595 | $1216436 | $1366932 |
| **7/31/21** | $1416174 | $1231555 | $1374339 |
| **8/31/21** | $1431576 | $1229087 | $1386868 |
| **9/30/21** | $1401608 | $1217483 | $1359662 |
| **10/31/21** | $1394540 | $1214299 | $1360475 |
| **11/30/21** | $1365588 | $1222961 | $1340753 |
| **12/31/21** | $1388559 | $1218001 | $1359870 |
| **1/31/22** | $1350733 | $1198865 | $1320582 |
| **2/28/22** | $1276398 | $1182918 | $1247887 |
| **3/31/22** | $1274310 | $1157419 | $1233959 |
| **4/30/22** | $1204963 | $1126312 | $1166334 |
| **5/31/22** | $1208081 | $1124762 | $1168539 |
| **6/30/22** | $1131325 | $1107692 | $1103832 |
| **7/31/22** | $1161269 | $1135906 | $1139122 |
| **8/31/22** | $1148306 | $1106252 | $1125810 |
| **9/30/22** | $1076514 | $1070739 | $1057450 |
| **10/31/22** | $1073807 | $1067074 | $1058278 |
| **11/30/22** | $1157800 | $1094267 | $1131826 |
| **12/31/22** | $1161305 | $1081352 | $1136129 |
| **1/31/23** | $1205648 | $1106259 | $1171441 |
| **2/28/23** | $1176196 | $1088614 | $1145616 |
| **3/31/23** | $1190341 | $1112753 | $1161649 |
| **4/30/23** | $1194378 | $1118482 | $1167510 |
| **5/31/23** | $1179638 | $1114079 | $1157129 |
| **6/30/23** | $1211514 | $1113414 | $1179425 |
| **7/31/23** | $1232645 | $1113774 | $1198395 |
| **8/31/23** | $1216231 | $1112375 | $1181668 |
| **9/30/23** | $1182327 | $1093192 | $1148457 |
| **10/31/23** | $1173688 | $1085430 | $1131757 |
| **11/30/23** | $1239803 | $1122750 | $1197323 |
| **12/31/23** | $1301658 | $1158631 | $1254858 |
| **1/31/24** | $1292640 | $1156360 | $1240078 |
| **2/29/24** | $1302617 | $1148426 | $1248604 |
| **3/31/24** | $1331325 | $1158782 | $1272371 |
| **4/30/24** | $1305443 | $1140124 | $1246818 |
| **5/31/24** | $1330355 | $1150213 | $1269540 |
| **6/30/24** | $1337009 | $1160193 | $1277943 |
| **7/31/24** | $1367336 | $1182607 | $1301240 |
| **8/31/24** | $1395398 | $1195560 | $1331603 |
| **9/30/24** | $1426586 | $1209433 | $1355466 |
| **10/31/24** | $1397174 | $1193067 | $1331141 |
| **11/30/24** | $1418990 | $1207238 | $1346943 |
| **12/31/24** | $1402928 | $1197974 | $1326770 |
| **1/31/25** | $1427732 | $1202615 | $1343047 |
| **2/28/25** | $1455125 | $1217096 | $1365204 |
| **3/31/25** | $1442154 | $1212017 | $1357896 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 8.32% | 4.49% | 3.73% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 6.72% | 3.37% | 3.11% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1677333 |
| # of Portfolio Holdings | 1493 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $7496 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 9.6% |
| United States | 8.7% |
| Brazil | 5.7% |
| Turkey | 4.9% |
| Egypt | 4.2% |
| Dominican Republic | 3.9% |
| Argentina | 3.1% |
| Indonesia | 3.0% |
| Saudi Arabia | 3.0% |
| Other Countries | 58.1% |
| Short-Term Instruments | 6.0% |
| Affiliated Investments | 3.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PEBIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0137TSRAR_033125

# I-2: PEMPX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $134 | 1.29% |

---

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

* Security selection within Mexican external debt contributed to relative performance the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price of select holdings depreciated.

* Exposure to Ukrainian external debt contributed to relative performance versus the Index, as the Ukrainian sub-index outperformed the broader index.

* Legacy exposure to Russian quasi-sovereign debt detracted from relative performance versus the Index, as the price of select holdings depreciated.

* Overweight exposure to Senegalese external sovereign debt detracted from relative performance versus the Index, as the Senegalese sub-index underperformed the broader index

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i2df101cfd37f1c750c7c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1030310 | $994409 | $1019705 |
| **5/31/15** | $1027202 | $990287 | $1014239 |
| **6/30/15** | $1007361 | $978046 | $997073 |
| **7/31/15** | $1004584 | $987733 | $1001161 |
| **8/31/15** | $978097 | $985063 | $990394 |
| **9/30/15** | $938375 | $990905 | $976716 |
| **10/31/15** | $982708 | $994119 | $1007567 |
| **11/30/15** | $980710 | $994576 | $1006987 |
| **12/31/15** | $950781 | $991885 | $991852 |
| **1/31/16** | $939259 | $1006395 | $989881 |
| **2/29/16** | $956950 | $1016068 | $1009889 |
| **3/31/16** | $1003556 | $1024433 | $1043580 |
| **4/30/16** | $1030845 | $1026173 | $1063556 |
| **5/31/16** | $1027213 | $1030510 | $1060384 |
| **6/30/16** | $1070760 | $1050127 | $1099950 |
| **7/31/16** | $1092462 | $1056401 | $1117060 |
| **8/31/16** | $1114220 | $1055863 | $1137148 |
| **9/30/16** | $1119744 | $1055737 | $1141003 |
| **10/31/16** | $1113145 | $1045500 | $1124295 |
| **11/30/16** | $1068269 | $1028232 | $1077460 |
| **12/31/16** | $1091001 | $1031050 | $1092949 |
| **1/31/17** | $1106724 | $1027295 | $1108648 |
| **2/28/17** | $1132342 | $1036089 | $1131662 |
| **3/31/17** | $1140669 | $1035611 | $1135591 |
| **4/30/17** | $1159427 | $1042634 | $1154113 |
| **5/31/17** | $1168640 | $1048720 | $1163686 |
| **6/30/17** | $1162806 | $1045784 | $1160701 |
| **7/31/17** | $1175016 | $1049222 | $1168337 |
| **8/31/17** | $1194333 | $1058784 | $1188518 |
| **9/30/17** | $1197204 | $1053896 | $1188360 |
| **10/31/17** | $1201987 | $1058341 | $1190490 |
| **11/30/17** | $1196803 | $1059981 | $1187318 |
| **12/31/17** | $1205190 | $1062350 | $1194806 |
| **1/31/18** | $1207990 | $1054766 | $1192461 |
| **2/28/18** | $1187950 | $1052388 | $1169099 |
| **3/31/18** | $1190636 | $1061113 | $1173498 |
| **4/30/18** | $1177053 | $1057165 | $1156337 |
| **5/31/18** | $1162451 | $1061115 | $1143803 |
| **6/30/18** | $1150222 | $1063093 | $1132312 |
| **7/31/18** | $1172649 | $1063384 | $1155644 |
| **8/31/18** | $1145947 | $1066652 | $1133426 |
| **9/30/18** | $1169653 | $1062572 | $1153463 |
| **10/31/18** | $1143584 | $1060496 | $1127732 |
| **11/30/18** | $1137703 | $1065684 | $1123305 |
| **12/31/18** | $1153690 | $1081078 | $1139716 |
| **1/31/19** | $1203967 | $1092528 | $1190075 |
| **2/28/19** | $1213173 | $1093841 | $1197474 |
| **3/31/19** | $1228473 | $1113432 | $1214863 |
| **4/30/19** | $1229518 | $1114096 | $1216323 |
| **5/31/19** | $1234337 | $1130127 | $1223292 |
| **6/30/19** | $1276185 | $1145973 | $1260536 |
| **7/31/19** | $1290596 | $1154991 | $1275033 |
| **8/31/19** | $1289582 | $1181184 | $1282019 |
| **9/30/19** | $1286738 | $1175711 | $1277400 |
| **10/31/19** | $1295544 | $1173681 | $1282138 |
| **11/30/19** | $1294445 | $1172304 | $1280032 |
| **12/31/19** | $1323966 | $1169901 | $1304053 |
| **1/31/20** | $1347749 | $1191013 | $1326748 |
| **2/29/20** | $1339017 | $1205590 | $1315958 |
| **3/31/20** | $1151817 | $1186827 | $1150752 |
| **4/30/20** | $1175437 | $1206040 | $1176060 |
| **5/31/20** | $1250135 | $1209459 | $1243510 |
| **6/30/20** | $1288059 | $1215495 | $1279720 |
| **7/31/20** | $1337665 | $1228777 | $1327011 |
| **8/31/20** | $1345332 | $1219873 | $1330953 |
| **9/30/20** | $1321190 | $1224329 | $1308927 |
| **10/31/20** | $1322437 | $1224418 | $1307362 |
| **11/30/20** | $1380676 | $1231405 | $1356382 |
| **12/31/20** | $1409044 | $1235188 | $1380723 |
| **1/31/21** | $1392652 | $1228563 | $1363973 |
| **2/28/21** | $1358576 | $1209452 | $1329003 |
| **3/31/21** | $1341549 | $1204687 | $1315211 |
| **4/30/21** | $1374104 | $1207836 | $1340363 |
| **5/31/21** | $1389981 | $1210532 | $1354879 |
| **6/30/21** | $1399894 | $1216436 | $1366932 |
| **7/31/21** | $1407304 | $1231555 | $1374339 |
| **8/31/21** | $1422491 | $1229087 | $1386868 |
| **9/30/21** | $1392591 | $1217483 | $1359662 |
| **10/31/21** | $1385454 | $1214299 | $1360475 |
| **11/30/21** | $1356578 | $1222961 | $1340753 |
| **12/31/21** | $1379274 | $1218001 | $1359870 |
| **1/31/22** | $1341593 | $1198865 | $1320582 |
| **2/28/22** | $1267660 | $1182918 | $1247887 |
| **3/31/22** | $1265481 | $1157419 | $1233959 |
| **4/30/22** | $1196509 | $1126312 | $1166334 |
| **5/31/22** | $1199510 | $1124762 | $1168539 |
| **6/30/22** | $1123204 | $1107692 | $1103832 |
| **7/31/22** | $1152837 | $1135906 | $1139122 |
| **8/31/22** | $1139868 | $1106252 | $1125810 |
| **9/30/22** | $1068508 | $1070739 | $1057450 |
| **10/31/22** | $1065737 | $1067074 | $1058278 |
| **11/30/22** | $1149011 | $1094267 | $1131826 |
| **12/31/22** | $1152383 | $1081352 | $1136129 |
| **1/31/23** | $1196291 | $1106259 | $1171441 |
| **2/28/23** | $1166978 | $1088614 | $1145616 |
| **3/31/23** | $1180911 | $1112753 | $1161649 |
| **4/30/23** | $1184822 | $1118482 | $1167510 |
| **5/31/23** | $1170102 | $1114079 | $1157129 |
| **6/30/23** | $1201618 | $1113414 | $1179425 |
| **7/31/23** | $1222483 | $1113774 | $1198395 |
| **8/31/23** | $1206108 | $1112375 | $1181668 |
| **9/30/23** | $1172386 | $1093192 | $1148457 |
| **10/31/23** | $1163728 | $1085430 | $1131757 |
| **11/30/23** | $1229184 | $1122750 | $1197323 |
| **12/31/23** | $1290400 | $1158631 | $1254858 |
| **1/31/24** | $1281358 | $1156360 | $1240078 |
| **2/29/24** | $1291147 | $1148426 | $1248604 |
| **3/31/24** | $1319492 | $1158782 | $1272371 |
| **4/30/24** | $1293738 | $1140124 | $1246818 |
| **5/31/24** | $1318307 | $1150213 | $1269540 |
| **6/30/24** | $1324800 | $1160193 | $1277943 |
| **7/31/24** | $1354738 | $1182607 | $1301240 |
| **8/31/24** | $1382402 | $1195560 | $1331603 |
| **9/30/24** | $1413191 | $1209433 | $1355466 |
| **10/31/24** | $1383939 | $1193067 | $1331141 |
| **11/30/24** | $1405431 | $1207238 | $1346943 |
| **12/31/24** | $1389404 | $1197974 | $1326770 |
| **1/31/25** | $1413846 | $1202615 | $1343047 |
| **2/28/25** | $1440863 | $1217096 | $1365204 |
| **3/31/25** | $1427904 | $1212017 | $1357896 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 8.22% | 4.39% | 3.63% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 6.72% | 3.37% | 3.11% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1677333 |
| # of Portfolio Holdings | 1493 |
| Portfolio Turnover Rate | 67% |
| Total Net Advisory Fees Paid During the Reporting Period | $7496 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 9.6% |
| United States | 8.7% |
| Brazil | 5.7% |
| Turkey | 4.9% |
| Egypt | 4.2% |
| Dominican Republic | 3.9% |
| Argentina | 3.1% |
| Indonesia | 3.0% |
| Saudi Arabia | 3.0% |
| Other Countries | 58.1% |
| Short-Term Instruments | 6.0% |
| Affiliated Investments | 3.4% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (13.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PEMPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1914TSRAR_033125

# Institutional Class: PEMIX

# PIMCO Emerging Markets Corporate Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $109 | 1.05% |

---

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

* Security selection within Chinese external corporate debt contributed to relative performance versus the J.P. Morgan Corporate Emerging Markets Bond Index Diversified (CEMBI) ("Index"), as the price of select holdings appreciated.

* Exposure to Ukrainian external debt contributed to relative performance versus the Index, as the Ukrainian sub-index outperformed the broader index.

* Security selection within Hong Kong external corporate debt detracted from relative performance versus the Index, as the price of select holdings depreciated.

* Overweight exposure to Ecuadorian external debt detracted from relative performance versus the Index, as the Ecuadorian sub-index underperformed the broader index.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i950a4b0387c0338c20e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Corporate Emerging Markets Bond Index Diversified (CEMBI)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1031906 | $994409 | $1017878 |
| **5/31/15** | $1043879 | $990287 | $1023511 |
| **6/30/15** | $1022191 | $978046 | $1010815 |
| **7/31/15** | $990952 | $987733 | $1011168 |
| **8/31/15** | $966995 | $985063 | $993967 |
| **9/30/15** | $938042 | $990905 | $980911 |
| **10/31/15** | $971576 | $994119 | $1006164 |
| **11/30/15** | $965159 | $994576 | $999313 |
| **12/31/15** | $941341 | $991885 | $985412 |
| **1/31/16** | $930614 | $1006395 | $982545 |
| **2/29/16** | $942381 | $1016068 | $993094 |
| **3/31/16** | $981105 | $1024433 | $1028406 |
| **4/30/16** | $1000058 | $1026173 | $1047998 |
| **5/31/16** | $1000950 | $1030510 | $1049581 |
| **6/30/16** | $1022082 | $1050127 | $1070022 |
| **7/31/16** | $1043287 | $1056401 | $1088222 |
| **8/31/16** | $1057602 | $1055863 | $1102827 |
| **9/30/16** | $1061135 | $1055737 | $1103858 |
| **10/31/16** | $1066829 | $1045500 | $1103733 |
| **11/30/16** | $1051560 | $1028232 | $1079381 |
| **12/31/16** | $1065376 | $1031050 | $1088210 |
| **1/31/17** | $1086912 | $1027295 | $1102044 |
| **2/28/17** | $1105460 | $1036089 | $1118673 |
| **3/31/17** | $1106812 | $1035611 | $1122046 |
| **4/30/17** | $1122188 | $1042634 | $1134843 |
| **5/31/17** | $1122250 | $1048720 | $1141715 |
| **6/30/17** | $1120144 | $1045784 | $1144005 |
| **7/31/17** | $1134830 | $1049222 | $1153070 |
| **8/31/17** | $1148309 | $1058784 | $1164186 |
| **9/30/17** | $1154416 | $1053896 | $1167735 |
| **10/31/17** | $1158168 | $1058341 | $1171488 |
| **11/30/17** | $1154722 | $1059981 | $1171205 |
| **12/31/17** | $1161359 | $1062350 | $1174038 |
| **1/31/18** | $1168860 | $1054766 | $1174624 |
| **2/28/18** | $1155197 | $1052388 | $1162390 |
| **3/31/18** | $1153580 | $1061113 | $1159360 |
| **4/30/18** | $1149226 | $1057165 | $1150906 |
| **5/31/18** | $1141759 | $1061115 | $1142385 |
| **6/30/18** | $1131787 | $1063093 | $1138161 |
| **7/31/18** | $1155327 | $1063384 | $1155370 |
| **8/31/18** | $1142750 | $1066652 | $1143804 |
| **9/30/18** | $1154636 | $1062572 | $1154536 |
| **10/31/18** | $1150274 | $1060496 | $1147021 |
| **11/30/18** | $1145405 | $1065684 | $1144575 |
| **12/31/18** | $1153515 | $1081078 | $1153873 |
| **1/31/19** | $1180074 | $1092528 | $1186428 |
| **2/28/19** | $1191741 | $1093841 | $1200033 |
| **3/31/19** | $1205371 | $1113432 | $1215485 |
| **4/30/19** | $1217139 | $1114096 | $1225645 |
| **5/31/19** | $1225552 | $1130127 | $1231714 |
| **6/30/19** | $1254517 | $1145973 | $1259332 |
| **7/31/19** | $1265315 | $1154991 | $1271967 |
| **8/31/19** | $1250519 | $1181184 | $1276218 |
| **9/30/19** | $1261984 | $1175711 | $1283364 |
| **10/31/19** | $1277001 | $1173681 | $1293928 |
| **11/30/19** | $1276055 | $1172304 | $1298490 |
| **12/31/19** | $1290062 | $1169901 | $1310251 |
| **1/31/20** | $1310200 | $1191013 | $1329271 |
| **2/29/20** | $1306053 | $1205590 | $1328843 |
| **3/31/20** | $1133060 | $1186827 | $1178938 |
| **4/30/20** | $1182815 | $1206040 | $1233146 |
| **5/31/20** | $1232783 | $1209459 | $1280067 |
| **6/30/20** | $1271406 | $1215495 | $1314116 |
| **7/31/20** | $1291442 | $1228777 | $1343722 |
| **8/31/20** | $1309696 | $1219873 | $1355899 |
| **9/30/20** | $1299448 | $1224329 | $1348623 |
| **10/31/20** | $1299307 | $1224418 | $1352560 |
| **11/30/20** | $1341641 | $1231405 | $1388627 |
| **12/31/20** | $1364248 | $1235188 | $1406496 |
| **1/31/21** | $1361563 | $1228563 | $1404852 |
| **2/28/21** | $1358089 | $1209452 | $1401555 |
| **3/31/21** | $1349392 | $1204687 | $1392564 |
| **4/30/21** | $1359277 | $1207836 | $1402546 |
| **5/31/21** | $1368824 | $1210532 | $1411236 |
| **6/30/21** | $1377853 | $1216436 | $1422098 |
| **7/31/21** | $1379393 | $1231555 | $1424915 |
| **8/31/21** | $1388120 | $1229087 | $1433469 |
| **9/30/21** | $1373340 | $1217483 | $1422949 |
| **10/31/21** | $1359626 | $1214299 | $1416439 |
| **11/30/21** | $1346572 | $1222961 | $1407407 |
| **12/31/21** | $1354432 | $1218001 | $1413359 |
| **1/31/22** | $1327376 | $1198865 | $1389288 |
| **2/28/22** | $1247948 | $1182918 | $1320040 |
| **3/31/22** | $1213109 | $1157419 | $1282405 |
| **4/30/22** | $1180939 | $1126312 | $1254452 |
| **5/31/22** | $1173925 | $1124762 | $1246807 |
| **6/30/22** | $1125493 | $1107692 | $1205241 |
| **7/31/22** | $1148475 | $1135906 | $1220948 |
| **8/31/22** | $1152181 | $1106252 | $1223232 |
| **9/30/22** | $1105114 | $1070739 | $1173237 |
| **10/31/22** | $1089129 | $1067074 | $1148843 |
| **11/30/22** | $1156623 | $1094267 | $1211864 |
| **12/31/22** | $1174540 | $1081352 | $1230804 |
| **1/31/23** | $1213419 | $1106259 | $1267697 |
| **2/28/23** | $1190029 | $1088614 | $1245062 |
| **3/31/23** | $1197692 | $1112753 | $1254780 |
| **4/30/23** | $1200843 | $1118482 | $1266086 |
| **5/31/23** | $1186763 | $1114079 | $1257435 |
| **6/30/23** | $1196190 | $1113414 | $1270995 |
| **7/31/23** | $1207896 | $1113774 | $1282899 |
| **8/31/23** | $1197870 | $1112375 | $1276504 |
| **9/30/23** | $1186769 | $1093192 | $1265646 |
| **10/31/23** | $1169611 | $1085430 | $1249286 |
| **11/30/23** | $1216068 | $1122750 | $1295809 |
| **12/31/23** | $1254699 | $1158631 | $1335756 |
| **1/31/24** | $1257478 | $1156360 | $1343536 |
| **2/29/24** | $1261458 | $1148426 | $1352498 |
| **3/31/24** | $1275416 | $1158782 | $1365125 |
| **4/30/24** | $1261166 | $1140124 | $1352201 |
| **5/31/24** | $1279852 | $1150213 | $1372500 |
| **6/30/24** | $1289440 | $1160193 | $1384839 |
| **7/31/24** | $1307875 | $1182607 | $1405756 |
| **8/31/24** | $1327281 | $1195560 | $1429698 |
| **9/30/24** | $1348080 | $1209433 | $1447899 |
| **10/31/24** | $1331406 | $1193067 | $1434114 |
| **11/30/24** | $1340634 | $1207238 | $1442396 |
| **12/31/24** | $1333722 | $1197974 | $1433864 |
| **1/31/25** | $1346406 | $1202615 | $1445347 |
| **2/28/25** | $1372359 | $1217096 | $1467193 |
| **3/31/25** | $1373141 | $1212017 | $1468503 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.66% | 3.92% | 3.22% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Corporate Emerging Markets Bond Index Diversified (CEMBI) | 7.57% | 4.49% | 3.92% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $64466 |
| # of Portfolio Holdings | 613 |
| Portfolio Turnover Rate | 96% |
| Total Net Advisory Fees Paid During the Reporting Period | $393 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 8.8% |
| Cayman Islands | 7.4% |
| United Kingdom | 6.1% |
| South Korea | 5.5% |
| United Arab Emirates | 5.1% |
| India | 4.6% |
| Brazil | 4.4% |
| Israel | 4.1% |
| Mexico | 3.9% |
| Luxembourg | 3.8% |
| Other Countries | 43.6% |
| Short-Term Instruments | 2.5% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (6.8%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.12% as a result of higher expenses related to interest.

Change to Shareholder Expenses. Effective September 3, 2024, the advisory fee for the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. The advisory fee decrease resulted in the management fees decreasing by 0.05% for the Institutional Class shares of the Fund. Previously, the advisory fee for the Fund was 0.50% per annum.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PEMIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Corporate Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1948TSRAR_033125

# Class A: PLMAX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $143 | 1.40% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) ("Index"), as the currency generated positive returns from interest. 

* Underweight exposure to the Kuwaiti dinar contributed to relative performance versus the Index, as the currency devaluated.

* Overweight exposure to the Brazilian real detracted from relative performance versus the Index, as the currency depreciated.

* Exposure to the South Korean won detracted from relative performance versus the Index, as the currency depreciated.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143icd9557a2ecc4578ebf46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged)** |
| **3/31/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9910 | $9944 | $10313 |
| **5/31/15** | $9823 | $9903 | $10170 |
| **6/30/15** | $9757 | $9780 | $10122 |
| **7/31/15** | $9485 | $9877 | $9869 |
| **8/31/15** | $9189 | $9851 | $9540 |
| **9/30/15** | $9012 | $9909 | $9480 |
| **10/31/15** | $9273 | $9941 | $9706 |
| **11/30/15** | $9148 | $9946 | $9573 |
| **12/31/15** | $8998 | $9919 | $9466 |
| **1/31/16** | $8850 | $10064 | $9357 |
| **2/29/16** | $8886 | $10161 | $9411 |
| **3/31/16** | $9465 | $10244 | $9983 |
| **4/30/16** | $9602 | $10262 | $10072 |
| **5/31/16** | $9326 | $10305 | $9770 |
| **6/30/16** | $9606 | $10501 | $10017 |
| **7/31/16** | $9675 | $10564 | $10054 |
| **8/31/16** | $9696 | $10559 | $10076 |
| **9/30/16** | $9784 | $10557 | $10167 |
| **10/31/16** | $9762 | $10455 | $10087 |
| **11/30/16** | $9387 | $10282 | $9754 |
| **12/31/16** | $9474 | $10311 | $9802 |
| **1/31/17** | $9691 | $10273 | $9982 |
| **2/28/17** | $9865 | $10361 | $10147 |
| **3/31/17** | $10065 | $10356 | $10310 |
| **4/30/17** | $10096 | $10426 | $10343 |
| **5/31/17** | $10214 | $10487 | $10504 |
| **6/30/17** | $10221 | $10458 | $10508 |
| **7/31/17** | $10396 | $10492 | $10678 |
| **8/31/17** | $10496 | $10588 | $10786 |
| **9/30/17** | $10440 | $10539 | $10719 |
| **10/31/17** | $10397 | $10583 | $10658 |
| **11/30/17** | $10547 | $10600 | $10834 |
| **12/31/17** | $10652 | $10624 | $10933 |
| **1/31/18** | $10981 | $10548 | $11248 |
| **2/28/18** | $10872 | $10524 | $11130 |
| **3/31/18** | $10959 | $10611 | $11208 |
| **4/30/18** | $10714 | $10572 | $10997 |
| **5/31/18** | $10390 | $10611 | $10736 |
| **6/30/18** | $10179 | $10631 | $10560 |
| **7/31/18** | $10301 | $10634 | $10652 |
| **8/31/18** | $9906 | $10667 | $10331 |
| **9/30/18** | $10045 | $10626 | $10443 |
| **10/31/18** | $9912 | $10605 | $10324 |
| **11/30/18** | $10047 | $10657 | $10497 |
| **12/31/18** | $10136 | $10811 | $10568 |
| **1/31/19** | $10432 | $10925 | $10855 |
| **2/28/19** | $10373 | $10938 | $10803 |
| **3/31/19** | $10308 | $11134 | $10724 |
| **4/30/19** | $10343 | $11141 | $10733 |
| **5/31/19** | $10280 | $11301 | $10662 |
| **6/30/19** | $10587 | $11460 | $10946 |
| **7/31/19** | $10558 | $11550 | $10947 |
| **8/31/19** | $10121 | $11812 | $10597 |
| **9/30/19** | $10225 | $11757 | $10718 |
| **10/31/19** | $10439 | $11737 | $10937 |
| **11/30/19** | $10376 | $11723 | $10868 |
| **12/31/19** | $10720 | $11699 | $11118 |
| **1/31/20** | $10553 | $11910 | $10972 |
| **2/29/20** | $10341 | $12056 | $10732 |
| **3/31/20** | $9344 | $11868 | $10175 |
| **4/30/20** | $9532 | $12060 | $10290 |
| **5/31/20** | $9828 | $12095 | $10441 |
| **6/30/20** | $9984 | $12155 | $10524 |
| **7/31/20** | $10187 | $12288 | $10715 |
| **8/31/20** | $10338 | $12199 | $10782 |
| **9/30/20** | $10208 | $12243 | $10674 |
| **10/31/20** | $10236 | $12244 | $10718 |
| **11/30/20** | $10650 | $12314 | $11081 |
| **12/31/20** | $10920 | $12352 | $11310 |
| **1/31/21** | $10821 | $12286 | $11245 |
| **2/28/21** | $10784 | $12095 | $11179 |
| **3/31/21** | $10603 | $12047 | $11020 |
| **4/30/21** | $10743 | $12078 | $11199 |
| **5/31/21** | $10946 | $12105 | $11380 |
| **6/30/21** | $10814 | $12164 | $11242 |
| **7/31/21** | $10735 | $12316 | $11185 |
| **8/31/21** | $10871 | $12291 | $11267 |
| **9/30/21** | $10674 | $12175 | $11065 |
| **10/31/21** | $10627 | $12143 | $11100 |
| **11/30/21** | $10417 | $12230 | $10810 |
| **12/31/21** | $10577 | $12180 | $10960 |
| **1/31/22** | $10590 | $11989 | $10975 |
| **2/28/22** | $10320 | $11829 | $10770 |
| **3/31/22** | $10400 | $11574 | $10354 |
| **4/30/22** | $10095 | $11263 | $10044 |
| **5/31/22** | $10185 | $11248 | $10135 |
| **6/30/22** | $9856 | $11077 | $9882 |
| **7/31/22** | $9761 | $11359 | $9802 |
| **8/31/22** | $9764 | $11063 | $9787 |
| **9/30/22** | $9450 | $10707 | $9489 |
| **10/31/22** | $9504 | $10671 | $9541 |
| **11/30/22** | $9982 | $10943 | $9976 |
| **12/31/22** | $10163 | $10814 | $10178 |
| **1/31/23** | $10485 | $11063 | $10480 |
| **2/28/23** | $10284 | $10886 | $10287 |
| **3/31/23** | $10513 | $11128 | $10497 |
| **4/30/23** | $10558 | $11185 | $10542 |
| **5/31/23** | $10498 | $11141 | $10454 |
| **6/30/23** | $10644 | $11134 | $10581 |
| **7/31/23** | $10829 | $11138 | $10779 |
| **8/31/23** | $10641 | $11124 | $10623 |
| **9/30/23** | $10488 | $10932 | $10483 |
| **10/31/23** | $10495 | $10854 | $10490 |
| **11/30/23** | $10886 | $11228 | $10853 |
| **12/31/23** | $11101 | $11586 | $11037 |
| **1/31/24** | $10943 | $11564 | $10878 |
| **2/29/24** | $10994 | $11484 | $10916 |
| **3/31/24** | $11036 | $11588 | $10913 |
| **4/30/24** | $10939 | $11401 | $10843 |
| **5/31/24** | $11108 | $11502 | $10979 |
| **6/30/24** | $10981 | $11602 | $10885 |
| **7/31/24** | $11093 | $11826 | $10981 |
| **8/31/24** | $11325 | $11956 | $11232 |
| **9/30/24** | $11569 | $12094 | $11455 |
| **10/31/24** | $11304 | $11931 | $11171 |
| **11/30/24** | $11227 | $12072 | $11077 |
| **12/31/24** | $11117 | $11980 | $10918 |
| **1/31/25** | $11322 | $12026 | $11087 |
| **2/28/25** | $11379 | $12171 | $11124 |
| **3/31/25** | $11492 | $12120 | $11259 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.13% | 4.22% | 1.79% |
| Class A (including sales charge) | 0.22% | 3.43% | 1.40% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Local Markets Index Plus (Unhedged) | 3.17% | 2.05% | 1.19% |
| J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged) | 3.17% | 2.05% | 1.19% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $586160 |
| # of Portfolio Holdings | 1480 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid During the Reporting Period | $2301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 18.3% |
| Mexico | 6.6% |
| Israel | 5.8% |
| United States | 4.9% |
| Dominican Republic | 4.2% |
| Supranational | 3.4% |
| Philippines | 3.0% |
| Peru | 2.8% |
| Egypt | 2.6% |
| Other Countries | 18.8% |
| Short-Term Instruments | 5.3% |
| Affiliated Investments | 25.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (1.9%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.09% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PLMAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Currency and Short-Term Investments Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4029TSRAR_033125

# Institutional Class: PLMIX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $102 | 1.00% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) ("Index"), as the currency generated positive returns from interest. 

* Underweight exposure to the Kuwaiti dinar contributed to relative performance versus the Index, as the currency devaluated.

* Overweight exposure to the Brazilian real detracted from relative performance versus the Index, as the currency depreciated.

* Exposure to the South Korean won detracted from relative performance versus the Index, as the currency depreciated.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i2afb5bcbcfda43ac5501.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Local Markets Index Plus (Unhedged)** | **J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1029987 | $994409 | $1031275 | $1031275 |
| **5/31/15** | $1021245 | $990287 | $1016997 | $1016997 |
| **6/30/15** | $1014727 | $978046 | $1012219 | $1012219 |
| **7/31/15** | $986815 | $987733 | $986880 | $986880 |
| **8/31/15** | $956328 | $985063 | $953957 | $953957 |
| **9/30/15** | $938171 | $990905 | $947971 | $947971 |
| **10/31/15** | $965740 | $994119 | $970631 | $970631 |
| **11/30/15** | $952982 | $994576 | $957326 | $957326 |
| **12/31/15** | $937678 | $991885 | $946634 | $946634 |
| **1/31/16** | $922544 | $1006395 | $935711 | $935710 |
| **2/29/16** | $926656 | $1016068 | $941140 | $941140 |
| **3/31/16** | $987344 | $1024433 | $998279 | $998279 |
| **4/30/16** | $1001968 | $1026173 | $1007152 | $1007152 |
| **5/31/16** | $973472 | $1030510 | $976981 | $976981 |
| **6/30/16** | $1003057 | $1050127 | $1001667 | $1001667 |
| **7/31/16** | $1010517 | $1056401 | $1005406 | $1005406 |
| **8/31/16** | $1013063 | $1055863 | $1007605 | $1007605 |
| **9/30/16** | $1022642 | $1055737 | $1016684 | $1016684 |
| **10/31/16** | $1020721 | $1045500 | $1008733 | $1008733 |
| **11/30/16** | $981843 | $1028232 | $975394 | $975394 |
| **12/31/16** | $991238 | $1031050 | $980179 | $980180 |
| **1/31/17** | $1014279 | $1027295 | $998195 | $998195 |
| **2/28/17** | $1032832 | $1036089 | $1014747 | $1014747 |
| **3/31/17** | $1054134 | $1035611 | $1030950 | $1030950 |
| **4/30/17** | $1057668 | $1042634 | $1034340 | $1034340 |
| **5/31/17** | $1070440 | $1048720 | $1050359 | $1050358 |
| **6/30/17** | $1071530 | $1045784 | $1050816 | $1050816 |
| **7/31/17** | $1090222 | $1049222 | $1067835 | $1067835 |
| **8/31/17** | $1101060 | $1058784 | $1078599 | $1078599 |
| **9/30/17** | $1095567 | $1053896 | $1071857 | $1071857 |
| **10/31/17** | $1091435 | $1058341 | $1065826 | $1065826 |
| **11/30/17** | $1107527 | $1059981 | $1083426 | $1083426 |
| **12/31/17** | $1118886 | $1062350 | $1093273 | $1093273 |
| **1/31/18** | $1153910 | $1054766 | $1124815 | $1124816 |
| **2/28/18** | $1142773 | $1052388 | $1113049 | $1113048 |
| **3/31/18** | $1152281 | $1061113 | $1120778 | $1120778 |
| **4/30/18** | $1126858 | $1057165 | $1099737 | $1099737 |
| **5/31/18** | $1093186 | $1061115 | $1073580 | $1073580 |
| **6/30/18** | $1071388 | $1063093 | $1056046 | $1056046 |
| **7/31/18** | $1084612 | $1063384 | $1065207 | $1065207 |
| **8/31/18** | $1043395 | $1066652 | $1033075 | $1033074 |
| **9/30/18** | $1058289 | $1062572 | $1044294 | $1044295 |
| **10/31/18** | $1044687 | $1060496 | $1032361 | $1032362 |
| **11/30/18** | $1059289 | $1065684 | $1049737 | $1049737 |
| **12/31/18** | $1069002 | $1081078 | $1056850 | $1056850 |
| **1/31/19** | $1100532 | $1092528 | $1085535 | $1085535 |
| **2/28/19** | $1094728 | $1093841 | $1080256 | $1080256 |
| **3/31/19** | $1088138 | $1113432 | $1072443 | $1072443 |
| **4/30/19** | $1092270 | $1114096 | $1073270 | $1073270 |
| **5/31/19** | $1085968 | $1130127 | $1066168 | $1066168 |
| **6/30/19** | $1118790 | $1145973 | $1094599 | $1094600 |
| **7/31/19** | $1116106 | $1154991 | $1094705 | $1094705 |
| **8/31/19** | $1070212 | $1181184 | $1059684 | $1059684 |
| **9/30/19** | $1081596 | $1175711 | $1071789 | $1071790 |
| **10/31/19** | $1104557 | $1173681 | $1093717 | $1093717 |
| **11/30/19** | $1098340 | $1172304 | $1086795 | $1086795 |
| **12/31/19** | $1135124 | $1169901 | $1111791 | $1111791 |
| **1/31/20** | $1117805 | $1191013 | $1097217 | $1097217 |
| **2/29/20** | $1095669 | $1205590 | $1073184 | $1073184 |
| **3/31/20** | $990417 | $1186827 | $1017539 | $1017539 |
| **4/30/20** | $1010677 | $1206040 | $1029016 | $1029016 |
| **5/31/20** | $1042377 | $1209459 | $1044088 | $1044088 |
| **6/30/20** | $1059219 | $1215495 | $1052374 | $1052374 |
| **7/31/20** | $1081192 | $1228777 | $1071481 | $1071481 |
| **8/31/20** | $1097553 | $1219873 | $1078215 | $1078216 |
| **9/30/20** | $1084109 | $1224329 | $1067358 | $1067358 |
| **10/31/20** | $1087470 | $1224418 | $1071842 | $1071842 |
| **11/30/20** | $1131730 | $1231405 | $1108099 | $1108099 |
| **12/31/20** | $1160897 | $1235188 | $1131028 | $1131028 |
| **1/31/21** | $1150726 | $1228563 | $1124523 | $1124523 |
| **2/28/21** | $1147199 | $1209452 | $1117886 | $1117887 |
| **3/31/21** | $1128327 | $1204687 | $1101965 | $1101965 |
| **4/30/21** | $1143585 | $1207836 | $1119895 | $1119895 |
| **5/31/21** | $1165571 | $1210532 | $1138005 | $1138005 |
| **6/30/21** | $1151873 | $1216436 | $1124196 | $1124196 |
| **7/31/21** | $1143927 | $1231555 | $1118469 | $1118468 |
| **8/31/21** | $1158769 | $1229087 | $1126688 | $1126688 |
| **9/30/21** | $1138112 | $1217483 | $1106518 | $1106518 |
| **10/31/21** | $1133457 | $1214299 | $1109995 | $1109995 |
| **11/30/21** | $1111503 | $1222961 | $1081027 | $1081027 |
| **12/31/21** | $1128943 | $1218001 | $1096031 | $1096031 |
| **1/31/22** | $1130740 | $1198865 | $1097468 | $1097468 |
| **2/28/22** | $1102267 | $1182918 | $1076995 | $1076994 |
| **3/31/22** | $1111106 | $1157419 | $1035437 | $1035438 |
| **4/30/22** | $1078888 | $1126312 | $1004356 | $1004356 |
| **5/31/22** | $1088835 | $1124762 | $1013488 | $1013488 |
| **6/30/22** | $1054110 | $1107692 | $988165 | $988165 |
| **7/31/22** | $1044307 | $1135906 | $980164 | $980163 |
| **8/31/22** | $1044955 | $1106252 | $978674 | $978674 |
| **9/30/22** | $1011698 | $1070739 | $948935 | $948935 |
| **10/31/22** | $1017804 | $1067074 | $954105 | $954105 |
| **11/30/22** | $1069263 | $1094267 | $997585 | $997585 |
| **12/31/22** | $1089061 | $1081352 | $1017826 | $1017826 |
| **1/31/23** | $1123980 | $1106259 | $1047967 | $1047967 |
| **2/28/23** | $1102784 | $1088614 | $1028650 | $1028651 |
| **3/31/23** | $1127668 | $1112753 | $1049693 | $1049693 |
| **4/30/23** | $1132928 | $1118482 | $1054221 | $1054221 |
| **5/31/23** | $1126831 | $1114079 | $1045398 | $1045398 |
| **6/30/23** | $1142844 | $1113414 | $1058125 | $1058125 |
| **7/31/23** | $1163091 | $1113774 | $1077913 | $1077913 |
| **8/31/23** | $1143353 | $1112375 | $1062274 | $1062274 |
| **9/30/23** | $1127208 | $1093192 | $1048344 | $1048344 |
| **10/31/23** | $1128340 | $1085430 | $1049021 | $1049021 |
| **11/30/23** | $1170740 | $1122750 | $1085275 | $1085275 |
| **12/31/23** | $1194346 | $1158631 | $1103726 | $1103727 |
| **1/31/24** | $1177724 | $1156360 | $1087842 | $1087842 |
| **2/29/24** | $1183620 | $1148426 | $1091586 | $1091587 |
| **3/31/24** | $1188524 | $1158782 | $1091347 | $1091347 |
| **4/30/24** | $1178447 | $1140124 | $1084283 | $1084283 |
| **5/31/24** | $1197130 | $1150213 | $1097927 | $1097927 |
| **6/30/24** | $1183717 | $1160193 | $1088453 | $1088453 |
| **7/31/24** | $1196254 | $1182607 | $1098062 | $1098063 |
| **8/31/24** | $1221688 | $1195560 | $1123236 | $1123235 |
| **9/30/24** | $1248399 | $1209433 | $1145487 | $1145487 |
| **10/31/24** | $1220183 | $1193067 | $1117118 | $1117118 |
| **11/30/24** | $1212333 | $1207238 | $1107746 | $1107746 |
| **12/31/24** | $1200847 | $1197974 | $1091766 | $1091766 |
| **1/31/25** | $1223400 | $1202615 | $1108679 | $1108679 |
| **2/28/25** | $1229991 | $1217096 | $1112351 | $1112351 |
| **3/31/25** | $1242545 | $1212017 | $1125934 | $1125934 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.55% | 4.64% | 2.20% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Local Markets Index Plus (Unhedged) | 3.17% | 2.05% | 1.19% |
| J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged) | 3.17% | 2.05% | 1.19% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $586160 |
| # of Portfolio Holdings | 1480 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid During the Reporting Period | $2301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 18.3% |
| Mexico | 6.6% |
| Israel | 5.8% |
| United States | 4.9% |
| Dominican Republic | 4.2% |
| Supranational | 3.4% |
| Philippines | 3.0% |
| Peru | 2.8% |
| Egypt | 2.6% |
| Other Countries | 18.8% |
| Short-Term Instruments | 5.3% |
| Affiliated Investments | 25.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (1.9%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.09% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PLMIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Currency and Short-Term Investments Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1872TSRAR_033125

# I-2: PLMPX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $112 | 1.10% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) ("Index"), as the currency generated positive returns from interest. 

* Underweight exposure to the Kuwaiti dinar contributed to relative performance versus the Index, as the currency devaluated.

* Overweight exposure to the Brazilian real detracted from relative performance versus the Index, as the currency depreciated.

* Exposure to the South Korean won detracted from relative performance versus the Index, as the currency depreciated.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i37d0812ca69c9983609d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Local Markets Index Plus (Unhedged)** | **J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1029903 | $994409 | $1031275 | $1031275 |
| **5/31/15** | $1021074 | $990287 | $1016997 | $1016997 |
| **6/30/15** | $1014474 | $978046 | $1012219 | $1012219 |
| **7/31/15** | $986478 | $987733 | $986880 | $986880 |
| **8/31/15** | $955926 | $985063 | $953957 | $953957 |
| **9/30/15** | $937693 | $990905 | $947971 | $947971 |
| **10/31/15** | $965166 | $994119 | $970631 | $970631 |
| **11/30/15** | $952343 | $994576 | $957326 | $957326 |
| **12/31/15** | $936963 | $991885 | $946634 | $946634 |
| **1/31/16** | $921770 | $1006395 | $935711 | $935710 |
| **2/29/16** | $925804 | $1016068 | $941140 | $941140 |
| **3/31/16** | $986356 | $1024433 | $998279 | $998279 |
| **4/30/16** | $1000883 | $1026173 | $1007152 | $1007152 |
| **5/31/16** | $972338 | $1030510 | $976981 | $976981 |
| **6/30/16** | $1001808 | $1050127 | $1001667 | $1001667 |
| **7/31/16** | $1009173 | $1056401 | $1005406 | $1005406 |
| **8/31/16** | $1011629 | $1055863 | $1007605 | $1007605 |
| **9/30/16** | $1021106 | $1055737 | $1016684 | $1016684 |
| **10/31/16** | $1019107 | $1045500 | $1008733 | $1008733 |
| **11/30/16** | $980207 | $1028232 | $975394 | $975394 |
| **12/31/16** | $989499 | $1031050 | $980179 | $980180 |
| **1/31/17** | $1012420 | $1027295 | $998195 | $998195 |
| **2/28/17** | $1030859 | $1036089 | $1014747 | $1014747 |
| **3/31/17** | $1052028 | $1035611 | $1030950 | $1030950 |
| **4/30/17** | $1055474 | $1042634 | $1034340 | $1034340 |
| **5/31/17** | $1068129 | $1048720 | $1050359 | $1050358 |
| **6/30/17** | $1069124 | $1045784 | $1050816 | $1050816 |
| **7/31/17** | $1087689 | $1049222 | $1067835 | $1067835 |
| **8/31/17** | $1098409 | $1058784 | $1078599 | $1078599 |
| **9/30/17** | $1092834 | $1053896 | $1071857 | $1071857 |
| **10/31/17** | $1088623 | $1058341 | $1065826 | $1065826 |
| **11/30/17** | $1104584 | $1059981 | $1083426 | $1083426 |
| **12/31/17** | $1115816 | $1062350 | $1093273 | $1093273 |
| **1/31/18** | $1150651 | $1054766 | $1124815 | $1124816 |
| **2/28/18** | $1139460 | $1052388 | $1113049 | $1113048 |
| **3/31/18** | $1148841 | $1061113 | $1120778 | $1120778 |
| **4/30/18** | $1123404 | $1057165 | $1099737 | $1099737 |
| **5/31/18** | $1089743 | $1061115 | $1073580 | $1073580 |
| **6/30/18** | $1067921 | $1063093 | $1056046 | $1056046 |
| **7/31/18** | $1081013 | $1063384 | $1065207 | $1065207 |
| **8/31/18** | $1039836 | $1066652 | $1033075 | $1033074 |
| **9/30/18** | $1054602 | $1062572 | $1044294 | $1044295 |
| **10/31/18** | $1040957 | $1060496 | $1032361 | $1032362 |
| **11/30/18** | $1055415 | $1065684 | $1049737 | $1049737 |
| **12/31/18** | $1065020 | $1081078 | $1056850 | $1056850 |
| **1/31/19** | $1096344 | $1092528 | $1085535 | $1085535 |
| **2/28/19** | $1090478 | $1093841 | $1080256 | $1080256 |
| **3/31/19** | $1083821 | $1113432 | $1072443 | $1072443 |
| **4/30/19** | $1087849 | $1114096 | $1073270 | $1073270 |
| **5/31/19** | $1081466 | $1130127 | $1066168 | $1066168 |
| **6/30/19** | $1114067 | $1145973 | $1094599 | $1094600 |
| **7/31/19** | $1111300 | $1154991 | $1094705 | $1094705 |
| **8/31/19** | $1065505 | $1181184 | $1059684 | $1059684 |
| **9/30/19** | $1076757 | $1175711 | $1071789 | $1071790 |
| **10/31/19** | $1099523 | $1173681 | $1093717 | $1093717 |
| **11/30/19** | $1093240 | $1172304 | $1086795 | $1086795 |
| **12/31/19** | $1129762 | $1169901 | $1111791 | $1111791 |
| **1/31/20** | $1112433 | $1191013 | $1097217 | $1097217 |
| **2/29/20** | $1090319 | $1205590 | $1073184 | $1073184 |
| **3/31/20** | $985497 | $1186827 | $1017539 | $1017539 |
| **4/30/20** | $1005581 | $1206040 | $1029016 | $1029016 |
| **5/31/20** | $1037041 | $1209459 | $1044088 | $1044088 |
| **6/30/20** | $1053714 | $1215495 | $1052374 | $1052374 |
| **7/31/20** | $1075477 | $1228777 | $1071481 | $1071481 |
| **8/31/20** | $1091669 | $1219873 | $1078215 | $1078216 |
| **9/30/20** | $1078208 | $1224329 | $1067358 | $1067358 |
| **10/31/20** | $1081456 | $1224418 | $1071842 | $1071842 |
| **11/30/20** | $1125382 | $1231405 | $1108099 | $1108099 |
| **12/31/20** | $1154278 | $1235188 | $1131028 | $1131028 |
| **1/31/21** | $1144077 | $1228563 | $1124523 | $1124523 |
| **2/28/21** | $1140480 | $1209452 | $1117886 | $1117887 |
| **3/31/21** | $1121622 | $1204687 | $1101965 | $1101965 |
| **4/30/21** | $1136694 | $1207836 | $1119895 | $1119895 |
| **5/31/21** | $1158459 | $1210532 | $1138005 | $1138005 |
| **6/30/21** | $1144751 | $1216436 | $1124196 | $1124196 |
| **7/31/21** | $1136757 | $1231555 | $1118469 | $1118468 |
| **8/31/21** | $1151410 | $1229087 | $1126688 | $1126688 |
| **9/30/21** | $1130790 | $1217483 | $1106518 | $1106518 |
| **10/31/21** | $1126070 | $1214299 | $1109995 | $1109995 |
| **11/30/21** | $1104167 | $1222961 | $1081027 | $1081027 |
| **12/31/21** | $1121390 | $1218001 | $1096031 | $1096031 |
| **1/31/22** | $1123085 | $1198865 | $1097468 | $1097468 |
| **2/28/22** | $1094719 | $1182918 | $1076995 | $1076994 |
| **3/31/22** | $1103405 | $1157419 | $1035437 | $1035438 |
| **4/30/22** | $1071317 | $1126312 | $1004356 | $1004356 |
| **5/31/22** | $1081113 | $1124762 | $1013488 | $1013488 |
| **6/30/22** | $1046544 | $1107692 | $988165 | $988165 |
| **7/31/22** | $1036726 | $1135906 | $980164 | $980163 |
| **8/31/22** | $1037281 | $1106252 | $978674 | $978674 |
| **9/30/22** | $1004180 | $1070739 | $948935 | $948935 |
| **10/31/22** | $1010168 | $1067074 | $954105 | $954105 |
| **11/30/22** | $1061167 | $1094267 | $997585 | $997585 |
| **12/31/22** | $1080717 | $1081352 | $1017826 | $1017826 |
| **1/31/23** | $1115282 | $1106259 | $1047967 | $1047967 |
| **2/28/23** | $1094167 | $1088614 | $1028650 | $1028651 |
| **3/31/23** | $1118760 | $1112753 | $1049693 | $1049693 |
| **4/30/23** | $1123892 | $1118482 | $1054221 | $1054221 |
| **5/31/23** | $1117748 | $1114079 | $1045398 | $1045398 |
| **6/30/23** | $1133533 | $1113414 | $1058125 | $1058125 |
| **7/31/23** | $1153524 | $1113774 | $1077913 | $1077913 |
| **8/31/23** | $1133849 | $1112375 | $1062274 | $1062274 |
| **9/30/23** | $1117746 | $1093192 | $1048344 | $1048344 |
| **10/31/23** | $1118780 | $1085430 | $1049021 | $1049021 |
| **11/30/23** | $1160727 | $1122750 | $1085275 | $1085275 |
| **12/31/23** | $1184028 | $1158631 | $1103726 | $1103727 |
| **1/31/24** | $1167451 | $1156360 | $1087842 | $1087842 |
| **2/29/24** | $1173203 | $1148426 | $1091586 | $1091587 |
| **3/31/24** | $1177963 | $1158782 | $1091347 | $1091347 |
| **4/30/24** | $1167887 | $1140124 | $1084283 | $1084283 |
| **5/31/24** | $1186285 | $1150213 | $1097927 | $1097927 |
| **6/30/24** | $1172904 | $1160193 | $1088453 | $1088453 |
| **7/31/24** | $1185227 | $1182607 | $1098062 | $1098063 |
| **8/31/24** | $1210317 | $1195560 | $1123236 | $1123235 |
| **9/30/24** | $1236684 | $1209433 | $1145487 | $1145487 |
| **10/31/24** | $1208630 | $1193067 | $1117118 | $1117118 |
| **11/30/24** | $1200752 | $1207238 | $1107746 | $1107746 |
| **12/31/24** | $1189276 | $1197974 | $1091766 | $1091766 |
| **1/31/25** | $1211507 | $1202615 | $1108679 | $1108679 |
| **2/28/25** | $1217941 | $1217096 | $1112351 | $1112351 |
| **3/31/25** | $1230273 | $1212017 | $1125934 | $1125934 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.44% | 4.54% | 2.09% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Emerging Local Markets Index Plus (Unhedged) | 3.17% | 2.05% | 1.19% |
| J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged) | 3.17% | 2.05% | 1.19% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $586160 |
| # of Portfolio Holdings | 1480 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid During the Reporting Period | $2301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 18.3% |
| Mexico | 6.6% |
| Israel | 5.8% |
| United States | 4.9% |
| Dominican Republic | 4.2% |
| Supranational | 3.4% |
| Philippines | 3.0% |
| Peru | 2.8% |
| Egypt | 2.6% |
| Other Countries | 18.8% |
| Short-Term Instruments | 5.3% |
| Affiliated Investments | 25.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (1.9%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.09% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PLMPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Currency and Short-Term Investments Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1915TSRAR_033125

# Institutional Class: PFSIX

# PIMCO Emerging Markets Full Spectrum Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $10 | 0.10% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the 50% JPMorgan Global Bond Index Emerging Markets-Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Markets Bond Index Diversified ("Index"), as the currency generated positive returns from interest.

* Overweight exposure to the Egyptian pound contributed to relative performance versus the Index, as the currency generated positive returns from interest.

* Overweight exposure to the Brazilian real detracted from relative performance versus the Index, as the currency depreciated.

* Overweight exposure to the Mexican peso detracted from relative performance versus the Index, as the currency depreciated.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ica96b98a98492b8b0c4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1029006 | $994409 | $1023988 |
| **5/31/15** | $1020407 | $990287 | $1010830 |
| **6/30/15** | $1004149 | $978046 | $997264 |
| **7/31/15** | $977701 | $987733 | $985588 |
| **8/31/15** | $939210 | $985063 | $952241 |
| **9/30/15** | $903238 | $990905 | $931690 |
| **10/31/15** | $939066 | $994119 | $966133 |
| **11/30/15** | $925924 | $994576 | $953903 |
| **12/31/15** | $901364 | $991885 | $936373 |
| **1/31/16** | $895292 | $1006395 | $936854 |
| **2/29/16** | $905491 | $1016068 | $950865 |
| **3/31/16** | $967582 | $1024433 | $1010306 |
| **4/30/16** | $995592 | $1026173 | $1032947 |
| **5/31/16** | $966780 | $1030510 | $1004487 |
| **6/30/16** | $1011173 | $1050127 | $1048317 |
| **7/31/16** | $1022161 | $1056401 | $1060006 |
| **8/31/16** | $1032080 | $1055863 | $1068541 |
| **9/30/16** | $1045339 | $1055737 | $1080506 |
| **10/31/16** | $1042490 | $1045500 | $1071952 |
| **11/30/16** | $989558 | $1028232 | $1017188 |
| **12/31/16** | $1009651 | $1031050 | $1032443 |
| **1/31/17** | $1028934 | $1027295 | $1051056 |
| **2/28/17** | $1051289 | $1036089 | $1069945 |
| **3/31/17** | $1066992 | $1035611 | $1084053 |
| **4/30/17** | $1081515 | $1042634 | $1097895 |
| **5/31/17** | $1091856 | $1048720 | $1112595 |
| **6/30/17** | $1092534 | $1045784 | $1114986 |
| **7/31/17** | $1110395 | $1049222 | $1130590 |
| **8/31/17** | $1127442 | $1058784 | $1148334 |
| **9/30/17** | $1127432 | $1053896 | $1147222 |
| **10/31/17** | $1112121 | $1058341 | $1132488 |
| **11/30/17** | $1117998 | $1059981 | $1141206 |
| **12/31/17** | $1133873 | $1062350 | $1155231 |
| **1/31/18** | $1163342 | $1054766 | $1180679 |
| **2/28/18** | $1153999 | $1052388 | $1165658 |
| **3/31/18** | $1161199 | $1061113 | $1171947 |
| **4/30/18** | $1136721 | $1057165 | $1148198 |
| **5/31/18** | $1097446 | $1061115 | $1114389 |
| **6/30/18** | $1073929 | $1063093 | $1094638 |
| **7/31/18** | $1094855 | $1063384 | $1114787 |
| **8/31/18** | $1048967 | $1066652 | $1072715 |
| **9/30/18** | $1069473 | $1062572 | $1093880 |
| **10/31/18** | $1051757 | $1060496 | $1075283 |
| **11/30/18** | $1063021 | $1065684 | $1088750 |
| **12/31/18** | $1074033 | $1081078 | $1102045 |
| **1/31/19** | $1123036 | $1092528 | $1152063 |
| **2/28/19** | $1123058 | $1093841 | $1150860 |
| **3/31/19** | $1123670 | $1113432 | $1151108 |
| **4/30/19** | $1125562 | $1114096 | $1152850 |
| **5/31/19** | $1132664 | $1130127 | $1157632 |
| **6/30/19** | $1183256 | $1145973 | $1204823 |
| **7/31/19** | $1196187 | $1154991 | $1216895 |
| **8/31/19** | $1171730 | $1181184 | $1203516 |
| **9/30/19** | $1182902 | $1175711 | $1209902 |
| **10/31/19** | $1204534 | $1173681 | $1231042 |
| **11/30/19** | $1196375 | $1172304 | $1220435 |
| **12/31/19** | $1236910 | $1169901 | $1254150 |
| **1/31/20** | $1240742 | $1191013 | $1256089 |
| **2/29/20** | $1216190 | $1205590 | $1232020 |
| **3/31/20** | $1044405 | $1186827 | $1090385 |
| **4/30/20** | $1086136 | $1206040 | $1130288 |
| **5/31/20** | $1149235 | $1209459 | $1186509 |
| **6/30/20** | $1169606 | $1215495 | $1205829 |
| **7/31/20** | $1205210 | $1228777 | $1241966 |
| **8/31/20** | $1212411 | $1219873 | $1243664 |
| **9/30/20** | $1191913 | $1224329 | $1224313 |
| **10/31/20** | $1195018 | $1224418 | $1227448 |
| **11/30/20** | $1252916 | $1231405 | $1280818 |
| **12/31/20** | $1290244 | $1235188 | $1312961 |
| **1/31/21** | $1276206 | $1228563 | $1301558 |
| **2/28/21** | $1253509 | $1209452 | $1275015 |
| **3/31/21** | $1227424 | $1204687 | $1250092 |
| **4/30/21** | $1248886 | $1207836 | $1272431 |
| **5/31/21** | $1266401 | $1210532 | $1293721 |
| **6/30/21** | $1267098 | $1216436 | $1291230 |
| **7/31/21** | $1264455 | $1231555 | $1290859 |
| **8/31/21** | $1277269 | $1229087 | $1300713 |
| **9/30/21** | $1246637 | $1217483 | $1269631 |
| **10/31/21** | $1228559 | $1214299 | $1259938 |
| **11/30/21** | $1210230 | $1222961 | $1236132 |
| **12/31/21** | $1224112 | $1218001 | $1251461 |
| **1/31/22** | $1206551 | $1198865 | $1237062 |
| **2/28/22** | $1141322 | $1182918 | $1173693 |
| **3/31/22** | $1130655 | $1157419 | $1153063 |
| **4/30/22** | $1080600 | $1126312 | $1096239 |
| **5/31/22** | $1085603 | $1124762 | $1104751 |
| **6/30/22** | $1033449 | $1107692 | $1055653 |
| **7/31/22** | $1051285 | $1135906 | $1069075 |
| **8/31/22** | $1053194 | $1106252 | $1065702 |
| **9/30/22** | $1004911 | $1070739 | $1012684 |
| **10/31/22** | $1003418 | $1067074 | $1003151 |
| **11/30/22** | $1069623 | $1094267 | $1069983 |
| **12/31/22** | $1087382 | $1081352 | $1086735 |
| **1/31/23** | $1128229 | $1106259 | $1126648 |
| **2/28/23** | $1099689 | $1088614 | $1097584 |
| **3/31/23** | $1124767 | $1112753 | $1126203 |
| **4/30/23** | $1131394 | $1118482 | $1135015 |
| **5/31/23** | $1118020 | $1114079 | $1121593 |
| **6/30/23** | $1147186 | $1113414 | $1148301 |
| **7/31/23** | $1167206 | $1113774 | $1172127 |
| **8/31/23** | $1145733 | $1112375 | $1150829 |
| **9/30/23** | $1117613 | $1093192 | $1120924 |
| **10/31/23** | $1109899 | $1085430 | $1110276 |
| **11/30/23** | $1165805 | $1122750 | $1165943 |
| **12/31/23** | $1214338 | $1158631 | $1207633 |
| **1/31/24** | $1204262 | $1156360 | $1196640 |
| **2/29/24** | $1206117 | $1148426 | $1197260 |
| **3/31/24** | $1217866 | $1158782 | $1205582 |
| **4/30/24** | $1194457 | $1140124 | $1183795 |
| **5/31/24** | $1217009 | $1150213 | $1203181 |
| **6/30/24** | $1210575 | $1160193 | $1201377 |
| **7/31/24** | $1237736 | $1182607 | $1225053 |
| **8/31/24** | $1267630 | $1195560 | $1256222 |
| **9/30/24** | $1301247 | $1209433 | $1287171 |
| **10/31/24** | $1259335 | $1193067 | $1248633 |
| **11/30/24** | $1264646 | $1207238 | $1250599 |
| **12/31/24** | $1249082 | $1197974 | $1232023 |
| **1/31/25** | $1273522 | $1202615 | $1250906 |
| **2/28/25** | $1293037 | $1217096 | $1264907 |
| **3/31/25** | $1298434 | $1212017 | $1273272 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.62% | 4.45% | 2.65% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 5.61% | 3.15% | 2.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 50% JPMorgan Global Bond Index Emerging Markets-Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Market Bond Index Diversified. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $184367 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 3.6% |
| Cayman Islands | 0.4% |
| Peru | 0.3% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 98.5% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (3.1%) |
| Total | 100.0% |

---

---

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

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO Emerging Markets Local Currency and Bond Fund | 48.1% |
| PIMCO Emerging Markets Corporate Bond Fund | 23.7% |
| PIMCO Emerging Markets Bond Fund | 23.6% |
| Uniform Mortgage-Backed Security, TBA, 5.500% due 05/01/2055 | 1.1% |
| Uniform Mortgage-Backed Security, TBA, 5.000% due 04/01/2055 | 0.9% |
| Uniform Mortgage-Backed Security, TBA, 4.500% due 05/01/2055 | 0.8% |
| Uniform Mortgage-Backed Security, TBA, 4.000% due 05/01/2055 | 0.8% |
| Peru Government International Bond(Peru), 6.950% due 08/12/2031 | 0.3% |
| Poinsettia Finance Ltd., 6.625% due 06/17/2031 | 0.3% |
| CIFI Holdings Group Co. Ltd., 4.375% due 04/12/2027 | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.19% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes an increase in waiver by 0.05%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PFSIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Full Spectrum Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2078TSRAR_033125

# Class A: PELAX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $205 | 2.00% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Global Bond Index-Emerging Markets Global Diversified Index ("Index"), as the currency generated positive returns from interest. 

* Overweight exposure to Peruvian local duration contributed to relative performance, as local rates fell.

* Underweight exposure to the Chinese yuan offshore detracted from relative performance, as the currency appreciated from March 31, 2024 to September 30, 2024.

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

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143ide420b1eaaf39ff0e054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/15** | $9623 | $10000 | $10000 |
| **4/30/15** | $9903 | $9944 | $10292 |
| **5/31/15** | $9698 | $9903 | $10026 |
| **6/30/15** | $9564 | $9780 | $9904 |
| **7/31/15** | $9255 | $9877 | $9650 |
| **8/31/15** | $8793 | $9851 | $9131 |
| **9/30/15** | $8417 | $9909 | $8860 |
| **10/31/15** | $8770 | $9941 | $9261 |
| **11/30/15** | $8588 | $9946 | $9061 |
| **12/31/15** | $8349 | $9919 | $8859 |
| **1/31/16** | $8328 | $10064 | $8890 |
| **2/29/16** | $8410 | $10161 | $9018 |
| **3/31/16** | $9168 | $10244 | $9835 |
| **4/30/16** | $9501 | $10262 | $10088 |
| **5/31/16** | $8968 | $10305 | $9540 |
| **6/30/16** | $9521 | $10501 | $10101 |
| **7/31/16** | $9550 | $10564 | $10162 |
| **8/31/16** | $9580 | $10559 | $10166 |
| **9/30/16** | $9769 | $10557 | $10372 |
| **10/31/16** | $9716 | $10455 | $10284 |
| **11/30/16** | $8993 | $10282 | $9561 |
| **12/31/16** | $9195 | $10311 | $9740 |
| **1/31/17** | $9419 | $10273 | $9959 |
| **2/28/17** | $9619 | $10361 | $10139 |
| **3/31/17** | $9881 | $10356 | $10373 |
| **4/30/17** | $10005 | $10426 | $10494 |
| **5/31/17** | $10145 | $10487 | $10700 |
| **6/30/17** | $10178 | $10458 | $10749 |
| **7/31/17** | $10400 | $10492 | $10972 |
| **8/31/17** | $10558 | $10588 | $11169 |
| **9/30/17** | $10527 | $10539 | $11131 |
| **10/31/17** | $10222 | $10583 | $10817 |
| **11/30/17** | $10363 | $10600 | $10999 |
| **12/31/17** | $10569 | $10624 | $11222 |
| **1/31/18** | $11061 | $10548 | $11724 |
| **2/28/18** | $11019 | $10524 | $11602 |
| **3/31/18** | $11123 | $10611 | $11720 |
| **4/30/18** | $10781 | $10572 | $11374 |
| **5/31/18** | $10163 | $10611 | $10808 |
| **6/30/18** | $9835 | $10631 | $10499 |
| **7/31/18** | $10025 | $10634 | $10698 |
| **8/31/18** | $9376 | $10667 | $10047 |
| **9/30/18** | $9590 | $10626 | $10307 |
| **10/31/18** | $9389 | $10605 | $10105 |
| **11/30/18** | $9658 | $10657 | $10389 |
| **12/31/18** | $9734 | $10811 | $10525 |
| **1/31/19** | $10299 | $10925 | $11099 |
| **2/28/19** | $10193 | $10938 | $10978 |
| **3/31/19** | $10079 | $11134 | $10832 |
| **4/30/19** | $10070 | $11141 | $10813 |
| **5/31/19** | $10157 | $11301 | $10845 |
| **6/30/19** | $10755 | $11460 | $11442 |
| **7/31/19** | $10886 | $11550 | $11549 |
| **8/31/19** | $10508 | $11812 | $11244 |
| **9/30/19** | $10663 | $11757 | $11352 |
| **10/31/19** | $10959 | $11737 | $11681 |
| **11/30/19** | $10818 | $11723 | $11468 |
| **12/31/19** | $11361 | $11699 | $11943 |
| **1/31/20** | $11244 | $11910 | $11789 |
| **2/29/20** | $10861 | $12056 | $11387 |
| **3/31/20** | $9087 | $11868 | $10126 |
| **4/30/20** | $9558 | $12060 | $10523 |
| **5/31/20** | $10234 | $12095 | $11068 |
| **6/30/20** | $10275 | $12155 | $11120 |
| **7/31/20** | $10639 | $12288 | $11456 |
| **8/31/20** | $10661 | $12199 | $11418 |
| **9/30/20** | $10425 | $12243 | $11188 |
| **10/31/20** | $10500 | $12244 | $11235 |
| **11/30/20** | $11131 | $12314 | $11852 |
| **12/31/20** | $11558 | $12352 | $12264 |
| **1/31/21** | $11422 | $12286 | $12133 |
| **2/28/21** | $11148 | $12095 | $11808 |
| **3/31/21** | $10764 | $12047 | $11445 |
| **4/30/21** | $10993 | $12078 | $11704 |
| **5/31/21** | $11268 | $12105 | $11996 |
| **6/30/21** | $11139 | $12164 | $11850 |
| **7/31/21** | $11082 | $12316 | $11799 |
| **8/31/21** | $11189 | $12291 | $11890 |
| **9/30/21** | $10832 | $12175 | $11482 |
| **10/31/21** | $10653 | $12143 | $11330 |
| **11/30/21** | $10469 | $12230 | $11020 |
| **12/31/21** | $10616 | $12180 | $11191 |
| **1/31/22** | $10637 | $11989 | $11191 |
| **2/28/22** | $10111 | $11829 | $10631 |
| **3/31/22** | $10082 | $11574 | $10468 |
| **4/30/22** | $9549 | $11263 | $9838 |
| **5/31/22** | $9715 | $11248 | $10011 |
| **6/30/22** | $9251 | $11077 | $9565 |
| **7/31/22** | $9405 | $11359 | $9593 |
| **8/31/22** | $9487 | $11063 | $9580 |
| **9/30/22** | $9038 | $10707 | $9113 |
| **10/31/22** | $9088 | $10671 | $9033 |
| **11/30/22** | $9716 | $10943 | $9675 |
| **12/31/22** | $9898 | $10814 | $9884 |
| **1/31/23** | $10362 | $11063 | $10308 |
| **2/28/23** | $10007 | $10886 | $9982 |
| **3/31/23** | $10442 | $11128 | $10394 |
| **4/30/23** | $10555 | $11185 | $10483 |
| **5/31/23** | $10402 | $11141 | $10318 |
| **6/30/23** | $10801 | $11134 | $10654 |
| **7/31/23** | $11099 | $11138 | $10961 |
| **8/31/23** | $10770 | $11124 | $10666 |
| **9/30/23** | $10393 | $10932 | $10307 |
| **10/31/23** | $10346 | $10854 | $10253 |
| **11/30/23** | $10918 | $11228 | $10793 |
| **12/31/23** | $11403 | $11586 | $11139 |
| **1/31/24** | $11223 | $11564 | $10969 |
| **2/29/24** | $11233 | $11484 | $10906 |
| **3/31/24** | $11265 | $11588 | $10903 |
| **4/30/24** | $11019 | $11401 | $10670 |
| **5/31/24** | $11233 | $11502 | $10843 |
| **6/30/24** | $11030 | $11602 | $10725 |
| **7/31/24** | $11294 | $11826 | $10969 |
| **8/31/24** | $11658 | $11956 | $11306 |
| **9/30/24** | $12059 | $12094 | $11690 |
| **10/31/24** | $11494 | $11931 | $11151 |
| **11/30/24** | $11461 | $12072 | $11087 |
| **12/31/24** | $11268 | $11980 | $10874 |
| **1/31/25** | $11560 | $12026 | $11097 |
| **2/28/25** | $11664 | $12171 | $11170 |
| **3/31/25** | $11813 | $12120 | $11342 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.86% | 5.39% | 2.07% |
| Class A (including sales charge) | 0.91% | 4.59% | 1.68% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 4.03% | 2.30% | 1.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1404514 |
| # of Portfolio Holdings | 1773 |
| Portfolio Turnover Rate | 212% |
| Total Net Advisory Fees Paid During the Reporting Period | $6013 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 11.4% |
| United States | 11.2% |
| South Africa | 8.4% |
| Malaysia | 7.6% |
| Poland | 6.6% |
| Peru | 6.6% |
| Brazil | 5.9% |
| Dominican Republic | 5.6% |
| Philippines | 5.3% |
| Czech Republic | 3.9% |
| Other Countries | 33.3% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (14.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.42% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PELAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4032TSRAR_033125

# Class C: PELCX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $281 | 2.75% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Global Bond Index-Emerging Markets Global Diversified Index ("Index"), as the currency generated positive returns from interest. 

* Overweight exposure to Peruvian local duration contributed to relative performance, as local rates fell.

* Underweight exposure to the Chinese yuan offshore detracted from relative performance, as the currency appreciated from March 31, 2024 to September 30, 2024.

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

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143ic280c4cdb935214c5462.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10284 | $9944 | $10292 |
| **5/31/15** | $10065 | $9903 | $10026 |
| **6/30/15** | $9919 | $9780 | $9904 |
| **7/31/15** | $9593 | $9877 | $9650 |
| **8/31/15** | $9108 | $9851 | $9131 |
| **9/30/15** | $8713 | $9909 | $8860 |
| **10/31/15** | $9073 | $9941 | $9261 |
| **11/30/15** | $8879 | $9946 | $9061 |
| **12/31/15** | $8626 | $9919 | $8859 |
| **1/31/16** | $8599 | $10064 | $8890 |
| **2/29/16** | $8678 | $10161 | $9018 |
| **3/31/16** | $9455 | $10244 | $9835 |
| **4/30/16** | $9793 | $10262 | $10088 |
| **5/31/16** | $9238 | $10305 | $9540 |
| **6/30/16** | $9802 | $10501 | $10101 |
| **7/31/16** | $9825 | $10564 | $10162 |
| **8/31/16** | $9849 | $10559 | $10166 |
| **9/30/16** | $10037 | $10557 | $10372 |
| **10/31/16** | $9977 | $10455 | $10284 |
| **11/30/16** | $9229 | $10282 | $9561 |
| **12/31/16** | $9429 | $10311 | $9740 |
| **1/31/17** | $9654 | $10273 | $9959 |
| **2/28/17** | $9853 | $10361 | $10139 |
| **3/31/17** | $10114 | $10356 | $10373 |
| **4/30/17** | $10235 | $10426 | $10494 |
| **5/31/17** | $10372 | $10487 | $10700 |
| **6/30/17** | $10399 | $10458 | $10749 |
| **7/31/17** | $10620 | $10492 | $10972 |
| **8/31/17** | $10774 | $10588 | $11169 |
| **9/30/17** | $10736 | $10539 | $11131 |
| **10/31/17** | $10418 | $10583 | $10817 |
| **11/30/17** | $10556 | $10600 | $10999 |
| **12/31/17** | $10758 | $10624 | $11222 |
| **1/31/18** | $11253 | $10548 | $11724 |
| **2/28/18** | $11203 | $10524 | $11602 |
| **3/31/18** | $11301 | $10611 | $11720 |
| **4/30/18** | $10947 | $10572 | $11374 |
| **5/31/18** | $10313 | $10611 | $10808 |
| **6/30/18** | $9974 | $10631 | $10499 |
| **7/31/18** | $10160 | $10634 | $10698 |
| **8/31/18** | $9496 | $10667 | $10047 |
| **9/30/18** | $9707 | $10626 | $10307 |
| **10/31/18** | $9497 | $10605 | $10105 |
| **11/30/18** | $9764 | $10657 | $10389 |
| **12/31/18** | $9835 | $10811 | $10525 |
| **1/31/19** | $10399 | $10925 | $11099 |
| **2/28/19** | $10286 | $10938 | $10978 |
| **3/31/19** | $10165 | $11134 | $10832 |
| **4/30/19** | $10150 | $11141 | $10813 |
| **5/31/19** | $10230 | $11301 | $10845 |
| **6/30/19** | $10826 | $11460 | $11442 |
| **7/31/19** | $10951 | $11550 | $11549 |
| **8/31/19** | $10564 | $11812 | $11244 |
| **9/30/19** | $10713 | $11757 | $11352 |
| **10/31/19** | $11004 | $11737 | $11681 |
| **11/30/19** | $10856 | $11723 | $11468 |
| **12/31/19** | $11393 | $11699 | $11943 |
| **1/31/20** | $11268 | $11910 | $11789 |
| **2/29/20** | $10878 | $12056 | $11387 |
| **3/31/20** | $9096 | $11868 | $10126 |
| **4/30/20** | $9561 | $12060 | $10523 |
| **5/31/20** | $10231 | $12095 | $11068 |
| **6/30/20** | $10265 | $12155 | $11120 |
| **7/31/20** | $10622 | $12288 | $11456 |
| **8/31/20** | $10637 | $12199 | $11418 |
| **9/30/20** | $10395 | $12243 | $11188 |
| **10/31/20** | $10464 | $12244 | $11235 |
| **11/30/20** | $11086 | $12314 | $11852 |
| **12/31/20** | $11503 | $12352 | $12264 |
| **1/31/21** | $11362 | $12286 | $12133 |
| **2/28/21** | $11082 | $12095 | $11808 |
| **3/31/21** | $10694 | $12047 | $11445 |
| **4/30/21** | $10914 | $12078 | $11704 |
| **5/31/21** | $11180 | $12105 | $11996 |
| **6/30/21** | $11045 | $12164 | $11850 |
| **7/31/21** | $10982 | $12316 | $11799 |
| **8/31/21** | $11081 | $12291 | $11890 |
| **9/30/21** | $10720 | $12175 | $11482 |
| **10/31/21** | $10537 | $12143 | $11330 |
| **11/30/21** | $10349 | $12230 | $11020 |
| **12/31/21** | $10487 | $12180 | $11191 |
| **1/31/22** | $10501 | $11989 | $11191 |
| **2/28/22** | $9975 | $11829 | $10631 |
| **3/31/22** | $9941 | $11574 | $10468 |
| **4/30/22** | $9409 | $11263 | $9838 |
| **5/31/22** | $9567 | $11248 | $10011 |
| **6/30/22** | $9104 | $11077 | $9565 |
| **7/31/22** | $9250 | $11359 | $9593 |
| **8/31/22** | $9324 | $11063 | $9580 |
| **9/30/22** | $8877 | $10707 | $9113 |
| **10/31/22** | $8921 | $10671 | $9033 |
| **11/30/22** | $9532 | $10943 | $9675 |
| **12/31/22** | $9704 | $10814 | $9884 |
| **1/31/23** | $10153 | $11063 | $10308 |
| **2/28/23** | $9799 | $10886 | $9982 |
| **3/31/23** | $10219 | $11128 | $10394 |
| **4/30/23** | $10323 | $11185 | $10483 |
| **5/31/23** | $10168 | $11141 | $10318 |
| **6/30/23** | $10551 | $11134 | $10654 |
| **7/31/23** | $10835 | $11138 | $10961 |
| **8/31/23** | $10507 | $11124 | $10666 |
| **9/30/23** | $10133 | $10932 | $10307 |
| **10/31/23** | $10081 | $10854 | $10253 |
| **11/30/23** | $10632 | $11228 | $10793 |
| **12/31/23** | $11097 | $11586 | $11139 |
| **1/31/24** | $10915 | $11564 | $10969 |
| **2/29/24** | $10918 | $11484 | $10906 |
| **3/31/24** | $10943 | $11588 | $10903 |
| **4/30/24** | $10697 | $11401 | $10670 |
| **5/31/24** | $10897 | $11502 | $10843 |
| **6/30/24** | $10695 | $11602 | $10725 |
| **7/31/24** | $10943 | $11826 | $10969 |
| **8/31/24** | $11289 | $11956 | $11306 |
| **9/30/24** | $11671 | $12094 | $11690 |
| **10/31/24** | $11116 | $11931 | $11151 |
| **11/30/24** | $11078 | $12072 | $11087 |
| **12/31/24** | $10884 | $11980 | $10874 |
| **1/31/25** | $11158 | $12026 | $11097 |
| **2/28/25** | $11253 | $12171 | $11170 |
| **3/31/25** | $11390 | $12120 | $11342 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 4.08% | 4.60% | 1.31% |
| Class C (including sales charge) | 3.10% | 4.60% | 1.31% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 4.03% | 2.30% | 1.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1404514 |
| # of Portfolio Holdings | 1773 |
| Portfolio Turnover Rate | 212% |
| Total Net Advisory Fees Paid During the Reporting Period | $6013 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 11.4% |
| United States | 11.2% |
| South Africa | 8.4% |
| Malaysia | 7.6% |
| Poland | 6.6% |
| Peru | 6.6% |
| Brazil | 5.9% |
| Dominican Republic | 5.6% |
| Philippines | 5.3% |
| Czech Republic | 3.9% |
| Other Countries | 33.3% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (14.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.42% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PELCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4232TSRAR_033125

# I-3: PELNX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $179 | 1.75% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Global Bond Index-Emerging Markets Global Diversified Index ("Index"), as the currency generated positive returns from interest. 

* Overweight exposure to Peruvian local duration contributed to relative performance, as local rates fell.

* Underweight exposure to the Chinese yuan offshore detracted from relative performance, as the currency appreciated from March 31, 2024 to September 30, 2024.

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i745bad5782b82ee8fd68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1029277 | $994409 | $1029185 |
| **5/31/15** | $1008257 | $990287 | $1002645 |
| **6/30/15** | $994540 | $978046 | $990437 |
| **7/31/15** | $962755 | $987733 | $965042 |
| **8/31/15** | $914828 | $985063 | $913135 |
| **9/30/15** | $875923 | $990905 | $886025 |
| **10/31/15** | $912936 | $994119 | $926134 |
| **11/30/15** | $894224 | $994576 | $906108 |
| **12/31/15** | $869613 | $991885 | $885916 |
| **1/31/16** | $867549 | $1006395 | $888994 |
| **2/29/16** | $876306 | $1016068 | $901829 |
| **3/31/16** | $955555 | $1024433 | $983503 |
| **4/30/16** | $990541 | $1026173 | $1008803 |
| **5/31/16** | $935222 | $1030510 | $953955 |
| **6/30/16** | $993090 | $1050127 | $1010119 |
| **7/31/16** | $996366 | $1056401 | $1016199 |
| **8/31/16** | $999703 | $1055863 | $1016607 |
| **9/30/16** | $1019766 | $1055737 | $1037175 |
| **10/31/16** | $1014414 | $1045500 | $1028406 |
| **11/30/16** | $939143 | $1028232 | $956093 |
| **12/31/16** | $960405 | $1031050 | $973988 |
| **1/31/17** | $984043 | $1027295 | $995920 |
| **2/28/17** | $1005116 | $1036089 | $1013866 |
| **3/31/17** | $1032671 | $1035611 | $1037313 |
| **4/30/17** | $1045833 | $1042634 | $1049429 |
| **5/31/17** | $1060713 | $1048720 | $1070002 |
| **6/30/17** | $1064443 | $1045784 | $1074900 |
| **7/31/17** | $1087885 | $1049222 | $1097193 |
| **8/31/17** | $1104603 | $1058784 | $1116867 |
| **9/30/17** | $1101626 | $1053896 | $1113074 |
| **10/31/17** | $1069921 | $1058341 | $1081698 |
| **11/30/17** | $1084894 | $1059981 | $1099923 |
| **12/31/17** | $1106652 | $1062350 | $1122160 |
| **1/31/18** | $1158476 | $1054766 | $1172420 |
| **2/28/18** | $1154274 | $1052388 | $1160179 |
| **3/31/18** | $1165389 | $1061113 | $1172027 |
| **4/30/18** | $1129787 | $1057165 | $1137370 |
| **5/31/18** | $1065279 | $1061115 | $1080762 |
| **6/30/18** | $1031242 | $1063093 | $1049881 |
| **7/31/18** | $1051299 | $1063384 | $1069777 |
| **8/31/18** | $983481 | $1066652 | $1004669 |
| **9/30/18** | $1006124 | $1062572 | $1030719 |
| **10/31/18** | $985212 | $1060496 | $1010525 |
| **11/30/18** | $1013722 | $1065684 | $1038896 |
| **12/31/18** | $1021944 | $1081078 | $1052462 |
| **1/31/19** | $1081481 | $1092528 | $1109898 |
| **2/28/19** | $1070569 | $1093841 | $1097766 |
| **3/31/19** | $1058832 | $1113432 | $1083200 |
| **4/30/19** | $1058115 | $1114096 | $1081300 |
| **5/31/19** | $1067429 | $1130127 | $1084497 |
| **6/30/19** | $1130511 | $1145973 | $1144247 |
| **7/31/19** | $1144558 | $1154991 | $1154859 |
| **8/31/19** | $1105108 | $1181184 | $1124370 |
| **9/30/19** | $1121545 | $1175711 | $1135180 |
| **10/31/19** | $1152923 | $1173681 | $1168071 |
| **11/30/19** | $1138398 | $1172304 | $1146842 |
| **12/31/19** | $1195747 | $1169901 | $1194253 |
| **1/31/20** | $1183677 | $1191013 | $1178885 |
| **2/29/20** | $1143581 | $1205590 | $1138689 |
| **3/31/20** | $957037 | $1186827 | $1012581 |
| **4/30/20** | $1006780 | $1206040 | $1052279 |
| **5/31/20** | $1078274 | $1209459 | $1106765 |
| **6/30/20** | $1082769 | $1215495 | $1111974 |
| **7/31/20** | $1121416 | $1228777 | $1145550 |
| **8/31/20** | $1123893 | $1219873 | $1141791 |
| **9/30/20** | $1099254 | $1224329 | $1118770 |
| **10/31/20** | $1107492 | $1224418 | $1123536 |
| **11/30/20** | $1174180 | $1231405 | $1185195 |
| **12/31/20** | $1219567 | $1235188 | $1226423 |
| **1/31/21** | $1205459 | $1228563 | $1213275 |
| **2/28/21** | $1176796 | $1209452 | $1180766 |
| **3/31/21** | $1136492 | $1204687 | $1144519 |
| **4/30/21** | $1160919 | $1207836 | $1170379 |
| **5/31/21** | $1190186 | $1210532 | $1199580 |
| **6/30/21** | $1176743 | $1216436 | $1185008 |
| **7/31/21** | $1171066 | $1231555 | $1179944 |
| **8/31/21** | $1182557 | $1229087 | $1189038 |
| **9/30/21** | $1145093 | $1217483 | $1148237 |
| **10/31/21** | $1126416 | $1214299 | $1132988 |
| **11/30/21** | $1107235 | $1222961 | $1101997 |
| **12/31/21** | $1123021 | $1218001 | $1119144 |
| **1/31/22** | $1125401 | $1198865 | $1119085 |
| **2/28/22** | $1069961 | $1182918 | $1063125 |
| **3/31/22** | $1067181 | $1157419 | $1046842 |
| **4/30/22** | $1010930 | $1126312 | $983757 |
| **5/31/22** | $1028715 | $1124762 | $1001101 |
| **6/30/22** | $979829 | $1107692 | $956524 |
| **7/31/22** | $996271 | $1135906 | $959325 |
| **8/31/22** | $1005163 | $1106252 | $957978 |
| **9/30/22** | $957801 | $1070739 | $911322 |
| **10/31/22** | $963319 | $1067074 | $903282 |
| **11/30/22** | $1030044 | $1094267 | $967475 |
| **12/31/22** | $1049645 | $1081352 | $988370 |
| **1/31/23** | $1099127 | $1106259 | $1030798 |
| **2/28/23** | $1061620 | $1088614 | $998180 |
| **3/31/23** | $1108055 | $1112753 | $1039355 |
| **4/30/23** | $1120252 | $1118482 | $1048315 |
| **5/31/23** | $1104282 | $1114079 | $1031763 |
| **6/30/23** | $1146893 | $1113414 | $1065397 |
| **7/31/23** | $1178709 | $1113774 | $1096053 |
| **8/31/23** | $1144016 | $1112375 | $1066603 |
| **9/30/23** | $1104241 | $1093192 | $1030693 |
| **10/31/23** | $1099488 | $1085430 | $1025267 |
| **11/30/23** | $1160505 | $1122750 | $1079289 |
| **12/31/23** | $1212229 | $1158631 | $1113904 |
| **1/31/24** | $1193370 | $1156360 | $1096940 |
| **2/29/24** | $1194667 | $1148426 | $1090647 |
| **3/31/24** | $1198393 | $1158782 | $1090339 |
| **4/30/24** | $1172383 | $1140124 | $1067040 |
| **5/31/24** | $1195434 | $1150213 | $1084255 |
| **6/30/24** | $1174107 | $1160193 | $1072543 |
| **7/31/24** | $1202445 | $1182607 | $1096940 |
| **8/31/24** | $1241506 | $1195560 | $1130620 |
| **9/30/24** | $1284462 | $1209433 | $1169001 |
| **10/31/24** | $1224466 | $1193067 | $1115056 |
| **11/30/24** | $1221287 | $1207238 | $1108729 |
| **12/31/24** | $1200996 | $1197974 | $1087374 |
| **1/31/25** | $1232304 | $1202615 | $1109681 |
| **2/28/25** | $1243711 | $1217096 | $1116982 |
| **3/31/25** | $1259807 | $1212017 | $1134248 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 5.12% | 5.65% | 2.34% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 4.03% | 2.30% | 1.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1404514 |
| # of Portfolio Holdings | 1773 |
| Portfolio Turnover Rate | 212% |
| Total Net Advisory Fees Paid During the Reporting Period | $6013 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 11.4% |
| United States | 11.2% |
| South Africa | 8.4% |
| Malaysia | 7.6% |
| Poland | 6.6% |
| Peru | 6.6% |
| Brazil | 5.9% |
| Dominican Republic | 5.6% |
| Philippines | 5.3% |
| Czech Republic | 3.9% |
| Other Countries | 33.3% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (14.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.42% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PELNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2179TSRAR_033125

# Institutional Class: PELBX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $164 | 1.60% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Global Bond Index-Emerging Markets Global Diversified Index ("Index"), as the currency generated positive returns from interest. 

* Overweight exposure to Peruvian local duration contributed to relative performance, as local rates fell.

* Underweight exposure to the Chinese yuan offshore detracted from relative performance, as the currency appreciated from March 31, 2024 to September 30, 2024.

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i3b4a15e87addb26526c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1029403 | $994409 | $1029185 |
| **5/31/15** | $1008511 | $990287 | $1002645 |
| **6/30/15** | $994913 | $978046 | $990437 |
| **7/31/15** | $963241 | $987733 | $965042 |
| **8/31/15** | $915408 | $985063 | $913135 |
| **9/30/15** | $876588 | $990905 | $886025 |
| **10/31/15** | $913745 | $994119 | $926134 |
| **11/30/15** | $895129 | $994576 | $906108 |
| **12/31/15** | $870604 | $991885 | $885916 |
| **1/31/16** | $868647 | $1006395 | $888994 |
| **2/29/16** | $877518 | $1016068 | $901829 |
| **3/31/16** | $956994 | $1024433 | $983503 |
| **4/30/16** | $992151 | $1026173 | $1008803 |
| **5/31/16** | $936863 | $1030510 | $953955 |
| **6/30/16** | $994951 | $1050127 | $1010119 |
| **7/31/16** | $998360 | $1056401 | $1016199 |
| **8/31/16** | $1001832 | $1055863 | $1016607 |
| **9/30/16** | $1022062 | $1055737 | $1037175 |
| **10/31/16** | $1016828 | $1045500 | $1028406 |
| **11/30/16** | $941496 | $1028232 | $956093 |
| **12/31/16** | $962932 | $1031050 | $973988 |
| **1/31/17** | $986755 | $1027295 | $995920 |
| **2/28/17** | $1008002 | $1036089 | $1013866 |
| **3/31/17** | $1035766 | $1035611 | $1037313 |
| **4/30/17** | $1049095 | $1042634 | $1049429 |
| **5/31/17** | $1064156 | $1048720 | $1070002 |
| **6/30/17** | $1068030 | $1045784 | $1074900 |
| **7/31/17** | $1091687 | $1049222 | $1097193 |
| **8/31/17** | $1108603 | $1058784 | $1116867 |
| **9/30/17** | $1105753 | $1053896 | $1113074 |
| **10/31/17** | $1074068 | $1058341 | $1081698 |
| **11/30/17** | $1089231 | $1059981 | $1099923 |
| **12/31/17** | $1111216 | $1062350 | $1122160 |
| **1/31/18** | $1163399 | $1054766 | $1172420 |
| **2/28/18** | $1159313 | $1052388 | $1160179 |
| **3/31/18** | $1170624 | $1061113 | $1172027 |
| **4/30/18** | $1134996 | $1057165 | $1137370 |
| **5/31/18** | $1070281 | $1061115 | $1080762 |
| **6/30/18** | $1036174 | $1063093 | $1049881 |
| **7/31/18** | $1056456 | $1063384 | $1069777 |
| **8/31/18** | $988443 | $1066652 | $1004669 |
| **9/30/18** | $1011310 | $1062572 | $1030719 |
| **10/31/18** | $990417 | $1060496 | $1010525 |
| **11/30/18** | $1019210 | $1065684 | $1038896 |
| **12/31/18** | $1027600 | $1081078 | $1052462 |
| **1/31/19** | $1087572 | $1092528 | $1109898 |
| **2/28/19** | $1076720 | $1093841 | $1097766 |
| **3/31/19** | $1065049 | $1113432 | $1083200 |
| **4/30/19** | $1064454 | $1114096 | $1081300 |
| **5/31/19** | $1073960 | $1130127 | $1084497 |
| **6/30/19** | $1137553 | $1145973 | $1144247 |
| **7/31/19** | $1151833 | $1154991 | $1154859 |
| **8/31/19** | $1112282 | $1181184 | $1124370 |
| **9/30/19** | $1128955 | $1175711 | $1135180 |
| **10/31/19** | $1160683 | $1173681 | $1168071 |
| **11/30/19** | $1146203 | $1172304 | $1146842 |
| **12/31/19** | $1204092 | $1169901 | $1194253 |
| **1/31/20** | $1192090 | $1191013 | $1178885 |
| **2/29/20** | $1151846 | $1205590 | $1138689 |
| **3/31/20** | $964081 | $1186827 | $1012581 |
| **4/30/20** | $1014318 | $1206040 | $1052279 |
| **5/31/20** | $1086479 | $1209459 | $1106765 |
| **6/30/20** | $1091143 | $1215495 | $1111974 |
| **7/31/20** | $1130238 | $1228777 | $1145550 |
| **8/31/20** | $1132868 | $1219873 | $1141791 |
| **9/30/20** | $1108170 | $1224329 | $1118770 |
| **10/31/20** | $1116624 | $1224418 | $1123536 |
| **11/30/20** | $1183998 | $1231405 | $1185195 |
| **12/31/20** | $1229930 | $1235188 | $1226423 |
| **1/31/21** | $1215843 | $1228563 | $1213275 |
| **2/28/21** | $1187073 | $1209452 | $1180766 |
| **3/31/21** | $1146559 | $1204687 | $1144519 |
| **4/30/21** | $1171354 | $1207836 | $1170379 |
| **5/31/21** | $1201025 | $1210532 | $1199580 |
| **6/30/21** | $1187604 | $1216436 | $1185008 |
| **7/31/21** | $1182029 | $1231555 | $1179944 |
| **8/31/21** | $1193769 | $1229087 | $1189038 |
| **9/30/21** | $1156098 | $1217483 | $1148237 |
| **10/31/21** | $1137390 | $1214299 | $1132988 |
| **11/30/21** | $1118164 | $1222961 | $1101997 |
| **12/31/21** | $1134261 | $1218001 | $1119144 |
| **1/31/22** | $1136809 | $1198865 | $1119085 |
| **2/28/22** | $1080943 | $1182918 | $1063125 |
| **3/31/22** | $1078279 | $1157419 | $1046842 |
| **4/30/22** | $1021584 | $1126312 | $983757 |
| **5/31/22** | $1039682 | $1124762 | $1001101 |
| **6/30/22** | $990401 | $1107692 | $956524 |
| **7/31/22** | $1007144 | $1135906 | $959325 |
| **8/31/22** | $1016260 | $1106252 | $957978 |
| **9/30/22** | $968506 | $1070739 | $911322 |
| **10/31/22** | $974200 | $1067074 | $903282 |
| **11/30/22** | $1041802 | $1094267 | $967475 |
| **12/31/22** | $1061760 | $1081352 | $988370 |
| **1/31/23** | $1111941 | $1106259 | $1030798 |
| **2/28/23** | $1074118 | $1088614 | $998180 |
| **3/31/23** | $1121246 | $1112753 | $1039355 |
| **4/30/23** | $1133716 | $1118482 | $1048315 |
| **5/31/23** | $1117695 | $1114079 | $1031763 |
| **6/30/23** | $1160973 | $1113414 | $1065397 |
| **7/31/23** | $1193314 | $1113774 | $1096053 |
| **8/31/23** | $1158337 | $1112375 | $1066603 |
| **9/30/23** | $1118206 | $1093192 | $1030693 |
| **10/31/23** | $1113529 | $1085430 | $1025267 |
| **11/30/23** | $1175466 | $1122750 | $1079289 |
| **12/31/23** | $1228012 | $1158631 | $1113904 |
| **1/31/24** | $1209055 | $1156360 | $1096940 |
| **2/29/24** | $1210509 | $1148426 | $1090647 |
| **3/31/24** | $1214438 | $1158782 | $1090339 |
| **4/30/24** | $1188225 | $1140124 | $1067040 |
| **5/31/24** | $1211752 | $1150213 | $1084255 |
| **6/30/24** | $1190268 | $1160193 | $1072543 |
| **7/31/24** | $1219140 | $1182607 | $1096940 |
| **8/31/24** | $1258909 | $1195560 | $1130620 |
| **9/30/24** | $1302613 | $1209433 | $1169001 |
| **10/31/24** | $1241929 | $1193067 | $1115056 |
| **11/30/24** | $1238861 | $1207238 | $1108729 |
| **12/31/24** | $1218435 | $1197974 | $1087374 |
| **1/31/25** | $1250360 | $1202615 | $1109681 |
| **2/28/25** | $1262078 | $1217096 | $1116982 |
| **3/31/25** | $1278563 | $1212017 | $1134248 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 5.28% | 5.81% | 2.49% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 4.03% | 2.30% | 1.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1404514 |
| # of Portfolio Holdings | 1773 |
| Portfolio Turnover Rate | 212% |
| Total Net Advisory Fees Paid During the Reporting Period | $6013 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 11.4% |
| United States | 11.2% |
| South Africa | 8.4% |
| Malaysia | 7.6% |
| Poland | 6.6% |
| Peru | 6.6% |
| Brazil | 5.9% |
| Dominican Republic | 5.6% |
| Philippines | 5.3% |
| Czech Republic | 3.9% |
| Other Countries | 33.3% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (14.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.42% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PELBX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0332TSRAR_033125

# I-2: PELPX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $174 | 1.70% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the J.P. Morgan Global Bond Index-Emerging Markets Global Diversified Index ("Index"), as the currency generated positive returns from interest. 

* Overweight exposure to Peruvian local duration contributed to relative performance, as local rates fell.

* Underweight exposure to the Chinese yuan offshore detracted from relative performance, as the currency appreciated from March 31, 2024 to September 30, 2024.

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i4930a507408df366c18a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1029319 | $994409 | $1029185 |
| **5/31/15** | $1008343 | $990287 | $1002645 |
| **6/30/15** | $994666 | $978046 | $990437 |
| **7/31/15** | $962911 | $987733 | $965042 |
| **8/31/15** | $915021 | $985063 | $913135 |
| **9/30/15** | $876145 | $990905 | $886025 |
| **10/31/15** | $913204 | $994119 | $926134 |
| **11/30/15** | $894526 | $994576 | $906108 |
| **12/31/15** | $869936 | $991885 | $885916 |
| **1/31/16** | $867913 | $1006395 | $888994 |
| **2/29/16** | $876707 | $1016068 | $901829 |
| **3/31/16** | $956032 | $1024433 | $983503 |
| **4/30/16** | $991073 | $1026173 | $1008803 |
| **5/31/16** | $935769 | $1030510 | $953955 |
| **6/30/16** | $993711 | $1050127 | $1010119 |
| **7/31/16** | $997032 | $1056401 | $1016199 |
| **8/31/16** | $1000413 | $1055863 | $1016607 |
| **9/30/16** | $1020525 | $1055737 | $1037175 |
| **10/31/16** | $1015216 | $1045500 | $1028406 |
| **11/30/16** | $939925 | $1028232 | $956093 |
| **12/31/16** | $961233 | $1031050 | $973988 |
| **1/31/17** | $984938 | $1027295 | $995920 |
| **2/28/17** | $1006069 | $1036089 | $1013866 |
| **3/31/17** | $1033689 | $1035611 | $1037313 |
| **4/30/17** | $1046913 | $1042634 | $1049429 |
| **5/31/17** | $1061851 | $1048720 | $1070002 |
| **6/30/17** | $1065615 | $1045784 | $1074900 |
| **7/31/17** | $1089134 | $1049222 | $1097193 |
| **8/31/17** | $1105919 | $1058784 | $1116867 |
| **9/30/17** | $1102982 | $1053896 | $1113074 |
| **10/31/17** | $1071287 | $1058341 | $1081698 |
| **11/30/17** | $1086323 | $1059981 | $1099923 |
| **12/31/17** | $1108153 | $1062350 | $1122160 |
| **1/31/18** | $1160102 | $1054766 | $1172420 |
| **2/28/18** | $1155940 | $1052388 | $1160179 |
| **3/31/18** | $1167120 | $1061113 | $1172027 |
| **4/30/18** | $1131510 | $1057165 | $1137370 |
| **5/31/18** | $1066898 | $1061115 | $1080762 |
| **6/30/18** | $1032805 | $1063093 | $1049881 |
| **7/31/18** | $1052935 | $1063384 | $1069777 |
| **8/31/18** | $985052 | $1066652 | $1004669 |
| **9/30/18** | $1007768 | $1062572 | $1030719 |
| **10/31/18** | $986864 | $1060496 | $1010525 |
| **11/30/18** | $1015465 | $1065684 | $1038896 |
| **12/31/18** | $1023741 | $1081078 | $1052462 |
| **1/31/19** | $1083401 | $1092528 | $1109898 |
| **2/28/19** | $1072510 | $1093841 | $1097766 |
| **3/31/19** | $1060795 | $1113432 | $1083200 |
| **4/30/19** | $1060126 | $1114096 | $1081300 |
| **5/31/19** | $1069499 | $1130127 | $1084497 |
| **6/30/19** | $1132745 | $1145973 | $1144247 |
| **7/31/19** | $1146868 | $1154991 | $1154859 |
| **8/31/19** | $1107389 | $1181184 | $1124370 |
| **9/30/19** | $1123902 | $1175711 | $1135180 |
| **10/31/19** | $1155393 | $1173681 | $1168071 |
| **11/30/19** | $1140884 | $1172304 | $1146842 |
| **12/31/19** | $1198406 | $1169901 | $1194253 |
| **1/31/20** | $1186360 | $1191013 | $1178885 |
| **2/29/20** | $1146218 | $1205590 | $1138689 |
| **3/31/20** | $959288 | $1186827 | $1012581 |
| **4/30/20** | $1009196 | $1206040 | $1052279 |
| **5/31/20** | $1080906 | $1209459 | $1106765 |
| **6/30/20** | $1085457 | $1215495 | $1111974 |
| **7/31/20** | $1124250 | $1228777 | $1145550 |
| **8/31/20** | $1126777 | $1219873 | $1141791 |
| **9/30/20** | $1102119 | $1224329 | $1118770 |
| **10/31/20** | $1110428 | $1224418 | $1123536 |
| **11/30/20** | $1177337 | $1231405 | $1185195 |
| **12/31/20** | $1222899 | $1235188 | $1226423 |
| **1/31/21** | $1208800 | $1228563 | $1213275 |
| **2/28/21** | $1180105 | $1209452 | $1180766 |
| **3/31/21** | $1139733 | $1204687 | $1144519 |
| **4/30/21** | $1164279 | $1207836 | $1170379 |
| **5/31/21** | $1193676 | $1210532 | $1199580 |
| **6/30/21** | $1180240 | $1216436 | $1185008 |
| **7/31/21** | $1174597 | $1231555 | $1179944 |
| **8/31/21** | $1186164 | $1229087 | $1189038 |
| **9/30/21** | $1148634 | $1217483 | $1148237 |
| **10/31/21** | $1129947 | $1214299 | $1132988 |
| **11/30/21** | $1110752 | $1222961 | $1101997 |
| **12/31/21** | $1126640 | $1218001 | $1119144 |
| **1/31/22** | $1129079 | $1198865 | $1119085 |
| **2/28/22** | $1073502 | $1182918 | $1063125 |
| **3/31/22** | $1070768 | $1157419 | $1046842 |
| **4/30/22** | $1014377 | $1126312 | $983757 |
| **5/31/22** | $1032267 | $1124762 | $1001101 |
| **6/30/22** | $983255 | $1107692 | $956524 |
| **7/31/22** | $999795 | $1135906 | $959325 |
| **8/31/22** | $1008763 | $1106252 | $957978 |
| **9/30/22** | $961276 | $1070739 | $911322 |
| **10/31/22** | $966851 | $1067074 | $903282 |
| **11/30/22** | $1033865 | $1094267 | $967475 |
| **12/31/22** | $1053569 | $1081352 | $988370 |
| **1/31/23** | $1103278 | $1106259 | $1030798 |
| **2/28/23** | $1065667 | $1088614 | $998180 |
| **3/31/23** | $1112331 | $1112753 | $1039355 |
| **4/30/23** | $1124616 | $1118482 | $1048315 |
| **5/31/23** | $1108631 | $1114079 | $1031763 |
| **6/30/23** | $1151459 | $1113414 | $1065397 |
| **7/31/23** | $1183442 | $1113774 | $1096053 |
| **8/31/23** | $1148658 | $1112375 | $1066603 |
| **9/30/23** | $1108769 | $1093192 | $1030693 |
| **10/31/23** | $1104042 | $1085430 | $1025267 |
| **11/30/23** | $1165358 | $1122750 | $1079289 |
| **12/31/23** | $1217349 | $1158631 | $1113904 |
| **1/31/24** | $1198461 | $1156360 | $1096940 |
| **2/29/24** | $1199810 | $1148426 | $1090647 |
| **3/31/24** | $1203604 | $1158782 | $1090339 |
| **4/30/24** | $1177528 | $1140124 | $1067040 |
| **5/31/24** | $1200735 | $1150213 | $1084255 |
| **6/30/24** | $1179358 | $1160193 | $1072543 |
| **7/31/24** | $1207865 | $1182607 | $1096940 |
| **8/31/24** | $1247155 | $1195560 | $1130620 |
| **9/30/24** | $1290355 | $1209433 | $1169001 |
| **10/31/24** | $1230136 | $1193067 | $1115056 |
| **11/30/24** | $1226994 | $1207238 | $1108729 |
| **12/31/24** | $1206660 | $1197974 | $1087374 |
| **1/31/25** | $1238169 | $1202615 | $1109681 |
| **2/28/25** | $1249677 | $1217096 | $1116982 |
| **3/31/25** | $1265900 | $1212017 | $1134248 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 5.18% | 5.70% | 2.39% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 4.03% | 2.30% | 1.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1404514 |
| # of Portfolio Holdings | 1773 |
| Portfolio Turnover Rate | 212% |
| Total Net Advisory Fees Paid During the Reporting Period | $6013 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 11.4% |
| United States | 11.2% |
| South Africa | 8.4% |
| Malaysia | 7.6% |
| Poland | 6.6% |
| Peru | 6.6% |
| Brazil | 5.9% |
| Dominican Republic | 5.6% |
| Philippines | 5.3% |
| Czech Republic | 3.9% |
| Other Countries | 33.3% |
| Short-Term Instruments | 2.2% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (14.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.42% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PELPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Emerging Markets Local Currency and Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1930TSRAR_033125

# Class A: PGSAX

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $142 | 1.39% |

---

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

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance versus the Bloomberg Global Aggregate (USD Unhedged) ("Index"), as yields rose.

* Positioning within Japanese interest rate strategies, notably a preference for interest rate swaps over Japanese government bonds, contributed to relative performance versus the Index, as swap spreads tightened.

* Hedging most of the Fund's non-U.S. dollar currency risk back to the U.S. dollar, contributed to relative performance versus the Index, as the dollar benefitted from higher cash rates versus other developed markets.

* Underweight exposure to duration in China detracted from relative performance versus the Index, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance versus the Index, as yields fell.

* Overweight exposure to U.S. agency mortgage-backed securities detracted from relative performance versus the Index, as spreads widened.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i379d0a45157272bd2f63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Unhedged) Index** | **PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged)** |
| **3/31/15** | $9629 | $10000 | $10000 |
| **4/30/15** | $9759 | $10106 | $10026 |
| **5/31/15** | $9580 | $9926 | $9955 |
| **6/30/15** | $9512 | $9882 | $9853 |
| **7/31/15** | $9438 | $9904 | $9844 |
| **8/31/15** | $9304 | $9916 | $9723 |
| **9/30/15** | $9207 | $9966 | $9676 |
| **10/31/15** | $9355 | $9987 | $9800 |
| **11/30/15** | $9342 | $9822 | $9765 |
| **12/31/15** | $9242 | $9874 | $9693 |
| **1/31/16** | $9258 | $9960 | $9733 |
| **2/29/16** | $9220 | $10182 | $9815 |
| **3/31/16** | $9502 | $10457 | $10050 |
| **4/30/16** | $9581 | $10596 | $10105 |
| **5/31/16** | $9495 | $10454 | $10013 |
| **6/30/16** | $9730 | $10759 | $10213 |
| **7/31/16** | $9866 | $10840 | $10305 |
| **8/31/16** | $9937 | $10787 | $10336 |
| **9/30/16** | $9993 | $10847 | $10356 |
| **10/31/16** | $9955 | $10546 | $10262 |
| **11/30/16** | $9708 | $10127 | $9987 |
| **12/31/16** | $9787 | $10080 | $10017 |
| **1/31/17** | $9883 | $10194 | $10088 |
| **2/28/17** | $10019 | $10242 | $10199 |
| **3/31/17** | $10106 | $10258 | $10259 |
| **4/30/17** | $10128 | $10373 | $10320 |
| **5/31/17** | $10209 | $10534 | $10415 |
| **6/30/17** | $10205 | $10525 | $10416 |
| **7/31/17** | $10294 | $10702 | $10492 |
| **8/31/17** | $10423 | $10808 | $10592 |
| **9/30/17** | $10404 | $10710 | $10546 |
| **10/31/17** | $10428 | $10670 | $10564 |
| **11/30/17** | $10463 | $10788 | $10604 |
| **12/31/17** | $10515 | $10826 | $10660 |
| **1/31/18** | $10596 | $10955 | $10668 |
| **2/28/18** | $10533 | $10857 | $10613 |
| **3/31/18** | $10586 | $10973 | $10678 |
| **4/30/18** | $10496 | $10797 | $10597 |
| **5/31/18** | $10454 | $10715 | $10570 |
| **6/30/18** | $10424 | $10668 | $10543 |
| **7/31/18** | $10493 | $10650 | $10573 |
| **8/31/18** | $10425 | $10661 | $10500 |
| **9/30/18** | $10410 | $10569 | $10512 |
| **10/31/18** | $10360 | $10451 | $10482 |
| **11/30/18** | $10379 | $10484 | $10552 |
| **12/31/18** | $10409 | $10696 | $10675 |
| **1/31/19** | $10612 | $10859 | $10852 |
| **2/28/19** | $10638 | $10796 | $10860 |
| **3/31/19** | $10742 | $10931 | $11001 |
| **4/30/19** | $10786 | $10899 | $11019 |
| **5/31/19** | $10866 | $11047 | $11137 |
| **6/30/19** | $11057 | $11291 | $11343 |
| **7/31/19** | $11144 | $11260 | $11448 |
| **8/31/19** | $11209 | $11489 | $11580 |
| **9/30/19** | $11188 | $11372 | $11550 |
| **10/31/19** | $11227 | $11448 | $11588 |
| **11/30/19** | $11190 | $11361 | $11564 |
| **12/31/19** | $11294 | $11427 | $11617 |
| **1/31/20** | $11406 | $11573 | $11755 |
| **2/29/20** | $11394 | $11651 | $11804 |
| **3/31/20** | $10710 | $11390 | $11406 |
| **4/30/20** | $10994 | $11614 | $11620 |
| **5/31/20** | $11236 | $11665 | $11732 |
| **6/30/20** | $11371 | $11768 | $11818 |
| **7/31/20** | $11621 | $12144 | $12001 |
| **8/31/20** | $11702 | $12125 | $11957 |
| **9/30/20** | $11706 | $12081 | $11956 |
| **10/31/20** | $11758 | $12093 | $11969 |
| **11/30/20** | $11959 | $12313 | $12132 |
| **12/31/20** | $12119 | $12478 | $12227 |
| **1/31/21** | $12097 | $12368 | $12154 |
| **2/28/21** | $11937 | $12155 | $11965 |
| **3/31/21** | $11891 | $11922 | $11913 |
| **4/30/21** | $11963 | $12072 | $11999 |
| **5/31/21** | $12058 | $12186 | $12086 |
| **6/30/21** | $12040 | $12078 | $12115 |
| **7/31/21** | $12111 | $12239 | $12221 |
| **8/31/21** | $12130 | $12188 | $12229 |
| **9/30/21** | $12039 | $11971 | $12104 |
| **10/31/21** | $12001 | $11942 | $12094 |
| **11/30/21** | $12016 | $11908 | $12144 |
| **12/31/21** | $12059 | $11891 | $12155 |
| **1/31/22** | $11954 | $11647 | $12005 |
| **2/28/22** | $11705 | $11509 | $11807 |
| **3/31/22** | $11521 | $11158 | $11585 |
| **4/30/22** | $11153 | $10547 | $11239 |
| **5/31/22** | $11128 | $10576 | $11231 |
| **6/30/22** | $10844 | $10236 | $11000 |
| **7/31/22** | $11102 | $10454 | $11250 |
| **8/31/22** | $10917 | $10041 | $10999 |
| **9/30/22** | $10415 | $9526 | $10589 |
| **10/31/22** | $10415 | $9460 | $10551 |
| **11/30/22** | $10807 | $9905 | $10871 |
| **12/31/22** | $10771 | $9959 | $10833 |
| **1/31/23** | $11078 | $10286 | $11110 |
| **2/28/23** | $10871 | $9944 | $10898 |
| **3/31/23** | $11020 | $10258 | $11136 |
| **4/30/23** | $11051 | $10303 | $11189 |
| **5/31/23** | $10960 | $10102 | $11115 |
| **6/30/23** | $10993 | $10101 | $11113 |
| **7/31/23** | $11118 | $10171 | $11189 |
| **8/31/23** | $11040 | $10032 | $11123 |
| **9/30/23** | $10904 | $9739 | $10953 |
| **10/31/23** | $10834 | $9623 | $10889 |
| **11/30/23** | $11202 | $10108 | $11268 |
| **12/31/23** | $11575 | $10528 | $11586 |
| **1/31/24** | $11541 | $10383 | $11540 |
| **2/29/24** | $11478 | $10252 | $11473 |
| **3/31/24** | $11617 | $10309 | $11550 |
| **4/30/24** | $11458 | $10048 | $11386 |
| **5/31/24** | $11594 | $10180 | $11487 |
| **6/30/24** | $11631 | $10195 | $11553 |
| **7/31/24** | $11810 | $10476 | $11742 |
| **8/31/24** | $11915 | $10724 | $11900 |
| **9/30/24** | $12097 | $10907 | $12058 |
| **10/31/24** | $11852 | $10541 | $11864 |
| **11/30/24** | $11967 | $10577 | $11936 |
| **12/31/24** | $11899 | $10350 | $11816 |
| **1/31/25** | $12020 | $10409 | $11901 |
| **2/28/25** | $12138 | $10558 | $12017 |
| **3/31/25** | $12142 | $10623 | $12019 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 4.52% | 2.54% | 2.35% |
| Class A (including sales charge) | 0.63% | 1.76% | 1.96% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 3.05% | (1.38%) | 0.61% |
| PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged) | 4.07% | 1.05% | 1.86% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $226205 |
| # of Portfolio Holdings | 1369 |
| Portfolio Turnover Rate | 629% |
| Total Net Advisory Fees Paid During the Reporting Period | $1002 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 85.5% |
| Japan | 5.6% |
| France | 4.9% |
| Canada | 4.6% |
| United Kingdom | 4.0% |
| Spain | 3.4% |
| Saudi Arabia | 3.3% |
| Cayman Islands | 3.1% |
| Australia | 2.9% |
| Other Countries | 26.6% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (51.7%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.16% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PGSAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4087TSRAR_033125

# Institutional Class: PSAIX

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $101 | 0.99% |

---

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

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance versus the Bloomberg Global Aggregate (USD Unhedged) ("Index"), as yields rose.

* Positioning within Japanese interest rate strategies, notably a preference for interest rate swaps over Japanese government bonds, contributed to relative performance versus the Index, as swap spreads tightened.

* Hedging most of the Fund's non-U.S. dollar currency risk back to the U.S. dollar, contributed to relative performance versus the Index, as the dollar benefitted from higher cash rates versus other developed markets.

* Underweight exposure to duration in China detracted from relative performance versus the Index, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance versus the Index, as yields fell.

* Overweight exposure to U.S. agency mortgage-backed securities detracted from relative performance versus the Index, as spreads widened.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i91734a76990f7bd4a56d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Unhedged) Index** | **PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged)** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1013822 | $1010635 | $1002640 |
| **5/31/15** | $995613 | $992566 | $995481 |
| **6/30/15** | $988869 | $988218 | $985287 |
| **7/31/15** | $981465 | $990432 | $984361 |
| **8/31/15** | $967861 | $991585 | $972313 |
| **9/30/15** | $958116 | $996638 | $967587 |
| **10/31/15** | $973870 | $998743 | $980050 |
| **11/30/15** | $972766 | $982208 | $976463 |
| **12/31/15** | $962776 | $987429 | $969344 |
| **1/31/16** | $964715 | $995986 | $973348 |
| **2/29/16** | $961038 | $1018164 | $981475 |
| **3/31/16** | $990769 | $1045678 | $1005001 |
| **4/30/16** | $999378 | $1059587 | $1010458 |
| **5/31/16** | $990671 | $1045372 | $1001283 |
| **6/30/16** | $1015591 | $1075899 | $1021349 |
| **7/31/16** | $1030103 | $1084009 | $1030459 |
| **8/31/16** | $1037896 | $1078744 | $1033561 |
| **9/30/16** | $1044055 | $1084683 | $1035597 |
| **10/31/16** | $1040379 | $1054578 | $1026173 |
| **11/30/16** | $1014969 | $1012678 | $998682 |
| **12/31/16** | $1023619 | $1008025 | $1001668 |
| **1/31/17** | $1033925 | $1019390 | $1008780 |
| **2/28/17** | $1048492 | $1024208 | $1019886 |
| **3/31/17** | $1057935 | $1025782 | $1025863 |
| **4/30/17** | $1060551 | $1037344 | $1031998 |
| **5/31/17** | $1069432 | $1053396 | $1041492 |
| **6/30/17** | $1069381 | $1052472 | $1041638 |
| **7/31/17** | $1079092 | $1070167 | $1049169 |
| **8/31/17** | $1092937 | $1080769 | $1059167 |
| **9/30/17** | $1091344 | $1071034 | $1054592 |
| **10/31/17** | $1094197 | $1066981 | $1056353 |
| **11/30/17** | $1098186 | $1078831 | $1060357 |
| **12/31/17** | $1104078 | $1082569 | $1065955 |
| **1/31/18** | $1112999 | $1095469 | $1066840 |
| **2/28/18** | $1106652 | $1085749 | $1061282 |
| **3/31/18** | $1112603 | $1097306 | $1067756 |
| **4/30/18** | $1103472 | $1079730 | $1059662 |
| **5/31/18** | $1099488 | $1071540 | $1057034 |
| **6/30/18** | $1096680 | $1066775 | $1054339 |
| **7/31/18** | $1104338 | $1064994 | $1057270 |
| **8/31/18** | $1097563 | $1066112 | $1050038 |
| **9/30/18** | $1096352 | $1056921 | $1051172 |
| **10/31/18** | $1091376 | $1045115 | $1048165 |
| **11/30/18** | $1093818 | $1048383 | $1055241 |
| **12/31/18** | $1097333 | $1069579 | $1067492 |
| **1/31/19** | $1119100 | $1085864 | $1085180 |
| **2/28/19** | $1122135 | $1079614 | $1086005 |
| **3/31/19** | $1133541 | $1093130 | $1100124 |
| **4/30/19** | $1138525 | $1089893 | $1101851 |
| **5/31/19** | $1147448 | $1104652 | $1113707 |
| **6/30/19** | $1167897 | $1129144 | $1134343 |
| **7/31/19** | $1177529 | $1126006 | $1144847 |
| **8/31/19** | $1184818 | $1148903 | $1158013 |
| **9/30/19** | $1182928 | $1137217 | $1154967 |
| **10/31/19** | $1187463 | $1144790 | $1158825 |
| **11/30/19** | $1183974 | $1136109 | $1156450 |
| **12/31/19** | $1195385 | $1142734 | $1161689 |
| **1/31/20** | $1207602 | $1157321 | $1175547 |
| **2/29/20** | $1206757 | $1165105 | $1180379 |
| **3/31/20** | $1134615 | $1139000 | $1140624 |
| **4/30/20** | $1165152 | $1161362 | $1161976 |
| **5/31/20** | $1191118 | $1166457 | $1173224 |
| **6/30/20** | $1205913 | $1176820 | $1181754 |
| **7/31/20** | $1232824 | $1214353 | $1200094 |
| **8/31/20** | $1241786 | $1212501 | $1195750 |
| **9/30/20** | $1242618 | $1208140 | $1195571 |
| **10/31/20** | $1248589 | $1209296 | $1196921 |
| **11/30/20** | $1270342 | $1231283 | $1213152 |
| **12/31/20** | $1287863 | $1247822 | $1222675 |
| **1/31/21** | $1285906 | $1236833 | $1215351 |
| **2/28/21** | $1269284 | $1215543 | $1196477 |
| **3/31/21** | $1264847 | $1192160 | $1191332 |
| **4/30/21** | $1272924 | $1207221 | $1199897 |
| **5/31/21** | $1283475 | $1218558 | $1208573 |
| **6/30/21** | $1281935 | $1207808 | $1211473 |
| **7/31/21** | $1289957 | $1223884 | $1222123 |
| **8/31/21** | $1292351 | $1218794 | $1222905 |
| **9/30/21** | $1283152 | $1197137 | $1210418 |
| **10/31/21** | $1279548 | $1194244 | $1209366 |
| **11/30/21** | $1281560 | $1190751 | $1214360 |
| **12/31/21** | $1286617 | $1189088 | $1215490 |
| **1/31/22** | $1275732 | $1164719 | $1200491 |
| **2/28/22** | $1249590 | $1150876 | $1180706 |
| **3/31/22** | $1230374 | $1115829 | $1158497 |
| **4/30/22** | $1191420 | $1054694 | $1123881 |
| **5/31/22** | $1189140 | $1057573 | $1123084 |
| **6/30/22** | $1159204 | $1023638 | $1099971 |
| **7/31/22** | $1187145 | $1045400 | $1125006 |
| **8/31/22** | $1167765 | $1004147 | $1099918 |
| **9/30/22** | $1114483 | $952554 | $1058902 |
| **10/31/22** | $1114879 | $946003 | $1055101 |
| **11/30/22** | $1157158 | $990523 | $1087133 |
| **12/31/22** | $1153707 | $995879 | $1083340 |
| **1/31/23** | $1186970 | $1028573 | $1110964 |
| **2/28/23** | $1165235 | $994379 | $1089801 |
| **3/31/23** | $1181611 | $1025822 | $1113602 |
| **4/30/23** | $1185283 | $1030349 | $1118914 |
| **5/31/23** | $1175867 | $1010208 | $1111506 |
| **6/30/23** | $1179858 | $1010129 | $1111306 |
| **7/31/23** | $1193675 | $1017124 | $1118863 |
| **8/31/23** | $1185697 | $1003210 | $1112318 |
| **9/30/23** | $1171507 | $973903 | $1095322 |
| **10/31/23** | $1164337 | $962262 | $1088947 |
| **11/30/23** | $1204257 | $1010785 | $1126766 |
| **12/31/23** | $1244826 | $1052795 | $1158609 |
| **1/31/24** | $1241549 | $1038268 | $1153951 |
| **2/29/24** | $1235183 | $1025220 | $1147270 |
| **3/31/24** | $1250535 | $1030864 | $1154979 |
| **4/30/24** | $1233840 | $1004848 | $1138602 |
| **5/31/24** | $1248980 | $1018017 | $1148656 |
| **6/30/24** | $1253255 | $1019479 | $1155317 |
| **7/31/24** | $1273043 | $1047630 | $1174219 |
| **8/31/24** | $1284761 | $1072417 | $1189953 |
| **9/30/24** | $1304822 | $1090668 | $1205839 |
| **10/31/24** | $1278829 | $1054110 | $1186377 |
| **11/30/24** | $1291635 | $1057703 | $1193626 |
| **12/31/24** | $1284809 | $1035012 | $1181642 |
| **1/31/25** | $1298284 | $1040902 | $1190114 |
| **2/28/25** | $1311480 | $1055787 | $1201705 |
| **3/31/25** | $1312318 | $1062292 | $1201946 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.94% | 2.95% | 2.76% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 3.05% | (1.38%) | 0.61% |
| PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged) | 4.07% | 1.05% | 1.86% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $226205 |
| # of Portfolio Holdings | 1369 |
| Portfolio Turnover Rate | 629% |
| Total Net Advisory Fees Paid During the Reporting Period | $1002 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 85.5% |
| Japan | 5.6% |
| France | 4.9% |
| Canada | 4.6% |
| United Kingdom | 4.0% |
| Spain | 3.4% |
| Saudi Arabia | 3.3% |
| Cayman Islands | 3.1% |
| Australia | 2.9% |
| Other Countries | 26.6% |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (51.7%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.16% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PSAIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1864TSRAR_033125

# Class A: PAIIX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

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

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Curve positioning in the euro bloc, primarily short exposure to the long end of the yield curve, contributed to absolute performance, as yields rose.

* Long exposure to duration in the U.S. contributed to absolute performance, as front-end and intermediate maturity yields fell.

* Long exposure to duration in the U.K. detracted from absolute performance, as intermediate and longer maturity yields rose.

* Positioning within developed market currencies, notably short exposure to the euro, detracted from absolute performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Short exposure to duration in Thailand detracted from absolute performance, as yields fell.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i9ae1b11b3bc7ea521349.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9517 | $9944 |
| **5/31/15** | $9428 | $9903 |
| **6/30/15** | $9273 | $9780 |
| **7/31/15** | $9414 | $9877 |
| **8/31/15** | $9344 | $9851 |
| **9/30/15** | $9373 | $9909 |
| **10/31/15** | $9409 | $9941 |
| **11/30/15** | $9428 | $9946 |
| **12/31/15** | $9371 | $9919 |
| **1/31/16** | $9453 | $10064 |
| **2/29/16** | $9477 | $10161 |
| **3/31/16** | $9582 | $10244 |
| **4/30/16** | $9642 | $10262 |
| **5/31/16** | $9674 | $10305 |
| **6/30/16** | $9879 | $10501 |
| **7/31/16** | $9998 | $10564 |
| **8/31/16** | $10009 | $10559 |
| **9/30/16** | $10056 | $10557 |
| **10/31/16** | $9996 | $10455 |
| **11/30/16** | $9842 | $10282 |
| **12/31/16** | $9914 | $10311 |
| **1/31/17** | $9881 | $10273 |
| **2/28/17** | $9996 | $10361 |
| **3/31/17** | $10015 | $10356 |
| **4/30/17** | $10061 | $10426 |
| **5/31/17** | $10128 | $10487 |
| **6/30/17** | $10108 | $10458 |
| **7/31/17** | $10165 | $10492 |
| **8/31/17** | $10272 | $10588 |
| **9/30/17** | $10251 | $10539 |
| **10/31/17** | $10300 | $10583 |
| **11/30/17** | $10311 | $10600 |
| **12/31/17** | $10307 | $10624 |
| **1/31/18** | $10298 | $10548 |
| **2/28/18** | $10240 | $10524 |
| **3/31/18** | $10303 | $10611 |
| **4/30/18** | $10275 | $10572 |
| **5/31/18** | $10248 | $10611 |
| **6/30/18** | $10254 | $10631 |
| **7/31/18** | $10310 | $10634 |
| **8/31/18** | $10297 | $10667 |
| **9/30/18** | $10312 | $10626 |
| **10/31/18** | $10257 | $10605 |
| **11/30/18** | $10215 | $10657 |
| **12/31/18** | $10223 | $10811 |
| **1/31/19** | $10362 | $10925 |
| **2/28/19** | $10430 | $10938 |
| **3/31/19** | $10491 | $11134 |
| **4/30/19** | $10552 | $11141 |
| **5/31/19** | $10617 | $11301 |
| **6/30/19** | $10702 | $11460 |
| **7/31/19** | $10754 | $11550 |
| **8/31/19** | $10847 | $11812 |
| **9/30/19** | $10820 | $11757 |
| **10/31/19** | $10834 | $11737 |
| **11/30/19** | $10823 | $11723 |
| **12/31/19** | $10876 | $11699 |
| **1/31/20** | $11013 | $11910 |
| **2/29/20** | $11020 | $12056 |
| **3/31/20** | $10581 | $11868 |
| **4/30/20** | $10821 | $12060 |
| **5/31/20** | $10962 | $12095 |
| **6/30/20** | $11081 | $12155 |
| **7/31/20** | $11235 | $12288 |
| **8/31/20** | $11324 | $12199 |
| **9/30/20** | $11359 | $12243 |
| **10/31/20** | $11413 | $12244 |
| **11/30/20** | $11530 | $12314 |
| **12/31/20** | $11630 | $12352 |
| **1/31/21** | $11658 | $12286 |
| **2/28/21** | $11602 | $12095 |
| **3/31/21** | $11591 | $12047 |
| **4/30/21** | $11613 | $12078 |
| **5/31/21** | $11633 | $12105 |
| **6/30/21** | $11589 | $12164 |
| **7/31/21** | $11620 | $12316 |
| **8/31/21** | $11618 | $12291 |
| **9/30/21** | $11592 | $12175 |
| **10/31/21** | $11501 | $12143 |
| **11/30/21** | $11486 | $12230 |
| **12/31/21** | $11527 | $12180 |
| **1/31/22** | $11480 | $11989 |
| **2/28/22** | $11366 | $11829 |
| **3/31/22** | $11242 | $11574 |
| **4/30/22** | $11052 | $11263 |
| **5/31/22** | $11019 | $11248 |
| **6/30/22** | $10852 | $11077 |
| **7/31/22** | $11010 | $11359 |
| **8/31/22** | $10867 | $11063 |
| **9/30/22** | $10622 | $10707 |
| **10/31/22** | $10622 | $10671 |
| **11/30/22** | $10870 | $10943 |
| **12/31/22** | $10872 | $10814 |
| **1/31/23** | $11102 | $11063 |
| **2/28/23** | $10963 | $10886 |
| **3/31/23** | $11070 | $11128 |
| **4/30/23** | $11127 | $11185 |
| **5/31/23** | $11064 | $11141 |
| **6/30/23** | $11065 | $11134 |
| **7/31/23** | $11120 | $11138 |
| **8/31/23** | $11095 | $11124 |
| **9/30/23** | $10985 | $10932 |
| **10/31/23** | $10899 | $10854 |
| **11/30/23** | $11239 | $11228 |
| **12/31/23** | $11615 | $11586 |
| **1/31/24** | $11595 | $11564 |
| **2/29/24** | $11542 | $11484 |
| **3/31/24** | $11699 | $11588 |
| **4/30/24** | $11581 | $11401 |
| **5/31/24** | $11725 | $11502 |
| **6/30/24** | $11790 | $11602 |
| **7/31/24** | $11968 | $11826 |
| **8/31/24** | $11996 | $11956 |
| **9/30/24** | $12159 | $12094 |
| **10/31/24** | $11948 | $11931 |
| **11/30/24** | $12115 | $12072 |
| **12/31/24** | $12133 | $11980 |
| **1/31/25** | $12227 | $12026 |
| **2/28/25** | $12381 | $12171 |
| **3/31/25** | $12423 | $12120 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.18% | 3.26% | 2.58% |
| Class A (including sales charge) | 2.20% | 2.47% | 2.19% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1488829 |
| # of Portfolio Holdings | 1496 |
| Portfolio Turnover Rate | 776% |
| Total Net Advisory Fees Paid During the Reporting Period | $3079 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 89.4% |
| Spain | 5.8% |
| Japan | 5.6% |
| France | 5.5% |
| Canada | 4.9% |
| Cayman Islands | 4.5% |
| United Kingdom | 3.7% |
| Denmark | 3.7% |
| Ireland | 3.2% |
| Other Countries | 14.4% |
| Short-Term Instruments | 6.7% |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (49.3%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PAIIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4011TSRAR_033125

# Class C: PCIIX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

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

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Curve positioning in the euro bloc, primarily short exposure to the long end of the yield curve, contributed to absolute performance, as yields rose.

* Long exposure to duration in the U.S. contributed to absolute performance, as front-end and intermediate maturity yields fell.

* Long exposure to duration in the U.K. detracted from absolute performance, as intermediate and longer maturity yields rose.

* Positioning within developed market currencies, notably short exposure to the euro, detracted from absolute performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Short exposure to duration in Thailand detracted from absolute performance, as yields fell.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i9ba28b2a469b748808f4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $9880 | $9944 |
| **5/31/15** | $9782 | $9903 |
| **6/30/15** | $9615 | $9780 |
| **7/31/15** | $9755 | $9877 |
| **8/31/15** | $9677 | $9851 |
| **9/30/15** | $9700 | $9909 |
| **10/31/15** | $9732 | $9941 |
| **11/30/15** | $9745 | $9946 |
| **12/31/15** | $9680 | $9919 |
| **1/31/16** | $9759 | $10064 |
| **2/29/16** | $9779 | $10161 |
| **3/31/16** | $9880 | $10244 |
| **4/30/16** | $9935 | $10262 |
| **5/31/16** | $9963 | $10305 |
| **6/30/16** | $10167 | $10501 |
| **7/31/16** | $10283 | $10564 |
| **8/31/16** | $10288 | $10559 |
| **9/30/16** | $10329 | $10557 |
| **10/31/16** | $10262 | $10455 |
| **11/30/16** | $10097 | $10282 |
| **12/31/16** | $10165 | $10311 |
| **1/31/17** | $10125 | $10273 |
| **2/28/17** | $10237 | $10361 |
| **3/31/17** | $10249 | $10356 |
| **4/30/17** | $10291 | $10426 |
| **5/31/17** | $10352 | $10487 |
| **6/30/17** | $10325 | $10458 |
| **7/31/17** | $10377 | $10492 |
| **8/31/17** | $10480 | $10588 |
| **9/30/17** | $10451 | $10539 |
| **10/31/17** | $10495 | $10583 |
| **11/30/17** | $10499 | $10600 |
| **12/31/17** | $10489 | $10624 |
| **1/31/18** | $10474 | $10548 |
| **2/28/18** | $10408 | $10524 |
| **3/31/18** | $10465 | $10611 |
| **4/30/18** | $10431 | $10572 |
| **5/31/18** | $10397 | $10611 |
| **6/30/18** | $10396 | $10631 |
| **7/31/18** | $10447 | $10634 |
| **8/31/18** | $10426 | $10667 |
| **9/30/18** | $10435 | $10626 |
| **10/31/18** | $10374 | $10605 |
| **11/30/18** | $10324 | $10657 |
| **12/31/18** | $10326 | $10811 |
| **1/31/19** | $10460 | $10925 |
| **2/28/19** | $10522 | $10938 |
| **3/31/19** | $10577 | $11134 |
| **4/30/19** | $10632 | $11141 |
| **5/31/19** | $10690 | $11301 |
| **6/30/19** | $10770 | $11460 |
| **7/31/19** | $10816 | $11550 |
| **8/31/19** | $10901 | $11812 |
| **9/30/19** | $10869 | $11757 |
| **10/31/19** | $10875 | $11737 |
| **11/30/19** | $10857 | $11723 |
| **12/31/19** | $10903 | $11699 |
| **1/31/20** | $11034 | $11910 |
| **2/29/20** | $11034 | $12056 |
| **3/31/20** | $10589 | $11868 |
| **4/30/20** | $10822 | $12060 |
| **5/31/20** | $10956 | $12095 |
| **6/30/20** | $11068 | $12155 |
| **7/31/20** | $11214 | $12288 |
| **8/31/20** | $11297 | $12199 |
| **9/30/20** | $11324 | $12243 |
| **10/31/20** | $11371 | $12244 |
| **11/30/20** | $11481 | $12314 |
| **12/31/20** | $11572 | $12352 |
| **1/31/21** | $11594 | $12286 |
| **2/28/21** | $11531 | $12095 |
| **3/31/21** | $11513 | $12047 |
| **4/30/21** | $11527 | $12078 |
| **5/31/21** | $11540 | $12105 |
| **6/30/21** | $11489 | $12164 |
| **7/31/21** | $11512 | $12316 |
| **8/31/21** | $11503 | $12291 |
| **9/30/21** | $11471 | $12175 |
| **10/31/21** | $11374 | $12143 |
| **11/30/21** | $11352 | $12230 |
| **12/31/21** | $11384 | $12180 |
| **1/31/22** | $11331 | $11989 |
| **2/28/22** | $11212 | $11829 |
| **3/31/22** | $11083 | $11574 |
| **4/30/22** | $10888 | $11263 |
| **5/31/22** | $10848 | $11248 |
| **6/30/22** | $10678 | $11077 |
| **7/31/22** | $10826 | $11359 |
| **8/31/22** | $10678 | $11063 |
| **9/30/22** | $10431 | $10707 |
| **10/31/22** | $10425 | $10671 |
| **11/30/22** | $10662 | $10943 |
| **12/31/22** | $10656 | $10814 |
| **1/31/23** | $10875 | $11063 |
| **2/28/23** | $10733 | $10886 |
| **3/31/23** | $10831 | $11128 |
| **4/30/23** | $10880 | $11185 |
| **5/31/23** | $10812 | $11141 |
| **6/30/23** | $10805 | $11134 |
| **7/31/23** | $10853 | $11138 |
| **8/31/23** | $10822 | $11124 |
| **9/30/23** | $10707 | $10932 |
| **10/31/23** | $10617 | $10854 |
| **11/30/23** | $10942 | $11228 |
| **12/31/23** | $11300 | $11586 |
| **1/31/24** | $11274 | $11564 |
| **2/29/24** | $11216 | $11484 |
| **3/31/24** | $11362 | $11588 |
| **4/30/24** | $11239 | $11401 |
| **5/31/24** | $11371 | $11502 |
| **6/30/24** | $11428 | $11602 |
| **7/31/24** | $11593 | $11826 |
| **8/31/24** | $11613 | $11956 |
| **9/30/24** | $11764 | $12094 |
| **10/31/24** | $11552 | $11931 |
| **11/30/24** | $11707 | $12072 |
| **12/31/24** | $11716 | $11980 |
| **1/31/25** | $11799 | $12026 |
| **2/28/25** | $11941 | $12171 |
| **3/31/25** | $11974 | $12120 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.39% | 2.49% | 1.82% |
| Class C (including sales charge) | 4.39% | 2.49% | 1.82% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1488829 |
| # of Portfolio Holdings | 1496 |
| Portfolio Turnover Rate | 776% |
| Total Net Advisory Fees Paid During the Reporting Period | $3079 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 89.4% |
| Spain | 5.8% |
| Japan | 5.6% |
| France | 5.5% |
| Canada | 4.9% |
| Cayman Islands | 4.5% |
| United Kingdom | 3.7% |
| Denmark | 3.7% |
| Ireland | 3.2% |
| Other Countries | 14.4% |
| Short-Term Instruments | 6.7% |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (49.3%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PCIIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4211TSRAR_033125

# Institutional Class: PGBIX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

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

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Curve positioning in the euro bloc, primarily short exposure to the long end of the yield curve, contributed to absolute performance, as yields rose.

* Long exposure to duration in the U.S. contributed to absolute performance, as front-end and intermediate maturity yields fell.

* Long exposure to duration in the U.K. detracted from absolute performance, as intermediate and longer maturity yields rose.

* Positioning within developed market currencies, notably short exposure to the euro, detracted from absolute performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Short exposure to duration in Thailand detracted from absolute performance, as yields fell.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i18f99124787d67cb8a6d.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $989036 | $994409 |
| **5/31/15** | $980091 | $990287 |
| **6/30/15** | $964251 | $978046 |
| **7/31/15** | $979263 | $987733 |
| **8/31/15** | $972227 | $985063 |
| **9/30/15** | $975499 | $990905 |
| **10/31/15** | $979620 | $994119 |
| **11/30/15** | $981775 | $994576 |
| **12/31/15** | $976194 | $991885 |
| **1/31/16** | $984984 | $1006395 |
| **2/29/16** | $987735 | $1016068 |
| **3/31/16** | $999056 | $1024433 |
| **4/30/16** | $1005534 | $1026173 |
| **5/31/16** | $1009236 | $1030510 |
| **6/30/16** | $1030896 | $1050127 |
| **7/31/16** | $1043567 | $1056401 |
| **8/31/16** | $1045041 | $1055863 |
| **9/30/16** | $1050261 | $1055737 |
| **10/31/16** | $1044345 | $1045500 |
| **11/30/16** | $1028524 | $1028232 |
| **12/31/16** | $1036406 | $1031050 |
| **1/31/17** | $1033238 | $1027295 |
| **2/28/17** | $1045498 | $1036089 |
| **3/31/17** | $1047783 | $1035611 |
| **4/30/17** | $1052942 | $1042634 |
| **5/31/17** | $1060221 | $1048720 |
| **6/30/17** | $1058498 | $1045784 |
| **7/31/17** | $1064757 | $1049222 |
| **8/31/17** | $1076284 | $1058784 |
| **9/30/17** | $1074363 | $1053896 |
| **10/31/17** | $1079823 | $1058341 |
| **11/30/17** | $1081266 | $1059981 |
| **12/31/17** | $1081213 | $1062350 |
| **1/31/18** | $1080638 | $1054766 |
| **2/28/18** | $1074767 | $1052388 |
| **3/31/18** | $1081708 | $1061113 |
| **4/30/18** | $1079092 | $1057165 |
| **5/31/18** | $1076622 | $1061115 |
| **6/30/18** | $1077532 | $1063093 |
| **7/31/18** | $1083772 | $1063384 |
| **8/31/18** | $1082748 | $1066652 |
| **9/30/18** | $1084533 | $1062572 |
| **10/31/18** | $1079154 | $1060496 |
| **11/30/18** | $1075006 | $1065684 |
| **12/31/18** | $1076203 | $1081078 |
| **1/31/19** | $1091131 | $1092528 |
| **2/28/19** | $1098547 | $1093841 |
| **3/31/19** | $1105303 | $1113432 |
| **4/30/19** | $1112103 | $1114096 |
| **5/31/19** | $1119249 | $1130127 |
| **6/30/19** | $1128515 | $1145973 |
| **7/31/19** | $1134353 | $1154991 |
| **8/31/19** | $1144496 | $1181184 |
| **9/30/19** | $1142022 | $1175711 |
| **10/31/19** | $1143765 | $1173681 |
| **11/30/19** | $1142942 | $1172304 |
| **12/31/19** | $1148853 | $1169901 |
| **1/31/20** | $1163728 | $1191013 |
| **2/29/20** | $1164725 | $1205590 |
| **3/31/20** | $1118730 | $1186827 |
| **4/30/20** | $1144406 | $1206040 |
| **5/31/20** | $1159672 | $1209459 |
| **6/30/20** | $1172577 | $1215495 |
| **7/31/20** | $1189227 | $1228777 |
| **8/31/20** | $1198986 | $1219873 |
| **9/30/20** | $1203020 | $1224329 |
| **10/31/20** | $1209147 | $1224418 |
| **11/30/20** | $1221878 | $1231405 |
| **12/31/20** | $1232822 | $1235188 |
| **1/31/21** | $1236199 | $1228563 |
| **2/28/21** | $1230589 | $1209452 |
| **3/31/21** | $1229787 | $1204687 |
| **4/30/21** | $1232497 | $1207836 |
| **5/31/21** | $1234969 | $1210532 |
| **6/30/21** | $1230585 | $1216436 |
| **7/31/21** | $1234302 | $1231555 |
| **8/31/21** | $1234448 | $1229087 |
| **9/30/21** | $1232078 | $1217483 |
| **10/31/21** | $1222770 | $1214299 |
| **11/30/21** | $1221467 | $1222961 |
| **12/31/21** | $1226220 | $1218001 |
| **1/31/22** | $1221574 | $1198865 |
| **2/28/22** | $1209758 | $1182918 |
| **3/31/22** | $1196949 | $1157419 |
| **4/30/22** | $1177058 | $1126312 |
| **5/31/22** | $1173832 | $1124762 |
| **6/30/22** | $1156400 | $1107692 |
| **7/31/22** | $1173576 | $1135906 |
| **8/31/22** | $1158641 | $1106252 |
| **9/30/22** | $1132916 | $1070739 |
| **10/31/22** | $1133225 | $1067074 |
| **11/30/22** | $1160004 | $1094267 |
| **12/31/22** | $1160574 | $1081352 |
| **1/31/23** | $1185463 | $1106259 |
| **2/28/23** | $1170975 | $1088614 |
| **3/31/23** | $1182806 | $1112753 |
| **4/30/23** | $1189206 | $1118482 |
| **5/31/23** | $1182828 | $1114079 |
| **6/30/23** | $1183244 | $1113414 |
| **7/31/23** | $1189470 | $1113774 |
| **8/31/23** | $1187172 | $1112375 |
| **9/30/23** | $1175721 | $1093192 |
| **10/31/23** | $1166832 | $1085430 |
| **11/30/23** | $1203595 | $1122750 |
| **12/31/23** | $1244191 | $1158631 |
| **1/31/24** | $1242407 | $1156360 |
| **2/29/24** | $1237126 | $1148426 |
| **3/31/24** | $1254351 | $1158782 |
| **4/30/24** | $1241966 | $1140124 |
| **5/31/24** | $1257800 | $1150213 |
| **6/30/24** | $1265133 | $1160193 |
| **7/31/24** | $1284640 | $1182607 |
| **8/31/24** | $1288063 | $1195560 |
| **9/30/24** | $1305902 | $1209433 |
| **10/31/24** | $1283649 | $1193067 |
| **11/30/24** | $1301985 | $1207238 |
| **12/31/24** | $1304230 | $1197974 |
| **1/31/25** | $1314738 | $1202615 |
| **2/28/25** | $1331672 | $1217096 |
| **3/31/25** | $1336551 | $1212017 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.55% | 3.62% | 2.94% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1488829 |
| # of Portfolio Holdings | 1496 |
| Portfolio Turnover Rate | 776% |
| Total Net Advisory Fees Paid During the Reporting Period | $3079 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 89.4% |
| Spain | 5.8% |
| Japan | 5.6% |
| France | 5.5% |
| Canada | 4.9% |
| Cayman Islands | 4.5% |
| United Kingdom | 3.7% |
| Denmark | 3.7% |
| Ireland | 3.2% |
| Other Countries | 14.4% |
| Short-Term Instruments | 6.7% |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (49.3%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PGBIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS0249TSRAR_033125

# I-2: PGNPX

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

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

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Curve positioning in the euro bloc, primarily short exposure to the long end of the yield curve, contributed to absolute performance, as yields rose.

* Long exposure to duration in the U.S. contributed to absolute performance, as front-end and intermediate maturity yields fell.

* Long exposure to duration in the U.K. detracted from absolute performance, as intermediate and longer maturity yields rose.

* Positioning within developed market currencies, notably short exposure to the euro, detracted from absolute performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Short exposure to duration in Thailand detracted from absolute performance, as yields fell.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i7883f3a56403a6008995.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $988954 | $994409 |
| **5/31/15** | $979927 | $990287 |
| **6/30/15** | $964012 | $978046 |
| **7/31/15** | $978932 | $987733 |
| **8/31/15** | $971821 | $985063 |
| **9/30/15** | $975012 | $990905 |
| **10/31/15** | $979044 | $994119 |
| **11/30/15** | $981121 | $994576 |
| **12/31/15** | $975453 | $991885 |
| **1/31/16** | $984163 | $1006395 |
| **2/29/16** | $986833 | $1016068 |
| **3/31/16** | $998060 | $1024433 |
| **4/30/16** | $1004448 | $1026173 |
| **5/31/16** | $1008063 | $1030510 |
| **6/30/16** | $1029615 | $1050127 |
| **7/31/16** | $1042183 | $1056401 |
| **8/31/16** | $1043566 | $1055863 |
| **9/30/16** | $1048688 | $1055737 |
| **10/31/16** | $1042697 | $1045500 |
| **11/30/16** | $1026817 | $1028232 |
| **12/31/16** | $1034593 | $1031050 |
| **1/31/17** | $1031349 | $1027295 |
| **2/28/17** | $1043507 | $1036089 |
| **3/31/17** | $1045696 | $1035611 |
| **4/30/17** | $1050764 | $1042634 |
| **5/31/17** | $1057939 | $1048720 |
| **6/30/17** | $1056127 | $1045784 |
| **7/31/17** | $1062287 | $1049222 |
| **8/31/17** | $1073696 | $1058784 |
| **9/30/17** | $1071689 | $1053896 |
| **10/31/17** | $1077046 | $1058341 |
| **11/30/17** | $1078395 | $1059981 |
| **12/31/17** | $1078248 | $1062350 |
| **1/31/18** | $1077586 | $1054766 |
| **2/28/18** | $1071649 | $1052388 |
| **3/31/18** | $1078475 | $1061113 |
| **4/30/18** | $1075781 | $1057165 |
| **5/31/18** | $1073227 | $1061115 |
| **6/30/18** | $1074042 | $1063093 |
| **7/31/18** | $1080174 | $1063384 |
| **8/31/18** | $1079053 | $1066652 |
| **9/30/18** | $1080752 | $1062572 |
| **10/31/18** | $1075300 | $1060496 |
| **11/30/18** | $1071073 | $1065684 |
| **12/31/18** | $1072173 | $1081078 |
| **1/31/19** | $1086956 | $1092528 |
| **2/28/19** | $1094260 | $1093841 |
| **3/31/19** | $1100898 | $1113432 |
| **4/30/19** | $1107583 | $1114096 |
| **5/31/19** | $1114602 | $1130127 |
| **6/30/19** | $1123743 | $1145973 |
| **7/31/19** | $1129462 | $1154991 |
| **8/31/19** | $1139458 | $1181184 |
| **9/30/19** | $1136909 | $1175711 |
| **10/31/19** | $1138547 | $1173681 |
| **11/30/19** | $1137632 | $1172304 |
| **12/31/19** | $1143420 | $1169901 |
| **1/31/20** | $1158124 | $1191013 |
| **2/29/20** | $1159027 | $1205590 |
| **3/31/20** | $1113164 | $1186827 |
| **4/30/20** | $1138619 | $1206040 |
| **5/31/20** | $1153711 | $1209459 |
| **6/30/20** | $1166455 | $1215495 |
| **7/31/20** | $1182913 | $1228777 |
| **8/31/20** | $1192525 | $1219873 |
| **9/30/20** | $1196440 | $1224329 |
| **10/31/20** | $1202429 | $1224418 |
| **11/30/20** | $1214993 | $1231405 |
| **12/31/20** | $1225761 | $1235188 |
| **1/31/21** | $1229024 | $1228563 |
| **2/28/21** | $1223353 | $1209452 |
| **3/31/21** | $1222452 | $1204687 |
| **4/30/21** | $1225039 | $1207836 |
| **5/31/21** | $1227399 | $1210532 |
| **6/30/21** | $1222941 | $1216436 |
| **7/31/21** | $1226527 | $1231555 |
| **8/31/21** | $1226571 | $1229087 |
| **9/30/21** | $1224114 | $1217483 |
| **10/31/21** | $1214762 | $1214299 |
| **11/30/21** | $1213367 | $1222961 |
| **12/31/21** | $1217979 | $1218001 |
| **1/31/22** | $1213267 | $1198865 |
| **2/28/22** | $1201438 | $1182918 |
| **3/31/22** | $1188616 | $1157419 |
| **4/30/22** | $1168764 | $1126312 |
| **5/31/22** | $1165466 | $1124762 |
| **6/30/22** | $1148064 | $1107692 |
| **7/31/22** | $1165019 | $1135906 |
| **8/31/22** | $1150101 | $1106252 |
| **9/30/22** | $1124465 | $1070739 |
| **10/31/22** | $1124683 | $1067074 |
| **11/30/22** | $1151167 | $1094267 |
| **12/31/22** | $1151630 | $1081352 |
| **1/31/23** | $1176233 | $1106259 |
| **2/28/23** | $1161767 | $1088614 |
| **3/31/23** | $1173398 | $1112753 |
| **4/30/23** | $1179655 | $1118482 |
| **5/31/23** | $1173228 | $1114079 |
| **6/30/23** | $1173538 | $1113414 |
| **7/31/23** | $1179621 | $1113774 |
| **8/31/23** | $1177242 | $1112375 |
| **9/30/23** | $1165789 | $1093192 |
| **10/31/23** | $1156877 | $1085430 |
| **11/30/23** | $1193227 | $1122750 |
| **12/31/23** | $1233366 | $1158631 |
| **1/31/24** | $1231497 | $1156360 |
| **2/29/24** | $1226166 | $1148426 |
| **3/31/24** | $1243134 | $1158782 |
| **4/30/24** | $1230759 | $1140124 |
| **5/31/24** | $1246336 | $1150213 |
| **6/30/24** | $1253507 | $1160193 |
| **7/31/24** | $1272728 | $1182607 |
| **8/31/24** | $1276005 | $1195560 |
| **9/30/24** | $1293577 | $1209433 |
| **10/31/24** | $1271425 | $1193067 |
| **11/30/24** | $1289478 | $1207238 |
| **12/31/24** | $1291593 | $1197974 |
| **1/31/25** | $1301884 | $1202615 |
| **2/28/25** | $1318553 | $1217096 |
| **3/31/25** | $1323279 | $1212017 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.45% | 3.52% | 2.84% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1488829 |
| # of Portfolio Holdings | 1496 |
| Portfolio Turnover Rate | 776% |
| Total Net Advisory Fees Paid During the Reporting Period | $3079 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 89.4% |
| Spain | 5.8% |
| Japan | 5.6% |
| France | 5.5% |
| Canada | 4.9% |
| Cayman Islands | 4.5% |
| United Kingdom | 3.7% |
| Denmark | 3.7% |
| Ireland | 3.2% |
| Other Countries | 14.4% |
| Short-Term Instruments | 6.7% |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (49.3%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PGNPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS1913TSRAR_033125

# Class A: PGMAX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $141 | 1.36% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 3- and 5-year portion of the U.S. curve, and underweight exposure to the 30-year portion, contributed to relative performance.

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 7-year portion of the curve and underweight exposure to the 10-year portion of the curve, detracted from relative performance.

* Overweight exposure to the Brazilian real ("BRL") detracted from relative performance, as the BRL depreciated against the U.S. dollar.

* Overweight exposure to Brazilian local duration detracted from relative performance, as interest rates rose across all tenors of the Brazilian yield curve.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143ic9854689bbcf6a37e7af.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $9449 | $10000 | $10000 | $10000 |
| **4/30/15** | $9613 | $10290 | $9944 | $10152 |
| **5/31/15** | $9580 | $10277 | $9903 | $10127 |
| **6/30/15** | $9399 | $10035 | $9780 | $9934 |
| **7/31/15** | $9490 | $10122 | $9877 | $10025 |
| **8/31/15** | $8979 | $9428 | $9851 | $9602 |
| **9/30/15** | $8700 | $9087 | $9909 | $9416 |
| **10/31/15** | $9160 | $9800 | $9941 | $9871 |
| **11/30/15** | $9136 | $9719 | $9946 | $9824 |
| **12/31/15** | $8996 | $9543 | $9919 | $9707 |
| **1/31/16** | $8560 | $8968 | $10064 | $9413 |
| **2/29/16** | $8354 | $8906 | $10161 | $9410 |
| **3/31/16** | $8831 | $9566 | $10244 | $9860 |
| **4/30/16** | $8947 | $9707 | $10262 | $9954 |
| **5/31/16** | $8971 | $9720 | $10305 | $9978 |
| **6/30/16** | $8941 | $9661 | $10501 | $10018 |
| **7/31/16** | $9255 | $10077 | $10564 | $10301 |
| **8/31/16** | $9304 | $10111 | $10559 | $10319 |
| **9/30/16** | $9333 | $10173 | $10557 | $10357 |
| **10/31/16** | $9242 | $10000 | $10455 | $10211 |
| **11/30/16** | $9192 | $10076 | $10282 | $10190 |
| **12/31/16** | $9352 | $10294 | $10311 | $10334 |
| **1/31/17** | $9510 | $10575 | $10273 | $10488 |
| **2/28/17** | $9677 | $10872 | $10361 | $10701 |
| **3/31/17** | $9768 | $11005 | $10356 | $10777 |
| **4/30/17** | $9885 | $11177 | $10426 | $10907 |
| **5/31/17** | $10002 | $11423 | $10487 | $11077 |
| **6/30/17** | $10027 | $11475 | $10458 | $11095 |
| **7/31/17** | $10178 | $11796 | $10492 | $11296 |
| **8/31/17** | $10220 | $11841 | $10588 | $11363 |
| **9/30/17** | $10356 | $12070 | $10539 | $11473 |
| **10/31/17** | $10490 | $12321 | $10583 | $11636 |
| **11/30/17** | $10608 | $12559 | $10600 | $11778 |
| **12/31/17** | $10685 | $12762 | $10624 | $11903 |
| **1/31/18** | $11040 | $13482 | $10548 | $12271 |
| **2/28/18** | $10660 | $12915 | $10524 | $11951 |
| **3/31/18** | $10570 | $12639 | $10611 | $11837 |
| **4/30/18** | $10655 | $12760 | $10572 | $11888 |
| **5/31/18** | $10629 | $12776 | $10611 | $11914 |
| **6/30/18** | $10590 | $12706 | $10631 | $11884 |
| **7/31/18** | $10779 | $13090 | $10634 | $12101 |
| **8/31/18** | $10762 | $13192 | $10667 | $12173 |
| **9/30/18** | $10831 | $13250 | $10626 | $12186 |
| **10/31/18** | $10357 | $12257 | $10605 | $11628 |
| **11/30/18** | $10426 | $12436 | $10657 | $11753 |
| **12/31/18** | $10093 | $11560 | $10811 | $11324 |
| **1/31/19** | $10656 | $12473 | $10925 | $11909 |
| **2/28/19** | $10777 | $12807 | $10938 | $12106 |
| **3/31/19** | $10890 | $12968 | $11134 | $12284 |
| **4/30/19** | $11074 | $13406 | $11141 | $12536 |
| **5/31/19** | $10690 | $12610 | $11301 | $12162 |
| **6/30/19** | $11048 | $13436 | $11460 | $12708 |
| **7/31/19** | $11100 | $13475 | $11550 | $12770 |
| **8/31/19** | $10899 | $13156 | $11812 | $12704 |
| **9/30/19** | $11030 | $13433 | $11757 | $12841 |
| **10/31/19** | $11187 | $13800 | $11737 | $13043 |
| **11/30/19** | $11327 | $14137 | $11723 | $13228 |
| **12/31/19** | $11587 | $14635 | $11699 | $13496 |
| **1/31/20** | $11560 | $14473 | $11910 | $13504 |
| **2/29/20** | $10923 | $13304 | $12056 | $12916 |
| **3/31/20** | $9819 | $11508 | $11868 | $11789 |
| **4/30/20** | $10654 | $12741 | $12060 | $12623 |
| **5/31/20** | $11104 | $13295 | $12095 | $12967 |
| **6/30/20** | $11356 | $13720 | $12155 | $13242 |
| **7/31/20** | $11867 | $14446 | $12288 | $13720 |
| **8/31/20** | $12302 | $15330 | $12199 | $14184 |
| **9/30/20** | $12041 | $14835 | $12243 | $13930 |
| **10/31/20** | $11807 | $14475 | $12244 | $13727 |
| **11/30/20** | $12770 | $16259 | $12314 | $14774 |
| **12/31/20** | $13259 | $17014 | $12352 | $15204 |
| **1/31/21** | $13139 | $16937 | $12286 | $15130 |
| **2/28/21** | $13259 | $17329 | $12095 | $15246 |
| **3/31/21** | $13498 | $17792 | $12047 | $15466 |
| **4/30/21** | $13880 | $18570 | $12078 | $15888 |
| **5/31/21** | $14082 | $18859 | $12105 | $16050 |
| **6/30/21** | $14182 | $19107 | $12164 | $16209 |
| **7/31/21** | $14303 | $19239 | $12316 | $16356 |
| **8/31/21** | $14524 | $19720 | $12291 | $16589 |
| **9/30/21** | $14092 | $18906 | $12175 | $16115 |
| **10/31/21** | $14424 | $19871 | $12143 | $16592 |
| **11/30/21** | $14283 | $19392 | $12230 | $16399 |
| **12/31/21** | $14695 | $20168 | $12180 | $16766 |
| **1/31/22** | $14071 | $19177 | $11989 | $16167 |
| **2/28/22** | $13659 | $18682 | $11829 | $15830 |
| **3/31/22** | $13729 | $19087 | $11574 | $15899 |
| **4/30/22** | $12854 | $17559 | $11263 | $14965 |
| **5/31/22** | $12874 | $17579 | $11248 | $14967 |
| **6/30/22** | $12013 | $16098 | $11077 | $14119 |
| **7/31/22** | $12671 | $17222 | $11359 | $14855 |
| **8/31/22** | $12317 | $16588 | $11063 | $14372 |
| **9/30/22** | $11488 | $15000 | $10707 | $13362 |
| **10/31/22** | $11831 | $15905 | $10671 | $13827 |
| **11/30/22** | $12448 | $17139 | $10943 | $14611 |
| **12/31/22** | $12094 | $16464 | $10814 | $14198 |
| **1/31/23** | $12672 | $17644 | $11063 | $14939 |
| **2/28/23** | $12256 | $17139 | $10886 | $14587 |
| **3/31/23** | $12512 | $17667 | $11128 | $14986 |
| **4/30/23** | $12614 | $17921 | $11185 | $15146 |
| **5/31/23** | $12461 | $17729 | $11141 | $15025 |
| **6/30/23** | $12851 | $18758 | $11134 | $15545 |
| **7/31/23** | $13147 | $19445 | $11138 | $15888 |
| **8/31/23** | $12851 | $18902 | $11124 | $15614 |
| **9/30/23** | $12366 | $18120 | $10932 | $15119 |
| **10/31/23** | $12027 | $17575 | $10854 | $14803 |
| **11/30/23** | $12972 | $19197 | $11228 | $15826 |
| **12/31/23** | $13569 | $20120 | $11586 | $16485 |
| **1/31/24** | $13610 | $20237 | $11564 | $16530 |
| **2/29/24** | $13919 | $21106 | $11484 | $16910 |
| **3/31/24** | $14274 | $21769 | $11588 | $17290 |
| **4/30/24** | $13775 | $21050 | $11401 | $16836 |
| **5/31/24** | $14274 | $21905 | $11502 | $17306 |
| **6/30/24** | $14513 | $22393 | $11602 | $17597 |
| **7/31/24** | $14710 | $22754 | $11826 | $17903 |
| **8/31/24** | $14939 | $23332 | $11956 | $18255 |
| **9/30/24** | $15167 | $23874 | $12094 | $18594 |
| **10/31/24** | $14887 | $23338 | $11931 | $18243 |
| **11/30/24** | $15261 | $24211 | $12072 | $18739 |
| **12/31/24** | $15072 | $23638 | $11980 | $18415 |
| **1/31/25** | $15521 | $24432 | $12026 | $18815 |
| **2/28/25** | $15677 | $24284 | $12171 | $18837 |
| **3/31/25** | $15348 | $23325 | $12120 | $18359 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.53% | 9.34% | 4.97% |
| Class A (including sales charge) | 1.61% | 8.12% | 4.38% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.19% | 9.26% | 6.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $285901 |
| # of Portfolio Holdings | 995 |
| Portfolio Turnover Rate | 615% |
| Total Net Advisory Fees Paid During the Reporting Period | $2390 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 18.6% |
| Asset-Backed Securities | 9.8% |
| Sovereign Issues | 5.4% |
| U.S. Treasury Obligations | 4.3% |
| Common Stocks | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 71.8% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (17.8%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PGMAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4090TSRAR_033125

# Class C: PGMCX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $218 | 2.11% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 3- and 5-year portion of the U.S. curve, and underweight exposure to the 30-year portion, contributed to relative performance.

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 7-year portion of the curve and underweight exposure to the 10-year portion of the curve, detracted from relative performance.

* Overweight exposure to the Brazilian real ("BRL") detracted from relative performance, as the BRL depreciated against the U.S. dollar.

* Overweight exposure to Brazilian local duration detracted from relative performance, as interest rates rose across all tenors of the Brazilian yield curve.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i100abf59ddbab00bf76f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $10160 | $10290 | $9944 | $10152 |
| **5/31/15** | $10124 | $10277 | $9903 | $10127 |
| **6/30/15** | $9920 | $10035 | $9780 | $9934 |
| **7/31/15** | $10009 | $10122 | $9877 | $10025 |
| **8/31/15** | $9468 | $9428 | $9851 | $9602 |
| **9/30/15** | $9176 | $9087 | $9909 | $9416 |
| **10/31/15** | $9654 | $9800 | $9941 | $9871 |
| **11/30/15** | $9619 | $9719 | $9946 | $9824 |
| **12/31/15** | $9459 | $9543 | $9919 | $9707 |
| **1/31/16** | $8998 | $8968 | $10064 | $9413 |
| **2/29/16** | $8777 | $8906 | $10161 | $9410 |
| **3/31/16** | $9273 | $9566 | $10244 | $9860 |
| **4/30/16** | $9388 | $9707 | $10262 | $9954 |
| **5/31/16** | $9406 | $9720 | $10305 | $9978 |
| **6/30/16** | $9368 | $9661 | $10501 | $10018 |
| **7/31/16** | $9697 | $10077 | $10564 | $10301 |
| **8/31/16** | $9742 | $10111 | $10559 | $10319 |
| **9/30/16** | $9763 | $10173 | $10557 | $10357 |
| **10/31/16** | $9656 | $10000 | $10455 | $10211 |
| **11/30/16** | $9602 | $10076 | $10282 | $10190 |
| **12/31/16** | $9770 | $10294 | $10311 | $10334 |
| **1/31/17** | $9921 | $10575 | $10273 | $10488 |
| **2/28/17** | $10091 | $10872 | $10361 | $10701 |
| **3/31/17** | $10182 | $11005 | $10356 | $10777 |
| **4/30/17** | $10290 | $11177 | $10426 | $10907 |
| **5/31/17** | $10415 | $11423 | $10487 | $11077 |
| **6/30/17** | $10433 | $11475 | $10458 | $11095 |
| **7/31/17** | $10576 | $11796 | $10492 | $11296 |
| **8/31/17** | $10612 | $11841 | $10588 | $11363 |
| **9/30/17** | $10756 | $12070 | $10539 | $11473 |
| **10/31/17** | $10881 | $12321 | $10583 | $11636 |
| **11/30/17** | $11007 | $12559 | $10600 | $11778 |
| **12/31/17** | $11076 | $12762 | $10624 | $11903 |
| **1/31/18** | $11435 | $13482 | $10548 | $12271 |
| **2/28/18** | $11031 | $12915 | $10524 | $11951 |
| **3/31/18** | $10935 | $12639 | $10611 | $11837 |
| **4/30/18** | $11016 | $12760 | $10572 | $11888 |
| **5/31/18** | $10980 | $12776 | $10611 | $11914 |
| **6/30/18** | $10933 | $12706 | $10631 | $11884 |
| **7/31/18** | $11124 | $13090 | $10634 | $12101 |
| **8/31/18** | $11096 | $13192 | $10667 | $12173 |
| **9/30/18** | $11157 | $13250 | $10626 | $12186 |
| **10/31/18** | $10664 | $12257 | $10605 | $11628 |
| **11/30/18** | $10728 | $12436 | $10657 | $11753 |
| **12/31/18** | $10377 | $11560 | $10811 | $11324 |
| **1/31/19** | $10954 | $12473 | $10925 | $11909 |
| **2/28/19** | $11073 | $12807 | $10938 | $12106 |
| **3/31/19** | $11183 | $12968 | $11134 | $12284 |
| **4/30/19** | $11358 | $13406 | $11141 | $12536 |
| **5/31/19** | $10961 | $12610 | $11301 | $12162 |
| **6/30/19** | $11321 | $13436 | $11460 | $12708 |
| **7/31/19** | $11367 | $13475 | $11550 | $12770 |
| **8/31/19** | $11155 | $13156 | $11812 | $12704 |
| **9/30/19** | $11284 | $13433 | $11757 | $12841 |
| **10/31/19** | $11441 | $13800 | $11737 | $13043 |
| **11/30/19** | $11570 | $14137 | $11723 | $13228 |
| **12/31/19** | $11831 | $14635 | $11699 | $13496 |
| **1/31/20** | $11794 | $14473 | $11910 | $13504 |
| **2/29/20** | $11144 | $13304 | $12056 | $12916 |
| **3/31/20** | $10004 | $11508 | $11868 | $11789 |
| **4/30/20** | $10850 | $12741 | $12060 | $12623 |
| **5/31/20** | $11302 | $13295 | $12095 | $12967 |
| **6/30/20** | $11550 | $13720 | $12155 | $13242 |
| **7/31/20** | $12065 | $14446 | $12288 | $13720 |
| **8/31/20** | $12500 | $15330 | $12199 | $14184 |
| **9/30/20** | $12218 | $14835 | $12243 | $13930 |
| **10/31/20** | $11984 | $14475 | $12244 | $13727 |
| **11/30/20** | $12939 | $16259 | $12314 | $14774 |
| **12/31/20** | $13440 | $17014 | $12352 | $15204 |
| **1/31/21** | $13305 | $16937 | $12286 | $15130 |
| **2/28/21** | $13419 | $17329 | $12095 | $15246 |
| **3/31/21** | $13653 | $17792 | $12047 | $15466 |
| **4/30/21** | $14029 | $18570 | $12078 | $15888 |
| **5/31/21** | $14217 | $18859 | $12105 | $16050 |
| **6/30/21** | $14312 | $19107 | $12164 | $16209 |
| **7/31/21** | $14416 | $19239 | $12316 | $16356 |
| **8/31/21** | $14636 | $19720 | $12291 | $16589 |
| **9/30/21** | $14197 | $18906 | $12175 | $16115 |
| **10/31/21** | $14521 | $19871 | $12143 | $16592 |
| **11/30/21** | $14364 | $19392 | $12230 | $16399 |
| **12/31/21** | $14782 | $20168 | $12180 | $16766 |
| **1/31/22** | $14144 | $19177 | $11989 | $16167 |
| **2/28/22** | $13716 | $18682 | $11829 | $15830 |
| **3/31/22** | $13768 | $19087 | $11574 | $15899 |
| **4/30/22** | $12890 | $17559 | $11263 | $14965 |
| **5/31/22** | $12911 | $17579 | $11248 | $14967 |
| **6/30/22** | $12032 | $16098 | $11077 | $14119 |
| **7/31/22** | $12682 | $17222 | $11359 | $14855 |
| **8/31/22** | $12315 | $16588 | $11063 | $14372 |
| **9/30/22** | $11487 | $15000 | $10707 | $13362 |
| **10/31/22** | $11822 | $15905 | $10671 | $13827 |
| **11/30/22** | $12431 | $17139 | $10943 | $14611 |
| **12/31/22** | $12064 | $16464 | $10814 | $14198 |
| **1/31/23** | $12630 | $17644 | $11063 | $14939 |
| **2/28/23** | $12210 | $17139 | $10886 | $14587 |
| **3/31/23** | $12467 | $17667 | $11128 | $14986 |
| **4/30/23** | $12561 | $17921 | $11185 | $15146 |
| **5/31/23** | $12393 | $17729 | $11141 | $15025 |
| **6/30/23** | $12778 | $18758 | $11134 | $15545 |
| **7/31/23** | $13063 | $19445 | $11138 | $15888 |
| **8/31/23** | $12757 | $18902 | $11124 | $15614 |
| **9/30/23** | $12274 | $18120 | $10932 | $15119 |
| **10/31/23** | $11936 | $17575 | $10854 | $14803 |
| **11/30/23** | $12846 | $19197 | $11228 | $15826 |
| **12/31/23** | $13438 | $20120 | $11586 | $16485 |
| **1/31/24** | $13470 | $20237 | $11564 | $16530 |
| **2/29/24** | $13766 | $21106 | $11484 | $16910 |
| **3/31/24** | $14118 | $21769 | $11588 | $17290 |
| **4/30/24** | $13617 | $21050 | $11401 | $16836 |
| **5/31/24** | $14097 | $21905 | $11502 | $17306 |
| **6/30/24** | $14321 | $22393 | $11602 | $17597 |
| **7/31/24** | $14502 | $22754 | $11826 | $17903 |
| **8/31/24** | $14726 | $23332 | $11956 | $18255 |
| **9/30/24** | $14940 | $23874 | $12094 | $18594 |
| **10/31/24** | $14652 | $23338 | $11931 | $18243 |
| **11/30/24** | $15014 | $24211 | $12072 | $18739 |
| **12/31/24** | $14812 | $23638 | $11980 | $18415 |
| **1/31/25** | $15239 | $24432 | $12026 | $18815 |
| **2/28/25** | $15388 | $24284 | $12171 | $18837 |
| **3/31/25** | $15059 | $23325 | $12120 | $18359 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.67% | 8.52% | 4.18% |
| Class C (including sales charge) | 5.67% | 8.52% | 4.18% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.19% | 9.26% | 6.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $285901 |
| # of Portfolio Holdings | 995 |
| Portfolio Turnover Rate | 615% |
| Total Net Advisory Fees Paid During the Reporting Period | $2390 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 18.6% |
| Asset-Backed Securities | 9.8% |
| Sovereign Issues | 5.4% |
| U.S. Treasury Obligations | 4.3% |
| Common Stocks | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 71.8% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (17.8%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PGMCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4290TSRAR_033125

# Institutional Class: PGAIX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $95 | 0.91% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 3- and 5-year portion of the U.S. curve, and underweight exposure to the 30-year portion, contributed to relative performance.

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 7-year portion of the curve and underweight exposure to the 10-year portion of the curve, detracted from relative performance.

* Overweight exposure to the Brazilian real ("BRL") detracted from relative performance, as the BRL depreciated against the U.S. dollar.

* Overweight exposure to Brazilian local duration detracted from relative performance, as interest rates rose across all tenors of the Brazilian yield curve.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143iefed1ddb6827a2a13c40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1018261 | $1029017 | $994409 | $1015174 |
| **5/31/15** | $1014783 | $1027675 | $990287 | $1012696 |
| **6/30/15** | $995652 | $1003480 | $978046 | $993384 |
| **7/31/15** | $1006087 | $1012195 | $987733 | $1002495 |
| **8/31/15** | $953043 | $942809 | $985063 | $960179 |
| **9/30/15** | $923478 | $908652 | $990905 | $941585 |
| **10/31/15** | $973043 | $979964 | $994119 | $987145 |
| **11/30/15** | $971304 | $971873 | $994576 | $982436 |
| **12/31/15** | $956522 | $954348 | $991885 | $970743 |
| **1/31/16** | $910435 | $896791 | $1006395 | $941296 |
| **2/29/16** | $888696 | $890617 | $1016068 | $941027 |
| **3/31/16** | $940870 | $956620 | $1024433 | $985970 |
| **4/30/16** | $953043 | $970742 | $1026173 | $995372 |
| **5/31/16** | $956522 | $971968 | $1030511 | $997809 |
| **6/30/16** | $953572 | $966080 | $1050127 | $1001780 |
| **7/31/16** | $987659 | $1007715 | $1056401 | $1030078 |
| **8/31/16** | $992903 | $1011104 | $1055863 | $1031947 |
| **9/30/16** | $996642 | $1017300 | $1055737 | $1035692 |
| **10/31/16** | $986975 | $1000035 | $1045500 | $1021128 |
| **11/30/16** | $981701 | $1007633 | $1028232 | $1019038 |
| **12/31/16** | $1000219 | $1029401 | $1031050 | $1033363 |
| **1/31/17** | $1017022 | $1057548 | $1027295 | $1048811 |
| **2/28/17** | $1034709 | $1087214 | $1036089 | $1070054 |
| **3/31/17** | $1046141 | $1100514 | $1035611 | $1077711 |
| **4/30/17** | $1058584 | $1117665 | $1042634 | $1090712 |
| **5/31/17** | $1071917 | $1142346 | $1048720 | $1107710 |
| **6/30/17** | $1074583 | $1147541 | $1045784 | $1109492 |
| **7/31/17** | $1091471 | $1179610 | $1049222 | $1129555 |
| **8/31/17** | $1095915 | $1184130 | $1058784 | $1136270 |
| **9/30/17** | $1110767 | $1207008 | $1053896 | $1147343 |
| **10/31/17** | $1125065 | $1232071 | $1058341 | $1163573 |
| **11/30/17** | $1139363 | $1255922 | $1059981 | $1177809 |
| **12/31/17** | $1148076 | $1276170 | $1062350 | $1190256 |
| **1/31/18** | $1185866 | $1348167 | $1054766 | $1227147 |
| **2/28/18** | $1146277 | $1291546 | $1052388 | $1195117 |
| **3/31/18** | $1136872 | $1263898 | $1061113 | $1183730 |
| **4/30/18** | $1145931 | $1275968 | $1057165 | $1188751 |
| **5/31/18** | $1144119 | $1277561 | $1061115 | $1191418 |
| **6/30/18** | $1140027 | $1270643 | $1063093 | $1188435 |
| **7/31/18** | $1161071 | $1308960 | $1063384 | $1210069 |
| **8/31/18** | $1160156 | $1319244 | $1066652 | $1217261 |
| **9/30/18** | $1166949 | $1324986 | $1062572 | $1218577 |
| **10/31/18** | $1116372 | $1225693 | $1060496 | $1162833 |
| **11/30/18** | $1124648 | $1243620 | $1065684 | $1175313 |
| **12/31/18** | $1088915 | $1156026 | $1081078 | $1132425 |
| **1/31/19** | $1150080 | $1247305 | $1092528 | $1190882 |
| **2/28/19** | $1163054 | $1280667 | $1093841 | $1210566 |
| **3/31/19** | $1176257 | $1296772 | $1113432 | $1228373 |
| **4/30/19** | $1195892 | $1340558 | $1114096 | $1253552 |
| **5/31/19** | $1155686 | $1261038 | $1130127 | $1216151 |
| **6/30/19** | $1194957 | $1343610 | $1145973 | $1270752 |
| **7/31/19** | $1200567 | $1347548 | $1154991 | $1276986 |
| **8/31/19** | $1179997 | $1315580 | $1181184 | $1270394 |
| **9/30/19** | $1194022 | $1343262 | $1175711 | $1284078 |
| **10/31/19** | $1211788 | $1380026 | $1173681 | $1304278 |
| **11/30/19** | $1226748 | $1413715 | $1172304 | $1322769 |
| **12/31/19** | $1255556 | $1463498 | $1169901 | $1349633 |
| **1/31/20** | $1253655 | $1447332 | $1191013 | $1350431 |
| **2/29/20** | $1185222 | $1330432 | $1205590 | $1291598 |
| **3/31/20** | $1064996 | $1150819 | $1186827 | $1178935 |
| **4/30/20** | $1156704 | $1274100 | $1206040 | $1262345 |
| **5/31/20** | $1205023 | $1329513 | $1209459 | $1296717 |
| **6/30/20** | $1234037 | $1371994 | $1215495 | $1324166 |
| **7/31/20** | $1289945 | $1444554 | $1228777 | $1371973 |
| **8/31/20** | $1337721 | $1532968 | $1219873 | $1418379 |
| **9/30/20** | $1308994 | $1483540 | $1224329 | $1393012 |
| **10/31/20** | $1284928 | $1447478 | $1224418 | $1372735 |
| **11/30/20** | $1389564 | $1625898 | $1231405 | $1477392 |
| **12/31/20** | $1443866 | $1701387 | $1235188 | $1520365 |
| **1/31/21** | $1430994 | $1693650 | $1228563 | $1512954 |
| **2/28/21** | $1444939 | $1732880 | $1209452 | $1524567 |
| **3/31/21** | $1471969 | $1779165 | $1204687 | $1546597 |
| **4/30/21** | $1513158 | $1856954 | $1207836 | $1588786 |
| **5/31/21** | $1535920 | $1885853 | $1210532 | $1605040 |
| **6/30/21** | $1547887 | $1910706 | $1216436 | $1620863 |
| **7/31/21** | $1560913 | $1923871 | $1231555 | $1635621 |
| **8/31/21** | $1585879 | $1972023 | $1229087 | $1658873 |
| **9/30/21** | $1539203 | $1890559 | $1217483 | $1611492 |
| **10/31/21** | $1576109 | $1987061 | $1214299 | $1659160 |
| **11/30/21** | $1560913 | $1939212 | $1222961 | $1639922 |
| **12/31/21** | $1607588 | $2016780 | $1218001 | $1676620 |
| **1/31/22** | $1540289 | $1917731 | $1198865 | $1616678 |
| **2/28/22** | $1494699 | $1868202 | $1182918 | $1583023 |
| **3/31/22** | $1502297 | $1908665 | $1157419 | $1589946 |
| **4/30/22** | $1407861 | $1755892 | $1126312 | $1496496 |
| **5/31/22** | $1411117 | $1757946 | $1124762 | $1496723 |
| **6/30/22** | $1316149 | $1609758 | $1107692 | $1411936 |
| **7/31/22** | $1389268 | $1722172 | $1135906 | $1485481 |
| **8/31/22** | $1351071 | $1658770 | $1106252 | $1437156 |
| **9/30/22** | $1260491 | $1499978 | $1070739 | $1336155 |
| **10/31/22** | $1298687 | $1590496 | $1067074 | $1382705 |
| **11/30/22** | $1367441 | $1713861 | $1094267 | $1461148 |
| **12/31/22** | $1328293 | $1646419 | $1081352 | $1419752 |
| **1/31/23** | $1391911 | $1764429 | $1106259 | $1493890 |
| **2/28/23** | $1346939 | $1713861 | $1088614 | $1458670 |
| **3/31/23** | $1375848 | $1766703 | $1112753 | $1498593 |
| **4/30/23** | $1387965 | $1792095 | $1118482 | $1514602 |
| **5/31/23** | $1371441 | $1772900 | $1114079 | $1502484 |
| **6/30/23** | $1414824 | $1875838 | $1113414 | $1554466 |
| **7/31/23** | $1448036 | $1944507 | $1113774 | $1588811 |
| **8/31/23** | $1415931 | $1890171 | $1112375 | $1561374 |
| **9/30/23** | $1363763 | $1812010 | $1093192 | $1511865 |
| **10/31/23** | $1326995 | $1757529 | $1085430 | $1480297 |
| **11/30/23** | $1430614 | $1919742 | $1122750 | $1582631 |
| **12/31/23** | $1497352 | $2011955 | $1158631 | $1648475 |
| **1/31/24** | $1502939 | $2023748 | $1156360 | $1652980 |
| **2/29/24** | $1536462 | $2110595 | $1148426 | $1691004 |
| **3/31/24** | $1577582 | $2176861 | $1158782 | $1728960 |
| **4/30/24** | $1522248 | $2105039 | $1140124 | $1683598 |
| **5/31/24** | $1578711 | $2190534 | $1150213 | $1730583 |
| **6/30/24** | $1604684 | $2239321 | $1160193 | $1759716 |
| **7/31/24** | $1627269 | $2275436 | $1182607 | $1790342 |
| **8/31/24** | $1653243 | $2333224 | $1195560 | $1825467 |
| **9/30/24** | $1679216 | $2387427 | $1209433 | $1859384 |
| **10/31/24** | $1648725 | $2333837 | $1193067 | $1824278 |
| **11/30/24** | $1690508 | $2421131 | $1207238 | $1873886 |
| **12/31/24** | $1671059 | $2363818 | $1197974 | $1841519 |
| **1/31/25** | $1721111 | $2443163 | $1202615 | $1881461 |
| **2/28/25** | $1738174 | $2428445 | $1217096 | $1883722 |
| **3/31/25** | $1702826 | $2332509 | $1212017 | $1835928 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.94% | 9.84% | 5.47% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.19% | 9.26% | 6.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $285901 |
| # of Portfolio Holdings | 995 |
| Portfolio Turnover Rate | 615% |
| Total Net Advisory Fees Paid During the Reporting Period | $2390 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 18.6% |
| Asset-Backed Securities | 9.8% |
| Sovereign Issues | 5.4% |
| U.S. Treasury Obligations | 4.3% |
| Common Stocks | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 71.8% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (17.8%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PGAIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1828TSRAR_033125

# I-2: PGAPX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $105 | 1.01% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 3- and 5-year portion of the U.S. curve, and underweight exposure to the 30-year portion, contributed to relative performance.

* Overweight exposure to securitized credit, particularly residential mortgage-backed securities, contributed to relative performance, as these securities posted positive returns.

* Overweight exposure to the 7-year portion of the curve and underweight exposure to the 10-year portion of the curve, detracted from relative performance.

* Overweight exposure to the Brazilian real ("BRL") detracted from relative performance, as the BRL depreciated against the U.S. dollar.

* Overweight exposure to Brazilian local duration detracted from relative performance, as interest rates rose across all tenors of the Brazilian yield curve.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i243a33caed289ad61f78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1017391 | $1029017 | $994409 | $1015174 |
| **5/31/15** | $1014783 | $1027675 | $990287 | $1012696 |
| **6/30/15** | $995652 | $1003480 | $978046 | $993384 |
| **7/31/15** | $1005217 | $1012195 | $987733 | $1002495 |
| **8/31/15** | $952174 | $942809 | $985063 | $960179 |
| **9/30/15** | $922609 | $908652 | $990905 | $941585 |
| **10/31/15** | $972174 | $979964 | $994119 | $987145 |
| **11/30/15** | $970435 | $971873 | $994576 | $982436 |
| **12/31/15** | $954783 | $954348 | $991885 | $970743 |
| **1/31/16** | $909565 | $896791 | $1006395 | $941296 |
| **2/29/16** | $887826 | $890617 | $1016068 | $941027 |
| **3/31/16** | $939130 | $956620 | $1024433 | $985970 |
| **4/30/16** | $951304 | $970742 | $1026173 | $995372 |
| **5/31/16** | $954783 | $971968 | $1030511 | $997809 |
| **6/30/16** | $951623 | $966080 | $1050127 | $1001780 |
| **7/31/16** | $985703 | $1007715 | $1056401 | $1030078 |
| **8/31/16** | $990946 | $1011104 | $1055863 | $1031947 |
| **9/30/16** | $994414 | $1017300 | $1055737 | $1035692 |
| **10/31/16** | $984751 | $1000035 | $1045500 | $1021128 |
| **11/30/16** | $980358 | $1007633 | $1028232 | $1019038 |
| **12/31/16** | $997677 | $1029401 | $1031050 | $1033363 |
| **1/31/17** | $1014467 | $1057548 | $1027295 | $1048811 |
| **2/28/17** | $1033024 | $1087214 | $1036089 | $1070054 |
| **3/31/17** | $1043357 | $1100514 | $1035611 | $1077711 |
| **4/30/17** | $1055788 | $1117665 | $1042634 | $1090712 |
| **5/31/17** | $1069108 | $1142346 | $1048720 | $1107710 |
| **6/30/17** | $1071772 | $1147541 | $1045784 | $1109492 |
| **7/31/17** | $1087755 | $1179610 | $1049222 | $1129555 |
| **8/31/17** | $1093083 | $1184130 | $1058784 | $1136270 |
| **9/30/17** | $1107454 | $1207008 | $1053896 | $1147343 |
| **10/31/17** | $1121733 | $1232071 | $1058341 | $1163573 |
| **11/30/17** | $1136011 | $1255922 | $1059981 | $1177809 |
| **12/31/17** | $1144412 | $1276170 | $1062350 | $1190256 |
| **1/31/18** | $1182140 | $1348167 | $1054766 | $1227147 |
| **2/28/18** | $1141717 | $1291546 | $1052388 | $1195117 |
| **3/31/18** | $1132981 | $1263898 | $1061113 | $1183730 |
| **4/30/18** | $1142023 | $1275968 | $1057165 | $1188751 |
| **5/31/18** | $1140215 | $1277561 | $1061115 | $1191418 |
| **6/30/18** | $1135929 | $1270643 | $1063093 | $1188435 |
| **7/31/18** | $1156931 | $1308960 | $1063384 | $1210069 |
| **8/31/18** | $1155105 | $1319244 | $1066652 | $1217261 |
| **9/30/18** | $1162502 | $1324986 | $1062572 | $1218577 |
| **10/31/18** | $1112038 | $1225693 | $1060496 | $1162833 |
| **11/30/18** | $1120295 | $1243620 | $1065684 | $1175313 |
| **12/31/18** | $1084293 | $1156026 | $1081078 | $1132425 |
| **1/31/19** | $1145302 | $1247305 | $1092528 | $1190882 |
| **2/28/19** | $1158244 | $1280667 | $1093841 | $1210566 |
| **3/31/19** | $1171162 | $1296772 | $1113432 | $1228373 |
| **4/30/19** | $1190743 | $1340558 | $1114096 | $1253552 |
| **5/31/19** | $1150648 | $1261038 | $1130127 | $1216151 |
| **6/30/19** | $1188878 | $1343610 | $1145973 | $1270752 |
| **7/31/19** | $1194473 | $1347548 | $1154991 | $1276986 |
| **8/31/19** | $1173959 | $1315580 | $1181184 | $1270394 |
| **9/30/19** | $1187946 | $1343262 | $1175711 | $1284078 |
| **10/31/19** | $1205662 | $1380026 | $1173681 | $1304278 |
| **11/30/19** | $1220582 | $1413715 | $1172304 | $1322769 |
| **12/31/19** | $1249391 | $1463498 | $1169901 | $1349633 |
| **1/31/20** | $1246550 | $1447332 | $1191013 | $1350431 |
| **2/29/20** | $1178349 | $1330432 | $1205590 | $1291598 |
| **3/31/20** | $1059217 | $1150819 | $1186827 | $1178935 |
| **4/30/20** | $1149614 | $1274100 | $1206040 | $1262345 |
| **5/31/20** | $1198743 | $1329513 | $1209459 | $1296717 |
| **6/30/20** | $1226432 | $1371994 | $1215495 | $1324166 |
| **7/31/20** | $1282133 | $1444554 | $1228777 | $1371973 |
| **8/31/20** | $1329731 | $1532968 | $1219873 | $1418379 |
| **9/30/20** | $1301834 | $1483540 | $1224329 | $1393012 |
| **10/31/20** | $1276819 | $1447478 | $1224418 | $1372735 |
| **11/30/20** | $1381049 | $1625898 | $1231405 | $1477392 |
| **12/31/20** | $1434726 | $1701387 | $1235188 | $1520365 |
| **1/31/21** | $1421907 | $1693650 | $1228563 | $1512954 |
| **2/28/21** | $1435795 | $1732880 | $1209452 | $1524567 |
| **3/31/21** | $1462406 | $1779165 | $1204687 | $1546597 |
| **4/30/21** | $1503418 | $1856954 | $1207836 | $1588786 |
| **5/31/21** | $1526083 | $1885853 | $1210532 | $1605040 |
| **6/30/21** | $1537740 | $1910706 | $1216436 | $1620863 |
| **7/31/21** | $1550708 | $1923871 | $1231555 | $1635621 |
| **8/31/21** | $1574482 | $1972023 | $1229087 | $1658873 |
| **9/30/21** | $1529095 | $1890559 | $1217483 | $1611492 |
| **10/31/21** | $1565837 | $1987061 | $1214299 | $1659160 |
| **11/30/21** | $1549627 | $1939212 | $1222961 | $1639922 |
| **12/31/21** | $1596095 | $2016780 | $1218001 | $1676620 |
| **1/31/22** | $1529095 | $1917731 | $1198865 | $1616678 |
| **2/28/22** | $1483709 | $1868202 | $1182918 | $1583023 |
| **3/31/22** | $1491273 | $1908665 | $1157419 | $1589946 |
| **4/30/22** | $1397258 | $1755892 | $1126312 | $1496496 |
| **5/31/22** | $1400500 | $1757946 | $1124762 | $1496723 |
| **6/30/22** | $1306799 | $1609758 | $1107692 | $1411936 |
| **7/31/22** | $1378494 | $1722172 | $1135906 | $1485481 |
| **8/31/22** | $1340474 | $1658770 | $1106252 | $1437156 |
| **9/30/22** | $1250313 | $1499978 | $1070739 | $1336155 |
| **10/31/22** | $1288333 | $1590496 | $1067074 | $1382705 |
| **11/30/22** | $1355682 | $1713861 | $1094267 | $1461148 |
| **12/31/22** | $1317003 | $1646419 | $1081352 | $1419752 |
| **1/31/23** | $1380289 | $1764429 | $1106259 | $1493890 |
| **2/28/23** | $1335552 | $1713861 | $1088614 | $1458670 |
| **3/31/23** | $1365120 | $1766703 | $1112753 | $1498593 |
| **4/30/23** | $1376076 | $1792095 | $1118482 | $1514602 |
| **5/31/23** | $1359642 | $1772900 | $1114079 | $1502484 |
| **6/30/23** | $1402538 | $1875838 | $1113414 | $1554466 |
| **7/31/23** | $1435565 | $1944507 | $1113774 | $1588811 |
| **8/31/23** | $1403639 | $1890171 | $1112375 | $1561374 |
| **9/30/23** | $1351424 | $1812010 | $1093192 | $1511865 |
| **10/31/23** | $1314869 | $1757529 | $1085430 | $1480297 |
| **11/30/23** | $1416780 | $1919742 | $1122750 | $1582631 |
| **12/31/23** | $1482711 | $2011955 | $1158631 | $1648475 |
| **1/31/24** | $1489375 | $2023748 | $1156360 | $1652980 |
| **2/29/24** | $1522694 | $2110595 | $1148426 | $1691004 |
| **3/31/24** | $1562121 | $2176861 | $1158782 | $1728960 |
| **4/30/24** | $1508254 | $2105039 | $1140124 | $1683598 |
| **5/31/24** | $1563243 | $2190534 | $1150213 | $1730583 |
| **6/30/24** | $1589054 | $2239321 | $1160193 | $1759716 |
| **7/31/24** | $1611498 | $2275436 | $1182607 | $1790342 |
| **8/31/24** | $1637309 | $2333224 | $1195560 | $1825467 |
| **9/30/24** | $1663120 | $2387427 | $1209433 | $1859384 |
| **10/31/24** | $1632820 | $2333837 | $1193067 | $1824278 |
| **11/30/24** | $1674342 | $2421131 | $1207238 | $1873886 |
| **12/31/24** | $1653798 | $2363818 | $1197974 | $1841519 |
| **1/31/25** | $1703502 | $2443163 | $1202615 | $1881461 |
| **2/28/25** | $1720447 | $2428445 | $1217096 | $1883722 |
| **3/31/25** | $1684980 | $2332509 | $1212017 | $1835928 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.86% | 9.73% | 5.36% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| Bloomberg Global Aggregate (USD Hedged) Index | 4.59% | 0.42% | 1.94% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.19% | 9.26% | 6.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate USD Hedged Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $285901 |
| # of Portfolio Holdings | 995 |
| Portfolio Turnover Rate | 615% |
| Total Net Advisory Fees Paid During the Reporting Period | $2390 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 18.6% |
| Asset-Backed Securities | 9.8% |
| Sovereign Issues | 5.4% |
| U.S. Treasury Obligations | 4.3% |
| Common Stocks | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 71.8% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (17.8%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PGAPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1933TSRAR_033125

# Class A: PYMAX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $86 | 0.85% |

---

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

* A tactical allocation to taxable municipals contributed to performance, as select taxable municipal holdings outperformed the broader high yield municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Security selection within the lease-backed sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the healthcare sector detracted from performance, as the sector outperformed the broader high yield municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader high yield municipal market.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i0d10833900994bfff193.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9775 | $9948 | $9959 |
| **5/31/15** | $9719 | $9920 | $10071 |
| **6/30/15** | $9691 | $9911 | $9700 |
| **7/31/15** | $9728 | $9983 | $9648 |
| **8/31/15** | $9749 | $10002 | $9687 |
| **9/30/15** | $9886 | $10075 | $9893 |
| **10/31/15** | $9997 | $10115 | $10013 |
| **11/30/15** | $10074 | $10155 | $10054 |
| **12/31/15** | $10184 | $10226 | $10069 |
| **1/31/16** | $10317 | $10348 | $10126 |
| **2/29/16** | $10361 | $10365 | $10237 |
| **3/31/16** | $10474 | $10398 | $10345 |
| **4/30/16** | $10598 | $10474 | $10408 |
| **5/31/16** | $10687 | $10502 | $10545 |
| **6/30/16** | $10931 | $10669 | $10873 |
| **7/31/16** | $10952 | $10676 | $10944 |
| **8/31/16** | $11009 | $10690 | $10984 |
| **9/30/16** | $10984 | $10637 | $11013 |
| **10/31/16** | $10812 | $10525 | $10876 |
| **11/30/16** | $10275 | $10133 | $10229 |
| **12/31/16** | $10383 | $10252 | $10370 |
| **1/31/17** | $10453 | $10319 | $10516 |
| **2/28/17** | $10608 | $10391 | $10766 |
| **3/31/17** | $10706 | $10414 | $10791 |
| **4/30/17** | $10837 | $10489 | $10864 |
| **5/31/17** | $11009 | $10656 | $11030 |
| **6/30/17** | $11013 | $10617 | $11006 |
| **7/31/17** | $11073 | $10703 | $11078 |
| **8/31/17** | $11219 | $10785 | $11231 |
| **9/30/17** | $11182 | $10730 | $11171 |
| **10/31/17** | $11168 | $10756 | $11201 |
| **11/30/17** | $11192 | $10699 | $11230 |
| **12/31/17** | $11368 | $10810 | $11375 |
| **1/31/18** | $11304 | $10683 | $11269 |
| **2/28/18** | $11279 | $10651 | $11277 |
| **3/31/18** | $11344 | $10691 | $11442 |
| **4/30/18** | $11367 | $10652 | $11493 |
| **5/31/18** | $11543 | $10774 | $11733 |
| **6/30/18** | $11581 | $10784 | $11792 |
| **7/31/18** | $11655 | $10810 | $11833 |
| **8/31/18** | $11694 | $10837 | $11928 |
| **9/30/18** | $11637 | $10767 | $11881 |
| **10/31/18** | $11480 | $10701 | $11732 |
| **11/30/18** | $11493 | $10819 | $11815 |
| **12/31/18** | $11588 | $10949 | $11916 |
| **1/31/19** | $11650 | $11032 | $11996 |
| **2/28/19** | $11767 | $11091 | $12061 |
| **3/31/19** | $12028 | $11266 | $12373 |
| **4/30/19** | $12119 | $11308 | $12443 |
| **5/31/19** | $12319 | $11464 | $12644 |
| **6/30/19** | $12354 | $11507 | $12710 |
| **7/31/19** | $12442 | $11599 | $12790 |
| **8/31/19** | $12732 | $11782 | $13098 |
| **9/30/19** | $12684 | $11688 | $13071 |
| **10/31/19** | $12666 | $11709 | $13099 |
| **11/30/19** | $12702 | $11738 | $13150 |
| **12/31/19** | $12755 | $11774 | $13189 |
| **1/31/20** | $13021 | $11986 | $13514 |
| **2/29/20** | $13337 | $12140 | $13799 |
| **3/31/20** | $12308 | $11700 | $12281 |
| **4/30/20** | $11944 | $11553 | $11867 |
| **5/31/20** | $12344 | $11920 | $12351 |
| **6/30/20** | $12731 | $12019 | $12840 |
| **7/31/20** | $13008 | $12221 | $13189 |
| **8/31/20** | $12993 | $12164 | $13224 |
| **9/30/20** | $12969 | $12166 | $13237 |
| **10/31/20** | $12944 | $12130 | $13261 |
| **11/30/20** | $13263 | $12313 | $13579 |
| **12/31/20** | $13506 | $12388 | $13834 |
| **1/31/21** | $13711 | $12467 | $14122 |
| **2/28/21** | $13511 | $12269 | $13974 |
| **3/31/21** | $13609 | $12344 | $14126 |
| **4/30/21** | $13793 | $12448 | $14332 |
| **5/31/21** | $13933 | $12485 | $14497 |
| **6/30/21** | $14105 | $12519 | $14681 |
| **7/31/21** | $14264 | $12623 | $14857 |
| **8/31/21** | $14209 | $12577 | $14834 |
| **9/30/21** | $14098 | $12486 | $14737 |
| **10/31/21** | $14030 | $12449 | $14677 |
| **11/30/21** | $14218 | $12555 | $14870 |
| **12/31/21** | $14208 | $12576 | $14908 |
| **1/31/22** | $13845 | $12231 | $14491 |
| **2/28/22** | $13733 | $12188 | $14457 |
| **3/31/22** | $13243 | $11793 | $13935 |
| **4/30/22** | $12800 | $11466 | $13440 |
| **5/31/22** | $12970 | $11637 | $13588 |
| **6/30/22** | $12554 | $11446 | $13154 |
| **7/31/22** | $12993 | $11749 | $13645 |
| **8/31/22** | $12695 | $11491 | $13341 |
| **9/30/22** | $11999 | $11050 | $12519 |
| **10/31/22** | $11743 | $10958 | $12262 |
| **11/30/22** | $12385 | $11471 | $12976 |
| **12/31/22** | $12326 | $11504 | $12955 |
| **1/31/23** | $12776 | $11834 | $13530 |
| **2/28/23** | $12459 | $11566 | $13105 |
| **3/31/23** | $12646 | $11823 | $13309 |
| **4/30/23** | $12751 | $11796 | $13386 |
| **5/31/23** | $12691 | $11694 | $13293 |
| **6/30/23** | $12865 | $11811 | $13529 |
| **7/31/23** | $12879 | $11858 | $13617 |
| **8/31/23** | $12758 | $11687 | $13411 |
| **9/30/23** | $12374 | $11344 | $12955 |
| **10/31/23** | $12125 | $11248 | $12747 |
| **11/30/23** | $12974 | $11962 | $13735 |
| **12/31/23** | $13387 | $12240 | $14148 |
| **1/31/24** | $13435 | $12177 | $14082 |
| **2/29/24** | $13516 | $12193 | $14193 |
| **3/31/24** | $13565 | $12193 | $14362 |
| **4/30/24** | $13391 | $12042 | $14273 |
| **5/31/24** | $13475 | $12006 | $14382 |
| **6/30/24** | $13730 | $12190 | $14734 |
| **7/31/24** | $13891 | $12301 | $14895 |
| **8/31/24** | $13992 | $12398 | $15071 |
| **9/30/24** | $14186 | $12521 | $15206 |
| **10/31/24** | $13989 | $12338 | $14975 |
| **11/30/24** | $14218 | $12552 | $15296 |
| **12/31/24** | $13953 | $12369 | $15042 |
| **1/31/25** | $14034 | $12431 | $15156 |
| **2/28/25** | $14228 | $12554 | $15345 |
| **3/31/25** | $13973 | $12341 | $15165 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 3.00% | 2.57% | 3.64% |
| Class A (including sales charge) | 0.69% | 2.10% | 3.40% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 5.59% | 4.31% | 4.25% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $5567647 |
| # of Portfolio Holdings | 909 |
| Portfolio Turnover Rate | 21% |
| Total Net Advisory Fees Paid During the Reporting Period | $15035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.5% |
| Local or Guaranteed Housing | 10.9% |
| Port, Airport & Marina Revenue | 8.0% |
| Electric Power & Light Revenue | 5.9% |
| Ad Valorem Property Tax | 5.9% |
| Industrial Revenue | 5.8% |
| Natural Gas Revenue | 5.3% |
| Tobacco Settlement Funded | 4.9% |
| Water Revenue | 4.9% |
| Sales Tax Revenue | 4.3% |
| U.S. Government Agencies | 3.6% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 24.5% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PYMAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4025TSRAR_033125

# Class C: PYMCX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $162 | 1.60% |

---

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

* A tactical allocation to taxable municipals contributed to performance, as select taxable municipal holdings outperformed the broader high yield municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Security selection within the lease-backed sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the healthcare sector detracted from performance, as the sector outperformed the broader high yield municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader high yield municipal market.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i8c8a16670c6296f786c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9994 | $9948 | $9959 |
| **5/31/15** | $9930 | $9920 | $10071 |
| **6/30/15** | $9896 | $9911 | $9700 |
| **7/31/15** | $9927 | $9983 | $9648 |
| **8/31/15** | $9942 | $10002 | $9687 |
| **9/30/15** | $10075 | $10075 | $9893 |
| **10/31/15** | $10183 | $10115 | $10013 |
| **11/30/15** | $10254 | $10155 | $10054 |
| **12/31/15** | $10359 | $10226 | $10069 |
| **1/31/16** | $10489 | $10348 | $10126 |
| **2/29/16** | $10527 | $10365 | $10237 |
| **3/31/16** | $10635 | $10398 | $10345 |
| **4/30/16** | $10755 | $10474 | $10408 |
| **5/31/16** | $10838 | $10502 | $10545 |
| **6/30/16** | $11079 | $10669 | $10873 |
| **7/31/16** | $11093 | $10676 | $10944 |
| **8/31/16** | $11144 | $10690 | $10984 |
| **9/30/16** | $11111 | $10637 | $11013 |
| **10/31/16** | $10931 | $10525 | $10876 |
| **11/30/16** | $10381 | $10133 | $10229 |
| **12/31/16** | $10483 | $10252 | $10370 |
| **1/31/17** | $10547 | $10319 | $10516 |
| **2/28/17** | $10698 | $10391 | $10766 |
| **3/31/17** | $10789 | $10414 | $10791 |
| **4/30/17** | $10915 | $10489 | $10864 |
| **5/31/17** | $11081 | $10656 | $11030 |
| **6/30/17** | $11078 | $10617 | $11006 |
| **7/31/17** | $11132 | $10703 | $11078 |
| **8/31/17** | $11272 | $10785 | $11231 |
| **9/30/17** | $11227 | $10730 | $11171 |
| **10/31/17** | $11206 | $10756 | $11201 |
| **11/30/17** | $11224 | $10699 | $11230 |
| **12/31/17** | $11392 | $10810 | $11375 |
| **1/31/18** | $11321 | $10683 | $11269 |
| **2/28/18** | $11290 | $10651 | $11277 |
| **3/31/18** | $11347 | $10691 | $11442 |
| **4/30/18** | $11364 | $10652 | $11493 |
| **5/31/18** | $11532 | $10774 | $11733 |
| **6/30/18** | $11563 | $10784 | $11792 |
| **7/31/18** | $11630 | $10810 | $11833 |
| **8/31/18** | $11661 | $10837 | $11928 |
| **9/30/18** | $11597 | $10767 | $11881 |
| **10/31/18** | $11433 | $10701 | $11732 |
| **11/30/18** | $11439 | $10819 | $11815 |
| **12/31/18** | $11526 | $10949 | $11916 |
| **1/31/19** | $11582 | $11032 | $11996 |
| **2/28/19** | $11690 | $11091 | $12061 |
| **3/31/19** | $11943 | $11266 | $12373 |
| **4/30/19** | $12026 | $11308 | $12443 |
| **5/31/19** | $12216 | $11464 | $12644 |
| **6/30/19** | $12244 | $11507 | $12710 |
| **7/31/19** | $12323 | $11599 | $12790 |
| **8/31/19** | $12602 | $11782 | $13098 |
| **9/30/19** | $12547 | $11688 | $13071 |
| **10/31/19** | $12521 | $11709 | $13099 |
| **11/30/19** | $12549 | $11738 | $13150 |
| **12/31/19** | $12594 | $11774 | $13189 |
| **1/31/20** | $12847 | $11986 | $13514 |
| **2/29/20** | $13152 | $12140 | $13799 |
| **3/31/20** | $12129 | $11700 | $12281 |
| **4/30/20** | $11764 | $11553 | $11867 |
| **5/31/20** | $12150 | $11920 | $12351 |
| **6/30/20** | $12523 | $12019 | $12840 |
| **7/31/20** | $12788 | $12221 | $13189 |
| **8/31/20** | $12765 | $12164 | $13224 |
| **9/30/20** | $12733 | $12166 | $13237 |
| **10/31/20** | $12700 | $12130 | $13261 |
| **11/30/20** | $13006 | $12313 | $13579 |
| **12/31/20** | $13235 | $12388 | $13834 |
| **1/31/21** | $13428 | $12467 | $14122 |
| **2/28/21** | $13225 | $12269 | $13974 |
| **3/31/21** | $13312 | $12344 | $14126 |
| **4/30/21** | $13483 | $12448 | $14332 |
| **5/31/21** | $13612 | $12485 | $14497 |
| **6/30/21** | $13772 | $12519 | $14681 |
| **7/31/21** | $13918 | $12623 | $14857 |
| **8/31/21** | $13855 | $12577 | $14834 |
| **9/30/21** | $13738 | $12486 | $14737 |
| **10/31/21** | $13663 | $12449 | $14677 |
| **11/30/21** | $13838 | $12555 | $14870 |
| **12/31/21** | $13819 | $12576 | $14908 |
| **1/31/22** | $13458 | $12231 | $14491 |
| **2/28/22** | $13341 | $12188 | $14457 |
| **3/31/22** | $12857 | $11793 | $13935 |
| **4/30/22** | $12419 | $11466 | $13440 |
| **5/31/22** | $12576 | $11637 | $13588 |
| **6/30/22** | $12165 | $11446 | $13154 |
| **7/31/22** | $12582 | $11749 | $13645 |
| **8/31/22** | $12286 | $11491 | $13341 |
| **9/30/22** | $11605 | $11050 | $12519 |
| **10/31/22** | $11350 | $10958 | $12262 |
| **11/30/22** | $11964 | $11471 | $12976 |
| **12/31/22** | $11898 | $11504 | $12955 |
| **1/31/23** | $12326 | $11834 | $13530 |
| **2/28/23** | $12013 | $11566 | $13105 |
| **3/31/23** | $12185 | $11823 | $13309 |
| **4/30/23** | $12279 | $11796 | $13386 |
| **5/31/23** | $12213 | $11694 | $13293 |
| **6/30/23** | $12373 | $11811 | $13529 |
| **7/31/23** | $12379 | $11858 | $13617 |
| **8/31/23** | $12255 | $11687 | $13411 |
| **9/30/23** | $11878 | $11344 | $12955 |
| **10/31/23** | $11632 | $11248 | $12747 |
| **11/30/23** | $12439 | $11962 | $13735 |
| **12/31/23** | $12827 | $12240 | $14148 |
| **1/31/24** | $12865 | $12177 | $14082 |
| **2/29/24** | $12935 | $12193 | $14193 |
| **3/31/24** | $12974 | $12193 | $14362 |
| **4/30/24** | $12799 | $12042 | $14273 |
| **5/31/24** | $12871 | $12006 | $14382 |
| **6/30/24** | $13106 | $12190 | $14734 |
| **7/31/24** | $13252 | $12301 | $14895 |
| **8/31/24** | $13340 | $12398 | $15071 |
| **9/30/24** | $13516 | $12521 | $15206 |
| **10/31/24** | $13321 | $12338 | $14975 |
| **11/30/24** | $13530 | $12552 | $15296 |
| **12/31/24** | $13269 | $12369 | $15042 |
| **1/31/25** | $13337 | $12431 | $15156 |
| **2/28/25** | $13514 | $12554 | $15345 |
| **3/31/25** | $13264 | $12341 | $15165 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 2.24% | 1.80% | 2.86% |
| Class C (including sales charge) | 1.25% | 1.80% | 2.86% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 5.59% | 4.31% | 4.25% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $5567647 |
| # of Portfolio Holdings | 909 |
| Portfolio Turnover Rate | 21% |
| Total Net Advisory Fees Paid During the Reporting Period | $15035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.5% |
| Local or Guaranteed Housing | 10.9% |
| Port, Airport & Marina Revenue | 8.0% |
| Electric Power & Light Revenue | 5.9% |
| Ad Valorem Property Tax | 5.9% |
| Industrial Revenue | 5.8% |
| Natural Gas Revenue | 5.3% |
| Tobacco Settlement Funded | 4.9% |
| Water Revenue | 4.9% |
| Sales Tax Revenue | 4.3% |
| U.S. Government Agencies | 3.6% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 24.5% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PYMCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4225TSRAR_033125

# I-3: PYMNX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $71 | 0.70% |

---

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

* A tactical allocation to taxable municipals contributed to performance, as select taxable municipal holdings outperformed the broader high yield municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Security selection within the lease-backed sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the healthcare sector detracted from performance, as the sector outperformed the broader high yield municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader high yield municipal market.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ie5884e50bcaa59db153d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000137 | $994753 | $995908 |
| **5/31/15** | $994515 | $992005 | $1007145 |
| **6/30/15** | $991806 | $991101 | $970001 |
| **7/31/15** | $995707 | $998280 | $964754 |
| **8/31/15** | $997937 | $1000240 | $968747 |
| **9/30/15** | $1012074 | $1007486 | $989308 |
| **10/31/15** | $1023644 | $1011492 | $1001342 |
| **11/30/15** | $1031571 | $1015513 | $1005358 |
| **12/31/15** | $1043036 | $1022648 | $1006915 |
| **1/31/16** | $1056799 | $1034850 | $1012617 |
| **2/29/16** | $1061394 | $1036478 | $1023747 |
| **3/31/16** | $1073101 | $1039761 | $1034512 |
| **4/30/16** | $1085974 | $1047406 | $1040836 |
| **5/31/16** | $1095208 | $1050239 | $1054525 |
| **6/30/16** | $1120335 | $1066947 | $1087304 |
| **7/31/16** | $1122623 | $1067598 | $1094409 |
| **8/31/16** | $1128692 | $1069039 | $1098365 |
| **9/30/16** | $1126204 | $1063703 | $1101277 |
| **10/31/16** | $1108767 | $1052544 | $1087612 |
| **11/30/16** | $1053724 | $1013289 | $1022886 |
| **12/31/16** | $1064944 | $1025185 | $1037017 |
| **1/31/17** | $1072257 | $1031944 | $1051568 |
| **2/28/17** | $1088265 | $1039109 | $1076641 |
| **3/31/17** | $1098484 | $1041365 | $1079079 |
| **4/30/17** | $1112068 | $1048921 | $1086391 |
| **5/31/17** | $1129847 | $1065568 | $1103019 |
| **6/30/17** | $1130418 | $1061747 | $1100597 |
| **7/31/17** | $1136741 | $1070337 | $1107811 |
| **8/31/17** | $1151919 | $1078482 | $1123082 |
| **9/30/17** | $1148225 | $1072999 | $1117063 |
| **10/31/17** | $1146901 | $1075618 | $1120133 |
| **11/30/17** | $1149571 | $1069859 | $1122956 |
| **12/31/17** | $1167721 | $1081041 | $1137537 |
| **1/31/18** | $1161291 | $1068314 | $1126885 |
| **2/28/18** | $1158894 | $1065122 | $1127678 |
| **3/31/18** | $1165674 | $1069053 | $1144191 |
| **4/30/18** | $1168217 | $1065238 | $1149310 |
| **5/31/18** | $1186439 | $1077436 | $1173337 |
| **6/30/18** | $1190542 | $1078356 | $1179201 |
| **7/31/18** | $1198258 | $1080972 | $1183349 |
| **8/31/18** | $1202506 | $1083748 | $1192829 |
| **9/30/18** | $1196708 | $1076732 | $1188111 |
| **10/31/18** | $1180711 | $1070102 | $1173248 |
| **11/30/18** | $1182268 | $1081946 | $1181478 |
| **12/31/18** | $1192122 | $1094900 | $1191648 |
| **1/31/19** | $1198717 | $1103177 | $1199631 |
| **2/28/19** | $1210810 | $1109084 | $1206130 |
| **3/31/19** | $1237852 | $1126616 | $1237274 |
| **4/30/19** | $1247386 | $1130850 | $1244256 |
| **5/31/19** | $1268179 | $1146440 | $1264422 |
| **6/30/19** | $1271894 | $1150673 | $1271037 |
| **7/31/19** | $1281085 | $1159947 | $1279011 |
| **8/31/19** | $1311139 | $1178243 | $1309788 |
| **9/30/19** | $1306357 | $1168798 | $1307107 |
| **10/31/19** | $1304617 | $1170893 | $1309912 |
| **11/30/19** | $1308532 | $1173821 | $1314972 |
| **12/31/19** | $1314198 | $1177405 | $1318883 |
| **1/31/20** | $1341693 | $1198559 | $1351384 |
| **2/29/20** | $1374487 | $1214015 | $1379864 |
| **3/31/20** | $1268537 | $1169979 | $1228130 |
| **4/30/20** | $1231196 | $1155296 | $1186688 |
| **5/31/20** | $1272635 | $1192047 | $1235130 |
| **6/30/20** | $1312649 | $1201858 | $1284028 |
| **7/31/20** | $1341440 | $1222100 | $1318926 |
| **8/31/20** | $1340016 | $1216366 | $1322390 |
| **9/30/20** | $1337646 | $1216624 | $1323707 |
| **10/31/20** | $1335278 | $1212970 | $1326055 |
| **11/30/20** | $1368342 | $1231274 | $1357915 |
| **12/31/20** | $1393688 | $1238775 | $1383359 |
| **1/31/21** | $1414899 | $1246669 | $1412225 |
| **2/28/21** | $1394516 | $1226861 | $1397432 |
| **3/31/21** | $1404729 | $1234427 | $1412553 |
| **4/30/21** | $1423946 | $1244781 | $1433244 |
| **5/31/21** | $1438570 | $1248495 | $1449697 |
| **6/30/21** | $1456522 | $1251923 | $1468103 |
| **7/31/21** | $1473152 | $1262306 | $1485717 |
| **8/31/21** | $1467624 | $1257674 | $1483388 |
| **9/30/21** | $1456337 | $1248597 | $1473713 |
| **10/31/21** | $1449503 | $1244947 | $1467689 |
| **11/30/21** | $1469166 | $1255545 | $1486975 |
| **12/31/21** | $1468263 | $1257570 | $1490814 |
| **1/31/22** | $1431025 | $1223147 | $1449102 |
| **2/28/22** | $1419557 | $1218765 | $1445735 |
| **3/31/22** | $1369105 | $1179256 | $1393494 |
| **4/30/22** | $1323511 | $1146639 | $1343998 |
| **5/31/22** | $1341250 | $1163672 | $1358770 |
| **6/30/22** | $1298387 | $1144613 | $1315373 |
| **7/31/22** | $1343916 | $1174856 | $1364462 |
| **8/31/22** | $1313258 | $1149107 | $1334104 |
| **9/30/22** | $1241464 | $1105003 | $1251904 |
| **10/31/22** | $1215127 | $1095814 | $1226226 |
| **11/30/22** | $1281736 | $1147069 | $1297620 |
| **12/31/22** | $1275763 | $1150353 | $1295493 |
| **1/31/23** | $1322564 | $1183397 | $1353020 |
| **2/28/23** | $1289868 | $1156638 | $1310548 |
| **3/31/23** | $1309408 | $1182301 | $1330913 |
| **4/30/23** | $1320393 | $1179600 | $1338580 |
| **5/31/23** | $1314375 | $1169378 | $1329325 |
| **6/30/23** | $1332604 | $1181092 | $1352914 |
| **7/31/23** | $1334199 | $1185764 | $1361732 |
| **8/31/23** | $1321839 | $1168693 | $1341082 |
| **9/30/23** | $1282156 | $1134441 | $1295489 |
| **10/31/23** | $1256594 | $1124787 | $1274737 |
| **11/30/23** | $1344685 | $1196190 | $1373549 |
| **12/31/23** | $1387687 | $1223991 | $1414804 |
| **1/31/24** | $1392819 | $1217740 | $1408237 |
| **2/29/24** | $1401377 | $1219304 | $1419302 |
| **3/31/24** | $1406706 | $1219266 | $1436163 |
| **4/30/24** | $1388806 | $1204165 | $1427345 |
| **5/31/24** | $1397731 | $1200633 | $1438174 |
| **6/30/24** | $1424262 | $1219036 | $1473350 |
| **7/31/24** | $1441184 | $1230147 | $1489517 |
| **8/31/24** | $1451889 | $1239849 | $1507073 |
| **9/30/24** | $1472127 | $1252103 | $1520629 |
| **10/31/24** | $1451954 | $1233846 | $1497460 |
| **11/30/24** | $1475830 | $1255160 | $1529647 |
| **12/31/24** | $1448536 | $1236886 | $1504189 |
| **1/31/25** | $1457129 | $1243085 | $1515591 |
| **2/28/25** | $1477450 | $1255411 | $1534510 |
| **3/31/25** | $1451138 | $1234135 | $1516469 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 3.16% | 2.73% | 3.79% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 5.59% | 4.31% | 4.25% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $5567647 |
| # of Portfolio Holdings | 909 |
| Portfolio Turnover Rate | 21% |
| Total Net Advisory Fees Paid During the Reporting Period | $15035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.5% |
| Local or Guaranteed Housing | 10.9% |
| Port, Airport & Marina Revenue | 8.0% |
| Electric Power & Light Revenue | 5.9% |
| Ad Valorem Property Tax | 5.9% |
| Industrial Revenue | 5.8% |
| Natural Gas Revenue | 5.3% |
| Tobacco Settlement Funded | 4.9% |
| Water Revenue | 4.9% |
| Sales Tax Revenue | 4.3% |
| U.S. Government Agencies | 3.6% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 24.5% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PYMNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2232TSRAR_033125

# Institutional Class: PHMIX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $56 | 0.55% |

---

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

* A tactical allocation to taxable municipals contributed to performance, as select taxable municipal holdings outperformed the broader high yield municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Security selection within the lease-backed sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the healthcare sector detracted from performance, as the sector outperformed the broader high yield municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader high yield municipal market.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i323b992fb68f4ab45929.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000260 | $994753 | $995908 |
| **5/31/15** | $994765 | $992005 | $1007145 |
| **6/30/15** | $992177 | $991101 | $970001 |
| **7/31/15** | $996206 | $998280 | $964754 |
| **8/31/15** | $998564 | $1000240 | $968747 |
| **9/30/15** | $1012833 | $1007486 | $989308 |
| **10/31/15** | $1024542 | $1011492 | $1001342 |
| **11/30/15** | $1032602 | $1015513 | $1005358 |
| **12/31/15** | $1044211 | $1022648 | $1006915 |
| **1/31/16** | $1058123 | $1034850 | $1012617 |
| **2/29/16** | $1062849 | $1036478 | $1023747 |
| **3/31/16** | $1074708 | $1039761 | $1034512 |
| **4/30/16** | $1087733 | $1047406 | $1040836 |
| **5/31/16** | $1097121 | $1050239 | $1054525 |
| **6/30/16** | $1122428 | $1066947 | $1087304 |
| **7/31/16** | $1124863 | $1067598 | $1094409 |
| **8/31/16** | $1131087 | $1069039 | $1098365 |
| **9/30/16** | $1128732 | $1063703 | $1101277 |
| **10/31/16** | $1111398 | $1052544 | $1087612 |
| **11/30/16** | $1056357 | $1013289 | $1022886 |
| **12/31/16** | $1067740 | $1025185 | $1037017 |
| **1/31/17** | $1075209 | $1031944 | $1051568 |
| **2/28/17** | $1091386 | $1039109 | $1076641 |
| **3/31/17** | $1101772 | $1041365 | $1079079 |
| **4/30/17** | $1115534 | $1048921 | $1086391 |
| **5/31/17** | $1133511 | $1065568 | $1103019 |
| **6/30/17** | $1134224 | $1061747 | $1100597 |
| **7/31/17** | $1140714 | $1070337 | $1107811 |
| **8/31/17** | $1156091 | $1078482 | $1123082 |
| **9/30/17** | $1152525 | $1072999 | $1117063 |
| **10/31/17** | $1151343 | $1075618 | $1120133 |
| **11/30/17** | $1154166 | $1069859 | $1122956 |
| **12/31/17** | $1172537 | $1081041 | $1137537 |
| **1/31/18** | $1166229 | $1068314 | $1126885 |
| **2/28/18** | $1163956 | $1065122 | $1127678 |
| **3/31/18** | $1170914 | $1069053 | $1144191 |
| **4/30/18** | $1173612 | $1065238 | $1149310 |
| **5/31/18** | $1192069 | $1077436 | $1173337 |
| **6/30/18** | $1196338 | $1078356 | $1179201 |
| **7/31/18** | $1204245 | $1080972 | $1183349 |
| **8/31/18** | $1208668 | $1083748 | $1192829 |
| **9/30/18** | $1202987 | $1076732 | $1188111 |
| **10/31/18** | $1187058 | $1070102 | $1173248 |
| **11/30/18** | $1188770 | $1081946 | $1181478 |
| **12/31/18** | $1198830 | $1094900 | $1191648 |
| **1/31/19** | $1205615 | $1103177 | $1199631 |
| **2/28/19** | $1217917 | $1109084 | $1206130 |
| **3/31/19** | $1245274 | $1126616 | $1237274 |
| **4/30/19** | $1255019 | $1130850 | $1244256 |
| **5/31/19** | $1276099 | $1146440 | $1264422 |
| **6/30/19** | $1279995 | $1150673 | $1271037 |
| **7/31/19** | $1289408 | $1159947 | $1279011 |
| **8/31/19** | $1319824 | $1178243 | $1309788 |
| **9/30/19** | $1315172 | $1168798 | $1307107 |
| **10/31/19** | $1313588 | $1170893 | $1309912 |
| **11/30/19** | $1317691 | $1173821 | $1314972 |
| **12/31/19** | $1323565 | $1177405 | $1318883 |
| **1/31/20** | $1351426 | $1198559 | $1351384 |
| **2/29/20** | $1384619 | $1214015 | $1379864 |
| **3/31/20** | $1278053 | $1169979 | $1228130 |
| **4/30/20** | $1240585 | $1155296 | $1186688 |
| **5/31/20** | $1282501 | $1192047 | $1235130 |
| **6/30/20** | $1322986 | $1201858 | $1284028 |
| **7/31/20** | $1352174 | $1222100 | $1318926 |
| **8/31/20** | $1350910 | $1216366 | $1322390 |
| **9/30/20** | $1348687 | $1216624 | $1323707 |
| **10/31/20** | $1346470 | $1212970 | $1326055 |
| **11/30/20** | $1379978 | $1231274 | $1357915 |
| **12/31/20** | $1405717 | $1238775 | $1383359 |
| **1/31/21** | $1427292 | $1246669 | $1412225 |
| **2/28/21** | $1406894 | $1226861 | $1397432 |
| **3/31/21** | $1417377 | $1234427 | $1412553 |
| **4/30/21** | $1436944 | $1244781 | $1433244 |
| **5/31/21** | $1451885 | $1248495 | $1449697 |
| **6/30/21** | $1470183 | $1251923 | $1468103 |
| **7/31/21** | $1487152 | $1262306 | $1485717 |
| **8/31/21** | $1481726 | $1257674 | $1483388 |
| **9/30/21** | $1470510 | $1248597 | $1473713 |
| **10/31/21** | $1463793 | $1244947 | $1467689 |
| **11/30/21** | $1483823 | $1255545 | $1486975 |
| **12/31/21** | $1483111 | $1257570 | $1490814 |
| **1/31/22** | $1445653 | $1223147 | $1449102 |
| **2/28/22** | $1434228 | $1218765 | $1445735 |
| **3/31/22** | $1383434 | $1179256 | $1393494 |
| **4/30/22** | $1337527 | $1146639 | $1343998 |
| **5/31/22** | $1355609 | $1163672 | $1358770 |
| **6/30/22** | $1312445 | $1144613 | $1315373 |
| **7/31/22** | $1358637 | $1174856 | $1364462 |
| **8/31/22** | $1327816 | $1149107 | $1334104 |
| **9/30/22** | $1255393 | $1105003 | $1251904 |
| **10/31/22** | $1228909 | $1095814 | $1226226 |
| **11/30/22** | $1296428 | $1147069 | $1297620 |
| **12/31/22** | $1290557 | $1150353 | $1295493 |
| **1/31/23** | $1338052 | $1183397 | $1353020 |
| **2/28/23** | $1305127 | $1156638 | $1310548 |
| **3/31/23** | $1325076 | $1182301 | $1330913 |
| **4/30/23** | $1336347 | $1179600 | $1338580 |
| **5/31/23** | $1330418 | $1169378 | $1329325 |
| **6/30/23** | $1349045 | $1181092 | $1352914 |
| **7/31/23** | $1350820 | $1185764 | $1361732 |
| **8/31/23** | $1338475 | $1168693 | $1341082 |
| **9/30/23** | $1298459 | $1134441 | $1295489 |
| **10/31/23** | $1272728 | $1124787 | $1274737 |
| **11/30/23** | $1362116 | $1196190 | $1373549 |
| **12/31/23** | $1405862 | $1223991 | $1414804 |
| **1/31/24** | $1411222 | $1217740 | $1408237 |
| **2/29/24** | $1420060 | $1219304 | $1419302 |
| **3/31/24** | $1425641 | $1219266 | $1436163 |
| **4/30/24** | $1407673 | $1204165 | $1427345 |
| **5/31/24** | $1416913 | $1200633 | $1438174 |
| **6/30/24** | $1443973 | $1219036 | $1473350 |
| **7/31/24** | $1461314 | $1230147 | $1489517 |
| **8/31/24** | $1472352 | $1239849 | $1507073 |
| **9/30/24** | $1493046 | $1252103 | $1520629 |
| **10/31/24** | $1472775 | $1233846 | $1497460 |
| **11/30/24** | $1497182 | $1255160 | $1529647 |
| **12/31/24** | $1469679 | $1236886 | $1504189 |
| **1/31/25** | $1478590 | $1243085 | $1515591 |
| **2/28/25** | $1499381 | $1255411 | $1534510 |
| **3/31/25** | $1472854 | $1234135 | $1516469 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.31% | 2.88% | 3.95% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 5.59% | 4.31% | 4.25% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $5567647 |
| # of Portfolio Holdings | 909 |
| Portfolio Turnover Rate | 21% |
| Total Net Advisory Fees Paid During the Reporting Period | $15035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.5% |
| Local or Guaranteed Housing | 10.9% |
| Port, Airport & Marina Revenue | 8.0% |
| Electric Power & Light Revenue | 5.9% |
| Ad Valorem Property Tax | 5.9% |
| Industrial Revenue | 5.8% |
| Natural Gas Revenue | 5.3% |
| Tobacco Settlement Funded | 4.9% |
| Water Revenue | 4.9% |
| Sales Tax Revenue | 4.3% |
| U.S. Government Agencies | 3.6% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 24.5% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PHMIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1886TSRAR_033125

# I-2: PYMPX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $66 | 0.65% |

---

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

* A tactical allocation to taxable municipals contributed to performance, as select taxable municipal holdings outperformed the broader high yield municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Security selection within the lease-backed sector contributed to performance, as the Fund's holdings outperformed the broader high yield municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the healthcare sector detracted from performance, as the sector outperformed the broader high yield municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader high yield municipal market.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i90920af846efeacc11ec.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1000178 | $994753 | $995908 |
| **5/31/15** | $994597 | $992005 | $1007145 |
| **6/30/15** | $991928 | $991101 | $970001 |
| **7/31/15** | $995867 | $998280 | $964754 |
| **8/31/15** | $998145 | $1000240 | $968747 |
| **9/30/15** | $1012324 | $1007486 | $989308 |
| **10/31/15** | $1023936 | $1011492 | $1001342 |
| **11/30/15** | $1031910 | $1015513 | $1005358 |
| **12/31/15** | $1043415 | $1022648 | $1006915 |
| **1/31/16** | $1057234 | $1034850 | $1012617 |
| **2/29/16** | $1061867 | $1036478 | $1023747 |
| **3/31/16** | $1073627 | $1039761 | $1034512 |
| **4/30/16** | $1086549 | $1047406 | $1040836 |
| **5/31/16** | $1095838 | $1050239 | $1054525 |
| **6/30/16** | $1121022 | $1066947 | $1087304 |
| **7/31/16** | $1123358 | $1067598 | $1094409 |
| **8/31/16** | $1129483 | $1069039 | $1098365 |
| **9/30/16** | $1127032 | $1063703 | $1101277 |
| **10/31/16** | $1109637 | $1052544 | $1087612 |
| **11/30/16** | $1054625 | $1013289 | $1022886 |
| **12/31/16** | $1065892 | $1025185 | $1037017 |
| **1/31/17** | $1073261 | $1031944 | $1051568 |
| **2/28/17** | $1089324 | $1039109 | $1076641 |
| **3/31/17** | $1099593 | $1041365 | $1079079 |
| **4/30/17** | $1113239 | $1048921 | $1086391 |
| **5/31/17** | $1131084 | $1065568 | $1103019 |
| **6/30/17** | $1131691 | $1061747 | $1100597 |
| **7/31/17** | $1138076 | $1070337 | $1107811 |
| **8/31/17** | $1153320 | $1078482 | $1123082 |
| **9/30/17** | $1149666 | $1072999 | $1117063 |
| **10/31/17** | $1148394 | $1075618 | $1120133 |
| **11/30/17** | $1151115 | $1069859 | $1122956 |
| **12/31/17** | $1169336 | $1081041 | $1137537 |
| **1/31/18** | $1162950 | $1068314 | $1126885 |
| **2/28/18** | $1160594 | $1065122 | $1127678 |
| **3/31/18** | $1167430 | $1069053 | $1144191 |
| **4/30/18** | $1170026 | $1065238 | $1149310 |
| **5/31/18** | $1188327 | $1077436 | $1173337 |
| **6/30/18** | $1192484 | $1078356 | $1179201 |
| **7/31/18** | $1200266 | $1080972 | $1183349 |
| **8/31/18** | $1204562 | $1083748 | $1192829 |
| **9/30/18** | $1198812 | $1076732 | $1188111 |
| **10/31/18** | $1182838 | $1070102 | $1173248 |
| **11/30/18** | $1184435 | $1081946 | $1181478 |
| **12/31/18** | $1194361 | $1094900 | $1191648 |
| **1/31/19** | $1201022 | $1103177 | $1199631 |
| **2/28/19** | $1213185 | $1109084 | $1206130 |
| **3/31/19** | $1240332 | $1126616 | $1237274 |
| **4/30/19** | $1249940 | $1130850 | $1244256 |
| **5/31/19** | $1270823 | $1146440 | $1264422 |
| **6/30/19** | $1274606 | $1150673 | $1271037 |
| **7/31/19** | $1283871 | $1159947 | $1279011 |
| **8/31/19** | $1314041 | $1178243 | $1309788 |
| **9/30/19** | $1309310 | $1168798 | $1307107 |
| **10/31/19** | $1307623 | $1170893 | $1309912 |
| **11/30/19** | $1311597 | $1173821 | $1314972 |
| **12/31/19** | $1317335 | $1177405 | $1318883 |
| **1/31/20** | $1344948 | $1198559 | $1351384 |
| **2/29/20** | $1377880 | $1214015 | $1379864 |
| **3/31/20** | $1271724 | $1169979 | $1228130 |
| **4/30/20** | $1234341 | $1155296 | $1186688 |
| **5/31/20** | $1275940 | $1192047 | $1235130 |
| **6/30/20** | $1316111 | $1201858 | $1284028 |
| **7/31/20** | $1345025 | $1222100 | $1318926 |
| **8/31/20** | $1343662 | $1216366 | $1322390 |
| **9/30/20** | $1341340 | $1216624 | $1323707 |
| **10/31/20** | $1339017 | $1212970 | $1326055 |
| **11/30/20** | $1372231 | $1231274 | $1357915 |
| **12/31/20** | $1397695 | $1238775 | $1383359 |
| **1/31/21** | $1419037 | $1246669 | $1412225 |
| **2/28/21** | $1398651 | $1226861 | $1397432 |
| **3/31/21** | $1408953 | $1234427 | $1412553 |
| **4/30/21** | $1428278 | $1244781 | $1433244 |
| **5/31/21** | $1443016 | $1248495 | $1449697 |
| **6/30/21** | $1461083 | $1251923 | $1468103 |
| **7/31/21** | $1477820 | $1262306 | $1485717 |
| **8/31/21** | $1472307 | $1257674 | $1483388 |
| **9/30/21** | $1461042 | $1248597 | $1473713 |
| **10/31/21** | $1454241 | $1244947 | $1467689 |
| **11/30/21** | $1474020 | $1255545 | $1486975 |
| **12/31/21** | $1473180 | $1257570 | $1490814 |
| **1/31/22** | $1435858 | $1223147 | $1449102 |
| **2/28/22** | $1424399 | $1218765 | $1445735 |
| **3/31/22** | $1373835 | $1179256 | $1393494 |
| **4/30/22** | $1328131 | $1146639 | $1343998 |
| **5/31/22** | $1345976 | $1163672 | $1358770 |
| **6/30/22** | $1303012 | $1144613 | $1315373 |
| **7/31/22** | $1348760 | $1174856 | $1364462 |
| **8/31/22** | $1318050 | $1149107 | $1334104 |
| **9/30/22** | $1246050 | $1105003 | $1251904 |
| **10/31/22** | $1219660 | $1095814 | $1226226 |
| **11/30/22** | $1286557 | $1147069 | $1297620 |
| **12/31/22** | $1280615 | $1150353 | $1295493 |
| **1/31/23** | $1327639 | $1183397 | $1353020 |
| **2/28/23** | $1294871 | $1156638 | $1310548 |
| **3/31/23** | $1314547 | $1182301 | $1330913 |
| **4/30/23** | $1325627 | $1179600 | $1338580 |
| **5/31/23** | $1319636 | $1169378 | $1329325 |
| **6/30/23** | $1337997 | $1181092 | $1352914 |
| **7/31/23** | $1339651 | $1185764 | $1361732 |
| **8/31/23** | $1327298 | $1168693 | $1341082 |
| **9/30/23** | $1287506 | $1134441 | $1295489 |
| **10/31/23** | $1261889 | $1124787 | $1274737 |
| **11/30/23** | $1350408 | $1196190 | $1373549 |
| **12/31/23** | $1393659 | $1223991 | $1414804 |
| **1/31/24** | $1398859 | $1217740 | $1408237 |
| **2/29/24** | $1407509 | $1219304 | $1419302 |
| **3/31/24** | $1412922 | $1219266 | $1436163 |
| **4/30/24** | $1395000 | $1204165 | $1427345 |
| **5/31/24** | $1404030 | $1200633 | $1438174 |
| **6/30/24** | $1430735 | $1219036 | $1473350 |
| **7/31/24** | $1447795 | $1230147 | $1489517 |
| **8/31/24** | $1458600 | $1239849 | $1507073 |
| **9/30/24** | $1478988 | $1252103 | $1520629 |
| **10/31/24** | $1458783 | $1233846 | $1497460 |
| **11/30/24** | $1482828 | $1255160 | $1529647 |
| **12/31/24** | $1455465 | $1236886 | $1504189 |
| **1/31/25** | $1464162 | $1243085 | $1515591 |
| **2/28/25** | $1484637 | $1255411 | $1534510 |
| **3/31/25** | $1458256 | $1234135 | $1516469 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 3.21% | 2.78% | 3.84% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg High Yield Municipal Bond Index | 5.59% | 4.31% | 4.25% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $5567647 |
| # of Portfolio Holdings | 909 |
| Portfolio Turnover Rate | 21% |
| Total Net Advisory Fees Paid During the Reporting Period | $15035 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 11.5% |
| Local or Guaranteed Housing | 10.9% |
| Port, Airport & Marina Revenue | 8.0% |
| Electric Power & Light Revenue | 5.9% |
| Ad Valorem Property Tax | 5.9% |
| Industrial Revenue | 5.8% |
| Natural Gas Revenue | 5.3% |
| Tobacco Settlement Funded | 4.9% |
| Water Revenue | 4.9% |
| Sales Tax Revenue | 4.3% |
| U.S. Government Agencies | 3.6% |
| Miscellaneous Revenue | 2.9% |
| Other Investments | 24.5% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PYMPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1919TSRAR_033125

# Class A: PFUAX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $113 | 1.11% |

---

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

* Proceeds received from a class action litigation settlement contributed to performance.

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened.

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably underweight exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Underweight exposure to duration in China detracted from relative performance, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell. 

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143ica312da8d1575dc13b01.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9844 | $10217 |
| **5/31/15** | $9458 | $9908 |
| **6/30/15** | $9370 | $9917 |
| **7/31/15** | $9298 | $9903 |
| **8/31/15** | $9203 | $9938 |
| **9/30/15** | $9196 | $9980 |
| **10/31/15** | $9330 | $10012 |
| **11/30/15** | $9179 | $9734 |
| **12/31/15** | $9160 | $9855 |
| **1/31/16** | $9136 | $9904 |
| **2/29/16** | $9373 | $10249 |
| **3/31/16** | $9808 | $10669 |
| **4/30/16** | $10056 | $10886 |
| **5/31/16** | $9789 | $10626 |
| **6/30/16** | $10153 | $11032 |
| **7/31/16** | $10283 | $11122 |
| **8/31/16** | $10248 | $11033 |
| **9/30/16** | $10352 | $11145 |
| **10/31/16** | $9952 | $10660 |
| **11/30/16** | $9513 | $10098 |
| **12/31/16** | $9472 | $10001 |
| **1/31/17** | $9695 | $10189 |
| **2/28/17** | $9753 | $10218 |
| **3/31/17** | $9803 | $10249 |
| **4/30/17** | $9875 | $10395 |
| **5/31/17** | $10030 | $10623 |
| **6/30/17** | $10091 | $10613 |
| **7/31/17** | $10420 | $10897 |
| **8/31/17** | $10490 | $11014 |
| **9/30/17** | $10395 | $10876 |
| **10/31/17** | $10280 | $10794 |
| **11/30/17** | $10404 | $11023 |
| **12/31/17** | $10455 | $11053 |
| **1/31/18** | $10880 | $11388 |
| **2/28/18** | $10692 | $11292 |
| **3/31/18** | $10806 | $11453 |
| **4/30/18** | $10516 | $11194 |
| **5/31/18** | $10371 | $10984 |
| **6/30/18** | $10303 | $10907 |
| **7/31/18** | $10337 | $10868 |
| **8/31/18** | $10175 | $10834 |
| **9/30/18** | $10198 | $10718 |
| **10/31/18** | $9979 | $10569 |
| **11/30/18** | $10025 | $10581 |
| **12/31/18** | $10034 | $10815 |
| **1/31/19** | $10340 | $11017 |
| **2/28/19** | $10257 | $10902 |
| **3/31/19** | $10305 | $10980 |
| **4/30/19** | $10269 | $10913 |
| **5/31/19** | $10302 | $11026 |
| **6/30/19** | $10615 | $11355 |
| **7/31/19** | $10471 | $11274 |
| **8/31/19** | $10522 | $11453 |
| **9/30/19** | $10449 | $11290 |
| **10/31/19** | $10560 | $11398 |
| **11/30/19** | $10433 | $11243 |
| **12/31/19** | $10702 | $11366 |
| **1/31/20** | $10685 | $11452 |
| **2/29/20** | $10555 | $11429 |
| **3/31/20** | $9763 | $11061 |
| **4/30/20** | $10075 | $11287 |
| **5/31/20** | $10319 | $11321 |
| **6/30/20** | $10529 | $11435 |
| **7/31/20** | $11062 | $11943 |
| **8/31/20** | $11262 | $11978 |
| **9/30/20** | $11118 | $11908 |
| **10/31/20** | $11184 | $11963 |
| **11/30/20** | $11572 | $12248 |
| **12/31/20** | $11972 | $12514 |
| **1/31/21** | $11857 | $12386 |
| **2/28/21** | $11620 | $12146 |
| **3/31/21** | $11396 | $11852 |
| **4/30/21** | $11586 | $12044 |
| **5/31/21** | $11719 | $12208 |
| **6/30/21** | $11472 | $11961 |
| **7/31/21** | $11603 | $12142 |
| **8/31/21** | $11545 | $12067 |
| **9/30/21** | $11272 | $11771 |
| **10/31/21** | $11178 | $11725 |
| **11/30/21** | $11118 | $11641 |
| **12/31/21** | $11090 | $11632 |
| **1/31/22** | $10914 | $11405 |
| **2/28/22** | $10738 | $11278 |
| **3/31/22** | $10378 | $10917 |
| **4/30/22** | $9660 | $10171 |
| **5/31/22** | $9671 | $10172 |
| **6/30/22** | $9184 | $9714 |
| **7/31/22** | $9350 | $9901 |
| **8/31/22** | $8890 | $9407 |
| **9/30/22** | $8310 | $8855 |
| **10/31/22** | $8324 | $8842 |
| **11/30/22** | $8901 | $9335 |
| **12/31/22** | $8987 | $9457 |
| **1/31/23** | $9323 | $9787 |
| **2/28/23** | $8922 | $9396 |
| **3/31/23** | $9206 | $9747 |
| **4/30/23** | $9227 | $9775 |
| **5/31/23** | $9008 | $9512 |
| **6/30/23** | $9028 | $9536 |
| **7/31/23** | $9159 | $9658 |
| **8/31/23** | $8979 | $9468 |
| **9/30/23** | $8691 | $9155 |
| **10/31/23** | $8614 | $9071 |
| **11/30/23** | $9072 | $9572 |
| **12/31/23** | $9550 | $9999 |
| **1/31/24** | $9309 | $9770 |
| **2/29/24** | $9236 | $9654 |
| **3/31/24** | $9313 | $9677 |
| **4/30/24** | $9069 | $9427 |
| **5/31/24** | $9202 | $9521 |
| **6/30/24** | $9125 | $9473 |
| **7/31/24** | $9418 | $9772 |
| **8/31/24** | $9649 | $10078 |
| **9/30/24** | $9856 | $10280 |
| **10/31/24** | $9584 | $9856 |
| **11/30/24** | $9601 | $9833 |
| **12/31/24** | $9355 | $9576 |
| **1/31/25** | $9434 | $9633 |
| **2/28/25** | $9524 | $9711 |
| **3/31/25** | $9656 | $9819 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 3.68% | (0.22%) | 0.03% |
| Class A (including sales charge) | (0.20%) | (0.98%) | (0.35%) |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 1.46% | (2.35%) | (0.18%) |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $682957 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $1799 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 84.0% |
| Japan | 7.2% |
| Canada | 5.7% |
| France | 5.0% |
| United Kingdom | 4.9% |
| Spain | 4.6% |
| Cayman Islands | 3.8% |
| Ireland | 2.9% |
| Australia | 2.7% |
| South Korea | 2.4% |
| Saudi Arabia | 2.4% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (45.6%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PFUAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO International Bond Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4042TSRAR_033125

# Administrative Class: PFUUX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $98 | 0.96% |

---

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

* Proceeds received from a class action litigation settlement contributed to performance.

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened.

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably underweight exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Underweight exposure to duration in China detracted from relative performance, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell. 

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ieaae27d5aa96e74c7ff5.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1022895 | $1021682 |
| **5/31/15** | $982908 | $990806 |
| **6/30/15** | $973922 | $991656 |
| **7/31/15** | $966486 | $990271 |
| **8/31/15** | $956716 | $993783 |
| **9/30/15** | $956193 | $998018 |
| **10/31/15** | $970186 | $1001224 |
| **11/30/15** | $954672 | $973406 |
| **12/31/15** | $952792 | $985460 |
| **1/31/16** | $950373 | $990368 |
| **2/29/16** | $975194 | $1024924 |
| **3/31/16** | $1020582 | $1066864 |
| **4/30/16** | $1046485 | $1088579 |
| **5/31/16** | $1018838 | $1062631 |
| **6/30/16** | $1056871 | $1103152 |
| **7/31/16** | $1070524 | $1112246 |
| **8/31/16** | $1066952 | $1103269 |
| **9/30/16** | $1078016 | $1114476 |
| **10/31/16** | $1036455 | $1065991 |
| **11/30/16** | $990902 | $1009819 |
| **12/31/16** | $986673 | $1000111 |
| **1/31/17** | $1010053 | $1018895 |
| **2/28/17** | $1016236 | $1021841 |
| **3/31/17** | $1021600 | $1024927 |
| **4/30/17** | $1029183 | $1039521 |
| **5/31/17** | $1045502 | $1062258 |
| **6/30/17** | $1052033 | $1061282 |
| **7/31/17** | $1086386 | $1089747 |
| **8/31/17** | $1093887 | $1101399 |
| **9/30/17** | $1084051 | $1087554 |
| **10/31/17** | $1072192 | $1079407 |
| **11/30/17** | $1085286 | $1102315 |
| **12/31/17** | $1090719 | $1105271 |
| **1/31/18** | $1135254 | $1138810 |
| **2/28/18** | $1115786 | $1129165 |
| **3/31/18** | $1127850 | $1145318 |
| **4/30/18** | $1097617 | $1119350 |
| **5/31/18** | $1082635 | $1098417 |
| **6/30/18** | $1075662 | $1090745 |
| **7/31/18** | $1079357 | $1086780 |
| **8/31/18** | $1062604 | $1083387 |
| **9/30/18** | $1065104 | $1071778 |
| **10/31/18** | $1042450 | $1056901 |
| **11/30/18** | $1047394 | $1058102 |
| **12/31/18** | $1048391 | $1081548 |
| **1/31/19** | $1080473 | $1101710 |
| **2/28/19** | $1071917 | $1090211 |
| **3/31/19** | $1077166 | $1097974 |
| **4/30/19** | $1073513 | $1091274 |
| **5/31/19** | $1077036 | $1102649 |
| **6/30/19** | $1109960 | $1135508 |
| **7/31/19** | $1094982 | $1127388 |
| **8/31/19** | $1100517 | $1145269 |
| **9/30/19** | $1092936 | $1128962 |
| **10/31/19** | $1104713 | $1139785 |
| **11/30/19** | $1091636 | $1124333 |
| **12/31/19** | $1119856 | $1136572 |
| **1/31/20** | $1118242 | $1145180 |
| **2/29/20** | $1104733 | $1142860 |
| **3/31/20** | $1022017 | $1106093 |
| **4/30/20** | $1054808 | $1128698 |
| **5/31/20** | $1080474 | $1132061 |
| **6/30/20** | $1102630 | $1143529 |
| **7/31/20** | $1158588 | $1194345 |
| **8/31/20** | $1179680 | $1197759 |
| **9/30/20** | $1164641 | $1190830 |
| **10/31/20** | $1171725 | $1196314 |
| **11/30/20** | $1212554 | $1224816 |
| **12/31/20** | $1254631 | $1251440 |
| **1/31/21** | $1242796 | $1238610 |
| **2/28/21** | $1218119 | $1214592 |
| **3/31/21** | $1194708 | $1185230 |
| **4/30/21** | $1214861 | $1204405 |
| **5/31/21** | $1228934 | $1220760 |
| **6/30/21** | $1203116 | $1196138 |
| **7/31/21** | $1217095 | $1214153 |
| **8/31/21** | $1211133 | $1206708 |
| **9/30/21** | $1182616 | $1177100 |
| **10/31/21** | $1172926 | $1172506 |
| **11/30/21** | $1166818 | $1164086 |
| **12/31/21** | $1163950 | $1163216 |
| **1/31/22** | $1145644 | $1140459 |
| **2/28/22** | $1127345 | $1127833 |
| **3/31/22** | $1089696 | $1091693 |
| **4/30/22** | $1014413 | $1017144 |
| **5/31/22** | $1015743 | $1017196 |
| **6/30/22** | $964700 | $971447 |
| **7/31/22** | $982249 | $990096 |
| **8/31/22** | $933985 | $940683 |
| **9/30/22** | $873208 | $885487 |
| **10/31/22** | $874760 | $884228 |
| **11/30/22** | $935565 | $933533 |
| **12/31/22** | $944682 | $945749 |
| **1/31/23** | $980161 | $978693 |
| **2/28/23** | $938068 | $939607 |
| **3/31/23** | $968119 | $974694 |
| **4/30/23** | $970398 | $977478 |
| **5/31/23** | $947461 | $951169 |
| **6/30/23** | $949703 | $953630 |
| **7/31/23** | $963591 | $965825 |
| **8/31/23** | $944804 | $946790 |
| **9/30/23** | $914622 | $915502 |
| **10/31/23** | $906599 | $907125 |
| **11/30/23** | $954927 | $957184 |
| **12/31/23** | $1005352 | $999851 |
| **1/31/24** | $980104 | $976953 |
| **2/29/24** | $972525 | $965382 |
| **3/31/24** | $980782 | $967740 |
| **4/30/24** | $955149 | $942679 |
| **5/31/24** | $969293 | $952112 |
| **6/30/24** | $961352 | $947301 |
| **7/31/24** | $992320 | $977170 |
| **8/31/24** | $1016797 | $1007784 |
| **9/30/24** | $1038691 | $1027964 |
| **10/31/24** | $1010194 | $985590 |
| **11/30/24** | $1012099 | $983314 |
| **12/31/24** | $986336 | $957625 |
| **1/31/25** | $994754 | $963299 |
| **2/28/25** | $1004353 | $971066 |
| **3/31/25** | $1018462 | $981851 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 3.84% | (0.07%) | 0.18% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 1.46% | (2.35%) | (0.18%) |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $682957 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $1799 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 84.0% |
| Japan | 7.2% |
| Canada | 5.7% |
| France | 5.0% |
| United Kingdom | 4.9% |
| Spain | 4.6% |
| Cayman Islands | 3.8% |
| Ireland | 2.9% |
| Australia | 2.7% |
| South Korea | 2.4% |
| Saudi Arabia | 2.4% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (45.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Administrative Class: PFUUX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO International Bond Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS1877TSRAR_033125

# Class C: PFRCX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $189 | 1.86% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Proceeds received from a class action litigation settlement contributed to performance.

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened.

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably underweight exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Underweight exposure to duration in China detracted from relative performance, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i01057ab75021c4fee2cd.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10221 | $10217 |
| **5/31/15** | $9814 | $9908 |
| **6/30/15** | $9717 | $9917 |
| **7/31/15** | $9635 | $9903 |
| **8/31/15** | $9530 | $9938 |
| **9/30/15** | $9518 | $9980 |
| **10/31/15** | $9650 | $10012 |
| **11/30/15** | $9489 | $9734 |
| **12/31/15** | $9462 | $9855 |
| **1/31/16** | $9432 | $9904 |
| **2/29/16** | $9672 | $10249 |
| **3/31/16** | $10114 | $10669 |
| **4/30/16** | $10363 | $10886 |
| **5/31/16** | $10081 | $10626 |
| **6/30/16** | $10450 | $11032 |
| **7/31/16** | $10577 | $11122 |
| **8/31/16** | $10534 | $11033 |
| **9/30/16** | $10635 | $11145 |
| **10/31/16** | $10217 | $10660 |
| **11/30/16** | $9761 | $10098 |
| **12/31/16** | $9711 | $10001 |
| **1/31/17** | $9934 | $10189 |
| **2/28/17** | $9988 | $10218 |
| **3/31/17** | $10033 | $10249 |
| **4/30/17** | $10100 | $10395 |
| **5/31/17** | $10253 | $10623 |
| **6/30/17** | $10308 | $10613 |
| **7/31/17** | $10637 | $10897 |
| **8/31/17** | $10703 | $11014 |
| **9/30/17** | $10598 | $10876 |
| **10/31/17** | $10475 | $10794 |
| **11/30/17** | $10595 | $11023 |
| **12/31/17** | $10639 | $11053 |
| **1/31/18** | $11066 | $11388 |
| **2/28/18** | $10868 | $11292 |
| **3/31/18** | $10977 | $11453 |
| **4/30/18** | $10675 | $11194 |
| **5/31/18** | $10521 | $10984 |
| **6/30/18** | $10446 | $10907 |
| **7/31/18** | $10474 | $10868 |
| **8/31/18** | $10303 | $10834 |
| **9/30/18** | $10320 | $10718 |
| **10/31/18** | $10093 | $10569 |
| **11/30/18** | $10133 | $10581 |
| **12/31/18** | $10135 | $10815 |
| **1/31/19** | $10437 | $11017 |
| **2/28/19** | $10348 | $10902 |
| **3/31/19** | $10390 | $10980 |
| **4/30/19** | $10347 | $10913 |
| **5/31/19** | $10373 | $11026 |
| **6/30/19** | $10683 | $11355 |
| **7/31/19** | $10531 | $11274 |
| **8/31/19** | $10575 | $11453 |
| **9/30/19** | $10495 | $11290 |
| **10/31/19** | $10600 | $11398 |
| **11/30/19** | $10467 | $11243 |
| **12/31/19** | $10729 | $11366 |
| **1/31/20** | $10705 | $11452 |
| **2/29/20** | $10569 | $11429 |
| **3/31/20** | $9770 | $11061 |
| **4/30/20** | $10076 | $11287 |
| **5/31/20** | $10314 | $11321 |
| **6/30/20** | $10518 | $11435 |
| **7/31/20** | $11043 | $11943 |
| **8/31/20** | $11236 | $11978 |
| **9/30/20** | $11084 | $11908 |
| **10/31/20** | $11143 | $11963 |
| **11/30/20** | $11523 | $12248 |
| **12/31/20** | $11913 | $12514 |
| **1/31/21** | $11792 | $12386 |
| **2/28/21** | $11550 | $12146 |
| **3/31/21** | $11319 | $11852 |
| **4/30/21** | $11501 | $12044 |
| **5/31/21** | $11626 | $12208 |
| **6/30/21** | $11373 | $11961 |
| **7/31/21** | $11496 | $12142 |
| **8/31/21** | $11432 | $12067 |
| **9/30/21** | $11154 | $11771 |
| **10/31/21** | $11054 | $11725 |
| **11/30/21** | $10989 | $11641 |
| **12/31/21** | $10953 | $11632 |
| **1/31/22** | $10773 | $11405 |
| **2/28/22** | $10593 | $11278 |
| **3/31/22** | $10231 | $10917 |
| **4/30/22** | $9517 | $10171 |
| **5/31/22** | $9522 | $10172 |
| **6/30/22** | $9037 | $9714 |
| **7/31/22** | $9195 | $9901 |
| **8/31/22** | $8736 | $9407 |
| **9/30/22** | $8161 | $8855 |
| **10/31/22** | $8170 | $8842 |
| **11/30/22** | $8731 | $9335 |
| **12/31/22** | $8809 | $9457 |
| **1/31/23** | $9133 | $9787 |
| **2/28/23** | $8735 | $9396 |
| **3/31/23** | $9008 | $9747 |
| **4/30/23** | $9023 | $9775 |
| **5/31/23** | $8803 | $9512 |
| **6/30/23** | $8817 | $9536 |
| **7/31/23** | $8939 | $9658 |
| **8/31/23** | $8758 | $9468 |
| **9/30/23** | $8472 | $9155 |
| **10/31/23** | $8391 | $9071 |
| **11/30/23** | $8832 | $9572 |
| **12/31/23** | $9292 | $9999 |
| **1/31/24** | $9051 | $9770 |
| **2/29/24** | $8975 | $9654 |
| **3/31/24** | $9044 | $9677 |
| **4/30/24** | $8802 | $9427 |
| **5/31/24** | $8925 | $9521 |
| **6/30/24** | $8845 | $9473 |
| **7/31/24** | $9123 | $9772 |
| **8/31/24** | $9341 | $10078 |
| **9/30/24** | $9535 | $10280 |
| **10/31/24** | $9267 | $9856 |
| **11/30/24** | $9277 | $9833 |
| **12/31/24** | $9034 | $9576 |
| **1/31/25** | $9104 | $9633 |
| **2/28/25** | $9185 | $9711 |
| **3/31/25** | $9308 | $9819 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 2.91% | (0.97%) | (0.71%) |
| Class C (including sales charge) | 1.91% | (0.97%) | (0.71%) |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 1.46% | (2.35%) | (0.18%) |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $682957 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $1799 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 84.0% |
| Japan | 7.2% |
| Canada | 5.7% |
| France | 5.0% |
| United Kingdom | 4.9% |
| Spain | 4.6% |
| Cayman Islands | 3.8% |
| Ireland | 2.9% |
| Australia | 2.7% |
| South Korea | 2.4% |
| Saudi Arabia | 2.4% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (45.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PFRCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO International Bond Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4242TSRAR_033125

# I-3: PFUNX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $88 | 0.86% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Proceeds received from a class action litigation settlement contributed to performance.

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened.

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably underweight exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Underweight exposure to duration in China detracted from relative performance, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ibcc9dd827b4170e95bb5.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1022977 | $1021682 |
| **5/31/15** | $983071 | $990806 |
| **6/30/15** | $974162 | $991656 |
| **7/31/15** | $966818 | $990271 |
| **8/31/15** | $957112 | $993783 |
| **9/30/15** | $956667 | $998018 |
| **10/31/15** | $970755 | $1001224 |
| **11/30/15** | $955304 | $973406 |
| **12/31/15** | $953522 | $985460 |
| **1/31/16** | $951160 | $990368 |
| **2/29/16** | $976078 | $1024924 |
| **3/31/16** | $1021592 | $1066864 |
| **4/30/16** | $1047613 | $1088579 |
| **5/31/16** | $1020018 | $1062631 |
| **6/30/16** | $1058180 | $1103152 |
| **7/31/16** | $1071940 | $1112246 |
| **8/31/16** | $1068453 | $1103269 |
| **9/30/16** | $1079631 | $1114476 |
| **10/31/16** | $1038078 | $1065991 |
| **11/30/16** | $992539 | $1009819 |
| **12/31/16** | $988398 | $1000111 |
| **1/31/17** | $1011888 | $1018895 |
| **2/28/17** | $1018160 | $1021841 |
| **3/31/17** | $1023632 | $1024927 |
| **4/30/17** | $1031300 | $1039521 |
| **5/31/17** | $1047737 | $1062258 |
| **6/30/17** | $1054382 | $1061282 |
| **7/31/17** | $1088869 | $1089747 |
| **8/31/17** | $1096479 | $1101399 |
| **9/30/17** | $1086718 | $1087554 |
| **10/31/17** | $1074914 | $1079407 |
| **11/30/17** | $1088130 | $1102315 |
| **12/31/17** | $1093677 | $1105271 |
| **1/31/18** | $1138420 | $1138810 |
| **2/28/18** | $1118985 | $1129165 |
| **3/31/18** | $1131186 | $1145318 |
| **4/30/18** | $1100960 | $1119350 |
| **5/31/18** | $1086047 | $1098417 |
| **6/30/18** | $1079137 | $1090745 |
| **7/31/18** | $1083002 | $1086780 |
| **8/31/18** | $1066288 | $1083387 |
| **9/30/18** | $1068876 | $1071778 |
| **10/31/18** | $1046218 | $1056901 |
| **11/30/18** | $1051270 | $1058102 |
| **12/31/18** | $1052360 | $1081548 |
| **1/31/19** | $1084679 | $1101710 |
| **2/28/19** | $1076174 | $1090211 |
| **3/31/19** | $1081542 | $1097974 |
| **4/30/19** | $1077960 | $1091274 |
| **5/31/19** | $1081611 | $1102649 |
| **6/30/19** | $1114783 | $1135508 |
| **7/31/19** | $1099818 | $1127388 |
| **8/31/19** | $1105481 | $1145269 |
| **9/30/19** | $1097940 | $1128962 |
| **10/31/19** | $1109875 | $1139785 |
| **11/30/19** | $1096825 | $1124333 |
| **12/31/19** | $1125297 | $1136572 |
| **1/31/20** | $1123781 | $1145180 |
| **2/29/20** | $1110291 | $1142860 |
| **3/31/20** | $1027222 | $1106093 |
| **4/30/20** | $1060308 | $1128698 |
| **5/31/20** | $1086231 | $1132061 |
| **6/30/20** | $1108597 | $1143529 |
| **7/31/20** | $1165000 | $1194345 |
| **8/31/20** | $1186286 | $1197759 |
| **9/30/20** | $1171256 | $1190830 |
| **10/31/20** | $1178479 | $1196314 |
| **11/30/20** | $1219653 | $1224816 |
| **12/31/20** | $1262110 | $1251440 |
| **1/31/21** | $1250292 | $1238610 |
| **2/28/21** | $1225541 | $1214592 |
| **3/31/21** | $1202072 | $1185230 |
| **4/30/21** | $1222457 | $1204405 |
| **5/31/21** | $1236719 | $1220760 |
| **6/30/21** | $1210823 | $1196138 |
| **7/31/21** | $1225011 | $1214153 |
| **8/31/21** | $1219110 | $1206708 |
| **9/30/21** | $1190487 | $1177100 |
| **10/31/21** | $1180826 | $1172506 |
| **11/30/21** | $1174773 | $1164086 |
| **12/31/21** | $1171995 | $1163216 |
| **1/31/22** | $1153650 | $1140459 |
| **2/28/22** | $1135302 | $1127833 |
| **3/31/22** | $1097465 | $1091693 |
| **4/30/22** | $1021680 | $1017144 |
| **5/31/22** | $1023112 | $1017196 |
| **6/30/22** | $971764 | $971447 |
| **7/31/22** | $989564 | $990096 |
| **8/31/22** | $940959 | $940683 |
| **9/30/22** | $879752 | $885487 |
| **10/31/22** | $881400 | $884228 |
| **11/30/22** | $942795 | $933533 |
| **12/31/22** | $952065 | $945749 |
| **1/31/23** | $987911 | $978693 |
| **2/28/23** | $945517 | $939607 |
| **3/31/23** | $975924 | $974694 |
| **4/30/23** | $978293 | $977478 |
| **5/31/23** | $955219 | $951169 |
| **6/30/23** | $957553 | $953630 |
| **7/31/23** | $971638 | $965825 |
| **8/31/23** | $952779 | $946790 |
| **9/30/23** | $922374 | $915502 |
| **10/31/23** | $914356 | $907125 |
| **11/30/23** | $963216 | $957184 |
| **12/31/23** | $1014217 | $999851 |
| **1/31/24** | $988826 | $976953 |
| **2/29/24** | $981261 | $965382 |
| **3/31/24** | $989673 | $967740 |
| **4/30/24** | $963864 | $942679 |
| **5/31/24** | $978202 | $952112 |
| **6/30/24** | $970222 | $947301 |
| **7/31/24** | $1001609 | $977170 |
| **8/31/24** | $1026428 | $1007784 |
| **9/30/24** | $1048629 | $1027964 |
| **10/31/24** | $1019935 | $985590 |
| **11/30/24** | $1021981 | $983314 |
| **12/31/24** | $995999 | $957625 |
| **1/31/25** | $1004614 | $963299 |
| **2/28/25** | $1014378 | $971066 |
| **3/31/25** | $1028709 | $981851 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 3.94% | 0.03% | 0.28% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 1.46% | (2.35%) | (0.18%) |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $682957 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $1799 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 84.0% |
| Japan | 7.2% |
| Canada | 5.7% |
| France | 5.0% |
| United Kingdom | 4.9% |
| Spain | 4.6% |
| Cayman Islands | 3.8% |
| Ireland | 2.9% |
| Australia | 2.7% |
| South Korea | 2.4% |
| Saudi Arabia | 2.4% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (45.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PFUNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO International Bond Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS2183TSRAR_033125

# Institutional Class: PFUIX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $72 | 0.71% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Proceeds received from a class action litigation settlement contributed to performance.

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened.

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably underweight exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Underweight exposure to duration in China detracted from relative performance, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ib86fb1423966fe152abd.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1023101 | $1021682 |
| **5/31/15** | $983318 | $990806 |
| **6/30/15** | $974528 | $991656 |
| **7/31/15** | $967303 | $990271 |
| **8/31/15** | $957715 | $993783 |
| **9/30/15** | $957389 | $998018 |
| **10/31/15** | $971611 | $1001224 |
| **11/30/15** | $956264 | $973406 |
| **12/31/15** | $954602 | $985460 |
| **1/31/16** | $952359 | $990368 |
| **2/29/16** | $977424 | $1024924 |
| **3/31/16** | $1023127 | $1066864 |
| **4/30/16** | $1049314 | $1088579 |
| **5/31/16** | $1021805 | $1062631 |
| **6/30/16** | $1060163 | $1103152 |
| **7/31/16** | $1074084 | $1112246 |
| **8/31/16** | $1070727 | $1103269 |
| **9/30/16** | $1082061 | $1114476 |
| **10/31/16** | $1040548 | $1065991 |
| **11/30/16** | $995026 | $1009819 |
| **12/31/16** | $991001 | $1000111 |
| **1/31/17** | $1014680 | $1018895 |
| **2/28/17** | $1021085 | $1021841 |
| **3/31/17** | $1026702 | $1024927 |
| **4/30/17** | $1034520 | $1039521 |
| **5/31/17** | $1051141 | $1062258 |
| **6/30/17** | $1057938 | $1061282 |
| **7/31/17** | $1092677 | $1089747 |
| **8/31/17** | $1100453 | $1101399 |
| **9/30/17** | $1090792 | $1087554 |
| **10/31/17** | $1079082 | $1079407 |
| **11/30/17** | $1092483 | $1102315 |
| **12/31/17** | $1098191 | $1105271 |
| **1/31/18** | $1143262 | $1138810 |
| **2/28/18** | $1123874 | $1129165 |
| **3/31/18** | $1136273 | $1145318 |
| **4/30/18** | $1106039 | $1119350 |
| **5/31/18** | $1091175 | $1098417 |
| **6/30/18** | $1084377 | $1090745 |
| **7/31/18** | $1088330 | $1086780 |
| **8/31/18** | $1071688 | $1083387 |
| **9/30/18** | $1074407 | $1071778 |
| **10/31/18** | $1051781 | $1056901 |
| **11/30/18** | $1057001 | $1058102 |
| **12/31/18** | $1058224 | $1081548 |
| **1/31/19** | $1090827 | $1101710 |
| **2/28/19** | $1082400 | $1090211 |
| **3/31/19** | $1087931 | $1097974 |
| **4/30/19** | $1084465 | $1091274 |
| **5/31/19** | $1088267 | $1102649 |
| **6/30/19** | $1121739 | $1135508 |
| **7/31/19** | $1106839 | $1127388 |
| **8/31/19** | $1112689 | $1145269 |
| **9/30/19** | $1105237 | $1128962 |
| **10/31/19** | $1117381 | $1139785 |
| **11/30/19** | $1104388 | $1124333 |
| **12/31/19** | $1133174 | $1136572 |
| **1/31/20** | $1131788 | $1145180 |
| **2/29/20** | $1118330 | $1142860 |
| **3/31/20** | $1034812 | $1106093 |
| **4/30/20** | $1068227 | $1128698 |
| **5/31/20** | $1094447 | $1132061 |
| **6/30/20** | $1117118 | $1143529 |
| **7/31/20** | $1174069 | $1194345 |
| **8/31/20** | $1195678 | $1197759 |
| **9/30/20** | $1180678 | $1190830 |
| **10/31/20** | $1188122 | $1196314 |
| **11/30/20** | $1229766 | $1224816 |
| **12/31/20** | $1272737 | $1251440 |
| **1/31/21** | $1260974 | $1238610 |
| **2/28/21** | $1236176 | $1214592 |
| **3/31/21** | $1212677 | $1185230 |
| **4/30/21** | $1233401 | $1204405 |
| **5/31/21** | $1247935 | $1220760 |
| **6/30/21** | $1221973 | $1196138 |
| **7/31/21** | $1236439 | $1214153 |
| **8/31/21** | $1230634 | $1206708 |
| **9/30/21** | $1201911 | $1177100 |
| **10/31/21** | $1192318 | $1172506 |
| **11/30/21** | $1186353 | $1164086 |
| **12/31/21** | $1183709 | $1163216 |
| **1/31/22** | $1165330 | $1140459 |
| **2/28/22** | $1146938 | $1127833 |
| **3/31/22** | $1108867 | $1091693 |
| **4/30/22** | $1032484 | $1017144 |
| **5/31/22** | $1034046 | $1017196 |
| **6/30/22** | $982288 | $971447 |
| **7/31/22** | $1000363 | $990096 |
| **8/31/22** | $951420 | $940683 |
| **9/30/22** | $889715 | $885487 |
| **10/31/22** | $891475 | $884228 |
| **11/30/22** | $953635 | $933533 |
| **12/31/22** | $963144 | $945749 |
| **1/31/23** | $999511 | $978693 |
| **2/28/23** | $956775 | $939607 |
| **3/31/23** | $987643 | $974694 |
| **4/30/23** | $990157 | $977478 |
| **5/31/23** | $966961 | $951169 |
| **6/30/23** | $969465 | $953630 |
| **7/31/23** | $983841 | $965825 |
| **8/31/23** | $964864 | $946790 |
| **9/30/23** | $934241 | $915502 |
| **10/31/23** | $926236 | $907125 |
| **11/30/23** | $975807 | $957184 |
| **12/31/23** | $1027554 | $999851 |
| **1/31/24** | $1001955 | $976953 |
| **2/29/24** | $994406 | $965382 |
| **3/31/24** | $1003062 | $967740 |
| **4/30/24** | $977069 | $942679 |
| **5/31/24** | $991752 | $952112 |
| **6/30/24** | $983803 | $947301 |
| **7/31/24** | $1015699 | $977170 |
| **8/31/24** | $1040985 | $1007784 |
| **9/30/24** | $1063603 | $1027964 |
| **10/31/24** | $1034644 | $985590 |
| **11/30/24** | $1036811 | $983314 |
| **12/31/24** | $1010631 | $957625 |
| **1/31/25** | $1019474 | $963299 |
| **2/28/25** | $1029507 | $971066 |
| **3/31/25** | $1044177 | $981851 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.10% | 0.18% | 0.43% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 1.46% | (2.35%) | (0.18%) |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $682957 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $1799 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 84.0% |
| Japan | 7.2% |
| Canada | 5.7% |
| France | 5.0% |
| United Kingdom | 4.9% |
| Spain | 4.6% |
| Cayman Islands | 3.8% |
| Ireland | 2.9% |
| Australia | 2.7% |
| South Korea | 2.4% |
| Saudi Arabia | 2.4% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (45.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PFUIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO International Bond Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS1853TSRAR_033125

# I-2: PFUPX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $83 | 0.81% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Proceeds received from a class action litigation settlement contributed to performance.

* Long exposure to senior securitized credit, particularly U.S. non-agency residential mortgage-backed securities and collateralized loan obligations, contributed to relative performance, as spreads tightened.

* Curve positioning in the euro bloc, primarily underweight exposure to the long end of the yield curve, contributed to relative performance, as yields rose.

* Positioning within developed market currencies, notably underweight exposure to the euro, detracted from relative performance, as the currency appreciated against the U.S. dollar, particularly during the third quarter of 2024.

* Underweight exposure to duration in China detracted from relative performance, as yields fell.

* Underweight exposure to duration in Thailand detracted from relative performance, as yields fell. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i80ac6a03e81956e0e37f.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1023020 | $1021682 |
| **5/31/15** | $983156 | $990806 |
| **6/30/15** | $974287 | $991656 |
| **7/31/15** | $966978 | $990271 |
| **8/31/15** | $957317 | $993783 |
| **9/30/15** | $956912 | $998018 |
| **10/31/15** | $971044 | $1001224 |
| **11/30/15** | $955630 | $973406 |
| **12/31/15** | $953881 | $985460 |
| **1/31/16** | $951567 | $990368 |
| **2/29/16** | $976534 | $1024924 |
| **3/31/16** | $1022114 | $1066864 |
| **4/30/16** | $1048189 | $1088579 |
| **5/31/16** | $1020626 | $1062631 |
| **6/30/16** | $1058854 | $1103152 |
| **7/31/16** | $1072666 | $1112246 |
| **8/31/16** | $1069223 | $1103269 |
| **9/30/16** | $1080449 | $1114476 |
| **10/31/16** | $1038914 | $1065991 |
| **11/30/16** | $993380 | $1009819 |
| **12/31/16** | $989274 | $1000111 |
| **1/31/17** | $1012832 | $1018895 |
| **2/28/17** | $1019148 | $1021841 |
| **3/31/17** | $1024664 | $1024927 |
| **4/30/17** | $1032387 | $1039521 |
| **5/31/17** | $1048886 | $1062258 |
| **6/30/17** | $1055576 | $1061282 |
| **7/31/17** | $1090153 | $1089747 |
| **8/31/17** | $1097826 | $1101399 |
| **9/30/17** | $1088094 | $1087554 |
| **10/31/17** | $1076325 | $1079407 |
| **11/30/17** | $1089602 | $1102315 |
| **12/31/17** | $1095199 | $1105271 |
| **1/31/18** | $1140056 | $1138810 |
| **2/28/18** | $1120636 | $1129165 |
| **3/31/18** | $1132901 | $1145318 |
| **4/30/18** | $1102666 | $1119350 |
| **5/31/18** | $1087754 | $1098417 |
| **6/30/18** | $1080886 | $1090745 |
| **7/31/18** | $1084737 | $1086780 |
| **8/31/18** | $1068056 | $1083387 |
| **9/30/18** | $1070686 | $1071778 |
| **10/31/18** | $1048049 | $1056901 |
| **11/30/18** | $1053159 | $1058102 |
| **12/31/18** | $1054291 | $1081548 |
| **1/31/19** | $1086686 | $1101710 |
| **2/28/19** | $1078178 | $1090211 |
| **3/31/19** | $1083595 | $1097974 |
| **4/30/19** | $1080055 | $1091274 |
| **5/31/19** | $1083746 | $1102649 |
| **6/30/19** | $1116997 | $1135508 |
| **7/31/19** | $1102065 | $1127388 |
| **8/31/19** | $1107794 | $1145269 |
| **9/30/19** | $1100290 | $1128962 |
| **10/31/19** | $1112286 | $1139785 |
| **11/30/19** | $1099260 | $1124333 |
| **12/31/19** | $1127818 | $1136572 |
| **1/31/20** | $1126339 | $1145180 |
| **2/29/20** | $1112856 | $1142860 |
| **3/31/20** | $1029661 | $1106093 |
| **4/30/20** | $1062811 | $1128698 |
| **5/31/20** | $1088808 | $1132061 |
| **6/30/20** | $1111273 | $1143529 |
| **7/31/20** | $1167827 | $1194345 |
| **8/31/20** | $1189237 | $1197759 |
| **9/30/20** | $1174221 | $1190830 |
| **10/31/20** | $1181521 | $1196314 |
| **11/30/20** | $1222837 | $1224816 |
| **12/31/20** | $1265448 | $1251440 |
| **1/31/21** | $1253653 | $1238610 |
| **2/28/21** | $1228904 | $1214592 |
| **3/31/21** | $1205440 | $1185230 |
| **4/30/21** | $1225933 | $1204405 |
| **5/31/21** | $1240281 | $1220760 |
| **6/30/21** | $1214377 | $1196138 |
| **7/31/21** | $1228648 | $1214153 |
| **8/31/21** | $1222779 | $1206708 |
| **9/30/21** | $1194137 | $1177100 |
| **10/31/21** | $1184505 | $1172506 |
| **11/30/21** | $1178483 | $1164086 |
| **12/31/21** | $1175750 | $1163216 |
| **1/31/22** | $1157404 | $1140459 |
| **2/28/22** | $1139049 | $1127833 |
| **3/31/22** | $1101146 | $1091693 |
| **4/30/22** | $1025203 | $1017144 |
| **5/31/22** | $1026671 | $1017196 |
| **6/30/22** | $975201 | $971447 |
| **7/31/22** | $993064 | $990096 |
| **8/31/22** | $944396 | $940683 |
| **9/30/22** | $883068 | $885487 |
| **10/31/22** | $884745 | $884228 |
| **11/30/22** | $946359 | $933533 |
| **12/31/22** | $955710 | $945749 |
| **1/31/23** | $991719 | $978693 |
| **2/28/23** | $949241 | $939607 |
| **3/31/23** | $979779 | $974694 |
| **4/30/23** | $982197 | $977478 |
| **5/31/23** | $959106 | $951169 |
| **6/30/23** | $961506 | $953630 |
| **7/31/23** | $975687 | $965825 |
| **8/31/23** | $956788 | $946790 |
| **9/30/23** | $926341 | $915502 |
| **10/31/23** | $918328 | $907125 |
| **11/30/23** | $967398 | $957184 |
| **12/31/23** | $1018612 | $999851 |
| **1/31/24** | $993153 | $976953 |
| **2/29/24** | $985593 | $965382 |
| **3/31/24** | $994087 | $967740 |
| **4/30/24** | $968241 | $942679 |
| **5/31/24** | $982702 | $952112 |
| **6/30/24** | $974751 | $947301 |
| **7/31/24** | $1006269 | $977170 |
| **8/31/24** | $1031228 | $1007784 |
| **9/30/24** | $1053555 | $1027964 |
| **10/31/24** | $1024781 | $985590 |
| **11/30/24** | $1026842 | $983314 |
| **12/31/24** | $1000828 | $957625 |
| **1/31/25** | $1009498 | $963299 |
| **2/28/25** | $1019354 | $971066 |
| **3/31/25** | $1033797 | $981851 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 3.99% | 0.08% | 0.33% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 1.46% | (2.35%) | (0.18%) |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $682957 |
| # of Portfolio Holdings | 1484 |
| Portfolio Turnover Rate | 646% |
| Total Net Advisory Fees Paid During the Reporting Period | $1799 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| United States | 84.0% |
| Japan | 7.2% |
| Canada | 5.7% |
| France | 5.0% |
| United Kingdom | 4.9% |
| Spain | 4.6% |
| Cayman Islands | 3.8% |
| Ireland | 2.9% |
| Australia | 2.7% |
| South Korea | 2.4% |
| Saudi Arabia | 2.4% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (45.6%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PFUPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO International Bond Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS1912TSRAR_033125

# Class A: PMLAX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $76 | 0.75% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143ia5f9ad317ed6830f984e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** |
| **3/31/15** | $9775 | $10000 |
| **4/30/15** | $9719 | $9948 |
| **5/31/15** | $9683 | $9920 |
| **6/30/15** | $9679 | $9911 |
| **7/31/15** | $9706 | $9983 |
| **8/31/15** | $9711 | $10002 |
| **9/30/15** | $9790 | $10075 |
| **10/31/15** | $9869 | $10115 |
| **11/30/15** | $9957 | $10155 |
| **12/31/15** | $10063 | $10226 |
| **1/31/16** | $10138 | $10348 |
| **2/29/16** | $10144 | $10365 |
| **3/31/16** | $10222 | $10398 |
| **4/30/16** | $10321 | $10474 |
| **5/31/16** | $10367 | $10502 |
| **6/30/16** | $10548 | $10669 |
| **7/31/16** | $10564 | $10676 |
| **8/31/16** | $10590 | $10690 |
| **9/30/16** | $10564 | $10637 |
| **10/31/16** | $10451 | $10525 |
| **11/30/16** | $9983 | $10133 |
| **12/31/16** | $10062 | $10252 |
| **1/31/17** | $10150 | $10319 |
| **2/28/17** | $10218 | $10391 |
| **3/31/17** | $10246 | $10414 |
| **4/30/17** | $10347 | $10489 |
| **5/31/17** | $10493 | $10656 |
| **6/30/17** | $10491 | $10617 |
| **7/31/17** | $10561 | $10703 |
| **8/31/17** | $10675 | $10785 |
| **9/30/17** | $10661 | $10730 |
| **10/31/17** | $10677 | $10756 |
| **11/30/17** | $10652 | $10699 |
| **12/31/17** | $10780 | $10810 |
| **1/31/18** | $10699 | $10683 |
| **2/28/18** | $10652 | $10651 |
| **3/31/18** | $10705 | $10691 |
| **4/30/18** | $10690 | $10652 |
| **5/31/18** | $10842 | $10774 |
| **6/30/18** | $10852 | $10784 |
| **7/31/18** | $10893 | $10810 |
| **8/31/18** | $10905 | $10837 |
| **9/30/18** | $10844 | $10767 |
| **10/31/18** | $10741 | $10701 |
| **11/30/18** | $10797 | $10819 |
| **12/31/18** | $10895 | $10949 |
| **1/31/19** | $10958 | $11032 |
| **2/28/19** | $11023 | $11091 |
| **3/31/19** | $11223 | $11266 |
| **4/30/19** | $11299 | $11308 |
| **5/31/19** | $11443 | $11464 |
| **6/30/19** | $11471 | $11507 |
| **7/31/19** | $11544 | $11599 |
| **8/31/19** | $11757 | $11782 |
| **9/30/19** | $11690 | $11688 |
| **10/31/19** | $11693 | $11709 |
| **11/30/19** | $11721 | $11738 |
| **12/31/19** | $11770 | $11774 |
| **1/31/20** | $11970 | $11986 |
| **2/29/20** | $12146 | $12140 |
| **3/31/20** | $11632 | $11700 |
| **4/30/20** | $11421 | $11553 |
| **5/31/20** | $11759 | $11920 |
| **6/30/20** | $11969 | $12019 |
| **7/31/20** | $12179 | $12221 |
| **8/31/20** | $12115 | $12164 |
| **9/30/20** | $12088 | $12166 |
| **10/31/20** | $12050 | $12130 |
| **11/30/20** | $12295 | $12313 |
| **12/31/20** | $12423 | $12388 |
| **1/31/21** | $12535 | $12467 |
| **2/28/21** | $12317 | $12269 |
| **3/31/21** | $12383 | $12344 |
| **4/30/21** | $12523 | $12448 |
| **5/31/21** | $12600 | $12485 |
| **6/30/21** | $12664 | $12519 |
| **7/31/21** | $12766 | $12623 |
| **8/31/21** | $12699 | $12577 |
| **9/30/21** | $12585 | $12486 |
| **10/31/21** | $12554 | $12449 |
| **11/30/21** | $12681 | $12555 |
| **12/31/21** | $12701 | $12576 |
| **1/31/22** | $12378 | $12231 |
| **2/28/22** | $12276 | $12188 |
| **3/31/22** | $11860 | $11793 |
| **4/30/22** | $11495 | $11466 |
| **5/31/22** | $11592 | $11637 |
| **6/30/22** | $11348 | $11446 |
| **7/31/22** | $11643 | $11749 |
| **8/31/22** | $11412 | $11491 |
| **9/30/22** | $10962 | $11050 |
| **10/31/22** | $10805 | $10958 |
| **11/30/22** | $11330 | $11471 |
| **12/31/22** | $11315 | $11504 |
| **1/31/23** | $11656 | $11834 |
| **2/28/23** | $11403 | $11566 |
| **3/31/23** | $11600 | $11823 |
| **4/30/23** | $11656 | $11796 |
| **5/31/23** | $11601 | $11694 |
| **6/30/23** | $11713 | $11811 |
| **7/31/23** | $11757 | $11858 |
| **8/31/23** | $11641 | $11687 |
| **9/30/23** | $11348 | $11344 |
| **10/31/23** | $11166 | $11248 |
| **11/30/23** | $11907 | $11962 |
| **12/31/23** | $12227 | $12240 |
| **1/31/24** | $12238 | $12177 |
| **2/29/24** | $12276 | $12193 |
| **3/31/24** | $12302 | $12193 |
| **4/30/24** | $12173 | $12042 |
| **5/31/24** | $12227 | $12006 |
| **6/30/24** | $12394 | $12190 |
| **7/31/24** | $12485 | $12301 |
| **8/31/24** | $12579 | $12398 |
| **9/30/24** | $12708 | $12521 |
| **10/31/24** | $12548 | $12338 |
| **11/30/24** | $12746 | $12552 |
| **12/31/24** | $12543 | $12369 |
| **1/31/25** | $12593 | $12431 |
| **2/28/25** | $12749 | $12554 |
| **3/31/25** | $12528 | $12341 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 1.83% | 1.49% | 2.51% |
| Class A (including sales charge) | (0.46%) | 1.03% | 2.28% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3817179 |
| # of Portfolio Holdings | 676 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $6212 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.3% |
| Local or Guaranteed Housing | 11.9% |
| Port, Airport & Marina Revenue | 10.4% |
| Ad Valorem Property Tax | 8.7% |
| Electric Power & Light Revenue | 5.1% |
| Income Tax Revenue | 4.9% |
| Natural Gas Revenue | 4.9% |
| Water Revenue | 4.9% |
| Industrial Revenue | 4.0% |
| U.S. Government Agencies | 3.3% |
| Miscellaneous Revenue | 3.2% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 7.4% |
| Other Assets and Liabilities, Net | (4.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PMLAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4012TSRAR_033125

# Class C: PMLCX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $126 | 1.25% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i7710ab6ed70281b53cc4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $9939 | $9948 |
| **5/31/15** | $9898 | $9920 |
| **6/30/15** | $9889 | $9911 |
| **7/31/15** | $9913 | $9983 |
| **8/31/15** | $9914 | $10002 |
| **9/30/15** | $9990 | $10075 |
| **10/31/15** | $10067 | $10115 |
| **11/30/15** | $10152 | $10155 |
| **12/31/15** | $10256 | $10226 |
| **1/31/16** | $10329 | $10348 |
| **2/29/16** | $10331 | $10365 |
| **3/31/16** | $10405 | $10398 |
| **4/30/16** | $10501 | $10474 |
| **5/31/16** | $10544 | $10502 |
| **6/30/16** | $10724 | $10669 |
| **7/31/16** | $10736 | $10676 |
| **8/31/16** | $10758 | $10690 |
| **9/30/16** | $10727 | $10637 |
| **10/31/16** | $10607 | $10525 |
| **11/30/16** | $10128 | $10133 |
| **12/31/16** | $10204 | $10252 |
| **1/31/17** | $10289 | $10319 |
| **2/28/17** | $10354 | $10391 |
| **3/31/17** | $10378 | $10414 |
| **4/30/17** | $10476 | $10489 |
| **5/31/17** | $10619 | $10656 |
| **6/30/17** | $10613 | $10617 |
| **7/31/17** | $10679 | $10703 |
| **8/31/17** | $10790 | $10785 |
| **9/30/17** | $10771 | $10730 |
| **10/31/17** | $10783 | $10756 |
| **11/30/17** | $10753 | $10699 |
| **12/31/17** | $10877 | $10810 |
| **1/31/18** | $10791 | $10683 |
| **2/28/18** | $10740 | $10651 |
| **3/31/18** | $10789 | $10691 |
| **4/30/18** | $10769 | $10652 |
| **5/31/18** | $10917 | $10774 |
| **6/30/18** | $10923 | $10784 |
| **7/31/18** | $10960 | $10810 |
| **8/31/18** | $10967 | $10837 |
| **9/30/18** | $10902 | $10767 |
| **10/31/18** | $10794 | $10701 |
| **11/30/18** | $10845 | $10819 |
| **12/31/18** | $10938 | $10949 |
| **1/31/19** | $10998 | $11032 |
| **2/28/19** | $11058 | $11091 |
| **3/31/19** | $11255 | $11266 |
| **4/30/19** | $11326 | $11308 |
| **5/31/19** | $11466 | $11464 |
| **6/30/19** | $11489 | $11507 |
| **7/31/19** | $11557 | $11599 |
| **8/31/19** | $11765 | $11782 |
| **9/30/19** | $11694 | $11688 |
| **10/31/19** | $11692 | $11709 |
| **11/30/19** | $11714 | $11738 |
| **12/31/19** | $11759 | $11774 |
| **1/31/20** | $11954 | $11986 |
| **2/29/20** | $12125 | $12140 |
| **3/31/20** | $11607 | $11700 |
| **4/30/20** | $11392 | $11553 |
| **5/31/20** | $11724 | $11920 |
| **6/30/20** | $11928 | $12019 |
| **7/31/20** | $12132 | $12221 |
| **8/31/20** | $12063 | $12164 |
| **9/30/20** | $12032 | $12166 |
| **10/31/20** | $11989 | $12130 |
| **11/30/20** | $12228 | $12313 |
| **12/31/20** | $12349 | $12388 |
| **1/31/21** | $12455 | $12467 |
| **2/28/21** | $12234 | $12269 |
| **3/31/21** | $12295 | $12344 |
| **4/30/21** | $12428 | $12448 |
| **5/31/21** | $12499 | $12485 |
| **6/30/21** | $12558 | $12519 |
| **7/31/21** | $12653 | $12623 |
| **8/31/21** | $12581 | $12577 |
| **9/30/21** | $12463 | $12486 |
| **10/31/21** | $12428 | $12449 |
| **11/30/21** | $12548 | $12555 |
| **12/31/21** | $12562 | $12576 |
| **1/31/22** | $12238 | $12231 |
| **2/28/22** | $12133 | $12188 |
| **3/31/22** | $11716 | $11793 |
| **4/30/22** | $11351 | $11466 |
| **5/31/22** | $11442 | $11637 |
| **6/30/22** | $11197 | $11446 |
| **7/31/22** | $11482 | $11749 |
| **8/31/22** | $11250 | $11491 |
| **9/30/22** | $10802 | $11050 |
| **10/31/22** | $10643 | $10958 |
| **11/30/22** | $11155 | $11471 |
| **12/31/22** | $11136 | $11504 |
| **1/31/23** | $11467 | $11834 |
| **2/28/23** | $11213 | $11566 |
| **3/31/23** | $11403 | $11823 |
| **4/30/23** | $11453 | $11796 |
| **5/31/23** | $11394 | $11694 |
| **6/30/23** | $11499 | $11811 |
| **7/31/23** | $11538 | $11858 |
| **8/31/23** | $11419 | $11687 |
| **9/30/23** | $11126 | $11344 |
| **10/31/23** | $10944 | $11248 |
| **11/30/23** | $11665 | $11962 |
| **12/31/23** | $11974 | $12240 |
| **1/31/24** | $11980 | $12177 |
| **2/29/24** | $12012 | $12193 |
| **3/31/24** | $12033 | $12193 |
| **4/30/24** | $11901 | $12042 |
| **5/31/24** | $11949 | $12006 |
| **6/30/24** | $12107 | $12190 |
| **7/31/24** | $12191 | $12301 |
| **8/31/24** | $12277 | $12398 |
| **9/30/24** | $12398 | $12521 |
| **10/31/24** | $12237 | $12338 |
| **11/30/24** | $12425 | $12552 |
| **12/31/24** | $12222 | $12369 |
| **1/31/25** | $12265 | $12431 |
| **2/28/25** | $12413 | $12554 |
| **3/31/25** | $12192 | $12341 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 1.33% | 0.99% | 2.00% |
| Class C (including sales charge) | 0.34% | 0.99% | 2.00% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3817179 |
| # of Portfolio Holdings | 676 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $6212 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.3% |
| Local or Guaranteed Housing | 11.9% |
| Port, Airport & Marina Revenue | 10.4% |
| Ad Valorem Property Tax | 8.7% |
| Electric Power & Light Revenue | 5.1% |
| Income Tax Revenue | 4.9% |
| Natural Gas Revenue | 4.9% |
| Water Revenue | 4.9% |
| Industrial Revenue | 4.0% |
| U.S. Government Agencies | 3.3% |
| Miscellaneous Revenue | 3.2% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 7.4% |
| Other Assets and Liabilities, Net | (4.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PMLCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4212TSRAR_033125

# I-3: PMUNX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $60 | 0.59% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143id440868ec92182185e44.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $994436 | $994753 |
| **5/31/15** | $990895 | $992005 |
| **6/30/15** | $990539 | $991101 |
| **7/31/15** | $993515 | $998280 |
| **8/31/15** | $994089 | $1000240 |
| **9/30/15** | $1002282 | $1007486 |
| **10/31/15** | $1010571 | $1011492 |
| **11/30/15** | $1019671 | $1015513 |
| **12/31/15** | $1030707 | $1022648 |
| **1/31/16** | $1038550 | $1034850 |
| **2/29/16** | $1039312 | $1036478 |
| **3/31/16** | $1047386 | $1039761 |
| **4/30/16** | $1057661 | $1047406 |
| **5/31/16** | $1062506 | $1050239 |
| **6/30/16** | $1081265 | $1066947 |
| **7/31/16** | $1083044 | $1067598 |
| **8/31/16** | $1085847 | $1069039 |
| **9/30/16** | $1083340 | $1063703 |
| **10/31/16** | $1071854 | $1052544 |
| **11/30/16** | $1024029 | $1013289 |
| **12/31/16** | $1032295 | $1025185 |
| **1/31/17** | $1041410 | $1031944 |
| **2/28/17** | $1048532 | $1039109 |
| **3/31/17** | $1051593 | $1041365 |
| **4/30/17** | $1062076 | $1048921 |
| **5/31/17** | $1077166 | $1065568 |
| **6/30/17** | $1077171 | $1061747 |
| **7/31/17** | $1084456 | $1070337 |
| **8/31/17** | $1096286 | $1078482 |
| **9/30/17** | $1094976 | $1072999 |
| **10/31/17** | $1096833 | $1075618 |
| **11/30/17** | $1094402 | $1069859 |
| **12/31/17** | $1107646 | $1081041 |
| **1/31/18** | $1099483 | $1068314 |
| **2/28/18** | $1094830 | $1065122 |
| **3/31/18** | $1100418 | $1069053 |
| **4/30/18** | $1098967 | $1065238 |
| **5/31/18** | $1114751 | $1077436 |
| **6/30/18** | $1115986 | $1078356 |
| **7/31/18** | $1120376 | $1080972 |
| **8/31/18** | $1121773 | $1083748 |
| **9/30/18** | $1115612 | $1076732 |
| **10/31/18** | $1105185 | $1070102 |
| **11/30/18** | $1111082 | $1081946 |
| **12/31/18** | $1121235 | $1094900 |
| **1/31/19** | $1127934 | $1103177 |
| **2/28/19** | $1134721 | $1109084 |
| **3/31/19** | $1155506 | $1126616 |
| **4/30/19** | $1163439 | $1130850 |
| **5/31/19** | $1178507 | $1146440 |
| **6/30/19** | $1181435 | $1150673 |
| **7/31/19** | $1189163 | $1159947 |
| **8/31/19** | $1211249 | $1178243 |
| **9/30/19** | $1204510 | $1168798 |
| **10/31/19** | $1205000 | $1170893 |
| **11/30/19** | $1207993 | $1173821 |
| **12/31/19** | $1213218 | $1177405 |
| **1/31/20** | $1234058 | $1198559 |
| **2/29/20** | $1252348 | $1214015 |
| **3/31/20** | $1199537 | $1169979 |
| **4/30/20** | $1177930 | $1155296 |
| **5/31/20** | $1212936 | $1192047 |
| **6/30/20** | $1234719 | $1201858 |
| **7/31/20** | $1256541 | $1222100 |
| **8/31/20** | $1250098 | $1216366 |
| **9/30/20** | $1247537 | $1216624 |
| **10/31/20** | $1243779 | $1212970 |
| **11/30/20** | $1269234 | $1231274 |
| **12/31/20** | $1282642 | $1238775 |
| **1/31/21** | $1294302 | $1246669 |
| **2/28/21** | $1271949 | $1226861 |
| **3/31/21** | $1278972 | $1234427 |
| **4/30/21** | $1293601 | $1244781 |
| **5/31/21** | $1301683 | $1248495 |
| **6/30/21** | $1308541 | $1251923 |
| **7/31/21** | $1319201 | $1262306 |
| **8/31/21** | $1312420 | $1257674 |
| **9/30/21** | $1300813 | $1248597 |
| **10/31/21** | $1297826 | $1244947 |
| **11/30/21** | $1311100 | $1255545 |
| **12/31/21** | $1313289 | $1257570 |
| **1/31/22** | $1280066 | $1223147 |
| **2/28/22** | $1269727 | $1218765 |
| **3/31/22** | $1226821 | $1179256 |
| **4/30/22** | $1189294 | $1146639 |
| **5/31/22** | $1199448 | $1163672 |
| **6/30/22** | $1174376 | $1144613 |
| **7/31/22** | $1204995 | $1174856 |
| **8/31/22** | $1181290 | $1149107 |
| **9/30/22** | $1134947 | $1105003 |
| **10/31/22** | $1118827 | $1095814 |
| **11/30/22** | $1173293 | $1147069 |
| **12/31/22** | $1171899 | $1150353 |
| **1/31/23** | $1207368 | $1183397 |
| **2/28/23** | $1181302 | $1156638 |
| **3/31/23** | $1201960 | $1182301 |
| **4/30/23** | $1207848 | $1179600 |
| **5/31/23** | $1202327 | $1169378 |
| **6/30/23** | $1214079 | $1181092 |
| **7/31/23** | $1218854 | $1185764 |
| **8/31/23** | $1206947 | $1168693 |
| **9/30/23** | $1176700 | $1134441 |
| **10/31/23** | $1158074 | $1124787 |
| **11/30/23** | $1235017 | $1196190 |
| **12/31/23** | $1268425 | $1223991 |
| **1/31/24** | $1269695 | $1217740 |
| **2/29/24** | $1273824 | $1219304 |
| **3/31/24** | $1276702 | $1219266 |
| **4/30/24** | $1263400 | $1204165 |
| **5/31/24** | $1269247 | $1200633 |
| **6/30/24** | $1286716 | $1219036 |
| **7/31/24** | $1296330 | $1230147 |
| **8/31/24** | $1306281 | $1239849 |
| **9/30/24** | $1319852 | $1252103 |
| **10/31/24** | $1303429 | $1233846 |
| **11/30/24** | $1324131 | $1255160 |
| **12/31/24** | $1303275 | $1236886 |
| **1/31/25** | $1308618 | $1243085 |
| **2/28/25** | $1325013 | $1255411 |
| **3/31/25** | $1302182 | $1234135 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 2.00% | 1.66% | 2.68% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3817179 |
| # of Portfolio Holdings | 676 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $6212 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.3% |
| Local or Guaranteed Housing | 11.9% |
| Port, Airport & Marina Revenue | 10.4% |
| Ad Valorem Property Tax | 8.7% |
| Electric Power & Light Revenue | 5.1% |
| Income Tax Revenue | 4.9% |
| Natural Gas Revenue | 4.9% |
| Water Revenue | 4.9% |
| Industrial Revenue | 4.0% |
| U.S. Government Agencies | 3.3% |
| Miscellaneous Revenue | 3.2% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 7.4% |
| Other Assets and Liabilities, Net | (4.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PMUNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2233TSRAR_033125

# Institutional Class: PFMIX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $44 | 0.44% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143id23257710373c12c70d2.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $994559 | $994753 |
| **5/31/15** | $991144 | $992005 |
| **6/30/15** | $990910 | $991101 |
| **7/31/15** | $994013 | $998280 |
| **8/31/15** | $994714 | $1000240 |
| **9/30/15** | $1003035 | $1007486 |
| **10/31/15** | $1011458 | $1011492 |
| **11/30/15** | $1020691 | $1015513 |
| **12/31/15** | $1031869 | $1022648 |
| **1/31/16** | $1039852 | $1034850 |
| **2/29/16** | $1040739 | $1036478 |
| **3/31/16** | $1048956 | $1039761 |
| **4/30/16** | $1059376 | $1047406 |
| **5/31/16** | $1064364 | $1050239 |
| **6/30/16** | $1083287 | $1066947 |
| **7/31/16** | $1085208 | $1067598 |
| **8/31/16** | $1088154 | $1069039 |
| **9/30/16** | $1085775 | $1063703 |
| **10/31/16** | $1074400 | $1052544 |
| **11/30/16** | $1026590 | $1013289 |
| **12/31/16** | $1035008 | $1025185 |
| **1/31/17** | $1044280 | $1031944 |
| **2/28/17** | $1051541 | $1039109 |
| **3/31/17** | $1054745 | $1041365 |
| **4/30/17** | $1065389 | $1048921 |
| **5/31/17** | $1080663 | $1065568 |
| **6/30/17** | $1080801 | $1061747 |
| **7/31/17** | $1088249 | $1070337 |
| **8/31/17** | $1100259 | $1078482 |
| **9/30/17** | $1099081 | $1072999 |
| **10/31/17** | $1101084 | $1075618 |
| **11/30/17** | $1098780 | $1069859 |
| **12/31/17** | $1112218 | $1081041 |
| **1/31/18** | $1104163 | $1068314 |
| **2/28/18** | $1099616 | $1065122 |
| **3/31/18** | $1105369 | $1069053 |
| **4/30/18** | $1104047 | $1065238 |
| **5/31/18** | $1120046 | $1077436 |
| **6/30/18** | $1121424 | $1078356 |
| **7/31/18** | $1125978 | $1080972 |
| **8/31/18** | $1127526 | $1083748 |
| **9/30/18** | $1121472 | $1076732 |
| **10/31/18** | $1111131 | $1070102 |
| **11/30/18** | $1117197 | $1081946 |
| **12/31/18** | $1127549 | $1094900 |
| **1/31/19** | $1134430 | $1103177 |
| **2/28/19** | $1141386 | $1109084 |
| **3/31/19** | $1162440 | $1126616 |
| **4/30/19** | $1170563 | $1130850 |
| **5/31/19** | $1185874 | $1146440 |
| **6/30/19** | $1188966 | $1150673 |
| **7/31/19** | $1196895 | $1159947 |
| **8/31/19** | $1219279 | $1178243 |
| **9/30/19** | $1212645 | $1168798 |
| **10/31/19** | $1213292 | $1170893 |
| **11/30/19** | $1216455 | $1173821 |
| **12/31/19** | $1221872 | $1177405 |
| **1/31/20** | $1243018 | $1198559 |
| **2/29/20** | $1261588 | $1214015 |
| **3/31/20** | $1208540 | $1169979 |
| **4/30/20** | $1186919 | $1155296 |
| **5/31/20** | $1222345 | $1192047 |
| **6/30/20** | $1244449 | $1201858 |
| **7/31/20** | $1266602 | $1222100 |
| **8/31/20** | $1260269 | $1216366 |
| **9/30/20** | $1257841 | $1216624 |
| **10/31/20** | $1254212 | $1212970 |
| **11/30/20** | $1280035 | $1231274 |
| **12/31/20** | $1293722 | $1238775 |
| **1/31/21** | $1305648 | $1246669 |
| **2/28/21** | $1283249 | $1226861 |
| **3/31/21** | $1290498 | $1234427 |
| **4/30/21** | $1305419 | $1244781 |
| **5/31/21** | $1313741 | $1248495 |
| **6/30/21** | $1320826 | $1251923 |
| **7/31/21** | $1331749 | $1262306 |
| **8/31/21** | $1325097 | $1257674 |
| **9/30/21** | $1313545 | $1248597 |
| **10/31/21** | $1310725 | $1244947 |
| **11/30/21** | $1324305 | $1255545 |
| **12/31/21** | $1326709 | $1257570 |
| **1/31/22** | $1293321 | $1223147 |
| **2/28/22** | $1283011 | $1218765 |
| **3/31/22** | $1239816 | $1179256 |
| **4/30/22** | $1202047 | $1146639 |
| **5/31/22** | $1212448 | $1163672 |
| **6/30/22** | $1187259 | $1144613 |
| **7/31/22** | $1218367 | $1174856 |
| **8/31/22** | $1194549 | $1149107 |
| **9/30/22** | $1147827 | $1105003 |
| **10/31/22** | $1131660 | $1095814 |
| **11/30/22** | $1186889 | $1147069 |
| **12/31/22** | $1185640 | $1150353 |
| **1/31/23** | $1221669 | $1183397 |
| **2/28/23** | $1195434 | $1156638 |
| **3/31/23** | $1216502 | $1182301 |
| **4/30/23** | $1222600 | $1179600 |
| **5/31/23** | $1217163 | $1169378 |
| **6/30/23** | $1229219 | $1181092 |
| **7/31/23** | $1234197 | $1185764 |
| **8/31/23** | $1222295 | $1168693 |
| **9/30/23** | $1191815 | $1134441 |
| **10/31/23** | $1173093 | $1124787 |
| **11/30/23** | $1251172 | $1196190 |
| **12/31/23** | $1285183 | $1223991 |
| **1/31/24** | $1286665 | $1217740 |
| **2/29/24** | $1291001 | $1219304 |
| **3/31/24** | $1294082 | $1219266 |
| **4/30/24** | $1280758 | $1204165 |
| **5/31/24** | $1286856 | $1200633 |
| **6/30/24** | $1304714 | $1219036 |
| **7/31/24** | $1314630 | $1230147 |
| **8/31/24** | $1324900 | $1239849 |
| **9/30/24** | $1338817 | $1252103 |
| **10/31/24** | $1322327 | $1233846 |
| **11/30/24** | $1343505 | $1255160 |
| **12/31/24** | $1322514 | $1236886 |
| **1/31/25** | $1328107 | $1243085 |
| **2/28/25** | $1344901 | $1255411 |
| **3/31/25** | $1321883 | $1234135 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.15% | 1.81% | 2.83% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3817179 |
| # of Portfolio Holdings | 676 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $6212 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.3% |
| Local or Guaranteed Housing | 11.9% |
| Port, Airport & Marina Revenue | 10.4% |
| Ad Valorem Property Tax | 8.7% |
| Electric Power & Light Revenue | 5.1% |
| Income Tax Revenue | 4.9% |
| Natural Gas Revenue | 4.9% |
| Water Revenue | 4.9% |
| Industrial Revenue | 4.0% |
| U.S. Government Agencies | 3.3% |
| Miscellaneous Revenue | 3.2% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 7.4% |
| Other Assets and Liabilities, Net | (4.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PFMIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0040TSRAR_033125

# I-2: PMUPX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 0.54% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i8bd4a44ce65013899316.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $994478 | $994753 |
| **5/31/15** | $990980 | $992005 |
| **6/30/15** | $990665 | $991101 |
| **7/31/15** | $993677 | $998280 |
| **8/31/15** | $994299 | $1000240 |
| **9/30/15** | $1002536 | $1007486 |
| **10/31/15** | $1010867 | $1011492 |
| **11/30/15** | $1020013 | $1015513 |
| **12/31/15** | $1031088 | $1022648 |
| **1/31/16** | $1038987 | $1034850 |
| **2/29/16** | $1039790 | $1036478 |
| **3/31/16** | $1047913 | $1039761 |
| **4/30/16** | $1058234 | $1047406 |
| **5/31/16** | $1063130 | $1050239 |
| **6/30/16** | $1081943 | $1066947 |
| **7/31/16** | $1083770 | $1067598 |
| **8/31/16** | $1086621 | $1069039 |
| **9/30/16** | $1084150 | $1063703 |
| **10/31/16** | $1072707 | $1052544 |
| **11/30/16** | $1024860 | $1013289 |
| **12/31/16** | $1033169 | $1025185 |
| **1/31/17** | $1042343 | $1031944 |
| **2/28/17** | $1049512 | $1039109 |
| **3/31/17** | $1052615 | $1041365 |
| **4/30/17** | $1063157 | $1048921 |
| **5/31/17** | $1078308 | $1065568 |
| **6/30/17** | $1078352 | $1061747 |
| **7/31/17** | $1085697 | $1070337 |
| **8/31/17** | $1097586 | $1078482 |
| **9/30/17** | $1096317 | $1072999 |
| **10/31/17** | $1098226 | $1075618 |
| **11/30/17** | $1095837 | $1069859 |
| **12/31/17** | $1109143 | $1081041 |
| **1/31/18** | $1101019 | $1068314 |
| **2/28/18** | $1096400 | $1065122 |
| **3/31/18** | $1102039 | $1069053 |
| **4/30/18** | $1100634 | $1065238 |
| **5/31/18** | $1116487 | $1077436 |
| **6/30/18** | $1117768 | $1078356 |
| **7/31/18** | $1122215 | $1080972 |
| **8/31/18** | $1123653 | $1083748 |
| **9/30/18** | $1117537 | $1076732 |
| **10/31/18** | $1107139 | $1070102 |
| **11/30/18** | $1113086 | $1081946 |
| **12/31/18** | $1123306 | $1094900 |
| **1/31/19** | $1130067 | $1103177 |
| **2/28/19** | $1136912 | $1109084 |
| **3/31/19** | $1157786 | $1126616 |
| **4/30/19** | $1165782 | $1130850 |
| **5/31/19** | $1180929 | $1146440 |
| **6/30/19** | $1183918 | $1150673 |
| **7/31/19** | $1191714 | $1159947 |
| **8/31/19** | $1213892 | $1178243 |
| **9/30/19** | $1207195 | $1168798 |
| **10/31/19** | $1207737 | $1170893 |
| **11/30/19** | $1210784 | $1173821 |
| **12/31/19** | $1216073 | $1177405 |
| **1/31/20** | $1237011 | $1198559 |
| **2/29/20** | $1255397 | $1214015 |
| **3/31/20** | $1202511 | $1169979 |
| **4/30/20** | $1180902 | $1155296 |
| **5/31/20** | $1216049 | $1192047 |
| **6/30/20** | $1237937 | $1201858 |
| **7/31/20** | $1259861 | $1222100 |
| **8/31/20** | $1253464 | $1216366 |
| **9/30/20** | $1250947 | $1216624 |
| **10/31/20** | $1247228 | $1212970 |
| **11/30/20** | $1272808 | $1231274 |
| **12/31/20** | $1286298 | $1238775 |
| **1/31/21** | $1298057 | $1246669 |
| **2/28/21** | $1275687 | $1226861 |
| **3/31/21** | $1282784 | $1234427 |
| **4/30/21** | $1297502 | $1244781 |
| **5/31/21** | $1305668 | $1248495 |
| **6/30/21** | $1312602 | $1251923 |
| **7/31/21** | $1323343 | $1262306 |
| **8/31/21** | $1316624 | $1257674 |
| **9/30/21** | $1305038 | $1248597 |
| **10/31/21** | $1302127 | $1244947 |
| **11/30/21** | $1315510 | $1255545 |
| **12/31/21** | $1317779 | $1257570 |
| **1/31/22** | $1284512 | $1223147 |
| **2/28/22** | $1274174 | $1218765 |
| **3/31/22** | $1231170 | $1179256 |
| **4/30/22** | $1193560 | $1146639 |
| **5/31/22** | $1203793 | $1163672 |
| **6/30/22** | $1178687 | $1144613 |
| **7/31/22** | $1209471 | $1174856 |
| **8/31/22** | $1185725 | $1149107 |
| **9/30/22** | $1139245 | $1105003 |
| **10/31/22** | $1123109 | $1095814 |
| **11/30/22** | $1177825 | $1147069 |
| **12/31/22** | $1176480 | $1150353 |
| **1/31/23** | $1212136 | $1183397 |
| **2/28/23** | $1186015 | $1156638 |
| **3/31/23** | $1206808 | $1182301 |
| **4/30/23** | $1212765 | $1179600 |
| **5/31/23** | $1207270 | $1169378 |
| **6/30/23** | $1219121 | $1181092 |
| **7/31/23** | $1223962 | $1185764 |
| **8/31/23** | $1212056 | $1168693 |
| **9/30/23** | $1181729 | $1134441 |
| **10/31/23** | $1163069 | $1124787 |
| **11/30/23** | $1240382 | $1196190 |
| **12/31/23** | $1273990 | $1223991 |
| **1/31/24** | $1275355 | $1217740 |
| **2/29/24** | $1279550 | $1219304 |
| **3/31/24** | $1282496 | $1219266 |
| **4/30/24** | $1269186 | $1204165 |
| **5/31/24** | $1275115 | $1200633 |
| **6/30/24** | $1292713 | $1219036 |
| **7/31/24** | $1302427 | $1230147 |
| **8/31/24** | $1312484 | $1239849 |
| **9/30/24** | $1326169 | $1252103 |
| **10/31/24** | $1309723 | $1233846 |
| **11/30/24** | $1330588 | $1255160 |
| **12/31/24** | $1309687 | $1236886 |
| **1/31/25** | $1315111 | $1243085 |
| **2/28/25** | $1331639 | $1255411 |
| **3/31/25** | $1308747 | $1234135 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 2.05% | 1.71% | 2.73% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3817179 |
| # of Portfolio Holdings | 676 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $6212 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.3% |
| Local or Guaranteed Housing | 11.9% |
| Port, Airport & Marina Revenue | 10.4% |
| Ad Valorem Property Tax | 8.7% |
| Electric Power & Light Revenue | 5.1% |
| Income Tax Revenue | 4.9% |
| Natural Gas Revenue | 4.9% |
| Water Revenue | 4.9% |
| Industrial Revenue | 4.0% |
| U.S. Government Agencies | 3.3% |
| Miscellaneous Revenue | 3.2% |
| Other Investments | 19.5% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 7.4% |
| Other Assets and Liabilities, Net | (4.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PMUPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1916TSRAR_033125

# Class A: PMNTX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $81 | 0.80% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the pre-refunded sector contributed to performance, as the sector outperformed the broader municipal market. 

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the healthcare sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143id53890f9dac0fb0ac9e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9715 | $9948 | $9963 |
| **5/31/15** | $9682 | $9920 | $9935 |
| **6/30/15** | $9676 | $9911 | $9934 |
| **7/31/15** | $9730 | $9983 | $9994 |
| **8/31/15** | $9745 | $10002 | $10013 |
| **9/30/15** | $9800 | $10075 | $10084 |
| **10/31/15** | $9864 | $10115 | $10123 |
| **11/30/15** | $9918 | $10155 | $10144 |
| **12/31/15** | $10006 | $10226 | $10197 |
| **1/31/16** | $10106 | $10348 | $10318 |
| **2/29/16** | $10120 | $10365 | $10336 |
| **3/31/16** | $10143 | $10398 | $10346 |
| **4/30/16** | $10225 | $10474 | $10408 |
| **5/31/16** | $10221 | $10502 | $10413 |
| **6/30/16** | $10390 | $10669 | $10542 |
| **7/31/16** | $10387 | $10676 | $10556 |
| **8/31/16** | $10411 | $10690 | $10560 |
| **9/30/16** | $10380 | $10637 | $10522 |
| **10/31/16** | $10278 | $10525 | $10436 |
| **11/30/16** | $9880 | $10133 | $10100 |
| **12/31/16** | $9947 | $10252 | $10198 |
| **1/31/17** | $10012 | $10319 | $10270 |
| **2/28/17** | $10060 | $10391 | $10338 |
| **3/31/17** | $10088 | $10414 | $10356 |
| **4/30/17** | $10173 | $10489 | $10430 |
| **5/31/17** | $10297 | $10656 | $10566 |
| **6/30/17** | $10278 | $10617 | $10526 |
| **7/31/17** | $10353 | $10703 | $10603 |
| **8/31/17** | $10450 | $10785 | $10673 |
| **9/30/17** | $10411 | $10730 | $10624 |
| **10/31/17** | $10430 | $10756 | $10639 |
| **11/30/17** | $10380 | $10699 | $10552 |
| **12/31/17** | $10439 | $10810 | $10640 |
| **1/31/18** | $10359 | $10683 | $10547 |
| **2/28/18** | $10320 | $10651 | $10520 |
| **3/31/18** | $10330 | $10691 | $10543 |
| **4/30/18** | $10309 | $10652 | $10515 |
| **5/31/18** | $10389 | $10774 | $10613 |
| **6/30/18** | $10400 | $10784 | $10632 |
| **7/31/18** | $10430 | $10810 | $10666 |
| **8/31/18** | $10452 | $10837 | $10685 |
| **9/30/18** | $10391 | $10767 | $10626 |
| **10/31/18** | $10331 | $10701 | $10582 |
| **11/30/18** | $10424 | $10819 | $10690 |
| **12/31/18** | $10514 | $10949 | $10808 |
| **1/31/19** | $10615 | $11032 | $10899 |
| **2/28/19** | $10677 | $11091 | $10952 |
| **3/31/19** | $10799 | $11266 | $11080 |
| **4/30/19** | $10840 | $11308 | $11102 |
| **5/31/19** | $10972 | $11464 | $11237 |
| **6/30/19** | $11012 | $11507 | $11283 |
| **7/31/19** | $11092 | $11599 | $11372 |
| **8/31/19** | $11224 | $11782 | $11504 |
| **9/30/19** | $11139 | $11688 | $11411 |
| **10/31/19** | $11146 | $11709 | $11441 |
| **11/30/19** | $11165 | $11738 | $11467 |
| **12/31/19** | $11203 | $11774 | $11504 |
| **1/31/20** | $11365 | $11986 | $11680 |
| **2/29/20** | $11475 | $12140 | $11790 |
| **3/31/20** | $11013 | $11700 | $11446 |
| **4/30/20** | $10906 | $11553 | $11365 |
| **5/31/20** | $11214 | $11920 | $11687 |
| **6/30/20** | $11346 | $12019 | $11755 |
| **7/31/20** | $11509 | $12221 | $11919 |
| **8/31/20** | $11493 | $12164 | $11880 |
| **9/30/20** | $11478 | $12166 | $11889 |
| **10/31/20** | $11452 | $12130 | $11859 |
| **11/30/20** | $11594 | $12313 | $11991 |
| **12/31/20** | $11674 | $12388 | $12048 |
| **1/31/21** | $11739 | $12467 | $12105 |
| **2/28/21** | $11576 | $12269 | $11953 |
| **3/31/21** | $11621 | $12344 | $12009 |
| **4/30/21** | $11710 | $12448 | $12084 |
| **5/31/21** | $11734 | $12485 | $12102 |
| **6/30/21** | $11759 | $12519 | $12117 |
| **7/31/21** | $11837 | $12623 | $12205 |
| **8/31/21** | $11797 | $12577 | $12180 |
| **9/30/21** | $11705 | $12486 | $12106 |
| **10/31/21** | $11676 | $12449 | $12070 |
| **11/30/21** | $11733 | $12555 | $12135 |
| **12/31/21** | $11743 | $12576 | $12152 |
| **1/31/22** | $11467 | $12231 | $11855 |
| **2/28/22** | $11407 | $12188 | $11818 |
| **3/31/22** | $11110 | $11793 | $11504 |
| **4/30/22** | $10868 | $11466 | $11263 |
| **5/31/22** | $10991 | $11637 | $11421 |
| **6/30/22** | $10868 | $11446 | $11325 |
| **7/31/22** | $11111 | $11749 | $11578 |
| **8/31/22** | $10925 | $11491 | $11378 |
| **9/30/22** | $10653 | $11050 | $11033 |
| **10/31/22** | $10566 | $10958 | $10991 |
| **11/30/22** | $10980 | $11471 | $11376 |
| **12/31/22** | $10996 | $11504 | $11429 |
| **1/31/23** | $11281 | $11834 | $11686 |
| **2/28/23** | $11078 | $11566 | $11466 |
| **3/31/23** | $11271 | $11823 | $11689 |
| **4/30/23** | $11275 | $11796 | $11656 |
| **5/31/23** | $11204 | $11694 | $11553 |
| **6/30/23** | $11279 | $11811 | $11641 |
| **7/31/23** | $11317 | $11858 | $11686 |
| **8/31/23** | $11235 | $11687 | $11569 |
| **9/30/23** | $10988 | $11344 | $11309 |
| **10/31/23** | $10884 | $11248 | $11262 |
| **11/30/23** | $11441 | $11962 | $11806 |
| **12/31/23** | $11720 | $12240 | $12030 |
| **1/31/24** | $11717 | $12177 | $11984 |
| **2/29/24** | $11761 | $12193 | $11996 |
| **3/31/24** | $11784 | $12193 | $11995 |
| **4/30/24** | $11671 | $12042 | $11872 |
| **5/31/24** | $11662 | $12006 | $11801 |
| **6/30/24** | $11807 | $12190 | $11954 |
| **7/31/24** | $11897 | $12301 | $12060 |
| **8/31/24** | $11980 | $12398 | $12167 |
| **9/30/24** | $12092 | $12521 | $12266 |
| **10/31/24** | $11917 | $12338 | $12110 |
| **11/30/24** | $12076 | $12552 | $12259 |
| **12/31/24** | $11934 | $12369 | $12136 |
| **1/31/25** | $11999 | $12431 | $12219 |
| **2/28/25** | $12135 | $12554 | $12338 |
| **3/31/25** | $11966 | $12341 | $12183 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 1.55% | 1.67% | 2.04% |
| Class A (including sales charge) | (0.74%) | 1.22% | 1.81% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-15 Year Municipal Bond Index | 1.57% | 1.26% | 1.99% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $928467 |
| # of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1707 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.6% |
| Port, Airport & Marina Revenue | 10.7% |
| Local or Guaranteed Housing | 9.6% |
| Ad Valorem Property Tax | 7.5% |
| Electric Power & Light Revenue | 7.3% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.8% |
| Water Revenue | 3.8% |
| Miscellaneous Revenue | 3.7% |
| U.S. Government Agencies | 3.7% |
| Sales Tax Revenue | 3.0% |
| Other Investments | 19.6% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 3.3% |
| Other Assets and Liabilities, Net | (0.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PMNTX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6041TSRAR_033125

# Class C: PMNNX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $131 | 1.30% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the pre-refunded sector contributed to performance, as the sector outperformed the broader municipal market. 

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the healthcare sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i029b5a19430822c75a5d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9934 | $9948 | $9963 |
| **5/31/15** | $9896 | $9920 | $9935 |
| **6/30/15** | $9887 | $9911 | $9934 |
| **7/31/15** | $9937 | $9983 | $9994 |
| **8/31/15** | $9948 | $10002 | $10013 |
| **9/30/15** | $10000 | $10075 | $10084 |
| **10/31/15** | $10061 | $10115 | $10123 |
| **11/30/15** | $10113 | $10155 | $10144 |
| **12/31/15** | $10198 | $10226 | $10197 |
| **1/31/16** | $10296 | $10348 | $10318 |
| **2/29/16** | $10306 | $10365 | $10336 |
| **3/31/16** | $10325 | $10398 | $10346 |
| **4/30/16** | $10404 | $10474 | $10408 |
| **5/31/16** | $10395 | $10502 | $10413 |
| **6/30/16** | $10563 | $10669 | $10542 |
| **7/31/16** | $10555 | $10676 | $10556 |
| **8/31/16** | $10576 | $10690 | $10560 |
| **9/30/16** | $10539 | $10637 | $10522 |
| **10/31/16** | $10432 | $10525 | $10436 |
| **11/30/16** | $10024 | $10133 | $10100 |
| **12/31/16** | $10087 | $10252 | $10198 |
| **1/31/17** | $10149 | $10319 | $10270 |
| **2/28/17** | $10194 | $10391 | $10338 |
| **3/31/17** | $10218 | $10414 | $10356 |
| **4/30/17** | $10299 | $10489 | $10430 |
| **5/31/17** | $10421 | $10656 | $10566 |
| **6/30/17** | $10397 | $10617 | $10526 |
| **7/31/17** | $10469 | $10703 | $10603 |
| **8/31/17** | $10563 | $10785 | $10673 |
| **9/30/17** | $10519 | $10730 | $10624 |
| **10/31/17** | $10533 | $10756 | $10639 |
| **11/30/17** | $10478 | $10699 | $10552 |
| **12/31/17** | $10533 | $10810 | $10640 |
| **1/31/18** | $10448 | $10683 | $10547 |
| **2/28/18** | $10405 | $10651 | $10520 |
| **3/31/18** | $10411 | $10691 | $10543 |
| **4/30/18** | $10386 | $10652 | $10515 |
| **5/31/18** | $10461 | $10774 | $10613 |
| **6/30/18** | $10468 | $10784 | $10632 |
| **7/31/18** | $10494 | $10810 | $10666 |
| **8/31/18** | $10511 | $10837 | $10685 |
| **9/30/18** | $10446 | $10767 | $10626 |
| **10/31/18** | $10381 | $10701 | $10582 |
| **11/30/18** | $10470 | $10819 | $10690 |
| **12/31/18** | $10557 | $10949 | $10808 |
| **1/31/19** | $10653 | $11032 | $10899 |
| **2/28/19** | $10711 | $11091 | $10952 |
| **3/31/19** | $10829 | $11266 | $11080 |
| **4/30/19** | $10865 | $11308 | $11102 |
| **5/31/19** | $10994 | $11464 | $11237 |
| **6/30/19** | $11029 | $11507 | $11283 |
| **7/31/19** | $11105 | $11599 | $11372 |
| **8/31/19** | $11232 | $11782 | $11504 |
| **9/30/19** | $11142 | $11688 | $11411 |
| **10/31/19** | $11145 | $11709 | $11441 |
| **11/30/19** | $11159 | $11738 | $11467 |
| **12/31/19** | $11192 | $11774 | $11504 |
| **1/31/20** | $11349 | $11986 | $11680 |
| **2/29/20** | $11454 | $12140 | $11790 |
| **3/31/20** | $10989 | $11700 | $11446 |
| **4/30/20** | $10878 | $11553 | $11365 |
| **5/31/20** | $11180 | $11920 | $11687 |
| **6/30/20** | $11307 | $12019 | $11755 |
| **7/31/20** | $11465 | $12221 | $11919 |
| **8/31/20** | $11444 | $12164 | $11880 |
| **9/30/20** | $11424 | $12166 | $11889 |
| **10/31/20** | $11394 | $12130 | $11859 |
| **11/30/20** | $11530 | $12313 | $11991 |
| **12/31/20** | $11604 | $12388 | $12048 |
| **1/31/21** | $11665 | $12467 | $12105 |
| **2/28/21** | $11498 | $12269 | $11953 |
| **3/31/21** | $11538 | $12344 | $12009 |
| **4/30/21** | $11621 | $12448 | $12084 |
| **5/31/21** | $11640 | $12485 | $12102 |
| **6/30/21** | $11661 | $12519 | $12117 |
| **7/31/21** | $11732 | $12623 | $12205 |
| **8/31/21** | $11688 | $12577 | $12180 |
| **9/30/21** | $11592 | $12486 | $12106 |
| **10/31/21** | $11559 | $12449 | $12070 |
| **11/30/21** | $11610 | $12555 | $12135 |
| **12/31/21** | $11615 | $12576 | $12152 |
| **1/31/22** | $11337 | $12231 | $11855 |
| **2/28/22** | $11274 | $12188 | $11818 |
| **3/31/22** | $10976 | $11793 | $11504 |
| **4/30/22** | $10732 | $11466 | $11263 |
| **5/31/22** | $10848 | $11637 | $11421 |
| **6/30/22** | $10723 | $11446 | $11325 |
| **7/31/22** | $10958 | $11749 | $11578 |
| **8/31/22** | $10770 | $11491 | $11378 |
| **9/30/22** | $10498 | $11050 | $11033 |
| **10/31/22** | $10407 | $10958 | $10991 |
| **11/30/22** | $10810 | $11471 | $11376 |
| **12/31/22** | $10822 | $11504 | $11429 |
| **1/31/23** | $11097 | $11834 | $11686 |
| **2/28/23** | $10894 | $11566 | $11466 |
| **3/31/23** | $11079 | $11823 | $11689 |
| **4/30/23** | $11078 | $11796 | $11656 |
| **5/31/23** | $11003 | $11694 | $11553 |
| **6/30/23** | $11072 | $11811 | $11641 |
| **7/31/23** | $11105 | $11858 | $11686 |
| **8/31/23** | $11021 | $11687 | $11569 |
| **9/30/23** | $10774 | $11344 | $11309 |
| **10/31/23** | $10667 | $11248 | $11262 |
| **11/30/23** | $11209 | $11962 | $11806 |
| **12/31/23** | $11477 | $12240 | $12030 |
| **1/31/24** | $11470 | $12177 | $11984 |
| **2/29/24** | $11508 | $12193 | $11996 |
| **3/31/24** | $11526 | $12193 | $11995 |
| **4/30/24** | $11410 | $12042 | $11872 |
| **5/31/24** | $11396 | $12006 | $11801 |
| **6/30/24** | $11534 | $12190 | $11954 |
| **7/31/24** | $11617 | $12301 | $12060 |
| **8/31/24** | $11692 | $12398 | $12167 |
| **9/30/24** | $11797 | $12521 | $12266 |
| **10/31/24** | $11622 | $12338 | $12110 |
| **11/30/24** | $11772 | $12552 | $12259 |
| **12/31/24** | $11628 | $12369 | $12136 |
| **1/31/25** | $11687 | $12431 | $12219 |
| **2/28/25** | $11815 | $12554 | $12338 |
| **3/31/25** | $11646 | $12341 | $12183 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 1.04% | 1.17% | 1.54% |
| Class C (including sales charge) | 0.06% | 1.17% | 1.54% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-15 Year Municipal Bond Index | 1.57% | 1.26% | 1.99% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $928467 |
| # of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1707 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.6% |
| Port, Airport & Marina Revenue | 10.7% |
| Local or Guaranteed Housing | 9.6% |
| Ad Valorem Property Tax | 7.5% |
| Electric Power & Light Revenue | 7.3% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.8% |
| Water Revenue | 3.8% |
| Miscellaneous Revenue | 3.7% |
| U.S. Government Agencies | 3.7% |
| Sales Tax Revenue | 3.0% |
| Other Investments | 19.6% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 3.3% |
| Other Assets and Liabilities, Net | (0.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PMNNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6241TSRAR_033125

# Institutional Class: PMNIX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $45 | 0.45% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the pre-refunded sector contributed to performance, as the sector outperformed the broader municipal market. 

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the healthcare sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i0f21bba61d5635027ccf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $994132 | $994753 | $996301 |
| **5/31/15** | $991004 | $992005 | $993468 |
| **6/30/15** | $990759 | $991101 | $993368 |
| **7/31/15** | $996598 | $998280 | $999432 |
| **8/31/15** | $998382 | $1000240 | $1001292 |
| **9/30/15** | $1004254 | $1007486 | $1008404 |
| **10/31/15** | $1011166 | $1011492 | $1012267 |
| **11/30/15** | $1016990 | $1015513 | $1014365 |
| **12/31/15** | $1026328 | $1022648 | $1019686 |
| **1/31/16** | $1036877 | $1034850 | $1031788 |
| **2/29/16** | $1038608 | $1036478 | $1033610 |
| **3/31/16** | $1041281 | $1039761 | $1034574 |
| **4/30/16** | $1050013 | $1047406 | $1040812 |
| **5/31/16** | $1049876 | $1050239 | $1041285 |
| **6/30/16** | $1067581 | $1066947 | $1054179 |
| **7/31/16** | $1067538 | $1067598 | $1055602 |
| **8/31/16** | $1070391 | $1069039 | $1055973 |
| **9/30/16** | $1067460 | $1063703 | $1052153 |
| **10/31/16** | $1057340 | $1052544 | $1043614 |
| **11/30/16** | $1016694 | $1013289 | $1009984 |
| **12/31/16** | $1023843 | $1025185 | $1019797 |
| **1/31/17** | $1030826 | $1031944 | $1026975 |
| **2/28/17** | $1036046 | $1039109 | $1033830 |
| **3/31/17** | $1039279 | $1041365 | $1035573 |
| **4/30/17** | $1048294 | $1048921 | $1042964 |
| **5/31/17** | $1061447 | $1065568 | $1056631 |
| **6/30/17** | $1059732 | $1061747 | $1052578 |
| **7/31/17** | $1067836 | $1070337 | $1060290 |
| **8/31/17** | $1078163 | $1078482 | $1067316 |
| **9/30/17** | $1074459 | $1072999 | $1062353 |
| **10/31/17** | $1076665 | $1075618 | $1063860 |
| **11/30/17** | $1071816 | $1069859 | $1055215 |
| **12/31/17** | $1078251 | $1081041 | $1063964 |
| **1/31/18** | $1070276 | $1068314 | $1054690 |
| **2/28/18** | $1066564 | $1065122 | $1051991 |
| **3/31/18** | $1067949 | $1069053 | $1054299 |
| **4/30/18** | $1066109 | $1065238 | $1051486 |
| **5/31/18** | $1074618 | $1077436 | $1061340 |
| **6/30/18** | $1076092 | $1078356 | $1063212 |
| **7/31/18** | $1079476 | $1080972 | $1066612 |
| **8/31/18** | $1082173 | $1083748 | $1068511 |
| **9/30/18** | $1076071 | $1076732 | $1062557 |
| **10/31/18** | $1070177 | $1070102 | $1058192 |
| **11/30/18** | $1080153 | $1081946 | $1068962 |
| **12/31/18** | $1089863 | $1094900 | $1080776 |
| **1/31/19** | $1100607 | $1103177 | $1089948 |
| **2/28/19** | $1107326 | $1109084 | $1095238 |
| **3/31/19** | $1120270 | $1126616 | $1107953 |
| **4/30/19** | $1124841 | $1130850 | $1110206 |
| **5/31/19** | $1138983 | $1146440 | $1123676 |
| **6/30/19** | $1143347 | $1150673 | $1128328 |
| **7/31/19** | $1152017 | $1159947 | $1137219 |
| **8/31/19** | $1166139 | $1178243 | $1150441 |
| **9/30/19** | $1157590 | $1168798 | $1141101 |
| **10/31/19** | $1158697 | $1170893 | $1144080 |
| **11/30/19** | $1160960 | $1173821 | $1146739 |
| **12/31/19** | $1165261 | $1177405 | $1150358 |
| **1/31/20** | $1182474 | $1198559 | $1167992 |
| **2/29/20** | $1194202 | $1214015 | $1179036 |
| **3/31/20** | $1146536 | $1169979 | $1144627 |
| **4/30/20** | $1135707 | $1155296 | $1136468 |
| **5/31/20** | $1168109 | $1192047 | $1168710 |
| **6/30/20** | $1182198 | $1201858 | $1175473 |
| **7/31/20** | $1199598 | $1222100 | $1191946 |
| **8/31/20** | $1198219 | $1216366 | $1187956 |
| **9/30/20** | $1196996 | $1216624 | $1188939 |
| **10/31/20** | $1194664 | $1212970 | $1185946 |
| **11/30/20** | $1209759 | $1231274 | $1199067 |
| **12/31/20** | $1218519 | $1238775 | $1204802 |
| **1/31/21** | $1225698 | $1246669 | $1210539 |
| **2/28/21** | $1208955 | $1226861 | $1195253 |
| **3/31/21** | $1214048 | $1234427 | $1200887 |
| **4/30/21** | $1223733 | $1244781 | $1208409 |
| **5/31/21** | $1226568 | $1248495 | $1210160 |
| **6/30/21** | $1229540 | $1251923 | $1211675 |
| **7/31/21** | $1238028 | $1262306 | $1220548 |
| **8/31/21** | $1234235 | $1257674 | $1218047 |
| **9/30/21** | $1224980 | $1248597 | $1210594 |
| **10/31/21** | $1222299 | $1244947 | $1207046 |
| **11/30/21** | $1228592 | $1255545 | $1213452 |
| **12/31/21** | $1230028 | $1257570 | $1215200 |
| **1/31/22** | $1201463 | $1223147 | $1185508 |
| **2/28/22** | $1195532 | $1218765 | $1181842 |
| **3/31/22** | $1164757 | $1179256 | $1150376 |
| **4/30/22** | $1139734 | $1146639 | $1126261 |
| **5/31/22** | $1152891 | $1163672 | $1142126 |
| **6/30/22** | $1140328 | $1144613 | $1132524 |
| **7/31/22** | $1166221 | $1174856 | $1157808 |
| **8/31/22** | $1146980 | $1149107 | $1137792 |
| **9/30/22** | $1118850 | $1105003 | $1103274 |
| **10/31/22** | $1109952 | $1095814 | $1099083 |
| **11/30/22** | $1153756 | $1147069 | $1137564 |
| **12/31/22** | $1155867 | $1150353 | $1142919 |
| **1/31/23** | $1186111 | $1183397 | $1168615 |
| **2/28/23** | $1165143 | $1156638 | $1146608 |
| **3/31/23** | $1185809 | $1182301 | $1168866 |
| **4/30/23** | $1186490 | $1179600 | $1165634 |
| **5/31/23** | $1179353 | $1169378 | $1155341 |
| **6/30/23** | $1187612 | $1181092 | $1164061 |
| **7/31/23** | $1191928 | $1185764 | $1168630 |
| **8/31/23** | $1183736 | $1168693 | $1156862 |
| **9/30/23** | $1158022 | $1134441 | $1130872 |
| **10/31/23** | $1147366 | $1124787 | $1126227 |
| **11/30/23** | $1206401 | $1196190 | $1180645 |
| **12/31/23** | $1236185 | $1223991 | $1203011 |
| **1/31/24** | $1236269 | $1217740 | $1198366 |
| **2/29/24** | $1241253 | $1219304 | $1199550 |
| **3/31/24** | $1244028 | $1219266 | $1199501 |
| **4/30/24** | $1232439 | $1204165 | $1187184 |
| **5/31/24** | $1231878 | $1200633 | $1180134 |
| **6/30/24** | $1247572 | $1219036 | $1195383 |
| **7/31/24** | $1257481 | $1230147 | $1205995 |
| **8/31/24** | $1266581 | $1239849 | $1216663 |
| **9/30/24** | $1278769 | $1252103 | $1226601 |
| **10/31/24** | $1260646 | $1233846 | $1211037 |
| **11/30/24** | $1277863 | $1255160 | $1225916 |
| **12/31/24** | $1263167 | $1236886 | $1213595 |
| **1/31/25** | $1270499 | $1243085 | $1221883 |
| **2/28/25** | $1285246 | $1255411 | $1233834 |
| **3/31/25** | $1267721 | $1234135 | $1218314 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.90% | 2.03% | 2.40% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-15 Year Municipal Bond Index | 1.57% | 1.26% | 1.99% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $928467 |
| # of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1707 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.6% |
| Port, Airport & Marina Revenue | 10.7% |
| Local or Guaranteed Housing | 9.6% |
| Ad Valorem Property Tax | 7.5% |
| Electric Power & Light Revenue | 7.3% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.8% |
| Water Revenue | 3.8% |
| Miscellaneous Revenue | 3.7% |
| U.S. Government Agencies | 3.7% |
| Sales Tax Revenue | 3.0% |
| Other Investments | 19.6% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 3.3% |
| Other Assets and Liabilities, Net | (0.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PMNIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2064TSRAR_033125

# I-2: PMNPX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO National Intermediate Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 0.55% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the pre-refunded sector contributed to performance, as the sector outperformed the broader municipal market. 

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the healthcare sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ie13fb1e9cc01dbe3415a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $994050 | $994753 | $996301 |
| **5/31/15** | $990833 | $992005 | $993468 |
| **6/30/15** | $990508 | $991101 | $993368 |
| **7/31/15** | $996255 | $998280 | $999432 |
| **8/31/15** | $997960 | $1000240 | $1001292 |
| **9/30/15** | $1003747 | $1007486 | $1008404 |
| **10/31/15** | $1010569 | $1011492 | $1012267 |
| **11/30/15** | $1016308 | $1015513 | $1014365 |
| **12/31/15** | $1025548 | $1022648 | $1019686 |
| **1/31/16** | $1036005 | $1034850 | $1031788 |
| **2/29/16** | $1037650 | $1036478 | $1033610 |
| **3/31/16** | $1040233 | $1039761 | $1034574 |
| **4/30/16** | $1048866 | $1047406 | $1040812 |
| **5/31/16** | $1048644 | $1050239 | $1041285 |
| **6/30/16** | $1066240 | $1066947 | $1054179 |
| **7/31/16** | $1066107 | $1067598 | $1055602 |
| **8/31/16** | $1068865 | $1069039 | $1055973 |
| **9/30/16** | $1065844 | $1063703 | $1052153 |
| **10/31/16** | $1055657 | $1052544 | $1043614 |
| **11/30/16** | $1014992 | $1013289 | $1009984 |
| **12/31/16** | $1022041 | $1025185 | $1019797 |
| **1/31/17** | $1028930 | $1031944 | $1026975 |
| **2/28/17** | $1034062 | $1039109 | $1033830 |
| **3/31/17** | $1037194 | $1041365 | $1035573 |
| **4/30/17** | $1046110 | $1048921 | $1042964 |
| **5/31/17** | $1059146 | $1065568 | $1056631 |
| **6/30/17** | $1057343 | $1061747 | $1052578 |
| **7/31/17** | $1065344 | $1070337 | $1060290 |
| **8/31/17** | $1075556 | $1078482 | $1067316 |
| **9/30/17** | $1071770 | $1072999 | $1062353 |
| **10/31/17** | $1073882 | $1075618 | $1063860 |
| **11/30/17** | $1068956 | $1069859 | $1055215 |
| **12/31/17** | $1075280 | $1081041 | $1063964 |
| **1/31/18** | $1067239 | $1068314 | $1054690 |
| **2/28/18** | $1063455 | $1065122 | $1051991 |
| **3/31/18** | $1064744 | $1069053 | $1054299 |
| **4/30/18** | $1062822 | $1065238 | $1051486 |
| **5/31/18** | $1071214 | $1077436 | $1061340 |
| **6/30/18** | $1072592 | $1078356 | $1063212 |
| **7/31/18** | $1075876 | $1080972 | $1066612 |
| **8/31/18** | $1078464 | $1083748 | $1068511 |
| **9/30/18** | $1072303 | $1076732 | $1062557 |
| **10/31/18** | $1066338 | $1070102 | $1058192 |
| **11/30/18** | $1076185 | $1081946 | $1068962 |
| **12/31/18** | $1085769 | $1094900 | $1080776 |
| **1/31/19** | $1096383 | $1103177 | $1089948 |
| **2/28/19** | $1102990 | $1109084 | $1095238 |
| **3/31/19** | $1115790 | $1126616 | $1107953 |
| **4/30/19** | $1120250 | $1130850 | $1110206 |
| **5/31/19** | $1134235 | $1146440 | $1123676 |
| **6/30/19** | $1138495 | $1150673 | $1128328 |
| **7/31/19** | $1147031 | $1159947 | $1137219 |
| **8/31/19** | $1160987 | $1178243 | $1150441 |
| **9/30/19** | $1152388 | $1168798 | $1141101 |
| **10/31/19** | $1153391 | $1170893 | $1144080 |
| **11/30/19** | $1155546 | $1173821 | $1146739 |
| **12/31/19** | $1159729 | $1177405 | $1150358 |
| **1/31/20** | $1176758 | $1198559 | $1167992 |
| **2/29/20** | $1188339 | $1214015 | $1179036 |
| **3/31/20** | $1140812 | $1169979 | $1144627 |
| **4/30/20** | $1129944 | $1155296 | $1136468 |
| **5/31/20** | $1162081 | $1192047 | $1168710 |
| **6/30/20** | $1176001 | $1201858 | $1175473 |
| **7/31/20** | $1193204 | $1222100 | $1191946 |
| **8/31/20** | $1191736 | $1216366 | $1187956 |
| **9/30/20** | $1190423 | $1216624 | $1188939 |
| **10/31/20** | $1187999 | $1212970 | $1185946 |
| **11/30/20** | $1202914 | $1231274 | $1199067 |
| **12/31/20** | $1211512 | $1238775 | $1204802 |
| **1/31/21** | $1218557 | $1246669 | $1210539 |
| **2/28/21** | $1201818 | $1226861 | $1195253 |
| **3/31/21** | $1206779 | $1234427 | $1200887 |
| **4/30/21** | $1216299 | $1244781 | $1208409 |
| **5/31/21** | $1219014 | $1248495 | $1210160 |
| **6/30/21** | $1221867 | $1251923 | $1211675 |
| **7/31/21** | $1230195 | $1262306 | $1220548 |
| **8/31/21** | $1226325 | $1257674 | $1218047 |
| **9/30/21** | $1217028 | $1248597 | $1210594 |
| **10/31/21** | $1214262 | $1244947 | $1207046 |
| **11/30/21** | $1220413 | $1255545 | $1213452 |
| **12/31/21** | $1221730 | $1257570 | $1215200 |
| **1/31/22** | $1193261 | $1223147 | $1185508 |
| **2/28/22** | $1187278 | $1218765 | $1181842 |
| **3/31/22** | $1156617 | $1179256 | $1150376 |
| **4/30/22** | $1131671 | $1146639 | $1126261 |
| **5/31/22** | $1144639 | $1163672 | $1142126 |
| **6/30/22** | $1132072 | $1144613 | $1132524 |
| **7/31/22** | $1157683 | $1174856 | $1157808 |
| **8/31/22** | $1138485 | $1149107 | $1137792 |
| **9/30/22** | $1110450 | $1105003 | $1103274 |
| **10/31/22** | $1101530 | $1095814 | $1099083 |
| **11/30/22** | $1144908 | $1147069 | $1137564 |
| **12/31/22** | $1146901 | $1150353 | $1142919 |
| **1/31/23** | $1176818 | $1183397 | $1168615 |
| **2/28/23** | $1155926 | $1156638 | $1146608 |
| **3/31/23** | $1176323 | $1182301 | $1168866 |
| **4/30/23** | $1176909 | $1179600 | $1165634 |
| **5/31/23** | $1169730 | $1169378 | $1155341 |
| **6/30/23** | $1177819 | $1181092 | $1164061 |
| **7/31/23** | $1182007 | $1185764 | $1168630 |
| **8/31/23** | $1173784 | $1168693 | $1156862 |
| **9/30/23** | $1148201 | $1134441 | $1130872 |
| **10/31/23** | $1137539 | $1124787 | $1126227 |
| **11/30/23** | $1195977 | $1196190 | $1180645 |
| **12/31/23** | $1225398 | $1223991 | $1203011 |
| **1/31/24** | $1225382 | $1217740 | $1198366 |
| **2/29/24** | $1230226 | $1219304 | $1199550 |
| **3/31/24** | $1232871 | $1219266 | $1199501 |
| **4/30/24** | $1221287 | $1204165 | $1187184 |
| **5/31/24** | $1220621 | $1200633 | $1180134 |
| **6/30/24** | $1236076 | $1219036 | $1195383 |
| **7/31/24** | $1245789 | $1230147 | $1205995 |
| **8/31/24** | $1254692 | $1239849 | $1216663 |
| **9/30/24** | $1266669 | $1252103 | $1226601 |
| **10/31/24** | $1248610 | $1233846 | $1211037 |
| **11/30/24** | $1265557 | $1255160 | $1225916 |
| **12/31/24** | $1250896 | $1236886 | $1213595 |
| **1/31/25** | $1258047 | $1243085 | $1221883 |
| **2/28/25** | $1272552 | $1255411 | $1233834 |
| **3/31/25** | $1255101 | $1234135 | $1218314 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 1.80% | 1.93% | 2.30% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-15 Year Municipal Bond Index | 1.57% | 1.26% | 1.99% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $928467 |
| # of Portfolio Holdings | 414 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1707 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.6% |
| Port, Airport & Marina Revenue | 10.7% |
| Local or Guaranteed Housing | 9.6% |
| Ad Valorem Property Tax | 7.5% |
| Electric Power & Light Revenue | 7.3% |
| Natural Gas Revenue | 5.5% |
| Industrial Revenue | 4.8% |
| Water Revenue | 3.8% |
| Miscellaneous Revenue | 3.7% |
| U.S. Government Agencies | 3.7% |
| Sales Tax Revenue | 3.0% |
| Other Investments | 19.6% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 3.3% |
| Other Assets and Liabilities, Net | (0.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PMNPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO National Intermediate Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2069TSRAR_033125

# Institutional Class: GNMVX

# PIMCO National Municipal Intermediate Value Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO National Municipal Intermediate Value Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $39 | 0.39% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection within the general obligation segment contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection within the education sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An underweight exposure to the industrial revenue sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the water and sewer sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $250,000 Investment
![Growth of 10K Chart](g868143i2e3498549d2c4eefa591.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Bond 1-10 Year Blend (1-12) Index** |
| **12/1/15** | $250000 | $250000 | $250000 |
| **12/31/15** | $250344 | $251343 | $250573 |
| **1/31/16** | $253119 | $254342 | $253267 |
| **2/29/16** | $253143 | $254743 | $253867 |
| **3/31/16** | $253700 | $255549 | $253677 |
| **4/30/16** | $255500 | $257429 | $254973 |
| **5/31/16** | $255706 | $258125 | $254809 |
| **6/30/16** | $259197 | $262231 | $257334 |
| **7/31/16** | $259501 | $262391 | $257888 |
| **8/31/16** | $259803 | $262745 | $257825 |
| **9/30/16** | $259076 | $261434 | $257048 |
| **10/31/16** | $256860 | $258691 | $255547 |
| **11/30/16** | $247802 | $249043 | $248522 |
| **12/31/16** | $250198 | $251967 | $250323 |
| **1/31/17** | $251296 | $253628 | $252242 |
| **2/28/17** | $252592 | $255389 | $253903 |
| **3/31/17** | $253434 | $255944 | $254214 |
| **4/30/17** | $255556 | $257801 | $255851 |
| **5/31/17** | $258726 | $261892 | $258635 |
| **6/30/17** | $257538 | $260953 | $257741 |
| **7/31/17** | $259186 | $263064 | $259498 |
| **8/31/17** | $261351 | $265066 | $260964 |
| **9/30/17** | $260155 | $263719 | $259624 |
| **10/31/17** | $260262 | $264362 | $259803 |
| **11/30/17** | $258571 | $262947 | $257416 |
| **12/31/17** | $260508 | $265695 | $259059 |
| **1/31/18** | $257564 | $262567 | $257568 |
| **2/28/18** | $256610 | $261783 | $256995 |
| **3/31/18** | $257017 | $262749 | $257227 |
| **4/30/18** | $256119 | $261811 | $256518 |
| **5/31/18** | $258610 | $264809 | $258681 |
| **6/30/18** | $258748 | $265035 | $259306 |
| **7/31/18** | $259690 | $265678 | $260218 |
| **8/31/18** | $260110 | $266361 | $260439 |
| **9/30/18** | $258944 | $264636 | $259134 |
| **10/31/18** | $257814 | $263007 | $258456 |
| **11/30/18** | $260328 | $265918 | $260722 |
| **12/31/18** | $263398 | $269102 | $263311 |
| **1/31/19** | $265952 | $271136 | $265566 |
| **2/28/19** | $267380 | $272587 | $266770 |
| **3/31/19** | $270221 | $276896 | $269127 |
| **4/30/19** | $270663 | $277937 | $269442 |
| **5/31/19** | $274538 | $281769 | $272376 |
| **6/30/19** | $275746 | $282809 | $273539 |
| **7/31/19** | $278036 | $285088 | $275558 |
| **8/31/19** | $280887 | $289585 | $277876 |
| **9/30/19** | $278912 | $287264 | $275761 |
| **10/31/19** | $279364 | $287779 | $276657 |
| **11/30/19** | $279835 | $288498 | $277287 |
| **12/31/19** | $280539 | $289379 | $278126 |
| **1/31/20** | $284739 | $294578 | $281708 |
| **2/29/20** | $287060 | $298377 | $283733 |
| **3/31/20** | $280770 | $287554 | $276578 |
| **4/30/20** | $279066 | $283945 | $275637 |
| **5/31/20** | $286240 | $292978 | $282798 |
| **6/30/20** | $286662 | $295389 | $284027 |
| **7/31/20** | $290080 | $300364 | $287388 |
| **8/31/20** | $289649 | $298955 | $286800 |
| **9/30/20** | $290061 | $299018 | $287077 |
| **10/31/20** | $289649 | $298120 | $286442 |
| **11/30/20** | $291648 | $302619 | $288762 |
| **12/31/20** | $292307 | $304463 | $289880 |
| **1/31/21** | $293428 | $306403 | $290981 |
| **2/28/21** | $290255 | $301534 | $287972 |
| **3/31/21** | $291689 | $303394 | $289130 |
| **4/30/21** | $293432 | $305939 | $290516 |
| **5/31/21** | $293746 | $306852 | $290719 |
| **6/30/21** | $293823 | $307694 | $290927 |
| **7/31/21** | $295804 | $310246 | $292767 |
| **8/31/21** | $295290 | $309108 | $292398 |
| **9/30/21** | $293965 | $306877 | $290896 |
| **10/31/21** | $293436 | $305979 | $290089 |
| **11/30/21** | $294296 | $308584 | $291039 |
| **12/31/21** | $294599 | $309082 | $291432 |
| **1/31/22** | $288782 | $300622 | $284964 |
| **2/28/22** | $287735 | $299545 | $284105 |
| **3/31/22** | $281670 | $289834 | $277568 |
| **4/30/22** | $277039 | $281818 | $272797 |
| **5/31/22** | $279326 | $286004 | $276594 |
| **6/30/22** | $277474 | $281320 | $275248 |
| **7/31/22** | $282029 | $288753 | $280539 |
| **8/31/22** | $277983 | $282424 | $276194 |
| **9/30/22** | $272038 | $271585 | $268930 |
| **10/31/22** | $271614 | $269326 | $268242 |
| **11/30/22** | $278813 | $281923 | $276026 |
| **12/31/22** | $279599 | $282730 | $277327 |
| **1/31/23** | $284253 | $290852 | $282856 |
| **2/28/23** | $279718 | $284275 | $277894 |
| **3/31/23** | $284194 | $290583 | $282870 |
| **4/30/23** | $283550 | $289919 | $281883 |
| **5/31/23** | $281253 | $287406 | $279479 |
| **6/30/23** | $282684 | $290285 | $281359 |
| **7/31/23** | $283195 | $291434 | $282321 |
| **8/31/23** | $281474 | $287238 | $280146 |
| **9/30/23** | $276645 | $278820 | $275082 |
| **10/31/23** | $275177 | $276447 | $274461 |
| **11/30/23** | $286032 | $293996 | $285440 |
| **12/31/23** | $290643 | $300829 | $290101 |
| **1/31/24** | $290084 | $299293 | $289124 |
| **2/29/24** | $290438 | $299677 | $289338 |
| **3/31/24** | $290469 | $299668 | $289028 |
| **4/30/24** | $288500 | $295956 | $286526 |
| **5/31/24** | $286832 | $295088 | $284642 |
| **6/30/24** | $290069 | $299611 | $287858 |
| **7/31/24** | $292515 | $302342 | $290413 |
| **8/31/24** | $295024 | $304727 | $293435 |
| **9/30/24** | $297459 | $307738 | $295535 |
| **10/31/24** | $293763 | $303251 | $292188 |
| **11/30/24** | $297126 | $308490 | $295044 |
| **12/31/24** | $295202 | $303998 | $292741 |
| **1/31/25** | $296846 | $305522 | $294758 |
| **2/28/25** | $299677 | $308551 | $297445 |
| **3/31/25** | $296526 | $303322 | $294785 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 12/1/15** |
| Institutional Class | 2.09% | 1.10% | 1.85% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.09% |
| Bloomberg Municipal Bond 1-10 Year Blend (1-12) Index | 1.99% | 1.28% | 1.79% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $81639 |
| # of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $191 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 29.4% |
| Local or Guaranteed Housing | 14.4% |
| Lease (Appropriation) | 8.6% |
| Health, Hospital & Nursing Home Revenue | 6.8% |
| Port, Airport & Marina Revenue | 6.7% |
| Lease (Renewal) | 5.3% |
| Highway Revenue Tolls | 4.7% |
| Lease Revenue | 4.0% |
| Appropriations | 3.2% |
| Recreational Revenue | 2.7% |
| Fuel Sales Tax Revenue | 1.5% |
| Miscellaneous Revenue | 1.5% |
| Other Investments | 9.0% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to Shareholder Expenses. PIMCO has provided notice terminating the current fee waiver agreement for the Fund, effective as of the end of the current term, July 31, 2025 ("Current Fee Waiver"). PIMCO has proposed, and the Fund's Board of Trustees has approved, a new fee waiver agreement for the Fund that shall become effective on August 1, 2025 and shall have a one-month term through August 31, 2025 ("New Fee Waiver"). Both the Current Fee Waiver and New Fee Waiver require that PIMCO shall waive its advisory fee for the Fund by 0.11% of the average daily net assets attributable to the Fund. The New Fee Waiver Agreement will not automatically renew at the end of its term and shall expire after August 31, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: GNMVX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO National Municipal Intermediate Value Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2209TSRAR_033125

# Institutional Class: GNMFX

# PIMCO National Municipal Opportunistic Value Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO National Municipal Opportunistic Value Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $61 | 0.60% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the transportation sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market. 

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* An overweight exposure to the special tax sector detracted from performance, as the sector underperformed the broader municipal market.

* An underweight exposure to industrial revenue sector detracted from performance, as the sector outperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $250,000 Investment
![Growth of 10K Chart](g868143i00120ffcedb7c57f9c60.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** |
| **3/31/15** | $250000 | $250000 |
| **4/30/15** | $249233 | $248688 |
| **5/31/15** | $248721 | $248001 |
| **6/30/15** | $248661 | $247775 |
| **7/31/15** | $249863 | $249570 |
| **8/31/15** | $250509 | $250060 |
| **9/30/15** | $251628 | $251872 |
| **10/31/15** | $252338 | $252873 |
| **11/30/15** | $253290 | $253878 |
| **12/31/15** | $254475 | $255662 |
| **1/31/16** | $255637 | $258712 |
| **2/29/16** | $255737 | $259119 |
| **3/31/16** | $256121 | $259940 |
| **4/30/16** | $256998 | $261852 |
| **5/31/16** | $257892 | $262560 |
| **6/30/16** | $259518 | $266737 |
| **7/31/16** | $259643 | $266900 |
| **8/31/16** | $260510 | $267260 |
| **9/30/16** | $259832 | $265926 |
| **10/31/16** | $259220 | $263136 |
| **11/30/16** | $255204 | $253322 |
| **12/31/16** | $256548 | $256296 |
| **1/31/17** | $256977 | $257986 |
| **2/28/17** | $258113 | $259777 |
| **3/31/17** | $258560 | $260341 |
| **4/30/17** | $259531 | $262230 |
| **5/31/17** | $262078 | $266392 |
| **6/30/17** | $262272 | $265437 |
| **7/31/17** | $263005 | $267584 |
| **8/31/17** | $264249 | $269621 |
| **9/30/17** | $264106 | $268250 |
| **10/31/17** | $264330 | $268904 |
| **11/30/17** | $263997 | $267465 |
| **12/31/17** | $265866 | $270260 |
| **1/31/18** | $265314 | $267078 |
| **2/28/18** | $265218 | $266280 |
| **3/31/18** | $265467 | $267263 |
| **4/30/18** | $265161 | $266309 |
| **5/31/18** | $267021 | $269359 |
| **6/30/18** | $267513 | $269589 |
| **7/31/18** | $268063 | $270243 |
| **8/31/18** | $268367 | $270937 |
| **9/30/18** | $267552 | $269183 |
| **10/31/18** | $266796 | $267525 |
| **11/30/18** | $269017 | $270486 |
| **12/31/18** | $271411 | $273725 |
| **1/31/19** | $273136 | $275794 |
| **2/28/19** | $274233 | $277271 |
| **3/31/19** | $278135 | $281654 |
| **4/30/19** | $279031 | $282712 |
| **5/31/19** | $282653 | $286610 |
| **6/30/19** | $283511 | $287668 |
| **7/31/19** | $285216 | $289987 |
| **8/31/19** | $288879 | $294561 |
| **9/30/19** | $287263 | $292200 |
| **10/31/19** | $287594 | $292723 |
| **11/30/19** | $287951 | $293455 |
| **12/31/19** | $288826 | $294351 |
| **1/31/20** | $292495 | $299640 |
| **2/29/20** | $295307 | $303504 |
| **3/31/20** | $288931 | $292495 |
| **4/30/20** | $284519 | $288824 |
| **5/31/20** | $290367 | $298012 |
| **6/30/20** | $292026 | $300465 |
| **7/31/20** | $294794 | $305525 |
| **8/31/20** | $294405 | $304092 |
| **9/30/20** | $294624 | $304156 |
| **10/31/20** | $294557 | $303242 |
| **11/30/20** | $296699 | $307819 |
| **12/31/20** | $297942 | $309694 |
| **1/31/21** | $299181 | $311667 |
| **2/28/21** | $297134 | $306715 |
| **3/31/21** | $298219 | $308607 |
| **4/30/21** | $299956 | $311195 |
| **5/31/21** | $300762 | $312124 |
| **6/30/21** | $301337 | $312981 |
| **7/31/21** | $302491 | $315577 |
| **8/31/21** | $302179 | $314418 |
| **9/30/21** | $301321 | $312149 |
| **10/31/21** | $301315 | $311237 |
| **11/30/21** | $302162 | $313886 |
| **12/31/21** | $302174 | $314393 |
| **1/31/22** | $297492 | $305787 |
| **2/28/22** | $296651 | $304691 |
| **3/31/22** | $291723 | $294814 |
| **4/30/22** | $287389 | $286660 |
| **5/31/22** | $290512 | $290918 |
| **6/30/22** | $286789 | $286153 |
| **7/31/22** | $292732 | $293714 |
| **8/31/22** | $287846 | $287277 |
| **9/30/22** | $280361 | $276251 |
| **10/31/22** | $278661 | $273953 |
| **11/30/22** | $288249 | $286767 |
| **12/31/22** | $288435 | $287588 |
| **1/31/23** | $294473 | $295849 |
| **2/28/23** | $289889 | $289159 |
| **3/31/23** | $294288 | $295575 |
| **4/30/23** | $294424 | $294900 |
| **5/31/23** | $293111 | $292344 |
| **6/30/23** | $295168 | $295273 |
| **7/31/23** | $295616 | $296441 |
| **8/31/23** | $292791 | $292173 |
| **9/30/23** | $286652 | $283610 |
| **10/31/23** | $283174 | $281197 |
| **11/30/23** | $298063 | $299047 |
| **12/31/23** | $304137 | $305998 |
| **1/31/24** | $303734 | $304435 |
| **2/29/24** | $304605 | $304826 |
| **3/31/24** | $304544 | $304816 |
| **4/30/24** | $302028 | $301041 |
| **5/31/24** | $302968 | $300158 |
| **6/30/24** | $306598 | $304759 |
| **7/31/24** | $309051 | $307537 |
| **8/31/24** | $310624 | $309962 |
| **9/30/24** | $313354 | $313026 |
| **10/31/24** | $310154 | $308461 |
| **11/30/24** | $314879 | $313790 |
| **12/31/24** | $311344 | $309222 |
| **1/31/25** | $311016 | $310771 |
| **2/28/25** | $313863 | $313853 |
| **3/31/25** | $309930 | $308534 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.77% | 1.41% | 2.17% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $271665 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1119 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 28.0% |
| Port, Airport & Marina Revenue | 11.8% |
| Health, Hospital & Nursing Home Revenue | 10.1% |
| Lease (Appropriation) | 7.6% |
| Highway Revenue Tolls | 6.8% |
| Local or Guaranteed Housing | 6.7% |
| Sales Tax Revenue | 4.5% |
| College & University Revenue | 3.7% |
| Lease Revenue | 2.6% |
| Natural Gas Revenue | 2.4% |
| Multiple Utility Revenue | 2.3% |
| General Fund | 2.3% |
| Other Investments | 10.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to Shareholder Expenses. Effective August 1, 2024, the advisory fee for the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.03%. The advisory fee decrease resulted in the management fees decreasing by 0.03% for the Institutional Class shares of the Fund. Previously, the advisory fee for the Fund was 0.40% per annum. In addition, the Fund's contractual advisory fee waiver agreement to waive 0.03% of the average daily net assets of the Fund, in effect through July 31, 2024, was not renewed.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: GNMFX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO National Municipal Opportunistic Value Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2210TSRAR_033125

# Class A: PNYAX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 0.78% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market. 

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market. 

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose. 

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i0bfa6221ab603430048f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/15** | $9775 | $10000 | $10000 |
| **4/30/15** | $9715 | $9948 | $9949 |
| **5/31/15** | $9682 | $9920 | $9940 |
| **6/30/15** | $9691 | $9911 | $9937 |
| **7/31/15** | $9737 | $9983 | $10013 |
| **8/31/15** | $9753 | $10002 | $10039 |
| **9/30/15** | $9807 | $10075 | $10102 |
| **10/31/15** | $9852 | $10115 | $10139 |
| **11/30/15** | $9897 | $10155 | $10177 |
| **12/31/15** | $9964 | $10226 | $10240 |
| **1/31/16** | $10075 | $10348 | $10369 |
| **2/29/16** | $10084 | $10365 | $10385 |
| **3/31/16** | $10127 | $10398 | $10410 |
| **4/30/16** | $10188 | $10474 | $10493 |
| **5/31/16** | $10230 | $10502 | $10519 |
| **6/30/16** | $10416 | $10669 | $10672 |
| **7/31/16** | $10414 | $10676 | $10685 |
| **8/31/16** | $10449 | $10690 | $10697 |
| **9/30/16** | $10404 | $10637 | $10643 |
| **10/31/16** | $10293 | $10525 | $10528 |
| **11/30/16** | $9903 | $10133 | $10157 |
| **12/31/16** | $9984 | $10252 | $10279 |
| **1/31/17** | $10036 | $10319 | $10342 |
| **2/28/17** | $10117 | $10391 | $10407 |
| **3/31/17** | $10164 | $10414 | $10431 |
| **4/30/17** | $10225 | $10489 | $10507 |
| **5/31/17** | $10370 | $10656 | $10675 |
| **6/30/17** | $10370 | $10617 | $10638 |
| **7/31/17** | $10422 | $10703 | $10721 |
| **8/31/17** | $10474 | $10785 | $10792 |
| **9/30/17** | $10426 | $10730 | $10731 |
| **10/31/17** | $10449 | $10756 | $10757 |
| **11/30/17** | $10409 | $10699 | $10695 |
| **12/31/17** | $10527 | $10810 | $10802 |
| **1/31/18** | $10430 | $10683 | $10675 |
| **2/28/18** | $10400 | $10651 | $10641 |
| **3/31/18** | $10427 | $10691 | $10673 |
| **4/30/18** | $10405 | $10652 | $10628 |
| **5/31/18** | $10544 | $10774 | $10748 |
| **6/30/18** | $10553 | $10784 | $10754 |
| **7/31/18** | $10578 | $10810 | $10774 |
| **8/31/18** | $10588 | $10837 | $10795 |
| **9/30/18** | $10526 | $10767 | $10729 |
| **10/31/18** | $10447 | $10701 | $10662 |
| **11/30/18** | $10522 | $10819 | $10787 |
| **12/31/18** | $10595 | $10949 | $10915 |
| **1/31/19** | $10649 | $11032 | $10995 |
| **2/28/19** | $10724 | $11091 | $11055 |
| **3/31/19** | $10914 | $11266 | $11227 |
| **4/30/19** | $10978 | $11308 | $11266 |
| **5/31/19** | $11108 | $11464 | $11421 |
| **6/30/19** | $11138 | $11507 | $11456 |
| **7/31/19** | $11188 | $11599 | $11547 |
| **8/31/19** | $11385 | $11782 | $11712 |
| **9/30/19** | $11334 | $11688 | $11617 |
| **10/31/19** | $11313 | $11709 | $11631 |
| **11/30/19** | $11331 | $11738 | $11660 |
| **12/31/19** | $11358 | $11774 | $11692 |
| **1/31/20** | $11532 | $11986 | $11897 |
| **2/29/20** | $11696 | $12140 | $12041 |
| **3/31/20** | $11278 | $11700 | $11597 |
| **4/30/20** | $11037 | $11553 | $11397 |
| **5/31/20** | $11350 | $11920 | $11765 |
| **6/30/20** | $11506 | $12019 | $11869 |
| **7/31/20** | $11672 | $12221 | $12043 |
| **8/31/20** | $11587 | $12164 | $11953 |
| **9/30/20** | $11554 | $12166 | $11932 |
| **10/31/20** | $11530 | $12130 | $11892 |
| **11/30/20** | $11746 | $12313 | $12123 |
| **12/31/20** | $11854 | $12388 | $12225 |
| **1/31/21** | $11949 | $12467 | $12309 |
| **2/28/21** | $11755 | $12269 | $12101 |
| **3/31/21** | $11811 | $12344 | $12177 |
| **4/30/21** | $11939 | $12448 | $12309 |
| **5/31/21** | $12013 | $12485 | $12366 |
| **6/30/21** | $12069 | $12519 | $12406 |
| **7/31/21** | $12154 | $12623 | $12504 |
| **8/31/21** | $12088 | $12577 | $12440 |
| **9/30/21** | $11992 | $12486 | $12340 |
| **10/31/21** | $11986 | $12449 | $12311 |
| **11/30/21** | $12093 | $12555 | $12428 |
| **12/31/21** | $12106 | $12576 | $12453 |
| **1/31/22** | $11804 | $12231 | $12101 |
| **2/28/22** | $11738 | $12188 | $12056 |
| **3/31/22** | $11336 | $11793 | $11640 |
| **4/30/22** | $10999 | $11466 | $11301 |
| **5/31/22** | $11161 | $11637 | $11528 |
| **6/30/22** | $10895 | $11446 | $11281 |
| **7/31/22** | $11195 | $11749 | $11592 |
| **8/31/22** | $10930 | $11491 | $11303 |
| **9/30/22** | $10503 | $11050 | $10864 |
| **10/31/22** | $10392 | $10958 | $10763 |
| **11/30/22** | $10947 | $11471 | $11315 |
| **12/31/22** | $10915 | $11504 | $11341 |
| **1/31/23** | $11295 | $11834 | $11712 |
| **2/28/23** | $11032 | $11566 | $11430 |
| **3/31/23** | $11220 | $11823 | $11705 |
| **4/30/23** | $11258 | $11796 | $11687 |
| **5/31/23** | $11204 | $11694 | $11584 |
| **6/30/23** | $11332 | $11811 | $11724 |
| **7/31/23** | $11349 | $11858 | $11755 |
| **8/31/23** | $11211 | $11687 | $11567 |
| **9/30/23** | $10925 | $11344 | $11203 |
| **10/31/23** | $10764 | $11248 | $11108 |
| **11/30/23** | $11439 | $11962 | $11877 |
| **12/31/23** | $11761 | $12240 | $12170 |
| **1/31/24** | $11749 | $12177 | $12100 |
| **2/29/24** | $11770 | $12193 | $12100 |
| **3/31/24** | $11771 | $12193 | $12081 |
| **4/30/24** | $11652 | $12042 | $11935 |
| **5/31/24** | $11665 | $12006 | $11901 |
| **6/30/24** | $11827 | $12190 | $12108 |
| **7/31/24** | $11914 | $12301 | $12212 |
| **8/31/24** | $11971 | $12398 | $12299 |
| **9/30/24** | $12080 | $12521 | $12421 |
| **10/31/24** | $11958 | $12338 | $12221 |
| **11/30/24** | $12134 | $12552 | $12465 |
| **12/31/24** | $11989 | $12369 | $12272 |
| **1/31/25** | $11986 | $12431 | $12329 |
| **2/28/25** | $12106 | $12554 | $12441 |
| **3/31/25** | $11890 | $12341 | $12199 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 1.01% | 1.06% | 1.98% |
| Class A (including sales charge) | (1.26%) | 0.60% | 1.75% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg New York Municipal Bond Index | 0.98% | 1.02% | 2.01% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $875464 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $1737 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 19.2% |
| Water Revenue | 10.5% |
| Ad Valorem Property Tax | 7.8% |
| Port, Airport & Marina Revenue | 7.2% |
| College & University Revenue | 7.1% |
| Health, Hospital & Nursing Home Revenue | 6.0% |
| Local or Guaranteed Housing | 5.9% |
| Sales Tax Revenue | 4.8% |
| Electric Power & Light Revenue | 4.5% |
| Industrial Revenue | 3.8% |
| Miscellaneous Taxes | 2.5% |
| Other Investments | 17.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PNYAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4037TSRAR_033125

# Class C: PBFCX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $153 | 1.53% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market. 

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market. 

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose. 

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143idb01d650c9d8fb97bc20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9933 | $9948 | $9949 |
| **5/31/15** | $9892 | $9920 | $9940 |
| **6/30/15** | $9895 | $9911 | $9937 |
| **7/31/15** | $9935 | $9983 | $10013 |
| **8/31/15** | $9946 | $10002 | $10039 |
| **9/30/15** | $9994 | $10075 | $10102 |
| **10/31/15** | $10033 | $10115 | $10139 |
| **11/30/15** | $10072 | $10155 | $10177 |
| **12/31/15** | $10134 | $10226 | $10240 |
| **1/31/16** | $10241 | $10348 | $10369 |
| **2/29/16** | $10244 | $10365 | $10385 |
| **3/31/16** | $10281 | $10398 | $10410 |
| **4/30/16** | $10336 | $10474 | $10493 |
| **5/31/16** | $10372 | $10502 | $10519 |
| **6/30/16** | $10554 | $10669 | $10672 |
| **7/31/16** | $10545 | $10676 | $10685 |
| **8/31/16** | $10573 | $10690 | $10697 |
| **9/30/16** | $10521 | $10637 | $10643 |
| **10/31/16** | $10402 | $10525 | $10528 |
| **11/30/16** | $10003 | $10133 | $10157 |
| **12/31/16** | $10076 | $10252 | $10279 |
| **1/31/17** | $10122 | $10319 | $10342 |
| **2/28/17** | $10198 | $10391 | $10407 |
| **3/31/17** | $10238 | $10414 | $10431 |
| **4/30/17** | $10294 | $10489 | $10507 |
| **5/31/17** | $10433 | $10656 | $10675 |
| **6/30/17** | $10427 | $10617 | $10638 |
| **7/31/17** | $10473 | $10703 | $10721 |
| **8/31/17** | $10519 | $10785 | $10792 |
| **9/30/17** | $10463 | $10730 | $10731 |
| **10/31/17** | $10480 | $10756 | $10757 |
| **11/30/17** | $10433 | $10699 | $10695 |
| **12/31/17** | $10545 | $10810 | $10802 |
| **1/31/18** | $10441 | $10683 | $10675 |
| **2/28/18** | $10406 | $10651 | $10641 |
| **3/31/18** | $10426 | $10691 | $10673 |
| **4/30/18** | $10397 | $10652 | $10628 |
| **5/31/18** | $10530 | $10774 | $10748 |
| **6/30/18** | $10531 | $10784 | $10754 |
| **7/31/18** | $10550 | $10810 | $10774 |
| **8/31/18** | $10553 | $10837 | $10795 |
| **9/30/18** | $10485 | $10767 | $10729 |
| **10/31/18** | $10399 | $10701 | $10662 |
| **11/30/18** | $10467 | $10819 | $10787 |
| **12/31/18** | $10534 | $10949 | $10915 |
| **1/31/19** | $10581 | $11032 | $10995 |
| **2/28/19** | $10650 | $11091 | $11055 |
| **3/31/19** | $10832 | $11266 | $11227 |
| **4/30/19** | $10888 | $11308 | $11266 |
| **5/31/19** | $11010 | $11464 | $11421 |
| **6/30/19** | $11034 | $11507 | $11456 |
| **7/31/19** | $11076 | $11599 | $11547 |
| **8/31/19** | $11263 | $11782 | $11712 |
| **9/30/19** | $11207 | $11688 | $11617 |
| **10/31/19** | $11179 | $11709 | $11631 |
| **11/30/19** | $11189 | $11738 | $11660 |
| **12/31/19** | $11209 | $11774 | $11692 |
| **1/31/20** | $11373 | $11986 | $11897 |
| **2/29/20** | $11528 | $12140 | $12041 |
| **3/31/20** | $11110 | $11700 | $11597 |
| **4/30/20** | $10865 | $11553 | $11397 |
| **5/31/20** | $11166 | $11920 | $11765 |
| **6/30/20** | $11313 | $12019 | $11869 |
| **7/31/20** | $11468 | $12221 | $12043 |
| **8/31/20** | $11378 | $12164 | $11953 |
| **9/30/20** | $11338 | $12166 | $11932 |
| **10/31/20** | $11308 | $12130 | $11892 |
| **11/30/20** | $11513 | $12313 | $12123 |
| **12/31/20** | $11611 | $12388 | $12225 |
| **1/31/21** | $11697 | $12467 | $12309 |
| **2/28/21** | $11501 | $12269 | $12101 |
| **3/31/21** | $11548 | $12344 | $12177 |
| **4/30/21** | $11665 | $12448 | $12309 |
| **5/31/21** | $11731 | $12485 | $12366 |
| **6/30/21** | $11778 | $12519 | $12406 |
| **7/31/21** | $11854 | $12623 | $12504 |
| **8/31/21** | $11781 | $12577 | $12440 |
| **9/30/21** | $11680 | $12486 | $12340 |
| **10/31/21** | $11668 | $12449 | $12311 |
| **11/30/21** | $11764 | $12555 | $12428 |
| **12/31/21** | $11769 | $12576 | $12453 |
| **1/31/22** | $11468 | $12231 | $12101 |
| **2/28/22** | $11398 | $12188 | $12056 |
| **3/31/22** | $11001 | $11793 | $11640 |
| **4/30/22** | $10666 | $11466 | $11301 |
| **5/31/22** | $10817 | $11637 | $11528 |
| **6/30/22** | $10553 | $11446 | $11281 |
| **7/31/22** | $10836 | $11749 | $11592 |
| **8/31/22** | $10573 | $11491 | $11303 |
| **9/30/22** | $10153 | $11050 | $10864 |
| **10/31/22** | $10040 | $10958 | $10763 |
| **11/30/22** | $10570 | $11471 | $11315 |
| **12/31/22** | $10531 | $11504 | $11341 |
| **1/31/23** | $10892 | $11834 | $11712 |
| **2/28/23** | $10632 | $11566 | $11430 |
| **3/31/23** | $10806 | $11823 | $11705 |
| **4/30/23** | $10837 | $11796 | $11687 |
| **5/31/23** | $10777 | $11694 | $11584 |
| **6/30/23** | $10893 | $11811 | $11724 |
| **7/31/23** | $10904 | $11858 | $11755 |
| **8/31/23** | $10764 | $11687 | $11567 |
| **9/30/23** | $10483 | $11344 | $11203 |
| **10/31/23** | $10322 | $11248 | $11108 |
| **11/30/23** | $10962 | $11962 | $11877 |
| **12/31/23** | $11264 | $12240 | $12170 |
| **1/31/24** | $11245 | $12177 | $12100 |
| **2/29/24** | $11259 | $12193 | $12100 |
| **3/31/24** | $11252 | $12193 | $12081 |
| **4/30/24** | $11132 | $12042 | $11935 |
| **5/31/24** | $11137 | $12006 | $11901 |
| **6/30/24** | $11285 | $12190 | $12108 |
| **7/31/24** | $11360 | $12301 | $12212 |
| **8/31/24** | $11408 | $12398 | $12299 |
| **9/30/24** | $11504 | $12521 | $12421 |
| **10/31/24** | $11380 | $12338 | $12221 |
| **11/30/24** | $11541 | $12552 | $12465 |
| **12/31/24** | $11396 | $12369 | $12272 |
| **1/31/25** | $11385 | $12431 | $12329 |
| **2/28/25** | $11493 | $12554 | $12441 |
| **3/31/25** | $11281 | $12341 | $12199 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 0.26% | 0.31% | 1.21% |
| Class C (including sales charge) | (0.72%) | 0.31% | 1.21% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg New York Municipal Bond Index | 0.98% | 1.02% | 2.01% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $875464 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $1737 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 19.2% |
| Water Revenue | 10.5% |
| Ad Valorem Property Tax | 7.8% |
| Port, Airport & Marina Revenue | 7.2% |
| College & University Revenue | 7.1% |
| Health, Hospital & Nursing Home Revenue | 6.0% |
| Local or Guaranteed Housing | 5.9% |
| Sales Tax Revenue | 4.8% |
| Electric Power & Light Revenue | 4.5% |
| Industrial Revenue | 3.8% |
| Miscellaneous Taxes | 2.5% |
| Other Investments | 17.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PBFCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4237TSRAR_033125

# I-3: PNYNX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $60 | 0.60% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market. 

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market. 

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose. 

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i7d8da077a6418ceb3af7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $994054 | $994753 | $994936 |
| **5/31/15** | $990759 | $992005 | $993990 |
| **6/30/15** | $991867 | $991101 | $993654 |
| **7/31/15** | $996675 | $998280 | $1001254 |
| **8/31/15** | $998519 | $1000240 | $1003850 |
| **9/30/15** | $1004125 | $1007486 | $1010231 |
| **10/31/15** | $1008986 | $1011492 | $1013940 |
| **11/30/15** | $1013650 | $1015513 | $1017676 |
| **12/31/15** | $1020696 | $1022648 | $1023969 |
| **1/31/16** | $1032215 | $1034850 | $1036901 |
| **2/29/16** | $1033273 | $1036478 | $1038464 |
| **3/31/16** | $1037849 | $1039761 | $1040993 |
| **4/30/16** | $1044299 | $1047406 | $1049292 |
| **5/31/16** | $1048698 | $1050239 | $1051871 |
| **6/30/16** | $1067935 | $1066947 | $1067216 |
| **7/31/16** | $1067959 | $1067598 | $1068539 |
| **8/31/16** | $1071665 | $1069039 | $1069702 |
| **9/30/16** | $1067250 | $1063703 | $1064266 |
| **10/31/16** | $1055955 | $1052544 | $1052817 |
| **11/30/16** | $1016174 | $1013289 | $1015658 |
| **12/31/16** | $1024639 | $1025185 | $1027912 |
| **1/31/17** | $1030096 | $1031944 | $1034167 |
| **2/28/17** | $1038574 | $1039109 | $1040662 |
| **3/31/17** | $1043502 | $1041365 | $1043141 |
| **4/30/17** | $1049951 | $1048921 | $1050664 |
| **5/31/17** | $1064979 | $1065568 | $1067550 |
| **6/30/17** | $1065204 | $1061747 | $1063795 |
| **7/31/17** | $1070648 | $1070337 | $1072133 |
| **8/31/17** | $1076199 | $1078482 | $1079226 |
| **9/30/17** | $1071397 | $1072999 | $1073063 |
| **10/31/17** | $1073955 | $1075618 | $1075651 |
| **11/30/17** | $1069927 | $1069859 | $1069534 |
| **12/31/17** | $1082254 | $1081041 | $1080223 |
| **1/31/18** | $1072473 | $1068314 | $1067509 |
| **2/28/18** | $1069562 | $1065122 | $1064137 |
| **3/31/18** | $1072492 | $1069053 | $1067259 |
| **4/30/18** | $1070355 | $1065238 | $1062826 |
| **5/31/18** | $1084822 | $1077436 | $1074828 |
| **6/30/18** | $1085863 | $1078356 | $1075426 |
| **7/31/18** | $1088631 | $1080972 | $1077435 |
| **8/31/18** | $1089877 | $1083748 | $1079519 |
| **9/30/18** | $1083625 | $1076732 | $1072945 |
| **10/31/18** | $1075605 | $1070102 | $1066183 |
| **11/30/18** | $1083511 | $1081946 | $1078685 |
| **12/31/18** | $1091200 | $1094900 | $1091472 |
| **1/31/19** | $1096949 | $1103177 | $1099549 |
| **2/28/19** | $1104827 | $1109084 | $1105527 |
| **3/31/19** | $1124594 | $1126616 | $1122686 |
| **4/30/19** | $1131270 | $1130850 | $1126559 |
| **5/31/19** | $1144850 | $1146440 | $1142091 |
| **6/30/19** | $1148149 | $1150673 | $1145629 |
| **7/31/19** | $1153460 | $1159947 | $1154682 |
| **8/31/19** | $1173938 | $1178243 | $1171248 |
| **9/30/19** | $1168898 | $1168798 | $1161677 |
| **10/31/19** | $1166884 | $1170893 | $1163071 |
| **11/30/19** | $1168905 | $1173821 | $1165987 |
| **12/31/19** | $1171861 | $1177405 | $1169152 |
| **1/31/20** | $1189991 | $1198559 | $1189683 |
| **2/29/20** | $1207063 | $1214015 | $1204107 |
| **3/31/20** | $1164120 | $1169979 | $1159681 |
| **4/30/20** | $1139408 | $1155296 | $1139720 |
| **5/31/20** | $1171880 | $1192047 | $1176474 |
| **6/30/20** | $1188162 | $1201858 | $1186882 |
| **7/31/20** | $1205524 | $1222100 | $1204314 |
| **8/31/20** | $1196954 | $1216366 | $1195267 |
| **9/30/20** | $1193647 | $1216624 | $1193159 |
| **10/31/20** | $1191428 | $1212970 | $1189204 |
| **11/30/20** | $1213919 | $1231274 | $1212261 |
| **12/31/20** | $1225295 | $1238775 | $1222493 |
| **1/31/21** | $1235226 | $1246669 | $1230924 |
| **2/28/21** | $1215416 | $1226861 | $1210099 |
| **3/31/21** | $1221373 | $1234427 | $1217734 |
| **4/30/21** | $1234742 | $1244781 | $1230869 |
| **5/31/21** | $1242604 | $1248495 | $1236579 |
| **6/30/21** | $1248539 | $1251923 | $1240647 |
| **7/31/21** | $1257622 | $1262306 | $1250427 |
| **8/31/21** | $1250902 | $1257674 | $1243959 |
| **9/30/21** | $1241149 | $1248597 | $1233967 |
| **10/31/21** | $1240777 | $1244947 | $1231079 |
| **11/30/21** | $1251947 | $1255545 | $1242813 |
| **12/31/21** | $1253569 | $1257570 | $1245328 |
| **1/31/22** | $1222398 | $1223147 | $1210115 |
| **2/28/22** | $1215798 | $1218765 | $1205552 |
| **3/31/22** | $1174332 | $1179256 | $1163952 |
| **4/30/22** | $1139543 | $1146639 | $1130058 |
| **5/31/22** | $1156569 | $1163672 | $1152752 |
| **6/30/22** | $1129201 | $1144613 | $1128124 |
| **7/31/22** | $1160371 | $1174856 | $1159170 |
| **8/31/22** | $1133129 | $1149107 | $1130325 |
| **9/30/22** | $1089004 | $1105003 | $1086441 |
| **10/31/22** | $1077706 | $1095814 | $1076254 |
| **11/30/22** | $1135437 | $1147069 | $1131505 |
| **12/31/22** | $1132244 | $1150353 | $1134056 |
| **1/31/23** | $1171824 | $1183397 | $1171168 |
| **2/28/23** | $1144733 | $1156638 | $1142957 |
| **3/31/23** | $1164460 | $1182301 | $1170532 |
| **4/30/23** | $1168550 | $1179600 | $1168747 |
| **5/31/23** | $1163090 | $1169378 | $1158351 |
| **6/30/23** | $1176531 | $1181092 | $1172447 |
| **7/31/23** | $1178552 | $1185764 | $1175497 |
| **8/31/23** | $1164388 | $1168693 | $1156741 |
| **9/30/23** | $1134838 | $1134441 | $1120270 |
| **10/31/23** | $1118309 | $1124787 | $1110755 |
| **11/30/23** | $1188528 | $1196190 | $1187748 |
| **12/31/23** | $1222273 | $1223991 | $1217023 |
| **1/31/24** | $1221108 | $1217740 | $1209980 |
| **2/29/24** | $1223523 | $1219304 | $1209952 |
| **3/31/24** | $1223764 | $1219266 | $1208079 |
| **4/30/24** | $1211597 | $1204165 | $1193477 |
| **5/31/24** | $1213174 | $1200633 | $1190114 |
| **6/30/24** | $1230182 | $1219036 | $1210805 |
| **7/31/24** | $1239409 | $1230147 | $1221242 |
| **8/31/24** | $1245592 | $1239849 | $1229861 |
| **9/30/24** | $1257017 | $1252103 | $1242129 |
| **10/31/24** | $1244507 | $1233846 | $1222148 |
| **11/30/24** | $1263083 | $1255160 | $1246509 |
| **12/31/24** | $1248126 | $1236886 | $1227220 |
| **1/31/25** | $1248006 | $1243085 | $1232922 |
| **2/28/25** | $1260677 | $1255411 | $1244149 |
| **3/31/25** | $1238363 | $1234135 | $1219868 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 1.19% | 1.24% | 2.16% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg New York Municipal Bond Index | 0.98% | 1.02% | 2.01% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $875464 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $1737 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 19.2% |
| Water Revenue | 10.5% |
| Ad Valorem Property Tax | 7.8% |
| Port, Airport & Marina Revenue | 7.2% |
| College & University Revenue | 7.1% |
| Health, Hospital & Nursing Home Revenue | 6.0% |
| Local or Guaranteed Housing | 5.9% |
| Sales Tax Revenue | 4.8% |
| Electric Power & Light Revenue | 4.5% |
| Industrial Revenue | 3.8% |
| Miscellaneous Taxes | 2.5% |
| Other Investments | 17.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PNYNX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2234TSRAR_033125

# Institutional Class: PNYIX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $45 | 0.45% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market. 

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market. 

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose. 

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ia4d695f9002a6da23121.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $994177 | $994753 | $994936 |
| **5/31/15** | $991007 | $992005 | $993990 |
| **6/30/15** | $992237 | $991101 | $993654 |
| **7/31/15** | $997174 | $998280 | $1001254 |
| **8/31/15** | $999146 | $1000240 | $1003850 |
| **9/30/15** | $1004879 | $1007486 | $1010231 |
| **10/31/15** | $1009871 | $1011492 | $1013940 |
| **11/30/15** | $1014664 | $1015513 | $1017676 |
| **12/31/15** | $1021847 | $1022648 | $1023969 |
| **1/31/16** | $1033509 | $1034850 | $1036901 |
| **2/29/16** | $1034691 | $1036478 | $1038464 |
| **3/31/16** | $1039404 | $1039761 | $1040993 |
| **4/30/16** | $1045993 | $1047406 | $1049292 |
| **5/31/16** | $1050532 | $1050239 | $1051871 |
| **6/30/16** | $1069933 | $1066947 | $1067216 |
| **7/31/16** | $1070093 | $1067598 | $1068539 |
| **8/31/16** | $1073942 | $1069039 | $1069702 |
| **9/30/16** | $1069650 | $1063703 | $1064266 |
| **10/31/16** | $1058463 | $1052544 | $1052817 |
| **11/30/16** | $1018716 | $1013289 | $1015658 |
| **12/31/16** | $1027332 | $1025185 | $1027912 |
| **1/31/17** | $1032934 | $1031944 | $1034167 |
| **2/28/17** | $1041555 | $1039109 | $1040662 |
| **3/31/17** | $1046629 | $1041365 | $1043141 |
| **4/30/17** | $1053228 | $1048921 | $1050664 |
| **5/31/17** | $1068437 | $1065568 | $1067550 |
| **6/30/17** | $1068795 | $1061747 | $1063795 |
| **7/31/17** | $1074393 | $1070337 | $1072133 |
| **8/31/17** | $1080100 | $1078482 | $1079226 |
| **9/30/17** | $1075414 | $1072999 | $1073063 |
| **10/31/17** | $1078118 | $1075618 | $1075651 |
| **11/30/17** | $1074208 | $1069859 | $1069534 |
| **12/31/17** | $1086722 | $1081041 | $1080223 |
| **1/31/18** | $1077039 | $1068314 | $1067509 |
| **2/28/18** | $1074239 | $1065122 | $1064137 |
| **3/31/18** | $1077319 | $1069053 | $1067259 |
| **4/30/18** | $1075304 | $1065238 | $1062826 |
| **5/31/18** | $1089976 | $1077436 | $1074828 |
| **6/30/18** | $1091156 | $1078356 | $1075426 |
| **7/31/18** | $1094077 | $1080972 | $1077435 |
| **8/31/18** | $1095468 | $1083748 | $1079519 |
| **9/30/18** | $1089318 | $1076732 | $1072945 |
| **10/31/18** | $1081394 | $1070102 | $1066183 |
| **11/30/18** | $1089476 | $1081946 | $1078685 |
| **12/31/18** | $1097347 | $1094900 | $1091472 |
| **1/31/19** | $1103268 | $1103177 | $1099549 |
| **2/28/19** | $1111319 | $1109084 | $1105527 |
| **3/31/19** | $1131344 | $1126616 | $1122686 |
| **4/30/19** | $1138200 | $1130850 | $1126559 |
| **5/31/19** | $1152009 | $1146440 | $1142091 |
| **6/30/19** | $1155471 | $1150673 | $1145629 |
| **7/31/19** | $1160963 | $1159947 | $1154682 |
| **8/31/19** | $1181724 | $1178243 | $1171248 |
| **9/30/19** | $1176795 | $1168798 | $1161677 |
| **10/31/19** | $1174917 | $1170893 | $1163071 |
| **11/30/19** | $1177096 | $1173821 | $1165987 |
| **12/31/19** | $1180224 | $1177405 | $1169152 |
| **1/31/20** | $1198634 | $1198559 | $1189683 |
| **2/29/20** | $1215973 | $1214015 | $1204107 |
| **3/31/20** | $1172862 | $1169979 | $1159681 |
| **4/30/20** | $1148107 | $1155296 | $1139720 |
| **5/31/20** | $1180974 | $1192047 | $1176474 |
| **6/30/20** | $1197529 | $1201858 | $1186882 |
| **7/31/20** | $1215181 | $1222100 | $1204314 |
| **8/31/20** | $1206696 | $1216366 | $1195267 |
| **9/30/20** | $1203511 | $1216624 | $1193159 |
| **10/31/20** | $1201426 | $1212970 | $1189204 |
| **11/30/20** | $1224255 | $1231274 | $1212261 |
| **12/31/20** | $1235884 | $1238775 | $1222493 |
| **1/31/21** | $1246059 | $1246669 | $1230924 |
| **2/28/21** | $1226218 | $1226861 | $1210099 |
| **3/31/21** | $1232385 | $1234427 | $1217734 |
| **4/30/21** | $1246027 | $1244781 | $1230869 |
| **5/31/21** | $1254121 | $1248495 | $1236579 |
| **6/30/21** | $1260265 | $1251923 | $1240647 |
| **7/31/21** | $1269590 | $1262306 | $1250427 |
| **8/31/21** | $1262974 | $1257674 | $1243959 |
| **9/30/21** | $1253288 | $1248597 | $1233967 |
| **10/31/21** | $1253078 | $1244947 | $1231079 |
| **11/30/21** | $1264529 | $1255545 | $1242813 |
| **12/31/21** | $1266352 | $1257570 | $1245328 |
| **1/31/22** | $1235024 | $1223147 | $1210115 |
| **2/28/22** | $1228491 | $1218765 | $1205552 |
| **3/31/22** | $1186745 | $1179256 | $1163952 |
| **4/30/22** | $1151725 | $1146639 | $1130058 |
| **5/31/22** | $1169068 | $1163672 | $1152752 |
| **6/30/22** | $1141538 | $1144613 | $1128124 |
| **7/31/22** | $1173196 | $1174856 | $1159170 |
| **8/31/22** | $1145801 | $1149107 | $1130325 |
| **9/30/22** | $1101330 | $1105003 | $1086441 |
| **10/31/22** | $1090037 | $1095814 | $1076254 |
| **11/30/22** | $1148558 | $1147069 | $1131505 |
| **12/31/22** | $1145484 | $1150353 | $1134056 |
| **1/31/23** | $1185668 | $1183397 | $1171168 |
| **2/28/23** | $1158391 | $1156638 | $1142957 |
| **3/31/23** | $1178512 | $1182301 | $1170532 |
| **4/30/23** | $1182788 | $1179600 | $1168747 |
| **5/31/23** | $1177410 | $1169378 | $1158351 |
| **6/30/23** | $1191169 | $1181092 | $1172447 |
| **7/31/23** | $1193356 | $1185764 | $1175497 |
| **8/31/23** | $1179164 | $1168693 | $1156741 |
| **9/30/23** | $1149388 | $1134441 | $1120270 |
| **10/31/23** | $1132788 | $1124787 | $1110755 |
| **11/30/23** | $1204055 | $1196190 | $1187748 |
| **12/31/23** | $1238398 | $1223991 | $1217023 |
| **1/31/24** | $1237370 | $1217740 | $1209980 |
| **2/29/24** | $1239964 | $1219304 | $1209952 |
| **3/31/24** | $1240365 | $1219266 | $1208079 |
| **4/30/24** | $1228184 | $1204165 | $1193477 |
| **5/31/24** | $1229950 | $1200633 | $1190114 |
| **6/30/24** | $1247337 | $1219036 | $1210805 |
| **7/31/24** | $1256856 | $1230147 | $1221242 |
| **8/31/24** | $1263296 | $1239849 | $1229861 |
| **9/30/24** | $1275029 | $1252103 | $1242129 |
| **10/31/24** | $1262501 | $1233846 | $1222148 |
| **11/30/24** | $1281504 | $1255160 | $1246509 |
| **12/31/24** | $1266488 | $1236886 | $1227220 |
| **1/31/25** | $1266531 | $1243085 | $1232922 |
| **2/28/25** | $1279539 | $1255411 | $1244149 |
| **3/31/25** | $1257047 | $1234135 | $1219868 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 1.34% | 1.40% | 2.31% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg New York Municipal Bond Index | 0.98% | 1.02% | 2.01% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $875464 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $1737 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 19.2% |
| Water Revenue | 10.5% |
| Ad Valorem Property Tax | 7.8% |
| Port, Airport & Marina Revenue | 7.2% |
| College & University Revenue | 7.1% |
| Health, Hospital & Nursing Home Revenue | 6.0% |
| Local or Guaranteed Housing | 5.9% |
| Sales Tax Revenue | 4.8% |
| Electric Power & Light Revenue | 4.5% |
| Industrial Revenue | 3.8% |
| Miscellaneous Taxes | 2.5% |
| Other Investments | 17.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PNYIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0055TSRAR_033125

# I-2: PNYPX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO New York Municipal Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 0.55% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market. 

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market. 

* An overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose. 

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader municipal market. 

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i90c59139aff216b0c014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $994095 | $994753 | $994936 |
| **5/31/15** | $990842 | $992005 | $993990 |
| **6/30/15** | $991990 | $991101 | $993654 |
| **7/31/15** | $996836 | $998280 | $1001254 |
| **8/31/15** | $998728 | $1000240 | $1003850 |
| **9/30/15** | $1004377 | $1007486 | $1010231 |
| **10/31/15** | $1009279 | $1011492 | $1013940 |
| **11/30/15** | $1013989 | $1015513 | $1017676 |
| **12/31/15** | $1021075 | $1022648 | $1023969 |
| **1/31/16** | $1032651 | $1034850 | $1036901 |
| **2/29/16** | $1033749 | $1036478 | $1038464 |
| **3/31/16** | $1038371 | $1039761 | $1040993 |
| **4/30/16** | $1044864 | $1047406 | $1049292 |
| **5/31/16** | $1049313 | $1050239 | $1051871 |
| **6/30/16** | $1068604 | $1066947 | $1067216 |
| **7/31/16** | $1068674 | $1067598 | $1068539 |
| **8/31/16** | $1072427 | $1069039 | $1069702 |
| **9/30/16** | $1068047 | $1063703 | $1064266 |
| **10/31/16** | $1056794 | $1052544 | $1052817 |
| **11/30/16** | $1017025 | $1013289 | $1015658 |
| **12/31/16** | $1025535 | $1025185 | $1027912 |
| **1/31/17** | $1031045 | $1031944 | $1034167 |
| **2/28/17** | $1039571 | $1039109 | $1040662 |
| **3/31/17** | $1044544 | $1041365 | $1043141 |
| **4/30/17** | $1051048 | $1048921 | $1050664 |
| **5/31/17** | $1066137 | $1065568 | $1067550 |
| **6/30/17** | $1066401 | $1061747 | $1063795 |
| **7/31/17** | $1071902 | $1070337 | $1072133 |
| **8/31/17** | $1077506 | $1078482 | $1079226 |
| **9/30/17** | $1072738 | $1072999 | $1073063 |
| **10/31/17** | $1075348 | $1075618 | $1075651 |
| **11/30/17** | $1071360 | $1069859 | $1069534 |
| **12/31/17** | $1083745 | $1081041 | $1080223 |
| **1/31/18** | $1073999 | $1068314 | $1067509 |
| **2/28/18** | $1071126 | $1065122 | $1064137 |
| **3/31/18** | $1074102 | $1069053 | $1067259 |
| **4/30/18** | $1072008 | $1065238 | $1062826 |
| **5/31/18** | $1086544 | $1077436 | $1074828 |
| **6/30/18** | $1087628 | $1078356 | $1075426 |
| **7/31/18** | $1090449 | $1080972 | $1077435 |
| **8/31/18** | $1091734 | $1083748 | $1079519 |
| **9/30/18** | $1085525 | $1076732 | $1072945 |
| **10/31/18** | $1077535 | $1070102 | $1066183 |
| **11/30/18** | $1085495 | $1081946 | $1078685 |
| **12/31/18** | $1093250 | $1094900 | $1091472 |
| **1/31/19** | $1099059 | $1103177 | $1099549 |
| **2/28/19** | $1106994 | $1109084 | $1105527 |
| **3/31/19** | $1126846 | $1126616 | $1122686 |
| **4/30/19** | $1133585 | $1130850 | $1126559 |
| **5/31/19** | $1147238 | $1146440 | $1142091 |
| **6/30/19** | $1150598 | $1150673 | $1145629 |
| **7/31/19** | $1155970 | $1159947 | $1154682 |
| **8/31/19** | $1176536 | $1178243 | $1171248 |
| **9/30/19** | $1171540 | $1168798 | $1161677 |
| **10/31/19** | $1169572 | $1170893 | $1163071 |
| **11/30/19** | $1171643 | $1173821 | $1165987 |
| **12/31/19** | $1174659 | $1177405 | $1169152 |
| **1/31/20** | $1192879 | $1198559 | $1189683 |
| **2/29/20** | $1210043 | $1214015 | $1204107 |
| **3/31/20** | $1167047 | $1169979 | $1159681 |
| **4/30/20** | $1142320 | $1155296 | $1139720 |
| **5/31/20** | $1174923 | $1192047 | $1176474 |
| **6/30/20** | $1191296 | $1201858 | $1186882 |
| **7/31/20** | $1208748 | $1222100 | $1204314 |
| **8/31/20** | $1200213 | $1216366 | $1195267 |
| **9/30/20** | $1196946 | $1216624 | $1193159 |
| **10/31/20** | $1194770 | $1212970 | $1189204 |
| **11/30/20** | $1217376 | $1231274 | $1212261 |
| **12/31/20** | $1228827 | $1238775 | $1222493 |
| **1/31/21** | $1238849 | $1246669 | $1230924 |
| **2/28/21** | $1219028 | $1226861 | $1210099 |
| **3/31/21** | $1225055 | $1234427 | $1217734 |
| **4/30/21** | $1238509 | $1244781 | $1230869 |
| **5/31/21** | $1246455 | $1248495 | $1236579 |
| **6/30/21** | $1252459 | $1251923 | $1240647 |
| **7/31/21** | $1261616 | $1262306 | $1250427 |
| **8/31/21** | $1254939 | $1257674 | $1243959 |
| **9/30/21** | $1245210 | $1248597 | $1233967 |
| **10/31/21** | $1244896 | $1244947 | $1231079 |
| **11/30/21** | $1256169 | $1255545 | $1242813 |
| **12/31/21** | $1257867 | $1257570 | $1245328 |
| **1/31/22** | $1226650 | $1223147 | $1210115 |
| **2/28/22** | $1220066 | $1218765 | $1205552 |
| **3/31/22** | $1178504 | $1179256 | $1163952 |
| **4/30/22** | $1143629 | $1146639 | $1130058 |
| **5/31/22** | $1160756 | $1163672 | $1152752 |
| **6/30/22** | $1133332 | $1144613 | $1128124 |
| **7/31/22** | $1164665 | $1174856 | $1159170 |
| **8/31/22** | $1137372 | $1149107 | $1130325 |
| **9/30/22** | $1093128 | $1105003 | $1086441 |
| **10/31/22** | $1081832 | $1095814 | $1076254 |
| **11/30/22** | $1139823 | $1147069 | $1131505 |
| **12/31/22** | $1136670 | $1150353 | $1134056 |
| **1/31/23** | $1176451 | $1183397 | $1171168 |
| **2/28/23** | $1149297 | $1156638 | $1142957 |
| **3/31/23** | $1169156 | $1182301 | $1170532 |
| **4/30/23** | $1173309 | $1179600 | $1168747 |
| **5/31/23** | $1167875 | $1169378 | $1158351 |
| **6/30/23** | $1181420 | $1181092 | $1172447 |
| **7/31/23** | $1183495 | $1185764 | $1175497 |
| **8/31/23** | $1169322 | $1168693 | $1156741 |
| **9/30/23** | $1139696 | $1134441 | $1120270 |
| **10/31/23** | $1123144 | $1124787 | $1110755 |
| **11/30/23** | $1193709 | $1196190 | $1187748 |
| **12/31/23** | $1227652 | $1223991 | $1217023 |
| **1/31/24** | $1226532 | $1217740 | $1209980 |
| **2/29/24** | $1229007 | $1219304 | $1209952 |
| **3/31/24** | $1229300 | $1219266 | $1208079 |
| **4/30/24** | $1217127 | $1204165 | $1193477 |
| **5/31/24** | $1218768 | $1200633 | $1190114 |
| **6/30/24** | $1235903 | $1219036 | $1210805 |
| **7/31/24** | $1245229 | $1230147 | $1221242 |
| **8/31/24** | $1251497 | $1239849 | $1229861 |
| **9/30/24** | $1263024 | $1252103 | $1242129 |
| **10/31/24** | $1250508 | $1233846 | $1222148 |
| **11/30/24** | $1269224 | $1255160 | $1246509 |
| **12/31/24** | $1254245 | $1236886 | $1227220 |
| **1/31/25** | $1254178 | $1243085 | $1232922 |
| **2/28/25** | $1266962 | $1255411 | $1244149 |
| **3/31/25** | $1244593 | $1234135 | $1219868 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 1.24% | 1.29% | 2.21% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg New York Municipal Bond Index | 0.98% | 1.02% | 2.01% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $875464 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $1737 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Income Tax Revenue | 19.2% |
| Water Revenue | 10.5% |
| Ad Valorem Property Tax | 7.8% |
| Port, Airport & Marina Revenue | 7.2% |
| College & University Revenue | 7.1% |
| Health, Hospital & Nursing Home Revenue | 6.0% |
| Local or Guaranteed Housing | 5.9% |
| Sales Tax Revenue | 4.8% |
| Electric Power & Light Revenue | 4.5% |
| Industrial Revenue | 3.8% |
| Miscellaneous Taxes | 2.5% |
| Other Investments | 17.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.5% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PNYPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1992TSRAR_033125

# Class A: PSDAX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $74 | 0.73% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i1158c720a07a4b5df0fc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/15** | $9770 | $10000 | $10000 |
| **4/30/15** | $9765 | $9948 | $10000 |
| **5/31/15** | $9748 | $9920 | $10000 |
| **6/30/15** | $9745 | $9911 | $10000 |
| **7/31/15** | $9752 | $9983 | $10013 |
| **8/31/15** | $9770 | $10002 | $10030 |
| **9/30/15** | $9777 | $10075 | $10042 |
| **10/31/15** | $9795 | $10115 | $10052 |
| **11/30/15** | $9791 | $10155 | $10040 |
| **12/31/15** | $9790 | $10226 | $10038 |
| **1/31/16** | $9819 | $10348 | $10069 |
| **2/29/16** | $9838 | $10365 | $10085 |
| **3/31/16** | $9833 | $10398 | $10071 |
| **4/30/16** | $9851 | $10474 | $10082 |
| **5/31/16** | $9845 | $10502 | $10087 |
| **6/30/16** | $9875 | $10669 | $10104 |
| **7/31/16** | $9881 | $10676 | $10122 |
| **8/31/16** | $9887 | $10690 | $10107 |
| **9/30/16** | $9859 | $10637 | $10085 |
| **10/31/16** | $9842 | $10525 | $10092 |
| **11/30/16** | $9721 | $10133 | $10049 |
| **12/31/16** | $9729 | $10252 | $10068 |
| **1/31/17** | $9773 | $10319 | $10105 |
| **2/28/17** | $9829 | $10391 | $10138 |
| **3/31/17** | $9839 | $10414 | $10138 |
| **4/30/17** | $9860 | $10489 | $10154 |
| **5/31/17** | $9904 | $10656 | $10173 |
| **6/30/17** | $9879 | $10617 | $10165 |
| **7/31/17** | $9923 | $10703 | $10189 |
| **8/31/17** | $9956 | $10785 | $10212 |
| **9/30/17** | $9943 | $10730 | $10200 |
| **10/31/17** | $9940 | $10756 | $10201 |
| **11/30/17** | $9892 | $10699 | $10155 |
| **12/31/17** | $9914 | $10810 | $10161 |
| **1/31/18** | $9913 | $10683 | $10190 |
| **2/28/18** | $9901 | $10651 | $10207 |
| **3/31/18** | $9901 | $10691 | $10200 |
| **4/30/18** | $9889 | $10652 | $10190 |
| **5/31/18** | $9923 | $10774 | $10224 |
| **6/30/18** | $9948 | $10784 | $10260 |
| **7/31/18** | $9960 | $10810 | $10281 |
| **8/31/18** | $9962 | $10837 | $10278 |
| **9/30/18** | $9950 | $10767 | $10258 |
| **10/31/18** | $9940 | $10701 | $10267 |
| **11/30/18** | $9978 | $10819 | $10299 |
| **12/31/18** | $10016 | $10949 | $10338 |
| **1/31/19** | $10053 | $11032 | $10370 |
| **2/28/19** | $10080 | $11091 | $10394 |
| **3/31/19** | $10141 | $11266 | $10422 |
| **4/30/19** | $10144 | $11308 | $10430 |
| **5/31/19** | $10206 | $11464 | $10469 |
| **6/30/19** | $10231 | $11507 | $10501 |
| **7/31/19** | $10280 | $11599 | $10536 |
| **8/31/19** | $10318 | $11782 | $10550 |
| **9/30/19** | $10281 | $11688 | $10528 |
| **10/31/19** | $10305 | $11709 | $10559 |
| **11/30/19** | $10318 | $11738 | $10577 |
| **12/31/19** | $10330 | $11774 | $10593 |
| **1/31/20** | $10389 | $11986 | $10630 |
| **2/29/20** | $10412 | $12140 | $10651 |
| **3/31/20** | $10277 | $11700 | $10598 |
| **4/30/20** | $10253 | $11553 | $10623 |
| **5/31/20** | $10398 | $11920 | $10728 |
| **6/30/20** | $10457 | $12019 | $10728 |
| **7/31/20** | $10516 | $12221 | $10755 |
| **8/31/20** | $10511 | $12164 | $10756 |
| **9/30/20** | $10519 | $12166 | $10764 |
| **10/31/20** | $10512 | $12130 | $10756 |
| **11/30/20** | $10555 | $12313 | $10769 |
| **12/31/20** | $10586 | $12388 | $10779 |
| **1/31/21** | $10603 | $12467 | $10797 |
| **2/28/21** | $10561 | $12269 | $10793 |
| **3/31/21** | $10579 | $12344 | $10801 |
| **4/30/21** | $10609 | $12448 | $10808 |
| **5/31/21** | $10614 | $12485 | $10813 |
| **6/30/21** | $10607 | $12519 | $10812 |
| **7/31/21** | $10637 | $12623 | $10826 |
| **8/31/21** | $10630 | $12577 | $10823 |
| **9/30/21** | $10597 | $12486 | $10812 |
| **10/31/21** | $10577 | $12449 | $10810 |
| **11/30/21** | $10594 | $12555 | $10813 |
| **12/31/21** | $10580 | $12576 | $10812 |
| **1/31/22** | $10485 | $12231 | $10740 |
| **2/28/22** | $10454 | $12188 | $10727 |
| **3/31/22** | $10336 | $11793 | $10637 |
| **4/30/22** | $10244 | $11466 | $10595 |
| **5/31/22** | $10301 | $11637 | $10675 |
| **6/30/22** | $10261 | $11446 | $10678 |
| **7/31/22** | $10358 | $11749 | $10736 |
| **8/31/22** | $10271 | $11491 | $10651 |
| **9/30/22** | $10136 | $11050 | $10559 |
| **10/31/22** | $10112 | $10958 | $10573 |
| **11/30/22** | $10266 | $11471 | $10695 |
| **12/31/22** | $10299 | $11504 | $10689 |
| **1/31/23** | $10416 | $11834 | $10779 |
| **2/28/23** | $10323 | $11566 | $10688 |
| **3/31/23** | $10433 | $11823 | $10803 |
| **4/30/23** | $10428 | $11796 | $10771 |
| **5/31/23** | $10399 | $11694 | $10760 |
| **6/30/23** | $10449 | $11811 | $10811 |
| **7/31/23** | $10470 | $11858 | $10834 |
| **8/31/23** | $10467 | $11687 | $10846 |
| **9/30/23** | $10390 | $11344 | $10801 |
| **10/31/23** | $10388 | $11248 | $10831 |
| **11/30/23** | $10606 | $11962 | $10988 |
| **12/31/23** | $10722 | $12240 | $11052 |
| **1/31/24** | $10733 | $12177 | $11048 |
| **2/29/24** | $10747 | $12193 | $11065 |
| **3/31/24** | $10760 | $12193 | $11065 |
| **4/30/24** | $10722 | $12042 | $11066 |
| **5/31/24** | $10724 | $12006 | $11093 |
| **6/30/24** | $10813 | $12190 | $11155 |
| **7/31/24** | $10879 | $12301 | $11229 |
| **8/31/24** | $10960 | $12398 | $11302 |
| **9/30/24** | $11013 | $12521 | $11338 |
| **10/31/24** | $10948 | $12338 | $11310 |
| **11/30/24** | $11028 | $12552 | $11354 |
| **12/31/24** | $10988 | $12369 | $11351 |
| **1/31/25** | $11028 | $12431 | $11411 |
| **2/28/25** | $11094 | $12554 | $11459 |
| **3/31/25** | $11066 | $12341 | $11471 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 2.84% | 1.49% | 1.25% |
| Class A (including sales charge) | 0.54% | 1.04% | 1.02% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.59% | 1.38% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $420360 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.0% |
| Electric Power & Light Revenue | 9.9% |
| Ad Valorem Property Tax | 9.1% |
| Local or Guaranteed Housing | 7.7% |
| Industrial Revenue | 7.6% |
| Port, Airport & Marina Revenue | 6.1% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.8% |
| Sales Tax Revenue | 3.9% |
| General Fund | 3.7% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 2.6% |
| Other Investments | 15.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 2.3% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class A: PSDAX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4039TSRAR_033125

# Class C: PSDCX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $104 | 1.03% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143i68f1b176bbb9ecf33d36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9993 | $9948 | $10000 |
| **5/31/15** | $9973 | $9920 | $10000 |
| **6/30/15** | $9967 | $9911 | $10000 |
| **7/31/15** | $9971 | $9983 | $10013 |
| **8/31/15** | $9987 | $10002 | $10030 |
| **9/30/15** | $9992 | $10075 | $10042 |
| **10/31/15** | $10008 | $10115 | $10052 |
| **11/30/15** | $10001 | $10155 | $10040 |
| **12/31/15** | $9998 | $10226 | $10038 |
| **1/31/16** | $10025 | $10348 | $10069 |
| **2/29/16** | $10042 | $10365 | $10085 |
| **3/31/16** | $10034 | $10398 | $10071 |
| **4/30/16** | $10050 | $10474 | $10082 |
| **5/31/16** | $10042 | $10502 | $10087 |
| **6/30/16** | $10070 | $10669 | $10104 |
| **7/31/16** | $10074 | $10676 | $10122 |
| **8/31/16** | $10077 | $10690 | $10107 |
| **9/30/16** | $10046 | $10637 | $10085 |
| **10/31/16** | $10026 | $10525 | $10092 |
| **11/30/16** | $9900 | $10133 | $10049 |
| **12/31/16** | $9906 | $10252 | $10068 |
| **1/31/17** | $9948 | $10319 | $10105 |
| **2/28/17** | $10003 | $10391 | $10138 |
| **3/31/17** | $10010 | $10414 | $10138 |
| **4/30/17** | $10029 | $10489 | $10154 |
| **5/31/17** | $10072 | $10656 | $10173 |
| **6/30/17** | $10044 | $10617 | $10165 |
| **7/31/17** | $10086 | $10703 | $10189 |
| **8/31/17** | $10117 | $10785 | $10212 |
| **9/30/17** | $10101 | $10730 | $10200 |
| **10/31/17** | $10096 | $10756 | $10201 |
| **11/30/17** | $10044 | $10699 | $10155 |
| **12/31/17** | $10064 | $10810 | $10161 |
| **1/31/18** | $10061 | $10683 | $10190 |
| **2/28/18** | $10046 | $10651 | $10207 |
| **3/31/18** | $10043 | $10691 | $10200 |
| **4/30/18** | $10028 | $10652 | $10190 |
| **5/31/18** | $10061 | $10774 | $10224 |
| **6/30/18** | $10084 | $10784 | $10260 |
| **7/31/18** | $10093 | $10810 | $10281 |
| **8/31/18** | $10092 | $10837 | $10278 |
| **9/30/18** | $10078 | $10767 | $10258 |
| **10/31/18** | $10065 | $10701 | $10267 |
| **11/30/18** | $10102 | $10819 | $10299 |
| **12/31/18** | $10137 | $10949 | $10338 |
| **1/31/19** | $10172 | $11032 | $10370 |
| **2/28/19** | $10197 | $11091 | $10394 |
| **3/31/19** | $10257 | $11266 | $10422 |
| **4/30/19** | $10256 | $11308 | $10430 |
| **5/31/19** | $10317 | $11464 | $10469 |
| **6/30/19** | $10339 | $11507 | $10501 |
| **7/31/19** | $10386 | $11599 | $10536 |
| **8/31/19** | $10422 | $11782 | $10550 |
| **9/30/19** | $10382 | $11688 | $10528 |
| **10/31/19** | $10404 | $11709 | $10559 |
| **11/30/19** | $10414 | $11738 | $10577 |
| **12/31/19** | $10423 | $11774 | $10593 |
| **1/31/20** | $10481 | $11986 | $10630 |
| **2/29/20** | $10501 | $12140 | $10651 |
| **3/31/20** | $10363 | $11700 | $10598 |
| **4/30/20** | $10336 | $11553 | $10623 |
| **5/31/20** | $10479 | $11920 | $10728 |
| **6/30/20** | $10537 | $12019 | $10728 |
| **7/31/20** | $10593 | $12221 | $10755 |
| **8/31/20** | $10586 | $12164 | $10756 |
| **9/30/20** | $10590 | $12166 | $10764 |
| **10/31/20** | $10581 | $12130 | $10756 |
| **11/30/20** | $10622 | $12313 | $10769 |
| **12/31/20** | $10650 | $12388 | $10779 |
| **1/31/21** | $10664 | $12467 | $10797 |
| **2/28/21** | $10620 | $12269 | $10793 |
| **3/31/21** | $10635 | $12344 | $10801 |
| **4/30/21** | $10663 | $12448 | $10808 |
| **5/31/21** | $10665 | $12485 | $10813 |
| **6/30/21** | $10656 | $12519 | $10812 |
| **7/31/21** | $10683 | $12623 | $10826 |
| **8/31/21** | $10672 | $12577 | $10823 |
| **9/30/21** | $10638 | $12486 | $10812 |
| **10/31/21** | $10614 | $12449 | $10810 |
| **11/30/21** | $10629 | $12555 | $10813 |
| **12/31/21** | $10612 | $12576 | $10812 |
| **1/31/22** | $10514 | $12231 | $10740 |
| **2/28/22** | $10481 | $12188 | $10727 |
| **3/31/22** | $10360 | $11793 | $10637 |
| **4/30/22** | $10265 | $11466 | $10595 |
| **5/31/22** | $10320 | $11637 | $10675 |
| **6/30/22** | $10277 | $11446 | $10678 |
| **7/31/22** | $10372 | $11749 | $10736 |
| **8/31/22** | $10282 | $11491 | $10651 |
| **9/30/22** | $10143 | $11050 | $10559 |
| **10/31/22** | $10118 | $10958 | $10573 |
| **11/30/22** | $10269 | $11471 | $10695 |
| **12/31/22** | $10299 | $11504 | $10689 |
| **1/31/23** | $10414 | $11834 | $10779 |
| **2/28/23** | $10319 | $11566 | $10688 |
| **3/31/23** | $10425 | $11823 | $10803 |
| **4/30/23** | $10418 | $11796 | $10771 |
| **5/31/23** | $10387 | $11694 | $10760 |
| **6/30/23** | $10433 | $11811 | $10811 |
| **7/31/23** | $10452 | $11858 | $10834 |
| **8/31/23** | $10447 | $11687 | $10846 |
| **9/30/23** | $10367 | $11344 | $10801 |
| **10/31/23** | $10362 | $11248 | $10831 |
| **11/30/23** | $10577 | $11962 | $10988 |
| **12/31/23** | $10691 | $12240 | $11052 |
| **1/31/24** | $10699 | $12177 | $11048 |
| **2/29/24** | $10710 | $12193 | $11065 |
| **3/31/24** | $10720 | $12193 | $11065 |
| **4/30/24** | $10680 | $12042 | $11066 |
| **5/31/24** | $10679 | $12006 | $11093 |
| **6/30/24** | $10765 | $12190 | $11155 |
| **7/31/24** | $10828 | $12301 | $11229 |
| **8/31/24** | $10906 | $12398 | $11302 |
| **9/30/24** | $10956 | $12521 | $11338 |
| **10/31/24** | $10888 | $12338 | $11310 |
| **11/30/24** | $10965 | $12552 | $11354 |
| **12/31/24** | $10923 | $12369 | $11351 |
| **1/31/25** | $10959 | $12431 | $11411 |
| **2/28/25** | $11022 | $12554 | $11459 |
| **3/31/25** | $10992 | $12341 | $11471 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 2.53% | 1.19% | 0.95% |
| Class C (including sales charge) | 1.53% | 1.19% | 0.95% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.59% | 1.38% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $420360 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.0% |
| Electric Power & Light Revenue | 9.9% |
| Ad Valorem Property Tax | 9.1% |
| Local or Guaranteed Housing | 7.7% |
| Industrial Revenue | 7.6% |
| Port, Airport & Marina Revenue | 6.1% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.8% |
| Sales Tax Revenue | 3.9% |
| General Fund | 3.7% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 2.6% |
| Other Investments | 15.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 2.3% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C: PSDCX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4239TSRAR_033125

# Class C-2: PCCMX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $124 | 1.23% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of Class C-2 shares (10/21/2020), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C-2 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g868143if6338eaf5ea137c00b2b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C-2 (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9991 | $9948 | $10000 |
| **5/31/15** | $9970 | $9920 | $10000 |
| **6/30/15** | $9962 | $9911 | $10000 |
| **7/31/15** | $9965 | $9983 | $10013 |
| **8/31/15** | $9979 | $10002 | $10030 |
| **9/30/15** | $9982 | $10075 | $10042 |
| **10/31/15** | $9997 | $10115 | $10052 |
| **11/30/15** | $9988 | $10155 | $10040 |
| **12/31/15** | $9983 | $10226 | $10038 |
| **1/31/16** | $10008 | $10348 | $10069 |
| **2/29/16** | $10023 | $10365 | $10085 |
| **3/31/16** | $10014 | $10398 | $10071 |
| **4/30/16** | $10029 | $10474 | $10082 |
| **5/31/16** | $10018 | $10502 | $10087 |
| **6/30/16** | $10044 | $10669 | $10104 |
| **7/31/16** | $10046 | $10676 | $10122 |
| **8/31/16** | $10048 | $10690 | $10107 |
| **9/30/16** | $10016 | $10637 | $10085 |
| **10/31/16** | $9994 | $10525 | $10092 |
| **11/30/16** | $9867 | $10133 | $10049 |
| **12/31/16** | $9872 | $10252 | $10068 |
| **1/31/17** | $9911 | $10319 | $10105 |
| **2/28/17** | $9965 | $10391 | $10138 |
| **3/31/17** | $9971 | $10414 | $10138 |
| **4/30/17** | $9987 | $10489 | $10154 |
| **5/31/17** | $10028 | $10656 | $10173 |
| **6/30/17** | $9999 | $10617 | $10165 |
| **7/31/17** | $10039 | $10703 | $10189 |
| **8/31/17** | $10068 | $10785 | $10212 |
| **9/30/17** | $10051 | $10730 | $10200 |
| **10/31/17** | $10044 | $10756 | $10201 |
| **11/30/17** | $9990 | $10699 | $10155 |
| **12/31/17** | $10009 | $10810 | $10161 |
| **1/31/18** | $10004 | $10683 | $10190 |
| **2/28/18** | $9988 | $10651 | $10207 |
| **3/31/18** | $9983 | $10691 | $10200 |
| **4/30/18** | $9967 | $10652 | $10190 |
| **5/31/18** | $9998 | $10774 | $10224 |
| **6/30/18** | $10019 | $10784 | $10260 |
| **7/31/18** | $10026 | $10810 | $10281 |
| **8/31/18** | $10024 | $10837 | $10278 |
| **9/30/18** | $10008 | $10767 | $10258 |
| **10/31/18** | $9993 | $10701 | $10267 |
| **11/30/18** | $10028 | $10819 | $10299 |
| **12/31/18** | $10061 | $10949 | $10338 |
| **1/31/19** | $10094 | $11032 | $10370 |
| **2/28/19** | $10117 | $11091 | $10394 |
| **3/31/19** | $10175 | $11266 | $10422 |
| **4/30/19** | $10173 | $11308 | $10430 |
| **5/31/19** | $10231 | $11464 | $10469 |
| **6/30/19** | $10252 | $11507 | $10501 |
| **7/31/19** | $10297 | $11599 | $10536 |
| **8/31/19** | $10330 | $11782 | $10550 |
| **9/30/19** | $10289 | $11688 | $10528 |
| **10/31/19** | $10309 | $11709 | $10559 |
| **11/30/19** | $10317 | $11738 | $10577 |
| **12/31/19** | $10325 | $11774 | $10593 |
| **1/31/20** | $10380 | $11986 | $10630 |
| **2/29/20** | $10399 | $12140 | $10651 |
| **3/31/20** | $10259 | $11700 | $10598 |
| **4/30/20** | $10231 | $11553 | $10623 |
| **5/31/20** | $10371 | $11920 | $10728 |
| **6/30/20** | $10426 | $12019 | $10728 |
| **7/31/20** | $10481 | $12221 | $10755 |
| **8/31/20** | $10471 | $12164 | $10756 |
| **9/30/20** | $10474 | $12166 | $10764 |
| **10/31/20** | $10463 | $12130 | $10756 |
| **11/30/20** | $10502 | $12313 | $10769 |
| **12/31/20** | $10527 | $12388 | $10779 |
| **1/31/21** | $10540 | $12467 | $10797 |
| **2/28/21** | $10494 | $12269 | $10793 |
| **3/31/21** | $10507 | $12344 | $10801 |
| **4/30/21** | $10533 | $12448 | $10808 |
| **5/31/21** | $10534 | $12485 | $10813 |
| **6/30/21** | $10523 | $12519 | $10812 |
| **7/31/21** | $10548 | $12623 | $10826 |
| **8/31/21** | $10536 | $12577 | $10823 |
| **9/30/21** | $10500 | $12486 | $10812 |
| **10/31/21** | $10476 | $12449 | $10810 |
| **11/30/21** | $10488 | $12555 | $10813 |
| **12/31/21** | $10470 | $12576 | $10812 |
| **1/31/22** | $10371 | $12231 | $10740 |
| **2/28/22** | $10337 | $12188 | $10727 |
| **3/31/22** | $10216 | $11793 | $10637 |
| **4/30/22** | $10121 | $11466 | $10595 |
| **5/31/22** | $10173 | $11637 | $10675 |
| **6/30/22** | $10129 | $11446 | $10678 |
| **7/31/22** | $10221 | $11749 | $10736 |
| **8/31/22** | $10131 | $11491 | $10651 |
| **9/30/22** | $9992 | $11050 | $10559 |
| **10/31/22** | $9965 | $10958 | $10573 |
| **11/30/22** | $10113 | $11471 | $10695 |
| **12/31/22** | $10141 | $11504 | $10689 |
| **1/31/23** | $10253 | $11834 | $10779 |
| **2/28/23** | $10157 | $11566 | $10688 |
| **3/31/23** | $10260 | $11823 | $10803 |
| **4/30/23** | $10252 | $11796 | $10771 |
| **5/31/23** | $10220 | $11694 | $10760 |
| **6/30/23** | $10263 | $11811 | $10811 |
| **7/31/23** | $10279 | $11858 | $10834 |
| **8/31/23** | $10272 | $11687 | $10846 |
| **9/30/23** | $10192 | $11344 | $10801 |
| **10/31/23** | $10186 | $11248 | $10831 |
| **11/30/23** | $10396 | $11962 | $10988 |
| **12/31/23** | $10506 | $12240 | $11052 |
| **1/31/24** | $10512 | $12177 | $11048 |
| **2/29/24** | $10521 | $12193 | $11065 |
| **3/31/24** | $10530 | $12193 | $11065 |
| **4/30/24** | $10488 | $12042 | $11066 |
| **5/31/24** | $10485 | $12006 | $11093 |
| **6/30/24** | $10569 | $12190 | $11155 |
| **7/31/24** | $10628 | $12301 | $11229 |
| **8/31/24** | $10703 | $12398 | $11302 |
| **9/30/24** | $10750 | $12521 | $11338 |
| **10/31/24** | $10682 | $12338 | $11310 |
| **11/30/24** | $10755 | $12552 | $11354 |
| **12/31/24** | $10712 | $12369 | $11351 |
| **1/31/25** | $10746 | $12431 | $11411 |
| **2/28/25** | $10807 | $12554 | $11459 |
| **3/31/25** | $10775 | $12341 | $11471 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C-2 (excluding sales charge) | 2.33% | 0.99% | 0.75% |
| Class C-2 (including sales charge) | 1.33% | 0.99% | 0.75% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.59% | 1.38% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C-2 shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $420360 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.0% |
| Electric Power & Light Revenue | 9.9% |
| Ad Valorem Property Tax | 9.1% |
| Local or Guaranteed Housing | 7.7% |
| Industrial Revenue | 7.6% |
| Port, Airport & Marina Revenue | 6.1% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.8% |
| Sales Tax Revenue | 3.9% |
| General Fund | 3.7% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 2.6% |
| Other Investments | 15.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 2.3% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Class C-2: PCCMX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4839TSRAR_033125

# I-3: PSDUX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $49 | 0.48% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i5678f212170ac9ed1040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999701 | $994753 | $1000019 |
| **5/31/15** | $998207 | $992005 | $999984 |
| **6/30/15** | $998023 | $991101 | $999959 |
| **7/31/15** | $998991 | $998280 | $1001323 |
| **8/31/15** | $1001012 | $1000240 | $1002982 |
| **9/30/15** | $1001955 | $1007486 | $1004209 |
| **10/31/15** | $1004074 | $1011492 | $1005244 |
| **11/30/15** | $1003781 | $1015513 | $1003987 |
| **12/31/15** | $1003971 | $1022648 | $1003824 |
| **1/31/16** | $1007115 | $1034850 | $1006906 |
| **2/29/16** | $1009259 | $1036478 | $1008487 |
| **3/31/16** | $1008920 | $1039761 | $1007066 |
| **4/30/16** | $1011037 | $1047406 | $1008183 |
| **5/31/16** | $1010646 | $1050239 | $1008692 |
| **6/30/16** | $1013902 | $1066947 | $1010442 |
| **7/31/16** | $1014744 | $1067598 | $1012209 |
| **8/31/16** | $1015583 | $1069039 | $1010687 |
| **9/30/16** | $1012945 | $1063703 | $1008531 |
| **10/31/16** | $1011366 | $1052544 | $1009243 |
| **11/30/16** | $999134 | $1013289 | $1004859 |
| **12/31/16** | $1000239 | $1025185 | $1006838 |
| **1/31/17** | $1004888 | $1031944 | $1010502 |
| **2/28/17** | $1010870 | $1039109 | $1013823 |
| **3/31/17** | $1012123 | $1041365 | $1013810 |
| **4/30/17** | $1014448 | $1048921 | $1015425 |
| **5/31/17** | $1019223 | $1065568 | $1017323 |
| **6/30/17** | $1016875 | $1061747 | $1016459 |
| **7/31/17** | $1021610 | $1070337 | $1018901 |
| **8/31/17** | $1025237 | $1078482 | $1021194 |
| **9/30/17** | $1024079 | $1072999 | $1019976 |
| **10/31/17** | $1024012 | $1075618 | $1020076 |
| **11/30/17** | $1019215 | $1069859 | $1015474 |
| **12/31/17** | $1021790 | $1081041 | $1016145 |
| **1/31/18** | $1021882 | $1068314 | $1018975 |
| **2/28/18** | $1020852 | $1065122 | $1020723 |
| **3/31/18** | $1021020 | $1069053 | $1019965 |
| **4/30/18** | $1019964 | $1065238 | $1019039 |
| **5/31/18** | $1023784 | $1077436 | $1022401 |
| **6/30/18** | $1026572 | $1078356 | $1025998 |
| **7/31/18** | $1027986 | $1080972 | $1028133 |
| **8/31/18** | $1028446 | $1083748 | $1027763 |
| **9/30/18** | $1027396 | $1076732 | $1025793 |
| **10/31/18** | $1026534 | $1070102 | $1026698 |
| **11/30/18** | $1030770 | $1081946 | $1029923 |
| **12/31/18** | $1034825 | $1094900 | $1033794 |
| **1/31/19** | $1038849 | $1103177 | $1037009 |
| **2/28/19** | $1041835 | $1109084 | $1039361 |
| **3/31/19** | $1048445 | $1126616 | $1042204 |
| **4/30/19** | $1048888 | $1130850 | $1042972 |
| **5/31/19** | $1055574 | $1146440 | $1046856 |
| **6/30/19** | $1058341 | $1150673 | $1050092 |
| **7/31/19** | $1063647 | $1159947 | $1053553 |
| **8/31/19** | $1067781 | $1178243 | $1055039 |
| **9/30/19** | $1064183 | $1168798 | $1052826 |
| **10/31/19** | $1066928 | $1170893 | $1055855 |
| **11/30/19** | $1068453 | $1173821 | $1057687 |
| **12/31/19** | $1069890 | $1177405 | $1059251 |
| **1/31/20** | $1076318 | $1198559 | $1062984 |
| **2/29/20** | $1078887 | $1214015 | $1065138 |
| **3/31/20** | $1065115 | $1169979 | $1059832 |
| **4/30/20** | $1062806 | $1155296 | $1062276 |
| **5/31/20** | $1078071 | $1192047 | $1072774 |
| **6/30/20** | $1084457 | $1201858 | $1072763 |
| **7/31/20** | $1090807 | $1222100 | $1075451 |
| **8/31/20** | $1090527 | $1216366 | $1075627 |
| **9/30/20** | $1091518 | $1216624 | $1076431 |
| **10/31/20** | $1091103 | $1212970 | $1075565 |
| **11/30/20** | $1095742 | $1231274 | $1076911 |
| **12/31/20** | $1099191 | $1238775 | $1077872 |
| **1/31/21** | $1101182 | $1246669 | $1079653 |
| **2/28/21** | $1097011 | $1226861 | $1079297 |
| **3/31/21** | $1099084 | $1234427 | $1080078 |
| **4/30/21** | $1102524 | $1244781 | $1080822 |
| **5/31/21** | $1103231 | $1248495 | $1081254 |
| **6/30/21** | $1102765 | $1251923 | $1081198 |
| **7/31/21** | $1106128 | $1262306 | $1082553 |
| **8/31/21** | $1105511 | $1257674 | $1082331 |
| **9/30/21** | $1102363 | $1248597 | $1081206 |
| **10/31/21** | $1100397 | $1244947 | $1080972 |
| **11/30/21** | $1102353 | $1255545 | $1081285 |
| **12/31/21** | $1101117 | $1257570 | $1081195 |
| **1/31/22** | $1091414 | $1223147 | $1074043 |
| **2/28/22** | $1088433 | $1218765 | $1072664 |
| **3/31/22** | $1076357 | $1179256 | $1063739 |
| **4/30/22** | $1067022 | $1146639 | $1059451 |
| **5/31/22** | $1073186 | $1163672 | $1067519 |
| **6/30/22** | $1069215 | $1144613 | $1067828 |
| **7/31/22** | $1079550 | $1174856 | $1073589 |
| **8/31/22** | $1070681 | $1149107 | $1065090 |
| **9/30/22** | $1056763 | $1105003 | $1055920 |
| **10/31/22** | $1054545 | $1095814 | $1057283 |
| **11/30/22** | $1070835 | $1147069 | $1069470 |
| **12/31/22** | $1074494 | $1150353 | $1068941 |
| **1/31/23** | $1086944 | $1183397 | $1077913 |
| **2/28/23** | $1077440 | $1156638 | $1068801 |
| **3/31/23** | $1089110 | $1182301 | $1080276 |
| **4/30/23** | $1088823 | $1179600 | $1077147 |
| **5/31/23** | $1086045 | $1169378 | $1075972 |
| **6/30/23** | $1091449 | $1181092 | $1081095 |
| **7/31/23** | $1093864 | $1185764 | $1083421 |
| **8/31/23** | $1093841 | $1168693 | $1084594 |
| **9/30/23** | $1085978 | $1134441 | $1080120 |
| **10/31/23** | $1085990 | $1124787 | $1083095 |
| **11/30/23** | $1109034 | $1196190 | $1098784 |
| **12/31/23** | $1121467 | $1223991 | $1105203 |
| **1/31/24** | $1122854 | $1217740 | $1104840 |
| **2/29/24** | $1124450 | $1219304 | $1106543 |
| **3/31/24** | $1126100 | $1219266 | $1106466 |
| **4/30/24** | $1122317 | $1204165 | $1106601 |
| **5/31/24** | $1122771 | $1200633 | $1109278 |
| **6/30/24** | $1132377 | $1219036 | $1115549 |
| **7/31/24** | $1139496 | $1230147 | $1122886 |
| **8/31/24** | $1148282 | $1239849 | $1130246 |
| **9/30/24** | $1153985 | $1252103 | $1133799 |
| **10/31/24** | $1147444 | $1233846 | $1130965 |
| **11/30/24** | $1156023 | $1255160 | $1135411 |
| **12/31/24** | $1152118 | $1236886 | $1135141 |
| **1/31/25** | $1156530 | $1243085 | $1141094 |
| **2/28/25** | $1163694 | $1255411 | $1145883 |
| **3/31/25** | $1160958 | $1234135 | $1147086 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 3.10% | 1.74% | 1.50% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.59% | 1.38% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $420360 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.0% |
| Electric Power & Light Revenue | 9.9% |
| Ad Valorem Property Tax | 9.1% |
| Local or Guaranteed Housing | 7.7% |
| Industrial Revenue | 7.6% |
| Port, Airport & Marina Revenue | 6.1% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.8% |
| Sales Tax Revenue | 3.9% |
| General Fund | 3.7% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 2.6% |
| Other Investments | 15.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 2.3% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-3: PSDUX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2235TSRAR_033125

# Institutional Class: PSDIX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $34 | 0.33% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143ib153f9a8b8b5054301f3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999824 | $994753 | $1000019 |
| **5/31/15** | $998457 | $992005 | $999984 |
| **6/30/15** | $998396 | $991101 | $999959 |
| **7/31/15** | $999491 | $998280 | $1001323 |
| **8/31/15** | $1001641 | $1000240 | $1002982 |
| **9/30/15** | $1002708 | $1007486 | $1004209 |
| **10/31/15** | $1004956 | $1011492 | $1005244 |
| **11/30/15** | $1004787 | $1015513 | $1003987 |
| **12/31/15** | $1005105 | $1022648 | $1003824 |
| **1/31/16** | $1008380 | $1034850 | $1006906 |
| **2/29/16** | $1010647 | $1036478 | $1008487 |
| **3/31/16** | $1010436 | $1039761 | $1007066 |
| **4/30/16** | $1012680 | $1047406 | $1008183 |
| **5/31/16** | $1012418 | $1050239 | $1008692 |
| **6/30/16** | $1015804 | $1066947 | $1010442 |
| **7/31/16** | $1016777 | $1067598 | $1012209 |
| **8/31/16** | $1017747 | $1069039 | $1010687 |
| **9/30/16** | $1015227 | $1063703 | $1008531 |
| **10/31/16** | $1013774 | $1052544 | $1009243 |
| **11/30/16** | $1001636 | $1013289 | $1004859 |
| **12/31/16** | $1002872 | $1025185 | $1006838 |
| **1/31/17** | $1007661 | $1031944 | $1010502 |
| **2/28/17** | $1013775 | $1039109 | $1013823 |
| **3/31/17** | $1015162 | $1041365 | $1013810 |
| **4/30/17** | $1017619 | $1048921 | $1015425 |
| **5/31/17** | $1022538 | $1065568 | $1017323 |
| **6/30/17** | $1020308 | $1061747 | $1016459 |
| **7/31/17** | $1025189 | $1070337 | $1018901 |
| **8/31/17** | $1028961 | $1078482 | $1021194 |
| **9/30/17** | $1027925 | $1072999 | $1019976 |
| **10/31/17** | $1027989 | $1075618 | $1020076 |
| **11/30/17** | $1023299 | $1069859 | $1015474 |
| **12/31/17** | $1026016 | $1081041 | $1016145 |
| **1/31/18** | $1026239 | $1068314 | $1018975 |
| **2/28/18** | $1025322 | $1065122 | $1020723 |
| **3/31/18** | $1025621 | $1069053 | $1019965 |
| **4/30/18** | $1024687 | $1065238 | $1019039 |
| **5/31/18** | $1028655 | $1077436 | $1022401 |
| **6/30/18** | $1031583 | $1078356 | $1025998 |
| **7/31/18** | $1033136 | $1080972 | $1028133 |
| **8/31/18** | $1033730 | $1083748 | $1027763 |
| **9/30/18** | $1032801 | $1076732 | $1025793 |
| **10/31/18** | $1032066 | $1070102 | $1026698 |
| **11/30/18** | $1036453 | $1081946 | $1029923 |
| **12/31/18** | $1040662 | $1094900 | $1033794 |
| **1/31/19** | $1044841 | $1103177 | $1037009 |
| **2/28/19** | $1047965 | $1109084 | $1039361 |
| **3/31/19** | $1054748 | $1126616 | $1042204 |
| **4/30/19** | $1055323 | $1130850 | $1042972 |
| **5/31/19** | $1062185 | $1146440 | $1046856 |
| **6/30/19** | $1065101 | $1150673 | $1050092 |
| **7/31/19** | $1070576 | $1159947 | $1053553 |
| **8/31/19** | $1074874 | $1178243 | $1055039 |
| **9/30/19** | $1071384 | $1168798 | $1052826 |
| **10/31/19** | $1074284 | $1170893 | $1055855 |
| **11/30/19** | $1075952 | $1173821 | $1057687 |
| **12/31/19** | $1077536 | $1177405 | $1059251 |
| **1/31/20** | $1084148 | $1198559 | $1062984 |
| **2/29/20** | $1086864 | $1214015 | $1065138 |
| **3/31/20** | $1073126 | $1169979 | $1059832 |
| **4/30/20** | $1070932 | $1155296 | $1062276 |
| **5/31/20** | $1086451 | $1192047 | $1072774 |
| **6/30/20** | $1093020 | $1201858 | $1072763 |
| **7/31/20** | $1099559 | $1222100 | $1075451 |
| **8/31/20** | $1099417 | $1216366 | $1075627 |
| **9/30/20** | $1100552 | $1216624 | $1076431 |
| **10/31/20** | $1100273 | $1212970 | $1075565 |
| **11/30/20** | $1105086 | $1231274 | $1076911 |
| **12/31/20** | $1108705 | $1238775 | $1077872 |
| **1/31/21** | $1110854 | $1246669 | $1079653 |
| **2/28/21** | $1106775 | $1226861 | $1079297 |
| **3/31/21** | $1109007 | $1234427 | $1080078 |
| **4/30/21** | $1112615 | $1244781 | $1080822 |
| **5/31/21** | $1113471 | $1248495 | $1081254 |
| **6/30/21** | $1113138 | $1251923 | $1081198 |
| **7/31/21** | $1116670 | $1262306 | $1082553 |
| **8/31/21** | $1116226 | $1257674 | $1082331 |
| **9/30/21** | $1113225 | $1248597 | $1081206 |
| **10/31/21** | $1111425 | $1244947 | $1080972 |
| **11/30/21** | $1113581 | $1255545 | $1081285 |
| **12/31/21** | $1112522 | $1257570 | $1081195 |
| **1/31/22** | $1102881 | $1223147 | $1074043 |
| **2/28/22** | $1099994 | $1218765 | $1072664 |
| **3/31/22** | $1087920 | $1179256 | $1063739 |
| **4/30/22** | $1078618 | $1146639 | $1059451 |
| **5/31/22** | $1084988 | $1163672 | $1067519 |
| **6/30/22** | $1081101 | $1144613 | $1067828 |
| **7/31/22** | $1091746 | $1174856 | $1073589 |
| **8/31/22** | $1082946 | $1149107 | $1065090 |
| **9/30/22** | $1069002 | $1105003 | $1055920 |
| **10/31/22** | $1066888 | $1095814 | $1057283 |
| **11/30/22** | $1083499 | $1147069 | $1069470 |
| **12/31/22** | $1087357 | $1150353 | $1068941 |
| **1/31/23** | $1100090 | $1183397 | $1077913 |
| **2/28/23** | $1090601 | $1156638 | $1068801 |
| **3/31/23** | $1102569 | $1182301 | $1080276 |
| **4/30/23** | $1102404 | $1179600 | $1077147 |
| **5/31/23** | $1099721 | $1169378 | $1075972 |
| **6/30/23** | $1105338 | $1181092 | $1081095 |
| **7/31/23** | $1107911 | $1185764 | $1083421 |
| **8/31/23** | $1108025 | $1168693 | $1084594 |
| **9/30/23** | $1100196 | $1134441 | $1080120 |
| **10/31/23** | $1100342 | $1124787 | $1083095 |
| **11/30/23** | $1123811 | $1196190 | $1098784 |
| **12/31/23** | $1136559 | $1223991 | $1105203 |
| **1/31/24** | $1138103 | $1217740 | $1104840 |
| **2/29/24** | $1139855 | $1219304 | $1106543 |
| **3/31/24** | $1141672 | $1219266 | $1106466 |
| **4/30/24** | $1137976 | $1204165 | $1106601 |
| **5/31/24** | $1138591 | $1200633 | $1109278 |
| **6/30/24** | $1148464 | $1219036 | $1115549 |
| **7/31/24** | $1155829 | $1230147 | $1122886 |
| **8/31/24** | $1164900 | $1239849 | $1130246 |
| **9/30/24** | $1170820 | $1252103 | $1133799 |
| **10/31/24** | $1164330 | $1233846 | $1130965 |
| **11/30/24** | $1173185 | $1255160 | $1135411 |
| **12/31/24** | $1169371 | $1236886 | $1135141 |
| **1/31/25** | $1174003 | $1243085 | $1141094 |
| **2/28/25** | $1181411 | $1255411 | $1145883 |
| **3/31/25** | $1178773 | $1234135 | $1147086 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.25% | 1.90% | 1.66% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.59% | 1.38% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $420360 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.0% |
| Electric Power & Light Revenue | 9.9% |
| Ad Valorem Property Tax | 9.1% |
| Local or Guaranteed Housing | 7.7% |
| Industrial Revenue | 7.6% |
| Port, Airport & Marina Revenue | 6.1% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.8% |
| Sales Tax Revenue | 3.9% |
| General Fund | 3.7% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 2.6% |
| Other Investments | 15.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 2.3% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# Institutional Class: PSDIX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0053TSRAR_033125

# I-2: PSDPX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g868143i442c4797c02c431a24b9.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Short Duration Municipal Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $44 | 0.43% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to taxable municipals contributed to performance, as the taxable municipal index outperformed the broader municipal market.

* Security selection within the electric utility sector contributed to performance, as the Fund's holdings outperformed the broader municipal market.

* Yield curve strategies detracted from performance, as front-end rates fell and long-end maturities rose.

* Security selection within the general obligation sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

* Security selection within the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g868143i05a272c2d8e7664c0cc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $999742 | $994753 | $1000019 |
| **5/31/15** | $998292 | $992005 | $999984 |
| **6/30/15** | $998150 | $991101 | $999959 |
| **7/31/15** | $999155 | $998280 | $1001323 |
| **8/31/15** | $1001225 | $1000240 | $1002982 |
| **9/30/15** | $1002209 | $1007486 | $1004209 |
| **10/31/15** | $1004367 | $1011492 | $1005244 |
| **11/30/15** | $1004118 | $1015513 | $1003987 |
| **12/31/15** | $1004340 | $1022648 | $1003824 |
| **1/31/16** | $1007536 | $1034850 | $1006906 |
| **2/29/16** | $1009721 | $1036478 | $1008487 |
| **3/31/16** | $1009424 | $1039761 | $1007066 |
| **4/30/16** | $1011580 | $1047406 | $1008183 |
| **5/31/16** | $1011235 | $1050239 | $1008692 |
| **6/30/16** | $1014534 | $1066947 | $1010442 |
| **7/31/16** | $1015420 | $1067598 | $1012209 |
| **8/31/16** | $1016303 | $1069039 | $1010687 |
| **9/30/16** | $1013698 | $1063703 | $1008531 |
| **10/31/16** | $1012167 | $1052544 | $1009243 |
| **11/30/16** | $999965 | $1013289 | $1004859 |
| **12/31/16** | $1001114 | $1025185 | $1006838 |
| **1/31/17** | $1005817 | $1031944 | $1010502 |
| **2/28/17** | $1011843 | $1039109 | $1013823 |
| **3/31/17** | $1013134 | $1041365 | $1013810 |
| **4/30/17** | $1015508 | $1048921 | $1015425 |
| **5/31/17** | $1020333 | $1065568 | $1017323 |
| **6/30/17** | $1018019 | $1061747 | $1016459 |
| **7/31/17** | $1022808 | $1070337 | $1018901 |
| **8/31/17** | $1026483 | $1078482 | $1021194 |
| **9/30/17** | $1025362 | $1072999 | $1019976 |
| **10/31/17** | $1025342 | $1075618 | $1020076 |
| **11/30/17** | $1020576 | $1069859 | $1015474 |
| **12/31/17** | $1023196 | $1081041 | $1016145 |
| **1/31/18** | $1023333 | $1068314 | $1018975 |
| **2/28/18** | $1022340 | $1065122 | $1020723 |
| **3/31/18** | $1022549 | $1069053 | $1019965 |
| **4/30/18** | $1021536 | $1065238 | $1019039 |
| **5/31/18** | $1025406 | $1077436 | $1022401 |
| **6/30/18** | $1028237 | $1078356 | $1025998 |
| **7/31/18** | $1029700 | $1080972 | $1028133 |
| **8/31/18** | $1030195 | $1083748 | $1027763 |
| **9/30/18** | $1029193 | $1076732 | $1025793 |
| **10/31/18** | $1028373 | $1070102 | $1026698 |
| **11/30/18** | $1032654 | $1081946 | $1029923 |
| **12/31/18** | $1036765 | $1094900 | $1033794 |
| **1/31/19** | $1040843 | $1103177 | $1037009 |
| **2/28/19** | $1043875 | $1109084 | $1039361 |
| **3/31/19** | $1050543 | $1126616 | $1042204 |
| **4/30/19** | $1051031 | $1130850 | $1042972 |
| **5/31/19** | $1057773 | $1146440 | $1046856 |
| **6/30/19** | $1060596 | $1150673 | $1050092 |
| **7/31/19** | $1065958 | $1159947 | $1053553 |
| **8/31/19** | $1070141 | $1178243 | $1055039 |
| **9/30/19** | $1066584 | $1168798 | $1052826 |
| **10/31/19** | $1069381 | $1170893 | $1055855 |
| **11/30/19** | $1070951 | $1173821 | $1057687 |
| **12/31/19** | $1072438 | $1177405 | $1059251 |
| **1/31/20** | $1078923 | $1198559 | $1062984 |
| **2/29/20** | $1081545 | $1214015 | $1065138 |
| **3/31/20** | $1067785 | $1169979 | $1059832 |
| **4/30/20** | $1065515 | $1155296 | $1062276 |
| **5/31/20** | $1080866 | $1192047 | $1072774 |
| **6/30/20** | $1087312 | $1201858 | $1072763 |
| **7/31/20** | $1093719 | $1222100 | $1075451 |
| **8/31/20** | $1093491 | $1216366 | $1075627 |
| **9/30/20** | $1094530 | $1216624 | $1076431 |
| **10/31/20** | $1094156 | $1212970 | $1075565 |
| **11/30/20** | $1098857 | $1231274 | $1076911 |
| **12/31/20** | $1102356 | $1238775 | $1077872 |
| **1/31/21** | $1104408 | $1246669 | $1079653 |
| **2/28/21** | $1100266 | $1226861 | $1079297 |
| **3/31/21** | $1102391 | $1234427 | $1080078 |
| **4/30/21** | $1105881 | $1244781 | $1080822 |
| **5/31/21** | $1106643 | $1248495 | $1081254 |
| **6/30/21** | $1106222 | $1251923 | $1081198 |
| **7/31/21** | $1109636 | $1262306 | $1082553 |
| **8/31/21** | $1109104 | $1257674 | $1082331 |
| **9/30/21** | $1106029 | $1248597 | $1081206 |
| **10/31/21** | $1104146 | $1244947 | $1080972 |
| **11/30/21** | $1106197 | $1255545 | $1081285 |
| **12/31/21** | $1105045 | $1257570 | $1081195 |
| **1/31/22** | $1095382 | $1223147 | $1074043 |
| **2/28/22** | $1092433 | $1218765 | $1072664 |
| **3/31/22** | $1080351 | $1179256 | $1063739 |
| **4/30/22** | $1071022 | $1146639 | $1059451 |
| **5/31/22** | $1077262 | $1163672 | $1067519 |
| **6/30/22** | $1073314 | $1144613 | $1067828 |
| **7/31/22** | $1083790 | $1174856 | $1073589 |
| **8/31/22** | $1074962 | $1149107 | $1065090 |
| **9/30/22** | $1061028 | $1105003 | $1055920 |
| **10/31/22** | $1058845 | $1095814 | $1057283 |
| **11/30/22** | $1075244 | $1147069 | $1069470 |
| **12/31/22** | $1078974 | $1150353 | $1068941 |
| **1/31/23** | $1091522 | $1183397 | $1077913 |
| **2/28/23** | $1082023 | $1156638 | $1068801 |
| **3/31/23** | $1093798 | $1182301 | $1080276 |
| **4/30/23** | $1093551 | $1179600 | $1077147 |
| **5/31/23** | $1090797 | $1169378 | $1075972 |
| **6/30/23** | $1096273 | $1181092 | $1081095 |
| **7/31/23** | $1098738 | $1185764 | $1083421 |
| **8/31/23** | $1098758 | $1168693 | $1084594 |
| **9/30/23** | $1090901 | $1134441 | $1080120 |
| **10/31/23** | $1090957 | $1124787 | $1083095 |
| **11/30/23** | $1114136 | $1196190 | $1098784 |
| **12/31/23** | $1126676 | $1223991 | $1105203 |
| **1/31/24** | $1128114 | $1217740 | $1104840 |
| **2/29/24** | $1129762 | $1219304 | $1106543 |
| **3/31/24** | $1131468 | $1219266 | $1106466 |
| **4/30/24** | $1127712 | $1204165 | $1106601 |
| **5/31/24** | $1128219 | $1200633 | $1109278 |
| **6/30/24** | $1137915 | $1219036 | $1115549 |
| **7/31/24** | $1145117 | $1230147 | $1122886 |
| **8/31/24** | $1154000 | $1239849 | $1130246 |
| **9/30/24** | $1159776 | $1252103 | $1133799 |
| **10/31/24** | $1153250 | $1233846 | $1130965 |
| **11/30/24** | $1161922 | $1255160 | $1135411 |
| **12/31/24** | $1158046 | $1236886 | $1135141 |
| **1/31/25** | $1162531 | $1243085 | $1141094 |
| **2/28/25** | $1169777 | $1255411 | $1145883 |
| **3/31/25** | $1167074 | $1234135 | $1147086 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 3.15% | 1.79% | 1.56% |
| Bloomberg Municipal Bond Index | 1.22% | 1.07% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.59% | 1.38% |

---

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $420360 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $733 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

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| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 17.0% |
| Electric Power & Light Revenue | 9.9% |
| Ad Valorem Property Tax | 9.1% |
| Local or Guaranteed Housing | 7.7% |
| Industrial Revenue | 7.6% |
| Port, Airport & Marina Revenue | 6.1% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.8% |
| Sales Tax Revenue | 3.9% |
| General Fund | 3.7% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 2.6% |
| Other Investments | 15.2% |
| Short-Term Instruments | 1.2% |
| Affiliated Investments | 2.3% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g868143if00b57685318aa45b19c.jpg)

# I-2: PSDPX
![Image](g868143i5631a24146cf4e3d9d39.jpg)

# PIMCO Short Duration Municipal Income Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1917TSRAR_033125

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**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | March 31, 2025 | $6451129 |
|  | March 31, 2024 | $6253215 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees <sup>(1)</sup></u> |
|  | March 31, 2025 | $— |
|  | March 31, 2024 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | March 31, 2025 | $6500 |
|  | March 31, 2024 | $18725 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees <sup>(2)</sup></u> |
|  | March 31, 2025 | $— |
|  | March 31, 2024 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In

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accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) ---

| | | | |
|:---|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2024  |
|  PIMCO Funds |  | $6500 | $18725 |
| Pacific Investment Management Company LLC ("PIMCO") | Pacific Investment Management Company LLC ("PIMCO") | 36308462 | 23377521 |
|  Totals |  | $36314962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23396246 |

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(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

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● Asset Allocation Funds

● Tax-Efficient Strategy Funds

● Municipal Value Funds

● International Bond Funds

To be filed under the immediately following first companion submission on Form N-CSR:

● Equity-Related Strategy Funds

To be filed under the immediately following second companion submission on Form N-CSR:

● Bond Funds

To be filed under the immediately following third companion submission on Form N-CSR:

● International Bond Portfolio (U.S. Dollar-Hedged)

● PAPS Portfolio

To be filed under the immediately following fourth companion submission on Form N-CSR:

● PAPS – All Asset Funds

● Income Fund

● Credit Bond Funds

● Total Return Fund

To be filed under the immediately following fifth companion submission on Form N-CSR:

● Short Duration Strategy Funds

● Real Return Strategy Funds

● TRENDS Managed Futures Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

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![LOGO](g815757g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Asset Allocation Funds**

PIMCO All Asset Fund

PIMCO All Asset All Authority Fund

PIMCO Global Core Asset Allocation Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx815757_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx815757_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx815757_3) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx815757_4) | 12 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx815757_5) | 14 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx815757_6) | 15 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx815757_7) | 16 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx815757_8) | 17 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx815757_9) | 18 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx815757_10) | 39 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx815757_11) | 63 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx815757_12) | 69 |
| &nbsp;&nbsp; [Glossary](#tx815757_13) | 70 |
| &nbsp;&nbsp; [Distribution Information](#tx815757_14) | 71 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx815757_15) | 73 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx815757_16) | 74 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx815757_17) | 75 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx815757_18) | 76 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO All Asset Fund](#tx815757_19) | 19 |
| &nbsp;&nbsp; [PIMCO All Asset All Authority Fund](#tx815757_20) | 20 |
| &nbsp;&nbsp; [PIMCO Global Core Asset Allocation Fund<sup>(1)</sup>](#tx815757_21) | 21 |

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<sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO All Asset Fund, PIMCO All Asset All Authority Fund and PIMCO Global Core Asset Allocation Fund (each, a "Fund" and collectively, the "Funds").

The PIMCO All Asset Fund and PIMCO All Asset All Authority Fund are each "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund invest substantially all of their assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"). The cost of investing in the PIMCO All Asset Fund or PIMCO All Asset All Authority Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

The PIMCO Global Core Asset Allocation Fund may invest its assets in some or all of the Underlying PIMCO Funds, which, for PIMCO Global Core Asset Allocation Fund, is defined to include Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except other fund of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund. The PIMCO Global Core Asset Allocation Fund also may invest its respective assets in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively with the Underlying PIMCO Funds, "Acquired Funds").

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline

due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

2 PIMCO ASSET ALLOCATION FUNDS

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Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively

impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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------

Important Information About the Funds (Cont.)

selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be

unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO All Asset Fund | 07/31/02 | 07/31/02 | 04/30/08 | 04/27/18 | 12/31/02 | 04/30/03 | 04/30/03 | 01/31/06 | Diversified |
|  PIMCO All Asset All Authority Fund | 10/31/03 | 10/31/03 | 07/10/08 | 04/27/18 |  | 07/29/05 | 07/29/05 |  | Diversified |
|  PIMCO Global Core Asset Allocation Fund | 10/29/08 | 10/29/08 | 10/29/08 |  |  | 10/29/08 | 10/29/08 |  | Diversified |

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An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The

Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio

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| | |
|:---|:---|
| **4** | **PIMCO ASSET ALLOCATION FUNDS** |

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securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and

fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such

amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value**<br> **Beginning of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Net Investment**<br> **Income (Loss)<sup>(b)</sup>** | **Net Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital Gains** | **Tax Basis**<br> **Return of**<br> **Capital** | **Total** |
|  **PIMCO All Asset Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $11.12 | $0.67 | $(0.07) | $0.60 | $(0.68) | $0.00 | $0.00 | $(0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.78 | 0.40 | 0.36 | 0.76 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.34 | 0.69 | (1.53) | (0.84) | (0.72) | 0.00 | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.77 | 1.27 | (0.43) | 0.84 | (1.27) | 0.00 | 0.00 | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.94 | 0.84 | 2.80 | 3.64 | (0.81) | 0.00 | 0.00 | (0.81) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.15 | 0.66 | (0.07) | 0.59 | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.81 | 0.39 | 0.36 | 0.75 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.37 | 0.68 | (1.53) | (0.85) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.80 | 1.26 | (0.43) | 0.83 | (1.26) | 0.00 | 0.00 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.97 | 0.84 | 2.79 | 3.63 | (0.80) | 0.00 | 0.00 | (0.80) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.17 | 0.63 | (0.05) | 0.58 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.82 | 0.42 | 0.34 | 0.76 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.38 | 0.67 | (1.52) | (0.85) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.80 | 1.55 | (0.72) | 0.83 | (1.25) | 0.00 | 0.00 | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.97 | 1.07 | 2.55 | 3.62 | (0.79) | 0.00 | 0.00 | (0.79) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.15 | 0.65 | (0.08) | 0.57 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.80 | 0.38 | 0.37 | 0.75 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.37 | 0.66 | (1.53) | (0.87) | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.80 | 1.22 | (0.41) | 0.81 | (1.24) | 0.00 | 0.00 | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.97 | 0.81 | 2.80 | 3.61 | (0.78) | 0.00 | 0.00 | (0.78) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.12 | 0.62 | (0.08) | 0.54 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.78 | 0.35 | 0.37 | 0.72 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.34 | 0.63 | (1.52) | (0.89) | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.78 | 1.22 | (0.44) | 0.78 | (1.22) | 0.00 | 0.00 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.96 | 0.80 | 2.78 | 3.58 | (0.76) | 0.00 | 0.00 | (0.76) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.07 | 0.53 | (0.07) | 0.46 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.73 | 0.27 | 0.37 | 0.64 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.29 | 0.55 | (1.52) | (0.97) | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.74 | 1.11 | (0.43) | 0.68 | (1.13) | 0.00 | 0.00 | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.91 | 0.52 | 2.95 | 3.47 | (0.64) | 0.00 | 0.00 | (0.64) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.01 | 0.59 | (0.07) | 0.52 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.68 | 0.33 | 0.35 | 0.68 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.24 | 0.60 | (1.51) | (0.91) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.68 | 1.17 | (0.42) | 0.75 | (1.19) | 0.00 | 0.00 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.89 | 0.76 | 2.76 | 3.52 | (0.73) | 0.00 | 0.00 | (0.73) |
|  **PIMCO All Asset All Authority Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $6.47 | $0.20 | $0.09 | $0.29 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.50 | 0.16 | 0.01 | 0.17 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.51 | (1.34) | (0.83) | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.49 | 1.12 | (0.58) | 0.54 | (1.13) | 0.00 | 0.00 | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.71 | 1.75 | 2.46 | (0.63) | 0.00 | 0.00 | (0.63) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.47 | 0.19 | 0.10 | 0.29 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.51 | 0.15 | 0.00 | 0.15 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.50 | (1.33) | (0.83) | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.50 | 1.13 | (0.61) | 0.52 | (1.12) | 0.00 | 0.00 | (1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.69 | 1.77 | 2.46 | (0.62) | 0.00 | 0.00 | (0.62) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | |
| **Net Asset**<br> **Value End of**<br> **Year or**<br> **Period<sup>(a)</sup>** | Total Return<sup>(d)</sup> | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | Expenses | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense,**<br> **Dividends on**<br> **Securities**<br> **Sold Short**<br> **and Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate** |
| $11.04 | 5.60% | $10232855 | 0.145% | 0.225% | 0.145% | 0.225% | 6.04% | 40% |
| 11.12 | 7.22 | 11918075 | 0.145 | 0.225 | 0.145 | 0.225 | 3.77 | 56 |
| 10.78 | (6.68) | 12563116 | 0.115 | 0.225 | 0.115 | 0.225 | 6.15 | 73 |
| 12.34 | 6.49 | 14678246 | 0.115 | 0.225 | 0.115 | 0.225 | 9.82 | 92 |
| 12.77 | 37.13 | 14734941 | 0.135 | 0.225 | 0.135 | 0.225 | 7.22 | 143 |
| 11.07 | 5.48 | 328408 | 0.245 | 0.325 | 0.245 | 0.325 | 5.95 | 40 |
| 11.15 | 7.10 | 456245 | 0.245 | 0.325 | 0.245 | 0.325 | 3.62 | 56 |
| 10.81 | (6.76) | 540659 | 0.215 | 0.325 | 0.215 | 0.325 | 6.05 | 73 |
| 12.37 | 6.38 | 675717 | 0.215 | 0.325 | 0.215 | 0.325 | 9.69 | 92 |
| 12.80 | 36.89 | 547542 | 0.235 | 0.325 | 0.235 | 0.325 | 7.16 | 143 |
| 11.09 | 5.39 | 14108 | 0.295 | 0.425 | 0.295 | 0.425 | 5.66 | 40 |
| 11.17 | 7.16 | 35632 | 0.295 | 0.425 | 0.295 | 0.425 | 3.88 | 56 |
| 10.82 | (6.80) | 9906 | 0.265 | 0.425 | 0.265 | 0.425 | 5.96 | 73 |
| 12.38 | 6.39 | 11414 | 0.265 | 0.425 | 0.265 | 0.425 | 11.86 | 92 |
| 12.80 | 36.86 | 9628 | 0.285 | 0.425 | 0.285 | 0.425 | 8.82 | 143 |
| 11.06 | 5.24 | 53507 | 0.395 | 0.475 | 0.395 | 0.475 | 5.83 | 40 |
| 11.15 | 7.05 | 56098 | 0.395 | 0.475 | 0.395 | 0.475 | 3.49 | 56 |
| 10.80 | (6.97) | 63198 | 0.365 | 0.475 | 0.365 | 0.475 | 5.89 | 73 |
| 12.37 | 6.22 | 76092 | 0.365 | 0.475 | 0.365 | 0.475 | 9.40 | 92 |
| 12.80 | 36.71 | 101104 | 0.385 | 0.475 | 0.385 | 0.475 | 6.91 | 143 |
| 11.03 | 5.04 | 502387 | 0.595 | 0.675 | 0.595 | 0.675 | 5.61 | 40 |
| 11.12 | 6.76 | 591785 | 0.595 | 0.675 | 0.595 | 0.675 | 3.29 | 56 |
| 10.78 | (7.09) | 700680 | 0.565 | 0.675 | 0.565 | 0.675 | 5.66 | 73 |
| 12.34 | 5.96 | 902250 | 0.565 | 0.675 | 0.565 | 0.675 | 9.40 | 92 |
| 12.78 | 36.41 | 890767 | 0.585 | 0.675 | 0.585 | 0.675 | 6.88 | 143 |
| 10.98 | 4.27 | 22763 | 1.345 | 1.425 | 1.345 | 1.425 | 4.79 | 40 |
| 11.07 | 6.01 | 32159 | 1.345 | 1.425 | 1.345 | 1.425 | 2.49 | 56 |
| 10.73 | (7.80) | 41778 | 1.315 | 1.425 | 1.315 | 1.425 | 4.96 | 73 |
| 12.29 | 5.16 | 59622 | 1.315 | 1.425 | 1.315 | 1.425 | 8.64 | 92 |
| 12.74 | 35.41 | 67808 | 1.335 | 1.425 | 1.335 | 1.425 | 4.56 | 143 |
| 10.92 | 4.85 | 32085 | 0.845 | 0.925 | 0.845 | 0.925 | 5.36 | 40 |
| 11.01 | 6.49 | 36583 | 0.845 | 0.925 | 0.845 | 0.925 | 3.08 | 56 |
| 10.68 | (7.36) | 38180 | 0.815 | 0.925 | 0.815 | 0.925 | 5.43 | 73 |
| 12.24 | 5.77 | 44901 | 0.815 | 0.925 | 0.815 | 0.925 | 9.13 | 92 |
| 12.68 | 36.05 | 46373 | 0.835 | 0.925 | 0.835 | 0.925 | 6.54 | 143 |
| $6.56 | 4.50% | $685228 | 2.76 %<sup>(g)</sup> | 2.72 %<sup>(g)</sup> | 0.29% | 0.25% | 3.02% | 54% |
| 6.47 | 2.60 | 1072118 | 2.92 <sup>(g)</sup> | 2.92 <sup>(g)</sup> | 0.28 | 0.28 | 2.45 | 67 |
| 6.50 | (10.42) | 1503547 | 1.74 <sup>(g)</sup> | 1.78 <sup>(g)</sup> | 0.21 | 0.25 | 7.44 | 103 |
| 7.90 | 6.09 | 2363703 | 0.54 <sup>(g)</sup> | 0.58 <sup>(g)</sup> | 0.21 | 0.25 | 13.08 | 108 |
| 8.49 | 37.48 | 2289116 | 0.73 <sup>(g)</sup> | 0.76 <sup>(g)</sup> | 0.23 | 0.26 | 9.12 | 159 |
| 6.57 | 4.55 | 101255 | 2.86 <sup>(g)</sup> | 2.82 <sup>(g)</sup> | 0.39 | 0.35 | 2.96 | 54 |
| 6.47 | 2.34 | 130447 | 3.02 <sup>(g)</sup> | 3.02 <sup>(g)</sup> | 0.38 | 0.38 | 2.43 | 67 |
| 6.51 | (10.39) | 170079 | 1.84 <sup>(g)</sup> | 1.88 <sup>(g)</sup> | 0.31 | 0.35 | 7.18 | 103 |
| 7.90 | 5.86 | 278555 | 0.64 <sup>(g)</sup> | 0.68 <sup>(g)</sup> | 0.31 | 0.35 | 13.22 | 108 |
| 8.50 | 37.51 | 289056 | 0.83 <sup>(g)</sup> | 0.86 <sup>(g)</sup> | 0.33 | 0.36 | 8.83 | 159 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value**<br> **Beginning of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Net Investment**<br> **Income (Loss)<sup>(b)</sup>** | **Net Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital Gains** | **Tax Basis**<br> **Return of**<br> **Capital** | **Total** |
|  **PIMCO All Asset All Authority Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $6.47 | $0.19 | $0.10 | $0.29 | $(0.19) | $0.00 | $0.00 | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.51 | 0.14 | 0.01 | 0.15 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.54 | (1.37) | (0.83) | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.50 | 1.17 | (0.66) | 0.51 | (1.11) | 0.00 | 0.00 | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.62 | 1.84 | 2.46 | (0.62) | 0.00 | 0.00 | (0.62) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.46 | 0.17 | 0.10 | 0.27 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.50 | 0.13 | 0.00 | 0.13 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.48 | (1.34) | (0.86) | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.49 | 1.08 | (0.58) | 0.50 | (1.09) | 0.00 | 0.00 | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.73 | 1.70 | 2.43 | (0.60) | 0.00 | 0.00 | (0.60) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.48 | 0.12 | 0.10 | 0.22 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.52 | 0.08 | 0.00 | 0.08 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.92 | 0.42 | (1.33) | (0.91) | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.51 | 1.00 | (0.57) | 0.43 | (1.02) | 0.00 | 0.00 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.48 | 1.89 | 2.37 | (0.52) | 0.00 | 0.00 | (0.52) |
|  **PIMCO Global Core Asset Allocation Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $13.97 | $0.48 | $0.63 | $1.11 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.49 | 0.45 | 1.36 | 1.81 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.84 | 0.30 | (1.47) | (1.17) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.58 | 0.19 | 0.09 | 0.28 | (0.01) | 0.00 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.80 | 0.14 | 3.85 | 3.99 | (1.21) | 0.00 | 0.00 | (1.21) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.92 | 0.46 | 0.63 | 1.09 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.46 | 0.43 | 1.35 | 1.78 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.80 | 0.29 | (1.46) | (1.17) | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.55 | 0.17 | 0.10 | 0.27 | (0.01) | 0.00 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.78 | 0.12 | 3.85 | 3.97 | (1.20) | 0.00 | 0.00 | (1.20) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.74 | 0.40 | 0.63 | 1.03 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.30 | 0.39 | 1.32 | 1.71 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.63 | 0.24 | (1.44) | (1.20) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.42 | 0.12 | 0.10 | 0.22 | 0.00 | 0.00 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.70 | 0.06 | 3.82 | 3.88 | (1.16) | 0.00 | 0.00 | (1.16) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.23 | 0.28 | 0.60 | 0.88 | (0.07) | 0.00 | 0.00 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.86 | 0.28 | 1.28 | 1.56 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.17 | 0.14 | (1.38) | (1.24) | (0.07) | 0.00 | 0.00 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.06 | 0.01 | 0.10 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.41 | 0.01 | 3.67 | 3.68 | (1.03) | 0.00 | 0.00 | (1.03) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(g)</sup> Ratio of expenses to average net assets includes line of credit expenses.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset**<br> **Value End of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense,**<br> **Dividends on**<br> **Securities**<br> **Sold Short**<br> **and Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate** |
| $6.57 | 4.50% | $1169 | 2.91 %<sup>(g)</sup> | 2.92 %<sup>(g)</sup> | 0.44% | 0.45% | 2.93% | 54% |
| 6.47 | 2.29 | 1511 | 3.07 <sup>(g)</sup> | 3.12 <sup>(g)</sup> | 0.43 | 0.48 | 2.25 | 67 |
| 6.51 | (10.46) | 2307 | 1.49 <sup>(f)(g)</sup> | 1.58 <sup>(f)(g)</sup> | 0.36 <sup>(f)</sup> | 0.45 <sup>(f)</sup> | 7.54 | 103 |
| 7.90 | 5.81 | 13919 | 0.69 <sup>(g)</sup> | 0.78 <sup>(g)</sup> | 0.36 | 0.45 | 13.72 | 108 |
| 8.50 | 37.46 | 11581 | 0.88 <sup>(g)</sup> | 0.96 <sup>(g)</sup> | 0.38 | 0.46 | 7.70 | 159 |
| 6.56 | 4.21 | 201976 | 3.21 <sup>(g)</sup> | 3.17 <sup>(g)</sup> | 0.74 | 0.70 | 2.62 | 54 |
| 6.46 | 2.00 | 249885 | 3.37 <sup>(g)</sup> | 3.37 <sup>(g)</sup> | 0.73 | 0.73 | 2.07 | 67 |
| 6.50 | (10.81) | 308294 | 2.19 <sup>(g)</sup> | 2.23 <sup>(g)</sup> | 0.66 | 0.70 | 6.95 | 103 |
| 7.90 | 5.65 | 422624 | 0.99 <sup>(g)</sup> | 1.03 <sup>(g)</sup> | 0.66 | 0.70 | 12.65 | 108 |
| 8.49 | 36.95 | 465005 | 1.18 <sup>(g)</sup> | 1.21 <sup>(g)</sup> | 0.68 | 0.71 | 9.24 | 159 |
| 6.58 | 3.40 | 8659 | 3.96 <sup>(g)</sup> | 3.92 <sup>(g)</sup> | 1.49 | 1.45 | 1.83 | 54 |
| 6.48 | 1.23 | 12899 | 4.12 <sup>(g)</sup> | 4.12 <sup>(g)</sup> | 1.48 | 1.48 | 1.20 | 67 |
| 6.52 | (11.49) | 19998 | 2.89 <sup>(f)(g)</sup> | 2.93 <sup>(f)(g)</sup> | 1.41 <sup>(f)</sup> | 1.45 <sup>(f)</sup> | 5.98 | 103 |
| 7.92 | 4.84 | 38642 | 1.74 <sup>(g)</sup> | 1.78 <sup>(g)</sup> | 1.41 | 1.45 | 11.68 | 108 |
| 8.51 | 35.91 | 64967 | 1.93 <sup>(g)</sup> | 1.96 <sup>(g)</sup> | 1.43 | 1.46 | 6.18 | 159 |
| $14.86 | 7.94% | $165608 | 0.91% | 1.01% | 0.87% | 0.97% | 3.27% | 615% |
| 13.97 | 14.66 | 95684 | 1.10 | 1.17 | 0.94 | 1.01 | 3.55 | 594 |
| 12.49 | (8.42) | 129288 | 1.01 | 1.09 | 0.92 | 1.00 | 2.40 | 359 |
| 13.84 | 2.06 | 163073 | 0.86 | 1.00 | 0.85 | 0.99 | 1.31 | 119 |
| 13.58 | 38.21 | 167863 | 0.85 | 1.00 | 0.84 | 0.99 | 1.09 | 182 |
| 14.81 | 7.86 | 27381 | 1.01 | 1.11 | 0.97 | 1.07 | 3.17 | 615 |
| 13.92 | 14.43 | 28330 | 1.20 | 1.27 | 1.04 | 1.11 | 3.41 | 594 |
| 12.46 | (8.46) | 27407 | 1.11 | 1.19 | 1.02 | 1.10 | 2.29 | 359 |
| 13.80 | 1.97 | 36705 | 0.96 | 1.10 | 0.95 | 1.09 | 1.21 | 119 |
| 13.55 | 38.06 | 42347 | 0.95 | 1.10 | 0.94 | 1.09 | 0.91 | 182 |
| 14.62 | 7.53 | 90298 | 1.36 | 1.46 | 1.32 | 1.42 | 2.81 | 615 |
| 13.74 | 14.08 | 96675 | 1.55 | 1.62 | 1.39 | 1.46 | 3.06 | 594 |
| 12.30 | (8.80) | 99502 | 1.46 | 1.54 | 1.37 | 1.45 | 1.95 | 359 |
| 13.63 | 1.64 | 125611 | 1.31 | 1.45 | 1.30 | 1.44 | 0.86 | 119 |
| 13.42 | 37.47 | 130491 | 1.30 | 1.45 | 1.29 | 1.44 | 0.51 | 182 |
| 14.04 | 6.67 | 2614 | 2.11 | 2.21 | 2.07 | 2.17 | 2.07 | 615 |
| 13.23 | 13.25 | 3241 | 2.30 | 2.37 | 2.14 | 2.21 | 2.33 | 594 |
| 11.86 | (9.45) | 4713 | 2.21 | 2.29 | 2.12 | 2.20 | 1.16 | 359 |
| 13.17 | 0.84 | 7900 | 2.06 | 2.20 | 2.05 | 2.19 | 0.11 | 119 |
| 13.06 | 36.47 | 10493 | 2.05 | 2.20 | 2.04 | 2.19 | 0.11 | 182 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $1 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 11193561 | 1399397 |
|  Receivable for investments in Affiliates sold | 1160 | 141 |
|  Receivable for Fund shares sold | 3651 | 208 |
|  Dividends receivable from Affiliates | 21592 | 3553 |
|  Reimbursement receivable from PIMCO | 764 | 0 |
|  Prepaid expenses | 0 | 202 |
|  **Total Assets** | 11220729 | 1403501 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for line of credit | $0 | $400000 |
|  Payable for investments in Affiliates purchased | 23520 | 3817 |
|  Payable for Fund shares redeemed | 8818 | 689 |
|  Accrued investment advisory fees | 1569 | 159 |
|  Accrued supervisory and administrative fees | 566 | 82 |
|  Accrued distribution fees | 31 | 5 |
|  Accrued servicing fees | 112 | 42 |
|  Accrued reimbursement to PIMCO | 0 | 20 |
|  Other liabilities | 0 | 400 |
|  **Total Liabilities** | 34616 | 405214 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $11186113 | $998287 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | $14776244 | $8079965 |
|  Distributable earnings (accumulated loss) | (3590131) | (7081678) |
|  **Net Assets** | $11186113 | $998287 |
|  Cost of investments in Affiliates | $10840223 | $1342925 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
|  **Net Assets:** |  |  |
|  Institutional Class | $10232855 | $685228 |
|  I-2 | 328408 | 101255 |
|  I-3 | 14108 | 1169 |
|  Administrative Class | 53507 | N/A |
|  Class A | 502387 | 201976 |
|  Class C | 22763 | 8659 |
|  Class R | 32085 | N/A |
|  **Shares Issued and Outstanding:** |  |  |
|  Institutional Class | 927256 | 104389 |
|  I-2 | 29677 | 15414 |
|  I-3 | 1272 | 178 |
|  Administrative Class | 4837 | N/A |
|  Class A | 45527 | 30790 |
|  Class C | 2073 | 1315 |
|  Class R | 2939 | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |
|  Institutional Class | $11.04 | $6.56 |
|  I-2 | 11.07 | 6.57 |
|  I-3 | 11.09 | 6.57 |
|  Administrative Class | 11.06 | N/A |
|  Class A | 11.03 | 6.56 |
|  Class C | 10.98 | 6.58 |
|  Class R | 10.92 | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO Global Core Asset Allocation Fund

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $125289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 205292 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 7873 |
|  Cash | 251 |
|  Deposits with counterparty | 4820 |
|  Foreign currency, at value | 1575 |
|  Receivable for investments sold | 42 |
|  Receivable for investments sold on a delayed-delivery basis | 277 |
|  Receivable for TBA investments sold | 68781 |
|  Receivable for Fund shares sold | 65 |
|  Interest and/or dividends receivable | 346 |
|  Dividends receivable from Affiliates | 825 |
|  Reimbursement receivable from PIMCO | 47 |
|  **Total Assets** | 416146 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $10597 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1485 |
|  Payable for investments purchased | 4392 |
|  Payable for investments in Affiliates purchased | 851 |
|  Payable for investments purchased on a delayed-delivery basis | 6232 |
|  Payable for TBA investments purchased | 105180 |
|  Deposits from counterparty | 351 |
|  Payable for Fund shares redeemed | 59 |
|  Accrued investment advisory fees | 208 |
|  Accrued supervisory and administrative fees | 29 |
|  Accrued distribution fees | 2 |
|  Accrued servicing fees | 19 |
|  Foreign capital gains tax payable | 1 |
|  Other liabilities | 5 |
|  **Total Liabilities** | 130245 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $285901 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $346054 |
|  Distributable earnings (accumulated loss) | (60153) |
|  **Net Assets** | $285901 |
|  Cost of investments in securities | $126387 |
|  Cost of investments in Affiliates | $205169 |
|  Cost of foreign currency held | $1586 |
|  Proceeds received on short sales | $10482 |
|  Cost or premiums of financial derivative instruments, net | $6291 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $165608 |
|  I-2 | 27381 |
|  Class A | 90298 |
|  Class C | 2614 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 11144 |
|  I-2 | 1849 |
|  Class A | 6177 |
|  Class C | 186 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $14.86 |
|  I-2 | 14.81 |
|  Class A | 14.62 |
|  Class C | 14.04 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
|  **Investment Income:** |  |  |
|  Interest | $11 | $18 |
|  Dividends | 4 | 1 |
|  Dividends from Investments in Affiliates | 747150 | 68155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 747165 | 68174 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 21140 | 2358 |
|  Supervisory and administrative fees | 7695 | 1177 |
|  Distribution and/or servicing fees - Administrative Class | 139 | N/A |
|  Distribution and/or servicing fees - Class A | 1370 | 558 |
|  Distribution and/or servicing fees - Class C | 273 | 106 |
|  Distribution and/or servicing fees - Class R | 169 | N/A |
|  Trustee fees | 86 | 9 |
|  Interest expense | 2 | 29034 |
|  Miscellaneous expense | 0 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 30874 | 33275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (9355) | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 21519 | 33721 |
|  **Net Investment Income (Loss)** | 725646 | 34453 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in Affiliates | (374177) | (78029) |
|  Net capital gain distributions received from Affiliate investments | 26348 | 1872 |
|  **Net Realized Gain (Loss)** | (347829) | (76157) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in Affiliates | 262849 | 91695 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 262849 | 91695 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $640666 | $49991 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Operations PIMCO Global Core Asset Allocation Fund

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $5807 |
|  Dividends, net of foreign taxes\*\* | 521 |
|  Dividends from Investments in Affiliates | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 12196 |
|  **Expenses:** |  |
|  Investment advisory fees | 2663 |
|  Supervisory and administrative fees | 385 |
|  Distribution and/or servicing fees - Class A | 237 |
|  Distribution and/or servicing fees - Class C | 28 |
|  Trustee fees | 2 |
|  Interest expense | 128 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3155 |
|  **Net Investment Income (Loss)** | 9041 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 18536 |
|  Investments in Affiliates | (461) |
|  Net capital gain distributions received from Affiliate investments | 360 |
|  Exchange-traded or centrally cleared financial derivative instruments | 9357 |
|  Over the counter financial derivative instruments | (10807) |
|  Short sales | (49) |
|  Foreign currency | 69 |
|  **Net Realized Gain (Loss)** | 17005 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (1682) |
|  Investments in Affiliates | 759 |
|  Exchange-traded or centrally cleared financial derivative instruments | (4245) |
|  Over the counter financial derivative instruments | 1730 |
|  Foreign currency assets and liabilities | 2 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (3436) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $22610 |
|  \* Foreign tax withholdings - Interest | $9 |
|  \*\* Foreign tax withholdings - Dividends | $1 |
|  \*\*\* Foreign capital gains tax | $11 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $725646 | $501573 | $34453 | $40169 |
|  Net realized gain (loss) | (347829) | (633740) | (76157) | (184974) |
|  Net change in unrealized appreciation (depreciation) | 262849 | 1045887 | 91695 | 165651 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 640666 | 913720 | 49991 | 20846 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (656741) | (470806) | (23122) | (35096) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (22247) | (18322) | (3233) | (4191) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1454) | (765) | (35) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3224) | (2099) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (30528) | (21879) | (5499) | (6780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1296) | (941) | (176) | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1824) | (1211) | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | (654) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0 | 0 | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (717314) | (516023) | (32065) | (47252) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (1863816) | (1228637) | (486499) | (510959) |
|  **Total Increase (Decrease) in Net Assets** | (1940464) | (830940) | (468573) | (537365) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 13126577 | 13957517 | 1466860 | 2004225 |
|  End of year | $11186113 | $13126577 | $998287 | $1466860 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Global Core Asset Allocation Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $9041 | $7818 |
|  Net realized gain (loss) | 17005 | 20200 |
|  Net change in unrealized appreciation (depreciation) | (3436) | 576 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 22610 | 28594 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2398) | (2711) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (379) | (671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (960) | (2014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (13) | (54) |
|  **Total Distributions<sup>(a)</sup>** | (3750) | (5450) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 43111 | (60124) |
|  **Total Increase (Decrease) in Net Assets** | 61971 | (36980) |
|  **Net Assets:** |  |  |
|  Beginning of year | 223930 | 260910 |
|  End of year | $285901 | $223930 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO All<br>Asset All<br>Authority Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $49991 |
|  **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 | (884871) |
|  Proceeds from sales of long-term securities | 1563863 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 5596 |
| (Increase) decrease in receivable for investments sold | 619 |
| (Increase) decrease in interest and/or dividends receivable | 1 |
| (Increase) decrease in dividends receivable from Affiliates | 384 |
| (Increase) decrease in Prepaid Expenses | 137 |
| (Increase) decrease in reimbursement receivable from PIMCO | (20) |
|  Increase (decrease) in payable for investments purchased | (1465) |
|  Increase (decrease) in accrued investment advisory fees | (93) |
|  Increase (decrease) in accrued supervisory and administrative fees | (37) |
|  Increase (decrease) in accrued distribution fees | (3) |
|  Increase (decrease) in accrued servicing fees | (14) |
|  Increase (decrease) in other liabilities | 20 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 78029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received from Affiliate investments | (1872) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (91695) |
|  **Net Cash Provided by (Used for) Operating Activities** | 718570 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 48541 |
|  Payments on shares redeemed | (563912) |
|  Payments on line of credit | (200000) |
|  Cash distributions paid\* | (3199) |
|  **Net Cash Received from (Used for) Financing Activities** | (718570) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 0 |
|  End of year | $0 |
|  \* Reinvestment of distributions | $28869 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $28878 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Asset Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (b) | 263 | $— | 1 |
| Total Short-Term Instruments<br>(Cost $0) | Total Short-Term Instruments<br>(Cost $0) |  | 1 |
| Total Investments in Securities<br>(Cost $0) | Total Investments in Securities<br>(Cost $0) |  | 1 |
| INVESTMENTS IN AFFILIATES 100.1% | INVESTMENTS IN AFFILIATES 100.1% | INVESTMENTS IN AFFILIATES 100.1% | INVESTMENTS IN AFFILIATES 100.1% |
| MUTUAL FUNDS (a) 99.5% | MUTUAL FUNDS (a) 99.5% | MUTUAL FUNDS (a) 99.5% | MUTUAL FUNDS (a) 99.5% |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 202345272 |  | 2061898 |
|  PIMCO All Asset: Multi-Real Fund | 196572437 |  | 1794706 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 53607776 |  | 385440 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 93574740 |  | 538055 |
|  PIMCO Extended Duration Fund | 11305239 |  | 151490 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO High Yield Fund | 45674765 | $— | 364485 |
|  PIMCO High Yield Spectrum Fund | 9679748 |  | 88376 |
|  PIMCO Income Fund | 13342461 |  | 142764 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 46107619 |  | 454160 |
|  PIMCO Investment Grade Credit Bond Fund | 7552803 |  | 68353 |
|  PIMCO Long Duration Total Return Fund | 23994499 |  | 173720 |
|  PIMCO Long-Term Real Return Fund | 9541900 |  | 115743 |
|  PIMCO Long-Term U.S. Government Fund | 16051834 |  | 228899 |
|  PIMCO Low Duration Fund | 138477509 |  | 1289226 |
|  PIMCO RAE Emerging Markets Fund | 33398779 |  | 347681 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 48636387 |  | 391037 |
|  PIMCO RAE International Fund | 15171052 |  | 121065 |
|  PIMCO RAE PLUS EMG Fund | 13477371 |  | 93803 |
|  PIMCO RAE PLUS International Fund | 12501970 |  | 92515 |
|  PIMCO RAE U.S. Fund | 9121614 |  | 119949 |
|  PIMCO RAE U.S. Small Fund | 10691951 |  | 111624 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 49310214 | $— | 398426 |
|  PIMCO Real Return Fund | 14600104 |  | 151257 |
|  PIMCO RealEstateRealReturn Strategy Fund | 5974815 |  | 159109 |
|  PIMCO Total Return Fund | 102353339 |  | 888427 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 39548636 |  | 394300 |
|  Total Mutual Funds (Cost $10,773,169) | Total Mutual Funds (Cost $10,773,169) |  | 11126508 |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
| 4.470 (a)(b) | 67053577 |  | 67053 |
| Total Short-Term Instruments (Cost $67,054) | Total Short-Term Instruments (Cost $67,054) |  | 67053 |
| Total Investments in Affiliates (Cost $10,840,223) | Total Investments in Affiliates (Cost $10,840,223) |  | 11193561 |
| Total Investments 100.1% (Cost $10,840,223) | Total Investments 100.1% (Cost $10,840,223) | $— | 11193562 |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (7449) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 11186113 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Institutional Class Shares of each Fund.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | $0 | $1 | $0 | $1 |
|  | $0 | $1 | $0 | $1 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 11126508 | 0 | 0 | 11126508 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 67053 | 0 | 0 | 67053 |
|  Investment in Affiliates, at Value | $11193561 | $0 | $0 | $11193561 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193562 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO All Asset All Authority Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (b) | 30 | $— | 0 |
|  Total Short-Term Instruments (Cost $0) | Total Short-Term Instruments (Cost $0) |  | 0 |
|  Total Investments in Securities (Cost $0) | Total Investments in Securities (Cost $0) |  | 0 |
| INVESTMENTS IN AFFILIATES 140.2% | INVESTMENTS IN AFFILIATES 140.2% | INVESTMENTS IN AFFILIATES 140.2% | INVESTMENTS IN AFFILIATES 140.2% |
| MUTUAL FUNDS (a) 139.2% | MUTUAL FUNDS (a) 139.2% | MUTUAL FUNDS (a) 139.2% | MUTUAL FUNDS (a) 139.2% |
|  PIMCO All Asset: Multi-Real Fund | 7705907 |  | 70355 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 18235879 |  | 173788 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 782242 |  | 11327 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5301791 |  | 38120 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 9239154 |  | 53125 |
|  PIMCO Extended Duration Fund | 1195644 |  | 16022 |
|  PIMCO High Yield Fund | 7112122 |  | 56755 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO High Yield Spectrum Fund | 1307398 | $— | 11936 |
|  PIMCO Income Fund | 1044892 |  | 11180 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8623891 |  | 84945 |
|  PIMCO Investment Grade Credit Bond Fund | 708244 |  | 6410 |
|  PIMCO Long Duration Total Return Fund | 2426326 |  | 17567 |
|  PIMCO Long-Term Credit Bond Fund | 10640 |  | 94 |
|  PIMCO Long-Term Real Return Fund | 1995012 |  | 24199 |
|  PIMCO Long-Term U.S. Government Fund | 1694783 |  | 24168 |
|  PIMCO Low Duration Credit Fund | 1262462 |  | 11375 |
|  PIMCO Low Duration Fund | 30164601 |  | 280832 |
|  PIMCO RAE Emerging Markets Fund | 3331612 |  | 34682 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 5409984 |  | 43496 |
|  PIMCO RAE International Fund | 1573607 |  | 12557 |
|  PIMCO RAE PLUS EMG Fund | 1243724 |  | 8656 |
|  PIMCO RAE PLUS International Fund | 1497560 |  | 11082 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 5406558 |  | 43685 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Real Return Fund | 3369266 | $— | 34906 |
|  PIMCO RealEstateRealReturn Strategy Fund | 2904228 |  | 77340 |
|  PIMCO Total Return Fund | 20349718 |  | 176636 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 5436715 |  | 54204 |
| Total Mutual Funds (Cost $1,332,969) | Total Mutual Funds (Cost $1,332,969) |  | 1389442 |
| SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% |
| MUTUAL FUNDS 1.0% | MUTUAL FUNDS 1.0% | MUTUAL FUNDS 1.0% | MUTUAL FUNDS 1.0% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  4.470% (a)(b) | 9955611 |  | 9955 |
| Total Short-Term Instruments<br> (Cost $9,955) | Total Short-Term Instruments<br> (Cost $9,955) |  | 9955 |
| Total Investments in Affiliates<br> (Cost $1,342,925) | Total Investments in Affiliates<br> (Cost $1,342,925) |  | 1399397 |
| Total Investments 140.2%<br> (Cost $1,342,925) | Total Investments 140.2%<br> (Cost $1,342,925) | $— | 1399397 |
| Other Assets and Liabilities, net (40.2)% | Other Assets and Liabilities, net (40.2)% |  | (401110) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 998287 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Institutional Class Shares of each Fund.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | $1389442 | $0 | $0 | $1389442 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 9955 | 0 | 0 | 9955 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399397 | $&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;1399397 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 43.8% | INVESTMENTS IN SECURITIES 43.8% | INVESTMENTS IN SECURITIES 43.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (a) | 16 | 2 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (a) | 16 | 2 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (a) | 32 | 4 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (a) | 48 | 5 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (a) | 49 | 6 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (a) | 23 | 3 |
|  |  | 22 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  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 (a) | 619 | 372 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 72 | 52 |
|  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 (a) | 110 | 95 |
|  |  | 519 |
|  Total Corporate Bonds & Notes (Cost $830) | Total Corporate Bonds & Notes (Cost $830) | 541 |
| U.S. GOVERNMENT AGENCIES 18.6% | U.S. GOVERNMENT AGENCIES 18.6% | U.S. GOVERNMENT AGENCIES 18.6% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.843% due 03/25/2049 ~ | 234 | 232 |
|  5.109% due 12/25/2047 •  | 404 | 405 |
|  5.129% due 01/25/2051 •  | 274 | 275 |
|  5.310% due 08/25/2054 •  | 79 | 79 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  5.013% due 07/15/2041 •  | 305 | 303 |
|  5.229% due 04/15/2049 - 12/15/2050 •  | 464 | 464 |
|  5.301% due 04/25/2055 •  | 1400 | 1402 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.994% due 05/20/2074 •  | 131 | 131 |
|  5.194% due 05/20/2074 •  | 168 | 169 |
|  5.244% due 09/20/2071 •  | 2099 | 2108 |
|  5.461% due 08/20/2068 •  | 335 | 335 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.000% due 05/01/2055 | 2100 | 1669 |
|  2.500% due 05/01/2055 | 2600 | 2162 |
|  3.000% due 04/01/2055 - 05/01/2055 | 16100 | 13955 |
|  3.500% due 05/01/2055 | 800 | 721 |
|  4.500% due 05/01/2055 | 100 | 96 |
|  5.000% due 04/01/2055 | 4500 | 4411 |
|  5.500% due 05/01/2055 | 1000 | 998 |
|  6.000% due 06/01/2055 | 9900 | 10036 |
|  6.500% due 06/01/2055 | 12900 | 13280 |
|  Total U.S. Government Agencies (Cost $53,016) | Total U.S. Government Agencies (Cost $53,016) | 53231 |
| U.S. TREASURY OBLIGATIONS 4.3% | U.S. TREASURY OBLIGATIONS 4.3% | U.S. TREASURY OBLIGATIONS 4.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (k) | 2700 | 1756 |
|  4.000% due 11/15/2042 (k) | 2050 | 1913 |
|  4.000% due 11/15/2052 (k) | 1550 | 1398 |
|  4.625% due 02/15/2055 (k) | 800 | 806 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  1.500% due 02/15/2053 (k) | 2351 | 1958 |
|  1.750% due 01/15/2034 (i)(k) | 3100 | 3095 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.625% due 02/15/2035 | 1470 | 1519 |
|  Total U.S. Treasury Obligations (Cost $13,669) | Total U.S. Treasury Obligations (Cost $13,669) | 12445 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.915% due 07/25/2037 •  | 170 | 149 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.445% due 07/25/2036 ~ | 39 | 33 |
|  4.526% due 02/25/2036 •  | 26 | 24 |
|  5.260% due 08/25/2033 •  | 26 | 24 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.735% due 07/25/2035 •  | 275 | 209 |
|  4.755% due 09/25/2047 •  | 64 | 59 |
|  5.635% due 02/25/2036 ~ | 79 | 71 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.353% due 09/20/2036 •  | 43 | 37 |
|  5.075% due 03/25/2035 ~ | 34 | 33 |
|  6.000% due 04/25/2036 | 145 | 71 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.055% due 04/25/2035 •  | 53 | 52 |
|  5.080% due 04/25/2035 •  | 69 | 66 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.000% due 12/25/2036 | 36 | 30 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.931% due 07/19/2035 •  | 7 | 7 |
|  4.931% due 07/19/2035 ~ | 2 | 2 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.116% due 04/25/2055 ~ | 5000 | 4831 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.095% due 01/25/2045 ~ | 917 | 897 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,673) | Total Non-Agency Mortgage-Backed Securities (Cost $6,673) | 6596 |
| ASSET-BACKED SECURITIES 9.8% | ASSET-BACKED SECURITIES 9.8% | ASSET-BACKED SECURITIES 9.8% |
| AUTOMOBILE SEQUENTIAL 1.0% | AUTOMOBILE SEQUENTIAL 1.0% | AUTOMOBILE SEQUENTIAL 1.0% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.900% due 08/10/2027 | 100 | 100 |
|  6.160% due 09/10/2029 | 1911 | 1986 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 306 | 310 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  5.810% due 12/10/2027 | 340 | 343 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 180 | 182 |
|  |  | 2921 |
| HOME EQUITY OTHER 3.2% | HOME EQUITY OTHER 3.2% | HOME EQUITY OTHER 3.2% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.915% due 04/25/2036 •  | 72 | 67 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.915% due 06/25/2036 •  | 108 | 79 |
|  5.335% due 08/25/2035 ~ | 106 | 105 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.915% due 05/25/2035 •  | 279 | 248 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 218 | 194 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.715% due 05/25/2035 ~ | 20 | 20 |
|  4.935% due 03/25/2037 •  | 231 | 220 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  5.215% due 02/25/2036 •  | 900 | 884 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 392 | 354 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.755% due 09/25/2036 •  | 1545 | 415 |
|  4.995% due 09/25/2034 •  | 93 | 93 |
|  5.035% due 01/25/2036 •  | 989 | 908 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  5.500% due 05/25/2035 •  | 1921 | 1769 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.095% due 01/25/2036 •  | 44 | 43 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.930% due 07/25/2036 •  | 76 | 72 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.945% due 03/25/2036 •  | 445 | 437 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.155% due 07/25/2035 •  | 207 | 198 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.005% due 10/25/2036 •  | 41 | 41 |
|  5.230% due 02/25/2036 ~ | 100 | 98 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.875% due 02/25/2037 ~ | 8795 | 2765 |
|  |  | 9010 |
| HOME EQUITY SEQUENTIAL 1.9% | HOME EQUITY SEQUENTIAL 1.9% | HOME EQUITY SEQUENTIAL 1.9% |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.866% due 11/25/2034 þ | 5485 | 5391 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 366 | 344 |
| WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.635% due 06/25/2036 •  | 1140 | 1145 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.870% due 11/25/2036 •  | 283 | 281 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.140% due 11/25/2036 •  | 839 | 815 |
|  |  | 2241 |
| OTHER ABS 2.8% | OTHER ABS 2.8% | OTHER ABS 2.8% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.595% due 10/20/2031 •  | 253 | 253 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.530% due 08/14/2030 •  | 9 | 9 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  | 115 | 115 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 161 | 161 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  3.280% due 12/28/2048 | 67 | 64 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.553% due 01/17/2033 •  | 300 | 300 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 46 | 46 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 229 | 229 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 52 | 52 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.545% due 04/20/2032 •  | 234 | 234 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 | 601 | 578 |
|  6.034% due 11/15/2068 •  | 166 | 168 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.584% due 09/22/2034 •  | 433 | 468 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ | 311 | 311 |
|  5.715% due 07/20/2032 •  | 310 | 310 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.678% due 07/24/2032 •  | 435 | 436 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | $| 150 | 150 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | EUR | 272 | 295 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | $| 279 | 262 |
|  5.500% due 06/17/2052 |  | 1798 | 1836 |
|  6.149% due 10/16/2056 •  |  | 551 | 562 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 27 | 27 |
|  5.765% due 07/20/2032 •  |  | 478 | 479 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  |  | 314 | 314 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.545% due 07/20/2030 ~ |  | 168 | 168 |
|  Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. | Vibrant CLO Ltd. |
|  5.675% due 07/20/2032 •  |  | 226 | 227 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.564% due 10/15/2030 •  |  | 68 | 68 |
|  |  |  | 8122 |
|  Total Asset-Backed Securities (Cost $27,721) |  |  | 28029 |
| SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | BRL | 31500 | 5151 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | EGP | 12100 | 245 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  3.250% due 05/25/2055 | EUR | 600 | 556 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 11/30/2028 (e) | MXN | 482 | 23 |
|  4.000% due 08/24/2034 (e) |  | 132 | 6 |
|  8.500% due 03/01/2029 |  | 44000 | 2127 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 3100 | 770 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | CAD | 5600 | 3934 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.875% due 02/28/2035 | ZAR | 17600 | 859 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.700% due 04/30/2032 | EUR | 1800 | 1667 |
|  Total Sovereign Issues (Cost $15,362) | Total Sovereign Issues (Cost $15,362) | Total Sovereign Issues (Cost $15,362) | 15338 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 2.6% | COMMON STOCKS 2.6% | COMMON STOCKS 2.6% | COMMON STOCKS 2.6% |
| INFORMATION TECHNOLOGY 1.7% | INFORMATION TECHNOLOGY 1.7% | INFORMATION TECHNOLOGY 1.7% | INFORMATION TECHNOLOGY 1.7% |
|  Apple, Inc. | 3006 | $— | 668 |
|  Arista Networks, Inc. (b) | 2100 |  | 163 |
|  ASML Holding NV | 219 |  | 145 |
|  Broadcom, Inc. | 3825 |  | 640 |
|  Dell Technologies, Inc. 'C' | 1150 |  | 105 |
|  Marvell Technology, Inc. | 2150 |  | 132 |
|  NVIDIA Corp. | 24603 |  | 2667 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR | 1188 |  | 197 |
|  |  |  | 4717 |
| UTILITIES 0.9% | UTILITIES 0.9% | UTILITIES 0.9% | UTILITIES 0.9% |
|  AES Corp. | 32200 |  | 400 |
|  American Electric Power Co., Inc. | 3600 |  | 393 |
|  Constellation Energy Corp. | 1200 |  | 242 |
|  NRG Energy, Inc. | 6900 |  | 659 |
|  Southern Co. | 6400 |  | 588 |
|  Vistra Corp. | 3600 |  | 423 |
|  |  |  | 2705 |
|  Total Common Stocks (Cost $7,429) | Total Common Stocks (Cost $7,429) |  | 7422 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.2% | 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 | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) | 572038 |  | 572 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  4.293% due 04/15/2025 - 06/26/2025 (c)(d)(k) | 1124 |  | 1115 |
| Total Short-Term Instruments<br>(Cost $1,687) | Total Short-Term Instruments<br>(Cost $1,687) |  | 1687 |
| Total Investments in Securities<br>(Cost $126,387) | Total Investments in Securities<br>(Cost $126,387) |  | 125289 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 71.8% | INVESTMENTS IN AFFILIATES 71.8% | INVESTMENTS IN AFFILIATES 71.8% | INVESTMENTS IN AFFILIATES 71.8% |
| MUTUAL FUNDS (f) 41.6% | MUTUAL FUNDS (f) 41.6% | MUTUAL FUNDS (f) 41.6% | MUTUAL FUNDS (f) 41.6% |
|  PIMCO Income Fund | 2811604 | $— | 30084 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 5982022 |  | 58923 |
|  PIMCO Total Return Fund | 3456133 |  | 29999 |
|  Total Mutual Funds (Cost $119,051) | Total Mutual Funds (Cost $119,051) |  | 119006 |
| SHORT-TERM INSTRUMENTS 30.2% | SHORT-TERM INSTRUMENTS 30.2% | SHORT-TERM INSTRUMENTS 30.2% | SHORT-TERM INSTRUMENTS 30.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 30.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 30.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 30.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 30.2% |
|  PIMCO Short Asset Portfolio | 6549451 |  | 64119 |
|  PIMCO Short-Term Floating NAV Portfolio III | 2277267 |  | 22167 |
| Total Short-Term Instruments (Cost $86,118) |  |  | 86286 |
| Total Investments in Affiliates (Cost $205,169) |  |  | 205292 |
| Total Investments 115.6%<br>(Cost $331,556) | Total Investments 115.6%<br>(Cost $331,556) | $— | 330581 |
|  Financial Derivative<br>Instruments (h)(j) 2.2%<br>(Cost or Premiums, net $6,291) | Financial Derivative<br>Instruments (h)(j) 2.2%<br>(Cost or Premiums, net $6,291) |  | 6217 |
| Other Assets and Liabilities, net (17.8)% | Other Assets and Liabilities, net (17.8)% |  | (50897) |
| Net Assets 100.0% |  | $— | 285901 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security did not produce income within the last twelve months.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Institutional Class Shares of each Fund.

(g) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% | U.S. Government Agencies (3.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 04/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | $(6369) | $(6439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 04/01/2055 | 5000 | (4113) | (4158) |
|  Total Short Sales (3.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10482) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10597) |

---

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(122) at a weighted average interest rate of 4.840%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### 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 |
|  Aluminum July Futures  | 07/2025 | 1 | $63 | $(2) | $0 | $0 |
|  Aluminum May Futures  | 05/2025 | 3 | 190 | (9) | 0 | 0 |
|  Arabica Coffee September Futures  | 09/2025 | 2 | 278 | (6) | 0 | (1) |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 34 | 2263 | 4 | 7 | 0 |
|  Brent Crude December Futures  | 10/2025 | 8 | 569 | 18 | 12 | 0 |
|  Canada Government 5-Year Bond June Futures  | 06/2025 | 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | 35 | 4 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 8 | 690 | 11 | 1 | 0 |
|  Cocoa July Futures  | 07/2025 | 2 | 158 | (5) | 0 | (3) |
|  Cocoa September Futures  | 09/2025 | 1 | 78 | (5) | 0 | (1) |
|  Corn September Futures  | 09/2025 | 1 | 22 | (2) | 0 | 0 |
|  Euro-BOBL June Futures  | 06/2025 | 35 | 4458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Euro-BTP June Futures  | 06/2025 | 27 | 3431 | (59) | 9 | (4) |
|  Euro-Oat June Futures  | 06/2025 | 20 | 2653 | (54) | 9 | (4) |
|  Euro-Schatz June Futures  | 06/2025 | 4 | 463 | 0 | 0 | 0 |
|  FTSE 100 Index June Futures  | 06/2025 | 1 | 111 | (1) | 0 | (1) |
|  Gas Oil September Futures  | 09/2025 | 3 | 201 | (8) | 4 | 0 |
|  Gold 100 oz. June Futures  | 06/2025 | 3 | 945 | 53 | 11 | 0 |
|  Iron Ore July Futures  | 07/2025 | 43 | 426 | 2 | 0 | (6) |
|  Lead May Futures  | 05/2025 | 11 | 551 | (15) | 0 | 0 |
|  Live Cattle June Futures  | 06/2025 | 6 | 489 | 26 | 0 | (3) |
|  Long Gilt June Futures  | 06/2025 | 12 | 1421 | (14) | 15 | 0 |
|  Natural Gas September Futures  | 08/2025 | 14 | 631 | 7 | 11 | 0 |
|  Nickel July Futures  | 07/2025 | 1 | 96 | (2) | 3 | 0 |
|  Nickel May Futures  | 05/2025 | 6 | 570 | (1) | 0 | 0 |
|  OMX Stockholm 30 Index April Futures  | 04/2025 | 34 | 837 | (1) | 0 | (1) |
|  RBOB Gasoline September Futures  | 08/2025 | 1 | 92 | 3 | 2 | 0 |
|  Silver July Futures  | 07/2025 | 3 | 524 | 11 | 0 | (3) |
|  Soybean July Futures  | 07/2025 | 7 | 360 | 1 | 0 | (3) |
|  Soybean Meal July Futures  | 07/2025 | 34 | 1018 | (24) | 0 | (5) |
|  Sugar No. 11 October Futures  | 09/2025 | 14 | 295 | (2) | 0 | (1) |
|  Topix Index Futures June Futures  | 06/2025 | 6 | 1065 | (5) | 0 | (48) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 37 | 4339 | 41 | 7 | 0 |
|  WTI Crude September Futures  | 08/2025 | 5 | 345 | (4) | 9 | 0 |
|  Zinc July Futures  | 07/2025 | 1 | 71 | (3) | 1 | (1) |
|  Zinc May Futures  | 05/2025 | 7 | 499 | (10) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Aluminum July Futures  | 07/2025 | 1 | $(63) | $3 | $0 | $0 |
|  Aluminum May Futures  | 05/2025 | 3 | (190) | 9 | 0 | 0 |
|  Arabica Coffee July Futures  | 07/2025 | 1 | (141) | 0 | 1 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 49 | (3449) | (3) | 0 | (33) |
|  Copper July Futures  | 07/2025 | 9 | (684) | 9 | 13 | 0 |
|  Corn July Futures  | 07/2025 | 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089) | 14 | 0 | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Cotton No. 2 December Futures  | 12/2025 | 19 | $(664) | $(8) | $2 | $0 |
|  Euro-Bund June Futures  | 06/2025 | 28 | (3901) | 80 | 0 | (15) |
|  Hard Red Winter Wheat July Futures  | 07/2025 | 7 | (200) | 7 | 0 | (1) |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 10 | (293) | 21 | 0 | (2) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 9 | (8305) | (21) | 0 | (61) |
|  Lead May Futures  | 05/2025 | 11 | (551) | (8) | 0 | 0 |
|  Lean Hogs June Futures  | 06/2025 | 10 | (381) | 28 | 2 | 0 |
|  Mini MSCI Emerging Markets Index June Futures  | 06/2025 | 8 | (444) | 13 | 1 | 0 |
|  Natural Gas July Futures  | 06/2025 | 11 | (492) | 19 | 0 | (8) |
|  New York Harbor September Futures  | 08/2025 | 1 | (95) | (5) | 0 | (2) |
|  Nickel July Futures  | 07/2025 | 3 | (287) | 7 | 0 | 0 |
|  Nickel May Futures  | 05/2025 | 6 | (570) | 4 | 0 | 0 |
|  Platinum July Futures  | 07/2025 | 4 | (206) | (6) | 0 | (6) |
|  Soybean Meal December Futures  | 12/2025 | 12 | (369) | 12 | 3 | 0 |
|  Soybean November Futures  | 11/2025 | 11 | (561) | 5 | 5 | 0 |
|  Soybean Oil December Futures  | 12/2025 | 11 | (301) | (12) | 1 | 0 |
|  Soybean Oil July Futures  | 07/2025 | 4 | (109) | (5) | 1 | 0 |
|  SPI 200 Index June Futures  | 06/2025 | 4 | (492) | 1 | 9 | 0 |
|  STOXX Europe 600 Price Index June Futures  | 06/2025 | 20 | (572) | 14 | 13 | 0 |
|  Sugar No. 11 July Futures  | 06/2025 | 9 | (188) | 1 | 1 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 97 | (20096) | (96) | 1 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 12 | (1298) | (13) | 0 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 13 | (1446) | (17) | 0 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 12 | (1370) | (16) | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 59 | (7213) | (45) | 0 | (26) |
|  Wheat July Futures  | 07/2025 | 14 | (385) | 12 | 0 | (5) |
|  Wheat September Futures  | 09/2025 | 8 | (227) | 19 | 0 | (3) |
|  Zinc July Futures  | 07/2025 | 3 | (214) | 0 | 0 | 0 |
|  Zinc May Futures  | 05/2025 | 7 | (499) | (2) | 0 | 0 |
|  |  |  |  | $21 | $53 | $(171) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Ford Motor Credit Co. LLC | 5.000% | Quarterly | 06/20/2025 | 0.436% | $500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | (1.000)% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | $153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $133 | $0 | $0 |
|  CDX.IG-43 10-Year Index | (1.000) | Quarterly | 12/20/2034 | 1200 | (9) | 6 | (3) | 0 | 0 |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 6100 | (12) | 11 | (1) | 0 | (1) |
|  iTraxx Crossover 43 5-Year Index | (5.000) | Quarterly | 06/20/2030 | 90 | (8) | 0 | (8) | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</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 |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $— | 2500 | $46 | $0 | $46 | $0 | $0 |
|  iTraxx Main 43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | EUR | 200 | 4 | 0 | 4 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

24 PIMCO ASSET ALLOCATION FUNDS See Accompanying Notes

------

March 31, 2025

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.400% | Annual | 02/10/2026 | 9300 | $47 | $(32) | $15 | $2 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2027 | 3200 | 22 | 2 | 24 | 0 | (3) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 95 | (1) | 3 | 2 | 1 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 300 | 19 | 2 | 21 | 0 | (3) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 1000 | 120 | 26 | 146 | 0 | (16) |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 205990 | (6) | (5) | (11) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | 121000 | (6) | (6) | (12) | 1 | 0 |
|  Pay<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | 510000 | 7 | 0 | 7 | 4 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 09/18/2029 | 740000 | 21 | 60 | 81 | 0 | (16) |
|  Pay<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 440000 | (11) | 1 | (10) | 11 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 590000 | (260) | (16) | (276) | 19 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 670000 | (102) | 11 | (91) | 32 | 0 |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 480000 | 35 | (11) | 24 | 0 | (24) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.300 | Annual | 12/18/2044 | 260000 | (91) | (44) | (135) | 17 | 0 |
|  Pay<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 150000 | (4) | 10 | 6 | 13 | 0 |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/17/2030 | 200 | (2) | 1 | (1) | 0 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 09/17/2030 | 78000 | (25) | (25) | (50) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $19700 | 115 | 90 | 205 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 15600 | (166) | 174 | 8 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | 29700 | 37 | (41) | (4) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/20/2026 | 11900 | 58 | (57) | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 04/02/2026 | 17600 | (171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) | (353) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 15500 | 48 | 42 | 90 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7600 | (42) | 60 | 18 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 18600 | (48) | 5 | (43) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 4700 | (62) | (5) | (67) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 4600 | 44 | (11) | 33 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 1526 | (3) | 9 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 5100 | 0 | 25 | 25 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 1700 | (7) | (36) | (43) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/30/2028 | 7800 | (3) | (123) | (126) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 1900 | (27) | 24 | (3) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 837 | (2) | 12 | 10 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 200 | 18 | 2 | 20 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 17200 | 135 | (52) | 83 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 3800 | (54) | (19) | (73) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 23900 | (31) | 86 | 55 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 4314 | 3 | (14) | (11) | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 600 | (2) | (2) | (4) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 5400 | 202 | (39) | 163 | 0 | (5) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 1300 | 30 | (8) | 22 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 705 | (2) | 3 | 1 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 3900 | 0 | 44 | 44 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 2500 | 56 | (44) | 12 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 30500 | (7) | 56 | 49 | 56 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 2320 | (43) | (16) | (59) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.385 | Annual | 06/08/2032 | 900 | 10 | 83 | 93 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2600 | 282 | 103 | 385 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 200 | 13 | 0 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 08/23/2033 | 2771 | (11) | 1 | (10) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 | 1600 | (6) | 6 | 0 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 2122 | (8) | 24 | 16 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 793 | (3) | 26 | 23 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 851 | (3) | 29 | 26 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 567 | (2) | 19 | 17 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 570 | (2) | 18 | 16 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 459 | (2) | 17 | 15 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 328 | (1) | 17 | 16 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 700 | (3) | (23) | (26) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 656 | (3) | (11) | (14) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 2090 | (78) | 36 | (42) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 10090 | 611 | (404) | 207 | 0 | (27) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 803 | (4) | 11 | 7 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 225 | (1) | (1) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 449 | (2) | (1) | (3) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 168 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.085 | Annual | 02/13/2034 | 400 | 7 | 13 | 20 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860% | Annual | 02/21/2034 | $1396 | $(6) | $18 | $12 | $4 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 840 | (3) | 1 | (2) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 | 1300 | 53 | (3) | 50 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 839 | (3) | 4 | 1 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 559 | (2) | 3 | 1 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 838 | (3) | 8 | 5 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 820 | (2) | 17 | 15 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 838 | (2) | 20 | 18 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 17946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | 157 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 1500 | (5) | (1) | (6) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 510 | (2) | 12 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 510 | (2) | 12 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 1500 | (5) | 40 | 35 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 508 | (2) | 15 | 13 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 508 | (2) | 14 | 12 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 281 | (1) | 14 | 13 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 734 | (3) | 36 | 33 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 1015 | (4) | 52 | 48 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 1200 | 31 | 3 | 34 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 1000 | (3) | (23) | (26) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 1000 | (4) | (19) | (23) | 3 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.864 | Annual | 11/15/2034 | 1300 | 0 | (13) | (13) | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.867 | Annual | 11/15/2034 | 2800 | 0 | (28) | (28) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 3900 | 34 | (23) | 11 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 | 1454 | 0 | (17) | (17) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 700 | 137 | 126 | 263 | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 11/15/2052 | 4260 | (81) | (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 3300 | 270 | 394 | 664 | 0 | (21) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 167 | (1) | 1 | 0 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1900 | 125 | 68 | 193 | 0 | (13) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 8500 | 16 | (566) | (550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2672 | 141 | 8 | 149 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 730 | 0 | (9) | (9) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 1900 | 242 | (57) | 185 | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 400 | (39) | 0 | (39) | 3 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.427 | Annual | 03/20/2055 | 8900 | (12) | 6 | (6) | 0 | (18) |
|  Pay | 1-Year BRL-CDI | 9.955 | Maturity | 01/02/2029 | 3200 | (19) | (46) | (65) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2029 | 5321 | 0 | (50) | (50) | 2 | 0 |
|  Receive | 1-Year BRL-CDI | 12.380 | Maturity | 01/02/2029 | 5600 | 0 | 45 | 45 | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 14.880 | Maturity | 01/02/2029 | 8300 | 0 | 10 | 10 | 3 | 0 |
|  Receive<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/17/2030 | 41140 | 46 | (24) | 22 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.765 | Quarterly | 11/13/2029 | 12616100 | (5) | (96) | (101) | 6 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 01/23/2030 | 13475900 | (13) | 18 | 5 | 0 | (8) |
|  Receive | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | 1376 | (31) | (12) | (43) | 0 | (2) |
|  Receive | 3-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 | 305 | 0 | (11) | (11) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 4070 | (124) | 2 | (122) | 0 | (7) |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 | 3540 | 56 | 43 | 99 | 14 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 170 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 170 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 3500 | (13) | 104 | 91 | 0 | (14) |
|  Receive | 3-Month ILS-TELBOR | 3.930 | Annual | 03/21/2029 | 34100 | 75 | (20) | 55 | 0 | (13) |
|  Receive | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 | 3075650 | 7 | (2) | 5 | 0 | (8) |
|  Pay | 3-Month ZAR-JIBAR | 8.750 | Quarterly | 03/20/2029 | 34500 | 61 | 15 | 76 | 4 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 | 1400 | 3 | 0 | 3 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 7100 | 52 | 37 | 89 | 33 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 03/04/2026 | 3600000 | 0 | (4) | (4) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.025 | Semi-Annual | 03/18/2026 | 3600000 | 0 | 2 | 2 | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.390 | Semi-Annual | 10/01/2029 | 326500 | (1) | (10) | (11) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.365 | Semi-Annual | 01/23/2030 | 1344000 | 0 | 19 | 19 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.455 | Semi-Annual | 01/27/2030 | 1109400 | 0 | 21 | 21 | 1 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 5.225 | Annual | 07/29/2027 | 60 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 | 114600 | (8) | 10 | 2 | 12 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | 2900 | 20 | (10) | 10 | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 268 | (1) | 12 | 11 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.270 | Annual | 11/08/2028 | 312 | (1) | (11) | (12) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.880 | Annual | 12/19/2028 | 2107 | 46 | 1 | 47 | 3 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.950 | Annual | 12/29/2028 | 253 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 169 | 0 | (3) | (3) | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 4700 | 75 | (35) | 40 | 0 | (10) |
|  Pay | 6-Month EUR-EURIBOR | 0.081 | Annual | 02/15/2031 | 8700 | (891) | (357) | (1248) | 20 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 | 160 | (1) | 13 | 12 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

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------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month EUR-EURIBOR | 3.280% | Annual | 11/22/2033 | EUR | 80 | $0 | $(5) | $(5) | $0 | $0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 84 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 110 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 151 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 |  | 493 | (2) | (14) | (16) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 |  | 337 | (1) | (8) | (9) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 197 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 197 | (1) | 0 | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 660 | (25) | 16 | (9) | 0 | (3) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 8230 | (352) | 22 | (330) | 35 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 5860 | 446 | 32 | 478 | 0 | (46) |
|  Pay | 6-Month HUF-BBR | 6.200 | Annual | 03/20/2029 | HUF | 817500 | (19) | (17) | (36) | 0 | (7) |
|  Receive | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 | PLN | 34300 | (36) | (84) | (120) | 0 | (22) |
|  Pay | 28-Day MXN-TIIE | 8.835 | Lunar | 12/23/2025 | MXN | 13700 | 0 | 1 | 1 | 0 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.835 | Lunar | 03/13/2029 |  | 13700 | (5) | 18 | 13 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.050 | Lunar | 12/12/2029 |  | 129700 | 63 | 195 | 258 | 0 | (2) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 | CAD | 2100 | (25) | (5) | (30) | 0 | (2) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/19/2029 |  | 3100 | 2 | (102) | (100) | 0 | (3) |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 12/18/2029 |  | 4400 | (92) | (26) | (118) | 0 | (5) |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 03/19/2035 |  | 4900 | 137 | (147) | (10) | 0 | (13) |
|  Pay<sup>(6)</sup> | CAONREPO | 3.250 | Semi-Annual | 06/18/2035 |  | 2800 | 63 | 25 | 88 | 8 | 0 |
|  Pay | CAONREPO | 2.250 | Semi-Annual | 09/21/2052 |  | 900 | (144) | 64 | (80) | 6 | 0 |
|  Receive<sup>(6)</sup> | CAONREPO | 3.250 | Semi-Annual | 06/18/2055 |  | 600 | (19) | (11) | (30) | 0 | (5) |
|  |  |  |  |  |  |  | $1061 | $(683) | $378 | $490 | $(576) |
|  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;1255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834) |

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(i) Securities with an aggregate market value of $992 and cash of $4,820 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin asset of $3 for closed futures is outstanding at period end. 

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

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Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 2104 | $1331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $0 |
|  | 04/2025 | 14050 | 93 | 0 | (1) |
|  | 04/2025 | 839 | 628 | 3 | 0 |
|  | 04/2025 | $41 | 6155 | 0 | 0 |
|  | 05/2025 | 1475 | $201 | 0 | (2) |
|  | 05/2025 | $1331 | 2104 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  | 05/2025 | 799 | 5783 | 0 | (1) |
|  | 05/2025 | 93 | 14003 | 1 | 0 |
|  | 05/2025 | 628 | 838 | 0 | (3) |
|  | 06/2025 | 4811 | $659 | 0 | (7) |
|  | 06/2025 | $34 | 244 | 0 | 0 |
|  | 07/2025 | 2878 | $399 | 1 | 0 |
|  | 08/2025 | 2878 | 399 | 0 | (1) |
|  BOA | 04/2025 | 207353 | 50 | 1 | 0 |
|  | 04/2025 | 1535 | 63 | 0 | (4) |
|  | 04/2025 | 14058554 | 850 | 5 | 0 |
|  | 04/2025 | $146 | 139 | 4 | 0 |
|  | 04/2025 | 800 | 13237249 | 0 | (5) |
|  | 04/2025 | 465 | 69800 | 0 | 0 |
|  | 04/2025 | 192 | 2150 | 12 | 0 |
|  | 04/2025 | 499 | 5320 | 30 | 0 |
|  | 05/2025 | 1442 | $197 | 0 | (2) |
|  | 05/2025 | 25211 | 3245 | 1 | 0 |
|  | 05/2025 | 818360 | 49 | 0 | 0 |
|  | 05/2025 | $49 | 4218 | 0 | 0 |
|  | 06/2025 | 1416 | $195 | 0 | (1) |
|  | 06/2025 | $17 | 120 | 0 | 0 |
|  | 08/2025 | 13069 | $1827 | 11 | 0 |
|  | 08/2025 | 14 | 0 | 0 | 0 |
|  BPS | 04/2025 | 18101 | 3141 | 0 | (32) |
|  | 04/2025 | 356 | 250 | 2 | 0 |
|  | 04/2025 | 1367713 | 328 | 2 | 0 |
|  | 04/2025 | 21322 | 877 | 0 | (47) |
|  | 04/2025 | 5864 | 6170 | 2 | (174) |
|  | 04/2025 | 1926 | 2434 | 0 | (53) |
|  | 04/2025 | 16607858 | 1007 | 10 | 0 |
|  | 04/2025 | 261 | 71 | 1 | 0 |
|  | 04/2025 | 5014 | 33 | 0 | 0 |
|  | 04/2025 | 2034667 | 1400 | 19 | 0 |
|  | 04/2025 | 12734 | 1209 | 2 | (3) |
|  | 04/2025 | 537 | 401 | 1 | 0 |
|  | 04/2025 | 5662 | 167 | 1 | (1) |
|  | 04/2025 | 81346 | 2479 | 30 | 0 |
|  | 04/2025 | $3136 | 18101 | 37 | (1) |
|  | 04/2025 | 200 | 287 | 0 | 0 |
|  | 04/2025 | 100 | 412250 | 0 | (2) |
|  | 04/2025 | 2097 | 34547364 | 0 | (24) |
|  | 04/2025 | 264 | 22905 | 3 | 0 |
|  | 04/2025 | 406 | 60547 | 0 | (2) |
|  | 04/2025 | 104 | 152109 | 0 | (1) |
|  | 04/2025 | 50 | 2870 | 0 | 0 |
|  | 04/2025 | 842 | 27589 | 0 | (11) |
|  | 04/2025 | 4730 | $259 | 1 | 0 |
|  | 05/2025 | 2375 | 411 | 0 | (3) |
|  | 05/2025 | 5362 | 738 | 0 | (2) |
|  | 05/2025 | 6053545 | 364 | 2 | 0 |
|  | 05/2025 | 525 | 50 | 0 | 0 |
|  | 05/2025 | 6134 | 156 | 4 | 0 |
|  | 05/2025 | $349 | 2005 | 0 | 0 |
|  | 05/2025 | 442 | 37900 | 1 | 0 |
|  | 05/2025 | 33 | 4998 | 0 | 0 |
|  | 05/2025 | 1059 | 11119 | 0 | (2) |
|  | 05/2025 | 401 | 537 | 0 | (1) |
|  | 06/2025 | 6308 | $867 | 0 | (6) |
|  | 06/2025 | 53956 | 38 | 1 | 0 |
|  | 06/2025 | 2582 | 662 | 3 | (6) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $679 | 2626 | $0 | $(2) |
|  | 07/2025 | 12661 | $389 | 6 | 0 |
|  | 08/2025 | 14754 | 453 | 5 | 0 |
|  | 08/2025 | $1181 | 38853 | 0 | (1) |
|  | 10/2025 | 8200 | $1371 | 1 | (5) |
|  BRC | 04/2025 | 63 | 44 | 0 | 0 |
|  | 04/2025 | 21 | 0 | 0 | 0 |
|  | 04/2025 | 533 | 579 | 3 | 0 |
|  | 04/2025 | 1480766 | 89 | 0 | 0 |
|  | 04/2025 | 837 | 10 | 0 | 0 |
|  | 04/2025 | 8654 | 1961 | 7 | 0 |
|  | 04/2025 | 2868 | 50 | 0 | 0 |
|  | 04/2025 | 1687 | 50 | 0 | 0 |
|  | 04/2025 | 18304 | 473 | 4 | (2) |
|  | 04/2025 | $183 | 67487 | 0 | (2) |
|  | 04/2025 | 658 | 10796599 | 0 | (11) |
|  | 04/2025 | 1780 | 19842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | 0 |
|  | 04/2025 | 1401 | 2448 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  | 04/2025 | 50 | 2867 | 0 | 0 |
|  | 04/2025 | 327 | 5967 | 0 | (2) |
|  | 05/2025 | 15376 | $387 | 3 | (2) |
|  | 05/2025 | $0 | 14 | 0 | 0 |
|  | 05/2025 | 325 | 12742 | 0 | (8) |
|  | 06/2025 | 3755 | $183 | 2 | 0 |
|  | 06/2025 | 15128 | 373 | 9 | (1) |
|  | 06/2025 | $83 | 321 | 0 | 0 |
|  | 06/2025 | 277 | 10930 | 0 | (11) |
|  | 07/2025 | 55 | 2521 | 4 | 0 |
|  | 08/2025 | 5466 | $760 | 1 | 0 |
|  BSH | 04/2025 | 15800 | 2799 | 30 | 0 |
|  | 04/2025 | 133988 | 892 | 0 | (1) |
|  | 04/2025 | $1880 | 2967 | 0 | (26) |
|  | 04/2025 | 2752 | 15800 | 17 | 0 |
|  | 05/2025 | 892 | 133537 | 1 | 0 |
|  | 06/2025 | 4937 | $1338 | 0 | (3) |
|  | 06/2025 | 211 | 55 | 1 | 0 |
|  | 06/2025 | $146 | 562 | 0 | (1) |
|  CBK | 04/2025 | 3312 | $582 | 1 | 0 |
|  | 04/2025 | 2017 | 1400 | 0 | (2) |
|  | 04/2025 | 1011 | 1150 | 7 | 0 |
|  | 04/2025 | 7394 | 1030 | 0 | 0 |
|  | 04/2025 | 13929410 | 3322 | 0 | (8) |
|  | 04/2025 | 133 | 145 | 1 | 0 |
|  | 04/2025 | 6211355 | 375 | 2 | 0 |
|  | 04/2025 | 3082 | 846 | 16 | 0 |
|  | 04/2025 | 155758 | 2682 | 0 | (37) |
|  | 04/2025 | 34013 | 1037 | 13 | 0 |
|  | 04/2025 | $577 | 3312 | 4 | 0 |
|  | 04/2025 | 5395 | 7701 | 1 | (45) |
|  | 04/2025 | 1031 | 7393 | 0 | (1) |
|  | 04/2025 | 3206 | 14042119 | 151 | 0 |
|  | 04/2025 | 266 | 1887 | 8 | 0 |
|  | 04/2025 | 1232 | 20216767 | 0 | (19) |
|  | 04/2025 | 2359 | 205936 | 45 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 200 | 725 | 0 | (3) |
|  | 04/2025 | 1326 | 13298 | 0 | (3) |
|  | 04/2025 | 1446 | 47459 | 0 | (17) |
|  | 05/2025 | 5821 | $4092 | 41 | 0 |
|  | 05/2025 | 6197671 | 373 | 2 | 0 |
|  | 05/2025 | 13774 | 1376 | 3 | 0 |
|  | 05/2025 | 13 | 0 | 0 | 0 |
|  | 05/2025 | $1030 | 7394 | 0 | 0 |
|  | 05/2025 | 79 | 4547 | 0 | 0 |
|  | 06/2025 | 759632 | $810 | 10 | 0 |
|  | 06/2025 | 10153 | 1401 | 0 | (4) |
|  | 06/2025 | 8337047 | 2002 | 29 | 0 |
|  | 06/2025 | 933356 | 653 | 18 | 0 |
|  | 06/2025 | 566 | 154 | 0 | 0 |
|  | 06/2025 | $211 | 199722 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation 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** |
|  | 06/2025 | $3322 | 14089534 | $9 | $0 |
|  | 06/2025 | 606 | 872822 | 0 | (12) |
|  | 07/2025 | 19150 | $589 | 9 | 0 |
|  | 07/2025 | $582 | 3377 | 0 | (1) |
|  | 08/2025 | 29656 | $909 | 9 | 0 |
|  | 08/2025 | $513 | 16766 | 0 | (4) |
|  DUB | 04/2025 | 944 | $587 | 0 | (3) |
|  | 04/2025 | 77 | 54 | 0 | 0 |
|  | 04/2025 | 2025 | 292 | 0 | (1) |
|  | 04/2025 | 6938007 | 418 | 2 | 0 |
|  | 04/2025 | 3111 | 856 | 19 | 0 |
|  | 04/2025 | 3608 | 2061 | 12 | 0 |
|  | 04/2025 | 429 | 321 | 1 | 0 |
|  | 04/2025 | $1226 | 1169 | 38 | 0 |
|  | 04/2025 | 82 | 7018 | 0 | 0 |
|  | 04/2025 | 398 | 58500 | 0 | (8) |
|  | 04/2025 | 316 | 549 | 0 | (4) |
|  | 04/2025 | 114 | 152 | 0 | 0 |
|  | 05/2025 | 349417 | $21 | 0 | 0 |
|  | 05/2025 | 549 | 316 | 4 | 0 |
|  | 05/2025 | $292 | 2021 | 1 | 0 |
|  | 05/2025 | 321 | 429 | 0 | (1) |
|  | 06/2025 | 650800 | $455 | 12 | 0 |
|  | 06/2025 | $314 | 453344 | 0 | (6) |
|  FAR | 04/2025 | 4413 | $768 | 0 | (5) |
|  | 04/2025 | 4488 | 5034 | 0 | (38) |
|  | 04/2025 | 263174 | 713 | 7 | 0 |
|  | 04/2025 | 2136 | 588 | 14 | 0 |
|  | 04/2025 | 95860 | 637 | 0 | (2) |
|  | 04/2025 | 9510 | 905 | 1 | 0 |
|  | 04/2025 | $309 | 491 | 0 | (3) |
|  | 04/2025 | 769 | 4413 | 5 | 0 |
|  | 04/2025 | 422 | 2997 | 12 | 0 |
|  | 04/2025 | 315 | 46967 | 0 | (2) |
|  | 04/2025 | 22 | 251 | 2 | 0 |
|  | 05/2025 | 204 | 1470 | 0 | (1) |
|  | 05/2025 | 637 | 95538 | 2 | 0 |
|  | 05/2025 | 905 | 9509 | 0 | (1) |
|  | 06/2025 | 620 | $160 | 0 | 0 |
|  | 06/2025 | $768 | 4469 | 5 | 0 |
|  | 06/2025 | 267 | 1033 | 0 | (1) |
|  | 07/2025 | 1464 | $204 | 1 | 0 |
|  GLM | 04/2025 | 26830 | 4745 | 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  | 04/2025 | 4897005 | 296 | 3 | 0 |
|  | 04/2025 | 662 | 17 | 0 | 0 |
|  | 04/2025 | $4611 | 26830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | 0 |
|  | 04/2025 | 50 | 210438 | 0 | 0 |
|  | 04/2025 | 775 | 12757454 | 0 | (9) |
|  | 04/2025 | 464 | 680748 | 0 | (2) |
|  | 05/2025 | 1402 | $191 | 0 | (2) |
|  | 05/2025 | 6234977 | 375 | 1 | 0 |
|  | 06/2025 | 14590 | 2027 | 9 | 0 |
|  | 06/2025 | 634725 | 434 | 2 | 0 |
|  | 06/2025 | $730 | 2820 | 0 | (4) |
|  | 07/2025 | 18387 | $565 | 8 | 0 |
|  | 10/2025 | 22600 | 3711 | 0 | (80) |
|  IND | 04/2025 | 3911 | 565 | 0 | (1) |
|  | 05/2025 | $565 | 3904 | 1 | 0 |
|  JPM | 04/2025 | 5402 | $932 | 0 | (15) |
|  | 04/2025 | 216 | 150 | 0 | 0 |
|  | 04/2025 | 756721 | 46 | 0 | 0 |
|  | 04/2025 | 2276 | 625 | 13 | 0 |
|  | 04/2025 | 29539 | 196 | 0 | (1) |
|  | 04/2025 | 663 | 16 | 0 | (1) |
|  | 04/2025 | 3726 | 114 | 1 | 0 |
|  | 04/2025 | $941 | 5402 | 6 | 0 |
|  | 04/2025 | 50 | 47668 | 0 | 0 |
|  | 04/2025 | 4511 | 4182 | 11 | 0 |
|  | 04/2025 | 293 | 4825663 | 0 | (4) |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $2305 | 201049 | $42 | $0 |
|  | 04/2025 | 338 | 50404 | 0 | (2) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 2708 | 155774 | 13 | (1) |
|  | 04/2025 | 95 | 126 | 0 | (1) |
|  | 04/2025 | 709 | 23260 | 0 | (8) |
|  | 04/2025 | 2569 | $141 | 1 | 0 |
|  | 05/2025 | 1499 | 205 | 0 | (2) |
|  | 05/2025 | 4182 | 4519 | 0 | (11) |
|  | 05/2025 | 875493 | 53 | 0 | 0 |
|  | 05/2025 | 4299 | 50 | 0 | 0 |
|  | 05/2025 | $748 | 5425 | 1 | (1) |
|  | 05/2025 | 196 | 29440 | 1 | 0 |
|  | 05/2025 | 232 | 10314 | 28 | 0 |
|  | 06/2025 | 1976 | $271 | 0 | (3) |
|  | 06/2025 | 46291 | 2243 | 4 | 0 |
|  | 06/2025 | 2133 | 550 | 2 | (2) |
|  | 06/2025 | $593 | 3502 | 13 | 0 |
|  | 06/2025 | 376 | 1458 | 0 | (1) |
|  | 07/2025 | 2774 | $384 | 0 | 0 |
|  | 07/2025 | 12793 | 393 | 6 | 0 |
|  | 07/2025 | $339 | 1982 | 2 | 0 |
|  | 08/2025 | 2626 | $364 | 0 | (1) |
|  | 08/2025 | 14035 | 430 | 4 | 0 |
|  MBC | 04/2025 | 871 | 149 | 0 | (4) |
|  | 04/2025 | 505 | 352 | 1 | 0 |
|  | 04/2025 | 1212 | 1352 | 0 | (18) |
|  | 04/2025 | 108 | 16 | 0 | 0 |
|  | 04/2025 | 734 | 797 | 3 | 0 |
|  | 04/2025 | 544 | 690 | 0 | (13) |
|  | 04/2025 | 1705844 | 103 | 0 | 0 |
|  | 04/2025 | 7200 | 48 | 0 | 0 |
|  | 04/2025 | 10070 | 998 | 0 | (4) |
|  | 04/2025 | 2832 | 83 | 0 | 0 |
|  | 04/2025 | 19595 | 600 | 10 | 0 |
|  | 04/2025 | $517 | 820 | 0 | (5) |
|  | 04/2025 | 152 | 871 | 1 | 0 |
|  | 04/2025 | 7590 | 6705 | 0 | (11) |
|  | 04/2025 | 530 | 410 | 0 | (1) |
|  | 04/2025 | 112 | 1850377 | 0 | 0 |
|  | 04/2025 | 203 | 750 | 0 | (2) |
|  | 04/2025 | 147 | 12713 | 2 | 0 |
|  | 04/2025 | 50 | 73239 | 0 | 0 |
|  | 04/2025 | 352 | 611 | 0 | (5) |
|  | 04/2025 | 100 | 1075 | 7 | 0 |
|  | 04/2025 | 805 | 1076 | 0 | (5) |
|  | 04/2025 | 513 | 16843 | 0 | (5) |
|  | 04/2025 | 802 | 14684 | 0 | (2) |
|  | 04/2025 | 2742 | $150 | 1 | 0 |
|  | 05/2025 | 6681 | 7590 | 11 | 0 |
|  | 05/2025 | 2642 | 364 | 0 | (1) |
|  | 05/2025 | 2195 | 317 | 0 | (1) |
|  | 05/2025 | 475 | 514 | 0 | (1) |
|  | 05/2025 | 482762 | 29 | 0 | 0 |
|  | 05/2025 | 39789 | 1182 | 7 | (1) |
|  | 05/2025 | $369 | 2676 | 1 | 0 |
|  | 05/2025 | 16 | 108 | 0 | 0 |
|  | 05/2025 | 342 | 264 | 0 | (1) |
|  | 05/2025 | 300 | 45000 | 1 | 0 |
|  | 05/2025 | 858 | 28842 | 0 | (5) |
|  | 06/2025 | 812 | $210 | 1 | 0 |
|  | 06/2025 | $149 | 214633 | 0 | (3) |
|  | 07/2025 | 1330 | $185 | 0 | 0 |
|  | 07/2025 | 8564 | 263 | 3 | 0 |
|  | 08/2025 | 1333 | 185 | 0 | (1) |
|  | 08/2025 | 8178 | 250 | 2 | 0 |
|  | 08/2025 | $5273 | 37822 | 0 | (19) |
|  MYI | 04/2025 | 1230 | $774 | 5 | 0 |
|  | 04/2025 | 700 | 122 | 0 | (1) |
|  | 04/2025 | 5041 | 3541 | 38 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 3104 | $129 | $0 | $(6) |
|  | 04/2025 | 1689 | 50 | 0 | 0 |
|  | 04/2025 | 44033 | 1347 | 21 | 0 |
|  | 04/2025 | $120 | 700 | 3 | 0 |
|  | 04/2025 | 50 | 47666 | 0 | 0 |
|  | 04/2025 | 385 | 9192 | 14 | 0 |
|  | 04/2025 | 162 | 1160 | 6 | 0 |
|  | 04/2025 | 11 | 187225 | 0 | 0 |
|  | 04/2025 | 337 | 451 | 0 | (1) |
|  | 04/2025 | 15478 | $847 | 3 | 0 |
|  | 05/2025 | 245 | 171 | 1 | 0 |
|  | 05/2025 | 563088 | 34 | 0 | 0 |
|  | 06/2025 | 501 | 69 | 0 | 0 |
|  | 06/2025 | 256 | 65 | 0 | (1) |
|  | 10/2025 | 700 | 115 | 0 | (2) |
|  NGF | 06/2025 | 820886 | 576 | 17 | 0 |
|  RBC | 06/2025 | 3624970 | 869 | 12 | 0 |
|  RYL | 04/2025 | 46639 | 50 | 1 | 0 |
|  | 04/2025 | 43500 | 296 | 6 | 0 |
|  | 04/2025 | 9670 | 951 | 0 | (11) |
|  SCX | 04/2025 | 4803 | 836 | 0 | (5) |
|  | 04/2025 | 7740 | 51 | 0 | 0 |
|  | 04/2025 | 1239 | 327 | 0 | (10) |
|  | 04/2025 | 4669 | 143 | 3 | 0 |
|  | 04/2025 | $822 | 4803 | 20 | 0 |
|  | 04/2025 | 1848 | 1774 | 70 | 0 |
|  | 04/2025 | 709 | 11606335 | 0 | (13) |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 150 | 4932 | 0 | (1) |
|  | 05/2025 | 2447 | $339 | 2 | 0 |
|  | 05/2025 | 188514 | 11 | 0 | 0 |
|  | 05/2025 | $63 | 9374 | 0 | 0 |
|  | 05/2025 | 296 | 9971 | 0 | (1) |
|  | 06/2025 | 4864 | $822 | 0 | (20) |
|  | 06/2025 | 365 | 50 | 0 | 0 |
|  | 08/2025 | 4891 | 150 | 1 | 0 |
|  SOG | 04/2025 | 2867 | 50 | 0 | 0 |
|  SSB | 04/2025 | 194670 | 210 | 5 | 0 |
|  | 04/2025 | 508476 | 122 | 1 | 0 |
|  | 04/2025 | 72680 | 50 | 1 | 0 |
|  | 04/2025 | $2663 | 2060 | 0 | (3) |
|  | 05/2025 | 2060 | $2663 | 3 | 0 |
|  | 05/2025 | $462 | 3592 | 0 | 0 |
|  UAG | 04/2025 | 20352906 | $1226 | 5 | 0 |
|  | 04/2025 | 108 | 3 | 0 | 0 |
|  | 04/2025 | $1226 | 20354497 | 0 | (5) |
|  | 04/2025 | 310 | 46179 | 0 | (3) |
|  | 05/2025 | 646792 | $39 | 0 | 0 |
|  | 06/2025 | 133 | 34 | 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;1533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.427% | 03/20/2045 | 30000 | $3116 | $3163 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.427 | 03/20/2045 | 30000 | 3116 | 3143 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306 |

---

32 PIMCO ASSET ALLOCATION FUNDS See Accompanying Notes

------

March 31, 2025

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 6400 | $(308) | $(191) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $1600 | $(48) | $49 | $1 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 8241 | (524) | 528 | 4 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 7100 | (235) | 240 | 5 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | (81) | 83 | 2 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements, at<br>Value | Swap Agreements, at<br>Value |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive<br> 3-Month MYR-KLIBOR<sup>(5)</sup> | 3.500% | Quarterly | 09/17/2030 | MYR | 4610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Pay | MLPIPOWR Index<sup>(8)</sup> | 26936 | 113.280% | Monthly | 03/04/2026 | $3051 | $0 | $10 | $10 | $0 |
|  | Receive | MLPIREIL Index<sup>(9)</sup> | 86021 | 4.980% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | 8103 | 0 | 7 | 7 | 0 |
|  | Pay | MLPIREIS Index<sup>(10)</sup> | 84745 | 4.880% (FEDL01 plus a specified spread) | Monthly | 06/09/2025 | 7992 | 0 | 5 | 5 | 0 |
|  JPM | Receive | JPACWILV Index<sup>(11)</sup>  | 1680348 | 4.880% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170169 | 0 | (128) | 0 | (128) |
|  MBC | Receive | NDUEACWF Index  | 14123 | 4.750% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | 6354 | 0 | (24) | 0 | (24) |
|  | Receive | NDUEACWF Index  | 800 | 4.840% (FEDL01 plus a specified spread) | Monthly | 11/03/2025 | 360 | 0 | (1) | 0 | (1) |
|  MYI | Receive | DWRTFT Index  | 164 | 5.180% (FEDL01 plus a specified spread) | Monthly | 11/19/2025 | 2253 | 0 | (10) | 0 | (10) |
|  TOR | Receive | NDUEACWF Index  | 22200 | 4.770% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | 9989 | 0 | (38) | 0 | (38) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) |
|  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;(888) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | 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<br>the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $21 | $0 | $0 | $21 | $(31) | $0 | $0 | $(31) | $(10) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  BOA | 64 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 86 | (12) | 0 | 0 | (12) | 74 | 0 | 74 |
|  BPS | 134 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | &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;(380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | 85 |
|  BRC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 139 | (50) | 0 | 0 | (50) | 89 | 0 | 89 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation 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** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  BSH | $49 | $0 | $0 | $49 | $(31) | $0 | $0 | $(31) | $18 | $(40) | $22 |
|  CBK | 379 | 0 | 0 | 379 | (156) | 0 | 0 | (156) | 223 | 0 | 223 |
|  DUB | 89 | 0 | 0 | 89 | (23) | 0 | 0 | (23) | 66 | 0 | 66 |
|  FAR | 49 | 0 | 0 | 49 | (53) | 0 | 0 | (53) | (4) | 0 | (4) |
|  GLM | 171 | 0 | 0 | 171 | (111) | (191) | 0 | (302) | (131) | (270) | (401) |
|  GST | 0 | 0 | 5 | 5 | 0 | 0 | 0 | 0 | 5 | (30) | (25) |
|  IND | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  JPM | 148 | 0 | 0 | 148 | (54) | 0 | (128) | (182) | (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
|  MBC | 51 | 0 | 0 | 51 | (108) | 0 | (25) | (133) | (82) | 322 | 240 |
|  MYC | 0 | 6306 | 5 | 6311 | 0 | 0 | 0 | 0 | 6311 | 35 | 6346 |
|  MYI | 91 | 0 | 0 | 91 | (11) | 0 | (10) | (21) | 70 | (10) | 60 |
|  NGF | 17 | 0 | 0 | 17 | 0 | 0 | 0 | 0 | 17 | 0 | 17 |
|  RBC | 12 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | 0 | 12 |
|  RYL | 7 | 0 | 0 | 7 | (11) | 0 | 0 | (11) | (4) | 0 | (4) |
|  SCX | 96 | 0 | 0 | 96 | (50) | 0 | 0 | (50) | 46 | 0 | 46 |
|  SSB | 10 | 0 | 0 | 10 | (3) | 0 | 0 | (3) | 7 | 0 | 7 |
|  TOR | 0 | 0 | 0 | 0 | 0 | 0 | (38) | (38) | (38) | 381 | 343 |
|  UAG | 5 | 0 | 2 | 7 | (8) | 0 | 0 | (8) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485) |  |  |  |

---

(k) Securities with an aggregate market value of $4,111 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(8)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Utilities |  |  |
|  Ameren Corp. | 4.0% | $122 |
|  American Water Works Co., Inc. | 4.4 | 134 |
|  Centerpoint Energy, Inc. | 3.5 | 107 |
|  Consolidated Edison, Inc. | 5.8 | 177 |
|  DTE Energy Company | 4.3 | 131 |
|  Dominion Energy, Inc. | 7.2 | 220 |
|  Duke Energy Copr. | 14.3 | 435 |
|  Edison International | 3.5 | 107 |
|  Entergy Corp. | 5.5 | 168 |
|  Eversource Energy | 3.4 | 104 |
|  Firstenergy Corp. | 3.2 | 98 |
|  PG&E Corp. | 5.6 | 171 |
|  PPL Corp. | 4.1 | 125 |
|  Public Service Enterprise Group | 6.2 | 189 |
|  Sempra | 6.8 | 207 |
|  WEC Energy Group, Inc. | 5.2 | 159 |
|  XCEL Energy, Inc. | 6.0 | 183 |
|  Exelon Corp. | 7.0 | 214 |
|  Total Utilities |  | $3051 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 |

---

34 PIMCO ASSET ALLOCATION FUNDS See Accompanying Notes

------

March 31, 2025

<sup>(9)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  American Homes 4 Rent | 0.7% | $57 |
|  American Tower Corp. | 5.1 | 413 |
|  Apple Hospitality REIT, Inc. | 5.8 | 470 |
|  Crown Castle International Corp. | 3.1 | 251 |
|  Cubesmart | 0.3 | 24 |
|  DiamondRock Hospitality Company | 4.1 | 332 |
|  Digital Realty Trust, Inc. | 7.9 | 640 |
|  EPR Properties | 1.7 | 138 |
|  Equinix, Inc. | 5.4 | 438 |
|  Equity Lifestyle Properties, Inc. | 3.9 | 316 |
|  Equity Residential | 1.9 | 154 |
|  Extra Space Storage, Inc. | 0.2 | 16 |
|  First Industrial Realty Trust, Inc. | 0.7 | 57 |
|  Gaming and Leisure Properties, Inc. | 3.3 | 267 |
|  Healthcare Realty Trust Incorporated | 2 | 162 |
|  Healthpeak Properties, Inc. | 4.7 | 381 |
|  Host Hotels & Resorts, Inc. | 7.6 | 616 |
|  Invitation Homes, Inc. | 2.9 | 235 |
|  Kimco Realty Corporation | 2.5 | 203 |
|  Kite Realty Group Trust | 4.2 | 340 |
|  Macerich Co. | 2.6 | 211 |
|  NNN REIT, Inc. | 1.6 | 130 |
|  Park Hotels & Resorts, Inc. | 3.4 | 276 |
|  Public Storage | 1 | 81 |
|  Realty Income Corp. | 0.2 | 16 |
|  Rexford Industrial Realty, Inc. | 0.2 | 16 |
|  Ryman Hospitality Properties, Inc. | 6.3 | 510 |
|  Sabra Health Care REIT, Inc. | 1.4 | 113 |
|  SBA Communications Corporation | 1.3 | 105 |
|  Simon Property Group, Inc. | 6.8 | 551 |
|  Sun Communities Inc | 2.3 | 186 |
|  UDR, Inc. | 0.6 | 49 |
|  VICI Properties, Inc. | 3.8 | 308 |
|  WP Carey, Inc. | 0.5 | 41 |
|  Total Real Estate |  | $8103 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 |

---

<sup>(10)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.9% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
|  Agree Realty Corporation | 5.3 | 424 |
|  American Assets Trust, Inc. | 1.7 | 136 |
|  AvalonBay Communities Inc |  |  |
|  Boston Properties Inc | 3.7 | 296 |
|  Brandywine Realty Trust | 2.3 | 183 |
|  Brixmor Property Group, Inc. | 2.4 | 192 |
|  Camden Property Trust | 0.9 | 72 |
|  Copt Defense Properties | 6.5 | 519 |
|  Cousins Properties Incorporated | 3.3 | 263 |
|  Curbline Properties Corp. | 4.0 | 320 |
|  Douglas Emmett, Inc. | 4.4 | 352 |
|  Eastgroup Properties, Inc. | 2.8 | 224 |
|  Elme Communities | 2.6 | 208 |
|  Essex Property Trust, Inc. | 1.7 | 135 |
|  Federal Realty Investment Trust |  |  |
|  Highwoods Properties, Inc. | 4.9 | 392 |
|  Independence Realty Trust, Inc. | 4.6 | 368 |
|  JBG Smith Properties | 4.1 | 328 |
|  Kilroy Realty Corporation | 5.9 | 471 |
|  LXP Industrial Trust | 0.3 | 24 |
|  Mid-America Apartment Communities, Inc. | 4.0 | 320 |
|  National Storage Affiliates Trust | 2.7 | 216 |
|  Omega Healthcare Investors Inc | 2.0 | 160 |
|  Phillips Edison & Company, Inc. | 0.1 | 8 |
|  Prologis, Inc. | 1.1 | 88 |
|  Regency Centers Corp. | 1.5 | 120 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%**<br> **of Index** | **Value** |
|  Stag Industrial, Inc. | 0.8% | $64 |
|  Sunstone Hotel Investors, Inc. | 0.3 | 24 |
|  Tanger, Inc. | 0.4 | 32 |
|  Terreno Realty Corporation | 3.9 | 312 |
|  Urban Edge Properties | 0.6 | 47 |
|  Ventas, Inc. | 8.0 | 639 |
|  Veries Residential, Inc. | 1.9 | 152 |
|  Vornado Realty Trust | 1.4 | 112 |
|  Welltower, Inc. | 8.0 | 639 |
|  Total Real Estate |  | $7992 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992 |

---

<sup>(11)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Communication Services |  |  |
|  Alphabet, Inc. | 3.5% | $5956 |
|  Meta Platforms, Inc. | 2.3 | 3914 |
|  Verizon Communications, Inc. | 1.6 | 2723 |
|  Other Communication Services<sup>◄</sup> | 2.1 | 3574 |
|  Total Communication Services |  | $16167 |
|  Consumer Discretionary |  |  |
|  Amazon.com, Inc. | 3.1% | $5275 |
|  Booking Holdings, Inc. | 1.1 | 1872 |
|  Meituan Dianping | 1.2 | 2042 |
|  PDD Holdings, Inc. | 1.1 | 1872 |
|  Target Corp. | 0.6 | 1021 |
|  Other Consumer Discretionary<sup>◄</sup> | 3.3 | 5616 |
|  Total Consumer Discretionary |  | $17698 |
|  Consumer Staples |  |  |
|  Altria Group, Inc. | 1.3% | $2212 |
|  British American Tobacco PLC | 1 | 1702 |
|  Colgate-Palmolive Company | 0.7 | 1191 |
|  Kimberly-Clark Corp. | 0.6 | 1021 |
|  Philip Morris International, Inc. | 1.9 | 3233 |
|  Other Consumer Staples<sup>◄</sup> | 1.5 | 2553 |
|  Total Consumer Staples |  | $11912 |
|  Energy |  |  |
|  EOG Resources, Inc. | 0.6% | $1021 |
|  Other Energy<sup>◄</sup> | 1 | 1702 |
|  Total Energy |  | $2723 |
|  Financials |  |  |
|  Aflac Incorporated | 0.7% | $1191 |
|  American Express Co. | 0.9 | 1532 |
|  Ameriprise Financial, Inc. | 0.6 | 1021 |
|  Banco Bilbao Vizcaya Argentaria S.A. | 1 | 1702 |
|  Banco Santander S.A. | 1.2 | 2042 |
|  Bank of New York Mellon Corp. | 0.6 | 1021 |
|  CME Group, Inc. | 1.1 | 1872 |
|  Goldman Sachs Group, Inc. | 0.9 | 1532 |
|  JPMorgan Chase & Co. | 0.6 | 1021 |
|  Other Financials <sup>◄</sup> | 11.1 | 18889 |
|  Total Financials |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31823 |

---

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Health Care |  |  |
|  AbbVie, Inc. | 0.6% | $1021 |
| Bristol-Myers Squibb Company | 0.7 | 1191 |
| Gilead Sciences, Inc. | 0.7 | 1191 |
| GSK PLC | 1.1 | 1872 |
| Johnson & Johnson | 2.1 | 3574 |
| Medtronic PLC | 1.2 | 2042 |
| Merck & Co., Inc. | 1.4 | 2382 |
| Novartis AG | 1.1 | 1872 |
| Roche Holding AG | 1.3 | 2212 |
| Other Health Care <sup>◄</sup> | 1.7 | 2892 |
| Total Health Care |  | $20249 |
| Industrials |  |  |
| Bae Systems PLC | 0.7% | $1191 |
| Lockheed Martin Corp. | 1.2 | 2042 |
| Northrop Grumman Corporation | 0.9 | 1532 |
| Other Industrials <sup>◄</sup> | 6.7 | 11401 |
| Total Industrials |  | $16166 |
| Materials |  |  |
| Other Materials <sup>◄</sup> | 1.5% | $2553 |
| Total Materials |  | $2553 |
| Real Estate |  |  |
| Simon Property Group, Inc. | 0.7% | $1191 |
| Other Real Estate <sup>◄</sup> | 1.4 | 2382 |
| Total Real Estate |  | $3573 |
| Technology |  |  |
| Adobe, Inc. | 1.4% | $2382 |
| Apple, Inc. | 2.9 | 4935 |
| Cisco Systems, Inc. | 1.8 | 3063 |
| Intuit, Inc. | 0.9 | 1532 |
| MediaTek Inc | 0.8 | 1361 |
| Microsoft Corp. | 4.5 | 7658 |
| NVIDIA Corp. | 2.4 | 4084 |
| PayPal Holdings, Inc. | 0.8 | 1361 |
| QUALCOMM, Inc. | 1.7 | 2893 |
| SK Hynix Inc. | 0.8 | 1361 |
| Taiwan Semiconductor Manufacturing Co Ltd. | 0.7 | 1191 |
| Tencent Holdings Limited | 0.8 | 1361 |
| Other Technology <sup>◄</sup> | 6.4 | 10890 |
| Total Technology |  | $44072 |
| Utilities |  |  |
| Enel SpA | 0.7% | $1191 |
| Other Utilities <sup>◄</sup> | 1.2 | 2042 |
| Total Utilities |  | $3233 |
| Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170169 |

---

---

| | |
|:---|:---|
| <sup>◄</sup> | Represents positions not identified as a top 50 component or as having an individual notional value less than 1% of the notional of the total return swap, as of March 31, 2025.  |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $82 | $0 | $26 | $0 | $64 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 490 | 491 |
|  | $82 | $1 | $26 | $0 | $554 | $663 |
|  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 | $1533 | $0 | $1533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 6306 | 6306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 22 | 0 | 0 | 34 |
|  | $0 | $12 | $22 | $1533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 |
|  | $82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $48 | $1533 | $6860 | $8536 |
|  Financial Derivative Instruments - Liabilities | 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  | $62 | $0 | $50 | $0 | $145 | $257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 576 | 577 |
|  | $62 | $1 | $50 | $0 | $721 | $834 |
|  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 | $1092 | $0 | $1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 191 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 201 | 0 | 1 | 202 |
|  | $0 | $0 | $201 | $1092 | $192 | $1485 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | $913 | $2319 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $833 | $0 | $0 | $833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | (312) | 0 | 44 | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (323) | 0 | 6478 | 0 | 443 | 6598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 256 | 0 | 0 | 1938 | 2194 |
|  | $(323) | $256 | $6999 | $0 | $2425 | $9357 |
|  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 | $732 | $0 | $732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 151 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 106 | (11784) | 0 | (12) | (11690) |
|  | $0 | $106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11784) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | $139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10807) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | $362 | $(4785) | $732 | $2564 | $(1450) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(4) | $(4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 167 | 0 | (2133) | 0 | (511) | (2477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (107) | 0 | 0 | (1657) | (1764) |
|  | $167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | $(2133) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2172) | $(4245) |
|  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 | $282 | $0 | $282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 73 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 15 | 1334 | 0 | (2) | 1347 |
|  | $0 | $15 | $1334 | $282 | $99 | $1730 |
|  | $167 | $(92) | $(799) | $282 | $(2073) | $(2515) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 37

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Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $22 | $0 | $22 |
| &nbsp;&nbsp; Industrials | 0 | 519 | 0 | 519 |
|  U.S. Government Agencies | 0 | 53231 | 0 | 53231 |
|  U.S. Treasury Obligations | 0 | 12445 | 0 | 12445 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6596 | 0 | 6596 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2921 | 0 | 2921 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9010 | 0 | 9010 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 5391 | 0 | 5391 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 344 | 0 | 344 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2241 | 0 | 2241 |
| &nbsp;&nbsp; Other ABS | 0 | 8122 | 0 | 8122 |
|  Sovereign Issues | 0 | 15338 | 0 | 15338 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Information Technology | 4717 | 0 | 0 | 4717 |
| &nbsp;&nbsp; Utilities | 2705 | 0 | 0 | 2705 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 572 | 0 | 572 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1115 | 0 | 1115 |
|  | $7422 | $117867 | $0 | $125289 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 119006 | 0 | 0 | 119006 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 86286 | 0 | 0 | 86286 |
|  | $205292 | $0 | $0 | $205292 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330581 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(10597) | $0 | $(10597) |
|  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 | 161 | 499 | 0 | 660 |
|  Over the counter | 0 | 7873 | 0 | 7873 |
|  | $161 | $8372 | $0 | $8533 |
|  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 | (230) | (604) | 0 | (834) |
|  Over the counter | 0 | (1485) | 0 | (1485) |
|  | $(230) | $(2089) | $0 | $(2319) |
|  Total Financial Derivative Instruments | $(69) | $6283 | $0 | $6214 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326198 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

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| | | |
|:---|:---|:---|
| **38** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

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Notes to Financial Statements March 31, 2025

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. Research Affiliates, LLC ("Research Affiliates") serves as the sub-adviser to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund. PIMCO All Asset Fund and PIMCO All Asset All Authority Fund may invest substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"). PIMCO Global Core Asset Allocation may invest its assets in some or all of the Underlying PIMCO Funds, which, for the PIMCO Global Core Asset Allocation Fund, is defined to include Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except other fund of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund. PIMCO Global Core Asset Allocation Fund is further permitted to invest in the other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively with the Underlying PIMCO Funds, "Acquired Funds").

The PIMCO Global Core Asset Allocation Fund has established a Cayman Islands exempted company (the "GCAA Subsidiary"), which is wholly-owned and controlled by the PIMCO Global Core Asset Allocation Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard

impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

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Notes to Financial Statements (Cont.)

recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities

denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO All Asset Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Asset All Authority Fund |  | Quarterly |  | Quarterly |
|  PIMCO Global Core Asset Allocation Fund |  | Quarterly |  | Quarterly |

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| | |
|:---|:---|
| **40** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2025

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

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Notes to Financial Statements (Cont.)

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

&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 their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or an Underlying PIMCO Fund or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

The assets of the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund consist of shares of the Underlying PIMCO Funds, which are valued at their respective NAVs at the time of valuation of each Fund's shares. For purposes of calculating NAV of the Underlying PIMCO Funds for the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and for purposes of calculating NAV for the PIMCO Global Core Asset Allocation Fund, 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.

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| | |
|:---|:---|
| **42** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2025

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments

based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's or an Underlying PIMCO Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds or a Fund invests in Underlying PIMCO Funds that hold foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's and Underlying PIMCO Funds' NAVs that fairly reflects security values as of

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

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Notes to Financial Statements (Cont.)

the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund or an Underlying PIMCO 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 or an Underlying PIMCO Fund may differ from the value that would be realized if the securities were sold. A Fund's or an Underlying PIMCO Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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.

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| **44** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2025

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers

or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

PIMCO All Asset Fund and PIMCO All Asset All Authority Fund may invest under normal circumstances substantially all or a significant portion of their assets in Underlying PIMCO Funds. The Underlying PIMCO Funds are considered to be affiliated with PIMCO All Asset and PIMCO All Asset All Authority Funds. PIMCO Global Core Asset Allocation Fund may invest its assets in Underlying PIMCO Funds and Acquired Funds, as previously defined and as defined in PIMCO Global Core Asset Allocation Fund's prospectus. Each Fund may also 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 Acquired Fund's shareholder report is also available at the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

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Notes to Financial Statements (Cont.)

SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

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| PIMCO All Asset Fund |  |  |  |  |  |  |  |  |
| Underlying PIMCO Funds | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $2504348 | $363454 | $(753591) | $(34746) | $(17567) | $2061898 | $224656 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 2282525 | 914500 | (1423973) | (129551) | 151205 | 1794706 | 145536 | 0 |
|  PIMCO Emerging Markets Bond Fund | 93238 | 875 | (93519) | 6207 | (6801) | 0 | 962 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 290344 | 152558 | (49856) | (1025) | (6581) | 385440 | 22014 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 455282 | 181218 | (99289) | (2383) | 3227 | 538055 | 22927 | 0 |
|  PIMCO Extended Duration Fund | 241556 | 71023 | (150743) | (94071) | 83725 | 151490 | 4185 | 0 |
|  PIMCO Government Money Market Fund | 104412 | 2842076 | (2879436) | 0 | 1 | 67053 | 3168 | 0 |
|  PIMCO High Yield Fund | 409488 | 169484 | (213862) | (561) | (64) | 364485 | 23703 | 0 |
|  PIMCO High Yield Spectrum Fund | 0 | 90384 | (1130) | (10) | (868) | 88376 | 610 | 0 |
|  PIMCO Income Fund | 164095 | 82543 | (105209) | 1290 | 45 | 142764 | 9592 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 730426 | 125990 | (398289) | 7263 | (11230) | 454160 | 28230 | 3652 |
|  PIMCO Investment Grade Credit Bond Fund | 79451 | 3229 | (15514) | (2119) | 3306 | 68353 | 3254 | 0 |
|  PIMCO Long Duration Total Return Fund | 260896 | 78437 | (163898) | (9385) | 7670 | 173720 | 8306 | 0 |
|  PIMCO Long-Term Real Return Fund | 85719 | 72375 | (42342) | (1513) | 1504 | 115743 | 5869 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 354307 | 74784 | (193668) | (62540) | 56016 | 228899 | 9700 | 0 |
|  PIMCO Low Duration Fund | 1445476 | 1096795 | (1273157) | 281 | 19831 | 1289226 | 55645 | 0 |
|  PIMCO RAE Emerging Markets Fund | 372328 | 113657 | (134216) | 860 | (4948) | 347681 | 19553 | 3475 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 467190 | 58116 | (103150) | (1675) | (29444) | 391037 | 20203 | 0 |
|  PIMCO RAE International Fund | 141298 | 91938 | (108588) | 800 | (4383) | 121065 | 6140 | 8407 |
|  PIMCO RAE PLUS EMG Fund | 109462 | 9230 | (23139) | 1631 | (3381) | 93803 | 9229 | 0 |
|  PIMCO RAE PLUS International Fund | 104591 | 7090 | (20600) | (3660) | 5094 | 92515 | 7090 | 0 |
|  PIMCO RAE US Fund | 96972 | 93307 | (52811) | (2573) | (14946) | 119949 | 6944 | 9397 |
|  PIMCO RAE US Small Fund | 110112 | 57430 | (56191) | 7664 | (7391) | 111624 | 1782 | 1417 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 471162 | 63256 | (139759) | (3968) | 7735 | 398426 | 53352 | 0 |
|  PIMCO Real Return Fund | 123746 | 84647 | (63209) | 889 | 5184 | 151257 | 5592 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 168535 | 19225 | (39586) | 819 | 10116 | 159109 | 3554 | 0 |
|  PIMCO Total Return Fund | 1086151 | 551518 | (758198) | (47736) | 56692 | 888427 | 45354 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 437643 | 109133 | (107213) | (4365) | (40898) | 394300 | 0 | 0 |
|  **Totals** | $13190753 | $7578272 | $(9464136) | $(374177) | $262849 | $11193561 | $747150 | $26348 |
| PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund |
| Underlying PIMCO Funds | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-Real Fund | $185814 | $111983 | $(234770) | $(4891) | $12219 | $70355 | $6689 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 266116 | 22803 | (126986) | (1210) | 13065 | 173788 | 97 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 16328 | 18658 | (33857) | (178) | (951) | 0 | 433 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>  | 29174 | 31138 | (50391) | 799 | 607 | 11327 | 565 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 37383 | 18793 | (17309) | (397) | (350) | 38120 | 2228 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 59652 | 24841 | (31420) | 2708 | (2656) | 53125 | 2331 | 0 |
|  PIMCO Extended Duration Fund | 43093 | 7632 | (33069) | (29791) | 28157 | 16022 | 537 | 0 |
|  PIMCO Government Money Market Fund | 14570 | 721739 | (726354) | 0 | 0 | 9955 | 1455 | 0 |

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| **46** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) | PIMCO All Asset All Authority Fund (Cont.) |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>03/31/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO High Yield Fund | $65187 | $35244 | $(43530) | $599 | $(745) | $56755 | $3277 | $0 |
|  PIMCO High Yield Spectrum Fund | 15247 | 4556 | (8061) | 116 | 78 | 11936 | 858 | 0 |
|  PIMCO Income Fund | 17842 | 3818 | (10589) | 377 | (268) | 11180 | 885 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 122751 | 28019 | (65152) | (15) | (658) | 84945 | 4703 | 584 |
|  PIMCO Investment Grade Credit Bond Fund | 9367 | 355 | (3426) | (551) | 665 | 6410 | 335 | 0 |
|  PIMCO Long Duration Total Return Fund | 45472 | 8613 | (36332) | (12422) | 12236 | 17567 | 1096 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 11711 | 253 | (11873) | (4510) | 4513 | 94 | 282 | 0 |
|  PIMCO Long-Term Real Return Fund | 28253 | 13262 | (17198) | (631) | 513 | 24199 | 1473 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 52500 | 10885 | (38359) | (16747) | 15889 | 24168 | 1157 | 0 |
|  PIMCO Low Duration Credit Fund | 9100 | 9152 | (6783) | 80 | (174) | 11375 | 688 | 0 |
|  PIMCO Low Duration Fund | 370307 | 273686 | (367081) | 1242 | 2678 | 280832 | 12660 | 0 |
|  PIMCO RAE Emerging Markets Fund | 43411 | 12826 | (21444) | 2240 | (2351) | 34682 | 1977 | 357 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 70524 | 7267 | (29893) | (873) | (3529) | 43496 | 2453 | 0 |
|  PIMCO RAE International Fund | 16836 | 10343 | (14154) | 261 | (729) | 12557 | 657 | 931 |
|  PIMCO RAE PLUS EMG Fund | 12595 | 934 | (4806) | 685 | (752) | 8656 | 934 | 0 |
|  PIMCO RAE PLUS International Fund | 15625 | 919 | (5700) | (8806) | 9044 | 11082 | 918 | 0 |
|  PIMCO RAE US Small Fund | 0 | 5824 | (6201) | 377 | 0 | 0 | 0 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 69388 | 6373 | (32711) | (152) | 787 | 43685 | 6374 | 0 |
|  PIMCO Real Return Fund | 38998 | 20267 | (25762) | 284 | 1119 | 34906 | 1423 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 67950 | 102820 | (94072) | (760) | 1402 | 77340 | 1695 | 0 |
|  PIMCO Total Return Fund | 262518 | 72341 | (160856) | (4891) | 7524 | 176636 | 9975 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 69754 | 20121 | (29061) | (972) | (5638) | 54204 | 0 | 0 |
|  **Totals** | $**2067466** | $**1605465** | $**(2287200)** | $**(78029)** | $**91695** | $**1399397** | $**68155** | $**1872** |
| PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>03/31/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Income Fund | $0 | $29828 | $0 | $0 | $256 | $30084 | $754 | $0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0 | 59479 | 0 | 0 | (556) | 58923 | 1096 | 360 |
|  PIMCO Short Asset Portfolio | 38279 | 70578 | (45084) | (462) | 808 | 64119 | 1834 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 23352 | 347519 | (348700) | 1 | (5) | 22167 | 1629 | 0 |
|  PIMCO Total Return Fund | 0 | 29743 | 0 | 0 | 256 | 29999 | 555 | 0 |
|  **Totals** | $**61631** | $**537147** | $**(393784)** | $**(461)** | $**759** | $**205292** | $**5868** | $**360** |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement

period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

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Notes to Financial Statements (Cont.)

realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

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

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| **48** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2025

appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprisesare obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers.

Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Line of Credit Consistent with its principal investment strategies, the PIMCO All Asset All Authority Fund (the "AAAA Fund") has entered into an amended and restated secured credit agreement with State Street Bank & Trust Company for investment purposes subject to the limitations of the Act. All or a portion of the AAAA Fund's securities are pledged as collateral under the agreement.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

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Notes to Financial Statements (Cont.)

The AAAA Fund pays financing charges at a rate per annum equal to the sum of (a) seventy-five basis points (0.75%) plus (b) the highest of (i) the Overnight Bank Funding Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day and (iii) Adjusted Term SOFR for a one-month tenor in effect on such day. The AAAA Fund also pays a fee of 0.15% per annum on the unused commitment amounts of the revolving line of credit. The commitment amount is:

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| **Commitment**<br> **Amount**<br> **(in thousands)** |
| $400000 |

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Borrowings outstanding, if any, as of March 31, 2025 are disclosed as payable for line of credit on the Statements of Assets and Liabilities. Interest and Commitment and Upfront fees, if any, paid by the AAAA Fund in relation to the borrowings are disclosed as part of interest expense on the Statements of Operations. Legal costs related to the annual renewal of the line of credit are disclosed on the Statements of Operations.

The AAAA Fund's borrowing activity under the agreement for the period ended March 31, 2025 was as follows (amounts in thousands<sup>†</sup>):

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| Average<br>Outstanding<br>Principal\* | Average<br>Weighted<br>Rate of<br>Interest | Interest | Commitment<br>and Upfront<br>Fees | Outstanding<br>Principal as of<br>03/31/2025 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482192 | 5.77% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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\* The average outstanding principal may be higher or lower than the commitment amount or outstanding principal at period end due to changes in the commitment amount during the period or borrowings and paydowns made during the period. 

(b) Reverse Repurchase AgreementsIn a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to

pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its

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| **50** | **PIMCO ASSET ALLOCATION FUNDS** |

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total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the

value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

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Notes to Financial Statements (Cont.)

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.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on 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 swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's

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| **52** | **PIMCO ASSET ALLOCATION FUNDS** |

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prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

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Notes to Financial Statements (Cont.)

bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to

the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

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| **54** | **PIMCO ASSET ALLOCATION FUNDS** |

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7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

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| | | | |
|:---|:---|:---|:---|
| Risks | PIMCO<br>All Asset Fund | PIMCO<br>All Asset<br>All Authority Fund | PIMCO<br>Global Core<br>Asset Allocation Fund |
|  Allocation | X | X | X |
|  Acquired Fund |  |  | X |
|  Fund of Funds | X | X |  |
|  Market Trading | X | X | X |
|  New Fund | X | X | X |
|  Small Fund | X | X | X |
|  Municipal Project-Specific | X | X |  |
|  Municipal Bond | X | X |  |
|  Interest Rate | X | X | X |
|  Call | X | X | X |
|  Credit | X | X | X |
|  High Yield | X | X | X |
|  Distressed Company | X | X | X |
|  Market | X | X | X |
|  Issuer | X | X | X |
|  Liquidity | X | X | X |
|  Derivatives | X | X | X |
|  Futures Contract | X | X |  |
|  Model | X | X | X |
|  Commodity | X | X | X |
|  Equity | X | X | X |
|  Mortgage-Related and Other Asset Backed Securities | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X |
|  Real Estate | X | X | X |
|  Emerging Markets | X | X | X |
|  Sovereign Debt | X | X | X |
|  Currency | X | X | X |
|  Leveraging | X | X | X |
|  Smaller Company | X | X | X |
|  Issuer Non-Diversification | X | X |  |
|  Management | X | X | X |
|  Short Exposure | X | X | X |
|  Tax | X | X | X |
|  Subsidiary | X | X | X |
|  Value Investing | X | X | X |
|  Arbitrage |  |  | X |
|  Convertible Securities | X | X | X |
|  Exchange-Traded Fund | X | X | X |
|  Tracking Error | X | X | X |
|  Indexing | X | X | X |
|  Collateralized Loan Obligations |  |  | X |
|  LIBOR Transition | X | X | X |

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The following risks are principal risks of investing in a Fund.

Allocation Risk is the risk that a Fund could lose money 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 lose value by overweighting markets that subsequently experience significant declines.

Fund of Funds Risk is the risk that a Fund's performance is closely related to the risks associated with the securities and other investments

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

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Notes to Financial Statements (Cont.)

held by the Underlying PIMCO Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Underlying PIMCO Funds to achieve their investment objectives.

The following is a principal risk of investing in PIMCO All Asset All Authority Fund.

Leveraging Risk is the risk that certain transactions of the Fund, such as direct borrowing from banks, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate risks.

The following risks are principal risks of investing in PIMCO Global Core Asset Allocation Fund or a Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

Acquired Fund Risk is the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread risk as well as the risks of the underlying securities they hold. In addition, the Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

Market Trading Risk is the risk that an active secondary trading market for shares of a Fund or certain Underlying PIMCO Funds that are exchange-traded funds does not continue once developed, that such Fund or Underlying PIMCO Fund may not continue to meet a listing exchange's trading or listing requirements, that trading in such Fund's or Underlying PIMCO Fund's shares may be halted or become less liquid or that such Fund's or Underlying PIMCO Fund's shares trade at prices other than the Fund's or Underlying PIMCO Fund's net asset value, and are subject to trading costs, which may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress.

New Fund Risk is the risk that a new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Municipal Project-Specific Risk is the risk that an Underlying PIMCO Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Municipal Bond Risk is the risk that an Underlying PIMCO Fund may be affected significantly by the economic, regulatory 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 to pay interest or

repay principal.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest

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| **56** | **PIMCO ASSET ALLOCATION FUNDS** |

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payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a

central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

Model Risk is the risk that a Fund's or certain Underlying PIMCO Funds' investment models used in making investment allocation decisions, and the indexation or quantitative methodologies used in constructing an underlying index or model portfolio for an Underlying PIMCO Fund that seeks to track the investment results of such underlying index or model portfolio, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund or an Underlying PIMCO Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

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Notes to Financial Statements (Cont.)

particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, 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.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO or Research Affiliates, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO or Research Affiliates and the individual portfolio managers in connection with managing a Fund and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap

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agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each, a "Subsidiary") or in the Subsidiary, a Fund is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all of the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

Tracking Error Risk is the risk that the portfolio of a Fund or certain Underlying Funds that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. For example, a Fund or an Underlying PIMCO Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing a Fund's or an Underlying PIMCO Fund's portfolio to reflect changes in the composition of the underlying index. Performance of a Fund or an Underlying PIMCO Fund and the underlying index may vary due to asset valuation differences and differences between the Fund's or Underlying PIMCO Fund's portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance

of a Fund or an Underlying PIMCO Fund and the underlying index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund's or an Underlying PIMCO Fund's use of a representative sampling approach may cause the Fund or Underlying PIMCO Fund to be less correlated to the return of the underlying index than if the Fund or Underlying PIMCO Fund held all of the securities in the underlying index.

Indexing Risk is the risk that an Underlying PIMCO Fund that seeks to track the investment results of an underlying index is negatively affected by general declines in the asset classes represented by the underlying index.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

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Notes to Financial Statements (Cont.)

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund

seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as

the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

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Notes to Financial Statements (Cont.)

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
|  PIMCO All Asset Fund | 0.175%<sup>(1)</sup> | 0.05% | 0.15% | 0.25%<sup>(5)</sup> | 0.05% | 0.25% | 0.25% | 0.25% |
|  PIMCO All Asset All Authority Fund | 0.20%<sup>(2)</sup> | 0.05% | 0.15% | 0.25%<sup>(5)</sup> | 0.05% \* | 0.25% | 0.25% | N/A |
|  PIMCO Global Core Asset Allocation Fund | 0.90%<sup>(3)(4)</sup> | 0.05% | 0.15% | N/A | N/A | 0.25% | 0.25% | N/A |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory and Supervisory and Administrative Fees exceed 0.64% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years from the date of waiver, provided total expenses, including such recoupment, do not exceed the annual expense limit that was in place at the time the amount being recouped was originally waived and the current annual expense limit. 

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory and Supervisory and Administrative Fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years from the date of waiver, provided total expenses, including such recoupment, do not exceed the annual expense limit that was in place at the time the amount being recouped was originally waived and the current annual expense limit. 

<sup>(3)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive, first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by a Fund in connection with its investments in Underlying PIMCO Funds to the extent a Fund's Investment Advisory and Supervisory and Administrative Fees are greater than or equal to the Investment Advisory Fees and Supervisory and Administrative Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term. For purposes of the expense reduction described above, references to Underlying PIMCO Funds include funds of PIMCO ETF Trust. 

<sup>(4)</sup> PIMCO has contractually agreed to waive the Investment Advisory Fee and the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by the PIMCO Cayman Commodity Fund II Ltd. (the "GCAA Subsidiary"). This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the GCAA Subsidiary is in place. 

<sup>(5)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended March 31, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the

Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.75% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO All Asset Fund | 0.25% | 0.25% |

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| | |
|:---|:---|
| **62** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

March 31, 2025

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| | |
|:---|:---|
|  | **Distribution and/or Servicing Fee** |
|  **Administrative Class** | **Administrative Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity

Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
|  PIMCO All Asset All Authority Fund | 1 |

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---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses Underlying PIMCO Fund expenses incurred by the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, if any, will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of each Fund's assets.

Underlying PIMCO Fund expenses incurred by the PIMCO Global Core Asset Allocation Fund, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the PIMCO Global Core Asset Allocation Fund's assets.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

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Notes to Financial Statements (Cont.)

PIMCO has contractually agreed, through July 31, 2025, for the PIMCO All Asset Fund to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory, Supervisory and Administrative, and Management Fees (collectively, "Underlying PIMCO Fund Fees") exceed 0.64% of the total assets invested in Underlying PIMCO Funds. PIMCO has contractually agreed, through July 31, 2025, for the PIMCO All Asset All Authority, Fund to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Underlying PIMCO Fund Fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds. These waivers will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. In any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the advisory fee waived as set forth above (the "Asset Allocation Reimbursement Amount") during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any Underlying PIMCO Fund Fees exceed, for such month, the applicable expense limit; ii) exceed the total Asset Allocation Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring Within | Expiring Within | Expiring Within | Expiring Within |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36436 |
|  PIMCO All Asset All Authority Fund | 909 | 10 | 0 | 919 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

PIMCO has contractually agreed, through July 31, 2025, to waive first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fee it receives from the PIMCO Global Core Asset Allocation Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by the PIMCO Global Core Asset Allocation Fund in connection with its investments in Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term.

The waivers for the PIMCO Global Core Asset Allocation Fund are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $234,104.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the Funds below waived the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

GCAA Subsidiary has entered into a separate contract with PIMCO for the management of the GCAA Subsidiary's portfolio pursuant to which the GCAA Subsidiary pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive PIMCO Global Core Asset Allocation Fund's Investment Advisory Fee and the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the management fee and administrative services fee, respectively, paid by the GCAA 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 GCAA Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $54,856. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the GCAA Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in

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| | |
|:---|:---|
| **64** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

March 31, 2025

frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading

of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO All Asset Fund | $0 | $0 | $4746800 | $6584696 |
|  PIMCO All Asset All Authority Fund | 0 | 0 | 884871 | 1560842 |
|  PIMCO Global Core Asset Allocation Fund | 1017473 | 990633 | 563786 | 497582 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 108107 | $1200147 | 119874 | $1298683 | 4250 | $27567 | 31378 | $197502 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3866 | 43085 | 6904 | 75043 | 1907 | 12394 | 4507 | 28514 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 678 | 7583 | 2696 | 29543 | 37 | 244 | 23 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 722 | 8071 | 557 | 6022 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1880 | 20846 | 3581 | 38815 | 1209 | 7814 | 2396 | 15289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 103 | 1142 | 241 | 2584 | 71 | 455 | 176 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 237 | 2603 | 278 | 2972 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 54940 | 603999 | 40083 | 437352 | 3247 | 21041 | 5009 | 32266 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1575 | 17366 | 1291 | 14113 | 414 | 2686 | 529 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 131 | 1454 | 70 | 765 | 5 | 35 | 7 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 293 | 3224 | 192 | 2099 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2543 | 27957 | 1831 | 19983 | 763 | 4943 | 952 | 6137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 111 | 1214 | 80 | 872 | 25 | 164 | 38 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 168 | 1824 | 112 | 1211 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (307482) | (3420725) | (253851) | (2742751) | (68937) | (448156) | (101699) | (639418) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (16684) | (184907) | (17311) | (186665) | (7068) | (46024) | (11001) | (70132) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (2728) | (30485) | (490) | (5332) | (98) | (639) | (150) | (951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1211) | (13520) | (1566) | (16962) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (12107) | (134463) | (17195) | (186088) | (9854) | (64012) | (12087) | (76953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1046) | (11575) | (1308) | (14028) | (770) | (5011) | (1290) | (8186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (788) | (8656) | (642) | (6868) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (166692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1863816) | (114573) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1228637) | (74799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486499) | (81212) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510959) |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

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Notes to Financial Statements (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 | $80664 | 842 | $11100 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 127 | 1819 | 222 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 277 | 3964 | 174 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 39 | 550 | 39 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 142 | 2097 | 168 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 18 | 259 | 36 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 58 | 840 | 136 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1 | 13 | 4 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1633) | (23826) | (4509) | (56185) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (331) | (4771) | (423) | (5369) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (99) | (1341) | (195) | (2360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 3192 | $43111 | (4871) | $(60124) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO All Asset Fund | 1 | 0 | 21% | 0% |
|  PIMCO All Asset All Authority Fund | 1 | 0 | 42% | 0% |
|  PIMCO Global Core Asset Allocation Fund | 1 | 0 | 36% | 0% |

---

14. BASIS FOR CONSOLIDATION

GCAA Subsidiary, a Cayman Islands exempted company, was incorporated on November 21, 2008, as a wholly-owned Commodity Subsidiary (as defined below) acting as an investment vehicle for the PIMCO Global Core Asset Allocation Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the GCAA Subsidiary. The consolidated financial statements include the accounts of the Fund and the GCAA Subsidiary, if any. All inter-company

transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the GCAA Subsidiary, comprising the entire issued share capital of the GCAA Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the GCAA Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the GCAA Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the GCAA Subsidiary. The net assets of the GCAA Subsidiary as of period end represented 0.6% of the Fund's consolidated net assets.

---

| | |
|:---|:---|
| **66** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

March 31, 2025

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Funds, through the Underlying PIMCO Funds, may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options. The Underlying PIMCO Funds may also gain exposure indirectly to commodity markets by investing in a subsidiary ("Commodity Subsidiary") which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a "Fund", is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its

investments will be qualifying income. Based on the reasoning in such rulings, a Fund will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes and through investments in the Commodity Subsidiary.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

The IRS issued in September 2016 proposed regulations that would have generally treated a Fund's income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Fund is treated as qualifying dividends; and (iii) that income inclusion by a Fund of its Commodity Subsidiary's earnings would be treated as other qualifying income if derived with respect to a Fund's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Fund's investments in the Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its prospectus.

If, during a taxable year, the Commodity Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for income tax purposes. In the event the Commodity Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as ordinary income for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **67** |

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------

Notes to Financial Statements (Cont.) March 31, 2025

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO All Asset Fund | $19283 | $0 | $(270412) | $0 | $(3339002) | $0 | $0 | $(3590131) |
|  PIMCO All Asset All Authority Fund | 2386 | 0 | (38860) | 0 | (7045204) | 0 | 0 | (7081678) |
|  PIMCO Global Core Asset Allocation Fund | 0 | 0 | (3202) | 0 | (56353) | 0 | (598) | (60153) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, Controlled Foreign Corporation (CFC) Transactions, and interest accrued on defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO All Asset Fund | $1151165 | $2187837 |
|  PIMCO All Asset All Authority Fund | 1644675 | 5400529 |
|  PIMCO Global Core Asset Allocation Fund | 51944 | 4409 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO All Asset Fund | $11464138 | $411433 | $(682009) | $(270576) |
|  PIMCO All Asset All Authority Fund | 1438256 | 67398 | (106258) | (38860) |
|  PIMCO Global Core Asset Allocation Fund | 330052 | 8463 | (11628) | (3165) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, Controlled Foreign Corporation (CFC) Transactions, and interest accrued on defaulted securities. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO All Asset Fund | $717314 | $0 | $0 | $516023 | $0 | $0 |
|  PIMCO All Asset All Authority Fund | 32065 | 0 | 0 | 46369 | 0 | 883 |
|  PIMCO Global Core Asset Allocation Fund | 3750 | 0 | 0 | 5450 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **68** | **PIMCO ASSET ALLOCATION FUNDS** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO All Asset Fund, PIMCO All Asset All Authority Fund and PIMCO Global Core Asset Allocation Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations, of changes in net assets and, for the fund indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the fund indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the five years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

PIMCO All Asset Fund (1)

PIMCO All Asset All Authority Fund (2)

PIMCO Global Core Asset Allocation Fund (1)\*

(1) Statement of operations for the year ended March 31, 2025 and statement of changes in net assets for the years ended March 31, 2025 and 2024

(2) Statement of operations and statement of cash flows for the year ended March 31, 2025, and statement of changes in net assets for the years ended March 31, 2025 and 2024

\* The financial statements for PIMCO Global Core Asset Allocation Fund are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSS | Banco Santander S.A. | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | TOR | The Toronto-Dominion Bank |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PHP | Philippine Peso |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CLP | Chilean Peso | ILS | Israeli Shekel | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | THB | Thai Baht |
| COP | Colombian Peso | KRW | South Korean Won | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| EUR | Euro |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| FTSE | Financial Times Stock Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BOBL | Bundesobligation, the German word for federal government bond | FEDL01 | Federal funds effective rate | NDUEACWF | MSCI ACWI Index Future |
| BRENT | Brent Crude | IBR | Indicador Bancario de Referencia | OMX | Stockholm 30 Index |
| CAONREPO | Canadian Overnight Repo Rate Average | JPACWILV | J.P. Morgan Custom Equity Index | SIBCSORA | Singapore Overnight Rate Average |
| CDX.IG | Credit Derivatives Index - Investment Grade | MLPIPOWR | Bank of America Custom Equity Index | SOFR | Secured Overnight Financing Rate |
| CMBX | Commercial Mortgage-Backed Index | MLPIREIL | Merrill Lynch Custom Equity Index | SONIO | Sterling Overnight Interbank Average Rate |
| CNREPOFIX | China Fixing Repo Rates 7-Day | MLPIREIS | Merrill Lynch Custom Equity Index | SPI 200 | Australian Equity Futures Index |
| CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | MUTKCALM | Tokyo Overnight Average Rate | TOPIX | Tokyo Price Index |
| DWRTFT | Dow Jones Wilshire REIT Total Return Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | KLIBOR | Kuala Lumpur Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | KORIBOR | Korea Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | SP - ADR | Sponsored American Depositary Receipt |
| BRL-CDI | Brazil Interbank Deposit Rate | MIBOR | Mumbai Interbank Offered Rate | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MSCI | Morgan Stanley Capital International | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| CHILIBOR | Chile Interbank Offered Rate | OAT | Obligations Assimilables du Trésor | THOR | Thai Overnight Baht Repurchase Rate |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| DAC | Designated Activity Company | oz. | Ounce | WIBOR | Warsaw Interbank Offered Rate |
| EURIBOR | Euro Interbank Offered Rate | PIK | Payment-in-Kind | WTI | West Texas Intermediate |
| JIBAR | Johannesburg Interbank Agreed Rate |  |  |  |  |

---

---

| | |
|:---|:---|
| **70** | **PIMCO ASSET ALLOCATION FUNDS** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2270 | $0.0000 | $0.0000 | $0.2270 |
|  March 2025 | $0.1437 | $0.0000 | $0.0000 | $0.1437 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2236 | $0.0000 | $0.0000 | $0.2236 |
|  March 2025 | $0.1412 | $0.0000 | $0.0000 | $0.1412 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2190 | $0.0000 | $0.0000 | $0.2190 |
|  March 2025 | $0.1397 | $0.0000 | $0.0000 | $0.1397 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2185 | $0.0000 | $0.0000 | $0.2185 |
|  March 2025 | $0.1379 | $0.0000 | $0.0000 | $0.1379 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2117 | $0.0000 | $0.0000 | $0.2117 |
|  March 2025 | $0.1331 | $0.0000 | $0.0000 | $0.1331 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.1853 | $0.0000 | $0.0000 | $0.1853 |
|  March 2025 | $0.1151 | $0.0000 | $0.0000 | $0.1151 |
| Class R | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2024 | $0.2038 | $0.0000 | $0.0000 | $0.2038 |
|  March 2025 | $0.1277 | $0.0000 | $0.0000 | $0.1277 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

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Distribution Information (Cont.) (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0523 | $0.0000 | $0.0000 | $0.0523 |
|  March 2025 | $0.0725 | $0.0000 | $0.0000 | $0.0725 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0503 | $0.0000 | $0.0000 | $0.0503 |
|  March 2025 | $0.0712 | $0.0000 | $0.0000 | $0.0712 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0494 | $0.0000 | $0.0000 | $0.0494 |
|  March 2025 | $0.0704 | $0.0000 | $0.0000 | $0.0704 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0433 | $0.0000 | $0.0000 | $0.0433 |
|  March 2025 | $0.0663 | $0.0000 | $0.0000 | $0.0663 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  March 2025 | $0.0553 | $0.0000 | $0.0000 | $0.0553 |
|  **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1078 | $0.0000 | $0.0000 | $0.1078 |
|  March 2025 | $0.0192 | $0.0000 | $0.0895 | $0.1087 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0970 | $0.0000 | $0.0000 | $0.0970 |
|  March 2025 | $0.0186 | $0.0000 | $0.0869 | $0.1055 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0586 | $0.0000 | $0.0000 | $0.0586 |
|  March 2025 | $0.0166 | $0.0000 | $0.0778 | $0.0944 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  March 2025 | $0.0126 | $0.0000 | $0.0589 | $0.0715 |

---

\* 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. 

---

| | |
|:---|:---|
| **72** | **PIMCO ASSET ALLOCATION FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO All Asset Fund | 0.00% | 1.98% | $135 | $0 |
|  PIMCO All Asset All Authority Fund | 0.00% | 4.60% | 71 | 0 |
|  PIMCO Global Core Asset Allocation Fund | 3.53% | 3.51% | 1947 | 0 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **74** | **PIMCO ASSET ALLOCATION FUNDS** |

---

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **76** | **PIMCO ASSET ALLOCATION FUNDS** |

---

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive,

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g815757g75h91.jpg)

PIMSAALLOCFSTMAR_033125

------

![LOGO](g875140g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Tax-Efficient Strategy Funds**

PIMCO California Intermediate Municipal Bond Fund

PIMCO California Municipal Bond Fund

PIMCO California Short Duration Municipal Income Fund

PIMCO High Yield Municipal Bond Fund

PIMCO Municipal Bond Fund

PIMCO National Intermediate Municipal Bond Fund

PIMCO New York Municipal Bond Fund

PIMCO Short Duration Municipal Income Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx875140_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx875140_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx875140_3) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx875140_4) | 18 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx875140_5) | 20 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx875140_6) | 74 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx875140_7) | 90 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx875140_8) | 96 |
| &nbsp;&nbsp; [Glossary](#tx875140_9) | 97 |
| &nbsp;&nbsp; [Distribution Information](#tx875140_10) | 98 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx875140_11) | 105 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx875140_12) | 106 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx875140_13) | 107 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx875140_14) | 108 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO California Intermediate Municipal Bond Fund](#tx875140_15) | 22 |
| &nbsp;&nbsp; [PIMCO California Municipal Bond Fund](#tx875140_16) | 25 |
| &nbsp;&nbsp; [PIMCO California Short Duration Municipal Income Fund](#tx875140_17) | 30 |
| &nbsp;&nbsp; [PIMCO High Yield Municipal Bond Fund](#tx875140_18) | 33 |
| &nbsp;&nbsp; [PIMCO Municipal Bond Fund](#tx875140_19) | 46 |
| &nbsp;&nbsp; [PIMCO National Intermediate Municipal Bond Fund](#tx875140_20) | 57 |
| &nbsp;&nbsp; [PIMCO New York Municipal Bond Fund](#tx875140_21) | 65 |
| &nbsp;&nbsp; [PIMCO Short Duration Municipal Income Fund](#tx875140_22) | 70 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. 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

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| | |
|:---|:---|
| **2** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in

connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Class A | Class C | Class C-2 | Diversification<br>Status |
|  PIMCO California Intermediate Municipal Bond Fund | 08/31/99 | 08/31/99 | 04/30/08 |  | 10/19/99 | 08/31/09 |  | Diversified |
|  PIMCO California Municipal Bond Fund | 05/31/12 | 05/31/12 | 05/31/12 |  | 05/31/12 | 05/31/12 |  | Diversified |
|  PIMCO California Short Duration Municipal Income Fund | 08/31/06 | 08/31/06 | 05/30/08 |  | 08/31/06 |  |  | Diversified |
|  PIMCO High Yield Municipal Bond Fund | 07/31/06 | 07/31/06 | 04/30/08 | 07/30/21 | 07/31/06 | 12/29/06 |  | Diversified |
|  PIMCO Municipal Bond Fund | 12/31/97 | 12/31/97 | 04/30/08 | 07/30/21 | 04/01/98 | 04/01/98 |  | Diversified |
|  PIMCO National Intermediate Municipal Bond Fund | 05/31/12 | 05/31/12 | 05/31/12 |  | 05/31/12 | 05/31/12 |  | Diversified |
|  PIMCO New York Municipal Bond Fund | 08/31/99 | 08/31/99 | 11/19/10 | 07/30/21 | 10/19/99 | 08/31/09 |  | Non-Diversified |
|  PIMCO Short Duration Municipal Income Fund | 08/31/99 | 08/31/99 | 04/30/08 | 07/30/21 | 03/28/02 | 03/28/02 | 10/21/20 | Diversified |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website

at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Intermediate Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.41 | $0.32 | $(0.15) | $0.17 | $(0.32) | $0.00 | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.28 | 0.08 | 0.36 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.24 | (0.15) | 0.09 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.15 | (0.61) | (0.46) | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.21 | 0.25 | 0.46 | (0.21) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.31 | (0.15) | 0.16 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.28 | 0.07 | 0.35 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.23 | (0.15) | 0.08 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.14 | (0.61) | (0.47) | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.20 | 0.25 | 0.45 | (0.20) | 0.00 | (0.20) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.29 | (0.15) | 0.14 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.25 | 0.08 | 0.33 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.21 | (0.15) | 0.06 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.12 | (0.62) | (0.50) | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.18 | 0.25 | 0.43 | (0.18) | 0.00 | (0.18) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.22 | (0.15) | 0.07 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.18 | 0.08 | 0.26 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.14 | (0.15) | (0.01) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.05 | (0.62) | (0.57) | (0.05) | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.85 | 0.10 | 0.25 | 0.35 | (0.10) | 0.00 | (0.10) |
|  **PIMCO California Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.74 | $0.39 | $(0.18) | $0.21 | $(0.39) | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.39 | 0.22 | 0.61 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.32 | (0.47) | (0.15) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.22 | (0.68) | (0.46) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.22 | 0.48 | 0.70 | (0.22) | 0.00 | (0.22) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.38 | (0.18) | 0.20 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.38 | 0.22 | 0.60 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.31 | (0.47) | (0.16) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.20 | (0.68) | (0.48) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.20 | 0.49 | 0.69 | (0.21) | 0.00 | (0.21) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.35 | (0.18) | 0.17 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.35 | 0.23 | 0.58 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.28 | (0.47) | (0.19) | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.18 | (0.69) | (0.51) | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.18 | 0.48 | 0.66 | (0.18) | 0.00 | (0.18) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.27 | (0.18) | 0.09 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.27 | 0.23 | 0.50 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.20 | (0.47) | (0.27) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.09 | (0.68) | (0.59) | (0.08) | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.17 | 0.09 | 0.49 | 0.58 | (0.10) | 0.00 | (0.10) |
|  **PIMCO California Short Duration Municipal Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.63 | $0.28 | $(0.01) | $0.27 | $(0.28) | $0.00 | $(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.25 | 0.02 | 0.27 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.18 | (0.04) | 0.14 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.10 | (0.31) | (0.21) | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.84 | 0.11 | 0.12 | 0.23 | (0.11) | 0.00 | (0.11) |

---

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| | | |
|:---|:---|:---|
| **6** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $9.26 | 1.81% | $121901 | 0.445% | 0.445% | 0.445% | 0.445% | 3.42% | 58% |
| 9.41 | 3.97 | 126420 | 0.445 | 0.445 | 0.445 | 0.445 | 3.09 | 25 |
| 9.33 | 0.98 | 84144 | 0.455 | 0.455 | 0.445 | 0.445 | 2.57 | 69 |
| 9.48 | (4.66) | 142651 | 0.445 | 0.445 | 0.445 | 0.445 | 1.52 | 36 |
| 10.10 | 4.70 | 119694 | 0.445 | 0.445 | 0.445 | 0.445 | 2.07 | 22 |
| 9.26 | 1.71 | 25420 | 0.545 | 0.545 | 0.545 | 0.545 | 3.32 | 58 |
| 9.41 | 3.86 | 21662 | 0.545 | 0.545 | 0.545 | 0.545 | 3.00 | 25 |
| 9.33 | 0.87 | 13596 | 0.555 | 0.555 | 0.545 | 0.545 | 2.46 | 69 |
| 9.48 | (4.75) | 18742 | 0.545 | 0.545 | 0.545 | 0.545 | 1.43 | 36 |
| 10.10 | 4.59 | 20571 | 0.545 | 0.545 | 0.545 | 0.545 | 1.98 | 22 |
| 9.26 | 1.47 | 47751 | 0.775 | 0.775 | 0.775 | 0.775 | 3.09 | 58 |
| 9.41 | 3.63 | 40582 | 0.775 | 0.775 | 0.775 | 0.775 | 2.75 | 25 |
| 9.33 | 0.64 | 42848 | 0.785 | 0.785 | 0.775 | 0.775 | 2.22 | 69 |
| 9.48 | (4.97) | 55743 | 0.775 | 0.775 | 0.775 | 0.775 | 1.20 | 36 |
| 10.10 | 4.35 | 77522 | 0.775 | 0.775 | 0.775 | 0.775 | 1.75 | 22 |
| 9.26 | 0.72 | 2801 | 1.525 | 1.525 | 1.525 | 1.525 | 2.34 | 58 |
| 9.41 | 2.86 | 2678 | 1.525 | 1.525 | 1.525 | 1.525 | 1.99 | 25 |
| 9.33 | (0.11) | 3839 | 1.535 | 1.535 | 1.525 | 1.525 | 1.50 | 69 |
| 9.48 | (5.69) | 3771 | 1.525 | 1.525 | 1.525 | 1.525 | 0.45 | 36 |
| 10.10 | 3.57 | 5612 | 1.525 | 1.525 | 1.525 | 1.525 | 1.00 | 22 |
| $10.56 | 1.95% | $148837 | 0.44% | 0.44% | 0.44% | 0.44% | 3.59% | 24% |
| 10.74 | 6.00 | 55833 | 0.44 | 0.44 | 0.44 | 0.44 | 3.72 | 37 |
| 10.51 | (1.30) | 47877 | 0.45 | 0.45 | 0.44 | 0.44 | 3.05 | 78 |
| 10.98 | (4.08) | 45274 | 0.44 | 0.44 | 0.44 | 0.44 | 1.85 | 31 |
| 11.65 | 6.34 | 43961 | 0.44 | 0.44 | 0.44 | 0.44 | 1.87 | 27 |
| 10.56 | 1.85 | 74147 | 0.54 | 0.54 | 0.54 | 0.54 | 3.52 | 24 |
| 10.74 | 5.90 | 51383 | 0.54 | 0.54 | 0.54 | 0.54 | 3.65 | 37 |
| 10.51 | (1.40) | 27685 | 0.55 | 0.55 | 0.54 | 0.54 | 2.98 | 78 |
| 10.98 | (4.18) | 22215 | 0.54 | 0.54 | 0.54 | 0.54 | 1.75 | 31 |
| 11.65 | 6.24 | 21952 | 0.54 | 0.54 | 0.54 | 0.54 | 1.73 | 27 |
| 10.56 | 1.60 | 110269 | 0.79 | 0.79 | 0.79 | 0.79 | 3.26 | 24 |
| 10.74 | 5.63 | 61640 | 0.79 | 0.79 | 0.79 | 0.79 | 3.38 | 37 |
| 10.51 | (1.65) | 45226 | 0.80 | 0.80 | 0.79 | 0.79 | 2.70 | 78 |
| 10.98 | (4.42) | 44434 | 0.79 | 0.79 | 0.79 | 0.79 | 1.50 | 31 |
| 11.65 | 5.97 | 47504 | 0.79 | 0.79 | 0.79 | 0.79 | 1.54 | 27 |
| 10.56 | 0.84 | 2427 | 1.54 | 1.54 | 1.54 | 1.54 | 2.53 | 24 |
| 10.74 | 4.85 | 2702 | 1.54 | 1.54 | 1.54 | 1.54 | 2.63 | 37 |
| 10.51 | (2.39) | 2104 | 1.55 | 1.55 | 1.54 | 1.54 | 1.90 | 78 |
| 10.98 | (5.14) | 2895 | 1.54 | 1.54 | 1.54 | 1.54 | 0.76 | 31 |
| 11.65 | 5.18 | 2797 | 1.54 | 1.54 | 1.54 | 1.54 | 0.79 | 27 |
| $9.62 | 2.83% | $102684 | 0.33% | 0.33% | 0.33% | 0.33% | 2.90% | 47% |
| 9.63 | 2.87 | 83368 | 0.33 | 0.33 | 0.33 | 0.33 | 2.60 | 23 |
| 9.61 | 1.44 | 129990 | 0.33 | 0.33 | 0.33 | 0.33 | 1.85 | 57 |
| 9.65 | (2.09) | 102037 | 0.33 | 0.33 | 0.33 | 0.33 | 0.98 | 53 |
| 9.96 | 2.39 | 106925 | 0.33 | 0.33 | 0.33 | 0.33 | 1.13 | 44 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Short Duration Municipal Income Fund (Cont.)** |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.63 | $0.27 | $(0.01) | $0.26 | $(0.27) | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.24 | 0.02 | 0.26 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.17 | (0.04) | 0.13 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.09 | (0.31) | (0.22) | (0.09) | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.84 | 0.10 | 0.12 | 0.22 | (0.10) | 0.00 | (0.10) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.24 | (0.01) | 0.23 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.21 | 0.02 | 0.23 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.13 | (0.03) | 0.10 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.06 | (0.31) | (0.25) | (0.06) | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.84 | 0.07 | 0.12 | 0.19 | (0.07) | 0.00 | (0.07) |
|  **PIMCO High Yield Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.50 | $0.38 | $(0.10) | $0.28 | $(0.38) | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.40 | 0.21 | 0.61 | (0.40) | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.38 | (0.77) | (0.39) | (0.38) | (0.01) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.32 | (0.53) | (0.21) | (0.31) | (0.08) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.28 | 0.69 | 0.97 | (0.28) | (0.05) | (0.33) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.37 | (0.10) | 0.27 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.39 | 0.21 | 0.60 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.37 | (0.77) | (0.40) | (0.37) | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.31 | (0.53) | (0.22) | (0.30) | (0.08) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.27 | 0.69 | 0.96 | (0.27) | (0.05) | (0.32) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.37 | (0.10) | 0.27 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.39 | 0.21 | 0.60 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.38 | (0.78) | (0.40) | (0.37) | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021-03/31/2022 | 10.05 | 0.25 | (0.95) | (0.70) | (0.20) | (0.08) | (0.28) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.36 | (0.11) | 0.25 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.38 | 0.20 | 0.58 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.35 | (0.77) | (0.42) | (0.35) | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.29 | (0.53) | (0.24) | (0.28) | (0.08) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.25 | 0.69 | 0.94 | (0.25) | (0.05) | (0.30) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.29 | (0.10) | 0.19 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.31 | 0.21 | 0.52 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.29 | (0.77) | (0.48) | (0.29) | (0.01) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.22 | (0.54) | (0.32) | (0.20) | (0.08) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.18 | 0.69 | 0.87 | (0.18) | (0.05) | (0.23) |
|  **PIMCO Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.47 | $0.38 | $(0.18) | $0.20 | $(0.37) | $0.00 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.37 | 0.21 | 0.58 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.50) | (0.19) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.23 | (0.63) | (0.40) | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.24 | 0.43 | 0.67 | (0.24) | 0.00 | (0.24) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.37 | (0.18) | 0.19 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.36 | 0.21 | 0.57 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.51) | (0.20) | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.22 | (0.63) | (0.41) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.23 | 0.43 | 0.66 | (0.23) | 0.00 | (0.23) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $9.62 | 2.73% | $20131 | 0.43% | 0.43% | 0.43% | 0.43% | 2.81% | 47% |
| 9.63 | 2.77 | 19955 | 0.43 | 0.43 | 0.43 | 0.43 | 2.50 | 23 |
| 9.61 | 1.34 | 31976 | 0.43 | 0.43 | 0.43 | 0.43 | 1.74 | 57 |
| 9.65 | (2.18) | 27684 | 0.43 | 0.43 | 0.43 | 0.43 | 0.89 | 53 |
| 9.96 | 2.28 | 17686 | 0.43 | 0.43 | 0.43 | 0.43 | 1.03 | 44 |
| 9.62 | 2.42 | 17091 | 0.73 | 0.73 | 0.73 | 0.73 | 2.51 | 47 |
| 9.63 | 2.47 | 19310 | 0.73 | 0.73 | 0.73 | 0.73 | 2.22 | 23 |
| 9.61 | 1.03 | 20070 | 0.73 | 0.73 | 0.73 | 0.73 | 1.40 | 57 |
| 9.65 | (2.48) | 24755 | 0.73 | 0.73 | 0.73 | 0.73 | 0.59 | 53 |
| 9.96 | 1.98 | 37831 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 44 |
| $8.40 | 3.31% | $2517725 | 0.55% | 0.55% | 0.55% | 0.55% | 4.48% | 21% |
| 8.50 | 7.59 | 1916467 | 0.56 | 0.56 | 0.55 | 0.55 | 4.86 | 34 |
| 8.29 | (4.22) | 1298587 | 0.60 | 0.60 | 0.55 | 0.55 | 4.51 | 72 |
| 9.07 | (2.39) | 1290792 | 0.57 | 0.57 | 0.55 | 0.55 | 3.28 | 34 |
| 9.67 | 10.90 | 1490516 | 0.57 | 0.57 | 0.55 | 0.55 | 2.92 | 39 |
| 8.40 | 3.21 | 1530534 | 0.65 | 0.65 | 0.65 | 0.65 | 4.39 | 21 |
| 8.50 | 7.48 | 1204853 | 0.66 | 0.66 | 0.65 | 0.65 | 4.76 | 34 |
| 8.29 | (4.32) | 594074 | 0.70 | 0.70 | 0.65 | 0.65 | 4.38 | 72 |
| 9.07 | (2.49) | 601652 | 0.67 | 0.67 | 0.65 | 0.65 | 3.20 | 34 |
| 9.67 | 10.79 | 610083 | 0.67 | 0.67 | 0.65 | 0.65 | 2.86 | 39 |
| 8.40 | 3.16 | 74339 | 0.70 | 0.75 | 0.70 | 0.75 | 4.32 | 21 |
| 8.50 | 7.43 | 46414 | 0.71 | 0.76 | 0.70 | 0.75 | 4.72 | 34 |
| 8.29 | (4.36) | 16569 | 0.75 | 0.80 | 0.70 | 0.75 | 4.56 | 72 |
| 9.07 | (7.06) | 905 | 0.72 \* | 0.77 \* | 0.70 \* | 0.75 \* | 3.99 | 34 |
| 8.40 | 3.00 | 1384873 | 0.85 | 0.85 | 0.85 | 0.85 | 4.18 | 21 |
| 8.50 | 7.27 | 983868 | 0.86 | 0.86 | 0.85 | 0.85 | 4.56 | 34 |
| 8.29 | (4.51) | 736046 | 0.90 | 0.90 | 0.85 | 0.85 | 4.17 | 72 |
| 9.07 | (2.69) | 838154 | 0.87 | 0.87 | 0.85 | 0.85 | 2.99 | 34 |
| 9.67 | 10.57 | 912461 | 0.87 | 0.87 | 0.85 | 0.85 | 2.69 | 39 |
| 8.40 | 2.24 | 60176 | 1.60 | 1.60 | 1.60 | 1.60 | 3.45 | 21 |
| 8.50 | 6.48 | 57503 | 1.61 | 1.61 | 1.60 | 1.60 | 3.81 | 34 |
| 8.29 | (5.23) | 49975 | 1.65 | 1.65 | 1.60 | 1.60 | 3.41 | 72 |
| 9.07 | (3.42) | 59579 | 1.62 | 1.62 | 1.60 | 1.60 | 2.23 | 34 |
| 9.67 | 9.75 | 69741 | 1.62 | 1.62 | 1.60 | 1.60 | 1.97 | 39 |
| $9.30 | 2.15% | $1416452 | 0.44% | 0.44% | 0.44% | 0.44% | 3.97% | 25% |
| 9.47 | 6.38 | 1095605 | 0.44 | 0.44 | 0.44 | 0.44 | 4.00 | 59 |
| 9.26 | (1.88) | 659435 | 0.47 | 0.47 | 0.44 | 0.44 | 3.35 | 85 |
| 9.76 | (3.93) | 736281 | 0.45 | 0.45 | 0.44 | 0.44 | 2.17 | 41 |
| 10.38 | 6.78 | 537075 | 0.46 | 0.46 | 0.44 | 0.44 | 2.31 | 37 |
| 9.30 | 2.05 | 1556885 | 0.54 | 0.54 | 0.54 | 0.54 | 3.86 | 25 |
| 9.47 | 6.27 | 833426 | 0.54 | 0.54 | 0.54 | 0.54 | 3.89 | 59 |
| 9.26 | (1.98) | 695029 | 0.57 | 0.57 | 0.54 | 0.54 | 3.29 | 85 |
| 9.76 | (4.02) | 516234 | 0.55 | 0.55 | 0.54 | 0.54 | 2.07 | 41 |
| 10.38 | 6.68 | 492831 | 0.56 | 0.56 | 0.54 | 0.54 | 2.21 | 37 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO Municipal Bond Fund (Cont.)** |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.47 | $0.36 | $(0.17) | $0.19 | $(0.36) | $0.00 | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.37 | 0.19 | 0.56 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.51) | (0.20) | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021-03/31/2022 | 10.64 | 0.16 | (0.90) | (0.74) | (0.14) | 0.00 | (0.14) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.35 | (0.18) | 0.17 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.34 | 0.21 | 0.55 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.28 | (0.50) | (0.22) | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.19 | (0.62) | (0.43) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.20 | 0.44 | 0.64 | (0.21) | 0.00 | (0.21) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.30 | (0.17) | 0.13 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.29 | 0.21 | 0.50 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.24 | (0.51) | (0.27) | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.14 | (0.62) | (0.48) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.95 | 0.16 | 0.43 | 0.59 | (0.16) | 0.00 | (0.16) |
|  **PIMCO National Intermediate Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.40 | $0.38 | $(0.18) | $0.20 | $(0.38) | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.36 | 0.13 | 0.49 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.29 | (0.11) | 0.18 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.21 | (0.65) | (0.44) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.22 | 0.40 | 0.62 | (0.22) | 0.00 | (0.22) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.36 | (0.17) | 0.19 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.36 | 0.12 | 0.48 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.26 | (0.09) | 0.17 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.20 | (0.65) | (0.45) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.21 | 0.40 | 0.61 | (0.21) | 0.00 | (0.21) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.34 | (0.18) | 0.16 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.33 | 0.13 | 0.46 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.24 | (0.10) | 0.14 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.17 | (0.65) | (0.48) | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.18 | 0.40 | 0.58 | (0.18) | 0.00 | (0.18) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.29 | (0.18) | 0.11 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.28 | 0.13 | 0.41 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.19 | (0.10) | 0.09 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.12 | (0.65) | (0.53) | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.61 | 0.13 | 0.40 | 0.53 | (0.13) | 0.00 | (0.13) |
|  **PIMCO New York Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.85 | $0.39 | $(0.24) | $0.15 | $(0.39) | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.39 | 0.16 | 0.55 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.32 | (0.42) | (0.10) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.23 | (0.64) | (0.41) | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.23 | 0.34 | 0.57 | (0.23) | 0.00 | (0.23) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.38 | (0.24) | 0.14 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.38 | 0.16 | 0.54 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.32 | (0.43) | (0.11) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.22 | (0.65) | (0.43) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.22 | 0.34 | 0.56 | (0.22) | 0.00 | (0.22) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.37 | (0.24) | 0.13 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.38 | 0.15 | 0.53 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.34 | (0.45) | (0.11) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021-03/31/2022 | 12.03 | 0.16 | (0.94) | (0.78) | (0.14) | 0.00 | (0.14) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $9.30 | 2.00% | $26800 | 0.59% | 0.64% | 0.59% | 0.64% | 3.79% | 25% |
| 9.47 | 6.22 | 9865 | 0.59 | 0.64 | 0.59 | 0.64 | 3.94 | 59 |
| 9.26 | (2.03) | 1643 | 0.62 | 0.67 | 0.59 | 0.64 | 3.37 | 85 |
| 9.76 | (7.00) | 535 | 0.60 \* | 0.65 \* | 0.59 \* | 0.64 \* | 2.47 \* | 41 |
| 9.30 | 1.83 | 785436 | 0.75 | 0.75 | 0.75 | 0.75 | 3.66 | 25 |
| 9.47 | 6.05 | 645072 | 0.75 | 0.75 | 0.75 | 0.75 | 3.67 | 59 |
| 9.26 | (2.19) | 541571 | 0.78 | 0.78 | 0.75 | 0.75 | 3.04 | 85 |
| 9.76 | (4.23) | 637217 | 0.76 | 0.76 | 0.75 | 0.75 | 1.84 | 41 |
| 10.38 | 6.45 | 913874 | 0.77 | 0.77 | 0.75 | 0.75 | 1.98 | 37 |
| 9.30 | 1.33 | 31606 | 1.25 | 1.25 | 1.25 | 1.25 | 3.17 | 25 |
| 9.47 | 5.53 | 29913 | 1.25 | 1.25 | 1.25 | 1.25 | 3.17 | 59 |
| 9.26 | (2.68) | 30867 | 1.28 | 1.28 | 1.25 | 1.25 | 2.53 | 85 |
| 9.76 | (4.70) | 37528 | 1.26 | 1.26 | 1.25 | 1.25 | 1.35 | 41 |
| 10.38 | 5.92 | 46906 | 1.27 | 1.27 | 1.25 | 1.25 | 1.52 | 37 |
| $10.22 | 1.90% | $628265 | 0.45% | 0.45% | 0.45% | 0.45% | 3.63% | 20% |
| 10.40 | 4.91 | 441816 | 0.45 | 0.45 | 0.45 | 0.45 | 3.57 | 47 |
| 10.27 | 1.81 | 332824 | 0.45 | 0.45 | 0.45 | 0.45 | 2.89 | 68 |
| 10.36 | (4.06) | 89322 | 0.45 | 0.45 | 0.45 | 0.45 | 1.91 | 27 |
| 11.01 | 5.89 | 88749 | 0.45 | 0.45 | 0.45 | 0.45 | 2.03 | 18 |
| 10.22 | 1.80 | 176827 | 0.55 | 0.55 | 0.55 | 0.55 | 3.51 | 20 |
| 10.40 | 4.81 | 99845 | 0.55 | 0.55 | 0.55 | 0.55 | 3.49 | 47 |
| 10.27 | 1.70 | 48769 | 0.55 | 0.55 | 0.55 | 0.55 | 2.58 | 68 |
| 10.36 | (4.16) | 40567 | 0.55 | 0.55 | 0.55 | 0.55 | 1.81 | 27 |
| 11.01 | 5.78 | 49769 | 0.55 | 0.55 | 0.55 | 0.55 | 1.92 | 18 |
| 10.22 | 1.55 | 118602 | 0.80 | 0.80 | 0.80 | 0.80 | 3.28 | 20 |
| 10.40 | 4.55 | 92710 | 0.80 | 0.80 | 0.80 | 0.80 | 3.22 | 47 |
| 10.27 | 1.45 | 64286 | 0.80 | 0.80 | 0.80 | 0.80 | 2.35 | 68 |
| 10.36 | (4.40) | 51778 | 0.80 | 0.80 | 0.80 | 0.80 | 1.57 | 27 |
| 11.01 | 5.52 | 47294 | 0.80 | 0.80 | 0.80 | 0.80 | 1.68 | 18 |
| 10.22 | 1.04 | 4773 | 1.30 | 1.30 | 1.30 | 1.30 | 2.79 | 20 |
| 10.40 | 4.03 | 5009 | 1.30 | 1.30 | 1.30 | 1.30 | 2.74 | 47 |
| 10.27 | 0.94 | 2656 | 1.30 | 1.30 | 1.30 | 1.30 | 1.87 | 68 |
| 10.36 | (4.87) | 2237 | 1.30 | 1.30 | 1.30 | 1.30 | 1.06 | 27 |
| 11.01 | 4.99 | 2369 | 1.30 | 1.30 | 1.30 | 1.30 | 1.19 | 18 |
| $10.61 | 1.34% | $290696 | 0.445% | 0.445% | 0.445% | 0.445% | 3.57% | 14% |
| 10.85 | 5.25 | 235716 | 0.445 | 0.445 | 0.445 | 0.445 | 3.69 | 18 |
| 10.69 | (0.78) | 142333 | 0.455 | 0.455 | 0.445 | 0.445 | 3.03 | 64 |
| 11.11 | (3.62) | 190751 | 0.445 | 0.445 | 0.445 | 0.445 | 1.95 | 23 |
| 11.75 | 5.08 | 181033 | 0.445 | 0.445 | 0.445 | 0.445 | 2.01 | 31 |
| 10.61 | 1.24 | 149839 | 0.545 | 0.545 | 0.545 | 0.545 | 3.47 | 14 |
| 10.85 | 5.14 | 108170 | 0.545 | 0.545 | 0.545 | 0.545 | 3.59 | 18 |
| 10.69 | (0.88) | 69923 | 0.555 | 0.555 | 0.545 | 0.545 | 2.97 | 64 |
| 11.11 | (3.71) | 72230 | 0.545 | 0.545 | 0.545 | 0.545 | 1.84 | 23 |
| 11.75 | 4.97 | 73929 | 0.545 | 0.545 | 0.545 | 0.545 | 1.91 | 31 |
| 10.61 | 1.19 | 1554 | 0.595 | 0.645 | 0.595 | 0.645 | 3.41 | 14 |
| 10.85 | 5.09 | 1183 | 0.595 | 0.645 | 0.595 | 0.645 | 3.54 | 18 |
| 10.69 | (0.93) | 577 | 0.605 | 0.655 | 0.595 | 0.645 | 3.15 | 64 |
| 11.11 | (6.54) | 117 | 0.595 \* | 0.645 \* | 0.595 \* | 0.645 \* | 2.10 \* | 23 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO New York Municipal Bond Fund (Cont.)** |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.85 | $0.35 | $(0.24) | $0.11 | $(0.35) | $0.00 | $(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.35 | 0.16 | 0.51 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.29 | (0.42) | (0.13) | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.19 | (0.64) | (0.45) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.20 | 0.34 | 0.54 | (0.20) | 0.00 | (0.20) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.27 | (0.24) | 0.03 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.27 | 0.16 | 0.43 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.21 | (0.42) | (0.21) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.10 | (0.64) | (0.54) | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.41 | 0.11 | 0.34 | 0.45 | (0.11) | 0.00 | (0.11) |
|  **PIMCO Short Duration Municipal Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.30 | $0.28 | $(0.01) | $0.27 | $(0.28) | $0.00 | $(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.26 | 0.03 | 0.29 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.17 | (0.06) | 0.11 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.09 | (0.25) | (0.16) | (0.09) | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.11 | 0.17 | 0.28 | (0.11) | 0.00 | (0.11) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.27 | (0.01) | 0.26 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.25 | 0.03 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.16 | (0.06) | 0.10 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.08 | (0.25) | (0.17) | (0.08) | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.10 | 0.17 | 0.27 | (0.10) | 0.00 | (0.10) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.26 | (0.01) | 0.25 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.26 | 0.02 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.17 | (0.07) | 0.10 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021-03/31/2022 | 8.61 | 0.05 | (0.28) | (0.23) | (0.05) | 0.00 | (0.05) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.24 | (0.01) | 0.23 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.22 | 0.03 | 0.25 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.13 | (0.05) | 0.08 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.05 | (0.25) | (0.20) | (0.05) | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.07 | 0.18 | 0.25 | (0.08) | 0.00 | (0.08) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.22 | (0.01) | 0.21 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.20 | 0.03 | 0.23 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.11 | (0.06) | 0.05 | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.03 | (0.25) | (0.22) | (0.03) | 0.00 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.41 | 0.05 | 0.17 | 0.22 | (0.05) | 0.00 | (0.05) |
| Class C-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.20 | (0.01) | 0.19 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.18 | 0.03 | 0.21 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.09 | (0.05) | 0.04 | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.01 | (0.25) | (0.24) | (0.01) | 0.00 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2020-03/31/2021 | 8.55 | 0.01 | 0.03 | 0.04 | (0.01) | 0.00 | (0.01) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $10.61 | 1.01% | $423243 | 0.775% | 0.775% | 0.775% | 0.775% | 3.23% | 14% |
| 10.85 | 4.90 | 303563 | 0.775 | 0.775 | 0.775 | 0.775 | 3.34 | 18 |
| 10.69 | (1.11) | 254890 | 0.785 | 0.785 | 0.775 | 0.775 | 2.72 | 64 |
| 11.11 | (3.94) | 321595 | 0.775 | 0.775 | 0.775 | 0.775 | 1.61 | 23 |
| 11.75 | 4.73 | 395441 | 0.775 | 0.775 | 0.775 | 0.775 | 1.68 | 31 |
| 10.61 | 0.26 | 10132 | 1.525 | 1.525 | 1.525 | 1.525 | 2.50 | 14 |
| 10.85 | 4.12 | 11961 | 1.525 | 1.525 | 1.525 | 1.525 | 2.58 | 18 |
| 10.69 | (1.85) | 15638 | 1.535 | 1.535 | 1.525 | 1.525 | 1.98 | 64 |
| 11.11 | (4.66) | 18104 | 1.525 | 1.525 | 1.525 | 1.525 | 0.86 | 23 |
| 11.75 | 3.95 | 22314 | 1.525 | 1.525 | 1.525 | 1.525 | 0.93 | 31 |
| $8.29 | 3.25% | $178878 | 0.33% | 0.33% | 0.33% | 0.33% | 3.33% | 41% |
| 8.30 | 3.55 | 221663 | 0.33 | 0.33 | 0.33 | 0.33 | 3.15 | 49 |
| 8.27 | 1.35 | 194899 | 0.33 | 0.33 | 0.33 | 0.33 | 2.01 | 73 |
| 8.33 | (1.90) | 189441 | 0.33 | 0.33 | 0.33 | 0.33 | 1.02 | 51 |
| 8.58 | 3.34 | 175556 | 0.33 | 0.33 | 0.33 | 0.33 | 1.24 | 37 |
| 8.29 | 3.15 | 114994 | 0.43 | 0.43 | 0.43 | 0.43 | 3.22 | 41 |
| 8.30 | 3.44 | 99771 | 0.43 | 0.43 | 0.43 | 0.43 | 3.02 | 49 |
| 8.27 | 1.24 | 113751 | 0.43 | 0.43 | 0.43 | 0.43 | 1.91 | 73 |
| 8.33 | (2.00) | 109765 | 0.43 | 0.43 | 0.43 | 0.43 | 0.92 | 51 |
| 8.58 | 3.24 | 87070 | 0.43 | 0.43 | 0.43 | 0.43 | 1.12 | 37 |
| 8.29 | 3.10 | 12352 | 0.48 | 0.53 | 0.48 | 0.53 | 3.17 | 41 |
| 8.30 | 3.40 | 9511 | 0.48 | 0.53 | 0.48 | 0.53 | 3.16 | 49 |
| 8.27 | 1.18 | 32 | 0.48 | 0.53 | 0.48 | 0.53 | 2.11 | 73 |
| 8.33 | (2.69) | 10 | 0.48 \* | 0.53 \* | 0.48 \* | 0.53 \* | 0.85 \* | 51 |
| 8.29 | 2.84 | 111551 | 0.73 | 0.73 | 0.73 | 0.73 | 2.92 | 41 |
| 8.30 | 3.14 | 100557 | 0.73 | 0.73 | 0.73 | 0.73 | 2.72 | 49 |
| 8.27 | 0.94 | 140520 | 0.73 | 0.73 | 0.73 | 0.73 | 1.60 | 73 |
| 8.33 | (2.29) | 191066 | 0.73 | 0.73 | 0.73 | 0.73 | 0.62 | 51 |
| 8.58 | 2.93 | 245184 | 0.73 | 0.73 | 0.73 | 0.73 | 0.81 | 37 |
| 8.29 | 2.53 | 2299 | 1.03 | 1.03 | 1.03 | 1.03 | 2.63 | 41 |
| 8.30 | 2.83 | 3530 | 1.03 | 1.03 | 1.03 | 1.03 | 2.43 | 49 |
| 8.27 | 0.64 | 4088 | 1.03 | 1.03 | 1.03 | 1.03 | 1.33 | 73 |
| 8.33 | (2.59) | 4649 | 1.03 | 1.03 | 1.03 | 1.03 | 0.33 | 51 |
| 8.58 | 2.62 | 4756 | 1.03 | 1.03 | 1.03 | 1.03 | 0.60 | 37 |
| 8.29 | 2.33 | 286 | 1.23 | 1.23 | 1.23 | 1.23 | 2.43 | 41 |
| 8.30 | 2.62 | 154 | 1.23 | 1.23 | 1.23 | 1.23 | 2.23 | 49 |
| 8.27 | 0.44 | 114 | 1.23 | 1.23 | 1.23 | 1.23 | 1.06 | 73 |
| 8.33 | (2.78) | 167 | 1.23 | 1.23 | 1.23 | 1.23 | 0.13 | 51 |
| 8.58 | 0.42 | 35 | 1.23 \* | 1.23 \* | 1.23 \* | 1.23 \* | 0.19 \* | 37 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $194757 | $323265 | $133063 | $5495001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 4014 | 10834 | 4983 | 41513 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 0 | 0 | 4 |
|  Cash | 2 | 546 | 1 | 0 |
|  Deposits with counterparty | 0 | 0 | 0 | 172 |
|  Receivable for investments sold | 0 | 0 | 0 | 18135 |
|  Receivable for Fund shares sold | 314 | 1126 | 735 | 11334 |
|  Interest and/or dividends receivable | 1949 | 3043 | 1311 | 68023 |
|  Dividends receivable from Affiliates | 12 | 66 | 39 | 229 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 3 |
|  **Total Assets** | 201048 | 338880 | 140132 | 5634414 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investments purchased | $2277 | $2120 | $0 | $50042 |
|  Payable for investments in Affiliates purchased | 13 | 68 | 39 | 232 |
|  Payable for Fund shares redeemed | 628 | 852 | 121 | 11095 |
|  Distributions payable | 171 | 6 | 22 | 1754 |
|  Overdraft due to custodian | 0 | 0 | 0 | 687 |
|  Accrued investment advisory fees | 35 | 55 | 20 | 1335 |
|  Accrued supervisory and administrative fees | 40 | 76 | 20 | 1303 |
|  Accrued distribution fees | 1 | 1 | 0 | 36 |
|  Accrued servicing fees | 10 | 22 | 4 | 283 |
|  **Total Liabilities** | 3175 | 3200 | 226 | 66767 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $197873 | $335680 | $139906 | $5567647 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $208363 | $346021 | $147793 | $5795015 |
|  Distributable earnings (accumulated loss) | (10490) | (10341) | (7887) | (227368) |
|  **Net Assets** | $197873 | $335680 | $139906 | $5567647 |
|  Cost of investments in securities | $194543 | $324898 | $133870 | $5570662 |
|  Cost of investments in Affiliates | $4014 | $10831 | $4982 | $41504 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO<br>Short Duration<br>Municipal<br>Income Fund** |
| $3692598 | $904957 | $846907 | $408607 |
| 281101 | 30240 | 31110 | 9752 |
| 3 | 1 | 0 | 0 |
| 0 | 525 | 0 | 0 |
| 106 | 26 | 0 | 0 |
| 12159 | 0 | 0 | 0 |
| 4740 | 3358 | 147 | 1292 |
| 38785 | 9487 | 8403 | 4206 |
| 275 | 129 | 109 | 81 |
| 1 | 0 | 0 | 1 |
| 4029768 | 948723 | 886676 | 423939 |
| $128860 | $14880 | $9525 | $2828 |
| 278 | 133 | 113 | 82 |
| 10751 | 4823 | 1066 | 502 |
| 818 | 40 | 58 | 11 |
| 70348 | 0 | 6 | 0 |
| 554 | 161 | 157 | 59 |
| 804 | 192 | 194 | 74 |
| 13 | 2 | 6 | 1 |
| 163 | 25 | 87 | 22 |
| 212589 | 20256 | 11212 | 3579 |
| $3817179 | $928467 | $875464 | $420360 |
| $3956641 | $936596 | $918375 | $438886 |
| (139462) | (8129) | (42911) | (18526) |
| $3817179 | $928467 | $875464 | $420360 |
| $3688341 | $901441 | $855631 | $407534 |
| $281054 | $30233 | $31096 | $9750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $121901 | $148837 | $102684 | $2517725 |
|  I-2 | 25420 | 74147 | 20131 | 1530534 |
|  I-3 | N/A | N/A | N/A | 74339 |
|  Class A | 47751 | 110269 | 17091 | 1384873 |
|  Class C | 2801 | 2427 | N/A | 60176 |
|  Class C-2 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 13171 | 14088 | 10673 | 299635 |
|  I-2 | 2747 | 7018 | 2092 | 182150 |
|  I-3 | N/A | N/A | N/A | 8847 |
|  Class A | 5159 | 10438 | 1777 | 164816 |
|  Class C | 303 | 230 | N/A | 7162 |
|  Class C-2 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $9.26 | $10.56 | $9.62 | $8.40 |
|  I-2 | 9.26 | 10.56 | 9.62 | 8.40 |
|  I-3 | N/A | N/A | N/A | 8.40 |
|  Class A | 9.26 | 10.56 | 9.62 | 8.40 |
|  Class C | 9.26 | 10.56 | N/A | 8.40 |
|  Class C-2 | N/A | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO<br>Short Duration<br>Municipal<br>Income Fund** |
| $1416452 | $628265 | $290696 | $178878 |
| 1556885 | 176827 | 149839 | 114994 |
| 26800 | N/A | 1554 | 12352 |
| 785436 | 118602 | 423243 | 111551 |
| 31606 | 4773 | 10132 | 2299 |
| N/A | N/A | N/A | 286 |
| 152309 | 61451 | 27406 | 21576 |
| 167412 | 17296 | 14126 | 13871 |
| 2882 | N/A | 147 | 1490 |
| 84458 | 11600 | 39901 | 13455 |
| 3398 | 467 | 955 | 277 |
| N/A | N/A | N/A | 35 |
| $9.30 | $10.22 | $10.61 | $8.29 |
| 9.30 | 10.22 | 10.61 | 8.29 |
| 9.30 | N/A | 10.61 | 8.29 |
| 9.30 | 10.22 | 10.61 | 8.29 |
| 9.30 | 10.22 | 10.61 | 8.29 |
| N/A | N/A | N/A | 8.29 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **California<br>Intermediate<br>Municipal**<br> **Bond Fund** | **PIMCO**<br> **California**<br> **Municipal**<br> **Bond Fund** | **PIMCO**<br> **California<br>Short Duration**<br> **Municipal**<br> **Income Fund** | **PIMCO**<br> **High Yield**<br> **Municipal**<br> **Bond Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $6817 | $9811 | $3748 | $237728 |
|  Dividends | 4 | 0 | 0 | 16 |
|  Dividends from Investments in Affiliates | 427 | 922 | 438 | 14800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 7248 | 10733 | 4186 | 252544 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 423 | 556 | 233 | 15035 |
|  Supervisory and administrative fees | 474 | 770 | 243 | 14698 |
|  Distribution and/or servicing fees - Class A | 108 | 245 | 47 | 2970 |
|  Distribution and/or servicing fees - Class C | 26 | 28 | 0 | 599 |
|  Distribution and/or servicing fees - Class C-2 | N/A | N/A | N/A | N/A |
|  Trustee fees | 1 | 2 | 1 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1032 | 1601 | 524 | 33333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1032 | 1601 | 524 | 33303 |
|  **Net Investment Income (Loss)** | 6216 | 9132 | 3662 | 219241 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (292) | (71) | (87) | 4121 |
|  Investments in Affiliates | 13 | 14 | 6 | 407 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | (320) | 0 | (1852) |
|  **Net Realized Gain (Loss)** | (279) | (377) | (81) | 2676 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | (3027) | (5412) | (172) | (76826) |
|  Investments in Affiliates | 1 | 3 | 0 | (20) |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | (140) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (3026) | (5409) | (172) | (76986) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2911 | $3346 | $3409 | $144931 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO**<br> **New York<br>Municipal<br>Bond Fund** | **PIMCO**<br> **Short Duration**<br> **Municipal**<br> **Income Fund** |
| $124564 | $28980 | $28548 | $13655 |
| 0 | 0 | 7 | 4 |
| 12555 | 2678 | 2468 | 1219 |
| 137119 | 31658 | 31023 | 14878 |
| 6212 | 1707 | 1737 | 733 |
| 9003 | 2025 | 2132 | 890 |
| 1821 | 260 | 903 | 256 |
| 231 | 37 | 113 | 16 |
| N/A | N/A | N/A | 1 |
| 20 | 5 | 5 | 3 |
| 17287 | 4034 | 4890 | 1899 |
| (9) | 0 | (1) | (6) |
| 17278 | 4034 | 4889 | 1893 |
| 119841 | 27624 | 26134 | 12985 |
| 7003 | (82) | 152 | (238) |
| 287 | 38 | 39 | 26 |
| (8582) | (1575) | (1087) | 0 |
| (1292) | (1619) | (896) | (212) |
| (64178) | (13211) | (18862) | (187) |
| 29 | 4 | (4) | (6) |
| (87) | (21) | 0 | 0 |
| (64236) | (13228) | (18866) | (193) |
| $54313 | $12777 | $6372 | $12580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **California Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **California Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **California**<br> **Municipal Bond Fund** | **PIMCO**<br> **California**<br> **Municipal Bond Fund** | **PIMCO**<br> **California Short Duration**<br> **Municipal Income Fund** | **PIMCO**<br> **California Short Duration**<br> **Municipal Income Fund** | **PIMCO**<br> **High Yield**<br> **Municipal Bond Fund** | **PIMCO**<br> **High Yield**<br> **Municipal Bond Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $6216 | $5063 | $9132 | $4956 | $3662 | $3479 | $219241 | $151108 |
|  Net realized gain (loss) | (279) | 140 | (377) | (1028) | (81) | (747) | 2676 | (26143) |
|  Net change in unrealized appreciation (depreciation) | (3026) | 1728 | (5409) | 4172 | (172) | 974 | (76986) | 126555 |
|  **Net Increase (Decrease) in Net Assets<br>Resulting from Operations** | 2911 | 6931 | 3346 | 8100 | 3409 | 3706 | 144931 | 251520 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4003) | (3377) | (3716) | (1804) | (2605) | (2433) | (101146) | (72258) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (787) | (479) | (2129) | (1398) | (575) | (643) | (61878) | (38436) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | (2582) | (1529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1332) | (1102) | (3195) | (1646) | (475) | (430) | (49150) | (36525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (61) | (61) | (70) | (60) | N/A | N/A | (2032) | (1965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (6183) | (5019) | (9110) | (4908) | (3655) | (3506) | (216788) | (150713) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund<br>share transactions<sup>\*</sup> | 9803 | 45003 | 169886 | 45474 | 17519 | (59603) | 1430399 | 1413047 |
|  **Total Increase (Decrease) in Net Assets** | 6531 | 46915 | 164122 | 48666 | 17273 | (59403) | 1358542 | 1513854 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 191342 | 144427 | 171558 | 122892 | 122633 | 182036 | 4209105 | 2695251 |
|  End of year | $197873 | $191342 | $335680 | $171558 | $139906 | $122633 | $5567647 | $4209105 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Municipal Bond Fund** | **PIMCO**<br> **Municipal Bond Fund** | **PIMCO**<br> **National Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **National Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **New York**<br> **Municipal Bond Fund** | **PIMCO**<br> **New York**<br> **Municipal Bond Fund** | **PIMCO**<br> **Short Duration**<br> **Municipal Income Fund** | **PIMCO**<br> **Short Duration**<br> **Municipal Income Fund** |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $119841 | $85834 | $27624 | $18661 | $26134 | $18849 | $12985 | $13043 |
| (1292) | (18115) | (1619) | (1414) | (896) | (1824) | (212) | (2495) |
| <br>(64236) | 75197 | (13228) | 8937 | (18866) | 11936 | (193) | 4222 |
| <br>54313 | 142916 | 12777 | 26184 | 6372 | 28961 | 12580 | 14770 |
| (50024) | (33551) | (19393) | (13662) | (9489) | (6592) | (6354) | (6519) |
| (40515) | (30070) | (4639) | (2380) | (4604) | (3009) | (3184) | (3222) |
| (689) | (243) | N/A | N/A | (47) | (30) | (359) | (109) |
| (26391) | (20815) | (3409) | (2546) | (11691) | (8752) | (2996) | (3128) |
| (961) | (927) | (138) | (94) | (281) | (349) | (75) | (91) |
| N/A | N/A | N/A | N/A | N/A | N/A | (4) | (3) |
| (118580) | (85606) | (27579) | (18682) | (26112) | (18732) | (12972) | (13072) |
| <br>1267565 | 628026 | 303889 | 183343 | 234611 | 167003 | (14434) | (19916) |
| 1203298 | 685336 | 289087 | 190845 | 214871 | 177232 | (14826) | (18218) |
| 2613881 | 1928545 | 639380 | 448535 | 660593 | 483361 | 435186 | 453404 |
| $3817179 | $2613881 | $928467 | $639380 | $875464 | $660593 | $420360 | $435186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO California Intermediate Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.5% | INVESTMENTS IN SECURITIES 98.5% | INVESTMENTS IN SECURITIES 98.5% |
| MUNICIPAL BONDS & NOTES 90.9% | MUNICIPAL BONDS & NOTES 90.9% | MUNICIPAL BONDS & NOTES 90.9% |
| ALABAMA 1.6% | ALABAMA 1.6% | ALABAMA 1.6% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 1500 | 1502 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 800 | 860 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 700 | 736 |
|  |  | 3098 |
| CALIFORNIA 81.8% | CALIFORNIA 81.8% | CALIFORNIA 81.8% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2047 (c) | 2000 | 1153 |
|  Alameda County, California Joint Powers Authority Revenue Bonds, Series 2023 | Alameda County, California Joint Powers Authority Revenue Bonds, Series 2023 | Alameda County, California Joint Powers Authority Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2032 | 1000 | 1142 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2037 (b) | 1150 | 666 |
|  0.000% due 08/01/2038 (b) | 1755 | 956 |
|  0.000% due 08/01/2039 (b) | 1750 | 897 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.320% due 04/01/2056 ~ | 1200 | 1195 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  3.200% due 04/01/2059 | 3500 | 3500 |
|  Bay Area Toll Authority, California Revenue Notes, Series 2025 | Bay Area Toll Authority, California Revenue Notes, Series 2025 | Bay Area Toll Authority, California Revenue Notes, Series 2025 |
|  5.000% due 04/01/2033 | 2250 | 2594 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.125% due 07/01/2041 | 2000 | 1937 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2000 | 2000 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 3800 | 4018 |
|  5.250% due 01/01/2054 | 1000 | 1045 |
|  5.250% due 11/01/2054 | 1750 | 1857 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 2800 | 2987 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 2365 | 2486 |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2038 | 1000 | 1121 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 08/15/2036 | 1500 | 1502 |
|  4.000% due 03/01/2039 | 1500 | 1451 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2039 | 1110 | 1117 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2036 | 1650 | 1654 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2032 | 1000 | 1054 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 08/15/2033 | 1500 | 1719 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2038 | 600 | 629 |
|  California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 | California Housing Finance Agency Revenue Bonds, Series 2021 |
|  3.500% due 11/20/2035 | 1079 | 1032 |
|  California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 |
|  1.400% due 12/01/2027 | 1900 | 1900 |
|  5.970% due 11/01/2053 | 2000 | 2013 |
|  California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 |
|  2.350% due 12/01/2035 | 2508 | 2068 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1750 | 1747 |
|  6.000% due 03/01/2053 | 2000 | 2006 |
|  California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 11/01/2036 | 1100 | 1157 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.000% due 10/01/2039 | 1250 | 1172 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 | 1800 | 1756 |
|  California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 |
|  3.300% due 02/01/2039 | 2000 | 1992 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2029 | 1000 | 1052 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 | 1000 | 931 |
|  4.000% due 09/01/2040 (e) | 1500 | 1323 |
|  4.150% due 07/01/2051 | 2200 | 2200 |
|  California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 |
|  4.375% due 09/01/2053 | 1000 | 1018 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2034 | 300 | 308 |
|  5.000% due 09/01/2054 | 500 | 527 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2044 | 625 | 640 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.125% due 11/01/2040 | 1000 | 998 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2029 | 1000 | 1030 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  2.750% due 07/15/2062 | 3500 | 3500 |
|  4.000% due 07/15/2038 | 1500 | 1526 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2026 | 230 | 230 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 1500 | 1463 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  6.000% due 03/01/2033 | 1000 | 1090 |
|  California State Public Works Board Revenue Bonds, Series 2024 | California State Public Works Board Revenue Bonds, Series 2024 | California State Public Works Board Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2031 | 1000 | 1111 |
|  California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 |
|  0.550% due 11/01/2049 | 1000 | 951 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2026 | 1000 | 1020 |
|  5.000% due 05/15/2027 | 1000 | 1020 |
|  5.000% due 05/15/2032 | 500 | 508 |
|  5.250% due 12/01/2056 | 1100 | 1101 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.500% due 12/01/2058 | 975 | 992 |
|  California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 |
|  5.000% due 09/02/2044 | 1175 | 1224 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | Chino Valley Unified School District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2040 (b) | 3475 | 1785 |
|  Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 | Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 | Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 |
|  0.000% due 06/01/2037 (b) | 3515 | 2093 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2032 | 135 | 143 |
|  5.000% due 09/01/2033 | 155 | 164 |
|  5.000% due 09/01/2034 | 100 | 106 |
|  5.000% due 09/01/2035 | 100 | 105 |
|  Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 |
|  4.000% due 10/01/2044 | 1000 | 968 |
|  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 | 829 |
|  3.714% due 06/01/2041 | 1000 | 764 |
|  Grossmont Healthcare District, California General Obligation Bonds, Series 2025 | Grossmont Healthcare District, California General Obligation Bonds, Series 2025 | Grossmont Healthcare District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/15/2037 (a) | 2000 | 2258 |
|  Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 | Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 | Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 |
|  0.000% due 09/01/2032 (b) | 1565 | 1200 |
|  Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 1065 | 1026 |
|  Irvine Unified School District, California Special Tax Notes, (BAM Insured), Series 2024 | Irvine Unified School District, California Special Tax Notes, (BAM Insured), Series 2024 | Irvine Unified School District, California Special Tax Notes, (BAM Insured), Series 2024 |
|  5.000% due 09/01/2033 | 500 | 569 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.600% due 09/02/2029 | 2000 | 2000 |
|  Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 |
|  0.000% due 08/01/2037 (b) | 1750 | 1039 |
|  Long Beach, California Harbor Revenue Bonds, Series 2015 | Long Beach, California Harbor Revenue Bonds, Series 2015 | Long Beach, California Harbor Revenue Bonds, Series 2015 |
|  5.000% due 05/15/2030 | 1000 | 1002 |
|  Long Beach, California Harbor Revenue Bonds, Series 2017 | Long Beach, California Harbor Revenue Bonds, Series 2017 | Long Beach, California Harbor Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1039 |
|  Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 |
|  5.000% due 06/01/2036 | 1000 | 1111 |
|  Los Angeles County, California Housing Development Authority, Revenue Bonds, Series 2023 | Los Angeles County, California Housing Development Authority, Revenue Bonds, Series 2023 | Los Angeles County, California Housing Development Authority, Revenue Bonds, Series 2023 |
|  3.375% due 01/01/2046 | 1000 | 1001 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2042 | 1500 | 1605 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1017 |
|  5.000% due 05/15/2041 | 1000 | 1003 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2031 | 1500 | 1569 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2041 | 2000 | 1902 |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 07/01/2046 | 1200 | 1154 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 07/01/2031 | 1410 | 1585 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2038 | 1000 | 1120 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2026 | 1500 | 1544 |
|  Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2044 | 1000 | 993 |
|  Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 |
|  4.250% due 09/01/2035 | 400 | 390 |
|  Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 |
|  4.000% due 09/01/2039 | 1000 | 1009 |
|  Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 |
|  3.783% due 07/01/2027 •  | 880 | 880 |
|  Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 11/01/2035 | 500 | 555 |
|  Port of Los Angeles, California Revenue Bonds, Series 2024 | Port of Los Angeles, California Revenue Bonds, Series 2024 | Port of Los Angeles, California Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2031 | 1000 | 1086 |
|  River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 |
|  5.000% due 09/01/2032 | 535 | 586 |
|  5.000% due 09/01/2034 | 500 | 544 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 315 | 328 |
|  5.000% due 09/01/2044 | 480 | 493 |
|  Riverside, California Sewer Revenue Bonds, Series 2015 | Riverside, California Sewer Revenue Bonds, Series 2015 | Riverside, California Sewer Revenue Bonds, Series 2015 |
|  5.000% due 08/01/2028 | 1000 | 1007 |
|  Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2026 | 1000 | 1007 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2040 | 1600 | 1774 |
|  5.000% due 07/01/2041 | 500 | 551 |
|  San Clemente, California Special Tax Bonds, Series 2015 | San Clemente, California Special Tax Bonds, Series 2015 | San Clemente, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2030 | 280 | 282 |
|  5.000% due 09/01/2031 | 285 | 287 |
|  5.000% due 09/01/2032 | 475 | 477 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2034 | 2750 | 2909 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2039 | 1500 | 1576 |
|  San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 1130 | 1193 |
|  San Diego Housing Authority, Inc., California Revenue Bonds, (FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds, (FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds, (FHLMC Insured), Series 2024 |
|  4.200% due 06/01/2040 | 2490 | 2415 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2038 | 1610 | 1632 |
|  4.000% due 08/01/2045 | 1375 | 1334 |
|  San Dieguito Union High School District, California General Obligation Bonds, Series 2015 | San Dieguito Union High School District, California General Obligation Bonds, Series 2015 | San Dieguito Union High School District, California General Obligation Bonds, Series 2015 |
|  4.000% due 02/01/2040 | 2000 | 1948 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2038 | 1065 | 1094 |
|  5.000% due 05/01/2049 | 1040 | 1048 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2032 | 1000 | 1076 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2035 | 1560 | 1689 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2021 | San Francisco, California City & County Certificates of Participation Bonds, Series 2021 | San Francisco, California City & County Certificates of Participation Bonds, Series 2021 |
|  4.000% due 04/01/2034 | 1000 | 1021 |
|  San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2048 | 1250 | 1323 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 980 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 3300 | 3684 |
|  San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 |
|  5.000% due 10/01/2030 | 1800 | 1815 |
|  Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 | Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 | Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 08/01/2026 (b) | 380 | 364 |
|  Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 500 | 567 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1500 | 1458 |
|  Silicon Valley Clean Water, California Revenue Bonds, Series 2021 | Silicon Valley Clean Water, California Revenue Bonds, Series 2021 | Silicon Valley Clean Water, California Revenue Bonds, Series 2021 |
|  0.500% due 03/01/2026 | 2500 | 2429 |
|  Southwestern Community College District, California General Obligation Bonds, Series 2017 | Southwestern Community College District, California General Obligation Bonds, Series 2017 | Southwestern Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1845 | 1791 |
|  State Center Community College District, California General Obligation Bonds, Series 2022 | State Center Community College District, California General Obligation Bonds, Series 2022 | State Center Community College District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2040 | 500 | 551 |
|  Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 | Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 | Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 |
|  5.000% due 10/01/2029 | 1000 | 1070 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2034 | 500 | 523 |
|  Tustin Community Facilities District, California Special Tax Bonds, Series 2015 | Tustin Community Facilities District, California Special Tax Bonds, Series 2015 | Tustin Community Facilities District, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2027 | 800 | 806 |
|  5.000% due 09/01/2029 | 300 | 302 |
|  |  | 161834 |
| FLORIDA 0.2% | FLORIDA 0.2% | FLORIDA 0.2% |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2034 (b) | 650 | 436 |
| GEORGIA 0.4% | GEORGIA 0.4% | GEORGIA 0.4% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 700 | 741 |
| MICHIGAN 0.7% | MICHIGAN 0.7% | MICHIGAN 0.7% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.663% due 07/01/2032 ~ | 1500 | 1479 |
| MULTI-STATE 1.3% | MULTI-STATE 1.3% | MULTI-STATE 1.3% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 1275 | 1271 |
|  2.250% due 09/25/2037 | 1471 | 1222 |
|  |  | 2493 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW HAMPSHIRE 0.8% | NEW HAMPSHIRE 0.8% | NEW HAMPSHIRE 0.8% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.000% due 07/20/2039 | 1596 | 1539 |
| NEW YORK 0.8% | NEW YORK 0.8% | NEW YORK 0.8% |
|  Freddie Mac Multifamily ML Certificates, New York Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, New York Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, New York Revenue Bonds, Series 2024 |
|  0.000% due 11/25/2038 | 1791 | 1674 |
| PENNSYLVANIA 0.5% | PENNSYLVANIA 0.5% | PENNSYLVANIA 0.5% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/30/2037 | 1000 | 1075 |
| PUERTO RICO 2.3% | PUERTO RICO 2.3% | PUERTO RICO 2.3% |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.583% due 07/01/2029 ~ | 720 | 701 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2031 (b) | 2000 | 1568 |
|  4.750% due 07/01/2053 | 1250 | 1204 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.550% due 07/01/2040 | 1000 | 991 |
|  |  | 4464 |
| TEXAS 0.5% | TEXAS 0.5% | TEXAS 0.5% |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2052 | 1000 | 1080 |
|  Total Municipal Bonds & Notes (Cost $180,014) | Total Municipal Bonds & Notes (Cost $180,014) | 179913 |
| U.S. GOVERNMENT AGENCIES 5.5% | U.S. GOVERNMENT AGENCIES 5.5% | U.S. GOVERNMENT AGENCIES 5.5% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.600% due 12/01/2040 | 1976 | 1817 |
|  3.660% due 01/01/2039 | 1963 | 1849 |
|  3.720% due 01/01/2041 | 1978 | 1838 |
|  3.850% due 02/01/2038 - 07/01/2041 | 4569 | 4333 |
|  4.850% due 08/01/2038 | 984 | 1037 |
|  Total U.S. Government Agencies (Cost $10,564) | Total U.S. Government Agencies (Cost $10,564) | 10874 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (d) | 550125 | 550 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| MUNICIPAL BONDS & NOTES 1.8% | MUNICIPAL BONDS & NOTES 1.8% | MUNICIPAL BONDS & NOTES 1.8% |
|  Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | 2000 | 2011 |
|  Santa Cruz County, California Revenue Notes, Series 2024 | Santa Cruz County, California Revenue Notes, Series 2024 | Santa Cruz County, California Revenue Notes, Series 2024 |
|  5.000% due 07/01/2025 | 1400 | 1409 |
|  Total Municipal Bonds & Notes<br>(Cost $3,415) | Total Municipal Bonds & Notes<br>(Cost $3,415) | 3420 |
| Total Short-Term Instruments<br>(Cost $3,965) | Total Short-Term Instruments<br>(Cost $3,965) | 3970 |
| Total Investments in Securities (Cost $194,543) | Total Investments in Securities (Cost $194,543) | 194757 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 23

------

Schedule of Investments PIMCO California Intermediate Municipal Bond Fund (Cont.) March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 2.0% | INVESTMENTS IN AFFILIATES 2.0% | INVESTMENTS IN AFFILIATES 2.0% | INVESTMENTS IN AFFILIATES 2.0% |
| SHORT-TERM INSTRUMENTS 2.0% | SHORT-TERM INSTRUMENTS 2.0% | SHORT-TERM INSTRUMENTS 2.0% | SHORT-TERM INSTRUMENTS 2.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 412325 | $— | 4014 |
| Total Short-Term Instruments<br>(Cost $4,014) | Total Short-Term Instruments<br>(Cost $4,014) |  | 4014 |
| Total Investments in Affiliates<br>(Cost $4,014) | Total Investments in Affiliates<br>(Cost $4,014) |  | 4014 |
| Total Investments 100.5%<br>(Cost $198,557) | Total Investments 100.5%<br>(Cost $198,557) | $— | 198771 |
| Other Assets and Liabilities, net (0.5)% | Other Assets and Liabilities, net (0.5)% |  | (898) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 197873 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Asset |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2040 | 02/18/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | 0.67% |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3098 | $0 | $3098 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161834 |
| &nbsp;&nbsp; Florida | 0 | 436 | 0 | 436 |
| &nbsp;&nbsp; Georgia | 0 | 741 | 0 | 741 |
| &nbsp;&nbsp; Michigan | 0 | 1479 | 0 | 1479 |
| &nbsp;&nbsp; Multi-State | 0 | 2493 | 0 | 2493 |
| &nbsp;&nbsp; New Hampshire | 0 | 1539 | 0 | 1539 |
| &nbsp;&nbsp; New York | 0 | 1674 | 0 | 1674 |
| &nbsp;&nbsp; Pennsylvania | 0 | 1075 | 0 | 1075 |
| &nbsp;&nbsp; Puerto Rico | 0 | 4464 | 0 | 4464 |
| &nbsp;&nbsp; Texas | 0 | 1080 | 0 | 1080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  U.S. Government Agencies | $0 | $10874 | $0 | $10874 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 550 | 0 | 550 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 3420 | 0 | 3420 |
|  | $0 | $194757 | $0 | $194757 |
|  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 | $4014 | $0 | $0 | $4014 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198771 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.3% | INVESTMENTS IN SECURITIES 96.3% | INVESTMENTS IN SECURITIES 96.3% |
| MUNICIPAL BONDS & NOTES 90.1% | MUNICIPAL BONDS & NOTES 90.1% | MUNICIPAL BONDS & NOTES 90.1% |
| CALIFORNIA 84.5% | CALIFORNIA 84.5% | CALIFORNIA 84.5% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 | Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 | Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 |
|  0.000% due 10/01/2053 (b) | 3800 | 982 |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2050 (c) | 3000 | 1691 |
|  Alhambra Unified School District, California General Obligation Bonds, Series 2022 | Alhambra Unified School District, California General Obligation Bonds, Series 2022 | Alhambra Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 1000 | 1086 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 |
|  2.650% due 10/01/2054 | 3500 | 3500 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2017 | Bay Area Toll Authority, California Revenue Bonds, Series 2017 | Bay Area Toll Authority, California Revenue Bonds, Series 2017 |
|  2.950% due 04/01/2047 | 100 | 100 |
|  5.000% due 04/01/2056 | 250 | 262 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  3.200% due 04/01/2055 | 6000 | 6000 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  3.200% due 04/01/2059 | 3500 | 3500 |
|  Bay Area Toll Authority, California Revenue Notes, Series 2025 | Bay Area Toll Authority, California Revenue Notes, Series 2025 | Bay Area Toll Authority, California Revenue Notes, Series 2025 |
|  5.000% due 04/01/2033 | 1250 | 1441 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.250% due 07/01/2043 | 2000 | 1925 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2000 | 2000 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 600 | 634 |
|  5.250% due 01/01/2054 | 750 | 784 |
|  5.250% due 11/01/2054 | 1500 | 1592 |
|  5.500% due 10/01/2054 | 995 | 1072 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 6000 | 6401 |
|  5.000% due 11/01/2055 | 4000 | 4191 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 4120 | 4331 |
|  California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2056 | 1500 | 773 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 250 | 198 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2049 | 1000 | 882 |
|  5.000% due 06/01/2050 | 1060 | 1024 |
|  California Educational Facilities Authority Revenue Bonds, Series 2017 | California Educational Facilities Authority Revenue Bonds, Series 2017 | California Educational Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2042 | 300 | 303 |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2039 | 1500 | 1673 |
|  5.000% due 04/01/2041 | 760 | 833 |
|  California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2200 | 2310 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 08/15/2054 | 200 | 201 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 08/15/2036 | 1250 | 1252 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 10/01/2036 | $— | 1000 | $— | 1000 |
|  4.000% due 11/15/2041 |  | 100 |  | 97 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2040 |  | 1000 |  | 972 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2033 |  | 1000 |  | 1044 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  2.800% due 03/01/2041 |  | 3500 |  | 3500 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2044 |  | 1500 |  | 1608 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 |
|  4.100% due 07/01/2040 |  | 1900 |  | 1817 |
|  California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.250% due 08/01/2041 |  | 2990 |  | 2874 |
|  California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 |
|  1.400% due 12/01/2027 |  | 3000 |  | 3000 |
|  5.970% due 11/01/2053 |  | 1750 |  | 1761 |
|  California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 | California Housing Finance Revenue Bonds, (FNMA Insured), Series 2019 |
|  2.350% due 12/01/2035 |  | 228 |  | 188 |
|  California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 |
|  4.000% due 03/20/2033 |  | 651 |  | 652 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 |  | 1750 |  | 1748 |
|  6.000% due 03/01/2053 |  | 1500 |  | 1505 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (b) |  | 4000 |  | 329 |
|  4.000% due 07/01/2050 |  | 1000 |  | 955 |
|  4.125% due 01/01/2035 |  | 455 |  | 437 |
|  5.000% due 01/01/2055 |  | 480 |  | 447 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 |  | 2500 |  | 2837 |
|  5.125% due 07/01/2054 |  | 1000 |  | 959 |
|  California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 11/01/2035 |  | 1175 |  | 1240 |
|  California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 |
|  4.000% due 05/15/2046 |  | 300 |  | 286 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.000% due 10/01/2039 |  | 2000 |  | 1875 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 |  | 1900 |  | 1853 |
|  California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2042 |  | 1750 |  | 1759 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  4.000% due 12/31/2047 |  | 350 |  | 307 |
|  5.000% due 12/31/2043 |  | 1000 |  | 1003 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 |  | 1495 |  | 1392 |
|  4.000% due 09/01/2040 (d) |  | 2610 |  | 2301 |
|  4.000% due 09/01/2050 (d) |  | 1110 |  | 918 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2054 |  | 2000 |  | 2110 |
|  6.000% due 01/01/2039 |  | 1000 |  | 1029 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2048 |  | 400 |  | 408 |
|  5.125% due 09/01/2054 |  | 500 |  | 509 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 |
|  4.750% due 11/01/2046 | 130 | 127 |
|  California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 |
|  6.250% due 07/01/2054 | 1750 | 1820 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  2.750% due 07/15/2062 | 800 | 800 |
|  California Public Finance Authority Revenue Bonds, Series 2025 | California Public Finance Authority Revenue Bonds, Series 2025 | California Public Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2054 | 2000 | 2052 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  4.500% due 06/01/2031 | 250 | 150 |
|  5.000% due 06/01/2046 | 300 | 288 |
|  5.000% due 08/01/2046 | 1825 | 1775 |
|  California School Finance Authority Revenue Bonds, Series 2017 | California School Finance Authority Revenue Bonds, Series 2017 | California School Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 1115 | 1117 |
|  California School Finance Authority Revenue Bonds, Series 2024 | California School Finance Authority Revenue Bonds, Series 2024 | California School Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2064 | 1000 | 1000 |
|  California State General Obligation Bonds, Series 2004 | California State General Obligation Bonds, Series 2004 | California State General Obligation Bonds, Series 2004 |
|  2.650% due 05/01/2034 | 1925 | 1925 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 1000 | 976 |
|  California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 |
|  4.000% due 11/01/2047 | 275 | 267 |
|  California State General Obligation Bonds, Series 2019 | California State General Obligation Bonds, Series 2019 | California State General Obligation Bonds, Series 2019 |
|  5.000% due 04/01/2032 | 1500 | 1674 |
|  California State General Obligation Bonds, Series 2021 | California State General Obligation Bonds, Series 2021 | California State General Obligation Bonds, Series 2021 |
|  5.000% due 09/01/2041 | 1000 | 1068 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2043 | 500 | 492 |
|  California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.375% due 08/15/2057 | 700 | 736 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 |
|  4.000% due 11/01/2051 | 2250 | 2135 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 |
|  5.000% due 04/01/2046 | 2000 | 2166 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2033 | 1500 | 1521 |
|  5.000% due 06/01/2046 | 100 | 98 |
|  5.000% due 12/01/2046 | 550 | 545 |
|  5.250% due 12/01/2056 | 1000 | 1001 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 1100 | 1113 |
|  5.000% due 12/01/2057 | 100 | 101 |
|  5.500% due 12/01/2058 | 1000 | 1017 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 1470 | 1260 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2024 | California Statewide Communities Development Authority Revenue Bonds, Series 2024 | California Statewide Communities Development Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2044 | 2000 | 2175 |
|  California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 |
|  5.000% due 09/02/2044 | 2000 | 2083 |
|  California Statewide Communities Development Authority Special Tax Bonds, Series 2025 | California Statewide Communities Development Authority Special Tax Bonds, Series 2025 | California Statewide Communities Development Authority Special Tax Bonds, Series 2025 |
|  4.500% due 09/02/2045 | 1050 | 1021 |
|  Central Unified School District, California General Obligation Bonds, Series 2021 | Central Unified School District, California General Obligation Bonds, Series 2021 | Central Unified School District, California General Obligation Bonds, Series 2021 |
|  0.000% due 08/01/2034 (b) | 265 | 182 |
|  Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2048 | 1000 | 1086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2024 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2024 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 2000 | 2142 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | Chino Valley Unified School District, California General Obligation Bonds, Series 2020 |
|  5.000% due 08/01/2055 | 1000 | 1038 |
|  Citrus Community College District, California General Obligation Bonds, Series 2024 | Citrus Community College District, California General Obligation Bonds, Series 2024 | Citrus Community College District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3000 | 3218 |
|  Clovis Unified School District, California General Obligation Bonds, Series 2022 | Clovis Unified School District, California General Obligation Bonds, Series 2022 | Clovis Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2041 | 600 | 651 |
|  CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2047 | 440 | 372 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 1240 | 1062 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 500 | 524 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|  3.000% due 02/01/2057 | 500 | 347 |
|  3.400% due 10/01/2046 | 495 | 390 |
|  4.000% due 02/01/2057 | 500 | 371 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 09/01/2062 (c) | 1000 | 643 |
|  Eastern Municipal Water District, California Revenue Bonds, Series 2018 | Eastern Municipal Water District, California Revenue Bonds, Series 2018 | Eastern Municipal Water District, California Revenue Bonds, Series 2018 |
|  2.700% due 07/01/2046 | 2500 | 2500 |
|  Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 |
|  5.000% due 09/01/2046 | 1000 | 1005 |
|  Fresno Unified School District, California General Obligation Bonds, Series 2024 | Fresno Unified School District, California General Obligation Bonds, Series 2024 | Fresno Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2049 | 1575 | 1502 |
|  Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 04/01/2049 | 2500 | 2676 |
|  Glendale Community College District, California General Obligation Bonds, Series 2020 | Glendale Community College District, California General Obligation Bonds, Series 2020 | Glendale Community College District, California General Obligation Bonds, Series 2020 |
|  4.000% due 08/01/2050 | 880 | 835 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2015 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2015 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2045 | 1500 | 1506 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2030 | 200 | 214 |
|  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 |
|  0.000% due 06/01/2066 (b) | 7500 | 808 |
|  2.746% due 06/01/2034 | 1000 | 866 |
|  3.487% due 06/01/2036 | 1625 | 1347 |
|  3.714% due 06/01/2041 | 1500 | 1146 |
|  3.850% due 06/01/2050 | 530 | 488 |
|  4.214% due 06/01/2050 | 200 | 151 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 1000 | 1012 |
|  Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 |
|  0.000% due 08/01/2031 (b) | 500 | 398 |
|  Golden Valley Unified School District, California General Obligation Bonds, Series 2024 | Golden Valley Unified School District, California General Obligation Bonds, Series 2024 | Golden Valley Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3000 | 3210 |
|  Hartnell Community College District, California General Obligation Bonds, Series 2017 | Hartnell Community College District, California General Obligation Bonds, Series 2017 | Hartnell Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 250 | 242 |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2045 | 350 | 337 |
|  5.000% due 07/01/2061 | 1500 | 1375 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 | Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 | Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2041 | 150 | 145 |
|  Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 | Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 | Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 |
|  4.500% due 11/01/2052 | 750 | 756 |
|  Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 270 | 260 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  4.000% due 09/01/2058 | 1000 | 939 |
|  Irvine Unified School District, California General Obligation Bonds, Series 2018 | Irvine Unified School District, California General Obligation Bonds, Series 2018 | Irvine Unified School District, California General Obligation Bonds, Series 2018 |
|  4.000% due 09/01/2045 | 250 | 241 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.600% due 09/02/2029 | 3500 | 3500 |
|  Irvine, California Special Assessment Bonds, Series 2012 | Irvine, California Special Assessment Bonds, Series 2012 | Irvine, California Special Assessment Bonds, Series 2012 |
|  5.000% due 09/02/2026 | 100 | 101 |
|  Irvine, California Special Assessment Bonds, Series 2015 | Irvine, California Special Assessment Bonds, Series 2015 | Irvine, California Special Assessment Bonds, Series 2015 |
|  5.000% due 09/02/2026 | 1495 | 1540 |
|  Lake Elsinore Public Financing Authority, California Special Tax Bonds, Series 2015 | Lake Elsinore Public Financing Authority, California Special Tax Bonds, Series 2015 | Lake Elsinore Public Financing Authority, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2040 | 160 | 160 |
|  Lawndale Elementary School District, California General Obligation Bonds, Series 2018 | Lawndale Elementary School District, California General Obligation Bonds, Series 2018 | Lawndale Elementary School District, California General Obligation Bonds, Series 2018 |
|  5.000% due 08/01/2048 | 1000 | 1014 |
|  Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 |
|  4.000% due 08/01/2050 | 1500 | 1426 |
|  Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|  5.000% due 11/15/2035 | 120 | 129 |
|  Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 |
|  0.000% due 08/01/2037 (b) | 1620 | 962 |
|  Los Angeles Community College District, California General Obligation Bonds, Series 2017 | Los Angeles Community College District, California General Obligation Bonds, Series 2017 | Los Angeles Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2037 | 200 | 201 |
|  Los Angeles Community College District, California General Obligation Bonds, Series 2024 | Los Angeles Community College District, California General Obligation Bonds, Series 2024 | Los Angeles Community College District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2032 | 2000 | 2296 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2046 | 1385 | 1330 |
|  Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 | Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 | Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 10/01/2042 | 250 | 235 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 750 | 752 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 |
|  5.000% due 05/15/2037 | 690 | 740 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2048 | 1000 | 948 |
|  5.500% due 05/15/2035 | 2000 | 2180 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2036 (a) | 2000 | 2135 |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 07/01/2046 | 1800 | 1732 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 07/01/2041 | 1000 | 1090 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2034 | 1500 | 1732 |
|  5.000% due 07/01/2035 | 2500 | 2887 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Los Angeles, California Wastewater System Revenue Bonds, Series 2013 | Los Angeles, California Wastewater System Revenue Bonds, Series 2013 | Los Angeles, California Wastewater System Revenue Bonds, Series 2013 |
|  5.000% due 06/01/2035 | 250 | 250 |
|  M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|  6.125% due 11/01/2029 | 40 | 42 |
|  7.000% due 11/01/2034 | 200 | 241 |
|  Marin Community College District, California General Obligation Bonds, Series 2019 | Marin Community College District, California General Obligation Bonds, Series 2019 | Marin Community College District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2039 | 250 | 257 |
|  Menifee Union School District, California General Obligation Bonds, Series 2023 | Menifee Union School District, California General Obligation Bonds, Series 2023 | Menifee Union School District, California General Obligation Bonds, Series 2023 |
|  4.000% due 08/01/2046 | 1000 | 974 |
|  Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 |
|  5.000% due 10/01/2027 | 1230 | 1246 |
|  Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2045 | 1355 | 1327 |
|  Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 | Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 | Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2051 | 1000 | 948 |
|  Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 | Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 | Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2041 | 1000 | 965 |
|  Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 | Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 | Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 2550 | 2440 |
|  Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 |
|  4.000% due 08/01/2043 | 200 | 195 |
|  Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2055 | 2000 | 2008 |
|  Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 09/01/2034 | 200 | 220 |
|  Napa Valley Community College District, California General Obligation Bonds, Series 2018 | Napa Valley Community College District, California General Obligation Bonds, Series 2018 | Napa Valley Community College District, California General Obligation Bonds, Series 2018 |
|  4.000% due 08/01/2032 | 250 | 252 |
|  Norris School District, California General Obligation Bonds, Series 2012 | Norris School District, California General Obligation Bonds, Series 2012 | Norris School District, California General Obligation Bonds, Series 2012 |
|  5.200% due 11/01/2040 | 250 | 258 |
|  Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 |
|  3.783% due 07/01/2027 •  | 195 | 195 |
|  Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 |
|  4.000% due 05/15/2036 | 1050 | 1039 |
|  4.000% due 05/15/2051 | 1500 | 1412 |
|  Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | Orange County, California Community Facilities District Special Tax Bonds, Series 2022 |
|  5.000% due 08/15/2047 | 1090 | 1113 |
|  Palm Springs Unified School District, California General Obligation Bonds, Series 2024 | Palm Springs Unified School District, California General Obligation Bonds, Series 2024 | Palm Springs Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2049 | 1000 | 954 |
|  Peralta Community College District, California General Obligation Bonds, Series 2016 | Peralta Community College District, California General Obligation Bonds, Series 2016 | Peralta Community College District, California General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2039 | 2000 | 2008 |
|  River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2054 | 500 | 494 |
|  River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 |
|  4.250% due 09/01/2047 | 1000 | 983 |
|  Riverside County, California Transportation Commission Revenue Bonds, Series 2017 | Riverside County, California Transportation Commission Revenue Bonds, Series 2017 | Riverside County, California Transportation Commission Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2035 | 215 | 224 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 730 | 742 |
|  Riverside, California Sewer Revenue Bonds, Series 2018 | Riverside, California Sewer Revenue Bonds, Series 2018 | Riverside, California Sewer Revenue Bonds, Series 2018 |
|  4.000% due 08/01/2038 | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2037 | 250 | 251 |
|  Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 |
|  5.000% due 09/01/2033 | 500 | 512 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2049 | 2500 | 2672 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 1000 | 1015 |
|  Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.618% due 06/01/2034 **~** | 490 | 475 |
|  Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2035 | 600 | 596 |
|  4.000% due 09/01/2050 | 750 | 663 |
|  San Diego County, California Certificates of Participation Bonds, Series 2023 | San Diego County, California Certificates of Participation Bonds, Series 2023 | San Diego County, California Certificates of Participation Bonds, Series 2023 |
|  5.000% due 10/01/2048 | 1500 | 1601 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2046 | 1000 | 952 |
|  5.000% due 07/01/2056 | 3100 | 3117 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 1700 | 1761 |
|  San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 1500 | 1583 |
|  San Diego Housing Authority, Inc., California Revenue Bonds, (FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds, (FHLMC Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds, (FHLMC Insured), Series 2024 |
|  4.200% due 06/01/2040 | 2490 | 2415 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2045 | 1625 | 1577 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2017 | San Diego Unified School District, California General Obligation Bonds, Series 2017 | San Diego Unified School District, California General Obligation Bonds, Series 2017 |
|  0.000% due 07/01/2034 (b) | 550 | 376 |
|  4.000% due 07/01/2047 | 400 | 381 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 1000 | 1061 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 07/01/2054 | 2500 | 2330 |
|  5.000% due 07/01/2041 | 1000 | 1108 |
|  San Dieguito Union High School District, California General Obligation Bonds, Series 2015 | San Dieguito Union High School District, California General Obligation Bonds, Series 2015 | San Dieguito Union High School District, California General Obligation Bonds, Series 2015 |
|  4.000% due 02/01/2040 | 1800 | 1753 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 |
|  1.850% due 05/01/2058 | 4765 | 4765 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2049 | 960 | 967 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2034 | 2000 | 2165 |
|  5.000% due 05/01/2040 | 2000 | 2222 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2035 | 3000 | 3249 |
|  San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2048 | 1000 | 1058 |
|  San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 |
|  5.000% due 08/01/2027 | 105 | 108 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 980 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 |
|  5.000% due 11/01/2050 | 1000 | 1042 |
|  San Francisco, California Special Tax District, City & County Special Tax Bonds, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Bonds, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2031 | 150 | 150 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 5100 | 5694 |
|  San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 |
|  5.000% due 10/01/2030 | 200 | 202 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2038 | 500 | 500 |
|  San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 |
|  2.700% due 06/01/2049 | 3350 | 3350 |
|  San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2047 | 615 | 590 |
|  Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2041 | 200 | 193 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1910 | 1856 |
|  South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2048 | 1000 | 965 |
|  Stockton Community Facilities District, California Special Tax Bonds, Series 2024 | Stockton Community Facilities District, California Special Tax Bonds, Series 2024 | Stockton Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 370 | 382 |
|  5.000% due 09/01/2049 | 525 | 536 |
|  Temple City Unified School District, California General Obligation Bonds, Series 2013 | Temple City Unified School District, California General Obligation Bonds, Series 2013 | Temple City Unified School District, California General Obligation Bonds, Series 2013 |
|  6.170% due 08/01/2036 | 200 | 218 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (b) | 8720 | 1424 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (b) | 4000 | 804 |
|  University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 |
|  2.750% due 05/15/2048 | 6000 | 6000 |
|  University of California Revenue Bonds, Series 2016 | University of California Revenue Bonds, Series 2016 | University of California Revenue Bonds, Series 2016 |
|  4.000% due 05/15/2046 | 250 | 241 |
|  University of California Revenue Bonds, Series 2018 | University of California Revenue Bonds, Series 2018 | University of California Revenue Bonds, Series 2018 |
|  4.000% due 05/15/2043 | 265 | 259 |
|  University of California Revenue Bonds, Series 2025 | University of California Revenue Bonds, Series 2025 | University of California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2039 | 3100 | 3460 |
|  Upland, California Certificates of Participation Bonds, Series 2017 | Upland, California Certificates of Participation Bonds, Series 2017 | Upland, California Certificates of Participation Bonds, Series 2017 |
|  4.000% due 01/01/2042 | 250 | 226 |
|  Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 |
|  4.000% due 08/01/2046 | 1575 | 1527 |
|  |  | 283608 |
| GEORGIA 0.5% | GEORGIA 0.5% | GEORGIA 0.5% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 |
|  4.000% due 03/01/2050 | 1000 | 1002 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 600 | 635 |
|  |  | 1637 |
| IOWA 0.1% | IOWA 0.1% | IOWA 0.1% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 250 | 265 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MULTI-STATE 1.0% | MULTI-STATE 1.0% | MULTI-STATE 1.0% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 981 | 978 |
|  2.250% due 09/25/2037 | 1471 | 1223 |
|  4.136% due 08/25/2040 | 1190 | 1212 |
|  |  | 3413 |
| NEW HAMPSHIRE 0.7% | NEW HAMPSHIRE 0.7% | NEW HAMPSHIRE 0.7% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.000% due 07/20/2039 | 2494 | 2404 |
| NEW YORK 0.8% | NEW YORK 0.8% | NEW YORK 0.8% |
|  Freddie Mac Multifamily ML Certificates, New York Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, New York Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, New York Revenue Bonds, Series 2024 |
|  0.000% due 11/25/2038 | 2786 | 2603 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.720% due 01/01/2044 | 200 | 198 |
|  |  | 2801 |
| PUERTO RICO 1.7% | PUERTO RICO 1.7% | PUERTO RICO 1.7% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 868 | 544 |
|  0.000% due 11/01/2051 | 1339 | 833 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.583% due 07/01/2029 **~** | 125 | 122 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2051 (b) | 12000 | 2914 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 1500 | 1463 |
|  |  | 5876 |
| TENNESSEE 0.3% | TENNESSEE 0.3% | TENNESSEE 0.3% |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 1000 | 1046 |
| TEXAS 0.5% | TEXAS 0.5% | TEXAS 0.5% |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 900 | 924 |
|  5.000% due 10/15/2058 | 600 | 622 |
|  |  | 1546 |
|  Total Municipal Bonds & Notes (Cost $304,723) | Total Municipal Bonds & Notes (Cost $304,723) | 302596 |
| U.S. GOVERNMENT AGENCIES 5.0% | U.S. GOVERNMENT AGENCIES 5.0% | U.S. GOVERNMENT AGENCIES 5.0% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.600% due 12/01/2040 | 1976 | 1817 |
|  3.660% due 01/01/2039 | 1472 | 1387 |
|  3.720% due 01/01/2041 | 1483 | 1379 |
|  3.750% due 07/01/2042 | 4480 | 4337 |
|  3.850% due 02/01/2038 - 07/01/2041 | 5964 | 5637 |
|  4.850% due 08/01/2038 | 984 | 1037 |
|  4.952% due 07/15/2040 **•** | 295 | 301 |
|  5.210% due 08/01/2040 | 693 | 751 |
|  Total U.S. Government Agencies (Cost $16,156) | Total U.S. Government Agencies (Cost $16,156) | 16646 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 27

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% | MUNICIPAL BONDS & NOTES 1.2% |
|  Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | $— | 2000 | $— | 2012 |
|  San Diego Unified School District, California General Obligation Notes, Series 2024 | San Diego Unified School District, California General Obligation Notes, Series 2024 | San Diego Unified School District, California General Obligation Notes, Series 2024 | San Diego Unified School District, California General Obligation Notes, Series 2024 | San Diego Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2025 |  | 2000 |  | 2011 |
|  Total Municipal Bonds & Notes<br>(Cost $4,019) | Total Municipal Bonds & Notes<br>(Cost $4,019) | Total Municipal Bonds & Notes<br>(Cost $4,019) |  | 4023 |
| Total Short-Term Instruments<br>(Cost $4,019) | Total Short-Term Instruments<br>(Cost $4,019) | Total Short-Term Instruments<br>(Cost $4,019) |  | 4023 |
| Total Investments in Securities (Cost $324,898) | Total Investments in Securities (Cost $324,898) | Total Investments in Securities (Cost $324,898) |  | 323265 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 3.2% | INVESTMENTS IN AFFILIATES 3.2% | INVESTMENTS IN AFFILIATES 3.2% | INVESTMENTS IN AFFILIATES 3.2% |
| SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% | SHORT-TERM INSTRUMENTS 3.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1113035 |  | 10834 |
| Total Short-Term Instruments<br>(Cost $10,831) | Total Short-Term Instruments<br>(Cost $10,831) |  | 10834 |
| Total Investments in Affiliates<br>(Cost $10,831) | Total Investments in Affiliates<br>(Cost $10,831) |  | 10834 |
| Total Investments 99.5%<br>(Cost $335,729) | Total Investments 99.5%<br>(Cost $335,729) | $— | 334099 |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% |  | 1581 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 335680 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2040 | 02/18/2025 | $2364 | $2301 | 0.69% |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000 | 09/01/2050 | 11/22/2022 | 897 | 918 | 0.27 |
|  |  |  |  | $3261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219 | 0.96% |

---

#### 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.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;(320) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |

---

28 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283608 |
| &nbsp;&nbsp; Georgia | 0 | 1637 | 0 | 1637 |
| &nbsp;&nbsp; Iowa | 0 | 265 | 0 | 265 |
| &nbsp;&nbsp; Multi-State | 0 | 3413 | 0 | 3413 |
| &nbsp;&nbsp; New Hampshire | 0 | 2404 | 0 | 2404 |
| &nbsp;&nbsp; New York | 0 | 2801 | 0 | 2801 |
| &nbsp;&nbsp; Puerto Rico | 0 | 5876 | 0 | 5876 |
| &nbsp;&nbsp; Tennessee | 0 | 1046 | 0 | 1046 |
| &nbsp;&nbsp; Texas | 0 | 1546 | 0 | 1546 |
|  U.S. Government Agencies | 0 | 16646 | 0 | 16646 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Municipal Bonds & Notes | $0 | $4023 | $0 | $4023 |
|  | $0 | $323265 | $0 | $323265 |
|  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 | $10834 | $0 | $0 | $10834 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334099 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO California Short Duration Municipal Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.1% | INVESTMENTS IN SECURITIES 95.1% | INVESTMENTS IN SECURITIES 95.1% |
| MUNICIPAL BONDS & NOTES 92.8% | MUNICIPAL BONDS & NOTES 92.8% | MUNICIPAL BONDS & NOTES 92.8% |
| ALABAMA 0.9% | ALABAMA 0.9% | ALABAMA 0.9% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 600 | 645 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 600 | 631 |
|  |  | 1276 |
| CALIFORNIA 88.6% | CALIFORNIA 88.6% | CALIFORNIA 88.6% |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 |
|  2.650% due 10/01/2054 | 1500 | 1500 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2034 (a) | 600 | 414 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2001 | Bay Area Toll Authority, California Revenue Bonds, Series 2001 | Bay Area Toll Authority, California Revenue Bonds, Series 2001 |
|  4.120% due 04/01/2036 **~** | 1000 | 1005 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2018 | Bay Area Toll Authority, California Revenue Bonds, Series 2018 | Bay Area Toll Authority, California Revenue Bonds, Series 2018 |
|  2.625% due 04/01/2045 | 680 | 676 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.280% due 04/01/2056 **~** | 500 | 493 |
|  3.320% due 04/01/2056 **~** | 1000 | 996 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  3.200% due 04/01/2055 | 1500 | 1500 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  3.200% due 04/01/2059 | 4500 | 4500 |
|  Bay Area Toll Authority, California Revenue Notes, Series 2025 | Bay Area Toll Authority, California Revenue Notes, Series 2025 | Bay Area Toll Authority, California Revenue Notes, Series 2025 |
|  5.000% due 04/01/2033 | 1400 | 1614 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2350 | 2350 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 700 | 740 |
|  5.250% due 01/01/2054 | 1150 | 1202 |
|  5.500% due 10/01/2054 | 995 | 1072 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 1000 | 1050 |
|  5.000% due 02/01/2055 | 1200 | 1279 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2031 | 250 | 264 |
|  5.000% due 06/01/2032 | 300 | 316 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 1998 | California Health Facilities Financing Authority Revenue Bonds, Series 1998 | California Health Facilities Financing Authority Revenue Bonds, Series 1998 |
|  2.600% due 09/01/2028 | 1000 | 1000 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2039 | 3500 | 3534 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  5.000% due 11/01/2031 | 550 | 618 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/01/2040 | 605 | 627 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  2.800% due 03/01/2041 | 1500 | 1500 |
|  California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 |
|  1.400% due 12/01/2027 | 1320 | 1320 |
|  5.970% due 11/01/2053 | 1250 | 1258 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1000 | 999 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2025 | 2500 | 2529 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  3.980% due 12/01/2050 **~** | 1000 | 997 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 1000 | 1135 |
|  California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 |
|  3.300% due 02/01/2039 | 1500 | 1494 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.150% due 07/01/2051 | 1550 | 1550 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2056 | 1125 | 1191 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 |
|  3.700% due 07/01/2043 | 1000 | 999 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  2.750% due 07/15/2062 | 2500 | 2500 |
|  California State General Obligation Bonds, (AGM Insured), Series 2007 | California State General Obligation Bonds, (AGM Insured), Series 2007 | California State General Obligation Bonds, (AGM Insured), Series 2007 |
|  5.250% due 08/01/2032 | 2500 | 2820 |
|  California State General Obligation Bonds, Series 2003 | California State General Obligation Bonds, Series 2003 | California State General Obligation Bonds, Series 2003 |
|  2.650% due 05/01/2033 | 2660 | 2660 |
|  California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 |
|  5.000% due 08/01/2025 | 2880 | 2902 |
|  California State General Obligation Bonds, Series 2020 | California State General Obligation Bonds, Series 2020 | California State General Obligation Bonds, Series 2020 |
|  5.000% due 11/01/2027 | 1500 | 1580 |
|  California State General Obligation Bonds, Series 2022 | California State General Obligation Bonds, Series 2022 | California State General Obligation Bonds, Series 2022 |
|  5.000% due 11/01/2026 | 1820 | 1884 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  5.000% due 09/01/2025 | 1000 | 1009 |
|  California State Public Works Board Revenue Bonds, Series 2015 | California State Public Works Board Revenue Bonds, Series 2015 | California State Public Works Board Revenue Bonds, Series 2015 |
|  5.000% due 05/01/2028 | 1500 | 1502 |
|  California State Public Works Board Revenue Bonds, Series 2024 | California State Public Works Board Revenue Bonds, Series 2024 | California State Public Works Board Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2031 | 1000 | 1111 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  1.450% due 04/01/2028 | 1000 | 914 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2008 | California Statewide Communities Development Authority Revenue Bonds, Series 2008 | California Statewide Communities Development Authority Revenue Bonds, Series 2008 |
|  2.600% due 08/15/2047 | 2250 | 2250 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 |
|  5.000% due 04/01/2046 | 1000 | 1083 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2027 | 500 | 510 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2029 | 25 | 26 |
|  5.000% due 09/01/2030 | 50 | 53 |
|  5.000% due 09/01/2031 | 115 | 122 |
|  East County, California Advanced Water Purification Joint Powers Authority Revenue Bonds, Series 2024 | East County, California Advanced Water Purification Joint Powers Authority Revenue Bonds, Series 2024 | East County, California Advanced Water Purification Joint Powers Authority Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2026 | 1000 | 1028 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2015 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2015 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2045 | 1920 | 1927 |
|  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 |
|  2.687% due 06/01/2030 | 1500 | 1352 |
|  Grossmont Healthcare District, California General Obligation Bonds, (AMBAC Insured), Series 2007 | Grossmont Healthcare District, California General Obligation Bonds, (AMBAC Insured), Series 2007 | Grossmont Healthcare District, California General Obligation Bonds, (AMBAC Insured), Series 2007 |
|  0.000% due 07/15/2025 (a) | 1700 | 1685 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 535 | 515 |
|  Irvine Ranch Water District, California Special Assessment Bonds, Series 2009 | Irvine Ranch Water District, California Special Assessment Bonds, Series 2009 | Irvine Ranch Water District, California Special Assessment Bonds, Series 2009 |
|  2.600% due 10/01/2041 | 2055 | 2055 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.600% due 09/02/2029 | 1500 | 1500 |
|  Long Beach, California Harbor Revenue Bonds, Series 2015 | Long Beach, California Harbor Revenue Bonds, Series 2015 | Long Beach, California Harbor Revenue Bonds, Series 2015 |
|  5.000% due 05/15/2030 | 1000 | 1002 |
|  Long Beach, California Harbor Revenue Bonds, Series 2017 | Long Beach, California Harbor Revenue Bonds, Series 2017 | Long Beach, California Harbor Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1039 |
|  Los Angeles Community College District, California General Obligation Bonds, Series 2024 | Los Angeles Community College District, California General Obligation Bonds, Series 2024 | Los Angeles Community College District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2031 | 1500 | 1702 |
|  Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2051 | 2630 | 2835 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2034 | 1000 | 1030 |
|  Los Angeles Housing Authority, California Revenue Bonds, Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, Series 2024 |
|  3.250% due 02/01/2029 | 1750 | 1750 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 07/01/2028 | 1000 | 1076 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2027 | 1000 | 1054 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2026 | 1000 | 1030 |
|  5.000% due 07/01/2035 | 1100 | 1270 |
|  Los Angeles, California Wastewater System Revenue Bonds, Series 2022 | Los Angeles, California Wastewater System Revenue Bonds, Series 2022 | Los Angeles, California Wastewater System Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2025 | 750 | 753 |
|  Orange County, California Special Assessment Bonds, Series 2018 | Orange County, California Special Assessment Bonds, Series 2018 | Orange County, California Special Assessment Bonds, Series 2018 |
|  3.000% due 09/02/2025 | 370 | 370 |
|  Port of Los Angeles, California Revenue Bonds, Series 2024 | Port of Los Angeles, California Revenue Bonds, Series 2024 | Port of Los Angeles, California Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2028 | 1000 | 1055 |
|  Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 09/01/2031 | 250 | 277 |
|  Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 |
|  5.000% due 09/01/2033 | 965 | 987 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2033 | 1120 | 1157 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2032 | 1750 | 1981 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2029 | 1000 | 1051 |
|  Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.618% due 06/01/2034 **~** | 970 | 941 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2033 | 1000 | 1081 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2028 | 1000 | 1077 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2034 | 1050 | 1226 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Dieguito Union High School District, California General Obligation Bonds, Series 2015 | San Dieguito Union High School District, California General Obligation Bonds, Series 2015 | San Dieguito Union High School District, California General Obligation Bonds, Series 2015 |
|  4.000% due 02/01/2040 | 1200 | 1169 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 |
|  1.850% due 05/01/2058 | 2500 | 2500 |
|  San Francisco, California City & County General Obligation Bonds, Series 2024 | San Francisco, California City & County General Obligation Bonds, Series 2024 | San Francisco, California City & County General Obligation Bonds, Series 2024 |
|  5.000% due 06/15/2027 | 1300 | 1370 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 980 |
|  San Jose Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2006 | San Jose Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2006 | San Jose Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2006 |
|  0.000% due 08/01/2030 (a) | 2520 | 2136 |
|  San Juan Unified School District, California General Obligation Bonds, Series 2019 | San Juan Unified School District, California General Obligation Bonds, Series 2019 | San Juan Unified School District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2025 | 250 | 251 |
|  Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 | Santa Clara Valley Water District, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 500 | 567 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1000 | 972 |
|  Silicon Valley Clean Water, California Revenue Bonds, Series 2021 | Silicon Valley Clean Water, California Revenue Bonds, Series 2021 | Silicon Valley Clean Water, California Revenue Bonds, Series 2021 |
|  0.500% due 03/01/2026 | 3000 | 2914 |
|  Solano County, California Community College District General Obligation Bonds, Series 2015 | Solano County, California Community College District General Obligation Bonds, Series 2015 | Solano County, California Community College District General Obligation Bonds, Series 2015 |
|  5.000% due 08/01/2028 | 250 | 252 |
|  South Placer Wastewater Authority, California Revenue Bonds, Series 2020 | South Placer Wastewater Authority, California Revenue Bonds, Series 2020 | South Placer Wastewater Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 11/01/2029 | 250 | 273 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2026 | 1000 | 1017 |
|  5.000% due 06/01/2029 | 500 | 525 |
|  Union Sanitary District Financing Authority, California Revenue Notes, Series 2025 | Union Sanitary District Financing Authority, California Revenue Notes, Series 2025 | Union Sanitary District Financing Authority, California Revenue Notes, Series 2025 |
|  5.000% due 03/15/2030 | 1500 | 1665 |
|  University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 |
|  2.750% due 05/15/2048 | 4400 | 4400 |
|  University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 |
|  5.000% due 05/15/2025 | 1500 | 1504 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 | Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 | Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 |
|  0.000% due 08/01/2026 (a) | 1000 | 961 |
|  |  | 123910 |
| GEORGIA 0.4% | GEORGIA 0.4% | GEORGIA 0.4% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 600 | 635 |
| MICHIGAN 0.4% | MICHIGAN 0.4% | MICHIGAN 0.4% |
|  Michigan Finance Authority Revenue Bonds, Series 2015 | Michigan Finance Authority Revenue Bonds, Series 2015 | Michigan Finance Authority Revenue Bonds, Series 2015 |
|  1.200% due 10/15/2030 | 500 | 465 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  2.326% due 06/01/2030 | 34 | 34 |
|  |  | 499 |
| OREGON 0.2% | OREGON 0.2% | OREGON 0.2% |
|  Oregon State Facilities Authority Revenue Bonds, Series 2020 | Oregon State Facilities Authority Revenue Bonds, Series 2020 | Oregon State Facilities Authority Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2027 | 300 | 310 |
| PUERTO RICO 2.3% | PUERTO RICO 2.3% | PUERTO RICO 2.3% |
|  Puerto Rico Housing Finance Authority Revenue Bonds, Series 2023 | Puerto Rico Housing Finance Authority Revenue Bonds, Series 2023 | Puerto Rico Housing Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/01/2027 | 1000 | 1016 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2034 | 2223 | 2211 |
|  |  | 3227 |
|  Total Municipal Bonds & Notes (Cost $130,668) | Total Municipal Bonds & Notes (Cost $130,668) | 129857 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (b) | 540179 | 540 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 1.9% | MUNICIPAL BONDS & NOTES 1.9% | MUNICIPAL BONDS & NOTES 1.9% | MUNICIPAL BONDS & NOTES 1.9% |
|  Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 | Riverside County, California Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | 1250 | $— | 1257 |
|  Santa Clara, California Electric Revenue Notes, Series 2024 | Santa Clara, California Electric Revenue Notes, Series 2024 | Santa Clara, California Electric Revenue Notes, Series 2024 | Santa Clara, California Electric Revenue Notes, Series 2024 |
|  5.000% due 07/01/2025 | 400 |  | 403 |
|  Santa Cruz County, California Revenue Notes, Series 2024 | Santa Cruz County, California Revenue Notes, Series 2024 | Santa Cruz County, California Revenue Notes, Series 2024 | Santa Cruz County, California Revenue Notes, Series 2024 |
|  5.000% due 07/01/2025 | 1000 |  | 1006 |
|  Total Municipal Bonds & Notes<br>(Cost $2,662) | Total Municipal Bonds & Notes<br>(Cost $2,662) |  | 2666 |
| Total Short-Term Instruments<br>(Cost $3,202) | Total Short-Term Instruments<br>(Cost $3,202) |  | 3206 |
| Total Investments in Securities<br>(Cost $133,870) | Total Investments in Securities<br>(Cost $133,870) |  | 133063 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.6% | INVESTMENTS IN AFFILIATES 3.6% | INVESTMENTS IN AFFILIATES 3.6% | INVESTMENTS IN AFFILIATES 3.6% |
| SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.6% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 511903 |  | 4983 |
| Total Short-Term Instruments<br>(Cost $4,982) | Total Short-Term Instruments<br>(Cost $4,982) |  | 4983 |
| Total Investments in Affiliates<br>(Cost $4,982) | Total Investments in Affiliates<br>(Cost $4,982) |  | 4983 |
| Total Investments 98.7%<br>(Cost $138,852) | Total Investments 98.7%<br>(Cost $138,852) | $— | 138046 |
| Other Assets and Liabilities, net 1.3% | Other Assets and Liabilities, net 1.3% |  | 1860 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 139906 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Schedule of Investments PIMCO California Short Duration Municipal Income Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $0 | $1276 | $0 | $1276 |
| &nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123910 |
| &nbsp;&nbsp; Georgia | 0 | 635 | 0 | 635 |
| &nbsp;&nbsp; Michigan | 0 | 499 | 0 | 499 |
| &nbsp;&nbsp; Oregon | 0 | 310 | 0 | 310 |
| &nbsp;&nbsp; Puerto Rico | 0 | 3227 | 0 | 3227 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 540 | 0 | 540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Municipal Bonds & Notes | $0 | $2666 | $0 | $2666 |
|  | $0 | $133063 | $0 | $133063 |
|  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 | $4983 | $0 | $0 | $4983 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138046 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.7% | INVESTMENTS IN SECURITIES 98.7% | INVESTMENTS IN SECURITIES 98.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.8% |
|  Bluehouse Commons Apartments | Bluehouse Commons Apartments | Bluehouse Commons Apartments |
|  4.120% due 12/01/2042 «(g) | 13118 | 11639 |
|  City of Salinas | City of Salinas | City of Salinas |
|  4.020% due 09/01/2033 «(g) | 7142 | 6802 |
|  Groves Seniors Apartments | Groves Seniors Apartments | Groves Seniors Apartments |
|  4.000% due 07/01/2038 «(g) | 1330 | 1250 |
|  4.170% due 06/01/2041 «(g) | 8020 | 7243 |
|  Mangini Place Apartments | Mangini Place Apartments | Mangini Place Apartments |
|  3.910% due 11/01/2042 «(g) | 19217 | 16817 |
|  Northlake Senior Apartments | Northlake Senior Apartments | Northlake Senior Apartments |
|  3.990% due 10/01/2041 «(g) | 20461 | 18073 |
|  Pine Grove Powers Avenue | Pine Grove Powers Avenue | Pine Grove Powers Avenue |
|  5.000% due 10/01/2042 «(g) | 17906 | 17524 |
|  Successor Agency Redevelopment of West Sacramento | Successor Agency Redevelopment of West Sacramento | Successor Agency Redevelopment of West Sacramento |
|  4.310% due 09/01/2035 « | 8589 | 8384 |
|  Valencia Garden | Valencia Garden | Valencia Garden |
|  4.020% due 11/01/2041 «(g) | 12078 | 10707 |
|  Total Loan Participations and Assignments (Cost $95,003) | Total Loan Participations and Assignments (Cost $95,003) | 98439 |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 18000 | 14447 |
|  VM Fund LLC | VM Fund LLC | VM Fund LLC |
|  8.625% due 02/28/2031 « | 3750 | 3790 |
|  |  | 18237 |
| INDUSTRIALS 0.9% | INDUSTRIALS 0.9% | INDUSTRIALS 0.9% |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |
|  2.510% due 05/15/2031 | 15168 | 12148 |
|  Toledo Hospital | Toledo Hospital | Toledo Hospital |
|  4.982% due 11/15/2045 | 15603 | 12151 |
|  6.015% due 11/15/2048 | 12400 | 11051 |
|  Toll Road Investors Partnership LP | Toll Road Investors Partnership LP | Toll Road Investors Partnership LP |
|  0.000% due 02/15/2043 (d) | 21987 | 7146 |
|  Wild Rivers Water Park | Wild Rivers Water Park | Wild Rivers Water Park |
|  8.500% due 11/01/2051 | 7500 | 4687 |
|  |  | 47183 |
|  Total Corporate Bonds & Notes (Cost $67,803) | Total Corporate Bonds & Notes (Cost $67,803) | 65420 |
| MUNICIPAL BONDS & NOTES 91.8% | MUNICIPAL BONDS & NOTES 91.8% | MUNICIPAL BONDS & NOTES 91.8% |
| ALABAMA 4.0% | ALABAMA 4.0% | ALABAMA 4.0% |
|  Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 | Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 | Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 |
|  5.750% due 06/01/2045 | 800 | 735 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 5785 | 5791 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 |
|  5.250% due 02/01/2053 | 17500 | 18318 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 8140 | 8584 |
|  5.500% due 10/01/2054 | 13600 | 14625 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 22300 | 23827 |
|  5.000% due 10/01/2055 | 14700 | 15399 |
|  Central Etowah County, Alabama Solid Waste Disposal Authority Revenue Bonds, Series 2020 | Central Etowah County, Alabama Solid Waste Disposal Authority Revenue Bonds, Series 2020 | Central Etowah County, Alabama Solid Waste Disposal Authority Revenue Bonds, Series 2020 |
|  6.000% due 07/01/2045 | 1820 | 1887 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 3600 | 3959 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 14000 | 14898 |
|  Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  5.750% due 10/01/2049 | 1500 | 1563 |
|  Lower Alabama Gas District Revenue Bonds, Series 2016 | Lower Alabama Gas District Revenue Bonds, Series 2016 | Lower Alabama Gas District Revenue Bonds, Series 2016 |
|  5.000% due 09/01/2046 | 1000 | 1063 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  4.750% due 12/01/2054 | 23800 | 22525 |
|  Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 | Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 | Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 |
|  5.000% due 03/01/2027 ^(c) | 4030 | 2529 |
|  5.000% due 03/01/2029 ^(c) | 4570 | 2868 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 12500 | 13105 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 6015 | 5966 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2053 | 3500 | 3618 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3000 | 3154 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 26700 | 27575 |
|  5.000% due 11/01/2055 | 2050 | 2181 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 8015 | 8484 |
|  5.000% due 01/01/2056 | 20500 | 21368 |
|  |  | 224022 |
| ALASKA 0.2% | ALASKA 0.2% | ALASKA 0.2% |
|  Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007 | Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007 | Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007 |
|  6.000% due 12/01/2036 ^(c) | 1400 | 37 |
|  Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2062 | 8795 | 9171 |
|  |  | 9208 |
| ARIZONA 1.3% | ARIZONA 1.3% | ARIZONA 1.3% |
|  Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 |
|  3.550% due 01/01/2046 | 10000 | 10000 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Arizona Industrial Development Authority Revenue Bonds, Series 2020 |
|  7.750% due 07/01/2050 ^(c) | 4030 | 121 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2021 | Arizona Industrial Development Authority Revenue Bonds, Series 2021 | Arizona Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 12/15/2051 | 700 | 562 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  0.000% due 01/01/2059 (e) | 7130 | 3912 |
|  5.125% due 01/01/2059 | 19174 | 16917 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 20000 | 19929 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 2000 | 1981 |
|  Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2049 ^(c) | 3500 | 2450 |
|  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 | 10400 | 10738 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2042 | 6000 | 6441 |
|  |  | 73051 |
| ARKANSAS 0.8% | ARKANSAS 0.8% | ARKANSAS 0.8% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 |
|  4.500% due 09/01/2049 | 6370 | 6073 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2020 | Arkansas Development Finance Authority Revenue Bonds, Series 2020 | Arkansas Development Finance Authority Revenue Bonds, Series 2020 |
|  4.750% due 09/01/2049 | 19200 | 18533 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 17500 | 19300 |
|  |  | 43906 |
| CALIFORNIA 8.8% | CALIFORNIA 8.8% | CALIFORNIA 8.8% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2048 (e) | 3000 | 1718 |
|  Antelope Valley Healthcare District, California Revenue Bonds, Series 2016 | Antelope Valley Healthcare District, California Revenue Bonds, Series 2016 | Antelope Valley Healthcare District, California Revenue Bonds, Series 2016 |
|  5.000% due 03/01/2026 | 340 | 341 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 8000 | 8000 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 10000 | 10574 |
|  5.250% due 11/01/2054 | 11900 | 12626 |
|  5.500% due 10/01/2054 | 4775 | 5145 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 43900 | 46828 |
|  California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2056 | 22300 | 11491 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 2900 | 2298 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|  6.000% due 06/01/2035 | 545 | 546 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2055 (d) | 10445 | 2003 |
|  5.000% due 06/01/2049 | 320 | 320 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2042 | 3000 | 3133 |
|  5.250% due 12/01/2043 | 2825 | 2937 |
|  5.250% due 12/01/2044 | 1750 | 1811 |
|  California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 |
|  5.970% due 11/01/2053 | 15500 | 15600 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 26000 | 25963 |
|  6.000% due 03/01/2053 | 33650 | 33753 |
|  7.000% due 03/01/2053 | 9100 | 8749 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2035 (d) | 1260 | 706 |
|  4.125% due 01/01/2035 | 450 | 432 |
|  5.000% due 01/01/2055 | 960 | 895 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  0.000% due 01/01/2061 (d) | 42980 | 3295 |
|  4.000% due 05/01/2051 | 5000 | 4601 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 |
|  9.500% due 01/01/2065 | 31000 | 31000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Municipal Finance Authority Revenue Bonds, Series 2016 | California Municipal Finance Authority Revenue Bonds, Series 2016 | California Municipal Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 11/01/2046 | 1000 | 974 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 4500 | 4511 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2052 | 1070 | 967 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  3.637% due 07/01/2030 | 3430 | 3033 |
|  5.000% due 12/01/2030 | 105 | 109 |
|  5.000% due 12/01/2036 | 175 | 179 |
|  5.000% due 12/01/2054 | 1000 | 950 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 15500 | 15947 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  5.375% due 01/01/2055 | 4000 | 3937 |
|  5.500% due 01/01/2060 | 2850 | 2839 |
|  California Municipal Finance Authority Revenue Notes, Series 2025 | California Municipal Finance Authority Revenue Notes, Series 2025 | California Municipal Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 01/01/2032 | 1320 | 1359 |
|  5.000% due 01/01/2033 | 1385 | 1425 |
|  5.000% due 01/01/2034 | 1455 | 1487 |
|  5.000% due 01/01/2035 | 750 | 760 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.125% due 11/01/2040 | 1000 | 998 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 |
|  4.750% due 11/01/2046 | 1500 | 1470 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  7.500% due 12/01/2039 ^(c) | 5883 | 0 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  4.500% due 06/01/2031 | 750 | 450 |
|  5.000% due 06/01/2046 | 2590 | 2010 |
|  5.000% due 06/01/2051 | 1000 | 600 |
|  California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.250% due 08/15/2052 | 2250 | 2351 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2014 | California Statewide Communities Development Authority Revenue Bonds, Series 2014 | California Statewide Communities Development Authority Revenue Bonds, Series 2014 |
|  5.500% due 12/01/2054 | 4140 | 4141 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2046 | 1900 | 1854 |
|  5.250% due 12/01/2056 | 14600 | 14618 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.500% due 12/01/2058 | 2200 | 2239 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 7580 | 6495 |
|  California Statewide Financing Authority Revenue Bonds, Series 2002 | California Statewide Financing Authority Revenue Bonds, Series 2002 | California Statewide Financing Authority Revenue Bonds, Series 2002 |
|  6.000% due 05/01/2037 | 3825 | 3912 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 6200 | 5311 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|  3.400% due 10/01/2046 | 1985 | 1562 |
|  4.000% due 02/01/2057 | 1000 | 743 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 09/01/2062 (e) | 23500 | 15120 |
|  5.000% due 09/01/2037 | 3190 | 3162 |
|  Firebaugh, California Revenue Bonds, Series 2019 | Firebaugh, California Revenue Bonds, Series 2019 | Firebaugh, California Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2039 | 1210 | 1048 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015 | Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015 | Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2040 | 2000 | 2004 |
|  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 |
|  0.000% due 06/01/2066 (d) | 261615 | 28174 |
|  3.714% due 06/01/2041 | 3750 | 2865 |
|  3.850% due 06/01/2050 | 4355 | 4010 |
|  4.214% due 06/01/2050 | 3700 | 2796 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 3000 | 3037 |
|  Grossmont Union High School District, California General Obligation Bonds, Series 2021 | Grossmont Union High School District, California General Obligation Bonds, Series 2021 | Grossmont Union High School District, California General Obligation Bonds, Series 2021 |
|  0.000% due 08/01/2044 (d) | 4295 | 1750 |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2045 | 6000 | 5770 |
|  5.000% due 07/01/2061 | 2010 | 1842 |
|  M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|  6.500% due 11/01/2039 | 1500 | 1805 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2047 (d) | 4500 | 1536 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2054 | 1265 | 1279 |
|  Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 | Roseville, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2037 | 1000 | 1003 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 5900 | 5988 |
|  Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2046 | 1200 | 1094 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 30460 | 31561 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  4.000% due 07/01/2053 | 10000 | 9337 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2035 | 15000 | 16202 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 10400 | 11611 |
|  Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2036 (d) | 5000 | 2715 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (d) | 69995 | 11430 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (d) | 16635 | 3343 |
|  |  | 492478 |
| COLORADO 4.0% | COLORADO 4.0% | COLORADO 4.0% |
|  Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 |
|  5.500% due 12/01/2044 | 8500 | 8669 |
|  5.750% due 12/01/2054 | 14250 | 14710 |
|  Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 | Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 | Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 |
|  5.750% due 12/01/2051 | 6000 | 5603 |
|  Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 | Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 | Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 |
|  6.750% due 12/15/2054 | 1500 | 1499 |
|  Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 |
|  6.500% due 12/01/2054 | 2000 | 2043 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 |
|  5.250% due 12/01/2048 | 4050 | 3895 |
|  Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2047 | 6300 | 6010 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 13740 | 12627 |
|  4.000% due 08/01/2049 | 5960 | 5270 |
|  5.000% due 08/01/2044 | 7000 | 7069 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2020 | Colorado Health Facilities Authority Revenue Bonds, Series 2020 | Colorado Health Facilities Authority Revenue Bonds, Series 2020 |
|  4.000% due 09/01/2045 | 1000 | 1050 |
|  4.000% due 09/01/2050 | 2800 | 2939 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  3.550% due 05/15/2062 | 23475 | 23475 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2025 | Colorado Health Facilities Authority Revenue Bonds, Series 2025 | Colorado Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.125% due 12/01/2050 (b) | 5000 | 5100 |
|  Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 06/01/2028 | 12300 | 12396 |
|  Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 |
|  0.000% due 12/01/2051 (e) | 4955 | 3703 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 5000 | 5169 |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 |
|  4.000% due 03/15/2046 | 10515 | 9687 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 |
|  6.125% due 12/15/2054 | 2000 | 1971 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 |
|  4.125% due 11/15/2047 | 5700 | 5136 |
|  5.000% due 11/15/2053 | 3000 | 3037 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 33000 | 33226 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 2700 | 2694 |
|  Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 |
|  7.250% due 12/01/2052 | 2913 | 2885 |
|  Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 | Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 | Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2050 | 2500 | 2171 |
|  Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 3000 | 2956 |
|  Prairie Center Metropolitan District No. 3, Colorado Revenue Bonds, Series 2017 | Prairie Center Metropolitan District No. 3, Colorado Revenue Bonds, Series 2017 | Prairie Center Metropolitan District No. 3, Colorado Revenue Bonds, Series 2017 |
|  5.000% due 12/15/2041 | 875 | 876 |
|  Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|  6.250% due 11/15/2028 | 1840 | 1928 |
|  Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2036 | 1000 | 953 |
|  Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 4650 | 4143 |
|  Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 |
|  5.750% due 12/01/2054 | 1750 | 1749 |
|  6.125% due 12/01/2039 | 550 | 565 |
|  6.500% due 12/01/2054 | 1250 | 1284 |
|  Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 |
|  5.625% due 12/01/2043 | 2177 | 2219 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 | Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 | Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 2000 | 1555 |
|  Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 |
|  0.000% due 12/01/2050 (e) | 11100 | 9107 |
|  Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 | Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 | Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2049 | 1200 | 1201 |
|  Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 |
|  5.000% due 12/01/2039 | 4751 | 4740 |
|  5.000% due 12/01/2049 | 6375 | 6010 |
|  |  | 221320 |
| DELAWARE 0.7% | DELAWARE 0.7% | DELAWARE 0.7% |
|  Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2038 | 34425 | 29750 |
|  7.120% due 10/01/2038 | 6075 | 5667 |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.250% due 10/01/2045 | 2500 | 2464 |
|  |  | 37881 |
| DISTRICT OF COLUMBIA 1.0% | DISTRICT OF COLUMBIA 1.0% | DISTRICT OF COLUMBIA 1.0% |
|  District of Columbia Revenue Bonds, Series 2017 | District of Columbia Revenue Bonds, Series 2017 | District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2052 | 1000 | 913 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2051 | 5000 | 4376 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 |
|  5.000% due 07/15/2048 | 27000 | 28135 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 07/15/2054 | 11200 | 11607 |
|  5.000% due 07/15/2056 | 9870 | 10222 |
|  |  | 55253 |
| FLORIDA 6.8% | FLORIDA 6.8% | FLORIDA 6.8% |
|  Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2054 | 1000 | 1004 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 |
|  3.200% due 05/01/2041 | 5035 | 4010 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 |
|  4.500% due 05/01/2030 | 2160 | 2179 |
|  5.375% due 05/01/2043 | 3640 | 3656 |
|  5.625% due 05/01/2054 | 5445 | 5511 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 |
|  4.250% due 05/01/2032 | 1500 | 1491 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 1375 | 1347 |
|  5.250% due 05/01/2055 | 2000 | 1948 |
|  Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2055 | 915 | 899 |
|  Berry Bay II Community Development District, Florida Special Assesment Bonds, Series 2024 | Berry Bay II Community Development District, Florida Special Assesment Bonds, Series 2024 | Berry Bay II Community Development District, Florida Special Assesment Bonds, Series 2024 |
|  5.450% due 05/01/2054 | 1000 | 964 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2017 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2017 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2017 |
|  7.000% due 07/01/2052 ^(c) | 4365 | 44 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2033 ^(c) | 1500 | 446 |
|  5.000% due 07/01/2043 ^(c) | 950 | 17 |
|  5.250% due 07/01/2048 ^(c) | 900 | 16 |
|  7.500% due 07/01/2053 ^(c) | 1000 | 17 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (d) | 22070 | 1729 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.250% due 06/15/2053 | 4250 | 4387 |
|  Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2051 | 5000 | 4104 |
|  Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 | Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 | Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2054 | 1250 | 1256 |
|  Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 500 | 482 |
|  5.500% due 05/01/2054 | 2500 | 2386 |
|  Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2051 | 8000 | 7421 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2017 | Florida Development Finance Corp. Revenue Bonds, Series 2017 | Florida Development Finance Corp. Revenue Bonds, Series 2017 |
|  6.125% due 06/15/2047 | 5300 | 5314 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2041 | 15435 | 15020 |
|  5.250% due 08/01/2049 | 1750 | 1798 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2025 | Florida Development Finance Corp. Revenue Bonds, Series 2025 | Florida Development Finance Corp. Revenue Bonds, Series 2025 |
|  8.250% due 07/01/2057 | 16000 | 16616 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  3.550% due 10/01/2042 | 23350 | 23350 |
|  GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2055 | 1750 | 1686 |
|  Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.700% due 05/01/2044 | 1995 | 1995 |
|  6.000% due 05/01/2055 | 4000 | 4023 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 7900 | 7907 |
|  Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 | Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 | Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 1000 | 998 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.850% due 05/01/2044 | 875 | 879 |
|  6.150% due 05/01/2054 | 1000 | 1009 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.550% due 05/01/2045 (b) | 1000 | 1003 |
|  5.750% due 05/01/2055 (b) | 1000 | 1002 |
|  Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2052 | 3600 | 3726 |
|  Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.150% due 05/01/2044 | 1000 | 972 |
|  5.450% due 05/01/2055 | 750 | 725 |
|  Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 |
|  6.000% due 04/01/2038 ^(c) | 402 | 20 |
|  Hillsborough County, Florida Aviation Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Aviation Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Aviation Authority Revenue Bonds, Series 2024 |
|  5.500% due 10/01/2049 | 10000 | 10656 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  3.450% due 11/15/2054 | 20000 | 20000 |
|  3.500% due 11/15/2054 | 25995 | 25995 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 |
|  5.600% due 05/01/2044 | 1900 | 1935 |
|  5.875% due 05/01/2055 | 2500 | 2544 |
|  Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2034 | 1700 | 1682 |
|  Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2045 | 400 | 396 |
|  5.700% due 05/01/2055 | 765 | 755 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2034 | 2325 | 2298 |
|  5.600% due 05/01/2055 | 685 | 668 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2055 | 765 | 751 |
|  Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2049 | 7500 | 7779 |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.875% due 05/01/2031 | 500 | 502 |
|  5.650% due 05/01/2054 | 1250 | 1224 |
|  5.750% due 05/01/2044 | 1150 | 1154 |
|  6.050% due 05/01/2054 | 1375 | 1385 |
|  Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2055 | 1000 | 992 |
|  Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2046 | 8000 | 7409 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2035 | 18000 | 19201 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.880% due 03/01/2046 | 3100 | 3098 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2048 | 5000 | 4580 |
|  4.000% due 10/01/2049 | 1785 | 1607 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2050 | 2075 | 1920 |
|  5.250% due 10/01/2054 | 15400 | 16416 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2050 | 10000 | 8677 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 1815 | 1816 |
|  Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.200% due 05/01/2054 | 2535 | 2419 |
|  Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2044 | 1500 | 1443 |
|  5.550% due 05/01/2054 | 1750 | 1666 |
|  North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2044 | 1230 | 1234 |
|  6.000% due 05/01/2054 | 1965 | 1980 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2053 | 4915 | 5006 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 3200 | 3205 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 |
|  4.500% due 10/01/2056 | 20000 | 19203 |
|  5.250% due 10/01/2056 | 8500 | 8880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2031 (d) | 1330 | 1035 |
|  Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 745 | 732 |
|  5.800% due 05/01/2054 | 1985 | 1945 |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.050% due 05/01/2044 | 1000 | 974 |
|  5.375% due 05/01/2055 | 1275 | 1238 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.300% due 05/01/2055 | 1000 | 945 |
|  Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
|  5.875% due 01/01/2033 ^(c) | 9040 | 6690 |
|  Pompano Beach, Florida Revenue Bonds, Series 2020 | Pompano Beach, Florida Revenue Bonds, Series 2020 | Pompano Beach, Florida Revenue Bonds, Series 2020 |
|  4.000% due 09/01/2050 | 6750 | 5620 |
|  Putnam County Development Authority, Florida Revenue Bonds, Series 2018 | Putnam County Development Authority, Florida Revenue Bonds, Series 2018 | Putnam County Development Authority, Florida Revenue Bonds, Series 2018 |
|  5.000% due 03/15/2042 | 7000 | 7121 |
|  Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.350% due 05/01/2055 | 1500 | 1434 |
|  Seagrove Community Development District, Florida Special Assesment Bonds, Series 2024 | Seagrove Community Development District, Florida Special Assesment Bonds, Series 2024 | Seagrove Community Development District, Florida Special Assesment Bonds, Series 2024 |
|  5.200% due 06/15/2054 | 1250 | 1207 |
|  St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2055 | 6500 | 5397 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2040 (d) | 1000 | 486 |
|  0.000% due 09/01/2041 (d) | 1000 | 455 |
|  Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 | Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 | Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 |
|  5.400% due 05/01/2045 (b) | 710 | 699 |
|  5.650% due 05/01/2056 (b) | 880 | 868 |
|  Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2054 | 1000 | 1016 |
|  V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 | V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 | V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.375% due 05/01/2045 | 900 | 891 |
|  5.550% due 05/01/2055 | 1250 | 1235 |
|  Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 | Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 | Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 |
|  3.500% due 05/01/2051 | 7765 | 6075 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 |
|  5.000% due 05/01/2043 | 1000 | 1017 |
|  5.250% due 05/01/2054 | 3465 | 3538 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 |
|  4.550% due 05/01/2044 | 1000 | 983 |
|  Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2044 | 1190 | 1202 |
|  6.000% due 05/01/2054 | 1590 | 1612 |
|  |  | 378248 |
| GEORGIA 3.0% | GEORGIA 3.0% | GEORGIA 3.0% |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 |
|  7.000% due 01/01/2040 ^(c) | 1600 | 640 |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 |
|  0.000% due 12/15/2048 (e) | 16100 | 13833 |
|  Atlanta Development Authority, Georgia Tax Allocation Bonds, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Bonds, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Bonds, Series 2024 |
|  5.000% due 04/01/2034 | 1950 | 1948 |
|  Augusta Development Authority, Georgia Revenue Bonds, Series 2023 | Augusta Development Authority, Georgia Revenue Bonds, Series 2023 | Augusta Development Authority, Georgia Revenue Bonds, Series 2023 |
|  5.125% due 04/01/2053 | 6500 | 6660 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 6000 | 5440 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2053 | 7500 | 8165 |
|  Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 | Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 | Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  5.000% due 03/01/2047 | 1500 | 900 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2052 | 14200 | 14320 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 27250 | 28471 |
|  5.000% due 12/01/2053 | 17400 | 18420 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 5735 | 6114 |
|  5.000% due 05/01/2055 | 2900 | 3069 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 |
|  5.250% due 01/01/2054 | 6725 | 7093 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2049 | 10900 | 11034 |
|  5.000% due 01/01/2056 | 10000 | 10105 |
|  5.000% due 01/01/2059 | 7600 | 7680 |
|  5.000% due 01/01/2063 | 3340 | 3370 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2051 | 1000 | 885 |
|  5.000% due 01/01/2056 | 1100 | 1117 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 5000 | 4676 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2064 | 7000 | 7272 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2049 | 5000 | 5306 |
|  |  | 166518 |
| GUAM 0.0% | GUAM 0.0% | GUAM 0.0% |
|  Guam Department of Education Certificates of Participation Bonds, Series 2020 | Guam Department of Education Certificates of Participation Bonds, Series 2020 | Guam Department of Education Certificates of Participation Bonds, Series 2020 |
|  5.000% due 02/01/2040 | 1500 | 1469 |
| HAWAII 0.3% | HAWAII 0.3% | HAWAII 0.3% |
|  Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 |
|  3.100% due 05/01/2026 | 6990 | 6842 |
|  4.000% due 03/01/2037 | 6520 | 6038 |
|  Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 |
|  3.200% due 07/01/2039 | 3725 | 3099 |
|  3.500% due 10/01/2049 | 2000 | 1553 |
|  |  | 17532 |
| IDAHO 0.4% | IDAHO 0.4% | IDAHO 0.4% |
|  Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  4.650% due 01/01/2054 | 4410 | 4338 |
|  Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 | Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 | Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 |
|  5.000% due 03/01/2052 | 2750 | 2798 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 18235 | 16771 |
|  |  | 23907 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ILLINOIS 4.5% | ILLINOIS 4.5% | ILLINOIS 4.5% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 |
|  4.000% due 12/01/2035 | 8360 | 7832 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2048 | 9000 | 9178 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2055 | 20000 | 20038 |
|  5.250% due 01/01/2056 | 1000 | 1033 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 2875 | 3044 |
|  5.000% due 01/01/2037 | 2500 | 2630 |
|  5.000% due 01/01/2039 | 1200 | 1251 |
|  5.250% due 01/01/2041 | 1000 | 1063 |
|  5.250% due 01/01/2042 | 1000 | 1055 |
|  5.250% due 01/01/2048 | 9000 | 9339 |
|  5.500% due 01/01/2044 | 2625 | 2793 |
|  Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 |
|  5.000% due 01/01/2034 | 7000 | 7526 |
|  Chicago Transit Authority, Illinois Revenue Bonds, Series 2020 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2020 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2050 | 2250 | 2052 |
|  Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate, Series 2020 | Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate, Series 2020 | Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate, Series 2020 |
|  4.000% due 12/01/2036 | 680 | 664 |
|  Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 | Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 | Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 |
|  6.000% due 03/01/2048 | 7827 | 7649 |
|  Illinois Finance Authority Revenue Bonds, Series 2015 | Illinois Finance Authority Revenue Bonds, Series 2015 | Illinois Finance Authority Revenue Bonds, Series 2015 |
|  5.250% due 05/15/2050 | 1650 | 1654 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  4.000% due 02/15/2036 | 2500 | 2442 |
|  Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2037 ^(c) | 2426 | 19 |
|  5.125% due 02/15/2045 ^(c) | 2675 | 21 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 3100 | 3123 |
|  Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2049 ^(c) | 4900 | 3283 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2041 | 3375 | 3170 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 05/01/2035 | 1410 | 1362 |
|  4.000% due 05/01/2040 | 2830 | 2569 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  3.500% due 08/15/2057 | 5100 | 5100 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  3.500% due 06/01/2029 | 2000 | 1968 |
|  Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 |
|  5.000% due 11/01/2029 | 3800 | 3941 |
|  5.000% due 12/01/2038 | 1000 | 1019 |
|  Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 |
|  4.625% due 05/01/2037 | 4000 | 4024 |
|  5.000% due 05/01/2028 | 4295 | 4502 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  4.125% due 10/01/2036 | 2000 | 1960 |
|  5.500% due 05/01/2030 | 2650 | 2804 |
|  Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 |
|  5.000% due 03/01/2036 | 2250 | 2370 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 3250 | 3352 |
|  5.000% due 12/01/2046 | 17500 | 17840 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  4.250% due 05/01/2046 | 2000 | 1802 |
|  5.000% due 05/01/2030 | 2500 | 2670 |
|  5.000% due 05/01/2033 | 10000 | 10831 |
|  5.000% due 05/01/2034 | 11760 | 12751 |
|  5.000% due 02/01/2035 | 17245 | 18688 |
|  5.000% due 05/01/2038 | 5000 | 5317 |
|  5.250% due 05/01/2042 | 12000 | 12714 |
|  5.250% due 05/01/2045 | 4000 | 4178 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 05/01/2047 | 5000 | 5170 |
|  5.250% due 05/01/2048 | 3750 | 3868 |
|  Illinois State Revenue Bonds, Series 2016 | Illinois State Revenue Bonds, Series 2016 | Illinois State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2033 | 2785 | 2491 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 12/15/2037 (d) | 5000 | 2838 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 19500 | 16821 |
|  Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 3500 | 3078 |
|  Southwestern Illinois Development Authority Revenue Bonds, Series 2007 | Southwestern Illinois Development Authority Revenue Bonds, Series 2007 | Southwestern Illinois Development Authority Revenue Bonds, Series 2007 |
|  5.350% due 03/01/2031 | 1220 | 898 |
|  |  | 247785 |
| INDIANA 1.9% | INDIANA 1.9% | INDIANA 1.9% |
|  Goshen, Indiana Revenue Bonds, Series 2021 | Goshen, Indiana Revenue Bonds, Series 2021 | Goshen, Indiana Revenue Bonds, Series 2021 |
|  5.000% due 08/01/2041 | 4065 | 3465 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 5400 | 5148 |
|  4.250% due 11/01/2030 | 20440 | 20880 |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 | 27720 | 4311 |
|  Indiana Finance Authority Revenue Bonds, Series 2021 | Indiana Finance Authority Revenue Bonds, Series 2021 | Indiana Finance Authority Revenue Bonds, Series 2021 |
|  1.400% due 08/01/2029 | 1000 | 876 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2053 | 14400 | 14879 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2059 | 1250 | 1207 |
|  5.250% due 07/01/2064 | 1500 | 1496 |
|  Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 |
|  0.000% due 07/01/2056 | 9765 | 9504 |
|  5.750% due 01/01/2036 | 1600 | 1549 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2048 | 2150 | 2272 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  6.000% due 02/01/2048 | 7000 | 7844 |
|  6.000% due 03/01/2053 | 12985 | 13702 |
|  Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 9765 | 9531 |
|  Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 |
|  5.375% due 12/01/2041 | 5350 | 4823 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 5000 | 5092 |
|  |  | 106579 |
| IOWA 0.4% | IOWA 0.4% | IOWA 0.4% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 2850 | 3023 |
|  5.000% due 12/01/2050 | 6680 | 7538 |
|  Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 |
|  8.000% due 01/01/2042 | 9500 | 8403 |
|  Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2065 (d) | 27990 | 4165 |
|  |  | 23129 |
| KANSAS 0.2% | KANSAS 0.2% | KANSAS 0.2% |
|  Colby, Kansas Revenue Bonds, Series 2024 | Colby, Kansas Revenue Bonds, Series 2024 | Colby, Kansas Revenue Bonds, Series 2024 |
|  5.500% due 07/01/2026 | 9700 | 9728 |
|  Lenexa, Kansas Tax Allocation Bonds, Series 2007 | Lenexa, Kansas Tax Allocation Bonds, Series 2007 | Lenexa, Kansas Tax Allocation Bonds, Series 2007 |
|  6.000% due 04/01/2027 ^(c) | 3233 | 453 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 | Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 | Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 |
|  4.500% due 06/01/2040 | 785 | 758 |
|  |  | 10939 |
| KENTUCKY 0.2% | KENTUCKY 0.2% | KENTUCKY 0.2% |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 |
|  6.000% due 11/15/2036 | 2350 | 1865 |
|  6.250% due 11/15/2046 | 1150 | 814 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 |
|  4.750% due 07/01/2040 | 3750 | 3322 |
|  5.125% due 07/01/2055 | 4660 | 3910 |
|  Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 |
|  5.250% due 04/01/2054 | 2000 | 2097 |
|  |  | 12008 |
| LOUISIANA 1.0% | LOUISIANA 1.0% | LOUISIANA 1.0% |
|  Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 |
|  4.000% due 05/01/2045 | 7000 | 6541 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 4450 | 4695 |
|  5.000% due 01/01/2038 | 4000 | 4199 |
|  5.250% due 01/01/2041 | 7500 | 7954 |
|  5.250% due 01/01/2042 | 17180 | 18103 |
|  Parish of St James, Louisiana Revenue Bonds, Series 2010 | Parish of St James, Louisiana Revenue Bonds, Series 2010 | Parish of St James, Louisiana Revenue Bonds, Series 2010 |
|  6.350% due 07/01/2040 | 2900 | 3151 |
|  Parish of St James, Louisiana Revenue Bonds, Series 2011 | Parish of St James, Louisiana Revenue Bonds, Series 2011 | Parish of St James, Louisiana Revenue Bonds, Series 2011 |
|  5.850% due 08/01/2041 | 4500 | 4512 |
|  Plaquemines Port Harbor & Terminal District, Louisiana Revenue Bonds, Series 2024 | Plaquemines Port Harbor & Terminal District, Louisiana Revenue Bonds, Series 2024 | Plaquemines Port Harbor & Terminal District, Louisiana Revenue Bonds, Series 2024 |
|  9.000% due 12/01/2044 | 6350 | 6217 |
|  |  | 55372 |
| MAINE 0.1% | MAINE 0.1% | MAINE 0.1% |
|  Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 |
|  4.625% due 12/01/2047 | 3000 | 3029 |
| MARYLAND 0.8% | MARYLAND 0.8% | MARYLAND 0.8% |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 11500 | 11627 |
|  Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 | Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 | Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 |
|  4.000% due 09/01/2040 | 2000 | 1819 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 |
|  3.052% due 07/01/2040 | 5400 | 4129 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  3.762% due 01/01/2043 | 3205 | 2363 |
|  Montgomery County, Maryland General Obligation Bonds, Series 2017 | Montgomery County, Maryland General Obligation Bonds, Series 2017 | Montgomery County, Maryland General Obligation Bonds, Series 2017 |
|  3.400% due 11/01/2037 | 26180 | 26180 |
|  |  | 46118 |
| MASSACHUSETTS 1.2% | MASSACHUSETTS 1.2% | MASSACHUSETTS 1.2% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 |
|  4.000% due 05/01/2040 | 3580 | 3513 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 |
|  5.000% due 10/01/2046 | 5500 | 5774 |
|  5.000% due 10/01/2051 | 10000 | 10406 |
|  5.000% due 10/01/2053 | 19000 | 19743 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2008 | Massachusetts Development Finance Agency Revenue Bonds, Series 2008 | Massachusetts Development Finance Agency Revenue Bonds, Series 2008 |
|  3.400% due 10/01/2042 | 6160 | 6160 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2048 | 5360 | 5182 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 10500 | 10539 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  4.000% due 03/01/2054 | 2500 | 2241 |
|  5.000% due 07/01/2054 | 1200 | 1204 |
|  5.000% due 07/01/2060 | 1100 | 1097 |
|  |  | 65859 |
| MICHIGAN 2.0% | MICHIGAN 2.0% | MICHIGAN 2.0% |
|  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 | 32190 | 25758 |
|  Detroit, Michigan General Obligation Bonds, Series 2021 | Detroit, Michigan General Obligation Bonds, Series 2021 | Detroit, Michigan General Obligation Bonds, Series 2021 |
|  5.000% due 04/01/2050 | 1600 | 1614 |
|  Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 |
|  6.000% due 05/01/2039 | 1300 | 1457 |
|  6.844% due 05/01/2028 | 1090 | 1110 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.663% due 07/01/2032 ~ | 3750 | 3698 |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2050 | 3250 | 2837 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2045 (d) | 15000 | 3991 |
|  0.000% due 06/01/2065 (d) | 55000 | 5665 |
|  4.300% due 09/01/2030 | 100 | 93 |
|  4.800% due 09/01/2040 | 235 | 199 |
|  5.000% due 06/01/2040 | 3750 | 3835 |
|  5.000% due 09/01/2050 | 380 | 307 |
|  Michigan Finance Authority Revenue Bonds, Series 2021 | Michigan Finance Authority Revenue Bonds, Series 2021 | Michigan Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2046 | 1435 | 1062 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.500% due 02/28/2049 | 1875 | 2002 |
|  5.500% due 02/28/2057 | 3000 | 3176 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 |
|  5.000% due 11/15/2047 | 1000 | 1020 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 5500 | 6034 |
|  Michigan Strategic Fund Revenue Bonds, Series 2019 | Michigan Strategic Fund Revenue Bonds, Series 2019 | Michigan Strategic Fund Revenue Bonds, Series 2019 |
|  3.350% due 10/01/2049 | 14000 | 13881 |
|  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 (d) | 78000 | 10486 |
|  0.000% due 06/01/2058 (d) | 145250 | 4526 |
|  Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2046 | 17000 | 18062 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2033 | 1380 | 1484 |
|  |  | 112297 |
| MINNESOTA 0.3% | MINNESOTA 0.3% | MINNESOTA 0.3% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 5000 | 5005 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2041 | 750 | 756 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2034 | 1645 | 1738 |
|  5.000% due 01/01/2037 | 2100 | 2194 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 5000 | 5556 |
|  |  | 15249 |
| MISSISSIPPI 0.0% | MISSISSIPPI 0.0% | MISSISSIPPI 0.0% |
|  Mississippi Development Bank Revenue Bonds, Series 2021 | Mississippi Development Bank Revenue Bonds, Series 2021 | Mississippi Development Bank Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2034 | 500 | 447 |
|  4.000% due 10/01/2035 | 300 | 264 |
|  |  | 711 |
| MISSOURI 0.2% | MISSOURI 0.2% | MISSOURI 0.2% |
|  Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 | Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 | Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 |
|  5.500% due 10/01/2031 | 250 | 248 |
|  5.550% due 10/01/2036 | 45 | 44 |
|  Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 | Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 | Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 |
|  5.000% due 08/15/2051 | 1450 | 1261 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.750% due 05/01/2052 | 7000 | 7399 |
|  St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 | St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 | St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 |
|  5.125% due 06/01/2046 | 2195 | 2161 |
|  |  | 11113 |
| MONTANA 0.0% | MONTANA 0.0% | MONTANA 0.0% |
|  Hardin, Montana Tax Allocation Bonds, Series 2006 | Hardin, Montana Tax Allocation Bonds, Series 2006 | Hardin, Montana Tax Allocation Bonds, Series 2006 |
|  6.250% due 09/01/2031 ^(c) | 830 | 124 |
| MULTI-STATE 2.2% | MULTI-STATE 2.2% | MULTI-STATE 2.2% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 26969 | 26884 |
|  3.721% due 01/25/2040 | 21625 | 21471 |
|  4.136% due 08/25/2040 | 27966 | 28489 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  0.000% due 10/25/2040 | 19385 | 19922 |
|  4.326% due 08/25/2041 ~ | 20239 | 20986 |
|  Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022 | Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022 | Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022 |
|  2.875% due 07/25/2036 | 2353 | 2152 |
|  3.125% due 09/25/2036 | 960 | 900 |
|  |  | 120804 |
| NEBRASKA 0.4% | NEBRASKA 0.4% | NEBRASKA 0.4% |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2051 | 8000 | 7355 |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2023 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2023 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2053 | 15000 | 15916 |
|  |  | 23271 |
| NEVADA 0.2% | NEVADA 0.2% | NEVADA 0.2% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 3955 | 3795 |
|  Nevada Department of Business & Industry State Revenue Bonds, Series 2017 | Nevada Department of Business & Industry State Revenue Bonds, Series 2017 | Nevada Department of Business & Industry State Revenue Bonds, Series 2017 |
|  5.125% due 12/15/2037 ^(c) | 1765 | 0 |
|  Nevada Department of Business & Industry State Revenue Bonds, Series 2018 | Nevada Department of Business & Industry State Revenue Bonds, Series 2018 | Nevada Department of Business & Industry State Revenue Bonds, Series 2018 |
|  6.950% due 02/15/2038 ^(c) | 3716 | 15 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (d) | 42500 | 5612 |
|  |  | 9422 |
| NEW HAMPSHIRE 1.0% | NEW HAMPSHIRE 1.0% | NEW HAMPSHIRE 1.0% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2021 | New Hampshire Business Finance Authority Revenue Bonds, Series 2021 | New Hampshire Business Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2051 | 2250 | 1764 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.777% due 08/20/2034 | 13586 | 12690 |
|  3.875% due 01/20/2038 | 7966 | 7531 |
|  3.967% due 06/20/2034 | 10065 | 9549 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.000% due 08/20/2039 (a) | 24077 | 972 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 | 21500 | 20744 |
|  |  | 53250 |
| NEW JERSEY 2.0% | NEW JERSEY 2.0% | NEW JERSEY 2.0% |
|  Atlantic City, New Jersey General Obligation Bonds, Series 2015 | Atlantic City, New Jersey General Obligation Bonds, Series 2015 | Atlantic City, New Jersey General Obligation Bonds, Series 2015 |
|  6.375% due 03/01/2030 | 815 | 817 |
|  Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 08/15/2053 | 6810 | 7179 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2015 | New Jersey Economic Development Authority Revenue Bonds, Series 2015 | New Jersey Economic Development Authority Revenue Bonds, Series 2015 |
|  5.250% due 06/15/2040 | 1500 | 1507 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2016 | New Jersey Economic Development Authority Revenue Bonds, Series 2016 | New Jersey Economic Development Authority Revenue Bonds, Series 2016 |
|  5.500% due 06/15/2029 | 5000 | 5229 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2018 | New Jersey Economic Development Authority Revenue Bonds, Series 2018 | New Jersey Economic Development Authority Revenue Bonds, Series 2018 |
|  5.000% due 06/15/2038 | 2245 | 2411 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2052 | 20000 | 20440 |
|  New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 |
|  5.750% due 04/01/2031 | 5000 | 4933 |
|  6.500% due 04/01/2028 | 2735 | 2834 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FHA Insured), Series 2024 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FHA Insured), Series 2024 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FHA Insured), Series 2024 |
|  5.250% due 12/20/2065 | 2250 | 2285 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2039 | 2000 | 1925 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 |
|  5.000% due 06/15/2037 | 1500 | 1612 |
|  5.500% due 06/15/2050 | 3500 | 4097 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  4.250% due 06/15/2040 | 10500 | 10256 |
|  5.000% due 06/15/2043 | 6500 | 6784 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2035 | 7300 | 8067 |
|  5.000% due 06/15/2038 | 25000 | 27077 |
|  Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2046 | 1000 | 978 |
|  Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021 | Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021 | Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021 |
|  8.500% due 06/01/2041 | 6000 | 4129 |
|  |  | 112560 |
| NEW MEXICO 0.1% | NEW MEXICO 0.1% | NEW MEXICO 0.1% |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2008 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2008 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2008 |
|  3.550% due 08/01/2034 | 3765 | 3765 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW YORK 10.1% | NEW YORK 10.1% | NEW YORK 10.1% |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | Build NYC Resource Corp., New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 8905 | 8101 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2022 | Build NYC Resource Corp., New York Revenue Bonds, Series 2022 | Build NYC Resource Corp., New York Revenue Bonds, Series 2022 |
|  5.750% due 06/01/2052 | 1250 | 1275 |
|  5.750% due 06/01/2062 | 3250 | 3300 |
|  Huntington Local Development Corp., New York Revenue Bonds, Series 2021 | Huntington Local Development Corp., New York Revenue Bonds, Series 2021 | Huntington Local Development Corp., New York Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2027 | 1785 | 1739 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 4700 | 4647 |
|  New York City, New York General Obligation Bonds, Series 2014 | New York City, New York General Obligation Bonds, Series 2014 | New York City, New York General Obligation Bonds, Series 2014 |
|  3.550% due 03/01/2040 | 10050 | 10050 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.700% due 11/01/2047 | 1750 | 1501 |
|  3.750% due 11/01/2052 | 2000 | 1686 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 |
|  4.650% due 11/01/2049 | 3000 | 2963 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 |
|  3.800% due 06/15/2049 | 15300 | 15300 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2053 | 9600 | 10175 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.250% due 06/15/2054 | 9900 | 10511 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 |
|  3.550% due 11/01/2036 | 10440 | 10440 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  3.580% due 02/01/2044 | 16000 | 16000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2040 | 5000 | 4875 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2039 | 4000 | 3919 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 05/01/2050 | 11000 | 11651 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2046 | 16125 | 16855 |
|  5.000% due 05/01/2047 | 5000 | 5207 |
|  5.000% due 05/01/2049 | 1000 | 1043 |
|  5.000% due 05/01/2050 | 3000 | 3127 |
|  5.250% due 05/01/2045 | 15000 | 16098 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2037 | 6875 | 7630 |
|  5.000% due 11/01/2038 | 22040 | 24320 |
|  5.000% due 11/01/2043 (b) | 14000 | 14838 |
|  5.000% due 11/01/2050 (b) | 2400 | 2506 |
|  New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 |
|  0.000% due 06/01/2055 (d) | 133600 | 11391 |
|  0.000% due 06/01/2060 (d) | 210000 | 8996 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 33675 | 33749 |
|  5.150% due 11/15/2034 | 2600 | 2607 |
|  5.375% due 11/15/2040 | 6500 | 6517 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  4.000% due 11/15/2047 | 7300 | 6811 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2053 | 5000 | 5202 |
|  5.125% due 11/15/2063 | 10000 | 10424 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2060 | 8760 | 7593 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 02/15/2047 | 15000 | 13748 |
|  New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 |
|  4.000% due 03/15/2040 | 8730 | 8619 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2051 | 10000 | 9171 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2038 | 4500 | 4491 |
|  4.000% due 03/15/2054 | 10000 | 9202 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 6100 | 6747 |
|  New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 |
|  4.000% due 03/15/2047 | 2665 | 2445 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2053 | 14500 | 15085 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 38100 | 39433 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.125% due 06/30/2060 | 12000 | 12075 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 06/30/2054 | 5000 | 5001 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2027 | 7800 | 7963 |
|  5.000% due 01/01/2028 | 1000 | 1032 |
|  5.000% due 01/01/2031 | 2280 | 2339 |
|  5.000% due 01/01/2033 | 6750 | 6901 |
|  5.000% due 01/01/2036 | 1500 | 1526 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2030 | 2000 | 1984 |
|  4.375% due 10/01/2045 | 8290 | 7743 |
|  5.000% due 10/01/2035 | 6715 | 6916 |
|  5.000% due 10/01/2040 | 3560 | 3622 |
|  5.250% due 08/01/2031 | 6755 | 6998 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 |
|  4.000% due 04/30/2053 | 1250 | 1021 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  5.625% due 04/01/2040 | 8750 | 9193 |
|  6.000% due 04/01/2035 | 17550 | 19288 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 06/30/2060 | 19000 | 18735 |
|  5.250% due 06/30/2043 | 7560 | 7850 |
|  Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024 |
|  5.375% due 08/01/2054 | 1340 | 1194 |
|  Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
|  5.375% due 11/01/2054 | 4000 | 3316 |
|  Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (d) | 67080 | 6272 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 | Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 | Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 |
|  5.693% due 01/01/2028 | 8370 | 8081 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 | 3750 | 3926 |
|  TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2045 | 4500 | 4155 |
|  Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 |
|  5.250% due 09/15/2047 | 1000 | 843 |
|  5.250% due 09/15/2053 | 2500 | 2034 |
|  |  | 561996 |
| NORTH CAROLINA 0.3% | NORTH CAROLINA 0.3% | NORTH CAROLINA 0.3% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  3.450% due 01/15/2038 | 8035 | 8035 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 5695 | 6311 |
|  North Carolina Medical Care Commission Revenue Bonds, Series 2021 | North Carolina Medical Care Commission Revenue Bonds, Series 2021 | North Carolina Medical Care Commission Revenue Bonds, Series 2021 |
|  4.000% due 03/01/2030 | 285 | 282 |
|  4.000% due 03/01/2031 | 290 | 286 |
|  4.000% due 03/01/2051 | 1500 | 1233 |
|  |  | 16147 |
| NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% |
|  Grand Forks County, North Dakota Revenue Bonds, Series 2021 | Grand Forks County, North Dakota Revenue Bonds, Series 2021 | Grand Forks County, North Dakota Revenue Bonds, Series 2021 |
|  7.000% due 12/15/2043 ^(c) | 7940 | 0 |
| OHIO 2.6% | OHIO 2.6% | OHIO 2.6% |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2042 | 3085 | 3105 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (d) | 279880 | 27883 |
|  5.000% due 06/01/2055 | 65450 | 57773 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 5000 | 4744 |
|  5.500% due 02/15/2057 | 1000 | 1005 |
|  Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 | Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 | Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2033 | 1170 | 1178 |
|  5.000% due 12/01/2035 | 1200 | 1203 |
|  5.000% due 12/01/2037 | 650 | 642 |
|  5.000% due 12/01/2039 | 1425 | 1381 |
|  Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2047 | 2080 | 1862 |
|  Montgomery County, Ohio Revenue Bonds, Series 2018 | Montgomery County, Ohio Revenue Bonds, Series 2018 | Montgomery County, Ohio Revenue Bonds, Series 2018 |
|  6.000% due 04/01/2038 ^(c) | 2398 | 120 |
|  6.250% due 04/01/2049 ^(c) | 5238 | 262 |
|  Northeast Ohio Medical University Revenue Bonds, Series 2021 | Northeast Ohio Medical University Revenue Bonds, Series 2021 | Northeast Ohio Medical University Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2035 | 300 | 289 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2005 | Ohio Air Quality Development Authority Revenue Bonds, Series 2005 | Ohio Air Quality Development Authority Revenue Bonds, Series 2005 |
|  3.700% due 10/01/2028 | 8500 | 8477 |
|  3.750% due 01/01/2029 | 5000 | 4985 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2017 | Ohio Air Quality Development Authority Revenue Bonds, Series 2017 | Ohio Air Quality Development Authority Revenue Bonds, Series 2017 |
|  4.250% due 01/15/2038 | 1075 | 1048 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 25060 | 22787 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2045 | 4230 | 4183 |
|  Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2038 | 1280 | 1195 |
|  |  | 144122 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OKLAHOMA 0.3% | OKLAHOMA 0.3% | OKLAHOMA 0.3% |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 |
|  5.500% due 08/15/2052 | 5000 | 5072 |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2021 | Oklahoma Development Finance Authority Revenue Bonds, Series 2021 | Oklahoma Development Finance Authority Revenue Bonds, Series 2021 |
|  8.000% due 12/01/2041 ^(c) | 7500 | 5623 |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  4.500% due 01/01/2053 | 5750 | 5667 |
|  5.500% due 01/01/2053 | 2750 | 2943 |
|  Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 | Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 | Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 |
|  6.625% due 11/01/2036 ^(c) | 526 | 2 |
|  6.875% due 11/01/2046 ^(c) | 1081 | 4 |
|  7.000% due 11/01/2051 ^(c) | 2163 | 7 |
|  |  | 19318 |
| OREGON 0.2% | OREGON 0.2% | OREGON 0.2% |
|  Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 | Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 | Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2047 | 875 | 731 |
|  4.000% due 05/15/2057 | 1000 | 768 |
|  Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 |
|  5.000% due 06/15/2052 | 7000 | 7283 |
|  |  | 8782 |
| PENNSYLVANIA 3.8% | PENNSYLVANIA 3.8% | PENNSYLVANIA 3.8% |
|  Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 |
|  5.250% due 05/01/2042 | 16410 | 16163 |
|  Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024 |
|  6.000% due 06/30/2034 | 1850 | 1995 |
|  7.000% due 06/30/2039 | 18807 | 17415 |
|  8.000% due 06/30/2034 | 3693 | 3780 |
|  Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  7.750% due 12/01/2037 | 6500 | 7109 |
|  Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.375% due 07/01/2039 | 2575 | 2760 |
|  Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 | Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 | Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 1650 | 1454 |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 5000 | 4368 |
|  General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 | General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 | General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 |
|  6.500% due 07/15/2048 | 4200 | 4306 |
|  Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 1000 | 1033 |
|  5.000% due 05/01/2049 | 900 | 918 |
|  Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016 | Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016 | Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016 |
|  3.000% due 09/01/2029 | 9500 | 9457 |
|  Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 | Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 | Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 |
|  6.125% due 10/01/2050 | 4640 | 3438 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2044 | 4300 | 4224 |
|  Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 |
|  4.000% due 09/01/2049 | 2200 | 1986 |
|  Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 |
|  6.000% due 07/01/2045 | 21300 | 16686 |
|  6.125% due 07/01/2050 | 4500 | 3476 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 12/31/2057 | 10500 | 10651 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 |
|  5.250% due 12/01/2037 | 5000 | 5041 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/31/2032 | 3070 | 3262 |
|  5.250% due 06/30/2053 | 7635 | 7769 |
|  6.000% due 06/30/2061 | 16000 | 17127 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2046 | 2200 | 2266 |
|  5.250% due 07/01/2049 | 2000 | 2048 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 (b) | 21300 | 23040 |
|  5.450% due 01/01/2051 | 3920 | 4012 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 6300 | 6819 |
|  6.250% due 10/01/2054 | 3400 | 3721 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 3500 | 3199 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 7750 | 7980 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2052 | 3000 | 3164 |
|  Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 |
|  5.500% due 12/01/2058 | 3500 | 3250 |
|  Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2043 | 5000 | 5371 |
|  Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 | Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 | Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 |
|  5.000% due 07/01/2035 | 750 | 740 |
|  |  | 210028 |
| PUERTO RICO 6.7% | PUERTO RICO 6.7% | PUERTO RICO 6.7% |
|  Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 |
|  0.000% due 05/15/2057 (d) | 194500 | 11859 |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 43493 | 27292 |
|  0.000% due 11/01/2051 | 79251 | 49334 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 34182 | 33455 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.583% due 07/01/2029 ~ | 9245 | 9006 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 |
|  5.950% due 07/01/2030 ^(c) | 2500 | 1219 |
|  6.125% due 07/01/2040 ^(c) | 1950 | 951 |
|  6.250% due 07/01/2040 ^(c) | 400 | 195 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 |
|  4.625% due 07/01/2030 ^(c) | 10 | 5 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 |
|  3.953% due 07/01/2031 ^~(c) | 2500 | 1219 |
|  5.000% due 07/01/2026 ^(c) | 10 | 5 |
|  5.000% due 07/01/2037 ^(c) | 555 | 271 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2008 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2008 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2008 |
|  5.000% due 07/01/2028 ^(c) | 12030 | 5865 |
|  5.250% due 07/01/2033 ^(c) | 4200 | 2047 |
|  5.375% due 07/01/2023 ^(c) | 1000 | 485 |
|  5.500% due 07/01/2038 ^(c) | 5745 | 2801 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|  4.625% due 07/01/2025 ^(c) | 35 | 17 |
|  4.750% due 07/01/2026 ^(c) | 245 | 119 |
|  4.750% due 07/01/2027 ^(c) | 50 | 24 |
|  5.000% due 07/01/2025 ^(c) | 865 | 422 |
|  5.000% due 07/01/2026 ^(c) | 65 | 32 |
|  5.250% due 07/01/2025 ^(c) | 25 | 12 |
|  5.250% due 07/01/2026 ^(c) | 6070 | 2959 |
|  5.250% due 07/01/2027 ^(c) | 390 | 190 |
|  5.250% due 07/01/2030 ^(c) | 1625 | 792 |
|  5.250% due 07/01/2031 ^(c) | 30 | 15 |
|  5.250% due 07/01/2040 ^(c) | 26855 | 13092 |
|  5.400% due 07/01/2028 ^(c) | 2610 | 1272 |
|  5.750% due 07/01/2036 ^(c) | 23620 | 11515 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 |
|  5.000% due 07/01/2029 ^(c) | 7000 | 3412 |
|  5.000% due 07/01/2042 ^(c) | 3125 | 1523 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 |
|  6.750% due 07/01/2036 ^(c) | 10000 | 4875 |
|  7.000% due 07/01/2033 ^(c) | 4900 | 2389 |
|  7.000% due 07/01/2040 ^(c) | 20 | 10 |
|  7.000% due 07/01/2043 ^(c) | 2600 | 1267 |
|  Puerto Rico Electric Power Authority Revenue Bonds,(BABs),Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds,(BABs),Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds,(BABs),Series 2010 |
|  6.050% due 07/01/2032 ^(c) | 770 | 375 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (d) | 123436 | 40497 |
|  0.000% due 07/01/2051 (d) | 149216 | 36230 |
|  4.750% due 07/01/2053 | 25325 | 24386 |
|  5.000% due 07/01/2058 | 45177 | 44560 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 20205 | 19709 |
|  4.550% due 07/01/2040 | 18800 | 18629 |
|  |  | 374332 |
| RHODE ISLAND 0.5% | RHODE ISLAND 0.5% | RHODE ISLAND 0.5% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 9000 | 9265 |
|  Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2007 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2007 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2052 (d) | 12580 | 2172 |
|  Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2040 | 4500 | 4503 |
|  5.000% due 06/01/2050 | 14280 | 14279 |
|  |  | 30219 |
| SOUTH CAROLINA 1.1% | SOUTH CAROLINA 1.1% | SOUTH CAROLINA 1.1% |
|  Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2049 | 3500 | 3633 |
|  5.250% due 07/01/2054 | 3750 | 3879 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 7700 | 8238 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2046 | 8000 | 8301 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2044 | 4000 | 4190 |
|  5.000% due 12/01/2047 | 3500 | 3627 |
|  5.000% due 12/01/2048 | 3500 | 3621 |
|  5.000% due 12/01/2055 | 12025 | 12298 |
|  5.250% due 12/01/2050 | 4425 | 4660 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 6800 | 6808 |
|  |  | 59255 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TENNESSEE 1.2% | TENNESSEE 1.2% | TENNESSEE 1.2% |
|  Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 | Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 | Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 |
|  5.625% due 06/01/2035 | 2000 | 1811 |
|  Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 3800 | 3978 |
|  Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 |
|  5.625% due 01/01/2046 | 850 | 567 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2440 | 2558 |
|  5.000% due 07/01/2056 | 4000 | 4133 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 4000 | 3080 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 |
|  4.875% due 10/01/2038 | 10340 | 10413 |
|  Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 |
|  5.250% due 07/01/2047 | 6250 | 6439 |
|  5.500% due 07/01/2052 | 4500 | 4699 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 9805 | 10314 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 17750 | 18559 |
|  |  | 66551 |
| TEXAS 9.9% | TEXAS 9.9% | TEXAS 9.9% |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2045 ^(c) | 5750 | 5564 |
|  7.500% due 12/01/2045 ^(c) | 7060 | 2379 |
|  12.000% due 12/01/2045 ^(c) | 9525 | 4528 |
|  Arlington Higher Education Finance Corp., Texas Revenue Bonds, Series 2016 | Arlington Higher Education Finance Corp., Texas Revenue Bonds, Series 2016 | Arlington Higher Education Finance Corp., Texas Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2051 | 2710 | 2613 |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 03/01/2043 | 2575 | 2497 |
|  Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 5200 | 5222 |
|  Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.250% due 02/15/2054 | 6300 | 6091 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2019 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2019 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 ^(c) | 480 | 384 |
|  9.000% due 03/01/2039 ^(c) | 14865 | 11892 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 |
|  10.000% due 06/01/2042 | 5000 | 4250 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 |
|  12.000% due 06/01/2043 | 13000 | 11050 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021 |
|  3.625% due 07/01/2026 | 7000 | 6620 |
|  6.500% due 07/01/2026 | 12750 | 12509 |
|  Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024 | Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024 | Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024 |
|  5.250% due 02/15/2054 | 7300 | 7738 |
|  Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 | Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 | Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 |
|  5.000% due 09/01/2039 | 750 | 791 |
|  5.000% due 09/01/2045 | 1750 | 1795 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 |
|  5.125% due 09/01/2044 | 1800 | 1729 |
|  5.375% due 09/01/2053 | 226 | 215 |
|  5.500% due 09/01/2054 | 1000 | 966 |
|  Celina, Texas Special Assessment Bonds, Series 2025 | Celina, Texas Special Assessment Bonds, Series 2025 | Celina, Texas Special Assessment Bonds, Series 2025 |
|  5.500% due 09/01/2045 | 300 | 300 |
|  5.625% due 09/01/2055 | 600 | 589 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2039 | 3500 | 3756 |
|  Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 | Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 | Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 |
|  6.125% due 08/15/2048 | 3000 | 3011 |
|  Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 |
|  5.100% due 09/01/2044 | 650 | 626 |
|  5.375% due 09/01/2055 | 1047 | 1016 |
|  Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 |
|  5.250% due 09/15/2045 | 540 | 527 |
|  5.500% due 09/15/2055 | 1250 | 1227 |
|  Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2022 |
|  6.000% due 12/01/2062 | 3425 | 3237 |
|  Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 |
|  4.500% due 12/31/2035 | 1000 | 982 |
|  5.000% due 12/31/2035 | 1000 | 982 |
|  5.375% due 12/31/2045 | 1750 | 1716 |
|  5.875% due 12/31/2045 | 1500 | 1472 |
|  6.125% due 12/31/2055 | 3500 | 3424 |
|  Denton County, Texas Special Assessment Notes, Series 2025 | Denton County, Texas Special Assessment Notes, Series 2025 | Denton County, Texas Special Assessment Notes, Series 2025 |
|  4.250% due 12/31/2030 | 700 | 693 |
|  4.750% due 12/31/2030 | 650 | 644 |
|  Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 8000 | 7423 |
|  EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 |
|  4.250% due 12/01/2034 | 12100 | 11919 |
|  Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2054 | 6540 | 5940 |
|  Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 |
|  4.250% due 02/15/2053 | 6940 | 6547 |
|  Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 |
|  3.550% due 11/01/2041 | 25020 | 25020 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  3.400% due 10/01/2041 | 10000 | 10000 |
|  4.000% due 10/01/2042 | 5000 | 4658 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2035 | 3000 | 3176 |
|  5.500% due 07/15/2036 | 54000 | 56978 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 6550 | 6829 |
|  Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2053 | 6000 | 6196 |
|  La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 12840 | 11949 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 02/15/2048 | 5000 | 4653 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2053 | 1800 | 1705 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 2100 | 2170 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 8100 | 8105 |
|  Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 12000 | 11168 |
|  Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.500% due 02/15/2047 | 3750 | 3765 |
|  New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2026 | 25 | 20 |
|  4.000% due 07/01/2031 ^(c) | 1180 | 941 |
|  4.000% due 07/01/2036 ^(c) | 2635 | 2378 |
|  4.250% due 07/01/2031 | 670 | 605 |
|  4.250% due 07/01/2036 ^(c) | 1950 | 1555 |
|  4.750% due 07/01/2051 ^(c) | 6730 | 5367 |
|  5.000% due 07/01/2031 ^(c) | 905 | 817 |
|  5.000% due 07/01/2046 ^(c) | 19265 | 15967 |
|  5.000% due 07/01/2051 ^(c) | 9305 | 8398 |
|  5.250% due 07/01/2036 ^(c) | 400 | 200 |
|  5.500% due 07/01/2046 ^(c) | 2520 | 1260 |
|  5.750% due 07/01/2051 ^(c) | 1000 | 500 |
|  6.000% due 07/01/2026 ^(c) | 80 | 11 |
|  7.000% due 07/01/2051 ^(c) | 1450 | 203 |
|  New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2040 | 3000 | 2769 |
|  5.000% due 01/01/2042 | 500 | 496 |
|  5.000% due 01/01/2047 | 1500 | 1448 |
|  New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2054 | 250 | 227 |
|  New Hope Cultural Education Facilities Finance Corp., Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Notes, Series 2016 |
|  3.750% due 07/01/2025 | 25 | 25 |
|  4.000% due 07/01/2025 | 50 | 40 |
|  Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020 | Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020 | Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020 |
|  4.000% due 01/01/2050 | 8125 | 6682 |
|  Princeton, Texas Special Assessment Bonds, Series 2024 | Princeton, Texas Special Assessment Bonds, Series 2024 | Princeton, Texas Special Assessment Bonds, Series 2024 |
|  5.250% due 09/01/2054 | 750 | 711 |
|  Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 |
|  5.625% due 09/01/2055 (b)e | 700 | 696 |
|  Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 |
|  5.750% due 09/15/2036 | 100 | 101 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 2100 | 2178 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2024 | San Antonio Water System, Texas Revenue Bonds, Series 2024 | San Antonio Water System, Texas Revenue Bonds, Series 2024 |
|  3.600% due 05/01/2054 | 34500 | 34500 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2043 | 9000 | 9492 |
|  5.000% due 02/01/2044 | 8750 | 9186 |
|  Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.000% due 02/01/2043 | 6000 | 5716 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 |
|  6.750% due 11/15/2052 | 3000 | 3066 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.505% due 12/15/2026 ~ | 5530 | 5532 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2054 | 5550 | 5884 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 |
|  5.000% due 06/30/2058 | 7450 | 7395 |
|  Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 |
|  0.000% due 08/01/2047 (d) | 5575 | 1799 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 08/01/2051 (d) | 3450 | 881 |
|  5.000% due 08/01/2057 | 7000 | 7037 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 33300 | 34153 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 6800 | 6985 |
|  5.000% due 10/15/2058 | 4500 | 4663 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.125% due 10/15/2047 | 24705 | 23262 |
|  4.250% due 10/15/2051 | 5000 | 4821 |
|  4.375% due 10/15/2059 | 28500 | 27756 |
|  Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 6500 | 6085 |
|  |  | 553044 |
| UTAH 0.7% | UTAH 0.7% | UTAH 0.7% |
|  MIDA Mountain Veterans Program Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | MIDA Mountain Veterans Program Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | MIDA Mountain Veterans Program Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 |
|  5.200% due 06/01/2054 | 2250 | 2214 |
|  Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021 |
|  4.000% due 08/01/2050 | 2750 | 2362 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 |
|  5.125% due 06/15/2054 | 5940 | 5653 |
|  6.000% due 06/15/2054 | 4000 | 4131 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 | 10000 | 10036 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2053 | 2000 | 2059 |
|  UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 |
|  4.375% due 06/01/2052 | 3500 | 3176 |
|  Utah County, Utah Revenue Bonds, Series 2016 | Utah County, Utah Revenue Bonds, Series 2016 | Utah County, Utah Revenue Bonds, Series 2016 |
|  4.000% due 05/15/2047 | 5000 | 4477 |
|  Utah County, Utah Revenue Bonds, Series 2020 | Utah County, Utah Revenue Bonds, Series 2020 | Utah County, Utah Revenue Bonds, Series 2020 |
|  4.000% due 05/15/2043 | 2750 | 2552 |
|  |  | 36660 |
| VERMONT 0.0% | VERMONT 0.0% | VERMONT 0.0% |
|  Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 |
|  4.375% due 06/01/2052 | 2000 | 2006 |
| VIRGINIA 0.6% | VIRGINIA 0.6% | VIRGINIA 0.6% |
|  Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 |
|  3.750% due 03/01/2036 | 4760 | 4457 |
|  Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 | Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 | Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 |
|  6.050% due 03/01/2044 ^(c) | 164 | 113 |
|  6.050% due 03/01/2044 | 154 | 131 |
|  6.050% due 03/01/2054 ^(c) | 584 | 263 |
|  Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 | Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 | Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 |
|  5.000% due 09/01/2045 | 2250 | 2145 |
|  Virginia Beach Development Authority Revenue Bonds, Series 2023 | Virginia Beach Development Authority Revenue Bonds, Series 2023 | Virginia Beach Development Authority Revenue Bonds, Series 2023 |
|  7.000% due 09/01/2059 | 4000 | 4462 |
|  Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 |
|  5.150% due 10/01/2053 | 3000 | 3038 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 |
|  5.500% due 07/01/2044 | 12625 | 11035 |
|  7.500% due 07/01/2052 ^(c) | 5569 | 3341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 2000 | 2064 |
|  5.500% due 12/01/2054 | 2500 | 2583 |
|  |  | 33632 |
| WASHINGTON 0.9% | WASHINGTON 0.9% | WASHINGTON 0.9% |
|  Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 | Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 | Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 |
|  4.000% due 09/01/2051 | 2000 | 1842 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2019 | Washington Health Care Facilities Authority Revenue Bonds, Series 2019 | Washington Health Care Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2044 | 1000 | 920 |
|  Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 |
|  5.000% due 06/01/2040 | 5825 | 6289 |
|  Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 03/01/2043 | 13685 | 13182 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2018 | Washington State Housing Finance Commission Revenue Bonds, Series 2018 | Washington State Housing Finance Commission Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 2925 | 2161 |
|  5.000% due 07/01/2053 | 3945 | 2809 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 12743 | 11218 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/20/2040 | 14510 | 13492 |
|  |  | 51913 |
| WEST VIRGINIA 0.7% | WEST VIRGINIA 0.7% | WEST VIRGINIA 0.7% |
|  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 (d) | 144415 | 13609 |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  4.006% due 06/01/2040 | 3000 | 2461 |
|  4.875% due 06/01/2049 | 12285 | 11383 |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 4500 | 4610 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2053 | 8600 | 9312 |
|  |  | 41375 |
| WISCONSIN 2.2% | WISCONSIN 2.2% | WISCONSIN 2.2% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2016 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2016 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2025 | 2000 | 2010 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 |
|  6.750% due 08/01/2031 | 12500 | 11219 |
|  7.000% due 11/01/2046 ^(c) | 3500 | 1925 |
|  7.000% due 01/01/2050 | 4750 | 4963 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 |
|  5.000% due 03/01/2048 | 5000 | 4344 |
|  6.375% due 01/01/2048 ^(c) | 8930 | 4019 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 |
|  5.875% due 10/01/2054 | 5230 | 3370 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2035 (d) | 3610 | 1993 |
|  0.000% due 01/01/2060 (d) | 13000 | 1018 |
|  5.000% due 01/01/2055 | 3500 | 3215 |
|  5.250% due 03/01/2055 | 2500 | 2255 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  0.000% due 01/01/2061 (d) | 32530 | 2368 |
|  4.000% due 09/30/2051 | 9475 | 7801 |
|  4.000% due 07/01/2056 | 2250 | 1644 |
|  5.625% due 06/01/2050 | 6500 | 6215 |
|  6.500% due 06/01/2045 | 1400 | 1224 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  4.000% due 10/01/2052 | 5360 | 4716 |
|  5.000% due 10/01/2052 | 3620 | 3706 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 |
|  0.000% due 09/01/2029 (d) | 1835 | 1338 |
|  0.000% due 07/01/2062 | 1360 | 996 |
|  6.125% due 12/15/2029 | 4406 | 4372 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.000% due 12/15/2039 | 700 | 706 |
|  5.000% due 12/15/2044 | 400 | 394 |
|  5.500% due 12/15/2028 | 7098 | 7127 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2042 | 750 | 781 |
|  5.250% due 11/15/2050 | 2500 | 2601 |
|  5.250% due 06/15/2055 | 1000 | 1017 |
|  5.250% due 11/15/2061 | 3000 | 3083 |
|  5.500% due 06/15/2045 | 725 | 733 |
|  5.500% due 06/15/2055 | 750 | 764 |
|  5.750% due 06/15/2055 | 1000 | 1014 |
|  University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 |
|  3.450% due 04/01/2048 | 6100 | 6100 |
|  Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2050 (d) | 25410 | 6722 |
|  0.000% due 12/15/2060 (d) | 5000 | 763 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 4130 | 3906 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 |
|  4.000% due 08/15/2041 | 4000 | 3853 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.875% due 07/01/2055 | 5000 | 5053 |
|  6.000% due 07/01/2060 | 3000 | 3043 |
|  |  | 122371 |
|  Total Municipal Bonds & Notes (Cost $5,190,436) | Total Municipal Bonds & Notes (Cost $5,190,436) | 5109928 |
| U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.802% due 04/25/2043 ~ | 8105 | 7095 |
|  2.952% due 01/25/2039 ~ | 24503 | 15970 |
|  3.199% due 01/25/2043 ~ | 12177 | 7874 |
|  3.600% due 12/01/2040 - 06/01/2043 | 15138 | 13860 |
|  3.700% due 09/01/2038 | 10516 | 9915 |
|  3.720% due 01/01/2041 | 13947 | 12963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.790% due 07/01/2040 | $— | 3923 | $— | 3690 |
|  3.800% due 12/01/2038 - 01/01/2040 |  | 15233 |  | 14403 |
|  3.850% due 02/01/2038 - 01/01/2040 |  | 23038 |  | 21905 |
|  3.868% due 05/25/2041 ~ |  | 5924 |  | 5874 |
|  4.000% due 01/01/2039 |  | 3500 |  | 3378 |
|  4.100% due 05/01/2038 |  | 6780 |  | 6639 |
|  4.250% due 08/01/2038 |  | 4965 |  | 4895 |
|  4.400% due 11/01/2040 |  | 9921 |  | 9852 |
|  4.500% due 12/01/2040 |  | 10000 |  | 10069 |
|  4.600% due 03/01/2041 |  | 7657 |  | 7785 |
|  4.900% due 02/01/2040 |  | 5943 |  | 6248 |
|  4.952% due 07/15/2040 •  |  | 4918 |  | 5022 |
|  4.977% due 01/25/2042 ~ |  | 12474 |  | 10124 |
|  5.210% due 08/01/2040 |  | 15886 |  | 17200 |
|  5.360% due 06/01/2039 |  | 7541 |  | 8198 |
|  Total U.S. Government Agencies (Cost $199,170) | Total U.S. Government Agencies (Cost $199,170) | Total U.S. Government Agencies (Cost $199,170) |  | 202959 |
|  | **SHARES** | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (f) |  | 562153 |  | 562 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
|  Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | $— | 17600 |  | 17693 |
|  Total Municipal Bonds & Notes<br>(Cost $17,688) | Total Municipal Bonds & Notes<br>(Cost $17,688) | Total Municipal Bonds & Notes<br>(Cost $17,688) |  | 17693 |
| Total Short-Term Instruments<br>(Cost $18,250) | Total Short-Term Instruments<br>(Cost $18,250) | Total Short-Term Instruments<br>(Cost $18,250) |  | 18255 |
| Total Investments in Securities<br>(Cost $5,570,662) | Total Investments in Securities<br>(Cost $5,570,662) | Total Investments in Securities<br>(Cost $5,570,662) |  | 5495001 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% |
| SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 4264762 |  | 41513 |
| Total Short-Term Instruments<br>(Cost $41,504) | Total Short-Term Instruments<br>(Cost $41,504) | Total Short-Term Instruments<br>(Cost $41,504) |  | 41513 |
| Total Investments in Affiliates<br>(Cost $41,504) | Total Investments in Affiliates<br>(Cost $41,504) | Total Investments in Affiliates<br>(Cost $41,504) |  | 41513 |
| Total Investments 99.4%<br>(Cost $5,612,166) | Total Investments 99.4%<br>(Cost $5,612,166) | Total Investments 99.4%<br>(Cost $5,612,166) | $— | 5536514 |
|  Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $0) |  | 4 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 31129 |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 5567647 |

---

#### 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).

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Security is not accruing income as of the date of this report.

(d) Zero coupon security.

(e) Security becomes interest bearing at a future date.

(f) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Bluehouse Commons Apartments | 4.120% | 12/01/2042 | 01/09/2025 | $11172 | $11639 | 0.21% |
|  City of Salinas | 4.020 | 09/01/2033 | 07/26/2023 | 6855 | 6802 | 0.12 |
|  Groves Seniors Apartments | 4.000 | 07/01/2038 | 01/09/2025 | 1211 | 1250 | 0.02 |
|  Groves Seniors Apartments | 4.170 | 06/01/2041 | 01/09/2025 | 6951 | 7243 | 0.13 |
|  Mangini Place Apartments | 3.910 | 11/01/2042 | 01/09/2025 | 16134 | 16817 | 0.30 |
|  Northlake Senior Apartments | 3.990 | 10/01/2041 | 01/09/2025 | 17343 | 18073 | 0.33 |
|  Pine Grove Powers Avenue | 5.000 | 10/01/2042 | 01/09/2025 | 16830 | 17524 | 0.32 |
|  Valencia Garden | 4.020 | 11/01/2041 | 01/09/2025 | 10275 | 10707 | 0.19 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90055 | 1.62% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 131 | $(14168) | $(140) | $4 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&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 March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Cash of $172 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&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;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 43

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1852) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1852) |
|  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  | $&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 | $(140) | $(140) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $98439 | $98439 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18237 | 18237 |
| &nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 47183 | 0 | 47183 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224022 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224022 |
| &nbsp;&nbsp; Alaska | 0 | 9208 | 0 | 9208 |
| &nbsp;&nbsp; Arizona | 0 | 73051 | 0 | 73051 |
| &nbsp;&nbsp; Arkansas | 0 | 43906 | 0 | 43906 |
| &nbsp;&nbsp; California | 0 | 492478 | 0 | 492478 |
| &nbsp;&nbsp; Colorado | 0 | 221320 | 0 | 221320 |
| &nbsp;&nbsp; Delaware | 0 | 37881 | 0 | 37881 |
| &nbsp;&nbsp; District of Columbia | 0 | 55253 | 0 | 55253 |
| &nbsp;&nbsp; Florida | 0 | 378248 | 0 | 378248 |
| &nbsp;&nbsp; Georgia | 0 | 166518 | 0 | 166518 |
| &nbsp;&nbsp; Guam | 0 | 1469 | 0 | 1469 |
| &nbsp;&nbsp; Hawaii | 0 | 17532 | 0 | 17532 |
| &nbsp;&nbsp; Idaho | 0 | 23907 | 0 | 23907 |
| &nbsp;&nbsp; Illinois | 0 | 247785 | 0 | 247785 |
| &nbsp;&nbsp; Indiana | 0 | 106579 | 0 | 106579 |
| &nbsp;&nbsp; Iowa | 0 | 23129 | 0 | 23129 |
| &nbsp;&nbsp; Kansas | 0 | 10939 | 0 | 10939 |
| &nbsp;&nbsp; Kentucky | 0 | 12008 | 0 | 12008 |
| &nbsp;&nbsp; Louisiana | 0 | 55372 | 0 | 55372 |
| &nbsp;&nbsp; Maine | 0 | 3029 | 0 | 3029 |
| &nbsp;&nbsp; Maryland | 0 | 46118 | 0 | 46118 |
| &nbsp;&nbsp; Massachusetts | 0 | 65859 | 0 | 65859 |
| &nbsp;&nbsp; Michigan | 0 | 112297 | 0 | 112297 |
| &nbsp;&nbsp; Minnesota | 0 | 15249 | 0 | 15249 |
| &nbsp;&nbsp; Mississippi | 0 | 711 | 0 | 711 |
| &nbsp;&nbsp; Missouri | 0 | 11113 | 0 | 11113 |
| &nbsp;&nbsp; Montana | 0 | 124 | 0 | 124 |
| &nbsp;&nbsp; Multi-State | 0 | 120804 | 0 | 120804 |
| &nbsp;&nbsp; Nebraska | 0 | 23271 | 0 | 23271 |
| &nbsp;&nbsp; Nevada | 0 | 9422 | 0 | 9422 |
| &nbsp;&nbsp; New Hampshire | 0 | 53250 | 0 | 53250 |
| &nbsp;&nbsp; New Jersey | 0 | 112560 | 0 | 112560 |
| &nbsp;&nbsp; New Mexico | 0 | 3765 | 0 | 3765 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; New York | $0 | $561996 | $0 | $561996 |
| &nbsp;&nbsp; North Carolina | 0 | 16147 | 0 | 16147 |
| &nbsp;&nbsp; Ohio | 0 | 144122 | 0 | 144122 |
| &nbsp;&nbsp; Oklahoma | 0 | 19318 | 0 | 19318 |
| &nbsp;&nbsp; Oregon | 0 | 8782 | 0 | 8782 |
| &nbsp;&nbsp; Pennsylvania | 0 | 210028 | 0 | 210028 |
| &nbsp;&nbsp; Puerto Rico | 0 | 374332 | 0 | 374332 |
| &nbsp;&nbsp; Rhode Island | 0 | 30219 | 0 | 30219 |
| &nbsp;&nbsp; South Carolina | 0 | 59255 | 0 | 59255 |
| &nbsp;&nbsp; Tennessee | 0 | 66551 | 0 | 66551 |
| &nbsp;&nbsp; Texas | 0 | 553044 | 0 | 553044 |
| &nbsp;&nbsp; Utah | 0 | 36660 | 0 | 36660 |
| &nbsp;&nbsp; Vermont | 0 | 2006 | 0 | 2006 |
| &nbsp;&nbsp; Virginia | 0 | 33632 | 0 | 33632 |
| &nbsp;&nbsp; Washington | 0 | 51913 | 0 | 51913 |
| &nbsp;&nbsp; West Virginia | 0 | 41375 | 0 | 41375 |
| &nbsp;&nbsp; Wisconsin | 0 | 122371 | 0 | 122371 |
|  U.S. Government Agencies | 0 | 202959 | 0 | 202959 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 562 | 0 | 562 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 17693 | 0 | 17693 |
|  | $0 | $5378325 | $116676 | $5495001 |
|  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 | $41513 | $0 | $0 | $41513 |
|  Total Investments | $41513 | $5378325 | $116676 | $5536514 |
|  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 | $4 | $0 | $4 |
|  Total Financial Derivative Instruments | $0 | $4 | $0 | $4 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536518 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations<br>and Assignments | $15475 | $79756 | $(670) | $229 | $29 | $3620 | $0 | $0 | $98439 | $3623 |
|  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 | 30817 | 0 | (9685) | 12 | 271 | (3178) | 0 | 0 | 18237 | (3361) |
|  Totals | $46292 | $79756 | $(10355) | $241 | $300 | $442 | $0 | $0 | $116676 | $262 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations<br>and Assignments | $98439 | Discounted Cash Flow | Discount Rate | 4.940-5.260 | 5.184 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 18237 | Discounted Cash Flow | Discount Rate | 8.098-11.677 | 10.933 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116676 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.7% | INVESTMENTS IN SECURITIES 96.7% | INVESTMENTS IN SECURITIES 96.7% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 4800 | 3852 |
|  Total Corporate Bonds & Notes (Cost $4,690) | Total Corporate Bonds & Notes (Cost $4,690) | 3852 |
| MUNICIPAL BONDS & NOTES 92.4% | MUNICIPAL BONDS & NOTES 92.4% | MUNICIPAL BONDS & NOTES 92.4% |
| ALABAMA 4.5% | ALABAMA 4.5% | ALABAMA 4.5% |
|  Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 |
|  4.000% due 09/15/2033 | 550 | 542 |
|  Alabama Housing Finances Authority, Revenue Bonds, Series 2024 | Alabama Housing Finances Authority, Revenue Bonds, Series 2024 | Alabama Housing Finances Authority, Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2027 | 2750 | 2826 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  3.220% due 10/01/2052 ~ | 3500 | 3413 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 |
|  5.250% due 02/01/2053 | 2750 | 2879 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 12860 | 13562 |
|  5.500% due 10/01/2054 | 9700 | 10431 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 14000 | 14959 |
|  5.000% due 10/01/2055 | 9000 | 9428 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 3000 | 3299 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 8700 | 9258 |
|  Lower Alabama Gas District Revenue Bonds, Series 2016 | Lower Alabama Gas District Revenue Bonds, Series 2016 | Lower Alabama Gas District Revenue Bonds, Series 2016 |
|  5.000% due 09/01/2046 | 1000 | 1063 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  4.750% due 12/01/2054 | 14700 | 13912 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 8200 | 8597 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 10150 | 10067 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3000 | 3154 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 16700 | 17248 |
|  5.000% due 11/01/2055 | 1250 | 1330 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 4800 | 5081 |
|  5.000% due 01/01/2056 | 12700 | 13237 |
|  5.250% due 03/01/2055 | 26900 | 28250 |
|  |  | 172536 |
| ALASKA 0.2% | ALASKA 0.2% | ALASKA 0.2% |
|  Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2062 | 7575 | 7899 |
| ARIZONA 1.3% | ARIZONA 1.3% | ARIZONA 1.3% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  5.125% due 01/01/2059 | 14675 | 13460 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 14200 | 14150 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 |
|  4.000% due 01/01/2041 | 5000 | 4836 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 |
|  4.125% due 09/01/2042 | 2500 | 2421 |
|  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 | 6300 | 6505 |
|  Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2038 | 1250 | 1212 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2042 | 8000 | 8744 |
|  |  | 51328 |
| ARKANSAS 0.1% | ARKANSAS 0.1% | ARKANSAS 0.1% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 5000 | 5514 |
| CALIFORNIA 6.3% | CALIFORNIA 6.3% | CALIFORNIA 6.3% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2048 (e) | 5000 | 2863 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  3.200% due 04/01/2055 | 10860 | 10860 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.375% due 07/01/2049 | 5250 | 4984 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 3400 | 3595 |
|  5.500% due 10/01/2054 | 3480 | 3750 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 27100 | 28908 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|  6.000% due 06/01/2035 | 545 | 546 |
|  California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 |
|  4.000% due 11/01/2040 | 3500 | 3458 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2035 | 1750 | 1762 |
|  California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 |
|  5.970% due 11/01/2053 | 9600 | 9662 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.870% due 04/01/2029 | 15000 | 14997 |
|  6.000% due 03/01/2053 | 20500 | 20563 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  4.000% due 05/01/2051 | 5000 | 4601 |
|  5.000% due 01/01/2056 | 1250 | 1164 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 | 2100 | 2048 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 2000 | 2005 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 | 2125 | 1979 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.125% due 11/01/2040 | 1400 | 1398 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 |
|  4.750% due 11/01/2046 | 1870 | 1833 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 3000 | 2927 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 6800 | 6898 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 5430 | 4653 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 2730 | 2339 |
|  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 |
|  3.850% due 06/01/2050 | 3415 | 3144 |
|  4.214% due 06/01/2050 | 2320 | 1753 |
|  Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 890 | 857 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2019 | Los Angeles Department of Airports, California Revenue Bonds, Series 2019 | Los Angeles Department of Airports, California Revenue Bonds, Series 2019 |
|  4.000% due 05/15/2049 | 4430 | 3905 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  5.500% due 05/15/2039 | 5000 | 5366 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2037 (b) | 20000 | 21251 |
|  Peralta Community College District, California General Obligation Bonds, Series 2016 | Peralta Community College District, California General Obligation Bonds, Series 2016 | Peralta Community College District, California General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2039 | 11150 | 11192 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2046 (d) | 5000 | 1798 |
|  River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 |
|  4.250% due 09/01/2047 | 1000 | 983 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 1050 | 1067 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2034 | 6385 | 6755 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 20250 | 20982 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  4.000% due 07/01/2053 | 5000 | 4668 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 07/01/2054 | 3565 | 3323 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2034 | 7700 | 8337 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 6400 | 7145 |
|  |  | 240319 |
| COLORADO 1.9% | COLORADO 1.9% | COLORADO 1.9% |
|  Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2043 | 1300 | 1382 |
|  5.000% due 11/01/2044 | 1300 | 1376 |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 |
|  4.000% due 03/01/2045 | 5000 | 4593 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 |
|  5.500% due 12/01/2054 | 5750 | 6236 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 8195 | 7531 |
|  4.000% due 08/01/2044 | 4915 | 4517 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  3.420% due 05/15/2061 ~ | 7250 | 7225 |
|  5.250% due 11/01/2039 | 2000 | 2145 |
|  Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 |
|  6.350% due 06/01/2054 | 7500 | 7240 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 3500 | 3618 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 12/01/2044 | 1250 | 1304 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 |
|  4.125% due 11/15/2047 | 3600 | 3244 |
|  5.000% due 11/15/2053 | 4905 | 4966 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 7000 | 7048 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2035 | 1250 | 1340 |
|  Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|  6.500% due 11/15/2038 | 6930 | 8158 |
|  Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 |
|  4.000% due 07/15/2040 | 1300 | 1229 |
|  |  | 73152 |
| CONNECTICUT 1.2% | CONNECTICUT 1.2% | CONNECTICUT 1.2% |
|  Connecticut Housing Finance Authority Revenue Bonds, Series 2017 | Connecticut Housing Finance Authority Revenue Bonds, Series 2017 | Connecticut Housing Finance Authority Revenue Bonds, Series 2017 |
|  2.850% due 05/15/2040 | 13635 | 13635 |
|  Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 |
|  5.000% due 05/01/2031 | 3500 | 3813 |
|  Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 |
|  4.000% due 06/15/2037 | 1875 | 1879 |
|  Connecticut State General Obligation Bonds, Series 2019 | Connecticut State General Obligation Bonds, Series 2019 | Connecticut State General Obligation Bonds, Series 2019 |
|  4.000% due 04/15/2038 | 2000 | 1998 |
|  5.000% due 04/15/2035 | 6300 | 6665 |
|  Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  3.250% due 07/01/2042 | 15075 | 15075 |
|  University of Connecticut Revenue Bonds, Series 2023 | University of Connecticut Revenue Bonds, Series 2023 | University of Connecticut Revenue Bonds, Series 2023 |
|  5.250% due 11/15/2048 | 1710 | 1860 |
|  |  | 44925 |
| DELAWARE 0.2% | DELAWARE 0.2% | DELAWARE 0.2% |
|  Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 |
|  3.301% due 12/01/2039 | 1008 | 842 |
|  3.401% due 12/01/2039 | 8000 | 6687 |
|  7.120% due 12/01/2039 | 1415 | 1299 |
|  7.650% due 12/01/2039 | 180 | 172 |
|  |  | 9000 |
| DISTRICT OF COLUMBIA 0.9% | DISTRICT OF COLUMBIA 0.9% | DISTRICT OF COLUMBIA 0.9% |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2048 | 4050 | 4058 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 |
|  5.250% due 10/01/2053 | 4000 | 4119 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2039 | 2500 | 2612 |
|  5.000% due 10/01/2040 | 1750 | 1823 |
|  5.250% due 10/01/2041 | 2000 | 2118 |
|  5.250% due 10/01/2045 | 4375 | 4548 |
|  5.250% due 10/01/2046 | 4000 | 4146 |
|  5.500% due 10/01/2054 | 2000 | 2109 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 |
|  4.125% due 07/15/2047 | 1790 | 1677 |
|  5.000% due 07/15/2048 | 5025 | 5236 |
|  |  | 32446 |
| FLORIDA 4.8% | FLORIDA 4.8% | FLORIDA 4.8% |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
|  4.500% due 01/01/2035 | 1235 | 1213 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.000% due 06/15/2043 | 1250 | 1293 |
|  Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2049 | 1500 | 1550 |
|  Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 4500 | 4645 |
|  Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2051 | 5000 | 4638 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2021 | Florida Development Finance Corp. Revenue Bonds, Series 2021 | Florida Development Finance Corp. Revenue Bonds, Series 2021 |
|  4.000% due 11/15/2035 | 1850 | 1868 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 |
|  5.250% due 08/01/2049 | 3500 | 3596 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2033 | 2000 | 2123 |
|  5.000% due 10/01/2036 | 5235 | 5497 |
|  Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2052 | 2000 | 2070 |
|  Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2059 | 7000 | 7672 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  3.450% due 11/15/2054 | 7950 | 7950 |
|  3.500% due 11/15/2054 | 2600 | 2600 |
|  Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2043 | 5000 | 5280 |
|  JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2036 | 10000 | 11153 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2016 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2016 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2016 |
|  5.125% due 05/01/2046 | 4985 | 4990 |
|  Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2038 | 1000 | 1082 |
|  5.250% due 10/01/2044 | 4500 | 4715 |
|  Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2046 | 5000 | 4630 |
|  Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 |
|  4.750% due 11/01/2027 | 1265 | 1286 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2049 | 4275 | 4282 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2034 | 11600 | 12477 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 |
|  5.250% due 10/01/2055 | 10000 | 10539 |
|  Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2024 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2024 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 04/01/2046 (b) | 6635 | 6897 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.880% due 03/01/2046 | 1900 | 1899 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2044 | 2000 | 1868 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 2500 | 2251 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2050 | 1300 | 1203 |
|  5.250% due 10/01/2054 | 10000 | 10660 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2035 | 1650 | 1719 |
|  5.250% due 10/01/2052 | 5000 | 5132 |
|  Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 |
|  5.000% due 10/01/2049 | 2800 | 2932 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2041 | 1000 | 1049 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 1650 | 1652 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 3300 | 2894 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 10/01/2056 | 18000 | 18804 |
|  Orange County, Florida School Board Certificates of Participation Bonds, Series 2024 | Orange County, Florida School Board Certificates of Participation Bonds, Series 2024 | Orange County, Florida School Board Certificates of Participation Bonds, Series 2024 |
|  5.000% due 08/01/2034 | 9005 | 10125 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2030 (d) | 1200 | 974 |
|  0.000% due 10/01/2033 (d) | 1680 | 1195 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2035 (d) | 750 | 479 |
|  0.000% due 09/01/2036 (d) | 800 | 486 |
|  0.000% due 09/01/2037 (d) | 800 | 462 |
|  0.000% due 09/01/2038 (d) | 1000 | 546 |
|  4.000% due 07/01/2039 | 1200 | 1161 |
|  Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 | Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 | Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 |
|  3.500% due 05/01/2051 | 1195 | 935 |
|  |  | 182472 |
| GEORGIA 2.0% | GEORGIA 2.0% | GEORGIA 2.0% |
|  Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 | Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 | Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1270 | 1288 |
|  Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2034 | 1000 | 1062 |
|  5.000% due 07/01/2037 | 500 | 526 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 1000 | 907 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.125% due 04/01/2048 | 10000 | 10431 |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 |
|  4.375% due 04/01/2043 | 3000 | 2883 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2052 | 7000 | 7059 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 5000 | 5224 |
|  5.000% due 12/01/2053 | 11700 | 12386 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 3600 | 3838 |
|  5.000% due 05/01/2055 | 1800 | 1905 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 |
|  5.250% due 01/01/2041 | 1150 | 1254 |
|  5.250% due 01/01/2044 | 1100 | 1186 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 |
|  5.000% due 07/01/2060 | 6000 | 5820 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2049 | 10000 | 10122 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 2000 | 2059 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2030 | 165 | 174 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 5000 | 4676 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2040 | 1250 | 1342 |
|  5.000% due 01/01/2042 | 1200 | 1269 |
|  5.000% due 01/01/2043 | 1050 | 1105 |
|  |  | 76516 |
| IDAHO 0.2% | IDAHO 0.2% | IDAHO 0.2% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2040 | 2000 | 2149 |
|  5.000% due 03/01/2060 | 3200 | 3494 |
|  |  | 5643 |
| ILLINOIS 6.6% | ILLINOIS 6.6% | ILLINOIS 6.6% |
|  Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 12/01/2036 | 2000 | 1900 |
|  Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 | Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 | Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 3500 | 3674 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 01/01/2042 | 1470 | 1578 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 15000 | 15004 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2055 | 5000 | 5009 |
|  5.250% due 01/01/2053 | 5000 | 5106 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2033 | 5405 | 5799 |
|  5.250% due 01/01/2040 | 1500 | 1605 |
|  Chicago, Illinois General Obligation Bonds, Series 2019 | Chicago, Illinois General Obligation Bonds, Series 2019 | Chicago, Illinois General Obligation Bonds, Series 2019 |
|  5.500% due 01/01/2035 | 1610 | 1674 |
|  DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 |
|  5.000% due 01/01/2041 | 1530 | 1575 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  4.000% due 02/15/2036 | 3290 | 3214 |
|  5.000% due 02/15/2029 | 4500 | 4643 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 9100 | 9168 |
|  Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 | Illinois Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2035 ^(c) | 2800 | 1876 |
|  5.000% due 11/01/2049 ^(c) | 2500 | 1675 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2041 | 5000 | 4697 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  3.500% due 07/15/2055 | 10300 | 10300 |
|  4.000% due 05/01/2045 | 3830 | 3296 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  3.450% due 08/15/2057 | 54755 | 54755 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  5.000% due 02/01/2026 | 3790 | 3849 |
|  Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 |
|  5.000% due 12/01/2026 | 5000 | 5147 |
|  Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 |
|  4.625% due 05/01/2037 | 890 | 895 |
|  5.000% due 10/01/2033 | 1610 | 1671 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  4.000% due 10/01/2034 | 1350 | 1325 |
|  4.000% due 10/01/2035 | 8000 | 7801 |
|  5.500% due 05/01/2030 | 3000 | 3174 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2035 | 19000 | 20536 |
|  5.000% due 02/01/2036 | 21000 | 22672 |
|  5.000% due 05/01/2039 | 5000 | 5286 |
|  5.000% due 05/01/2040 | 6000 | 6310 |
|  Illinois State Revenue Bonds, Series 2013 | Illinois State Revenue Bonds, Series 2013 | Illinois State Revenue Bonds, Series 2013 |
|  5.000% due 06/15/2026 | 3685 | 3690 |
|  Illinois State Revenue Bonds, Series 2016 | Illinois State Revenue Bonds, Series 2016 | Illinois State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2033 | 1000 | 894 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|  5.000% due 01/01/2040 | 4280 | 4294 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 2340 | 2422 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 12/15/2037 (d) | 4500 | 2554 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 15480 | 13353 |
|  Railsplitter Tobacco Settlement Authority, Illinois Revenue Bonds, Series 2017 | Railsplitter Tobacco Settlement Authority, Illinois Revenue Bonds, Series 2017 | Railsplitter Tobacco Settlement Authority, Illinois Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2028 | 2250 | 2306 |
|  Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 2500 | 2199 |
|  5.000% due 01/01/2037 | 1150 | 1183 |
|  Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2030 | 2250 | 2422 |
|  |  | 250531 |
| INDIANA 1.5% | INDIANA 1.5% | INDIANA 1.5% |
|  Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  6.028% due 07/01/2060 | 8150 | 8108 |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.500% due 11/01/2030 | 2240 | 2052 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 4385 | 4181 |
|  4.250% due 11/01/2030 | 15835 | 16176 |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 | 5595 | 870 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2036 | 2200 | 2453 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2049 | 1500 | 1480 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  5.500% due 03/01/2038 | 2150 | 2286 |
|  6.000% due 03/01/2053 | 5000 | 5276 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2010 |
|  Rockport, Indiana Revenue Bonds, Series 2009 | Rockport, Indiana Revenue Bonds, Series 2009 | Rockport, Indiana Revenue Bonds, Series 2009 |
|  3.050% due 06/01/2025 | 1000 | 999 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2010 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 10500 | 10692 |
|  |  | 58593 |
| IOWA 0.5% | IOWA 0.5% | IOWA 0.5% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 7000 | 7425 |
|  5.000% due 12/01/2050 | 1700 | 1918 |
|  Iowa Finance Authority Revenue Bonds, Series 2024 | Iowa Finance Authority Revenue Bonds, Series 2024 | Iowa Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2034 | 7000 | 7963 |
|  |  | 17306 |
| KENTUCKY 1.3% | KENTUCKY 1.3% | KENTUCKY 1.3% |
|  Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2044 | 2000 | 2089 |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 8350 | 9193 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2050 | 1670 | 1399 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 3200 | 3383 |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2019 | Kentucky State Property & Building Commission Revenue Bonds, Series 2019 | Kentucky State Property & Building Commission Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2035 | 1000 | 1005 |
|  Louisville/Jefferson County, Kentucky Metropolitan Government Revenue Bonds, Series 2011 | Louisville/Jefferson County, Kentucky Metropolitan Government Revenue Bonds, Series 2011 | Louisville/Jefferson County, Kentucky Metropolitan Government Revenue Bonds, Series 2011 |
|  3.450% due 10/01/2039 | 24030 | 24030 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 7000 | 7063 |
|  Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 |
|  5.250% due 04/01/2049 | 2500 | 2640 |
|  |  | 50802 |
| LOUISIANA 0.7% | LOUISIANA 0.7% | LOUISIANA 0.7% |
|  Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | Louisiana Public Facilities Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2041 | 1500 | 1585 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2044 | 22000 | 22981 |
|  Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 |
|  2.375% due 06/01/2037 | 4015 | 3962 |
|  |  | 28528 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  3.750% due 12/01/2033 | 1560 | 1457 |
|  4.000% due 12/01/2034 | 1580 | 1499 |
|  4.000% due 12/01/2035 | 1395 | 1309 |
|  4.000% due 12/01/2036 | 1460 | 1354 |
|  4.250% due 12/01/2037 | 1440 | 1371 |
|  5.000% due 12/01/2032 | 1670 | 1753 |
|  |  | 8743 |
| MARYLAND 0.7% | MARYLAND 0.7% | MARYLAND 0.7% |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 3000 | 3033 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 |
|  3.052% due 07/01/2040 | 4500 | 3441 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 4300 | 4678 |
|  Montgomery County, Maryland General Obligation Bonds, Series 2017 | Montgomery County, Maryland General Obligation Bonds, Series 2017 | Montgomery County, Maryland General Obligation Bonds, Series 2017 |
|  3.400% due 11/01/2037 | 16510 | 16510 |
|  |  | 27662 |
| MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 |
|  4.000% due 05/01/2040 | 2000 | 1962 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 10/01/2052 | 5000 | 5180 |
|  5.250% due 10/01/2047 | 9000 | 9543 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 |
|  5.000% due 10/01/2051 | 5000 | 5203 |
|  5.000% due 10/01/2053 | 16000 | 16626 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2024 | Commonwealth of Massachusetts General Obligation Bonds, Series 2024 | Commonwealth of Massachusetts General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 4500 | 4694 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2047 | 2500 | 2500 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  3.470% due 07/01/2049 ~ | 1000 | 1000 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  4.000% due 03/01/2054 | 1500 | 1345 |
|  Massachusetts Port Authority Revenue Bonds, Series 2022 | Massachusetts Port Authority Revenue Bonds, Series 2022 | Massachusetts Port Authority Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2035 | 1350 | 1440 |
|  |  | 49493 |
| MICHIGAN 1.8% | MICHIGAN 1.8% | MICHIGAN 1.8% |
|  Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 | Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 | Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 |
|  6.000% due 05/01/2029 | 9130 | 9771 |
|  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 | 12700 | 10162 |
|  Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 |
|  5.250% due 05/01/2033 | 800 | 882 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.663% due 07/01/2032 ~ | 3750 | 3698 |
|  Ferris State University, Michigan Revenue Bonds, Series 2016 | Ferris State University, Michigan Revenue Bonds, Series 2016 | Ferris State University, Michigan Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2041 | 1420 | 1441 |
|  Great Lakes Water Authority Water Supply System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Water Supply System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Water Supply System, Michigan Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2053 | 3000 | 3203 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2065 (d) | 26500 | 2729 |
|  5.000% due 06/01/2040 | 2500 | 2557 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  4.375% due 02/28/2054 | 4335 | 4110 |
|  Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 |
|  4.000% due 10/15/2047 | 2185 | 2022 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 3400 | 3730 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michigan Trunk Line State Revenue Bonds, Series 2021 | Michigan Trunk Line State Revenue Bonds, Series 2021 | Michigan Trunk Line State Revenue Bonds, Series 2021 |
|  4.000% due 11/15/2046 | 5320 | 4952 |
|  Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2046 | 12000 | 12750 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2029 | 1265 | 1337 |
|  5.000% due 12/01/2032 | 1405 | 1507 |
|  5.250% due 12/01/2035 | 1625 | 1779 |
|  5.250% due 12/01/2036 | 1710 | 1861 |
|  |  | 68491 |
| MINNESOTA 1.3% | MINNESOTA 1.3% | MINNESOTA 1.3% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 4600 | 4605 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  2.850% due 11/15/2048 | 20000 | 20000 |
|  5.000% due 11/15/2049 | 5060 | 5047 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2032 | 1075 | 1153 |
|  5.000% due 01/01/2035 | 1350 | 1421 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 3100 | 3444 |
|  6.500% due 01/01/2055 | 9970 | 11174 |
|  St Cloud, Minnesota Revenue Bonds, Series 2024 | St Cloud, Minnesota Revenue Bonds, Series 2024 | St Cloud, Minnesota Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 2750 | 2803 |
|  |  | 49647 |
| MISSISSIPPI 0.1% | MISSISSIPPI 0.1% | MISSISSIPPI 0.1% |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2041 | 1000 | 1060 |
|  5.000% due 03/01/2042 | 1000 | 1052 |
|  5.000% due 03/01/2043 | 1000 | 1045 |
|  5.000% due 03/01/2044 | 1000 | 1041 |
|  5.000% due 03/01/2045 | 1000 | 1037 |
|  |  | 5235 |
| MISSOURI 0.5% | MISSOURI 0.5% | MISSOURI 0.5% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2033 | 2440 | 2450 |
|  4.000% due 02/15/2049 | 1000 | 942 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2032 | 4630 | 4817 |
|  5.000% due 03/01/2054 | 7000 | 7011 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.750% due 05/01/2052 | 3000 | 3171 |
|  |  | 18391 |
| MULTI-STATE 2.3% | MULTI-STATE 2.3% | MULTI-STATE 2.3% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 18633 | 18575 |
|  3.721% due 01/25/2040 | 9829 | 9760 |
|  4.136% due 08/25/2040 | 19140 | 19498 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  0.000% due 10/25/2040 | 12029 | 12362 |
|  4.287% due 04/25/2042 | 6290 | 6544 |
|  4.326% due 08/25/2041 ~ | 18046 | 18712 |
|  Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022 | Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022 | Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022 |
|  2.875% due 07/25/2036 | 1882 | 1721 |
|  |  | 87172 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEBRASKA 0.2% | NEBRASKA 0.2% | NEBRASKA 0.2% |
|  Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 | Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 | Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2050 | 1000 | 925 |
|  Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  5.000% due 03/01/2049 | 2250 | 2317 |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2043 | 3500 | 3718 |
|  |  | 6960 |
| NEVADA 0.1% | NEVADA 0.1% | NEVADA 0.1% |
|  Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 | Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 | Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2048 | 1000 | 900 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2517 |
|  |  | 3417 |
| NEW HAMPSHIRE 1.4% | NEW HAMPSHIRE 1.4% | NEW HAMPSHIRE 1.4% |
|  New Hampshire Business Finance Authority | New Hampshire Business Finance Authority | New Hampshire Business Finance Authority |
|  4.168% due 01/20/2041 | 18600 | 18002 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2022 | New Hampshire Business Finance Authority Revenue Bonds, Series 2022 | New Hampshire Business Finance Authority Revenue Bonds, Series 2022 |
|  4.375% due 09/20/2036 | 2892 | 2892 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.787% due 09/20/2034 | 3870 | 3620 |
|  3.875% due 01/20/2038 | 9810 | 9274 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.000% due 08/20/2039 (a) | 14824 | 598 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 10000 | 11214 |
|  New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 |
|  4.150% due 10/20/2040 | 9790 | 9521 |
|  |  | 55121 |
| NEW JERSEY 1.2% | NEW JERSEY 1.2% | NEW JERSEY 1.2% |
|  Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 | Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 | Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 |
|  5.000% due 03/01/2037 | 1000 | 1021 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 1998 | New Jersey Economic Development Authority Revenue Bonds, Series 1998 | New Jersey Economic Development Authority Revenue Bonds, Series 1998 |
|  6.500% due 04/01/2031 | 335 | 337 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2041 | 1000 | 936 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|  0.000% due 12/15/2032 (d) | 4550 | 3431 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/15/2028 | 2155 | 2298 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 |
|  5.000% due 12/15/2028 | 1100 | 1173 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2038 | 2000 | 1938 |
|  4.000% due 06/15/2050 | 1000 | 900 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2035 | 3250 | 3239 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  5.000% due 06/15/2038 | 5000 | 5361 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2037 | 14000 | 15270 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

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------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2024 | New Jersey Turnpike Authority Revenue Bonds, Series 2024 | New Jersey Turnpike Authority Revenue Bonds, Series 2024 |
|  4.125% due 01/01/2054 | 5000 | 4788 |
|  Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 4260 | 4399 |
|  |  | 45091 |
| NEW MEXICO 0.3% | NEW MEXICO 0.3% | NEW MEXICO 0.3% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 8000 | 7149 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 4350 | 4355 |
|  |  | 11504 |
| NEW YORK 14.8% | NEW YORK 14.8% | NEW YORK 14.8% |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2038 | 3750 | 4001 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | Build NYC Resource Corp., New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 3205 | 2916 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2024 | Build NYC Resource Corp., New York Revenue Bonds, Series 2024 | Build NYC Resource Corp., New York Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2037 | 1475 | 1564 |
|  Build NYC Resource Corp., New York Revenue Notes, Series 2024 | Build NYC Resource Corp., New York Revenue Notes, Series 2024 | Build NYC Resource Corp., New York Revenue Notes, Series 2024 |
|  5.000% due 09/01/2034 | 1550 | 1666 |
|  Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 5000 | 5261 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.720% due 01/01/2044 | 3600 | 3559 |
|  New York City, New York General Obligation Bonds, Series 2010 | New York City, New York General Obligation Bonds, Series 2010 | New York City, New York General Obligation Bonds, Series 2010 |
|  2.850% due 03/01/2039 | 11150 | 11150 |
|  New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 |
|  3.650% due 04/01/2042 | 5000 | 5000 |
|  New York City, New York General Obligation Bonds, Series 2014 | New York City, New York General Obligation Bonds, Series 2014 | New York City, New York General Obligation Bonds, Series 2014 |
|  3.550% due 03/01/2040 | 8000 | 8000 |
|  New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 |
|  3.600% due 06/01/2044 | 24155 | 24155 |
|  New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 |
|  3.600% due 12/01/2047 | 15000 | 15000 |
|  New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 |
|  5.250% due 04/01/2054 | 5750 | 6055 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.700% due 11/01/2047 | 1750 | 1501 |
|  3.750% due 11/01/2052 | 2000 | 1686 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 |
|  4.750% due 11/01/2054 | 3700 | 3703 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  4.600% due 11/01/2045 | 2425 | 2395 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 |
|  3.550% due 06/15/2044 | 8000 | 8000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 |
|  3.600% due 06/15/2050 | 17750 | 17750 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  3.800% due 06/15/2044 | 11800 | 11800 |
|  5.250% due 06/15/2052 | 1250 | 1319 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 5425 | 5790 |
|  5.250% due 06/15/2053 | 7100 | 7525 |
|  New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 |
|  3.550% due 06/15/2041 | 21700 | 21700 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 |
|  4.000% due 07/15/2036 | 5000 | 5065 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  3.580% due 02/01/2044 | 10000 | 10000 |
|  3.600% due 11/01/2042 | 12040 | 12040 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  3.550% due 08/01/2045 | 13900 | 13900 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  3.600% due 11/01/2044 | 20000 | 20000 |
|  4.000% due 11/01/2039 | 8000 | 7799 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 |
|  4.000% due 05/01/2045 | 14625 | 13550 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.000% due 02/01/2040 | 5000 | 5313 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2038 | 2400 | 2624 |
|  5.250% due 05/01/2048 | 4000 | 4258 |
|  5.250% due 05/01/2050 | 2000 | 2118 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.250% due 05/01/2048 | 20000 | 21416 |
|  5.250% due 02/01/2053 | 2000 | 2113 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2036 | 15000 | 16757 |
|  5.000% due 11/01/2039 | 3220 | 3532 |
|  5.000% due 11/01/2042 (b) | 12000 | 12793 |
|  New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 | New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 | New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 |
|  3.880% due 03/01/2026 | 2000 | 2000 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 7000 | 7015 |
|  5.375% due 11/15/2040 | 8005 | 8026 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2048 | 7500 | 7883 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2045 | 6600 | 6099 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2895 | 2997 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 1000 | 1022 |
|  4.000% due 02/15/2047 | 3710 | 3400 |
|  5.000% due 07/01/2050 | 3500 | 3601 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 03/15/2039 | 2000 | 1984 |
|  4.000% due 05/01/2041 | 5350 | 5205 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2039 | 3250 | 3231 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2043 (b) | 3190 | 3331 |
|  5.000% due 07/01/2044 (b) | 3595 | 3739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 07/01/2045 (b) | $— | 3000 | $— | 3109 |
|  5.000% due 03/15/2052 |  | 5000 |  | 5223 |
|  5.000% due 03/15/2055 |  | 9900 |  | 10314 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 |  | 3700 |  | 4092 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (f) |  | 2600 |  | 2379 |
|  New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2053 |  | 5000 |  | 5169 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 |
|  5.000% due 03/15/2039 |  | 2875 |  | 2977 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2038 |  | 7300 |  | 7278 |
|  5.000% due 03/15/2044 |  | 2500 |  | 2588 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2043 |  | 10000 |  | 10608 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured), Series 2024 |
|  5.250% due 12/31/2054 |  | 23400 |  | 24219 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.125% due 06/30/2060 |  | 8550 |  | 8604 |
|  5.500% due 06/30/2043 |  | 2250 |  | 2380 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 06/30/2054 |  | 3000 |  | 3001 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 |  | 5900 |  | 5865 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2031 |  | 800 |  | 821 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2030 |  | 8495 |  | 8428 |
|  5.000% due 10/01/2040 |  | 3000 |  | 3052 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2033 |  | 8000 |  | 8400 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  6.000% due 04/01/2035 |  | 12300 |  | 13518 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 06/30/2060 |  | 16500 |  | 16270 |
|  Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 |
|  4.000% due 05/15/2029 |  | 1190 |  | 1167 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 07/15/2037 |  | 5000 |  | 5271 |
|  5.000% due 12/01/2038 |  | 1400 |  | 1462 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 |  | 3020 |  | 2921 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 |  | 3750 |  | 3926 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2040 |  | 1550 |  | 1690 |
|  5.000% due 12/01/2041 |  | 1250 |  | 1355 |
|  5.000% due 12/01/2042 |  | 2000 |  | 2137 |
|  5.000% due 12/01/2050 |  | 5000 |  | 5188 |
|  5.250% due 12/01/2054 |  | 7300 |  | 7711 |
|  |  |  |  | 565430 |

---

50 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NORTH CAROLINA 1.9% | NORTH CAROLINA 1.9% | NORTH CAROLINA 1.9% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  3.450% due 01/15/2037 | 10000 | 10000 |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2018 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2018 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2018 |
|  3.450% due 01/15/2048 | 20465 | 20465 |
|  Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 06/01/2041 | 3640 | 3578 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 3600 | 3990 |
|  6.250% due 07/01/2055 | 6500 | 7122 |
|  North Carolina Medical Care Commission Revenue Bonds, Series 2004 | North Carolina Medical Care Commission Revenue Bonds, Series 2004 | North Carolina Medical Care Commission Revenue Bonds, Series 2004 |
|  2.850% due 11/01/2034 | 25580 | 25580 |
|  |  | 70735 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2053 | 2250 | 2265 |
| OHIO 3.4% | OHIO 3.4% | OHIO 3.4% |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (d) | 88000 | 8767 |
|  4.000% due 06/01/2048 | 7570 | 6566 |
|  5.000% due 06/01/2036 | 2000 | 2075 |
|  5.000% due 06/01/2055 | 2500 | 2207 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2038 | 10000 | 10576 |
|  5.000% due 01/01/2039 | 3400 | 3574 |
|  Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.820% due 11/01/2043 | 3000 | 3028 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 3300 | 3131 |
|  Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2047 | 7500 | 6713 |
|  Montgomery County, Ohio Revenue Bonds, Series 2019 | Montgomery County, Ohio Revenue Bonds, Series 2019 | Montgomery County, Ohio Revenue Bonds, Series 2019 |
|  3.600% due 11/15/2045 | 15735 | 15735 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
|  2.400% due 12/01/2038 | 4715 | 4379 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 14275 | 12980 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 18160 | 19918 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.150% due 09/01/2040 | 2700 | 2647 |
|  Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2036 | 1000 | 953 |
|  Ohio State Revenue Bonds, Series 2019 | Ohio State Revenue Bonds, Series 2019 | Ohio State Revenue Bonds, Series 2019 |
|  3.450% due 01/01/2052 | 25000 | 25000 |
|  |  | 128249 |
| OKLAHOMA 0.3% | OKLAHOMA 0.3% | OKLAHOMA 0.3% |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 |
|  5.500% due 08/15/2052 | 2605 | 2642 |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2019 | Oklahoma Development Finance Authority Revenue Bonds, Series 2019 | Oklahoma Development Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2036 | 1750 | 1633 |
|  5.000% due 08/01/2028 | 715 | 737 |
|  5.000% due 08/01/2029 | 755 | 781 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2053 | 6300 | 6741 |
|  |  | 12534 |
| OREGON 0.4% | OREGON 0.4% | OREGON 0.4% |
|  Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 | Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 | Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2052 | 1500 | 1415 |
|  Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2039 | 1000 | 974 |
|  Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 |
|  0.000% due 06/15/2036 (d) | 1500 | 930 |
|  Port of Portland, Oregon Airport Revenue Bonds, Series 2022 | Port of Portland, Oregon Airport Revenue Bonds, Series 2022 | Port of Portland, Oregon Airport Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2047 | 4290 | 3797 |
|  Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 |
|  5.000% due 06/15/2052 | 7500 | 7803 |
|  |  | 14919 |
| PENNSYLVANIA 3.7% | PENNSYLVANIA 3.7% | PENNSYLVANIA 3.7% |
|  Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 |
|  4.000% due 12/01/2049 | 2500 | 2312 |
|  5.000% due 12/01/2043 | 1000 | 1061 |
|  5.000% due 12/01/2055 | 2000 | 2066 |
|  5.250% due 12/01/2055 | 2500 | 2629 |
|  Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  7.750% due 12/01/2037 | 435 | 476 |
|  Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 | Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 | Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 2500 | 2506 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 11200 | 10513 |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 9750 | 8518 |
|  Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  5.000% due 11/01/2046 | 6205 | 6269 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  3.970% due 08/15/2038 ~(f) | 3100 | 3081 |
|  Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 | Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 | Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 |
|  2.450% due 12/01/2039 | 2250 | 2002 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 12/31/2057 | 4600 | 4666 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2026 | 1500 | 1504 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  4.000% due 02/15/2041 | 3575 | 3433 |
|  5.000% due 12/31/2032 | 2500 | 2656 |
|  5.250% due 06/30/2053 | 500 | 509 |
|  5.500% due 06/30/2037 | 1850 | 1988 |
|  5.500% due 06/30/2038 | 2000 | 2145 |
|  5.500% due 06/30/2039 | 5500 | 5874 |
|  6.000% due 06/30/2061 | 7000 | 7493 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 (b) | 13100 | 14170 |
|  5.450% due 01/01/2051 | 6250 | 6397 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 6900 | 6146 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.250% due 11/01/2038 | 7000 | 7680 |
|  5.250% due 11/01/2039 | 5000 | 5432 |
|  5.250% due 11/01/2040 | 3000 | 3242 |
|  5.250% due 11/01/2044 | 2000 | 2124 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 3900 | 4222 |
|  6.250% due 10/01/2054 | 2200 | 2408 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2500 | 2285 |
|  Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 |
|  4.000% due 12/01/2049 | 2500 | 2242 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2043 | 2000 | 1879 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2047 | 1275 | 1349 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2041 | 3450 | 3638 |
|  Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 | Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 | Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2042 | 3000 | 3196 |
|  Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2042 | 1000 | 1078 |
|  Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2030 | 700 | 727 |
|  |  | 139916 |
| PUERTO RICO 2.5% | PUERTO RICO 2.5% | PUERTO RICO 2.5% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 19007 | 11927 |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  5.625% due 07/01/2027 | 1725 | 1787 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 9734 | 9527 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.583% due 07/01/2029 ~ | 7985 | 7779 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (d) | 13500 | 4429 |
|  0.000% due 07/01/2051 (d) | 71212 | 17291 |
|  4.500% due 07/01/2034 | 2456 | 2442 |
|  4.750% due 07/01/2053 | 11570 | 11141 |
|  5.000% due 07/01/2058 | 3500 | 3452 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 10800 | 10535 |
|  4.550% due 07/01/2040 | 10167 | 10074 |
|  4.784% due 07/01/2058 | 5000 | 4767 |
|  |  | 95151 |
| RHODE ISLAND 0.7% | RHODE ISLAND 0.7% | RHODE ISLAND 0.7% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2038 | 1000 | 1057 |
|  5.000% due 05/15/2042 | 1000 | 1034 |
|  Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 5000 | 5007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 06/01/2040 | 6770 | 6774 |
|  5.000% due 06/01/2050 | 13800 | 13799 |
|  |  | 27671 |
| SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% |
|  Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 |
|  4.250% due 02/01/2042 | 650 | 648 |
|  4.250% due 02/01/2043 | 675 | 667 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 5500 | 5884 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 6000 | 6336 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2046 | 6750 | 7014 |
|  5.250% due 12/01/2050 | 6700 | 7055 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 11265 | 11278 |
|  |  | 38882 |
| SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 6600 | 6469 |
| TENNESSEE 1.5% | TENNESSEE 1.5% | TENNESSEE 1.5% |
|  Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 2000 | 2094 |
|  Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 |
|  4.750% due 07/01/2027 | 195 | 176 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2000 | 2097 |
|  5.000% due 07/01/2056 | 2630 | 2717 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 | Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 | Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 |
|  4.000% due 01/01/2042 | 5000 | 4773 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 1000 | 770 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 |
|  4.875% due 10/01/2038 | 6755 | 6803 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 |
|  3.250% due 10/01/2045 | 10200 | 10201 |
|  3.250% due 10/01/2046 | 9100 | 9099 |
|  Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 |
|  5.250% due 07/01/2032 | 1205 | 1314 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | Tennergy Corp., Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 9065 | 9105 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 6000 | 6311 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 1685 | 1762 |
|  |  | 57222 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TEXAS 12.0% | TEXAS 12.0% | TEXAS 12.0% |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2045 ^(c) | 6000 | 5805 |
|  7.500% due 12/01/2045 ^(c) | 1000 | 337 |
|  Anna Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Anna Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Anna Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.125% due 02/15/2053 | 1750 | 1627 |
|  Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2024 |
|  4.125% due 08/15/2049 | 3200 | 3002 |
|  4.250% due 06/15/2059 | 850 | 782 |
|  Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.500% due 08/15/2050 | 2500 | 2452 |
|  Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 3200 | 3213 |
|  Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.250% due 02/15/2054 | 3900 | 3770 |
|  Bexar Management And Development Corp., Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp., Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp., Texas Revenue Bonds, Series 2024 |
|  3.020% due 05/10/2045 | 4000 | 3940 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021 |
|  3.625% due 07/01/2026 | 2000 | 1891 |
|  Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024 | Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024 | Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series2024 |
|  5.250% due 02/15/2054 | 4500 | 4770 |
|  Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2040 | 800 | 775 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2040 | 1500 | 1603 |
|  5.000% due 08/15/2041 | 1500 | 1592 |
|  City of Corpus Christi, Texas Utility System Revenue Bonds, Series 2022 | City of Corpus Christi, Texas Utility System Revenue Bonds, Series 2022 | City of Corpus Christi, Texas Utility System Revenue Bonds, Series 2022 |
|  5.000% due 07/15/2052 | 5000 | 5166 |
|  Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2039 | 10150 | 11189 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 |
|  4.000% due 02/15/2043 | 2500 | 2369 |
|  Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 3180 | 2907 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2045 | 8855 | 8333 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2039 | 6000 | 6429 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 32000 | 34809 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2048 | 5000 | 5213 |
|  5.000% due 08/15/2053 | 16500 | 17142 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2040 | 7450 | 7889 |
|  5.000% due 02/15/2042 | 8450 | 8857 |
|  EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 |
|  4.250% due 12/01/2034 | 7500 | 7388 |
|  Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 9140 | 8505 |
|  Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  5.000% due 08/15/2038 | 5000 | 5348 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 |
|  4.250% due 02/15/2053 | 2000 | 1911 |
|  Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 2200 | 2176 |
|  Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 |
|  4.500% due 10/01/2049 | 4000 | 3989 |
|  Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2020 | Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2020 | Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2049 | 2580 | 2310 |
|  Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 |
|  4.000% due 02/15/2049 | 2000 | 1836 |
|  Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 |
|  3.550% due 11/01/2041 | 24000 | 24000 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2034 | 7890 | 8783 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2037 | 22500 | 23650 |
|  Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023 |
|  5.000% due 07/01/2037 | 2000 | 2111 |
|  Houston, Texas Combined Utility System Revenue Bonds, Series 2019 | Houston, Texas Combined Utility System Revenue Bonds, Series 2019 | Houston, Texas Combined Utility System Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2044 | 1500 | 1401 |
|  Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 08/15/2050 | 5000 | 4637 |
|  La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 8100 | 7538 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2053 | 1250 | 1184 |
|  Love Field Airport Modernization Corp., Texas Revenue Bonds, Series 2017 | Love Field Airport Modernization Corp., Texas Revenue Bonds, Series 2017 | Love Field Airport Modernization Corp., Texas Revenue Bonds, Series 2017 |
|  5.000% due 11/01/2029 | 1250 | 1272 |
|  Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 5000 | 5003 |
|  Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Mansfield Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 6000 | 5584 |
|  Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/01/2049 | 5000 | 4646 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.125% due 05/15/2049 | 3170 | 2970 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 8000 | 7911 |
|  New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 2000 | 1930 |
|  North Texas Tollway Authority Revenue Bonds, Series 2024 | North Texas Tollway Authority Revenue Bonds, Series 2024 | North Texas Tollway Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2032 | 5500 | 6066 |
|  Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 |
|  5.750% due 09/15/2036 | 100 | 101 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 5680 | 5892 |
|  San Antonio Municipal Facilities Corp., Texas Revenue Bonds, Series 2021 | San Antonio Municipal Facilities Corp., Texas Revenue Bonds, Series 2021 | San Antonio Municipal Facilities Corp., Texas Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2048 | 5000 | 4604 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.250% due 02/01/2049 | 16000 | 17059 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Jacinto College District, Texas General Obligation Bonds, Series 2019 | San Jacinto College District, Texas General Obligation Bonds, Series 2019 | San Jacinto College District, Texas General Obligation Bonds, Series 2019 |
|  5.000% due 02/15/2044 | 1010 | 1034 |
|  Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.000% due 02/01/2053 | 10000 | 9029 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2051 | 5000 | 5165 |
|  5.000% due 11/15/2052 | 2800 | 3023 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2032 | 10000 | 10940 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2023 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2023 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2023 |
|  5.500% due 07/01/2053 | 2875 | 3058 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.505% due 12/15/2026 ~ | 4000 | 4001 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2054 | 3450 | 3658 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 |
|  5.000% due 06/30/2058 | 7970 | 7912 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 |
|  4.000% due 12/31/2037 | 1875 | 1800 |
|  Texas State General Obligation Bonds, Series 2020 | Texas State General Obligation Bonds, Series 2020 | Texas State General Obligation Bonds, Series 2020 |
|  2.850% due 12/01/2050 | 31595 | 31595 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2043 | 3750 | 3968 |
|  5.000% due 03/15/2044 | 3000 | 3161 |
|  Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 |
|  5.000% due 08/01/2057 | 4500 | 4524 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 7200 | 7384 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 19825 | 20363 |
|  5.000% due 10/15/2058 | 4000 | 4145 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.125% due 10/15/2047 | 15000 | 14124 |
|  Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 |
|  4.125% due 06/01/2045 | 2000 | 2011 |
|  |  | 456562 |
| UTAH 1.2% | UTAH 1.2% | UTAH 1.2% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2017 | Salt Lake City, Utah Airport Revenue Bonds, Series 2017 | Salt Lake City, Utah Airport Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2042 | 3000 | 3020 |
|  5.000% due 07/01/2047 | 6750 | 6758 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2018 | Salt Lake City, Utah Airport Revenue Bonds, Series 2018 | Salt Lake City, Utah Airport Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 3430 | 3436 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2043 | 2500 | 2617 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 6900 | 7704 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 (b) | 7400 | 8393 |
|  Utah Transit Authority Revenue Bonds, Series 2023 | Utah Transit Authority Revenue Bonds, Series 2023 | Utah Transit Authority Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2041 | 11000 | 11891 |
|  |  | 43819 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VIRGINIA 0.8% | VIRGINIA 0.8% | VIRGINIA 0.8% |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.250% due 07/01/2043 | 3500 | 3815 |
|  Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 | Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 | Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2038 | 1100 | 1066 |
|  4.000% due 01/01/2055 | 2500 | 2155 |
|  Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2051 | 10725 | 9871 |
|  Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 |
|  5.150% due 10/01/2053 | 2345 | 2375 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 |
|  5.500% due 07/01/2044 | 7375 | 6446 |
|  5.500% due 07/01/2049 | 2500 | 2111 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | Virginia Small Business Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2049 | 3250 | 2961 |
|  |  | 30800 |
| WASHINGTON 0.9% | WASHINGTON 0.9% | WASHINGTON 0.9% |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | Washington Health Care Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 2000 | 2065 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2019 | Washington Health Care Facilities Authority Revenue Bonds, Series 2019 | Washington Health Care Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2044 | 1000 | 920 |
|  Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2048 | 10000 | 10453 |
|  Washington State General Obligation Bonds, Series 2024 | Washington State General Obligation Bonds, Series 2024 | Washington State General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2035 | 1360 | 1539 |
|  5.000% due 07/01/2036 | 2995 | 3368 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 9878 | 8696 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/20/2040 | 8873 | 8251 |
|  |  | 35292 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 2500 | 2561 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2048 | 6300 | 6869 |
|  West Virginia Housing Development Fund Revenue Notes, Series 2024 | West Virginia Housing Development Fund Revenue Notes, Series 2024 | West Virginia Housing Development Fund Revenue Notes, Series 2024 |
|  5.000% due 08/01/2027 | 3000 | 3103 |
|  |  | 12533 |
| WISCONSIN 1.1% | WISCONSIN 1.1% | WISCONSIN 1.1% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2016 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2016 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2016 |
|  2.625% due 11/01/2025 | 1500 | 1485 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  4.500% due 01/01/2035 | 2275 | 2234 |
|  5.250% due 03/01/2045 | 1825 | 1721 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 09/30/2051 | 1040 | 856 |
|  4.000% due 03/31/2056 | 4690 | 3770 |
|  4.500% due 06/01/2056 | 2500 | 1868 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2040 | 500 | 528 |
|  5.000% due 11/15/2041 | 715 | 750 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 11/15/2045 | 1150 | 1185 |
|  5.250% due 06/15/2045 | 1000 | 1033 |
|  5.250% due 06/15/2050 | 500 | 511 |
|  5.250% due 11/15/2055 | 1700 | 1763 |
|  Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2037 (d) | 3200 | 1794 |
|  0.000% due 12/15/2039 (d) | 3250 | 1624 |
|  0.000% due 12/15/2050 (d) | 15000 | 3968 |
|  0.000% due 12/15/2060 (d) | 2500 | 381 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 |
|  4.500% due 02/15/2054 | 5000 | 4854 |
|  5.250% due 02/15/2054 | 2500 | 2605 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2047 | 3500 | 3142 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 |
|  3.750% due 04/01/2048 | 5100 | 5100 |
|  4.000% due 10/15/2036 | 2375 | 2350 |
|  |  | 43522 |
|  Total Municipal Bonds & Notes (Cost $3,525,202) | Total Municipal Bonds & Notes (Cost $3,525,202) | 3526408 |
| U.S. GOVERNMENT AGENCIES 3.3% | U.S. GOVERNMENT AGENCIES 3.3% | U.S. GOVERNMENT AGENCIES 3.3% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.802% due 04/25/2043 ~ | 8599 | 7527 |
|  3.600% due 06/01/2043 | 5543 | 5063 |
|  3.660% due 01/01/2039 | 3384 | 3187 |
|  3.720% due 01/01/2041 | 8257 | 7675 |
|  3.790% due 07/01/2040 | 3923 | 3690 |
|  3.800% due 01/01/2040 | 9899 | 9305 |
|  3.850% due 02/01/2038 - 01/01/2040 | 17113 | 16226 |
|  4.000% due 01/01/2039 | 2000 | 1930 |
|  4.250% due 08/01/2038 - 06/01/2041 | 15998 | 15620 |
|  4.300% due 10/01/2038 | 10116 | 10013 |
|  4.370% due 03/01/2040 | 3832 | 3825 |
|  4.400% due 11/01/2040 | 4814 | 4780 |
|  4.600% due 03/01/2041 | 4700 | 4779 |
|  4.900% due 02/01/2040 | 4077 | 4286 |
|  4.952% due 07/15/2040 •  | 6910 | 7056 |
|  5.210% due 08/01/2040 | 11984 | 12975 |
|  5.360% due 06/01/2039 | 7435 | 8082 |
|  Total U.S. Government Agencies (Cost $122,028) | Total U.S. Government Agencies (Cost $122,028) | 126019 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Multifamily Tax-Exempt Mortgage-backed Securities | Multifamily Tax-Exempt Mortgage-backed Securities | Multifamily Tax-Exempt Mortgage-backed Securities |
|  4.500% due 08/01/2041 | 2490 | 2457 |
|  4.600% due 01/01/2042 | 4800 | 4771 |
|  4.800% due 07/01/2045 | 4200 | 4158 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $11,490) | Total Non-Agency Mortgage-Backed Securities (Cost $11,490) | 11386 |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
|  Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | 10900 | 10957 |
|  Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 |
|  4.000% due 10/29/2025 | 11400 | 11467 |
|  University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 |
|  5.000% due 06/01/2025 | 2500 | 2509 |
|  Total Municipal Bonds & Notes<br>(Cost $24,931) | Total Municipal Bonds & Notes<br>(Cost $24,931) | 24933 |
| Total Short-Term Instruments<br>(Cost $24,931) | Total Short-Term Instruments<br>(Cost $24,931) | 24933 |
| Total Investments in Securities<br>(Cost $3,688,341) | Total Investments in Securities<br>(Cost $3,688,341) | 3692598 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 53

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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<br>Floating NAV Portfolio III | 28878297 | $— | 281101 |
| Total Short-Term Instruments<br>(Cost $281,054) | Total Short-Term Instruments<br>(Cost $281,054) |  | 281101 |
| Total Investments in Affiliates<br>(Cost $281,054) | Total Investments in Affiliates<br>(Cost $281,054) |  | 281101 |
| Total Investments 104.1%<br>(Cost $3,969,395) | Total Investments 104.1%<br>(Cost $3,969,395) | $— | 3973699 |
|  Financial Derivative<br>Instruments (g) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (g) 0.0%<br> (Cost or Premiums, net $0) |  | 3 |
| Other Assets and Liabilities, net (4.1)% | Other Assets and Liabilities, net (4.1)% |  | (156523) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3817179 |

---

#### 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).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Security is not accruing income as of the date of this report.

(d) Zero coupon security.

(e) Security becomes interest bearing at a future date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 3.970% | 08/15/2038 | 09/14/2021 | $3146 | $3081 | 0.08% |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 | 11/01/2054 | 12/12/2023 | 2411 | 2379 | 0.06 |
|  |  |  |  | $5557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460 | 0.14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 81 | $(8761) | $(87) | $3 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

54 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&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;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 $106 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&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;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;(8582) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8582) |
|  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 | $(87) | $(87) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852 | $3852 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172536 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172536 |
| &nbsp;&nbsp; Alaska | 0 | 7899 | 0 | 7899 |
| &nbsp;&nbsp; Arizona | 0 | 51328 | 0 | 51328 |
| &nbsp;&nbsp; Arkansas | 0 | 5514 | 0 | 5514 |
| &nbsp;&nbsp; California | 0 | 240319 | 0 | 240319 |
| &nbsp;&nbsp; Colorado | 0 | 73152 | 0 | 73152 |
| &nbsp;&nbsp; Connecticut | 0 | 44925 | 0 | 44925 |
| &nbsp;&nbsp; Delaware | 0 | 9000 | 0 | 9000 |
| &nbsp;&nbsp; District of Columbia | 0 | 32446 | 0 | 32446 |
| &nbsp;&nbsp; Florida | 0 | 182472 | 0 | 182472 |
| &nbsp;&nbsp; Georgia | 0 | 76516 | 0 | 76516 |
| &nbsp;&nbsp; Idaho | 0 | 5643 | 0 | 5643 |
| &nbsp;&nbsp; Illinois | 0 | 250531 | 0 | 250531 |
| &nbsp;&nbsp; Indiana | 0 | 58593 | 0 | 58593 |
| &nbsp;&nbsp; Iowa | 0 | 17306 | 0 | 17306 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Kentucky | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $50802 | $0 | $50802 |
| &nbsp;&nbsp; Louisiana | 0 | 28528 | 0 | 28528 |
| &nbsp;&nbsp; Maine | 0 | 8743 | 0 | 8743 |
| &nbsp;&nbsp; Maryland | 0 | 27662 | 0 | 27662 |
| &nbsp;&nbsp; Massachusetts | 0 | 49493 | 0 | 49493 |
| &nbsp;&nbsp; Michigan | 0 | 68491 | 0 | 68491 |
| &nbsp;&nbsp; Minnesota | 0 | 49647 | 0 | 49647 |
| &nbsp;&nbsp; Mississippi | 0 | 5235 | 0 | 5235 |
| &nbsp;&nbsp; Missouri | 0 | 18391 | 0 | 18391 |
| &nbsp;&nbsp; Multi-State | 0 | 87172 | 0 | 87172 |
| &nbsp;&nbsp; Nebraska | 0 | 6960 | 0 | 6960 |
| &nbsp;&nbsp; Nevada | 0 | 3417 | 0 | 3417 |
| &nbsp;&nbsp; New Hampshire | 0 | 55121 | 0 | 55121 |
| &nbsp;&nbsp; New Jersey | 0 | 45091 | 0 | 45091 |
| &nbsp;&nbsp; New Mexico | 0 | 11504 | 0 | 11504 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565430 |
| &nbsp;&nbsp; North Carolina | 0 | 70735 | 0 | 70735 |
| &nbsp;&nbsp; North Dakota | 0 | 2265 | 0 | 2265 |
| &nbsp;&nbsp; Ohio | 0 | 128249 | 0 | 128249 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.) March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Oklahoma | $0 | $12534 | $0 | $12534 |
| &nbsp;&nbsp; Oregon | 0 | 14919 | 0 | 14919 |
| &nbsp;&nbsp; Pennsylvania | 0 | 139916 | 0 | 139916 |
| &nbsp;&nbsp; Puerto Rico | 0 | 95151 | 0 | 95151 |
| &nbsp;&nbsp; Rhode Island | 0 | 27671 | 0 | 27671 |
| &nbsp;&nbsp; South Carolina | 0 | 38882 | 0 | 38882 |
| &nbsp;&nbsp; South Dakota | 0 | 6469 | 0 | 6469 |
| &nbsp;&nbsp; Tennessee | 0 | 57222 | 0 | 57222 |
| &nbsp;&nbsp; Texas | 0 | 456562 | 0 | 456562 |
| &nbsp;&nbsp; Utah | 0 | 43819 | 0 | 43819 |
| &nbsp;&nbsp; Virginia | 0 | 30800 | 0 | 30800 |
| &nbsp;&nbsp; Washington | 0 | 35292 | 0 | 35292 |
| &nbsp;&nbsp; West Virginia | 0 | 12533 | 0 | 12533 |
| &nbsp;&nbsp; Wisconsin | 0 | 43522 | 0 | 43522 |
|  U.S. Government Agencies | 0 | 126019 | 0 | 126019 |
|  Non-Agency Mortgage-Backed Securities | 0 | 11386 | 0 | 11386 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 24933 | 0 | 24933 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692598 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $281101 | $0 | $0 | $281101 |
|  Total Investments | $281101 | $3688746 | $3852 | $3973699 |
|  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 | $3 | $0 | $3 |
|  Total Financial Derivative Instruments | $0 | $3 | $0 | $3 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973702 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.4% | INVESTMENTS IN SECURITIES 97.4% | INVESTMENTS IN SECURITIES 97.4% |
| MUNICIPAL BONDS & NOTES 93.1% | MUNICIPAL BONDS & NOTES 93.1% | MUNICIPAL BONDS & NOTES 93.1% |
| ALABAMA 3.9% | ALABAMA 3.9% | ALABAMA 3.9% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 2000 | 2002 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 1440 | 1519 |
|  5.500% due 10/01/2054 | 3400 | 3656 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 3500 | 3740 |
|  5.000% due 10/01/2055 | 2300 | 2409 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 800 | 880 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 2100 | 2235 |
|  Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  3.450% due 11/01/2033 | 900 | 885 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1900 | 1992 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.500% due 01/01/2053 | 2500 | 2654 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3050 | 3207 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 4100 | 4235 |
|  5.000% due 11/01/2055 | 300 | 319 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 1200 | 1270 |
|  5.000% due 01/01/2056 | 3200 | 3335 |
|  West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 |
|  3.650% due 06/01/2028 | 1800 | 1813 |
|  |  | 36151 |
| ARIZONA 2.3% | ARIZONA 2.3% | ARIZONA 2.3% |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 1000 | 1001 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 5000 | 4982 |
|  Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 |
|  4.125% due 09/01/2032 | 2500 | 2502 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2029 | 300 | 310 |
|  5.000% due 07/01/2030 | 350 | 360 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 1400 | 1526 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2022 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2022 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2031 | 2505 | 2716 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 1000 | 1055 |
|  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 | 1650 | 1704 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2039 | 2500 | 2420 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2041 | 2400 | 2635 |
|  |  | 21211 |
| CALIFORNIA 6.1% | CALIFORNIA 6.1% | CALIFORNIA 6.1% |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.320% due 04/01/2056 ~ | 1000 | 996 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.000% due 07/01/2039 | 4250 | 4119 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 2400 | 2538 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 6800 | 7254 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.870% due 04/01/2029 | 3500 | 3499 |
|  6.000% due 03/01/2053 | 5500 | 5517 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 | 500 | 488 |
|  California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 |
|  4.375% due 09/01/2053 | 1250 | 1273 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 4000 | 4115 |
|  California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 |
|  0.550% due 11/01/2049 | 1625 | 1545 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 1700 | 1724 |
|  Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 |
|  4.000% due 10/01/2044 | 2630 | 2546 |
|  Fremont Unified School District/Alameda County, California General Obligation Bonds, Series 2021 | Fremont Unified School District/Alameda County, California General Obligation Bonds, Series 2021 | Fremont Unified School District/Alameda County, California General Obligation Bonds, Series 2021 |
|  1.313% due 08/01/2028 | 4000 | 3649 |
|  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 |
|  3.850% due 06/01/2050 | 1465 | 1349 |
|  Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 695 | 669 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2037 | 3520 | 3595 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2033 | 1000 | 1081 |
|  5.000% due 07/01/2039 | 3500 | 3678 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2032 | 4000 | 4306 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 1600 | 1786 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2034 | 1250 | 1307 |
|  |  | 57034 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COLORADO 4.0% | COLORADO 4.0% | COLORADO 4.0% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  3.000% due 03/01/2055 | 10000 | 10000 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2041 | 1000 | 1080 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 3000 | 2757 |
|  4.000% due 08/01/2049 | 1385 | 1225 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2034 | 1000 | 1098 |
|  5.250% due 11/01/2036 | 1000 | 1088 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2033 | 2060 | 2272 |
|  5.000% due 05/15/2034 | 1600 | 1801 |
|  5.000% due 12/01/2034 | 3000 | 3292 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2034 (a) | 2800 | 3054 |
|  Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 | Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 | Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2027 | 1000 | 1006 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2032 | 2000 | 2078 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2023 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2023 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2030 | 1500 | 1602 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.658% due 09/01/2039 ~ | 1600 | 1601 |
|  Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 |
|  5.000% due 01/15/2031 | 1140 | 1211 |
|  University of Colorado Hospital Authority Revenue Bonds, Series 2024 | University of Colorado Hospital Authority Revenue Bonds, Series 2024 | University of Colorado Hospital Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2031 | 1600 | 1765 |
|  |  | 36930 |
| CONNECTICUT 0.2% | CONNECTICUT 0.2% | CONNECTICUT 0.2% |
|  Bridgeport, Connecticut General Obligation Bonds, Series 2017 | Bridgeport, Connecticut General Obligation Bonds, Series 2017 | Bridgeport, Connecticut General Obligation Bonds, Series 2017 |
|  5.000% due 08/15/2027 | 895 | 935 |
|  Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 |
|  5.000% due 09/15/2030 | 1000 | 1062 |
|  |  | 1997 |
| DISTRICT OF COLUMBIA 1.0% | DISTRICT OF COLUMBIA 1.0% | DISTRICT OF COLUMBIA 1.0% |
|  District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2039 | 3000 | 3278 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 |
|  5.000% due 10/01/2029 | 3000 | 3168 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2037 | 2500 | 2637 |
|  |  | 9083 |
| FLORIDA 6.7% | FLORIDA 6.7% | FLORIDA 6.7% |
|  Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2031 | 250 | 251 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2021 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2021 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2021 |
|  2.875% due 05/01/2031 | 1000 | 914 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.250% due 05/01/2031 | 590 | 587 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.000% due 06/15/2043 | 1350 | 1396 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2023 | Florida Development Finance Corp. Revenue Bonds, Series 2023 | Florida Development Finance Corp. Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2026 | 1450 | 1475 |
|  Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 |
|  3.500% due 11/01/2042 | 1000 | 1003 |
|  Florida Municipal Power Agency Revenue Bonds, Series 2015 | Florida Municipal Power Agency Revenue Bonds, Series 2015 | Florida Municipal Power Agency Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2027 | 500 | 505 |
|  Florida's Turnpike Enterprise Revenue Bonds, Series 2018 | Florida's Turnpike Enterprise Revenue Bonds, Series 2018 | Florida's Turnpike Enterprise Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2048 | 2500 | 2368 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  3.550% due 10/01/2042 | 7520 | 7520 |
|  Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.150% due 05/01/2031 | 535 | 538 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2040 | 1000 | 1002 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2034 | 2400 | 2538 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2031 | 345 | 346 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  3.500% due 11/15/2054 | 8000 | 8000 |
|  5.000% due 11/15/2034 | 3000 | 3356 |
|  Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Bonds, Series 2024 |
|  4.750% due 05/01/2031 | 885 | 900 |
|  Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024 | Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024 | Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2034 | 1000 | 1058 |
|  JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2035 | 2000 | 2256 |
|  Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 |
|  4.750% due 11/01/2027 | 1150 | 1169 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2034 | 2800 | 3012 |
|  Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2038 | 3000 | 3326 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2034 | 3400 | 3557 |
|  5.000% due 10/01/2036 | 1300 | 1350 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 745 | 745 |
|  North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.875% due 05/01/2031 | 490 | 491 |
|  Orange County, Florida School Board Certificates of Participation Bonds, Series 2024 | Orange County, Florida School Board Certificates of Participation Bonds, Series 2024 | Orange County, Florida School Board Certificates of Participation Bonds, Series 2024 |
|  5.000% due 08/01/2034 | 4800 | 5397 |
|  Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 |
|  1.250% due 10/01/2046 | 1000 | 896 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2026 (b) | 275 | 261 |
|  0.000% due 10/01/2032 (b) | 1000 | 745 |

---

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.200% due 05/01/2031 | 365 | 359 |
|  Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.250% due 05/01/2031 | 300 | 296 |
|  Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.800% due 05/01/2031 | 250 | 251 |
|  University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 | University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 | University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2035 | 2000 | 2018 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 |
|  4.850% due 05/01/2038 | 1000 | 1024 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 |
|  4.000% due 05/01/2034 | 700 | 689 |
|  Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.875% due 05/01/2031 | 500 | 503 |
|  |  | 62102 |
| GEORGIA 2.2% | GEORGIA 2.2% | GEORGIA 2.2% |
|  Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 | Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 | Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2035 | 4000 | 3949 |
|  4.000% due 07/01/2036 | 2000 | 1964 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 1000 | 907 |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 |
|  5.000% due 04/01/2041 | 3125 | 3294 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 |
|  4.000% due 03/01/2050 | 1500 | 1503 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2052 | 250 | 252 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 2400 | 2541 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 900 | 959 |
|  5.000% due 05/01/2055 | 1600 | 1693 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2034 | 500 | 522 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2028 | 175 | 181 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 1000 | 935 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 1340 | 1467 |
|  |  | 20167 |
| HAWAII 0.3% | HAWAII 0.3% | HAWAII 0.3% |
|  City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 |
|  4.000% due 07/01/2034 | 3000 | 3000 |
| IDAHO 0.3% | IDAHO 0.3% | IDAHO 0.3% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2060 | 1800 | 1966 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 893 | 821 |
|  |  | 2787 |
| ILLINOIS 4.7% | ILLINOIS 4.7% | ILLINOIS 4.7% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 01/01/2041 | 1945 | 2098 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2035 | 715 | 751 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 1800 | 1912 |
|  Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Bonds, Series 2021 | Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Bonds, Series 2021 | Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Bonds, Series 2021 |
|  5.000% due 06/01/2027 | 2640 | 2744 |
|  5.000% due 06/01/2028 | 1875 | 1979 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 02/15/2041 | 1250 | 1268 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 2100 | 2116 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  3.450% due 08/15/2049 | 4300 | 4300 |
|  5.000% due 08/15/2033 | 1750 | 1876 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  3.500% due 08/15/2057 | 1000 | 1000 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2033 | 750 | 736 |
|  Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 |
|  5.000% due 03/01/2035 | 2470 | 2609 |
|  Illinois State General Obligation Bonds, Series 2022 | Illinois State General Obligation Bonds, Series 2022 | Illinois State General Obligation Bonds, Series 2022 |
|  5.000% due 03/01/2026 | 1000 | 1017 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 3055 | 3150 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2031 | 2000 | 2150 |
|  5.000% due 02/01/2033 | 1100 | 1191 |
|  5.000% due 02/01/2035 | 2500 | 2709 |
|  5.000% due 05/01/2036 | 4850 | 5220 |
|  Illinois State Revenue Bonds, Series 2013 | Illinois State Revenue Bonds, Series 2013 | Illinois State Revenue Bonds, Series 2013 |
|  5.000% due 06/15/2026 | 575 | 576 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | Illinois State Toll Highway Authority Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2030 | 1000 | 1064 |
|  Sales Tax Securitization Corp., Illinois Revenue Bonds, (BAM Insured), Series 2020 | Sales Tax Securitization Corp., Illinois Revenue Bonds, (BAM Insured), Series 2020 | Sales Tax Securitization Corp., Illinois Revenue Bonds, (BAM Insured), Series 2020 |
|  5.000% due 01/01/2037 | 3350 | 3513 |
|  |  | 43979 |
| INDIANA 1.7% | INDIANA 1.7% | INDIANA 1.7% |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  3.000% due 11/01/2030 | 3000 | 2851 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 1900 | 1811 |
|  4.250% due 11/01/2030 | 1000 | 1022 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2037 | 1225 | 1358 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  5.000% due 03/01/2033 | 1100 | 1150 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2500 | 2512 |
|  Rockport, Indiana Revenue Bonds, Series 2009 | Rockport, Indiana Revenue Bonds, Series 2009 | Rockport, Indiana Revenue Bonds, Series 2009 |
|  3.050% due 06/01/2025 | 500 | 500 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2500 | 2512 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 2000 | 2037 |
|  |  | 15753 |

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58 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| IOWA 0.5% | IOWA 0.5% | IOWA 0.5% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 900 | 955 |
|  5.000% due 12/01/2050 | 400 | 451 |
|  Iowa Finance Authority Revenue Bonds, Series 2024 | Iowa Finance Authority Revenue Bonds, Series 2024 | Iowa Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2034 | 1700 | 1934 |
|  Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2038 | 1000 | 975 |
|  |  | 4315 |
| KENTUCKY 1.2% | KENTUCKY 1.2% | KENTUCKY 1.2% |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 2300 | 2532 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 800 | 846 |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2022 | Kentucky State Property & Building Commission Revenue Bonds, Series 2022 | Kentucky State Property & Building Commission Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2035 | 3000 | 3285 |
|  5.250% due 06/01/2039 | 1250 | 1362 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2039 | 1000 | 1066 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 1600 | 1615 |
|  |  | 10706 |
| LOUISIANA 0.6% | LOUISIANA 0.6% | LOUISIANA 0.6% |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2035 | 3200 | 3409 |
|  5.000% due 01/01/2036 | 2000 | 2120 |
|  |  | 5529 |
| MARYLAND 0.4% | MARYLAND 0.4% | MARYLAND 0.4% |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2035 | 450 | 427 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 1100 | 1197 |
|  Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 |
|  5.000% due 06/01/2037 | 1510 | 1649 |
|  |  | 3273 |
| MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 10/01/2037 | 1600 | 1750 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2011 | Massachusetts Development Finance Agency Revenue Bonds, Series 2011 | Massachusetts Development Finance Agency Revenue Bonds, Series 2011 |
|  2.700% due 07/01/2046 | 10000 | 10000 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2030 | 500 | 524 |
|  |  | 12274 |
| MICHIGAN 3.2% | MICHIGAN 3.2% | MICHIGAN 3.2% |
|  Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 |
|  5.250% due 05/01/2028 | 300 | 316 |
|  5.250% due 05/01/2029 | 500 | 534 |
|  5.250% due 05/01/2030 | 700 | 754 |
|  5.250% due 05/01/2031 | 600 | 653 |
|  5.250% due 05/01/2032 | 600 | 658 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.663% due 07/01/2032 ~ | 1000 | 986 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 |
|  5.500% due 07/01/2029 | 1660 | 1737 |
|  Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2038 | 3500 | 3843 |
|  Michigan Finance Authority Revenue Bonds, Series 2015 | Michigan Finance Authority Revenue Bonds, Series 2015 | Michigan Finance Authority Revenue Bonds, Series 2015 |
|  5.000% due 07/01/2030 | 500 | 502 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/29/2032 | 1205 | 1287 |
|  5.000% due 08/31/2033 | 1950 | 2091 |
|  5.000% due 08/31/2035 | 1190 | 1298 |
|  5.000% due 02/28/2037 | 1935 | 2095 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 900 | 987 |
|  Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2038 | 1000 | 1098 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2028 | 7210 | 7572 |
|  5.000% due 12/01/2032 | 1470 | 1577 |
|  5.000% due 12/01/2034 | 1640 | 1754 |
|  |  | 29742 |
| MINNESOTA 0.5% | MINNESOTA 0.5% | MINNESOTA 0.5% |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 11/15/2036 | 2000 | 2046 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2052 | 1000 | 1052 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 1000 | 1111 |
|  |  | 4209 |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | Mississippi Business Finance Corp. Revenue Bonds, Series 2002 |
|  3.200% due 09/01/2028 | 750 | 746 |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2038 | 1000 | 1084 |
|  |  | 1830 |
| MISSOURI 0.3% | MISSOURI 0.3% | MISSOURI 0.3% |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2031 | 1190 | 1294 |
|  St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured), Series 2023 | St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured), Series 2023 | St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.910% due 01/01/2042 | 1935 | 1942 |
|  |  | 3236 |
| MULTI-STATE 2.7% | MULTI-STATE 2.7% | MULTI-STATE 2.7% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 |
|  3.400% due 01/25/2036 | 2717 | 2609 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 4119 | 4106 |
|  4.136% due 08/25/2040 | 4463 | 4546 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  0.000% due 10/25/2040 | 2982 | 3065 |
|  4.326% due 08/25/2041 ~ | 9970 | 10338 |
|  |  | 24664 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEVADA 0.4% | NEVADA 0.4% | NEVADA 0.4% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 1195 | 1147 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (b) | 2000 | 284 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2517 |
|  |  | 3948 |
| NEW HAMPSHIRE 1.1% | NEW HAMPSHIRE 1.1% | NEW HAMPSHIRE 1.1% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.875% due 01/20/2038 | 2452 | 2319 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 | 3200 | 3097 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 2500 | 2803 |
|  New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 |
|  4.150% due 10/20/2040 | 2395 | 2329 |
|  |  | 10548 |
| NEW JERSEY 2.7% | NEW JERSEY 2.7% | NEW JERSEY 2.7% |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2023 | New Jersey Economic Development Authority Revenue Bonds, Series 2023 | New Jersey Economic Development Authority Revenue Bonds, Series 2023 |
|  5.185% due 03/01/2030 | 1000 | 1018 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 |
|  0.000% due 12/15/2037 (b) | 2250 | 1323 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 |
|  0.000% due 12/15/2034 (b) | 1500 | 1030 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|  0.000% due 12/15/2037 (b) | 1560 | 917 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  5.000% due 06/15/2036 | 3500 | 3800 |
|  5.000% due 06/15/2037 | 4000 | 4315 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2036 | 4800 | 5274 |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2017 | New Jersey Turnpike Authority Revenue Bonds, Series 2017 | New Jersey Turnpike Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2030 | 750 | 773 |
|  South Jersey Port Corp., New Jersey Revenue Bonds, Series 2016 | South Jersey Port Corp., New Jersey Revenue Bonds, Series 2016 | South Jersey Port Corp., New Jersey Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2035 | 290 | 292 |
|  Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 4500 | 4647 |
|  5.000% due 06/01/2046 | 1870 | 1830 |
|  |  | 25219 |
| NEW MEXICO 0.8% | NEW MEXICO 0.8% | NEW MEXICO 0.8% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 3000 | 2681 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 3000 | 3003 |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2039 | 1700 | 1599 |
|  |  | 7283 |
| NEW YORK 10.7% | NEW YORK 10.7% | NEW YORK 10.7% |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2040 | 1665 | 1799 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 |
|  3.600% due 11/15/2050 | 1000 | 1000 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.720% due 01/01/2044 | 700 | 692 |
|  New York City, New York General Obligation Bonds, Series 2017 | New York City, New York General Obligation Bonds, Series 2017 | New York City, New York General Obligation Bonds, Series 2017 |
|  3.600% due 10/01/2046 | 10000 | 10000 |
|  New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 |
|  3.650% due 10/01/2046 | 3500 | 3500 |
|  New York City, New York General Obligation Bonds, Series 2023 | New York City, New York General Obligation Bonds, Series 2023 | New York City, New York General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2037 | 1750 | 1908 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.500% due 06/15/2048 | 8000 | 8000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 06/15/2032 | 4000 | 4430 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  3.650% due 06/15/2033 | 6440 | 6440 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2031 | 1000 | 1053 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  3.600% due 11/01/2044 | 4000 | 4000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.000% due 02/01/2040 | 1000 | 1063 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2036 | 1750 | 1935 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2036 | 4700 | 5251 |
|  5.000% due 11/01/2037 (a) | 2250 | 2497 |
|  5.000% due 11/01/2042 (a) | 1000 | 1066 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 3000 | 3007 |
|  5.150% due 11/15/2034 | 2500 | 2507 |
|  5.375% due 11/15/2040 | 2400 | 2406 |
|  New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 |
|  5.000% due 03/15/2030 | 2000 | 2016 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  5.000% due 03/15/2036 | 6000 | 6107 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 1500 | 1533 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2038 (a) | 1940 | 2099 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 900 | 995 |
|  New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 1000 | 983 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
|  5.125% due 09/01/2050 | 1150 | 1201 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2037 | 2200 | 2432 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.500% due 06/30/2042 | 2000 | 2120 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 06/30/2039 | 1400 | 1505 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2027 | 2000 | 2042 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2030 | 5000 | 4961 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  6.000% due 04/01/2035 | 2500 | 2748 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2039 | 1500 | 1553 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2036 | 1500 | 1584 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 12/01/2034 | 835 | 955 |
|  TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2026 | 750 | 764 |
|  5.000% due 06/01/2027 | 750 | 775 |
|  |  | 98927 |
| NORTH CAROLINA 1.0% | NORTH CAROLINA 1.0% | NORTH CAROLINA 1.0% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  3.450% due 01/15/2037 | 7440 | 7440 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1600 | 1753 |
|  |  | 9193 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2035 | 300 | 321 |
|  5.000% due 12/01/2039 | 225 | 235 |
|  |  | 556 |
| OHIO 2.4% | OHIO 2.4% | OHIO 2.4% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 |
|  5.000% due 02/15/2031 | 320 | 339 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2034 | 1000 | 1043 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2035 | 2500 | 2695 |
|  5.000% due 01/01/2036 | 1000 | 1072 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  3.375% due 08/01/2029 | 1200 | 1176 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2500 | 2273 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.250% due 11/01/2039 | 5285 | 5339 |
|  Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 |
|  5.000% due 02/01/2040 | 1250 | 1347 |
|  5.000% due 02/01/2041 | 1400 | 1499 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 4000 | 4387 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2037 | 375 | 404 |
|  5.000% due 12/01/2043 | 435 | 453 |

---

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Worthington City School District, Ohio General Obligation Bonds, Series 2023 | Worthington City School District, Ohio General Obligation Bonds, Series 2023 | Worthington City School District, Ohio General Obligation Bonds, Series 2023 |
|  0.000% due 12/01/2030 (b) | 700 | 567 |
|  |  | 22594 |
| OKLAHOMA 0.3% | OKLAHOMA 0.3% | OKLAHOMA 0.3% |
|  Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2037 | 2090 | 2312 |
|  Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2033 | 500 | 557 |
|  |  | 2869 |
| OREGON 1.5% | OREGON 1.5% | OREGON 1.5% |
|  Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
|  5.000% due 08/15/2038 | 5195 | 5410 |
|  Oregon Department of Transportation State Revenue Bonds, Series 2024 | Oregon Department of Transportation State Revenue Bonds, Series 2024 | Oregon Department of Transportation State Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2037 | 1300 | 1444 |
|  Oregon State Facilities Authority Revenue Bonds, Series 2020 | Oregon State Facilities Authority Revenue Bonds, Series 2020 | Oregon State Facilities Authority Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2030 | 600 | 631 |
|  Oregon State Facilities Authority Revenue Bonds, Series 2022 | Oregon State Facilities Authority Revenue Bonds, Series 2022 | Oregon State Facilities Authority Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2030 | 1700 | 1805 |
|  Port of Portland, Oregon Airport Revenue Bonds, Series 2023 | Port of Portland, Oregon Airport Revenue Bonds, Series 2023 | Port of Portland, Oregon Airport Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2036 | 4400 | 4683 |
|  |  | 13973 |
| PENNSYLVANIA 3.6% | PENNSYLVANIA 3.6% | PENNSYLVANIA 3.6% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  3.570% due 11/15/2047 ~ | 4350 | 4318 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 2250 | 2112 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2025 | 500 | 501 |
|  Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 |
|  3.819% due 06/01/2037 ~ | 2000 | 1858 |
|  Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2031 | 1500 | 1570 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 |
|  4.100% due 06/01/2029 | 2000 | 2048 |
|  Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 |
|  3.550% due 08/15/2054 | 8350 | 8350 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 |
|  5.250% due 12/01/2037 | 1000 | 1008 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 06/30/2028 | 850 | 863 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 06/30/2032 | 2770 | 2940 |
|  5.500% due 06/30/2038 | 1350 | 1448 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 (a) | 3600 | 3894 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.250% due 10/01/2054 | 500 | 547 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 1000 | 1087 |

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| | | |
|:---|:---|:---|
| **60** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Philadelphia Gas Works, Co., Pennsylvania Revenue Bonds, Series 2016 | Philadelphia Gas Works, Co., Pennsylvania Revenue Bonds, Series 2016 | Philadelphia Gas Works, Co., Pennsylvania Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2026 | 660 | 679 |
|  Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2037 | 700 | 648 |
|  |  | 33871 |
| PUERTO RICO 2.2% | PUERTO RICO 2.2% | PUERTO RICO 2.2% |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  5.625% due 07/01/2027 | 2928 | 3032 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 2111 | 2066 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.583% due 07/01/2029 ~ | 345 | 336 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2031 (b) | 1682 | 1319 |
|  4.500% due 07/01/2034 | 1500 | 1492 |
|  4.750% due 07/01/2053 | 2500 | 2407 |
|  5.000% due 07/01/2058 | 6827 | 6734 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 2500 | 2439 |
|  4.550% due 07/01/2040 | 700 | 693 |
|  |  | 20518 |
| RHODE ISLAND 0.9% | RHODE ISLAND 0.9% | RHODE ISLAND 0.9% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2034 | 3000 | 3229 |
|  5.000% due 05/15/2036 | 1000 | 1067 |
|  Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 2950 | 2954 |
|  5.000% due 06/01/2040 | 1205 | 1206 |
|  |  | 8456 |
| SOUTH CAROLINA 0.7% | SOUTH CAROLINA 0.7% | SOUTH CAROLINA 0.7% |
|  Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2034 | 810 | 909 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1400 | 1498 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2023 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2023 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2023 |
|  4.000% due 04/01/2033 | 1000 | 1003 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1000 | 1073 |
|  5.000% due 12/01/2042 | 1500 | 1587 |
|  |  | 6070 |
| SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% |
|  South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 |
|  5.000% due 11/01/2027 | 535 | 540 |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 1700 | 1666 |
|  |  | 2206 |
| TENNESSEE 2.8% | TENNESSEE 2.8% | TENNESSEE 2.8% |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2037 | 715 | 790 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 |
|  4.875% due 10/01/2038 | 1790 | 1803 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 |
|  3.250% due 10/01/2045 | 2500 | 2500 |
|  3.250% due 10/01/2046 | 2100 | 2100 |
|  Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, (AGM Insured), Series 2008 | Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, (AGM Insured), Series 2008 | Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, (AGM Insured), Series 2008 |
|  3.550% due 06/01/2042 | 9845 | 9845 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | Tennergy Corp., Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2000 | 2009 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 2000 | 2104 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 5000 | 5228 |
|  |  | 26379 |
| TEXAS 12.5% | TEXAS 12.5% | TEXAS 12.5% |
|  Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2040 | 2500 | 2715 |
|  Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 800 | 803 |
|  Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2037 | 2000 | 2090 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2042 | 1750 | 1849 |
|  Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2039 | 2600 | 2866 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2038 | 3000 | 3257 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 8000 | 8702 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2036 | 3000 | 3257 |
|  EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024 |
|  4.250% due 12/01/2034 | 1900 | 1872 |
|  Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 500 | 494 |
|  Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 2500 | 2621 |
|  Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 |
|  3.550% due 11/01/2041 | 8000 | 8000 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  3.400% due 10/01/2041 | 7865 | 7865 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2031 | 1000 | 1099 |
|  5.000% due 07/01/2034 | 2200 | 2449 |
|  Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2037 | 1100 | 1194 |
|  5.000% due 02/15/2038 | 1265 | 1364 |
|  5.000% due 02/15/2039 | 3000 | 3214 |
|  Houston, Texas Airport System Revenue Bonds, Series 2018 | Houston, Texas Airport System Revenue Bonds, Series 2018 | Houston, Texas Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2030 | 1000 | 1054 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2035 | 5000 | 5293 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2036 | 2545 | 2811 |
|  Love Field Airport Modernization Corp., Texas Revenue Bonds, (AGM Insured), Series 2021 | Love Field Airport Modernization Corp., Texas Revenue Bonds, (AGM Insured), Series 2021 | Love Field Airport Modernization Corp., Texas Revenue Bonds, (AGM Insured), Series 2021 |
|  5.000% due 11/01/2032 | 2000 | 2128 |
|  Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 05/15/2039 | 1200 | 1295 |
|  Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 1300 | 1301 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.000% due 05/15/2043 | 825 | 780 |
|  5.000% due 05/15/2038 | 1000 | 1087 |
|  Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2050 | 1750 | 1790 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 3000 | 2966 |
|  North Texas Tollway Authority Revenue Bonds, Series 2016 | North Texas Tollway Authority Revenue Bonds, Series 2016 | North Texas Tollway Authority Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2028 | 515 | 523 |
|  North Texas Tollway Authority Revenue Bonds, Series 2022 | North Texas Tollway Authority Revenue Bonds, Series 2022 | North Texas Tollway Authority Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2036 | 1250 | 1358 |
|  North Texas Tollway Authority Revenue Bonds, Series 2023 | North Texas Tollway Authority Revenue Bonds, Series 2023 | North Texas Tollway Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2031 | 2500 | 2736 |
|  North Texas Tollway Authority Revenue Bonds, Series 2024 | North Texas Tollway Authority Revenue Bonds, Series 2024 | North Texas Tollway Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2032 | 1300 | 1434 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2025 | San Antonio Water System, Texas Revenue Bonds, Series 2025 | San Antonio Water System, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2039 | 2050 | 2237 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2035 | 2250 | 2509 |
|  5.000% due 02/01/2040 | 3500 | 3742 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2032 | 6000 | 6564 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.505% due 12/15/2026 ~ | 750 | 750 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2054 | 900 | 954 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2030 | 4800 | 5287 |
|  5.000% due 10/01/2042 | 4700 | 5076 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 1800 | 1846 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.375% due 10/15/2059 | 4000 | 3895 |
|  5.000% due 10/15/2031 | 750 | 833 |
|  |  | 115960 |
| UTAH 0.5% | UTAH 0.5% | UTAH 0.5% |
|  Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021 |
|  4.000% due 08/01/2028 | 1230 | 1232 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1500 | 1675 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 (a) | 1900 | 2155 |
|  |  | 5062 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 61

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| VIRGINIA 0.4% | VIRGINIA 0.4% | VIRGINIA 0.4% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1600 | 1713 |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2037 | 500 | 544 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1420 | 1423 |
|  |  | 3680 |
| WASHINGTON 1.6% | WASHINGTON 1.6% | WASHINGTON 1.6% |
|  Port of Seattle, Washington Revenue Bonds, Series 2019 | Port of Seattle, Washington Revenue Bonds, Series 2019 | Port of Seattle, Washington Revenue Bonds, Series 2019 |
|  4.000% due 04/01/2044 | 5000 | 4527 |
|  Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 05/01/2037 | 1500 | 1463 |
|  Washington State General Obligation Bonds, Series 2016 | Washington State General Obligation Bonds, Series 2016 | Washington State General Obligation Bonds, Series 2016 |
|  5.000% due 07/01/2033 | 2000 | 2026 |
|  Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 03/01/2043 | 2100 | 2023 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 2815 | 2478 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/20/2040 | 2193 | 2040 |
|  |  | 14557 |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  5.750% due 09/01/2041 | 1100 | 1185 |
| WISCONSIN 2.3% | WISCONSIN 2.3% | WISCONSIN 2.3% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2041 | 2500 | 2568 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  4.000% due 10/01/2046 | 4250 | 4255 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 |
|  3.550% due 10/01/2055 | 8000 | 8000 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.000% due 12/15/2034 | 825 | 848 |
|  University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 |
|  3.570% due 04/01/2048 | 1535 | 1535 |
|  Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2029 (b) | 2105 | 1757 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 2000 | 1891 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  5.000% due 04/01/2028 | 900 | 948 |
|  |  | 21802 |
|  Total Municipal Bonds & Notes (Cost $862,189) | Total Municipal Bonds & Notes (Cost $862,189) | 864828 |
| U.S. GOVERNMENT AGENCIES 3.7% | U.S. GOVERNMENT AGENCIES 3.7% | U.S. GOVERNMENT AGENCIES 3.7% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.802% due 04/25/2043 ~ | 1483 | 1298 |
|  3.600% due 06/01/2043 | 1386 | 1266 |
|  3.720% due 01/01/2041 | 1780 | 1654 |
|  3.800% due 01/01/2040 | 5940 | 5583 |
|  3.850% due 01/01/2040 | 1900 | 1799 |
|  4.250% due 06/01/2041 | 2196 | 2126 |
|  4.300% due 10/01/2038 | 2980 | 2950 |
|  4.370% due 03/01/2040 | 987 | 985 |
|  4.400% due 11/01/2040 | 4960 | 4926 |
|  4.600% due 03/01/2041 | 1000 | 1017 |
|  4.850% due 08/01/2038 | 2236 | 2356 |
|  4.900% due 02/01/2040 | 991 | 1041 |
|  4.952% due 07/15/2040 •  | 1967 | 2009 |
|  5.210% due 08/01/2040 | 2674 | 2895 |
|  5.360% due 06/01/2039 | 2478 | 2694 |
|  Total U.S. Government Agencies (Cost $33,721) | Total U.S. Government Agencies (Cost $33,721) | 34599 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
|  Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | 2700 | $— | 2714 |
|  Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 |
|  4.000% due 10/29/2025 | 2800 |  | 2816 |
|  Total Municipal Bonds & Notes<br>(Cost $5,531) | Total Municipal Bonds & Notes<br>(Cost $5,531) |  | 5530 |
| Total Short-Term Instruments<br>(Cost $5,531) | Total Short-Term Instruments<br>(Cost $5,531) |  | 5530 |
| Total Investments in Securities<br>(Cost $901,441) | Total Investments in Securities<br>(Cost $901,441) |  | 904957 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.3% | INVESTMENTS IN AFFILIATES 3.3% | INVESTMENTS IN AFFILIATES 3.3% | INVESTMENTS IN AFFILIATES 3.3% |
| SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 3106593 |  | 30240 |
| Total Short-Term Instruments<br>(Cost $30,233) | Total Short-Term Instruments<br>(Cost $30,233) |  | 30240 |
| Total Investments in Affiliates<br>(Cost $30,233) | Total Investments in Affiliates<br>(Cost $30,233) |  | 30240 |
| Total Investments 100.7%<br>(Cost $931,674) | Total Investments 100.7%<br>(Cost $931,674) | $— | 935197 |
|  Financial Derivative<br>Instruments (c) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (c) 0.0%<br> (Cost or Premiums, net $0) |  | 1 |
| Other Assets and Liabilities, net (0.7)% | Other Assets and Liabilities, net (0.7)% |  | (6731) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 928467 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 20 | $(2163) | $(21) | $1 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

62 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Cash of $26 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&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;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest 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  | $&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;(1575) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1575) |
|  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 | $(21) | $(21) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36151 |
| &nbsp;&nbsp; Arizona | 0 | 21211 | 0 | 21211 |
| &nbsp;&nbsp; California | 0 | 57034 | 0 | 57034 |
| &nbsp;&nbsp; Colorado | 0 | 36930 | 0 | 36930 |
| &nbsp;&nbsp; Connecticut | 0 | 1997 | 0 | 1997 |
| &nbsp;&nbsp; District of Columbia | 0 | 9083 | 0 | 9083 |
| &nbsp;&nbsp; Florida | 0 | 62102 | 0 | 62102 |
| &nbsp;&nbsp; Georgia | 0 | 20167 | 0 | 20167 |
| &nbsp;&nbsp; Hawaii | 0 | 3000 | 0 | 3000 |
| &nbsp;&nbsp; Idaho | 0 | 2787 | 0 | 2787 |
| &nbsp;&nbsp; Illinois | 0 | 43979 | 0 | 43979 |
| &nbsp;&nbsp; Indiana | 0 | 15753 | 0 | 15753 |
| &nbsp;&nbsp; Iowa | 0 | 4315 | 0 | 4315 |
| &nbsp;&nbsp; Kentucky | 0 | 10706 | 0 | 10706 |
| &nbsp;&nbsp; Louisiana | 0 | 5529 | 0 | 5529 |
| &nbsp;&nbsp; Maryland | 0 | 3273 | 0 | 3273 |
| &nbsp;&nbsp; Massachusetts | 0 | 12274 | 0 | 12274 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Michigan | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29742 |
| &nbsp;&nbsp; Minnesota | 0 | 4209 | 0 | 4209 |
| &nbsp;&nbsp; Mississippi | 0 | 1830 | 0 | 1830 |
| &nbsp;&nbsp; Missouri | 0 | 3236 | 0 | 3236 |
| &nbsp;&nbsp; Multi-State | 0 | 24664 | 0 | 24664 |
| &nbsp;&nbsp; Nevada | 0 | 3948 | 0 | 3948 |
| &nbsp;&nbsp; New Hampshire | 0 | 10548 | 0 | 10548 |
| &nbsp;&nbsp; New Jersey | 0 | 25219 | 0 | 25219 |
| &nbsp;&nbsp; New Mexico | 0 | 7283 | 0 | 7283 |
| &nbsp;&nbsp; New York | 0 | 98927 | 0 | 98927 |
| &nbsp;&nbsp; North Carolina | 0 | 9193 | 0 | 9193 |
| &nbsp;&nbsp; North Dakota | 0 | 556 | 0 | 556 |
| &nbsp;&nbsp; Ohio | 0 | 22594 | 0 | 22594 |
| &nbsp;&nbsp; Oklahoma | 0 | 2869 | 0 | 2869 |
| &nbsp;&nbsp; Oregon | 0 | 13973 | 0 | 13973 |
| &nbsp;&nbsp; Pennsylvania | 0 | 33871 | 0 | 33871 |
| &nbsp;&nbsp; Puerto Rico | 0 | 20518 | 0 | 20518 |
| &nbsp;&nbsp; Rhode Island | 0 | 8456 | 0 | 8456 |
| &nbsp;&nbsp; South Carolina | 0 | 6070 | 0 | 6070 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.) March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; South Dakota | $0 | $2206 | $0 | $2206 |
| &nbsp;&nbsp; Tennessee | 0 | 26379 | 0 | 26379 |
| &nbsp;&nbsp; Texas | 0 | 115960 | 0 | 115960 |
| &nbsp;&nbsp; Utah | 0 | 5062 | 0 | 5062 |
| &nbsp;&nbsp; Virginia | 0 | 3680 | 0 | 3680 |
| &nbsp;&nbsp; Washington | 0 | 14557 | 0 | 14557 |
| &nbsp;&nbsp; West Virginia | 0 | 1185 | 0 | 1185 |
| &nbsp;&nbsp; Wisconsin | 0 | 21802 | 0 | 21802 |
|  U.S. Government Agencies | 0 | 34599 | 0 | 34599 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 5530 | 0 | 5530 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904957 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $30240 | $0 | $0 | $30240 |
|  Total Investments | $30240 | $904957 | $0 | $935197 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $1 | $0 | $1 |
|  Total Financial Derivative Instruments | $0 | $1 | $0 | $1 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935198 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO New York Municipal Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.8% | INVESTMENTS IN SECURITIES 96.8% | INVESTMENTS IN SECURITIES 96.8% |
| MUNICIPAL BONDS & NOTES 95.4% | MUNICIPAL BONDS & NOTES 95.4% | MUNICIPAL BONDS & NOTES 95.4% |
| ALABAMA 0.9% | ALABAMA 0.9% | ALABAMA 0.9% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 2400 | 2581 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2000 | 2097 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 3100 | 3231 |
|  |  | 7909 |
| CALIFORNIA 0.7% | CALIFORNIA 0.7% | CALIFORNIA 0.7% |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 6200 | 6424 |
| CONNECTICUT 0.3% | CONNECTICUT 0.3% | CONNECTICUT 0.3% |
|  Norwalk, Connecticut Housing Authority, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority, (FNMA Insured), Series 2024 |
|  4.400% due 09/01/2042 | 2585 | 2535 |
| FLORIDA 0.2% | FLORIDA 0.2% | FLORIDA 0.2% |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2034 | 1900 | 2044 |
| GEORGIA 1.3% | GEORGIA 1.3% | GEORGIA 1.3% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 |
|  4.000% due 03/01/2050 | 2250 | 2255 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2052 | 3500 | 3530 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 2000 | 2089 |
|  5.000% due 12/01/2053 | 3400 | 3599 |
|  |  | 11473 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 1400 | 1485 |
| MICHIGAN 0.3% | MICHIGAN 0.3% | MICHIGAN 0.3% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.663% due 07/01/2032 ~ | 2500 | 2465 |
| MULTI-STATE 1.0% | MULTI-STATE 1.0% | MULTI-STATE 1.0% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 4021 | 4008 |
|  4.136% due 08/25/2040 | 4661 | 4748 |
|  |  | 8756 |
| NEW HAMPSHIRE 0.3% | NEW HAMPSHIRE 0.3% | NEW HAMPSHIRE 0.3% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 | 3100 | 3000 |
| NEW JERSEY 0.2% | NEW JERSEY 0.2% | NEW JERSEY 0.2% |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.550% due 05/01/2041 | 1750 | 1754 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW YORK 85.6% | NEW YORK 85.6% | NEW YORK 85.6% |
|  Albany Capital Resource Corp., New York Revenue Bonds, Series 2024 | Albany Capital Resource Corp., New York Revenue Bonds, Series 2024 | Albany Capital Resource Corp., New York Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2064 | 2600 | 2524 |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2040 | 1000 | 1059 |
|  Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 4950 | 4223 |
|  Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 | Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 | Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 |
|  4.000% due 04/01/2034 | 1000 | 1004 |
|  4.000% due 04/01/2050 | 1000 | 882 |
|  5.000% due 04/01/2033 | 1100 | 1160 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2015 | Build NYC Resource Corp., New York Revenue Bonds, Series 2015 | Build NYC Resource Corp., New York Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2031 | 575 | 577 |
|  5.000% due 08/01/2040 | 500 | 503 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2016 | Build NYC Resource Corp., New York Revenue Bonds, Series 2016 | Build NYC Resource Corp., New York Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2041 | 1500 | 1430 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2017 | Build NYC Resource Corp., New York Revenue Bonds, Series 2017 | Build NYC Resource Corp., New York Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2035 | 400 | 403 |
|  5.000% due 08/01/2036 | 500 | 503 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | Build NYC Resource Corp., New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 4765 | 4335 |
|  Build NYC Resource Corp., New York Revenue Bonds, Series 2024 | Build NYC Resource Corp., New York Revenue Bonds, Series 2024 | Build NYC Resource Corp., New York Revenue Bonds, Series 2024 |
|  4.000% due 09/01/2040 | 1700 | 1603 |
|  5.000% due 09/01/2035 | 1200 | 1285 |
|  5.000% due 09/01/2036 | 1660 | 1767 |
|  Build NYC Resource Corp., New York Revenue Notes, Series 2024 | Build NYC Resource Corp., New York Revenue Notes, Series 2024 | Build NYC Resource Corp., New York Revenue Notes, Series 2024 |
|  5.000% due 09/01/2033 | 1000 | 1081 |
|  Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2034 | 1200 | 1236 |
|  5.000% due 07/01/2035 | 1100 | 1129 |
|  Erie County, New York General Obligation Bonds, Series 2015 | Erie County, New York General Obligation Bonds, Series 2015 | Erie County, New York General Obligation Bonds, Series 2015 |
|  5.000% due 09/15/2026 | 300 | 303 |
|  5.000% due 09/15/2027 | 275 | 277 |
|  Hempstead Town Local Development Corp., New York Revenue Bonds, Series 2017 | Hempstead Town Local Development Corp., New York Revenue Bonds, Series 2017 | Hempstead Town Local Development Corp., New York Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 1000 | 1011 |
|  Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2017 | Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2017 | Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2045 | 2100 | 2137 |
|  Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 | Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 | Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 |
|  4.000% due 02/15/2039 | 3250 | 3258 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2048 | 3700 | 3833 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2024 | Long Island Power Authority, New York Revenue Bonds, Series 2024 | Long Island Power Authority, New York Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 5000 | 5195 |
|  Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2040 (a) | 750 | 825 |
|  5.000% due 07/01/2043 (a) | 550 | 592 |
|  Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 | Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 | Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 |
|  4.000% due 11/15/2054 | 5000 | 4506 |
|  5.000% due 11/15/2045 | 4650 | 4908 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 |
|  3.721% due 11/01/2032 ~ | 1500 | 1501 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 |
|  3.600% due 11/01/2031 | 9000 | 9000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 |
|  3.600% due 11/15/2050 | 3130 | 3130 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2046 | 2270 | 2360 |
|  Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017 |
|  4.000% due 10/01/2047 | 2130 | 1803 |
|  Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2039 | 1300 | 1218 |
|  4.000% due 12/01/2046 | 5000 | 4412 |
|  4.000% due 07/01/2050 | 5000 | 4545 |
|  Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1000 | 1052 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 800 | 791 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, Series 2017 | Monroe County, New York Industrial Development Agency Revenue Bonds, Series 2017 | Monroe County, New York Industrial Development Agency Revenue Bonds, Series 2017 |
|  5.000% due 05/01/2031 | 1500 | 1552 |
|  Nassau County, New York General Obligation Bonds, Series 2017 | Nassau County, New York General Obligation Bonds, Series 2017 | Nassau County, New York General Obligation Bonds, Series 2017 |
|  5.000% due 10/01/2027 | 2500 | 2645 |
|  Nassau County, New York General Obligation Bonds, Series 2024 | Nassau County, New York General Obligation Bonds, Series 2024 | Nassau County, New York General Obligation Bonds, Series 2024 |
|  5.000% due 04/01/2046 | 3195 | 3396 |
|  Nassau County, New York Industrial Development Agency Revenue Bonds, Series 1999 | Nassau County, New York Industrial Development Agency Revenue Bonds, Series 1999 | Nassau County, New York Industrial Development Agency Revenue Bonds, Series 1999 |
|  3.550% due 01/01/2034 | 2365 | 2365 |
|  New York City, New York General Obligation Bonds, Series 2010 | New York City, New York General Obligation Bonds, Series 2010 | New York City, New York General Obligation Bonds, Series 2010 |
|  2.850% due 03/01/2039 | 5000 | 5000 |
|  New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 |
|  3.650% due 04/01/2042 | 21130 | 21130 |
|  New York City, New York General Obligation Bonds, Series 2013 | New York City, New York General Obligation Bonds, Series 2013 | New York City, New York General Obligation Bonds, Series 2013 |
|  3.550% due 08/01/2040 | 1300 | 1300 |
|  New York City, New York General Obligation Bonds, Series 2016 | New York City, New York General Obligation Bonds, Series 2016 | New York City, New York General Obligation Bonds, Series 2016 |
|  4.000% due 12/01/2043 | 1000 | 928 |
|  New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 |
|  3.600% due 12/01/2047 | 6285 | 6285 |
|  New York City, New York General Obligation Bonds, Series 2021 | New York City, New York General Obligation Bonds, Series 2021 | New York City, New York General Obligation Bonds, Series 2021 |
|  4.000% due 08/01/2041 | 4000 | 3866 |
|  New York City, New York General Obligation Bonds, Series 2022 | New York City, New York General Obligation Bonds, Series 2022 | New York City, New York General Obligation Bonds, Series 2022 |
|  5.250% due 10/01/2043 | 2500 | 2667 |
|  New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 |
|  5.250% due 04/01/2054 | 5000 | 5265 |
|  New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2008 | New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2008 | New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2008 |
|  2.950% due 02/15/2031 | 1890 | 1890 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 |
|  2.850% due 11/01/2060 | 2000 | 2000 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 |
|  4.350% due 11/01/2048 | 1000 | 951 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.750% due 11/01/2052 | 1000 | 843 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 |
|  4.550% due 11/01/2054 | 5000 | 4845 |
|  4.850% due 11/01/2059 | 2750 | 2748 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  4.750% due 11/01/2050 | 3365 | 3370 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

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------

Schedule of Investments PIMCO New York Municipal Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Housing Development Corp. Revenue Notes, Series 2024 | New York City, New York Housing Development Corp. Revenue Notes, Series 2024 | New York City, New York Housing Development Corp. Revenue Notes, Series 2024 |
|  4.000% due 12/15/2031 | 1250 | 1269 |
|  4.375% due 12/15/2031 | 2375 | 2408 |
|  New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 |
|  4.000% due 03/01/2045 | 1500 | 1393 |
|  New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2021 |
|  5.000% due 01/01/2028 | 1150 | 1208 |
|  5.000% due 01/01/2029 | 1250 | 1331 |
|  New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 |
|  4.000% due 03/01/2045 | 5600 | 5105 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2008 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2008 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2008 |
|  3.600% due 06/15/2038 | 1690 | 1690 |
|  3.600% due 06/15/2039 | 1200 | 1200 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2012 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2012 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2012 |
|  3.700% due 06/15/2045 | 7050 | 7050 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.550% due 06/15/2050 | 21935 | 21935 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 |
|  3.600% due 06/15/2050 | 5500 | 5500 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 |
|  2.850% due 06/15/2046 | 5215 | 5215 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 06/15/2049 | 4645 | 4791 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 1155 | 1044 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  5.000% due 06/15/2030 | 3360 | 3703 |
|  5.250% due 06/15/2052 | 5000 | 5275 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 1300 | 1387 |
|  5.250% due 06/15/2053 | 2400 | 2544 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2049 | 5000 | 5260 |
|  5.000% due 06/15/2051 | 4000 | 4194 |
|  5.250% due 06/15/2054 | 6500 | 6901 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2043 | 8000 | 8593 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  4.000% due 07/15/2045 | 5000 | 4664 |
|  5.000% due 07/15/2035 | 2500 | 2605 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2022 |
|  5.000% due 07/15/2035 | 2370 | 2634 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 |
|  3.600% due 08/01/2039 | 10000 | 10000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 |
|  2.750% due 08/01/2039 | 4000 | 4000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  3.600% due 11/01/2042 | 12000 | 12000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2032 | 1000 | 1021 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 2545 | 2403 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  3.550% due 08/01/2042 | 13000 | 13000 |
|  5.000% due 05/01/2037 | 2500 | 2592 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  3.600% due 11/01/2044 | 1000 | 1000 |
|  4.000% due 11/01/2039 | 7000 | 6824 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2039 | 3000 | 2939 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2040 | 10000 | 10835 |
|  5.250% due 11/01/2048 | 9000 | 9524 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 05/01/2050 | 2000 | 2118 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.000% due 11/01/2042 | 2275 | 2166 |
|  5.000% due 05/01/2044 | 10000 | 10550 |
|  5.000% due 05/01/2048 | 3000 | 3133 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2039 | 8000 | 8776 |
|  5.000% due 11/01/2046 | 5000 | 5226 |
|  5.000% due 11/01/2050 (a) | 3200 | 3341 |
|  New York Convention Center Development Corp. Revenue Bonds, Series 2015 | New York Convention Center Development Corp. Revenue Bonds, Series 2015 | New York Convention Center Development Corp. Revenue Bonds, Series 2015 |
|  4.000% due 11/15/2045 | 500 | 451 |
|  5.000% due 11/15/2029 | 1000 | 1009 |
|  5.000% due 11/15/2045 | 2000 | 2006 |
|  New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 |
|  0.000% due 06/01/2050 (b) | 5000 | 1121 |
|  0.000% due 06/01/2055 (b) | 16875 | 1433 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 6000 | 6013 |
|  5.150% due 11/15/2034 | 2000 | 2006 |
|  5.375% due 11/15/2040 | 4000 | 4010 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2019 | New York Liberty Development Corp. Revenue Bonds, Series 2019 | New York Liberty Development Corp. Revenue Bonds, Series 2019 |
|  2.625% due 09/15/2069 | 2100 | 1941 |
|  2.800% due 09/15/2069 | 2000 | 1833 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2021 | New York Liberty Development Corp. Revenue Bonds, Series 2021 | New York Liberty Development Corp. Revenue Bonds, Series 2021 |
|  1.900% due 11/15/2031 | 2000 | 1694 |
|  New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 |
|  3.800% due 04/01/2028 | 2550 | 2545 |
|  New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 |
|  4.650% due 10/01/2050 | 3000 | 2949 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2045 | 10900 | 10073 |
|  New York Power Authority Revenue Bonds, Series 2024 | New York Power Authority Revenue Bonds, Series 2024 | New York Power Authority Revenue Bonds, Series 2024 |
|  4.000% due 11/15/2049 | 3250 | 2948 |
|  New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2024 |
|  5.500% due 10/01/2054 | 4900 | 5219 |
|  New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2037 | 1850 | 2007 |
|  5.000% due 10/01/2038 | 2220 | 2392 |
|  5.000% due 10/01/2039 | 1000 | 1070 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 |
|  5.000% due 07/01/2045 | 2750 | 2759 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2043 | 1380 | 1290 |
|  5.000% due 07/01/2046 | 2000 | 2015 |
|  5.000% due 07/01/2050 | 5565 | 5593 |
|  New York State Dormitory Authority Revenue Bonds, Series 2017 | New York State Dormitory Authority Revenue Bonds, Series 2017 | New York State Dormitory Authority Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2027 | 1100 | 1104 |
|  5.000% due 02/15/2038 | 1600 | 1642 |
|  5.000% due 07/01/2038 | 1000 | 1027 |
|  New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2041 | 2000 | 1902 |
|  5.000% due 07/01/2048 | 955 | 968 |
|  5.000% due 10/01/2048 | 1500 | 1679 |
|  5.250% due 03/15/2038 | 3500 | 3674 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 03/15/2038 | 11450 | 11954 |
|  5.000% due 03/15/2047 | 4500 | 4606 |
|  5.000% due 07/01/2049 | 2000 | 2071 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 3000 | 3067 |
|  4.000% due 03/15/2035 | 5000 | 5086 |
|  4.000% due 02/15/2039 | 1635 | 1628 |
|  4.000% due 03/15/2044 | 1000 | 938 |
|  4.000% due 07/01/2050 | 13675 | 12552 |
|  5.000% due 07/01/2050 | 5000 | 5144 |
|  5.000% due 07/01/2053 | 3000 | 3085 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/01/2045 | 5000 | 4760 |
|  4.000% due 07/01/2049 | 1250 | 1137 |
|  4.000% due 07/01/2051 | 3000 | 2751 |
|  5.000% due 03/15/2041 | 3000 | 3176 |
|  5.000% due 07/01/2042 | 750 | 796 |
|  5.000% due 07/15/2042 | 1000 | 1007 |
|  New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2042 | 5000 | 5318 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2043 | 5500 | 5850 |
|  5.000% due 03/15/2046 | 8000 | 8426 |
|  5.000% due 03/15/2054 | 4300 | 4465 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  4.250% due 07/01/2050 (a) | 3000 | 2799 |
|  5.000% due 07/01/2037 (a) | 1765 | 1919 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 5000 | 5530 |
|  New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 4000 | 3934 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 |
|  5.000% due 06/15/2043 | 2500 | 2573 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
|  2.750% due 09/01/2050 | 3350 | 3332 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 |
|  5.000% due 09/15/2048 | 3250 | 3413 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (d) | 3000 | 2745 |
|  New York State Housing Finance Agency Revenue Bonds, Series 2021 | New York State Housing Finance Agency Revenue Bonds, Series 2021 | New York State Housing Finance Agency Revenue Bonds, Series 2021 |
|  1.000% due 11/01/2061 | 2070 | 1973 |
|  New York State Thruway Authority Revenue Bonds, Series 2018 | New York State Thruway Authority Revenue Bonds, Series 2018 | New York State Thruway Authority Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2036 | 1000 | 1005 |

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| | | |
|:---|:---|:---|
| **66** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

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------

March 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Thruway Authority Revenue Bonds, Series 2019 | New York State Thruway Authority Revenue Bonds, Series 2019 | New York State Thruway Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2041 | 5000 | 4834 |
|  New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2053 | 3000 | 3101 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 |
|  4.000% due 03/15/2045 | 3100 | 2846 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2049 | 2000 | 1814 |
|  5.000% due 03/15/2041 | 5000 | 5227 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2053 | 3000 | 3121 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2048 | 7500 | 7869 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 8000 | 8280 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.125% due 06/30/2060 | 5000 | 5031 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 06/30/2054 | 2500 | 2501 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 5010 | 4980 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2030 | 2500 | 2480 |
|  5.000% due 12/01/2031 | 1385 | 1449 |
|  5.000% due 10/01/2035 | 2020 | 2080 |
|  5.000% due 10/01/2040 | 1885 | 1918 |
|  5.250% due 08/01/2031 | 2115 | 2191 |
|  5.375% due 08/01/2036 | 1500 | 1548 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 | New York Transportation Development Corp. Revenue Bonds, Series 2021 |
|  4.000% due 04/30/2053 | 3000 | 2451 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2032 | 4000 | 4220 |
|  5.000% due 12/01/2033 | 2000 | 2100 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.250% due 06/30/2044 | 4000 | 4139 |
|  Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 |
|  4.000% due 05/15/2029 | 670 | 657 |
|  5.250% due 05/15/2034 | 1000 | 1000 |
|  Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 | Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 | Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 |
|  4.000% due 12/01/2049 | 2000 | 1800 |
|  Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024 |
|  5.125% due 08/01/2044 | 1000 | 900 |
|  5.375% due 08/01/2054 | 1000 | 891 |
|  Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 |
|  4.000% due 12/01/2047 | 2000 | 1856 |
|  4.000% due 12/01/2049 | 2015 | 1838 |
|  5.000% due 12/01/2043 | 1500 | 1557 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2016 | Port Authority of New York & New Jersey Revenue Bonds, Series 2016 | Port Authority of New York & New Jersey Revenue Bonds, Series 2016 |
|  5.000% due 11/15/2041 | 1620 | 1631 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | Port Authority of New York & New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2038 | 4000 | 4123 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | Port Authority of New York & New Jersey Revenue Bonds, Series 2019 |
|  5.000% due 09/01/2033 | 3150 | 3372 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 4800 | 4978 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2037 | 2000 | 2100 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2024 | Port Authority of New York & New Jersey Revenue Bonds, Series 2024 | Port Authority of New York & New Jersey Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2040 | 2000 | 2084 |
|  Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.500% due 02/01/2041 | 1386 | 1370 |
|  Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
|  5.125% due 11/01/2041 | 1015 | 892 |
|  Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (b) | 27290 | 2552 |
|  4.000% due 06/01/2050 | 2500 | 2188 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 6000 | 5803 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 | 1000 | 1047 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 |
|  5.000% due 05/15/2042 | 2545 | 2709 |
|  5.250% due 05/15/2058 | 4000 | 4209 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2049 | 3000 | 3123 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2001 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2001 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2001 |
|  3.600% due 01/01/2032 | 3125 | 3125 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/15/2043 | 4000 | 4117 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 |
|  5.000% due 11/15/2054 | 4000 | 4077 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2052 | 2500 | 2625 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 2000 | 2118 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.250% due 12/01/2054 | 8600 | 9084 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 8000 | 8430 |
|  Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2033 | 2500 | 2647 |
|  TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2045 | 2000 | 1847 |
|  TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2027 | 3000 | 3101 |
|  5.000% due 06/01/2041 | 1940 | 1947 |
|  Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 |
|  5.250% due 09/15/2053 | 1000 | 814 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 |
|  5.000% due 12/15/2032 | 2500 | 2530 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2041 | 5000 | 5463 |
|  |  | 748952 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2039 | 3400 | 3574 |
| PUERTO RICO 2.7% | PUERTO RICO 2.7% | PUERTO RICO 2.7% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 6290 | 3947 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.583% due 07/01/2029 ~ | 1970 | 1919 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2051 (b) | 30365 | 7373 |
|  4.550% due 07/01/2040 | 1000 | 991 |
|  4.750% due 07/01/2053 | 9752 | 9390 |
|  |  | 23620 |
| TENNESSEE 0.6% | TENNESSEE 0.6% | TENNESSEE 0.6% |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 2000 | 2104 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 3000 | 3136 |
|  |  | 5240 |
| TEXAS 0.5% | TEXAS 0.5% | TEXAS 0.5% |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 03/01/2043 | 1000 | 970 |
|  Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 | Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 | Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 |
|  4.750% due 05/01/2038 | 3500 | 3479 |
|  |  | 4449 |
| WASHINGTON 0.2% | WASHINGTON 0.2% | WASHINGTON 0.2% |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/20/2040 | 1795 | 1669 |
|  Total Municipal Bonds & Notes (Cost $844,370) | Total Municipal Bonds & Notes (Cost $844,370) | 835349 |
| U.S. GOVERNMENT AGENCIES 1.3% | U.S. GOVERNMENT AGENCIES 1.3% | U.S. GOVERNMENT AGENCIES 1.3% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.868% due 05/25/2041 ~ | 4978 | 4937 |
|  4.600% due 03/01/2041 | 1200 | 1220 |
|  4.952% due 07/15/2040 •  | 1967 | 2009 |
|  5.210% due 08/01/2040 | 2674 | 2895 |
|  Total U.S. Government Agencies (Cost $10,764) | Total U.S. Government Agencies (Cost $10,764) | 11061 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (c) | 496671 | 497 |
| Total Short-Term Instruments<br>(Cost $497) | Total Short-Term Instruments<br>(Cost $497) | 497 |
| Total Investments in Securities<br>(Cost $855,631) | Total Investments in Securities<br>(Cost $855,631) | 846907 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 67

------

Schedule of Investments PIMCO New York Municipal Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 3.5% | INVESTMENTS IN AFFILIATES 3.5% | INVESTMENTS IN AFFILIATES 3.5% | INVESTMENTS IN AFFILIATES 3.5% |
| SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.5% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 3195966 | $— | 31110 |
| Total Short-Term Instruments<br>(Cost $31,096) | Total Short-Term Instruments<br>(Cost $31,096) |  | 31110 |
| Total Investments in Affiliates<br>(Cost $31,096) | Total Investments in Affiliates<br>(Cost $31,096) |  | 31110 |
| Total Investments 100.3%<br>(Cost $886,727) | Total Investments 100.3%<br>(Cost $886,727) | $— | 878017 |
| Other Assets and Liabilities, net (0.3)% | Other Assets and Liabilities, net (0.3)% |  | (2553) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 875464 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(d) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200% | 11/01/2054 | 12/12/2023 | $2782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | 0.31% |

---

#### 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.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;(1087) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1087) |

---

68 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $0 | $7909 | $0 | $7909 |
| &nbsp;&nbsp; California | 0 | 6424 | 0 | 6424 |
| &nbsp;&nbsp; Connecticut | 0 | 2535 | 0 | 2535 |
| &nbsp;&nbsp; Florida | 0 | 2044 | 0 | 2044 |
| &nbsp;&nbsp; Georgia | 0 | 11473 | 0 | 11473 |
| &nbsp;&nbsp; Iowa | 0 | 1485 | 0 | 1485 |
| &nbsp;&nbsp; Michigan | 0 | 2465 | 0 | 2465 |
| &nbsp;&nbsp; Multi-State | 0 | 8756 | 0 | 8756 |
| &nbsp;&nbsp; New Hampshire | 0 | 3000 | 0 | 3000 |
| &nbsp;&nbsp; New Jersey | 0 | 1754 | 0 | 1754 |
| &nbsp;&nbsp; New York | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748952 |
| &nbsp;&nbsp; Ohio | 0 | 3574 | 0 | 3574 |
| &nbsp;&nbsp; Puerto Rico | 0 | 23620 | 0 | 23620 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Tennessee | $0 | $5240 | $0 | $5240 |
| &nbsp;&nbsp; Texas | 0 | 4449 | 0 | 4449 |
| &nbsp;&nbsp; Washington | 0 | 1669 | 0 | 1669 |
|  U.S. Government Agencies | 0 | 11061 | 0 | 11061 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 497 | 0 | 497 |
|  | $0 | $846907 | $0 | $846907 |
|  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 | $31110 | $0 | $0 | $31110 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878017 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.2% | INVESTMENTS IN SECURITIES 97.2% | INVESTMENTS IN SECURITIES 97.2% |
| MUNICIPAL BONDS & NOTES 95.5% | MUNICIPAL BONDS & NOTES 95.5% | MUNICIPAL BONDS & NOTES 95.5% |
| ALABAMA 5.2% | ALABAMA 5.2% | ALABAMA 5.2% |
|  Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 500 | 524 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  3.220% due 10/01/2052 ~ | 2000 | 1950 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 1200 | 1265 |
|  5.500% due 10/01/2054 | 1900 | 2043 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2055 | 1100 | 1152 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 1000 | 1100 |
|  Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007 | Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007 | Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007 |
|  1.000% due 06/01/2034 | 4875 | 4845 |
|  Jefferson County, Alabama Sewer Revenue Bonds, Series 2024 | Jefferson County, Alabama Sewer Revenue Bonds, Series 2024 | Jefferson County, Alabama Sewer Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2031 | 2500 | 2706 |
|  Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  3.450% due 11/01/2033 | 500 | 491 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2053 | 1400 | 1447 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 1900 | 1998 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 2000 | 2066 |
|  5.000% due 11/01/2055 | 150 | 160 |
|  |  | 21747 |
| ARIZONA 2.6% | ARIZONA 2.6% | ARIZONA 2.6% |
|  Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 |
|  3.120% due 01/01/2046 ~ | 1090 | 1080 |
|  3.120% due 01/01/2046 •  | 35 | 35 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 1000 | 1001 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 3000 | 2989 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 600 | 654 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 1500 | 1531 |
|  Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 |
|  3.875% due 01/01/2038 | 2000 | 2018 |
|  Phoenix, Arizona General Obligation Refunding Bonds, Series 2022 | Phoenix, Arizona General Obligation Refunding Bonds, Series 2022 | Phoenix, Arizona General Obligation Refunding Bonds, Series 2022 |
|  5.000% due 07/01/2026 | 1360 | 1398 |
|  |  | 10706 |
| CALIFORNIA 7.7% | CALIFORNIA 7.7% | CALIFORNIA 7.7% |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  3.280% due 04/01/2056 ~ | 1000 | 986 |
|  3.320% due 04/01/2056 ~ | 2500 | 2490 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 2000 | 2115 |
|  5.250% due 11/01/2054 | 3100 | 3289 |
|  5.500% due 10/01/2054 | 995 | 1072 |
|  California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 | California Housing Finance Agency Revenue Bonds, Series 2024 |
|  5.970% due 11/01/2053 | 1500 | 1510 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 2900 | 2896 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  3.980% due 12/01/2050 ~ | 2000 | 1993 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  5.000% due 09/01/2025 | 4000 | 4038 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 1300 | 1319 |
|  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 |
|  3.850% due 06/01/2050 | 1700 | 1565 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2026 | 1700 | 1750 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2033 | 3250 | 3512 |
|  Silicon Valley Clean Water, California Revenue Bonds, Series 2021 | Silicon Valley Clean Water, California Revenue Bonds, Series 2021 | Silicon Valley Clean Water, California Revenue Bonds, Series 2021 |
|  0.500% due 03/01/2026 | 2500 | 2429 |
|  Southern California Public Power Authority Revenue Bonds, Series 2020 | Southern California Public Power Authority Revenue Bonds, Series 2020 | Southern California Public Power Authority Revenue Bonds, Series 2020 |
|  0.650% due 07/01/2040 | 1500 | 1489 |
|  |  | 32453 |
| COLORADO 4.7% | COLORADO 4.7% | COLORADO 4.7% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  3.000% due 03/01/2055 | 5000 | 5000 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2020 | Colorado Health Facilities Authority Revenue Bonds, Series 2020 | Colorado Health Facilities Authority Revenue Bonds, Series 2020 |
|  2.800% due 12/01/2026 | 460 | 449 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  3.420% due 05/15/2061 ~ | 4000 | 3986 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2058 | 1000 | 1066 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2034 | 2000 | 2195 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2023 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2023 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2027 | 1000 | 1039 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.658% due 09/01/2039 ~ | 2100 | 2102 |
|  University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 3500 | 3752 |
|  |  | 19589 |
| CONNECTICUT 0.7% | CONNECTICUT 0.7% | CONNECTICUT 0.7% |
|  Connecticut Special Tax State Revenue Bonds, Series 2018 | Connecticut Special Tax State Revenue Bonds, Series 2018 | Connecticut Special Tax State Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2025 | 3000 | 3034 |
| DELAWARE 0.3% | DELAWARE 0.3% | DELAWARE 0.3% |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.050% due 01/01/2031 | 1250 | 1240 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2025 | 1750 | 1766 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2025 | 1750 | 1765 |
|  |  | 3531 |
| FLORIDA 4.3% | FLORIDA 4.3% | FLORIDA 4.3% |
|  Capital Projects Finance Authority, Florida Revenue Bonds, Series 2020 | Capital Projects Finance Authority, Florida Revenue Bonds, Series 2020 | Capital Projects Finance Authority, Florida Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2027 | 1250 | 1288 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2023 | Florida Development Finance Corp. Revenue Bonds, Series 2023 | Florida Development Finance Corp. Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2025 | 3200 | 3205 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  3.550% due 10/01/2042 | 4000 | 4000 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  3.500% due 11/15/2054 | 4000 | 4000 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2028 | 2500 | 2619 |
|  Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2035 | 3000 | 3012 |
|  |  | 18124 |
| GEORGIA 2.7% | GEORGIA 2.7% | GEORGIA 2.7% |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 |
|  5.000% due 04/01/2028 | 1400 | 1481 |
|  College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 |
|  3.450% due 04/01/2044 | 1800 | 1804 |
|  Columbus County, Georgia Housing Authority Revenue Notes, Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, Series 2025 |
|  5.000% due 04/01/2028 | 400 | 414 |
|  Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 |
|  3.375% due 11/01/2053 | 3400 | 3409 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 1900 | 2011 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2027 | 1000 | 1033 |
|  5.000% due 01/01/2028 | 800 | 841 |
|  Warner Robins Housing Authority Resident Council Corp., Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp., Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp., Georgia Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 500 | 524 |
|  |  | 11517 |
| HAWAII 0.6% | HAWAII 0.6% | HAWAII 0.6% |
|  City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 |
|  4.000% due 07/01/2034 | 2500 | 2500 |
| ILLINOIS 6.5% | ILLINOIS 6.5% | ILLINOIS 6.5% |
|  Chicago Midway International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.000% due 01/01/2027 | 1000 | 1037 |
|  Chicago, Illinois General Obligation Bonds, Series 2021 | Chicago, Illinois General Obligation Bonds, Series 2021 | Chicago, Illinois General Obligation Bonds, Series 2021 |
|  5.000% due 01/01/2030 | 2000 | 2099 |
|  Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 |
|  3.200% due 10/01/2028 | 1700 | 1699 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  3.570% due 05/01/2042 ~ | 1500 | 1487 |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois Finance Authority Revenue Bonds, Series 2023 | Illinois Finance Authority Revenue Bonds, Series 2023 | Illinois Finance Authority Revenue Bonds, Series 2023 |
|  4.600% due 10/01/2053 | 5000 | 5030 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  5.500% due 05/01/2030 | 7750 | 8201 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2028 | 1615 | 1693 |
|  5.000% due 02/01/2032 | 3000 | 3239 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 |
|  3.000% due 06/15/2025 | 1375 | 1373 |
|  Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2029 | 1400 | 1489 |
|  |  | 27347 |
| INDIANA 2.4% | INDIANA 2.4% | INDIANA 2.4% |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.500% due 11/01/2030 | 3350 | 3069 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 800 | 763 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2062 | 2000 | 2113 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2010 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2010 |
|  |  | 9965 |
| KANSAS 1.5% | KANSAS 1.5% | KANSAS 1.5% |
|  Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 |
|  4.300% due 03/01/2045 | 4500 | 4507 |
|  Kansas Housing Development Finance Authority Revenue Notes, Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, Series 2024 |
|  3.010% due 11/01/2027 | 1600 | 1593 |
|  |  | 6100 |
| KENTUCKY 0.3% | KENTUCKY 0.3% | KENTUCKY 0.3% |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 1400 | 1413 |
| LOUISIANA 1.1% | LOUISIANA 1.1% | LOUISIANA 1.1% |
|  Louisiana Housing Corp. Revenue Bonds, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Bonds, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Bonds, (FHA Insured), Series 2024 |
|  5.000% due 04/01/2028 | 1220 | 1262 |
|  Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 |
|  2.375% due 06/01/2037 | 3175 | 3133 |
|  |  | 4395 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2027 | 1000 | 1031 |
| MASSACHUSETTS 2.9% | MASSACHUSETTS 2.9% | MASSACHUSETTS 2.9% |
|  Commonwealth of Massachusetts Revenue Bonds, (BAM,NPFGC Insured), Series 2005 | Commonwealth of Massachusetts Revenue Bonds, (BAM,NPFGC Insured), Series 2005 | Commonwealth of Massachusetts Revenue Bonds, (BAM,NPFGC Insured), Series 2005 |
|  5.500% due 01/01/2034 | 5000 | 5663 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2011 | Massachusetts Development Finance Agency Revenue Bonds, Series 2011 | Massachusetts Development Finance Agency Revenue Bonds, Series 2011 |
|  2.700% due 07/01/2046 | 4000 | 4000 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  3.470% due 07/01/2049 ~ | 2500 | 2500 |
|  |  | 12163 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MICHIGAN 4.3% | MICHIGAN 4.3% | MICHIGAN 4.3% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.663% due 07/01/2032 ~ | 2500 | 2465 |
|  Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 |
|  3.620% due 04/15/2047 ~ | 2500 | 2490 |
|  Michigan Finance Authority Revenue Bonds, Series 2013 | Michigan Finance Authority Revenue Bonds, Series 2013 | Michigan Finance Authority Revenue Bonds, Series 2013 |
|  2.900% due 12/01/2034 | 3000 | 3000 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  2.326% due 06/01/2030 | 145 | 144 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/29/2028 | 535 | 557 |
|  5.000% due 02/28/2031 | 950 | 1010 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 400 | 439 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2027 | 1100 | 1144 |
|  5.000% due 12/01/2028 | 6655 | 6989 |
|  |  | 18238 |
| MINNESOTA 0.5% | MINNESOTA 0.5% | MINNESOTA 0.5% |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2030 | 650 | 668 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 07/01/2055 | 1250 | 1398 |
|  |  | 2066 |
| MISSOURI 0.4% | MISSOURI 0.4% | MISSOURI 0.4% |
|  Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 |
|  3.150% due 04/01/2046 | 700 | 696 |
|  St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 04/01/2034 | 1000 | 1094 |
|  |  | 1790 |
| MULTI-STATE 0.8% | MULTI-STATE 0.8% | MULTI-STATE 0.8% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.136% due 08/25/2040 | 3471 | 3536 |
| NEBRASKA 0.4% | NEBRASKA 0.4% | NEBRASKA 0.4% |
|  Nebraska Public Power District Revenue Bonds, Series 2023 | Nebraska Public Power District Revenue Bonds, Series 2023 | Nebraska Public Power District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2028 | 1500 | 1583 |
| NEVADA 0.6% | NEVADA 0.6% | NEVADA 0.6% |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2517 |
| NEW JERSEY 2.9% | NEW JERSEY 2.9% | NEW JERSEY 2.9% |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2023 | New Jersey Economic Development Authority Revenue Bonds, Series 2023 | New Jersey Economic Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/01/2028 | 2000 | 2106 |
|  New Jersey State General Obligation Bonds, Series 2020 | New Jersey State General Obligation Bonds, Series 2020 | New Jersey State General Obligation Bonds, Series 2020 |
|  5.000% due 06/01/2025 | 2000 | 2007 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2035 | 3000 | 3315 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2020 | New Jersey Turnpike Authority Revenue Bonds, Series 2020 | New Jersey Turnpike Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2028 | 4525 | 4666 |
|  |  | 12094 |
| NEW YORK 11.7% | NEW YORK 11.7% | NEW YORK 11.7% |
|  Chappaqua Central School District, New York General Obligation Bonds, Series 2024 | Chappaqua Central School District, New York General Obligation Bonds, Series 2024 | Chappaqua Central School District, New York General Obligation Bonds, Series 2024 |
|  4.250% due 07/25/2025 | 4000 | 4017 |
|  Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 |
|  4.250% due 04/01/2042 | 2500 | 2531 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2022 | Long Island Power Authority, New York Revenue Bonds, Series 2022 | Long Island Power Authority, New York Revenue Bonds, Series 2022 |
|  3.320% due 09/01/2038 ~ | 2000 | 1997 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 |
|  3.721% due 11/01/2032 ~ | 2000 | 2001 |
|  New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 |
|  3.650% due 04/01/2042 | 4000 | 4000 |
|  New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 |
|  3.600% due 12/01/2047 | 4000 | 4000 |
|  New York City, New York General Obligation Notes, Series 2017 | New York City, New York General Obligation Notes, Series 2017 | New York City, New York General Obligation Notes, Series 2017 |
|  5.000% due 08/01/2025 | 4000 | 4030 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 |
|  0.600% due 05/01/2061 | 2945 | 2921 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.550% due 06/15/2050 | 3900 | 3900 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  5.000% due 06/15/2027 | 1250 | 1269 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 |
|  3.550% due 11/01/2036 | 2850 | 2850 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2027 | 1300 | 1380 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  5.000% due 03/15/2035 | 2500 | 2547 |
|  5.000% due 03/15/2036 | 1000 | 1018 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 2500 | 2527 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2027 | 4000 | 4084 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 4000 | 4215 |
|  |  | 49287 |
| NORTH CAROLINA 0.2% | NORTH CAROLINA 0.2% | NORTH CAROLINA 0.2% |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 815 | 893 |
| OHIO 4.4% | OHIO 4.4% | OHIO 4.4% |
|  Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 |
|  3.700% due 08/15/2051 | 4900 | 4900 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
|  2.400% due 12/01/2038 | 800 | 743 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.000% due 09/01/2030 | 2900 | 2928 |
|  4.250% due 11/01/2039 | 2000 | 2020 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ohio State General Obligation Notes, Series 2025 | Ohio State General Obligation Notes, Series 2025 | Ohio State General Obligation Notes, Series 2025 |
|  5.000% due 11/01/2028 | 4000 | 4302 |
|  Ohio State Hospital Revenue Bonds, Series 2021 | Ohio State Hospital Revenue Bonds, Series 2021 | Ohio State Hospital Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2033 | 2415 | 2667 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2031 | 535 | 580 |
|  Worthington City School District, Ohio General Obligation Bonds, Series 2023 | Worthington City School District, Ohio General Obligation Bonds, Series 2023 | Worthington City School District, Ohio General Obligation Bonds, Series 2023 |
|  0.000% due 12/01/2028 (b) | 500 | 440 |
|  |  | 18580 |
| OKLAHOMA 0.1% | OKLAHOMA 0.1% | OKLAHOMA 0.1% |
|  Oklahoma Housing Finance Agency Revenue Bonds, Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.200% due 10/01/2042 | 500 | 497 |
| OREGON 0.2% | OREGON 0.2% | OREGON 0.2% |
|  Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 |
|  0.000% due 06/15/2026 (b) | 275 | 264 |
|  Oregon State Facilities Authority Revenue Bonds, Series 2020 | Oregon State Facilities Authority Revenue Bonds, Series 2020 | Oregon State Facilities Authority Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2025 | 450 | 453 |
|  |  | 717 |
| PENNSYLVANIA 4.4% | PENNSYLVANIA 4.4% | PENNSYLVANIA 4.4% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  3.570% due 11/15/2047 ~ | 4000 | 3971 |
|  Bethlehem Area School District Authority, Pennsylvania Revenue Bonds, Series 2021 | Bethlehem Area School District Authority, Pennsylvania Revenue Bonds, Series 2021 | Bethlehem Area School District Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  3.271% due 01/01/2032 •  | 4480 | 4463 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 |
|  4.100% due 06/01/2029 | 3500 | 3583 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 06/30/2028 | 850 | 863 |
|  Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 |
|  5.000% due 06/01/2031 | 1325 | 1464 |
|  Philadelphia, Pennsylvania Airport Revenue Bonds, Series 2021 | Philadelphia, Pennsylvania Airport Revenue Bonds, Series 2021 | Philadelphia, Pennsylvania Airport Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2027 | 4000 | 4146 |
|  |  | 18490 |
| PUERTO RICO 1.6% | PUERTO RICO 1.6% | PUERTO RICO 1.6% |
|  Puerto Rico Housing Finance Authority Revenue Bonds, Series 2023 | Puerto Rico Housing Finance Authority Revenue Bonds, Series 2023 | Puerto Rico Housing Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/01/2027 | 2000 | 2032 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2034 | 4750 | 4724 |
|  |  | 6756 |
| SOUTH CAROLINA 1.6% | SOUTH CAROLINA 1.6% | SOUTH CAROLINA 1.6% |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1100 | 1177 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 |
|  5.000% due 12/01/2048 | 2250 | 2269 |
|  South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2028 | 1650 | 1762 |
|  South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024 |
|  3.000% due 04/01/2043 | 1300 | 1295 |
|  |  | 6503 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TENNESSEE 1.7% | TENNESSEE 1.7% | TENNESSEE 1.7% |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 |
|  3.250% due 10/01/2045 | 1300 | 1300 |
|  3.250% due 10/01/2046 | 1100 | 1100 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 |
|  5.000% due 10/01/2028 | 500 | 521 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | Tennergy Corp., Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 3000 | 3013 |
|  Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 | Tennergy Corp., Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 1000 | 1052 |
|  |  | 6986 |
| TEXAS 8.9% | TEXAS 8.9% | TEXAS 8.9% |
|  Austin, Texas Electric Utility Revenue Bonds, Series 2023 | Austin, Texas Electric Utility Revenue Bonds, Series 2023 | Austin, Texas Electric Utility Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2026 | 1750 | 1812 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2042 | 1000 | 1056 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 4250 | 4531 |
|  EP Tuscany Zaragosa PFC, Texas Revenue Bonds, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Bonds, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Bonds, Series 2023 |
|  4.000% due 12/01/2033 | 2000 | 1959 |
|  Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 2000 | 2097 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2500 | 2574 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  3.400% due 10/01/2041 | 3000 | 3000 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1500 | 1602 |
|  Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2026 | 2380 | 2451 |
|  Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 |
|  2.600% due 11/01/2029 | 1500 | 1413 |
|  Montgomery County, Texas General Obligation Bonds, Series 2018 | Montgomery County, Texas General Obligation Bonds, Series 2018 | Montgomery County, Texas General Obligation Bonds, Series 2018 |
|  5.000% due 03/01/2034 | 1005 | 1051 |
|  Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  2.000% due 06/01/2052 | 1300 | 1257 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2052 | 1600 | 1629 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2032 | 2000 | 2188 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.505% due 12/15/2026 ~ | 1500 | 1501 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2054 | 450 | 477 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2030 | 2400 | 2644 |
|  Williamson County, Texas General Obligation Bonds, Series 2021 | Williamson County, Texas General Obligation Bonds, Series 2021 | Williamson County, Texas General Obligation Bonds, Series 2021 |
|  1.286% due 02/15/2029 | 4700 | 4221 |
|  |  | 37463 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTAH 0.6% | UTAH 0.6% | UTAH 0.6% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2025 | 1600 | 1607 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 (a) | 900 | 1021 |
|  |  | 2628 |
| VIRGINIA 1.3% | VIRGINIA 1.3% | VIRGINIA 1.3% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1300 | 1392 |
|  Virginia College Building Authority Revenue Bonds, Series 2021 | Virginia College Building Authority Revenue Bonds, Series 2021 | Virginia College Building Authority Revenue Bonds, Series 2021 |
|  0.770% due 09/01/2026 | 3000 | 2860 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1100 | 1102 |
|  |  | 5354 |
| WASHINGTON 1.3% | WASHINGTON 1.3% | WASHINGTON 1.3% |
|  Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 |
|  3.070% due 11/01/2045 •  | 4500 | 4468 |
|  Energy Northwest, Washington Revenue Bonds, Series 2024 | Energy Northwest, Washington Revenue Bonds, Series 2024 | Energy Northwest, Washington Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2027 | 1000 | 1049 |
|  |  | 5517 |
| WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 |
|  3.375% due 03/01/2040 | 2250 | 2233 |
| WISCONSIN 2.6% | WISCONSIN 2.6% | WISCONSIN 2.6% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2026 | 550 | 559 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2025 | 290 | 290 |
|  4.000% due 10/01/2027 | 195 | 195 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  3.700% due 10/01/2046 | 2500 | 2486 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 |
|  3.550% due 10/01/2055 | 5000 | 5000 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  3.050% due 08/15/2054 ~ | 2500 | 2474 |
|  |  | 11004 |
|  Total Municipal Bonds & Notes<br>(Cost $400,556) | Total Municipal Bonds & Notes<br>(Cost $400,556) | 401587 |
| U.S. GOVERNMENT AGENCIES 0.5% | U.S. GOVERNMENT AGENCIES 0.5% | U.S. GOVERNMENT AGENCIES 0.5% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.952% due 07/15/2040 •  | 1967 | 2009 |
|  Total U.S. Government Agencies<br>(Cost $1,967) | Total U.S. Government Agencies<br>(Cost $1,967) | 2009 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (c) | 2295740 | 2296 |

---

72 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
|  Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 | Houston, Texas Revenue Notes, Series 2024 |
|  5.000% due 06/30/2025 | $— | 1300 | $— | 1307 |
|  Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 |
|  4.000% due 10/29/2025 |  | 1400 |  | 1408 |
|  Total Municipal Bonds & Notes<br>(Cost $2,715) | Total Municipal Bonds & Notes<br>(Cost $2,715) | Total Municipal Bonds & Notes<br>(Cost $2,715) |  | 2715 |
| Total Short-Term Instruments<br>(Cost $5,011) | Total Short-Term Instruments<br>(Cost $5,011) | Total Short-Term Instruments<br>(Cost $5,011) |  | 5011 |
| Total Investments in Securities<br>(Cost $407,534) | Total Investments in Securities<br>(Cost $407,534) | Total Investments in Securities<br>(Cost $407,534) |  | 408607 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% |
| SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1001863 | $— | 9752 |
| Total Short-Term Instruments<br>(Cost $9,750) | Total Short-Term Instruments<br>(Cost $9,750) |  | 9752 |
| Total Investments in Affiliates<br>(Cost $9,750) | Total Investments in Affiliates<br>(Cost $9,750) |  | 9752 |
| Total Investments 99.5%<br>(Cost $417,284) | Total Investments 99.5%<br>(Cost $417,284) | $— | 418359 |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% |  | 2001 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 420360 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21747 |
| &nbsp;&nbsp; Arizona | 0 | 10706 | 0 | 10706 |
| &nbsp;&nbsp; California | 0 | 32453 | 0 | 32453 |
| &nbsp;&nbsp; Colorado | 0 | 19589 | 0 | 19589 |
| &nbsp;&nbsp; Connecticut | 0 | 3034 | 0 | 3034 |
| &nbsp;&nbsp; Delaware | 0 | 1240 | 0 | 1240 |
| &nbsp;&nbsp; District of Columbia | 0 | 3531 | 0 | 3531 |
| &nbsp;&nbsp; Florida | 0 | 18124 | 0 | 18124 |
| &nbsp;&nbsp; Georgia | 0 | 11517 | 0 | 11517 |
| &nbsp;&nbsp; Hawaii | 0 | 2500 | 0 | 2500 |
| &nbsp;&nbsp; Illinois | 0 | 27347 | 0 | 27347 |
| &nbsp;&nbsp; Indiana | 0 | 9965 | 0 | 9965 |
| &nbsp;&nbsp; Kansas | 0 | 6100 | 0 | 6100 |
| &nbsp;&nbsp; Kentucky | 0 | 1413 | 0 | 1413 |
| &nbsp;&nbsp; Louisiana | 0 | 4395 | 0 | 4395 |
| &nbsp;&nbsp; Maine | 0 | 1031 | 0 | 1031 |
| &nbsp;&nbsp; Massachusetts | 0 | 12163 | 0 | 12163 |
| &nbsp;&nbsp; Michigan | 0 | 18238 | 0 | 18238 |
| &nbsp;&nbsp; Minnesota | 0 | 2066 | 0 | 2066 |
| &nbsp;&nbsp; Missouri | 0 | 1790 | 0 | 1790 |
| &nbsp;&nbsp; Multi-State | 0 | 3536 | 0 | 3536 |
| &nbsp;&nbsp; Nebraska | 0 | 1583 | 0 | 1583 |
| &nbsp;&nbsp; Nevada | 0 | 2517 | 0 | 2517 |
| &nbsp;&nbsp; New Jersey | 0 | 12094 | 0 | 12094 |
| &nbsp;&nbsp; New York | 0 | 49287 | 0 | 49287 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; North Carolina | $0 | $893 | $0 | $893 |
| &nbsp;&nbsp; Ohio | 0 | 18580 | 0 | 18580 |
| &nbsp;&nbsp; Oklahoma | 0 | 497 | 0 | 497 |
| &nbsp;&nbsp; Oregon | 0 | 717 | 0 | 717 |
| &nbsp;&nbsp; Pennsylvania | 0 | 18490 | 0 | 18490 |
| &nbsp;&nbsp; Puerto Rico | 0 | 6756 | 0 | 6756 |
| &nbsp;&nbsp; South Carolina | 0 | 6503 | 0 | 6503 |
| &nbsp;&nbsp; Tennessee | 0 | 6986 | 0 | 6986 |
| &nbsp;&nbsp; Texas | 0 | 37463 | 0 | 37463 |
| &nbsp;&nbsp; Utah | 0 | 2628 | 0 | 2628 |
| &nbsp;&nbsp; Virginia | 0 | 5354 | 0 | 5354 |
| &nbsp;&nbsp; Washington | 0 | 5517 | 0 | 5517 |
| &nbsp;&nbsp; West Virginia | 0 | 2233 | 0 | 2233 |
| &nbsp;&nbsp; Wisconsin | 0 | 11004 | 0 | 11004 |
|  U.S. Government Agencies | 0 | 2009 | 0 | 2009 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 2296 | 0 | 2296 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 2715 | 0 | 2715 |
|  | $0 | $408607 | $0 | $408607 |
|  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 | $9752 | $0 | $0 | $9752 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418359 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

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|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014.The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Class A, Class C and Class C-2 shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted

in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt 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.

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| **74** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO California Intermediate Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO California Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO California Short Duration Municipal Income Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO National Intermediate Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO New York Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO Short Duration Municipal Income Fund |  | Daily |  | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such

distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

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Notes to Financial Statements (Cont.)

fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates

to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it

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| **76** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed

income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

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Notes to Financial Statements (Cont.)

holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

<sup>∎</sup> Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in

markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. <br>

<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1

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| **78** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

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Notes to Financial Statements (Cont.)

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Income Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Bond Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized<br>Net Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $14652 | $127118 | $(137770) | $13 | $1 | $4014 | $427 | $0 |
|  PIMCO California Municipal Bond Fund | 12502 | 188915 | (190600) | 14 | 3 | 10834 | 922 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 3441 | 103736 | (102200) | 6 | 0 | 4983 | 438 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 348166 | 1870760 | (2177800) | 407 | (20) | 41513 | 14800 | 0 |
|  PIMCO Municipal Bond Fund | 264786 | 1262999 | (1247000) | 287 | 29 | 281101 | 12555 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 64554 | 289344 | (323700) | 38 | 4 | 30240 | 2678 | 0 |
|  PIMCO New York Municipal Bond Fund | 54435 | 306340 | (329700) | 39 | (4) | 31110 | 2468 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 23628 | 229604 | (243500) | 26 | (6) | 9752 | 1219 | 0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement

of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to

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|:---|:---|
| **80** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of March 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

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Notes to Financial Statements (Cont.)

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral

repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

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

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|:---|:---|
| **82** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) 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.

(b) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing

organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **83** |

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Notes to Financial Statements (Cont.)

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.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund | PIMCO<br>California<br>Municipal<br>Bond Fund | PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund | PIMCO<br>High Yield<br>Municipal<br>Bond Fund | PIMCO<br>Municipal<br>Bond Fund | PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund | PIMCO<br>New York<br>Municipal<br>Bond Fund | PIMCO<br>Short Duration<br>Municipal<br>Income Fund |
|  Interest Rate | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X |  |
|  Market | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Issuer Non-Diversification |  |  |  |  |  |  | X |  |
|  Leveraging | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X |
|  Municipal Bond | X | X | X | X | X | X | X | X |
|  California State-Specific | X | X | X | X | X | X |  | X |
|  New York State-Specific |  |  |  | X | X | X | X | X |
|  Puerto Rico-Specific |  |  |  | X |  |  | X |  |
|  AMT Bonds | X | X | X | X | X | X | X | X |
|  Municipal Project-Specific | X | X | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X |

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Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount

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|:---|:---|
| **84** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment

obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are

"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

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Notes to Financial Statements (Cont.)

magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Municipal Bond Risk is the risk that a Fund may be affected significantly by the economic, regulatory 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.

California State-Specific Risk is the risk that by concentrating its investments in California municipal bonds, a Fund may be affected significantly by economic, regulatory, social or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by concentrating its investments in New York municipal bonds, a Fund may be affected significantly by economic, regulatory, social or political developments affecting the ability of New York issuers to pay interest or repay principal.

Puerto Rico-Specific Risk is the risk that by investing in municipal bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks

than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can

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| | |
|:---|:---|
| **86** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a

Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

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Notes to Financial Statements (Cont.)

market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized

appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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| | |
|:---|:---|
| **88** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional Class | I-2 | I-3 | Class A | Class C | Class C-2 |
|  PIMCO California Intermediate Municipal Bond Fund | 0.225% | 0.22% | 0.32% | N/A | 0.30% | 0.30% | N/A |
|  PIMCO California Municipal Bond Fund | 0.21% | 0.23% | 0.33% | N/A | 0.33% | 0.33% | N/A |
|  PIMCO California Short Duration Municipal Income Fund | 0.18% | 0.15% | 0.25% | N/A | 0.30% | N/A | N/A |
|  PIMCO High Yield Municipal Bond Fund | 0.30% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO Municipal Bond Fund | 0.20% | 0.24% | 0.34% | 0.44%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO National Intermediate Municipal Bond Fund | 0.22% | 0.23% | 0.33% | N/A | 0.33% | 0.33% | N/A |
|  PIMCO New York Municipal Bond Fund | 0.225% | 0.22% | 0.32% | 0.42%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO Short Duration Municipal Income Fund | 0.18% | 0.15% | 0.25% | 0.35%<sup>(1)</sup> | 0.30% | 0.30% | 0.30% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class C-2 shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class C-2 shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Municipal Bond Fund Class C shares and PIMCO National Intermediate Bond Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.50%; for PIMCO Short Duration Municipal Income Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.30%) and, up to 0.50% for Class C-2 shares, and in connection with personal services rendered to Class A, Class C and Class C-2 shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class C-2 shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Municipal Bond Fund and PIMCO National Intermediate Municipal Bond Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Short Duration Municipal Income Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Short Duration Municipal Income Fund | 0.50% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A, Class C and Class C-2 shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

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Notes to Financial Statements (Cont.)

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO High Yield Municipal Bond Fund | $30 |
|  PIMCO Municipal Bond Fund | 9 |
|  PIMCO New York Municipal Bond Fund | 1 |
|  PIMCO Short Duration Municipal Income Fund | 6 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2025, for the PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. There were no waivers and/or Reimbursement by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures,

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|:---|:---|
| **90** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2025

each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended March 31, 2025, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO California Intermediate Municipal Bond Fund | $1386 | $2842 | $(14) |
|  PIMCO California Municipal Bond Fund | 8393 | 0 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 0 | 0 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 28348 | 10660 | 150 |
|  PIMCO Municipal Bond Fund | 14366 | 2417 | (85) |
|  PIMCO National Intermediate Municipal Bond Fund | 0 | 1245 | (61) |
|  PIMCO New York Municipal Bond Fund | 17315 | 17323 | (660) |
|  PIMCO Short Duration Municipal Income Fund | 682 | 0 | 0 |

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<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held

by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO California Intermediate Municipal Bond Fund | $6969 | $842 | $119438 | $103420 |
|  PIMCO California Municipal Bond Fund | 13444 | 842 | 215356 | 57770 |
|  PIMCO California Short Duration Municipal Income Fund | 0 | 0 | 74226 | 57166 |
|  PIMCO High Yield Municipal Bond Fund | 121764 | 9853 | 2589467 | 975483 |
|  PIMCO Municipal Bond Fund | 59006 | 5440 | 2170124 | 720943 |
|  PIMCO National Intermediate Municipal Bond Fund | 15659 | 3489 | 483493 | 138956 |
|  PIMCO New York Municipal Bond Fund | 6150 | 0 | 355177 | 100140 |
|  PIMCO Short Duration Municipal Income Fund | 0 | 0 | 160482 | 154806 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

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Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3998 | $37427 | 7206 | $66231 | 10459 | $112499 | 3197 | $33435 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1145 | 10726 | 1248 | 11465 | 4087 | 43795 | 4050 | 41829 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1608 | 15107 | 668 | 6163 | 7066 | 75870 | 3108 | 32649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 70 | 656 | 88 | 823 | 88 | 946 | 106 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 191 | 1788 | 145 | 1344 | 346 | 3711 | 170 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 84 | 786 | 52 | 478 | 199 | 2129 | 133 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 137 | 1283 | 113 | 1049 | 290 | 3113 | 149 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 61 | 7 | 61 | 6 | 68 | 6 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4457) | (41717) | (2933) | (26565) | (1917) | (20545) | (2722) | (28085) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (785) | (7337) | (455) | (4171) | (2053) | (21937) | (2032) | (20752) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (900) | (8428) | (1061) | (9839) | (2659) | (28513) | (1819) | (18886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (59) | (549) | (222) | (2036) | (116) | (1250) | (60) | (620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 1039 | $9803 | 4856 | $45003 | 15796 | $169886 | 4286 | $45474 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5403 | $52173 | 3095 | $29564 | 156428 | $1335678 | 167420 | $1377928 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 984 | 9487 | 761 | 7288 | 87561 | 746828 | 102458 | 845261 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 5675 | 48493 | 6216 | 51275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 671 | 6475 | 592 | 5696 | 75410 | 644819 | 52628 | 438042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 2344 | 20011 | 3138 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 246 | 2372 | 232 | 2222 | 11407 | 97239 | 8349 | 69209 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 60 | 574 | 67 | 643 | 5856 | 49923 | 3548 | 29447 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 303 | 2581 | 185 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 46 | 439 | 41 | 389 | 5142 | 43834 | 3838 | 31780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 223 | 1904 | 220 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3630) | (35012) | (8201) | (78574) | (93797) | (798798) | (106740) | (877005) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1023) | (9869) | (2085) | (19957) | (53096) | (452679) | (35802) | (293921) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (2595) | (22123) | (2935) | (24138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (944) | (9120) | (718) | (6874) | (31553) | (268766) | (29392) | (242749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (2174) | (18545) | (2614) | (21452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 1813 | $17519 | (6216) | $(59603) | 167134 | $1430399 | 170517 | $1413047 |

---

---

| | |
|:---|:---|
| **92** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

March 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Municipal Bond Fund** | **PIMCO Municipal Bond Fund** | **PIMCO Municipal Bond Fund** | **PIMCO Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 67086 | $634465 | 68304 | $629219 | 24755 | $256091 | 21082 | $215620 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 117716 | 1106677 | 56204 | 517267 | 11123 | 115195 | 7024 | 71436 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 2751 | 25953 | 1898 | 17445 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 32067 | 303728 | 25367 | 235460 | 4618 | 47844 | 4285 | 43619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1204 | 11398 | 937 | 8651 | 85 | 882 | 344 | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5080 | 47994 | 3463 | 32096 | 1858 | 19202 | 1326 | 13524 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3673 | 34701 | 2713 | 25109 | 447 | 4614 | 233 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 73 | 688 | 26 | 243 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2562 | 24207 | 2010 | 18609 | 327 | 3376 | 248 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 91 | 855 | 89 | 821 | 13 | 137 | 9 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (35488) | (335450) | (27337) | (249849) | (7643) | (78888) | (12329) | (124775) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (41938) | (396053) | (45999) | (421714) | (3874) | (40016) | (2405) | (24345) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (983) | (9286) | (1060) | (9930) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (18253) | (172351) | (17770) | (164301) | (2259) | (23377) | (1877) | (18896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1054) | (9961) | (1202) | (11100) | (113) | (1171) | (130) | (1326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 134587 | $1267565 | 67643 | $628026 | 29337 | $303889 | 17810 | $183343 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 10216 | $110422 | 12469 | $131891 | 8978 | $74554 | 15601 | $127987 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 6173 | 66697 | 5353 | 56620 | 8015 | 66646 | 6393 | 52690 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 118 | 1277 | 63 | 681 | 553 | 4582 | 1162 | 9532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 17700 | 192096 | 8738 | 93678 | 5107 | 42528 | 2559 | 21123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 200 | 2169 | 218 | 2333 | 27 | 229 | 96 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 23 | 195 | 44 | 361 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 819 | 8849 | 578 | 6158 | 722 | 5994 | 712 | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 426 | 4596 | 282 | 3005 | 383 | 3181 | 391 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 4 | 47 | 3 | 30 | 43 | 359 | 13 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1072 | 11583 | 811 | 8636 | 354 | 2941 | 375 | 3092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 26 | 281 | 33 | 349 | 9 | 73 | 11 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 1 | 4 | 0 | 3 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5364) | (57938) | (4633) | (48715) | (14835) | (123318) | (13171) | (108495) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (2446) | (26473) | (2206) | (23411) | (6550) | (54426) | (8517) | (69898) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (85) | (915) | (11) | (123) | (252) | (2096) | (33) | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6861) | (74042) | (5414) | (57641) | (4123) | (34281) | (7810) | (64345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (374) | (4038) | (612) | (6488) | (184) | (1531) | (176) | (1448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | (8) | (68) | (39) | (325) |
|  **Net increase (decrease) resulting from Fund share transactions** | 21624 | $234611 | 15672 | $167003 | (1737) | $(14434) | (2389) | $(19916) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **93** |

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------

Notes to Financial Statements (Cont.)

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO California Intermediate Municipal Bond Fund | 3 | 0 | 53% | 0% |
|  PIMCO California Municipal Bond Fund | 3 | 0 | 52% | 0% |
|  PIMCO California Short Duration Municipal Income Fund | 1 | 0 | 49% | 0% |
|  PIMCO High Yield Municipal Bond Fund | 2 | 0 | 30% | 0% |
|  PIMCO Municipal Bond Fund | 2 | 0 | 28% | 0% |
|  PIMCO National Intermediate Municipal Bond Fund | 1 | 0 | 35% | 0% |
|  PIMCO New York Municipal Bond Fund | 4 | 0 | 65% | 0% |
|  PIMCO Short Duration Municipal Income Fund | 3 | 0 | 41% | 0% |

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14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains

tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO California Intermediate Municipal Bond Fund | $489 | $0 | $0 | $25 | $(171) | $(10833) | $0 | $0 | $(10490) |
|  PIMCO California Municipal Bond Fund | 164 | 0 | 0 | (1756) | (6) | (8743) | 0 | 0 | (10341) |
|  PIMCO California Short Duration Municipal Income Fund | 79 | 0 | 0 | (825) | (22) | (7119) | 0 | 0 | (7887) |
|  PIMCO High Yield Municipal Bond Fund | 19413 | 0 | 0 | (79527) | (1754) | (165500) | 0 | 0 | (227368) |
|  PIMCO Municipal Bond Fund | 7510 | 0 | 0 | 1661 | (818) | (147815) | 0 | 0 | (139462) |
|  PIMCO National Intermediate Municipal Bond Fund | 88 | 0 | 0 | 3322 | (40) | (11499) | 0 | 0 | (8129) |
|  PIMCO New York Municipal Bond Fund | 571 | 0 | 0 | (9249) | (58) | (34175) | 0 | 0 | (42911) |
|  PIMCO Short Duration Municipal Income Fund | 409 | 0 | 0 | 862 | (11) | (19786) | 0 | 0 | (18526) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

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| | |
|:---|:---|
| **94** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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------

March 31, 2025

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO California Intermediate Municipal Bond Fund | $6860 | $3973 |
|  PIMCO California Municipal Bond Fund | 4808 | 3935 |
|  PIMCO California Short Duration Municipal Income Fund | 5064 | 2055 |
|  PIMCO High Yield Municipal Bond Fund | 56889 | 108611 |
|  PIMCO Municipal Bond Fund | 71943 | 75872 |
|  PIMCO National Intermediate Municipal Bond Fund | 4808 | 6691 |
|  PIMCO New York Municipal Bond Fund | 15156 | 19019 |
|  PIMCO Short Duration Municipal Income Fund | 12635 | 7151 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $198745 | $2440 | $(2414) | $26 |
|  PIMCO California Municipal Bond Fund | 335855 | 3443 | (5200) | (1757) |
|  PIMCO California Short Duration Municipal Income Fund | 138872 | 554 | (1380) | (826) |
|  PIMCO High Yield Municipal Bond Fund | 5615902 | 138928 | (218456) | (79528) |
|  PIMCO Municipal Bond Fund | 3971953 | 51960 | (50300) | 1660 |
|  PIMCO National Intermediate Municipal Bond Fund | 931854 | 10520 | (7198) | 3322 |
|  PIMCO New York Municipal Bond Fund | 887267 | 9436 | (18686) | (9250) |
|  PIMCO Short Duration Municipal Income Fund | 417497 | 2675 | (1813) | 862 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on interest accrued on defaulted securities, and return of capital distributions from underlying funds. 

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $5417 | $766 | $0 | $0 | $4297 | $722 | $0 | $0 |
|  PIMCO California Municipal Bond Fund | 7782 | 1328 | 0 | 0 | 4082 | 826 | 0 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 3260 | 395 | 0 | 0 | 3000 | 506 | 0 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 181200 | 35588 | 0 | 0 | 120762 | 29951 | 0 | 0 |
|  PIMCO Municipal Bond Fund | 99946 | 18634 | 0 | 0 | 69740 | 15866 | 0 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 23477 | 4102 | 0 | 0 | 15832 | 2850 | 0 | 0 |
|  PIMCO New York Municipal Bond Fund | 23627 | 2485 | 0 | 0 | 15986 | 2746 | 0 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 11632 | 1340 | 0 | 0 | 10916 | 2156 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund (eight of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | |
|:---|:---|
| **96** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Currency Abbreviations:  | Currency Abbreviations:  |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Municipal Bond or Agency Abbreviations:  | Municipal Bond or Agency Abbreviations:  |  |  |  |  |
| AGC | Assured Guaranty Corp. | FGIC | Financial Guaranty Insurance Co. | NPFGC | National Public Finance Guarantee Corp. |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | PSF | Public School Fund |
| AMBAC | American Municipal Bond Assurance Corp. | FHLMC | Federal Home Loan Mortgage Corp. | Q-SBLF | Qualified School Bond Loan Fund |
| BAM | Build America Mutual Assurance | FNMA | Federal National Mortgage Association | SGI | Syncora Guarantee, Inc. |
| CM | California Mortgage Insurance | GNMA | Government National Mortgage Association |  |  |
|  Other Abbreviations:  | Other Abbreviations:  |  |  |  |  |
| BABs | Build America Bonds | TBA | To-Be-Announced |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **97** |

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Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO California Intermediate Municipal Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  November 2024 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  December 2024 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  January 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  February 2025 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  March 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  November 2024 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  December 2024 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  January 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
|  February 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  March 2025 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  November 2024 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
|  December 2024 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  January 2025 | $0.0237 | $0.0000 | $0.0000 | $0.0237 |
|  February 2025 | $0.0237 | $0.0000 | $0.0000 | $0.0237 |
|  March 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0173 | $0.0000 | $0.0000 | $0.0173 |
|  November 2024 | $0.0180 | $0.0000 | $0.0000 | $0.0180 |
|  December 2024 | $0.0175 | $0.0000 | $0.0000 | $0.0175 |
|  January 2025 | $0.0176 | $0.0000 | $0.0000 | $0.0176 |
|  February 2025 | $0.0183 | $0.0000 | $0.0000 | $0.0183 |
|  March 2025 | $0.0168 | $0.0000 | $0.0000 | $0.0168 |

---

---

| | |
|:---|:---|
| **98** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

PIMCO California Municipal Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  November 2024 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  December 2024 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  January 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  February 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  March 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  November 2024 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  December 2024 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  January 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  February 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  March 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  November 2024 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  December 2024 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  January 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  February 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  March 2025 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0216 | $0.0000 | $0.0000 | $0.0216 |
|  November 2024 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  December 2024 | $0.0205 | $0.0000 | $0.0000 | $0.0205 |
|  January 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
|  February 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  March 2025 | $0.0203 | $0.0000 | $0.0000 | $0.0203 |

---

PIMCO California Short Duration Municipal Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  November 2024 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  December 2024 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  January 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  February 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  March 2025 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **99** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  November 2024 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  December 2024 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  January 2025 | $0.0216 | $0.0000 | $0.0000 | $0.0216 |
|  February 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  March 2025 | $0.0206 | $0.0000 | $0.0000 | $0.0206 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0196 | $0.0000 | $0.0000 | $0.0196 |
|  November 2024 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |
|  December 2024 | $0.0198 | $0.0000 | $0.0000 | $0.0198 |
|  January 2025 | $0.0191 | $0.0000 | $0.0000 | $0.0191 |
|  February 2025 | $0.0195 | $0.0000 | $0.0000 | $0.0195 |
|  March 2025 | $0.0183 | $0.0000 | $0.0000 | $0.0183 |

---

PIMCO High Yield Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  November 2024 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  December 2024 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  January 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  February 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  March 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  November 2024 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  December 2024 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  January 2025 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  February 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  March 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  November 2024 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  December 2024 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  January 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  February 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  March 2025 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  November 2024 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  December 2024 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  January 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  February 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  March 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |

---

---

| | |
|:---|:---|
| **100** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0242 | $0.0000 | $0.0000 | $0.0242 |
|  November 2024 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  December 2024 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  January 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  February 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  March 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |

---

PIMCO Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  November 2024 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  December 2024 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  January 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  February 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  March 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  November 2024 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  December 2024 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  January 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  February 2025 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  March 2025 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  November 2024 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  December 2024 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  January 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  February 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  March 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  November 2024 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  December 2024 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
|  January 2025 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
|  February 2025 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  March 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  November 2024 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  December 2024 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
|  January 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  February 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
|  March 2025 | $0.0216 | $0.0000 | $0.0000 | $0.0216 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

---

------

Distribution Information (Cont.)

PIMCO National Intermediate Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  November 2024 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  December 2024 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  January 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  February 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  March 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  November 2024 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  December 2024 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  January 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  February 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  March 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  November 2024 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  December 2024 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  January 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  February 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  March 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  November 2024 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  December 2024 | $0.0227 | $0.0000 | $0.0000 | $0.0227 |
|  January 2025 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
|  February 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  March 2025 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |

---

PIMCO New York Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  November 2024 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  December 2024 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  January 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  February 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  March 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |

---

---

| | |
|:---|:---|
| **102** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  November 2024 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  December 2024 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  January 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  February 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  March 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  November 2024 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  December 2024 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  January 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  February 2025 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  March 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  November 2024 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  December 2024 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  January 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
|  February 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  March 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  November 2024 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  December 2024 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  January 2025 | $0.0202 | $0.0000 | $0.0000 | $0.0202 |
|  February 2025 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |
|  March 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |

---

PIMCO Short Duration Municipal Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  November 2024 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  December 2024 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  January 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  February 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  March 2025 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  November 2024 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  December 2024 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  January 2025 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  February 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  March 2025 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  November 2024 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  December 2024 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  January 2025 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  February 2025 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
|  March 2025 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  November 2024 | $0.0203 | $0.0000 | $0.0000 | $0.0203 |
|  December 2024 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
|  January 2025 | $0.0199 | $0.0000 | $0.0000 | $0.0199 |
|  February 2025 | $0.0198 | $0.0000 | $0.0000 | $0.0198 |
|  March 2025 | $0.0188 | $0.0000 | $0.0000 | $0.0188 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0186 | $0.0000 | $0.0000 | $0.0186 |
|  November 2024 | $0.0182 | $0.0000 | $0.0000 | $0.0182 |
|  December 2024 | $0.0179 | $0.0000 | $0.0000 | $0.0179 |
|  January 2025 | $0.0177 | $0.0000 | $0.0000 | $0.0177 |
|  February 2025 | $0.0179 | $0.0000 | $0.0000 | $0.0179 |
|  March 2025 | $0.0168 | $0.0000 | $0.0000 | $0.0168 |
| **C-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0172 | $0.0000 | $0.0000 | $0.0172 |
|  November 2024 | $0.0168 | $0.0000 | $0.0000 | $0.0168 |
|  December 2024 | $0.0167 | $0.0000 | $0.0000 | $0.0167 |
|  January 2025 | $0.0164 | $0.0000 | $0.0000 | $0.0164 |
|  February 2025 | $0.0166 | $0.0000 | $0.0000 | $0.0166 |
|  March 2025 | $0.0155 | $0.0000 | $0.0000 | $0.0155 |

---

\* 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. 

---

| | |
|:---|:---|
| **104** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | 0.00% | 0.00% | $6183 | $0 |
|  PIMCO California Municipal Bond Fund | 0.00% | 0.00% | 9110 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 0.00% | 0.00% | 3655 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 0.00% | 0.00% | 216788 | 0 |
|  PIMCO Municipal Bond Fund | 0.00% | 0.00% | 118580 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 0.00% | 0.00% | 27579 | 0 |
|  PIMCO New York Municipal Bond Fund | 0.00% | 0.00% | 26112 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 0.00% | 0.00% | 12972 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **105** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **106** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **107** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **108** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g875140g75h91.jpg)

PIMSTAXEFFSTMAR_033125

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![LOGO](g749180g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Municipal Value Funds**

PIMCO California Municipal Intermediate Value Fund

PIMCO California Municipal Opportunistic Value Fund

PIMCO National Municipal Intermediate Value Fund

PIMCO National Municipal Opportunistic Value Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx749180_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx749180_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx749180_3) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx749180_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx749180_5) | 10 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx749180_6) | 23 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx749180_7) | 33 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx749180_8) | 38 |
| &nbsp;&nbsp; [Glossary](#tx749180_9) | 39 |
| &nbsp;&nbsp; [Distribution Information](#tx749180_10) | 40 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx749180_11) | 41 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx749180_12) | 42 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx749180_13) | 43 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx749180_14) | 44 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO California Municipal Intermediate Value Fund](#tx749180_15) | 12 |
| &nbsp;&nbsp; [PIMCO California Municipal Opportunistic Value Fund](#tx749180_16) | 14 |
| &nbsp;&nbsp; [PIMCO National Municipal Intermediate Value Fund](#tx749180_17) | 17 |
| &nbsp;&nbsp; [PIMCO National Municipal Opportunistic Value Fund](#tx749180_18) | 20 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. 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

---

| | |
|:---|:---|
| **2** | **MUNICIPAL VALUE FUNDS** |

---

------

in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain

derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share class along with each Fund's diversification status as of period end:

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | Diversification<br>Status |
|  PIMCO California Municipal Intermediate Value Fund | 03/18/2019 | 03/18/2019 | Diversified |
|  PIMCO California Municipal Opportunistic Value Fund | 03/18/2019 | 03/18/2019 | Non-Diversified |
|  PIMCO National Municipal Intermediate Value Fund | 03/18/2019 | 03/18/2019 | Diversified |
|  PIMCO National Municipal Opportunistic Value Fund | 03/18/2019 | 03/18/2019 | Non-Diversified |

---

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.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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------

Important Information About the Funds (Cont.)

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **MUNICIPAL VALUE FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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------

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Municipal Intermediate Value Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.03 | $0.24 | $(0.07) | $0.17 | $(0.25) | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.00 | 0.20 | 0.03 | 0.23 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.08 | 0.17 | (0.08) | 0.09 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.59 | 0.14 | (0.51) | (0.37) | (0.14) | (0.00) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.43 | 0.18 | 0.20 | 0.38 | (0.17) | (0.05) | (0.22) |
|  **PIMCO California Municipal Opportunistic Value Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.85 | $0.33 | $(0.17) | $0.16 | $(0.33) | $0.00 | $(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.81 | 0.31 | 0.04 | 0.35 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.91 | 0.27 | (0.10) | 0.17 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.28 | 0.22 | (0.36) | (0.14) | (0.22) | (0.01) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.18 | 0.25 | 0.12 | 0.37 | (0.25) | (0.02) | (0.27) |
|  **PIMCO National Municipal Intermediate Value Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.05 | $0.28 | $(0.07) | $0.21 | $(0.29) | $0.00 | $(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.07 | 0.24 | (0.02) | 0.22 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.17 | 0.19 | (0.10) | 0.09 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.67 | 0.14 | (0.50) | (0.36) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.44 | 0.17 | 0.23 | 0.40 | (0.17) | 0.00 | (0.17) |
|  **PIMCO National Municipal Opportunistic Value Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.84 | $0.34 | $(0.17) | $0.17 | $(0.34) | $0.00 | $(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.83 | 0.32 | 0.01 | 0.33 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.03 | 0.28 | (0.20) | 0.08 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.49 | 0.24 | (0.46) | (0.22) | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.38 | 0.21 | 0.12 | 0.33 | (0.21) | (0.01) | (0.22) |

---

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Effective August 1, 2024, the Fund's Investment advisory fee was decreased by 0.03% to an annual rate of 0.37%. 

---

| | | |
|:---|:---|:---|
| **6** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.95 | 1.67% | $25782 | 0.39% | 0.50% | 0.39% | 0.50% | 2.44% | 24% |
| 10.03 | 2.38 | 27357 | 0.39 | 0.50 | 0.39 | 0.50 | 2.06 | 24 |
| 10.00 | 0.96 | 26377 | 0.39 | 0.50 | 0.39 | 0.50 | 1.71 | 4 |
| 10.08 | (3.52) | 66115 | 0.39 | 0.50 | 0.39 | 0.50 | 1.34 | 11 |
| 10.59 | 3.65 | 70364 | 0.39 | 0.50 | 0.39 | 0.50 | 1.68 | 5 |
| $9.68 | 1.61% | $247430 | 0.60 %<sup>(e)</sup> | 0.61 %<sup>(e)</sup> | 0.60 %<sup>(e)</sup> | 0.61 %<sup>(e)</sup> | 3.34% | 20% |
| 9.85 | 3.68 | 268432 | 0.60 | 0.63 | 0.60 | 0.63 | 3.22 | 11 |
| 9.81 | 1.76 | 235747 | 0.60 | 0.63 | 0.60 | 0.63 | 2.72 | 45 |
| 9.91 | (1.35) | 204990 | 0.60 | 0.63 | 0.60 | 0.63 | 2.16 | 15 |
| 10.28 | 3.62 | 235987 | 0.60 | 0.63 | 0.60 | 0.63 | 2.39 | 20 |
| $9.97 | 2.09% | $81639 | 0.39% | 0.50% | 0.39% | 0.50% | 2.84% | 25% |
| 10.05 | 2.21 | 121511 | 0.39 | 0.50 | 0.39 | 0.50 | 2.40 | 22 |
| 10.07 | 0.90 | 133545 | 0.39 | 0.50 | 0.39 | 0.50 | 1.85 | 27 |
| 10.17 | (3.44) | 213077 | 0.39 | 0.50 | 0.39 | 0.50 | 1.29 | 7 |
| 10.67 | 3.89 | 183600 | 0.39 | 0.50 | 0.39 | 0.50 | 1.63 | 23 |
| $9.67 | 1.77% | $271665 | 0.60 %<sup>(e)</sup> | 0.61 %<sup>(e)</sup> | 0.60 %<sup>(e)</sup> | 0.61 %<sup>(e)</sup> | 3.50% | 20% |
| 9.84 | 3.49 | 314181 | 0.60 | 0.63 | 0.60 | 0.63 | 3.34 | 13 |
| 9.83 | 0.88 | 305030 | 0.60 | 0.63 | 0.60 | 0.63 | 2.89 | 19 |
| 10.03 | (2.18) | 204459 | 0.60 | 0.63 | 0.60 | 0.63 | 2.26 | 12 |
| 10.49 | 3.21 | 244199 | 0.60 | 0.63 | 0.60 | 0.63 | 2.02 | 11 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

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------

Statements of Assets and Liabilities March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>California<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $24832 | $229462 | $80097 | $269933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1250 | 17166 | 590 | 86 |
|  Receivable for Fund shares sold | 1 | 0 | 26 | 0 |
|  Interest and/or dividends receivable | 300 | 2833 | 1008 | 3756 |
|  Dividends receivable from Affiliates | 5 | 73 | 4 | 34 |
|  Reimbursement receivable from PIMCO | 2 | 0 | 7 | 0 |
|  **Total Assets** | 26390 | 249534 | 81732 | 273809 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investments purchased | $560 | $1490 | $0 | $1041 |
|  Payable for investments in Affiliates purchased | 5 | 75 | 4 | 34 |
|  Payable for Fund shares redeemed | 33 | 419 | 56 | 933 |
|  Distributions payable | 0 | 0 | 0 | 1 |
|  Accrued investment advisory fees | 6 | 74 | 20 | 83 |
|  Accrued supervisory and administrative fees | 4 | 46 | 13 | 52 |
|  **Total Liabilities** | 608 | 2104 | 93 | 2144 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $25782 | $247430 | $81639 | $271665 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $27825 | $249592 | $89834 | $275933 |
|  Distributable earnings (accumulated loss) | (2043) | (2162) | (8195) | (4268) |
|  **Net Assets** | $25782 | $247430 | $81639 | $271665 |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $25782 | $247430 | $81639 | $271665 |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 2591 | 25571 | 8190 | 28081 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $9.95 | $9.68 | $9.97 | $9.67 |
|  Cost of investments in securities | $25079 | $230613 | $81154 | $273640 |
|  Cost of investments in Affiliates | $1250 | $17157 | $590 | $86 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 7, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

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| | | |
|:---|:---|:---|
| **8** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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------

Statements of Operations

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| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>California<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Intermediate<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $690 | $9495 | $3059 | $11921 |
|  Dividends | 8 | 19 | 11 | 17 |
|  Dividends from Investments in Affiliates | 52 | 919 | 165 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 750 | 10433 | 3235 | 12390 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 80 | 1006 | 301 | 1150 |
|  Supervisory and administrative fees | 53 | 609 | 200 | 696 |
|  Trustee fees | 0 | 2 | 1 | 2 |
|  Interest expense | 0 | 0 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 133 | 1617 | 503 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (29) | (27) | (110) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 104 | 1590 | 393 | 1817 |
|  **Net Investment Income (Loss)** | 646 | 8843 | 2842 | 10573 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (265) | (458) | (1654) | 333 |
|  Investments in Affiliates | 1 | 11 | 6 | 12 |
|  **Net Realized Gain (Loss)** | (264) | (447) | (1648) | 345 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 66 | (4260) | 1052 | (5215) |
|  Investments in Affiliates | 0 | (2) | (2) | (3) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 66 | (4262) | 1050 | (5218) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $448 | $4134 | $2244 | $5700 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

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------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO California Municipal**<br> **Intermediate Value Fund** | **PIMCO California Municipal**<br> **Intermediate Value Fund** | **PIMCO California Municipal**<br> **Opportunistic Value Fund** | **PIMCO California Municipal**<br> **Opportunistic Value Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $646 | $540 | $8843 | $7930 |
|  Net realized gain (loss) | (264) | (176) | (447) | (64) |
|  Net change in unrealized appreciation (depreciation) | 66 | 410 | (4262) | 1283 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 448 | 774 | 4134 | 9149 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (651) | (544) | (8837) | (7939) |
|  **Total Distributions<sup>(a)</sup>** | (651) | (544) | (8837) | (7939) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (1372) | 750 | (16299) | 31475 |
|  **Total Increase (Decrease) in Net Assets** | (1575) | 980 | (21002) | 32685 |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 27357 | 26377 | 268432 | 235747 |
|  End of year | $25782 | $27357 | $247430 | $268432 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 11, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **10** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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| | | | |
|:---|:---|:---|:---|
| **PIMCO National Municipal**<br> **Intermediate Value Fund** | **PIMCO National Municipal**<br> **Intermediate Value Fund** | **PIMCO National Municipal**<br> **Opportunistic Value Fund** | **PIMCO National Municipal**<br> **Opportunistic Value Fund** |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $2842 | $2886 | $10573 | $10060 |
| (1648) | (780) | 345 | (580) |
| 1050 | 295 | (5218) | 598 |
| 2244 | 2401 | 5700 | 10078 |
| (2847) | (2881) | (10567) | (10065) |
| (2847) | (2881) | (10567) | (10065) |
| (39269) | (11554) | (37649) | 9138 |
| (39872) | (12034) | (42516) | 9151 |
| 121511 | 133545 | 314181 | 305030 |
| $81639 | $121511 | $271665 | $314181 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

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------

Schedule of Investments PIMCO California Municipal Intermediate Value Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.4% | INVESTMENTS IN SECURITIES 96.4% | INVESTMENTS IN SECURITIES 96.4% |
| MUNICIPAL BONDS & NOTES 95.9% | MUNICIPAL BONDS & NOTES 95.9% | MUNICIPAL BONDS & NOTES 95.9% |
| CALIFORNIA 87.8% | CALIFORNIA 87.8% | CALIFORNIA 87.8% |
|  Acalanes Union High School District, California General Obligation Bonds, Series 2010 | Acalanes Union High School District, California General Obligation Bonds, Series 2010 | Acalanes Union High School District, California General Obligation Bonds, Series 2010 |
|  6.250% due 08/01/2035 | 250 | 281 |
|  Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 | Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 | Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 |
|  0.000% due 08/01/2030 (b) | 385 | 320 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2036 | 545 | 565 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2036 (b) | 225 | 138 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2032 | 350 | 366 |
|  5.000% due 02/01/2035 | 250 | 257 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2039 | 500 | 567 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2038 | 400 | 438 |
|  California School Finance Authority Revenue Bonds, Series 2020 | California School Finance Authority Revenue Bonds, Series 2020 | California School Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2029 | 250 | 259 |
|  4.000% due 07/01/2034 | 300 | 310 |
|  California State General Obligation Bonds, Series 2020 | California State General Obligation Bonds, Series 2020 | California State General Obligation Bonds, Series 2020 |
|  4.000% due 11/01/2030 | 245 | 257 |
|  California State General Obligation Bonds, Series 2024 | California State General Obligation Bonds, Series 2024 | California State General Obligation Bonds, Series 2024 |
|  3.100% due 12/01/2033 | 300 | 289 |
|  California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 |
|  3.600% due 12/01/2035 (a) | 560 | 559 |
|  California State Public Works Board Revenue Bonds, Series 2017 | California State Public Works Board Revenue Bonds, Series 2017 | California State Public Works Board Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2027 | 220 | 232 |
|  California State Public Works Board Revenue Bonds, Series 2022 | California State Public Works Board Revenue Bonds, Series 2022 | California State Public Works Board Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2032 | 225 | 248 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 |
|  5.000% due 07/01/2031 | 600 | 637 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2003 | California Statewide Communities Development Authority Revenue Bonds, Series 2003 | California Statewide Communities Development Authority Revenue Bonds, Series 2003 |
|  5.000% due 05/01/2033 | 300 | 325 |
|  Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 |
|  5.000% due 08/01/2032 | 250 | 260 |
|  Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2039 | 125 | 140 |
|  East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015 | East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015 | East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 405 | 406 |
|  Escondido, California General Obligation Bonds, Series 2015 | Escondido, California General Obligation Bonds, Series 2015 | Escondido, California General Obligation Bonds, Series 2015 |
|  5.000% due 09/01/2036 | 500 | 503 |
|  Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 | Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 | Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 |
|  4.000% due 08/01/2028 | 905 | 917 |
|  Gilroy Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2016 | Gilroy Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2016 | Gilroy Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2016 |
|  4.000% due 04/01/2026 | 330 | 334 |
|  Glendale, California Electric Revenue Bonds, Series 2016 | Glendale, California Electric Revenue Bonds, Series 2016 | Glendale, California Electric Revenue Bonds, Series 2016 |
|  5.000% due 02/01/2030 | 475 | 481 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 | Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 | Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 |
|  4.000% due 06/01/2033 | 295 | 306 |
|  Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 | Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 | Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 08/01/2034 | 350 | 364 |
|  Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 | Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 | Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 |
|  0.000% due 11/01/2028 (b) | 500 | 443 |
|  Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 05/01/2033 | 425 | 477 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2032 | 920 | 941 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2031 | 500 | 562 |
|  Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 |
|  5.000% due 10/01/2028 | 375 | 384 |
|  Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2033 | 345 | 347 |
|  5.000% due 11/01/2031 | 300 | 308 |
|  Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 | Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 | Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 |
|  4.000% due 06/01/2036 | 405 | 414 |
|  Pasadena Unified School District, California General Obligation Bonds, Series 2016 | Pasadena Unified School District, California General Obligation Bonds, Series 2016 | Pasadena Unified School District, California General Obligation Bonds, Series 2016 |
|  5.000% due 08/01/2029 | 250 | 258 |
|  Placentia-Yorba Linda Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Placentia-Yorba Linda Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Placentia-Yorba Linda Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 |
|  5.000% due 10/01/2025 | 200 | 202 |
|  5.000% due 10/01/2027 | 445 | 450 |
|  Poway Unified School District Public Financing Authority, California Special Tax Bonds, Series 2015 | Poway Unified School District Public Financing Authority, California Special Tax Bonds, Series 2015 | Poway Unified School District Public Financing Authority, California Special Tax Bonds, Series 2015 |
|  5.000% due 09/01/2025 | 350 | 353 |
|  Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 09/01/2037 | 350 | 389 |
|  Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 | Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 | Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 |
|  0.000% due 09/01/2029 (b) | 450 | 388 |
|  Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 | Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 | Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 |
|  3.250% due 09/01/2026 | 325 | 323 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2028 | 750 | 785 |
|  San Bernardino Community College District, California General Obligation Bonds, Series 2017 | San Bernardino Community College District, California General Obligation Bonds, Series 2017 | San Bernardino Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2034 | 335 | 337 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2035 | 400 | 409 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 |
|  5.000% due 10/15/2031 | 210 | 236 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 10/15/2032 | 300 | 341 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2024 | San Francisco, California City & County Certificates of Participation Bonds, Series 2024 | San Francisco, California City & County Certificates of Participation Bonds, Series 2024 |
|  5.000% due 04/01/2035 | 500 | 578 |
|  San Jose Financing Authority, California Revenue Bonds, Series 2021 | San Jose Financing Authority, California Revenue Bonds, Series 2021 | San Jose Financing Authority, California Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2028 | 175 | 182 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 |
|  5.000% due 10/01/2031 | 500 | 504 |
|  San Marcos Schools Financing Authority, California Special Tax Bonds, Series 2024 | San Marcos Schools Financing Authority, California Special Tax Bonds, Series 2024 | San Marcos Schools Financing Authority, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2033 | 400 | 452 |
|  Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 | Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 | Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2034 | 400 | 450 |
|  Soledad Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Soledad Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Soledad Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2032 | 200 | 226 |
|  5.000% due 08/01/2034 | 330 | 379 |
|  Stanislaus Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Stanislaus Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Stanislaus Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2031 | 370 | 413 |
|  Val Verde Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2015 | Val Verde Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2015 | Val Verde Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2015 |
|  5.000% due 08/01/2026 | 215 | 217 |
|  Ventura Unified School District, California General Obligation Bonds, Series 2023 | Ventura Unified School District, California General Obligation Bonds, Series 2023 | Ventura Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2039 | 360 | 398 |
|  Washington Township Health Care District, California General Obligation Bonds, Series 2023 | Washington Township Health Care District, California General Obligation Bonds, Series 2023 | Washington Township Health Care District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2038 | 300 | 336 |
|  West Basin Municipal Water District, California Revenue Bonds, Series 2016 | West Basin Municipal Water District, California Revenue Bonds, Series 2016 | West Basin Municipal Water District, California Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2034 | 250 | 254 |
|  West Contra Costa Healthcare District, California Special Tax Bonds, Series 2021 | West Contra Costa Healthcare District, California Special Tax Bonds, Series 2021 | West Contra Costa Healthcare District, California Special Tax Bonds, Series 2021 |
|  5.000% due 07/01/2029 | 120 | 131 |
|  |  | 22626 |
| ILLINOIS 6.5% | ILLINOIS 6.5% | ILLINOIS 6.5% |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2016 | Chicago Park District, Illinois General Obligation Bonds, Series 2016 | Chicago Park District, Illinois General Obligation Bonds, Series 2016 |
|  5.000% due 01/01/2031 | 1000 | 1009 |
|  University of Illinois Revenue Bonds, Series 2018 | University of Illinois Revenue Bonds, Series 2018 | University of Illinois Revenue Bonds, Series 2018 |
|  5.000% due 04/01/2028 | 625 | 662 |
|  |  | 1671 |
| KENTUCKY 0.5% | KENTUCKY 0.5% | KENTUCKY 0.5% |
|  Corbin Independent School District Finance Corp., Kentucky Revenue Bonds, Series 2016 | Corbin Independent School District Finance Corp., Kentucky Revenue Bonds, Series 2016 | Corbin Independent School District Finance Corp., Kentucky Revenue Bonds, Series 2016 |
|  3.000% due 02/01/2026 | 125 | 125 |
| MULTI-STATE 1.1% | MULTI-STATE 1.1% | MULTI-STATE 1.1% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 294 | 293 |
|  Total Municipal Bonds & Notes (Cost $24,962) | Total Municipal Bonds & Notes (Cost $24,962) | 24715 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.410% (c) | 117288 | 117 |
| Total Short-Term Instruments<br>(Cost $117) | Total Short-Term Instruments<br>(Cost $117) | 117 |
| Total Investments in Securities<br>(Cost $25,079) | Total Investments in Securities<br>(Cost $25,079) | 24832 |

---

12 MUNICIPAL VALUE FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% |
| SHORT-TERM INSTRUMENTS 4.8% | SHORT-TERM INSTRUMENTS 4.8% | SHORT-TERM INSTRUMENTS 4.8% | SHORT-TERM INSTRUMENTS 4.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 128443 | $— | 1250 |
| Total Short-Term Instruments<br>(Cost $1,250) | Total Short-Term Instruments<br>(Cost $1,250) |  | 1250 |
| Total Investments in Affiliates<br>(Cost $1,250) | Total Investments in Affiliates<br>(Cost $1,250) |  | 1250 |
| Total Investments 101.2%<br>(Cost $26,329) | Total Investments 101.2%<br>(Cost $26,329) | $— | 26082 |
| Other Assets and Liabilities, net (1.2)% | Other Assets and Liabilities, net (1.2)% |  | (300) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 25782 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | $0 | $22626 | $0 | $22626 |
| &nbsp;&nbsp; Illinois | 0 | 1671 | 0 | 1671 |
| &nbsp;&nbsp; Kentucky | 0 | 125 | 0 | 125 |
| &nbsp;&nbsp; Multi-State | 0 | 293 | 0 | 293 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 117 | 0 | 0 | 117 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1250 | $0 | $0 | $1250 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26082 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO California Municipal Opportunistic Value Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.7% | INVESTMENTS IN SECURITIES 92.7% | INVESTMENTS IN SECURITIES 92.7% |
| MUNICIPAL BONDS & NOTES 92.7% | MUNICIPAL BONDS & NOTES 92.7% | MUNICIPAL BONDS & NOTES 92.7% |
| CALIFORNIA 86.4% | CALIFORNIA 86.4% | CALIFORNIA 86.4% |
|  Alameda Health Care District, California Certificates of Participation Bond, Series 2024 | Alameda Health Care District, California Certificates of Participation Bond, Series 2024 | Alameda Health Care District, California Certificates of Participation Bond, Series 2024 |
|  5.000% due 09/15/2049 | 2455 | 2543 |
|  Alameda Public Financing Authority, California Revenue Bonds, Series 2010 | Alameda Public Financing Authority, California Revenue Bonds, Series 2010 | Alameda Public Financing Authority, California Revenue Bonds, Series 2010 |
|  5.250% due 07/01/2029 | 1160 | 1162 |
|  Alhambra Unified School District, California General Obligation Bonds, Series 2023 | Alhambra Unified School District, California General Obligation Bonds, Series 2023 | Alhambra Unified School District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2048 | 2500 | 2733 |
|  Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 | Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 | Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 08/01/2048 | 1210 | 1289 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2047 | 1000 | 1023 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2041 (b) | 2000 | 901 |
|  Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2052 | 1500 | 1617 |
|  Brentwood Union School District, California General Obligation Bonds, Series 2022 | Brentwood Union School District, California General Obligation Bonds, Series 2022 | Brentwood Union School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2052 | 1425 | 1508 |
|  Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 |
|  4.000% due 08/01/2047 | 1815 | 1745 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.250% due 11/01/2054 | 2500 | 2653 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 3000 | 3149 |
|  California Educational Facilities Authority Revenue Bonds, Series 2015 | California Educational Facilities Authority Revenue Bonds, Series 2015 | California Educational Facilities Authority Revenue Bonds, Series 2015 |
|  5.000% due 04/01/2040 | 1565 | 1565 |
|  California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 |
|  5.000% due 11/01/2050 | 1000 | 1021 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2051 | 2000 | 1832 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 |
|  5.750% due 08/15/2029 | 500 | 501 |
|  California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 | California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 | California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 |
|  5.000% due 01/01/2049 | 1000 | 1030 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 | 2000 | 1951 |
|  California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2042 | 2000 | 2038 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  4.000% due 12/01/2043 | 2000 | 1906 |
|  5.000% due 12/01/2025 | 330 | 334 |
|  5.000% due 09/01/2049 | 1450 | 1541 |
|  California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 |
|  5.125% due 10/01/2027 | 100 | 100 |
|  California State General Obligation Bonds, (SGI Insured), Series 2002 | California State General Obligation Bonds, (SGI Insured), Series 2002 | California State General Obligation Bonds, (SGI Insured), Series 2002 |
|  5.000% due 10/01/2028 | 5 | 5 |
|  California State General Obligation Bonds, Series 2000 | California State General Obligation Bonds, Series 2000 | California State General Obligation Bonds, Series 2000 |
|  5.750% due 05/01/2030 | 85 | 85 |
|  California State Public Works Board Revenue Bonds, Series 2021 | California State Public Works Board Revenue Bonds, Series 2021 | California State Public Works Board Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2046 | 3000 | 2901 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 08/15/2046 | 2175 | 2193 |
|  Cambrian School District, California General Obligation Bonds, Series 2022 | Cambrian School District, California General Obligation Bonds, Series 2022 | Cambrian School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2046 | 1750 | 1847 |
|  Carson Public Financing Authority, California Revenue Bonds, Series 2024 | Carson Public Financing Authority, California Revenue Bonds, Series 2024 | Carson Public Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2000 | 2108 |
|  Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2046 | 1150 | 1241 |
|  Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  0.000% due 08/01/2044 (b) | 1275 | 520 |
|  Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 | Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 | Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 2000 | 1908 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2024 | Chino Valley Unified School District, California General Obligation Bonds, Series 2024 | Chino Valley Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3075 | 3278 |
|  Chowchilla Union High School District, California General Obligation Bonds, Series 2022 | Chowchilla Union High School District, California General Obligation Bonds, Series 2022 | Chowchilla Union High School District, California General Obligation Bonds, Series 2022 |
|  5.500% due 08/01/2052 | 2000 | 2176 |
|  College of the Sequoias, California General Obligation Bonds, Series 2024 | College of the Sequoias, California General Obligation Bonds, Series 2024 | College of the Sequoias, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 2790 | 2988 |
|  Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 2500 | 2669 |
|  Cosumnes Community Services District California Revenue Certificates Of Participation, Series 2022 | Cosumnes Community Services District California Revenue Certificates Of Participation, Series 2022 | Cosumnes Community Services District California Revenue Certificates Of Participation, Series 2022 |
|  5.000% due 11/01/2042 | 1000 | 1042 |
|  Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 | Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 | Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2042 | 1005 | 1093 |
|  Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2054 | 1695 | 1800 |
|  El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 | El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 | El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 08/01/2047 | 1315 | 1381 |
|  5.250% due 08/01/2050 | 930 | 984 |
|  El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 | El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 | El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 1000 | 1064 |
|  Elk Grove Finance Authority, California Revenue Bonds, Series 2022 | Elk Grove Finance Authority, California Revenue Bonds, Series 2022 | Elk Grove Finance Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2042 | 1385 | 1496 |
|  Elk Grove Finance Authority, California Special Tax Bonds, (BAM Insured), Series 2015 | Elk Grove Finance Authority, California Special Tax Bonds, (BAM Insured), Series 2015 | Elk Grove Finance Authority, California Special Tax Bonds, (BAM Insured), Series 2015 |
|  5.000% due 09/01/2038 | 1500 | 1506 |
|  Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 | Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 | Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 |
|  0.000% due 04/01/2030 (b) | 2000 | 1680 |
|  Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 08/01/2046 | 2000 | 1926 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, (AGM/CR Insured), Series 2015 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, (AGM/CR Insured), Series 2015 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, (AGM/CR Insured), Series 2015 |
|  5.000% due 06/01/2040 | 4340 | 4357 |
|  Guadalupe Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Guadalupe Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Guadalupe Union School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 1925 | 2077 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  5.000% due 09/01/2048 | 2000 | 2124 |
|  Jefferson Elementary School District, California General Obligation Bonds, Series 2023 | Jefferson Elementary School District, California General Obligation Bonds, Series 2023 | Jefferson Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 09/01/2049 | 1450 | 1542 |
|  La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 | La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 | La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 |
|  0.000% due 04/01/2042 (b) | 2215 | 1009 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  La Mesa-Spring Valley School District, California General Obligation Bonds, Series 2023 | La Mesa-Spring Valley School District, California General Obligation Bonds, Series 2023 | La Mesa-Spring Valley School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 2375 | 2501 |
|  Lake Elsinore Facilities Financing Authority Successor Agency, California Revenue Bonds, (BAM Insured), Series 2022 | Lake Elsinore Facilities Financing Authority Successor Agency, California Revenue Bonds, (BAM Insured), Series 2022 | Lake Elsinore Facilities Financing Authority Successor Agency, California Revenue Bonds, (BAM Insured), Series 2022 |
|  5.250% due 04/01/2047 | 2000 | 2115 |
|  Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 05/01/2054 | 2000 | 2103 |
|  Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2051 (a) | 1410 | 1491 |
|  Lemon Grove School District, California General Obligation Bonds, Series 2023 | Lemon Grove School District, California General Obligation Bonds, Series 2023 | Lemon Grove School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2049 | 1170 | 1236 |
|  Livermore, California Certificates of Participation Bonds, Series 2022 | Livermore, California Certificates of Participation Bonds, Series 2022 | Livermore, California Certificates of Participation Bonds, Series 2022 |
|  4.750% due 04/01/2047 | 1330 | 1371 |
|  Long Beach, California Harbor Revenue Bonds, Series 2019 | Long Beach, California Harbor Revenue Bonds, Series 2019 | Long Beach, California Harbor Revenue Bonds, Series 2019 |
|  5.000% due 05/15/2044 | 3000 | 3128 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 8775 | 8803 |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  3.750% due 04/01/2034 | 2500 | 2459 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 07/01/2047 | 1915 | 2070 |
|  Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 | Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 | Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 |
|  5.000% due 09/01/2043 | 1000 | 1080 |
|  Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 05/01/2047 | 2000 | 2126 |
|  McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 | McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 | McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  5.250% due 11/01/2049 | 1000 | 1036 |
|  Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 | Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 | Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 06/01/2045 | 1750 | 1672 |
|  Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 2480 | 2633 |
|  Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 | Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 | Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.649% due 09/01/2027 •  | 990 | 985 |
|  3.699% due 09/01/2037 ~ | 1600 | 1522 |
|  Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 11/01/2047 | 1000 | 1055 |
|  5.000% due 11/01/2052 | 1000 | 1045 |
|  Pacifica School District, California General Obligation Bonds, Series 2024 | Pacifica School District, California General Obligation Bonds, Series 2024 | Pacifica School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2050 | 2765 | 2885 |
|  Palmdale Financing Authority, California Revenue Bonds, (BAM Insured), Series 2023 | Palmdale Financing Authority, California Revenue Bonds, (BAM Insured), Series 2023 | Palmdale Financing Authority, California Revenue Bonds, (BAM Insured), Series 2023 |
|  4.500% due 06/01/2053 | 2750 | 2771 |
|  Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 08/01/2052 | 3000 | 3127 |
|  Pittsburg Unified School District, California General Obligation Bonds, Series 2018 | Pittsburg Unified School District, California General Obligation Bonds, Series 2018 | Pittsburg Unified School District, California General Obligation Bonds, Series 2018 |
|  5.000% due 08/01/2047 | 1275 | 1292 |
|  Puente Basin Water Agency, California Revenue Bonds, Series 2024 | Puente Basin Water Agency, California Revenue Bonds, Series 2024 | Puente Basin Water Agency, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2620 | 2816 |
|  Ravenswood City School District California General Obligation Bonds, (AGM Insured), Series 2022 | Ravenswood City School District California General Obligation Bonds, (AGM Insured), Series 2022 | Ravenswood City School District California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 08/01/2045 | 1275 | 1358 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2041 | 3750 | 3797 |

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| | | |
|:---|:---|:---|
| **14** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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------

March 31, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2022 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2022 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2022 |
|  5.000% due 05/15/2047 | 5150 | 5413 |
|  Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | Riverside County, California Transportation Commission Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2046 | 985 | 937 |
|  4.000% due 06/01/2047 | 2000 | 1888 |
|  San Bernardino City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2015 | San Bernardino City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2015 | San Bernardino City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2015 |
|  5.000% due 08/01/2040 | 5475 | 5495 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 3230 | 3239 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 3290 | 3399 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2046 | 1500 | 1525 |
|  San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 |
|  5.000% due 04/01/2048 | 2490 | 2518 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 |
|  4.000% due 10/15/2048 | 1750 | 1678 |
|  5.250% due 08/01/2048 | 1500 | 1641 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 10/15/2049 | 2135 | 2307 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2012 | San Diego Unified School District, California General Obligation Bonds, Series 2012 | San Diego Unified School District, California General Obligation Bonds, Series 2012 |
|  0.000% due 07/01/2040 (c) | 2500 | 2560 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2500 | 2653 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 |
|  5.000% due 05/01/2046 | 4450 | 4451 |
|  San Joaquin County, California Transportation Authority Measure K Sales Tax Revenue Bonds, Series 2019 | San Joaquin County, California Transportation Authority Measure K Sales Tax Revenue Bonds, Series 2019 | San Joaquin County, California Transportation Authority Measure K Sales Tax Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2040 | 1000 | 1047 |
|  San Jose Financing Authority, California Revenue Bonds, Series 2022 | San Jose Financing Authority, California Revenue Bonds, Series 2022 | San Jose Financing Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2047 | 2000 | 2135 |
|  San Juan Unified School District, California General Obligation Bonds, Series 2022 | San Juan Unified School District, California General Obligation Bonds, Series 2022 | San Juan Unified School District, California General Obligation Bonds, Series 2022 |
|  4.000% due 08/01/2046 | 2500 | 2408 |
|  5.000% due 08/01/2040 | 1000 | 1076 |
|  5.000% due 08/01/2041 | 1035 | 1109 |
|  San Leandro Unified School District, California General Obligation Bonds, Series 2022 | San Leandro Unified School District, California General Obligation Bonds, Series 2022 | San Leandro Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2048 | 2000 | 2146 |
|  Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.000% due 06/01/2049 | 3250 | 3283 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024 | Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024 | Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 1100 | 1176 |
|  Santa Clara Unified School District, California General Obligation Bonds, Series 2023 | Santa Clara Unified School District, California General Obligation Bonds, Series 2023 | Santa Clara Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2052 | 1260 | 1333 |
|  Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024 | Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024 | Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024 |
|  4.125% due 06/01/2039 | 2600 | 2619 |
|  Santa Monica, California Community College District General Obligation Bonds, Series 2022 | Santa Monica, California Community College District General Obligation Bonds, Series 2022 | Santa Monica, California Community College District General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2045 | 1150 | 1231 |
|  South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 | South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 | South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  0.000% due 08/01/2037 (b) | 1290 | 746 |
|  South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023 | South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023 | South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023 |
|  5.250% due 10/01/2048 | 1825 | 1976 |
|  Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | Sweetwater Union High School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2052 | 2000 | 2112 |
|  Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 11/01/2049 | 1345 | 1440 |
|  Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2049 | 1000 | 1093 |
|  University of California Revenue Bonds, Series 2017 | University of California Revenue Bonds, Series 2017 | University of California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2042 | 2655 | 2725 |
|  West Covina Unified School District, California General Obligation Bonds, Series 2024 | West Covina Unified School District, California General Obligation Bonds, Series 2024 | West Covina Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2047 | 3000 | 2909 |
|  |  | 213887 |
| INDIANA 0.9% | INDIANA 0.9% | INDIANA 0.9% |
|  Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022 | Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022 | Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022 |
|  5.000% due 12/15/2041 | 2050 | 2151 |
| MULTI-STATE 1.8% | MULTI-STATE 1.8% | MULTI-STATE 1.8% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 2942 | 2933 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.287% due 04/25/2042 | 1498 | 1558 |
|  |  | 4491 |
| NEW YORK 1.7% | NEW YORK 1.7% | NEW YORK 1.7% |
|  Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds, New York Revenue Bonds, Series 2022 |
|  5.000% due 05/15/2047 | 4145 | 4300 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OHIO 0.8% | OHIO 0.8% | OHIO 0.8% |
|  Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 |
|  4.625% due 12/01/2052 | 2000 | 1902 |
| TEXAS 0.5% | TEXAS 0.5% | TEXAS 0.5% |
|  Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022 | Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022 | Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2042 | 1160 | 1222 |
| UTAH 0.6% | UTAH 0.6% | UTAH 0.6% |
|  Utah Infrastructure Agency Revenue Bonds, Series 2022 | Utah Infrastructure Agency Revenue Bonds, Series 2022 | Utah Infrastructure Agency Revenue Bonds, Series 2022 |
|  5.500% due 10/15/2049 | 1350 | 1427 |
|  Total Municipal Bonds & Notes (Cost $230,531) | Total Municipal Bonds & Notes (Cost $230,531) | 229380 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.410% (d) | 82267 | 82 |
| Total Short-Term Instruments<br>(Cost $82) | Total Short-Term Instruments<br>(Cost $82) | 82 |
| Total Investments in Securities<br>(Cost $230,613) | Total Investments in Securities<br>(Cost $230,613) | 229462 |
| INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% | INVESTMENTS IN AFFILIATES 7.0% |
| SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% | SHORT-TERM INSTRUMENTS 7.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1763488 | 17166 |
| Total Short-Term Instruments<br>(Cost $17,157) | Total Short-Term Instruments<br>(Cost $17,157) | 17166 |
| Total Investments in Affiliates<br>(Cost $17,157) | Total Investments in Affiliates<br>(Cost $17,157) | 17166 |
| Total Investments 99.7%<br>(Cost $247,770) | Total Investments 99.7%<br>(Cost $247,770) | 246628 |
| Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% | 802 |
| Net Assets 100.0% | Net Assets 100.0% | 247430 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

(d) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Schedule of Investments PIMCO California Municipal Opportunistic Value Fund (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | $0 | $213887 | $0 | $213887 |
| &nbsp;&nbsp; Indiana | 0 | 2151 | 0 | 2151 |
| &nbsp;&nbsp; Multi-State | 0 | 4491 | 0 | 4491 |
| &nbsp;&nbsp; New York | 0 | 4300 | 0 | 4300 |
| &nbsp;&nbsp; Ohio | 0 | 1902 | 0 | 1902 |
| &nbsp;&nbsp; Texas | 0 | 1222 | 0 | 1222 |
| &nbsp;&nbsp; Utah | 0 | 1427 | 0 | 1427 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 82 | 0 | 0 | 82 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229462 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $17166 | $0 | $0 | $17166 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246628 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **16** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO National Municipal Intermediate Value Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.1% | INVESTMENTS IN SECURITIES 98.1% | INVESTMENTS IN SECURITIES 98.1% |
| MUNICIPAL BONDS & NOTES 97.8% | MUNICIPAL BONDS & NOTES 97.8% | MUNICIPAL BONDS & NOTES 97.8% |
| ALABAMA 2.6% | ALABAMA 2.6% | ALABAMA 2.6% |
|  Alabama Corrections Institution Finance Authority Revenue Bonds, Series 2022 | Alabama Corrections Institution Finance Authority Revenue Bonds, Series 2022 | Alabama Corrections Institution Finance Authority Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2028 | 1500 | 1588 |
|  Marshall County, Alabama Board of Education Special Tax Bonds, (BAM Insured), Series 2024 | Marshall County, Alabama Board of Education Special Tax Bonds, (BAM Insured), Series 2024 | Marshall County, Alabama Board of Education Special Tax Bonds, (BAM Insured), Series 2024 |
|  5.000% due 03/01/2034 | 500 | 549 |
|  |  | 2137 |
| ALASKA 2.7% | ALASKA 2.7% | ALASKA 2.7% |
|  Alaska Housing Finance Corp. Revenue Bonds, Series 2024 | Alaska Housing Finance Corp. Revenue Bonds, Series 2024 | Alaska Housing Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2032 | 2000 | 2180 |
| CALIFORNIA 5.7% | CALIFORNIA 5.7% | CALIFORNIA 5.7% |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2036 (a) | 945 | 581 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2035 | 730 | 806 |
|  5.000% due 12/01/2036 | 380 | 417 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 |
|  5.000% due 05/15/2031 | 1605 | 1706 |
|  Washington Township Health Care District, California General Obligation Bonds, Series 2013 | Washington Township Health Care District, California General Obligation Bonds, Series 2013 | Washington Township Health Care District, California General Obligation Bonds, Series 2013 |
|  5.500% due 08/01/2038 | 1120 | 1123 |
|  |  | 4633 |
| CONNECTICUT 0.2% | CONNECTICUT 0.2% | CONNECTICUT 0.2% |
|  Connecticut State General Obligation Bonds, Series 2015 | Connecticut State General Obligation Bonds, Series 2015 | Connecticut State General Obligation Bonds, Series 2015 |
|  5.000% due 11/15/2028 | 195 | 197 |
| FLORIDA 7.4% | FLORIDA 7.4% | FLORIDA 7.4% |
|  Central Florida Expressway Authority Revenue Bonds, Series 2016 | Central Florida Expressway Authority Revenue Bonds, Series 2016 | Central Florida Expressway Authority Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2031 | 2190 | 2200 |
|  Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024 | Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024 | Jacksonville Housing Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2034 | 1500 | 1587 |
|  Marion County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 | Marion County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 | Marion County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 |
|  5.000% due 06/01/2034 | 2000 | 2237 |
|  |  | 6024 |
| GEORGIA 1.9% | GEORGIA 1.9% | GEORGIA 1.9% |
|  Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017 | Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017 | Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2033 | 1500 | 1539 |
| ILLINOIS 16.3% | ILLINOIS 16.3% | ILLINOIS 16.3% |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2016 | Chicago Park District, Illinois General Obligation Bonds, Series 2016 | Chicago Park District, Illinois General Obligation Bonds, Series 2016 |
|  5.000% due 01/01/2031 | 1000 | 1009 |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 |
|  5.000% due 11/15/2035 | 2005 | 2171 |
|  Cook County, Illinois Community School District No 106, Louisiana Grange General Obligation Bonds, Series 2022 | Cook County, Illinois Community School District No 106, Louisiana Grange General Obligation Bonds, Series 2022 | Cook County, Illinois Community School District No 106, Louisiana Grange General Obligation Bonds, Series 2022 |
|  5.000% due 12/01/2034 | 510 | 552 |
|  Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 | Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 | Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 |
|  4.000% due 12/01/2029 | 725 | 735 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 12/01/2030 | 1020 | 1032 |
|  Cook County, Illinois School District No 26, River Trails General Obligation Bonds, Series 2024 | Cook County, Illinois School District No 26, River Trails General Obligation Bonds, Series 2024 | Cook County, Illinois School District No 26, River Trails General Obligation Bonds, Series 2024 |
|  5.000% due 12/15/2032 | 430 | 473 |
|  5.000% due 12/15/2035 | 250 | 271 |
|  Illinois Finance Authority Revenue Bonds, Series 2013 | Illinois Finance Authority Revenue Bonds, Series 2013 | Illinois Finance Authority Revenue Bonds, Series 2013 |
|  5.000% due 11/15/2025 | 500 | 500 |
|  Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Bonds, (AGM Insured), Series 2023 | Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Bonds, (AGM Insured), Series 2023 | Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2031 | 1275 | 1362 |
|  Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Bonds, (BAM Insured), Series 2023 | Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Bonds, (BAM Insured), Series 2023 | Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Bonds, (BAM Insured), Series 2023 |
|  4.000% due 10/01/2030 | 1000 | 1032 |
|  Lake County, Illinois Community Unit School District No. 60 Waukegan General Obligation Bonds, (BAM Insured), Series 2024 | Lake County, Illinois Community Unit School District No. 60 Waukegan General Obligation Bonds, (BAM Insured), Series 2024 | Lake County, Illinois Community Unit School District No. 60 Waukegan General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 01/01/2037 | 1675 | 1800 |
|  Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016 | Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016 | Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016 |
|  4.000% due 12/01/2036 | 1000 | 1001 |
|  Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019 | Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019 | Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019 |
|  4.000% due 01/01/2033 | 1445 | 1362 |
|  |  | 13300 |
| INDIANA 1.3% | INDIANA 1.3% | INDIANA 1.3% |
|  Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022 | Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022 | Fort Wayne Redevelopment Authority, Indiana Revenue Bonds, Series 2022 |
|  5.000% due 12/15/2028 | 675 | 716 |
|  5.000% due 12/15/2029 | 360 | 386 |
|  |  | 1102 |
| IOWA 0.1% | IOWA 0.1% | IOWA 0.1% |
|  Waukee Community School District, Iowa Revenue Bonds, Series 2017 | Waukee Community School District, Iowa Revenue Bonds, Series 2017 | Waukee Community School District, Iowa Revenue Bonds, Series 2017 |
|  4.000% due 06/01/2025 | 70 | 70 |
| KENTUCKY 5.9% | KENTUCKY 5.9% | KENTUCKY 5.9% |
|  Boone County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 | Boone County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 | Boone County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 |
|  3.000% due 04/01/2025 | 300 | 300 |
|  Corbin Independent School District Finance Corp., Kentucky Revenue Bonds, Series 2015 | Corbin Independent School District Finance Corp., Kentucky Revenue Bonds, Series 2015 | Corbin Independent School District Finance Corp., Kentucky Revenue Bonds, Series 2015 |
|  3.000% due 02/01/2026 | 630 | 629 |
|  Kenton County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 | Kenton County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 | Kenton County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 |
|  3.000% due 02/01/2026 | 280 | 280 |
|  Oldham County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 | Oldham County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 | Oldham County, Kentucky School District Finance Corp. Revenue Bonds, Series 2016 |
|  4.000% due 09/01/2027 | 1000 | 1021 |
|  Owen County, Kentucky School District Finance Corp. Revenue Bonds, Series 2017 | Owen County, Kentucky School District Finance Corp. Revenue Bonds, Series 2017 | Owen County, Kentucky School District Finance Corp. Revenue Bonds, Series 2017 |
|  4.000% due 04/01/2026 | 1270 | 1283 |
|  Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2016 | Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2016 | Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2016 |
|  4.000% due 05/01/2027 | 1320 | 1341 |
|  |  | 4854 |
| LOUISIANA 2.5% | LOUISIANA 2.5% | LOUISIANA 2.5% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  5.000% due 08/15/2037 | 2000 | 2041 |
| MAINE 1.8% | MAINE 1.8% | MAINE 1.8% |
|  Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2030 | 1065 | 1109 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Maine Municipal Bond Bank, Revenue Bonds, Series 2023 | Maine Municipal Bond Bank, Revenue Bonds, Series 2023 | Maine Municipal Bond Bank, Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2037 | 310 | 339 |
|  |  | 1448 |
| MICHIGAN 1.8% | MICHIGAN 1.8% | MICHIGAN 1.8% |
|  Battle Creek School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2016 | Battle Creek School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2016 | Battle Creek School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2016 |
|  5.000% due 05/01/2028 | 175 | 179 |
|  Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2035 | 720 | 742 |
|  Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023 | Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023 | Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 05/01/2037 | 500 | 539 |
|  |  | 1460 |
| MINNESOTA 1.2% | MINNESOTA 1.2% | MINNESOTA 1.2% |
|  Minnesota Housing Finance Agency Revenue Bonds, Series 2015 | Minnesota Housing Finance Agency Revenue Bonds, Series 2015 | Minnesota Housing Finance Agency Revenue Bonds, Series 2015 |
|  5.000% due 08/01/2036 | 1000 | 1001 |
| MISSISSIPPI 2.0% | MISSISSIPPI 2.0% | MISSISSIPPI 2.0% |
|  Mississippi Development Bank Revenue Bonds, (BAM Insured), Series 2023 | Mississippi Development Bank Revenue Bonds, (BAM Insured), Series 2023 | Mississippi Development Bank Revenue Bonds, (BAM Insured), Series 2023 |
|  5.000% due 04/01/2031 | 1485 | 1601 |
| MISSOURI 3.3% | MISSOURI 3.3% | MISSOURI 3.3% |
|  Greene County, Missouri Certificates of Participation Bonds, Series 2018 | Greene County, Missouri Certificates of Participation Bonds, Series 2018 | Greene County, Missouri Certificates of Participation Bonds, Series 2018 |
|  5.000% due 09/01/2034 | 1185 | 1234 |
|  Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 03/01/2037 | 560 | 600 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.250% due 05/01/2035 | 485 | 529 |
|  5.250% due 05/01/2037 | 300 | 323 |
|  |  | 2686 |
| MULTI-STATE 1.2% | MULTI-STATE 1.2% | MULTI-STATE 1.2% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 981 | 978 |
| NEVADA 1.5% | NEVADA 1.5% | NEVADA 1.5% |
|  Clark Department of Aviation, Nevada Revenue Bonds, Series 2022 | Clark Department of Aviation, Nevada Revenue Bonds, Series 2022 | Clark Department of Aviation, Nevada Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2026 | 1170 | 1195 |
| NEW YORK 0.8% | NEW YORK 0.8% | NEW YORK 0.8% |
|  New York State Housing Finance Agency Revenue Bonds, Series 2024 | New York State Housing Finance Agency Revenue Bonds, Series 2024 | New York State Housing Finance Agency Revenue Bonds, Series 2024 |
|  3.450% due 06/15/2054 | 630 | 626 |
| OHIO 4.2% | OHIO 4.2% | OHIO 4.2% |
|  Columbus Metropolitan Housing Authority, Ohio Revenue Bonds, Series 2024 | Columbus Metropolitan Housing Authority, Ohio Revenue Bonds, Series 2024 | Columbus Metropolitan Housing Authority, Ohio Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2026 | 2000 | 2023 |
|  Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019 | Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019 | Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019 |
|  4.000% due 03/01/2035 | 1225 | 1238 |
|  Trotwood-Madison City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2015 | Trotwood-Madison City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2015 | Trotwood-Madison City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2015 |
|  4.000% due 12/01/2025 | 215 | 216 |
|  |  | 3477 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 17

------

Schedule of Investments PIMCO National Municipal Intermediate Value Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OREGON 6.9% | OREGON 6.9% | OREGON 6.9% |
|  Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022 | Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022 | Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022 |
|  0.000% due 06/15/2036 (a) | 1605 | 1005 |
|  Crook County, Oregon General Obligation Bonds, Series 2022 | Crook County, Oregon General Obligation Bonds, Series 2022 | Crook County, Oregon General Obligation Bonds, Series 2022 |
|  0.000% due 06/01/2036 (b) | 1685 | 1639 |
|  Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024 | Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024 | Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024 |
|  0.000% due 06/15/2037 (b) | 300 | 321 |
|  Port of Portland, Oregon Airport Revenue Bonds, Series 2024 | Port of Portland, Oregon Airport Revenue Bonds, Series 2024 | Port of Portland, Oregon Airport Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2033 | 2500 | 2703 |
|  |  | 5668 |
| PENNSYLVANIA 4.2% | PENNSYLVANIA 4.2% | PENNSYLVANIA 4.2% |
|  Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022 | Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022 | Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022 |
|  4.000% due 11/15/2036 | 1000 | 1011 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2028 | 1095 | 1146 |
|  Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2038 | 465 | 479 |
|  5.000% due 09/01/2039 | 595 | 610 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 |
|  5.000% due 12/01/2025 | 200 | 203 |
|  |  | 3449 |
| RHODE ISLAND 1.1% | RHODE ISLAND 1.1% | RHODE ISLAND 1.1% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2016 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2016 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2016 |
|  5.000% due 09/15/2030 | 900 | 923 |
| SOUTH CAROLINA 1.3% | SOUTH CAROLINA 1.3% | SOUTH CAROLINA 1.3% |
|  South Carolina Ports Authority Revenue Bonds, Series 2018 | South Carolina Ports Authority Revenue Bonds, Series 2018 | South Carolina Ports Authority Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2034 | 1025 | 1051 |
| SOUTH DAKOTA 2.6% | SOUTH DAKOTA 2.6% | SOUTH DAKOTA 2.6% |
|  South Dakota Board of Regents Revenue Bonds, Series 2017 | South Dakota Board of Regents Revenue Bonds, Series 2017 | South Dakota Board of Regents Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2032 | 1010 | 1041 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Dakota Housing Development Authority Revenue Bonds, Series 2022 | South Dakota Housing Development Authority Revenue Bonds, Series 2022 | South Dakota Housing Development Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2029 | 1005 | 1073 |
|  |  | 2114 |
| TEXAS 13.4% | TEXAS 13.4% | TEXAS 13.4% |
|  Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 07/10/2040 | 1000 | 1067 |
|  Brownsville, Texas General Obligation Bonds, Series 2017 | Brownsville, Texas General Obligation Bonds, Series 2017 | Brownsville, Texas General Obligation Bonds, Series 2017 |
|  5.000% due 02/15/2036 | 1225 | 1249 |
|  City of Odessa, Texas General Obligation Bonds, Series 2019 | City of Odessa, Texas General Obligation Bonds, Series 2019 | City of Odessa, Texas General Obligation Bonds, Series 2019 |
|  5.000% due 03/01/2026 | 545 | 553 |
|  5.000% due 03/01/2027 | 515 | 530 |
|  County of Fort Bend, Texas Toll Road Revenue Bonds, Series 2016 | County of Fort Bend, Texas Toll Road Revenue Bonds, Series 2016 | County of Fort Bend, Texas Toll Road Revenue Bonds, Series 2016 |
|  5.000% due 03/01/2032 | 1440 | 1442 |
|  EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024 | EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024 | EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024 |
|  4.125% due 12/01/2039 | 2000 | 1903 |
|  Harris County, Texas Municipal Utility District No 383, General Obligation Bonds, (BAM Insured), Series 2015 | Harris County, Texas Municipal Utility District No 383, General Obligation Bonds, (BAM Insured), Series 2015 | Harris County, Texas Municipal Utility District No 383, General Obligation Bonds, (BAM Insured), Series 2015 |
|  3.000% due 09/01/2025 | 235 | 235 |
|  Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Bonds, (BAM Insured), Series 2017 | Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Bonds, (BAM Insured), Series 2017 | Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Bonds, (BAM Insured), Series 2017 |
|  3.000% due 09/01/2026 | 870 | 866 |
|  3.000% due 09/01/2027 | 860 | 860 |
|  Travis County Water Control & Improvement District No 17, Texas General Obligation Bonds, (BAM Insured), Series 2016 | Travis County Water Control & Improvement District No 17, Texas General Obligation Bonds, (BAM Insured), Series 2016 | Travis County Water Control & Improvement District No 17, Texas General Obligation Bonds, (BAM Insured), Series 2016 |
|  3.000% due 11/01/2025 | 590 | 588 |
|  Waller County, Texas General Obligation Bonds, Series 2023 | Waller County, Texas General Obligation Bonds, Series 2023 | Waller County, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 02/15/2037 | 1615 | 1623 |
|  |  | 10916 |
| WASHINGTON 1.3% | WASHINGTON 1.3% | WASHINGTON 1.3% |
|  Vancouver Housing Authority, Washington Revenue Notes, Series 2024 | Vancouver Housing Authority, Washington Revenue Notes, Series 2024 | Vancouver Housing Authority, Washington Revenue Notes, Series 2024 |
|  5.000% due 10/01/2027 | 1055 | 1080 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WEST VIRGINIA 0.7% | WEST VIRGINIA 0.7% | WEST VIRGINIA 0.7% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2012 | West Virginia Economic Development Authority Revenue Bonds, Series 2012 | West Virginia Economic Development Authority Revenue Bonds, Series 2012 |
|  5.000% due 06/01/2026 | 560 | 563 |
| WISCONSIN 1.9% | WISCONSIN 1.9% | WISCONSIN 1.9% |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2027 | 1500 | 1559 |
|  Total Municipal Bonds & Notes (Cost $80,929) | Total Municipal Bonds & Notes (Cost $80,929) | 79872 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.410% (c) | 225093 | 225 |
| Total Short-Term Instruments (Cost $225) | Total Short-Term Instruments (Cost $225) | 225 |
| Total Investments in Securities (Cost $81,154) | Total Investments in Securities (Cost $81,154) | 80097 |
| INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% |
| SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 60588 | 590 |
| Total Short-Term Instruments<br>(Cost $590) | Total Short-Term Instruments<br>(Cost $590) | 590 |
| Total Investments in Affiliates<br>(Cost $590) | Total Investments in Affiliates<br>(Cost $590) | 590 |
| Total Investments 98.8%<br>(Cost $81,744) | Total Investments 98.8%<br>(Cost $81,744) | 80687 |
| Other Assets and Liabilities, net 1.2% | Other Assets and Liabilities, net 1.2% | 952 |
| Net Assets 100.0% | Net Assets 100.0% | 81639 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Zero coupon security.

(b) Security becomes interest bearing at a future date.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 |
| &nbsp;&nbsp; Alaska | 0 | 2180 | 0 | 2180 |
| &nbsp;&nbsp; California | 0 | 4633 | 0 | 4633 |
| &nbsp;&nbsp; Connecticut | 0 | 197 | 0 | 197 |
| &nbsp;&nbsp; Florida | 0 | 6024 | 0 | 6024 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Georgia | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1539 | $0 | $1539 |
| &nbsp;&nbsp; Illinois | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 |
| &nbsp;&nbsp; Indiana | 0 | 1102 | 0 | 1102 |
| &nbsp;&nbsp; Iowa | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp; Kentucky | 0 | 4854 | 0 | 4854 |
| &nbsp;&nbsp; Louisiana | 0 | 2041 | 0 | 2041 |
| &nbsp;&nbsp; Maine | 0 | 1448 | 0 | 1448 |

---

---

| | | |
|:---|:---|:---|
| **18** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Michigan | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1460 | $0 | $1460 |
| &nbsp;&nbsp; Minnesota | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
| &nbsp;&nbsp; Mississippi | 0 | 1601 | 0 | 1601 |
| &nbsp;&nbsp; Missouri | 0 | 2686 | 0 | 2686 |
| &nbsp;&nbsp; Multi-State | 0 | 978 | 0 | 978 |
| &nbsp;&nbsp; Nevada | 0 | 1195 | 0 | 1195 |
| &nbsp;&nbsp; New York | 0 | 626 | 0 | 626 |
| &nbsp;&nbsp; Ohio | 0 | 3477 | 0 | 3477 |
| &nbsp;&nbsp; Oregon | 0 | 5668 | 0 | 5668 |
| &nbsp;&nbsp; Pennsylvania | 0 | 3449 | 0 | 3449 |
| &nbsp;&nbsp; Rhode Island | 0 | 923 | 0 | 923 |
| &nbsp;&nbsp; South Carolina | 0 | 1051 | 0 | 1051 |
| &nbsp;&nbsp; South Dakota | 0 | 2114 | 0 | 2114 |
| &nbsp;&nbsp; Texas | 0 | 10916 | 0 | 10916 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Washington | $0 | $1080 | $0 | $1080 |
| &nbsp;&nbsp; West Virginia | 0 | 563 | 0 | 563 |
| &nbsp;&nbsp; Wisconsin | 0 | 1559 | 0 | 1559 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 225 | 0 | 0 | 225 |
|  | $225 | $79872 | $0 | $80097 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | $0 | $0 | $590 |
|  Total Investments | $815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80687 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Schedule of Investments PIMCO National Municipal Opportunistic Value Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.4% | INVESTMENTS IN SECURITIES 99.4% | INVESTMENTS IN SECURITIES 99.4% |
| MUNICIPAL BONDS & NOTES 99.3% | MUNICIPAL BONDS & NOTES 99.3% | MUNICIPAL BONDS & NOTES 99.3% |
| ALABAMA 2.2% | ALABAMA 2.2% | ALABAMA 2.2% |
|  Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023 | Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023 | Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 06/01/2053 | 500 | 512 |
|  Lower Alabama Gas District Revenue Bonds, Series 2016 | Lower Alabama Gas District Revenue Bonds, Series 2016 | Lower Alabama Gas District Revenue Bonds, Series 2016 |
|  5.000% due 09/01/2046 | 2150 | 2286 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2185 | 2167 |
|  Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024 | Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024 | Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024 |
|  4.250% due 04/01/2049 | 1000 | 939 |
|  |  | 5904 |
| ARIZONA 1.6% | ARIZONA 1.6% | ARIZONA 1.6% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2047 | 2000 | 2040 |
|  Town of Queen Creek, Arizona Excise Tax Revenue Bonds, Series 2022 | Town of Queen Creek, Arizona Excise Tax Revenue Bonds, Series 2022 | Town of Queen Creek, Arizona Excise Tax Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2047 | 2090 | 2194 |
|  |  | 4234 |
| ARKANSAS 1.5% | ARKANSAS 1.5% | ARKANSAS 1.5% |
|  University of Arkansas Revenue Bonds, Series 2022 | University of Arkansas Revenue Bonds, Series 2022 | University of Arkansas Revenue Bonds, Series 2022 |
|  5.000% due 04/01/2052 | 4000 | 4121 |
| CALIFORNIA 0.7% | CALIFORNIA 0.7% | CALIFORNIA 0.7% |
|  California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 |
|  5.125% due 10/01/2027 | 100 | 100 |
|  Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 | Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 | Fairfield, California Certificates of Participation Bonds, (AGC Insured), Series 2007 |
|  0.000% due 04/01/2030 (b) | 1000 | 840 |
|  Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 1000 | 1062 |
|  |  | 2002 |
| COLORADO 1.8% | COLORADO 1.8% | COLORADO 1.8% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2023 | Board of Governors of Colorado State University System Revenue Bonds, Series 2023 | Board of Governors of Colorado State University System Revenue Bonds, Series 2023 |
|  5.000% due 03/01/2051 | 235 | 245 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2039 | 2500 | 2590 |
|  Northern Colorado Water Conservancy District Certificates Of Participation, Series 2022 | Northern Colorado Water Conservancy District Certificates Of Participation, Series 2022 | Northern Colorado Water Conservancy District Certificates Of Participation, Series 2022 |
|  5.250% due 07/01/2052 | 2100 | 2197 |
|  |  | 5032 |
| DISTRICT OF COLUMBIA 1.3% | DISTRICT OF COLUMBIA 1.3% | DISTRICT OF COLUMBIA 1.3% |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2042 | 3475 | 3500 |
| FLORIDA 5.2% | FLORIDA 5.2% | FLORIDA 5.2% |
|  Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022 | Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022 | Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2049 | 2000 | 2077 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2038 | 5525 | 5530 |
|  Pinellas Park, Florida Revenue Bonds, Series 2022 | Pinellas Park, Florida Revenue Bonds, Series 2022 | Pinellas Park, Florida Revenue Bonds, Series 2022 |
|  5.000% due 09/01/2049 | 2200 | 2272 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023 | St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023 | St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2048 | 2000 | 2066 |
|  Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 | Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 | Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 |
|  5.250% due 01/01/2049 | 2100 | 2239 |
|  |  | 14184 |
| GEORGIA 1.8% | GEORGIA 1.8% | GEORGIA 1.8% |
|  Bibb County, Georgia Development Authority Revenue Bonds, Series 2024 | Bibb County, Georgia Development Authority Revenue Bonds, Series 2024 | Bibb County, Georgia Development Authority Revenue Bonds, Series 2024 |
|  4.375% due 07/01/2054 | 1000 | 955 |
|  Coweta County Public Facilities Authority, Georgia Revenue Bonds, Series 2022 | Coweta County Public Facilities Authority, Georgia Revenue Bonds, Series 2022 | Coweta County Public Facilities Authority, Georgia Revenue Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 1000 | 1044 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 |
|  4.000% due 09/01/2052 | 2000 | 2008 |
|  Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, Series 2024 | Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, Series 2024 | Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2049 | 1000 | 944 |
|  |  | 4951 |
| HAWAII 2.5% | HAWAII 2.5% | HAWAII 2.5% |
|  Hawaii Airports System State Revenue Bonds, Series 2015 | Hawaii Airports System State Revenue Bonds, Series 2015 | Hawaii Airports System State Revenue Bonds, Series 2015 |
|  5.000% due 07/01/2045 | 2315 | 2326 |
|  Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011 | Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011 | Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011 |
|  4.950% due 04/01/2029 | 4425 | 4530 |
|  |  | 6856 |
| ILLINOIS 12.7% | ILLINOIS 12.7% | ILLINOIS 12.7% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2016 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2016 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2033 | 1000 | 1010 |
|  5.000% due 01/01/2036 | 2925 | 2950 |
|  5.000% due 01/01/2041 | 5665 | 5697 |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 |
|  5.000% due 01/01/2046 | 1000 | 1024 |
|  Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022 | Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022 | Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022 |
|  4.000% due 12/01/2042 | 1805 | 1744 |
|  Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds, (BAM Insured), Series 2024 | Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds, (BAM Insured), Series 2024 | Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 10/01/2049 | 1495 | 1528 |
|  DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 | DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 | DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 |
|  4.250% due 11/01/2049 | 1645 | 1548 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 02/15/2045 | 3500 | 3509 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  5.000% due 08/15/2047 | 1775 | 1841 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|  5.000% due 01/01/2040 | 3230 | 3247 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2016 | Illinois State Toll Highway Authority Revenue Bonds, Series 2016 | Illinois State Toll Highway Authority Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2041 | 2200 | 2226 |
|  Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 | Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 | Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 12/01/2050 | 2170 | 2231 |
|  Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 |
|  5.250% due 01/01/2043 | 2200 | 2269 |
|  5.250% due 01/01/2048 | 2000 | 2053 |
|  University of Illinois Revenue Bonds, Series 2015 | University of Illinois Revenue Bonds, Series 2015 | University of Illinois Revenue Bonds, Series 2015 |
|  4.000% due 04/01/2034 | 640 | 640 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024 | Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024 | Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024 |
|  4.500% due 01/01/2049 | 1000 | 989 |
|  |  | 34506 |
| KANSAS 0.8% | KANSAS 0.8% | KANSAS 0.8% |
|  Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024 | Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024 | Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 2000 | 2063 |
| LOUISIANA 1.9% | LOUISIANA 1.9% | LOUISIANA 1.9% |
|  Lafayette, Louisiana Sales & Use Tax Revenue Bonds, Series 2024 | Lafayette, Louisiana Sales & Use Tax Revenue Bonds, Series 2024 | Lafayette, Louisiana Sales & Use Tax Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2049 | 1835 | 1931 |
|  Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024 | Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024 | Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024 |
|  5.000% due 11/01/2049 | 2000 | 2103 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  5.000% due 08/15/2037 | 1000 | 1020 |
|  |  | 5054 |
| MAINE 1.9% | MAINE 1.9% | MAINE 1.9% |
|  Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022 | Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022 | Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022 |
|  5.500% due 07/01/2050 | 5000 | 5250 |
| MARYLAND 0.2% | MARYLAND 0.2% | MARYLAND 0.2% |
|  Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005 | Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005 | Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005 |
|  5.000% due 07/01/2031 | 625 | 635 |
| MASSACHUSETTS 2.5% | MASSACHUSETTS 2.5% | MASSACHUSETTS 2.5% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2015 | Commonwealth of Massachusetts General Obligation Bonds, Series 2015 | Commonwealth of Massachusetts General Obligation Bonds, Series 2015 |
|  5.000% due 07/01/2045 | 2825 | 2829 |
|  Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 | Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 | Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2050 | 3000 | 3051 |
|  Massachusetts Port Authority Revenue Bonds, Series 2019 | Massachusetts Port Authority Revenue Bonds, Series 2019 | Massachusetts Port Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2034 | 1000 | 1040 |
|  |  | 6920 |
| MICHIGAN 6.2% | MICHIGAN 6.2% | MICHIGAN 6.2% |
|  Allegan Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 | Allegan Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 | Allegan Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 |
|  5.000% due 05/01/2044 | 2640 | 2731 |
|  Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 | Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 | Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 |
|  5.000% due 05/01/2047 | 2500 | 2604 |
|  Gibraltar School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 | Gibraltar School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 | Gibraltar School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 |
|  5.000% due 05/01/2048 | 705 | 736 |
|  Holly Area School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022 | Holly Area School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022 | Holly Area School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022 |
|  5.000% due 05/01/2044 | 3240 | 3383 |
|  Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 | Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 | Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 |
|  5.000% due 05/01/2049 | 535 | 551 |
|  Lansing School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022 | Lansing School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022 | Lansing School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2022 |
|  5.000% due 05/01/2046 | 3650 | 3805 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 |
|  5.000% due 11/15/2047 | 2430 | 2478 |

---

---

| | | |
|:---|:---|:---|
| **20** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021 | Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021 | Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021 |
|  4.000% due 05/01/2050 | 750 | 677 |
|  |  | 16965 |
| MISSOURI 5.7% | MISSOURI 5.7% | MISSOURI 5.7% |
|  Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 |
|  4.500% due 04/15/2048 | 2275 | 2269 |
|  Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2044 | 2225 | 2291 |
|  Blue Springs, Missouri Revenue Bonds, Series 2022 | Blue Springs, Missouri Revenue Bonds, Series 2022 | Blue Springs, Missouri Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2052 | 2500 | 2561 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2037 | 2930 | 3011 |
|  Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 03/01/2049 | 2000 | 2065 |
|  Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022 | Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022 | Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022 |
|  5.500% due 04/01/2047 | 3000 | 3174 |
|  |  | 15371 |
| MULTI-STATE 2.2% | MULTI-STATE 2.2% | MULTI-STATE 2.2% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  0.000% due 12/25/2036 | 2942 | 2933 |
|  3.721% due 01/25/2040 | 2949 | 2928 |
|  |  | 5861 |
| NEBRASKA 1.5% | NEBRASKA 1.5% | NEBRASKA 1.5% |
|  Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023 | Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023 | Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/15/2048 | 2925 | 3069 |
|  Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023 | Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023 | Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023 |
|  4.500% due 12/15/2053 | 1000 | 985 |
|  |  | 4054 |
| NEW HAMPSHIRE 1.8% | NEW HAMPSHIRE 1.8% | NEW HAMPSHIRE 1.8% |
|  New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 12/01/2041 | 1450 | 1543 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 3000 | 3364 |
|  |  | 4907 |
| NEW JERSEY 0.4% | NEW JERSEY 0.4% | NEW JERSEY 0.4% |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 |
|  5.000% due 06/15/2044 | 1000 | 1015 |
| NEW YORK 4.6% | NEW YORK 4.6% | NEW YORK 4.6% |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.000% due 02/01/2047 | 2535 | 2617 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 2500 | 2564 |
|  Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 | Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 | Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 |
|  5.250% due 07/01/2052 | 1000 | 1062 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 |
|  5.000% due 05/15/2051 | 5000 | 5142 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2050 | 1000 | 1055 |
|  |  | 12440 |
| NORTH CAROLINA 1.6% | NORTH CAROLINA 1.6% | NORTH CAROLINA 1.6% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013 |
|  5.000% due 01/15/2039 | 4450 | 4458 |
| OHIO 7.3% | OHIO 7.3% | OHIO 7.3% |
|  Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023 | Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023 | Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 08/01/2053 | 1000 | 1024 |
|  Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024 | Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024 | Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 1000 | 1028 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2050 | 3000 | 3166 |
|  Coshocton County, Ohio General Obligation Bonds, Series 2023 | Coshocton County, Ohio General Obligation Bonds, Series 2023 | Coshocton County, Ohio General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2048 | 3405 | 3464 |
|  Lake County, Ohio General Obligation Bonds, Series 2024 | Lake County, Ohio General Obligation Bonds, Series 2024 | Lake County, Ohio General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2050 | 2000 | 2047 |
|  Lake Local School District/Wood County, Ohio General Obligation Bonds, Series 2022 | Lake Local School District/Wood County, Ohio General Obligation Bonds, Series 2022 | Lake Local School District/Wood County, Ohio General Obligation Bonds, Series 2022 |
|  4.000% due 12/01/2051 | 1500 | 1347 |
|  Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 | Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 | Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 500 | 512 |
|  5.000% due 12/01/2053 | 2465 | 2510 |
|  Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024 | Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024 | Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 12/01/2048 | 1000 | 1045 |
|  Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024 | Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024 | Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 2640 | 2740 |
|  Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 |
|  4.625% due 12/01/2052 | 1000 | 951 |
|  |  | 19834 |
| OKLAHOMA 1.0% | OKLAHOMA 1.0% | OKLAHOMA 1.0% |
|  Oklahoma Water Resources Board State Loan Program Revenue Bonds, Series 2022 | Oklahoma Water Resources Board State Loan Program Revenue Bonds, Series 2022 | Oklahoma Water Resources Board State Loan Program Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2047 | 2500 | 2648 |
| OREGON 1.7% | OREGON 1.7% | OREGON 1.7% |
|  Crook County, Oregon General Obligation Bonds, Series 2022 | Crook County, Oregon General Obligation Bonds, Series 2022 | Crook County, Oregon General Obligation Bonds, Series 2022 |
|  0.000% due 06/01/2042 (c) | 3775 | 3583 |
|  Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024 | Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024 | Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024 |
|  0.000% due 06/15/2044 (b) | 2500 | 973 |
|  |  | 4556 |
| PENNSYLVANIA 11.9% | PENNSYLVANIA 11.9% | PENNSYLVANIA 11.9% |
|  Altoona Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2018 | Altoona Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2018 | Altoona Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2018 |
|  5.000% due 12/01/2039 | 2375 | 2403 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 1000 | 939 |
|  Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018 | Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018 | Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018 |
|  5.000% due 07/01/2043 | 3200 | 3267 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022 | Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022 | Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022 |
|  5.000% due 03/15/2040 | 1750 | 1830 |
|  5.000% due 03/15/2041 | 1750 | 1821 |
|  Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023 | Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023 | Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023 |
|  4.375% due 02/15/2049 | 2000 | 1905 |
|  Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, Series 2022 | Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, Series 2022 | Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/01/2049 | 2000 | 1819 |
|  Manheim Central School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2022 | Manheim Central School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2022 | Manheim Central School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.000% due 04/01/2041 | 2505 | 2599 |
|  Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 05/15/2048 | 1770 | 1824 |
|  Middletown Area School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2025 | Middletown Area School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2025 | Middletown Area School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 03/01/2045 (a) | 1000 | 1032 |
|  Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024 | Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024 | Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024 |
|  5.000% due 05/15/2049 | 1000 | 1030 |
|  Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024 | Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024 | Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1375 | 1411 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 |
|  5.000% due 12/01/2040 | 1000 | 1005 |
|  5.000% due 12/01/2045 | 3750 | 3765 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2016 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2016 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2041 | 2600 | 2623 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2042 | 2050 | 2084 |
|  5.000% due 12/01/2047 | 1000 | 1014 |
|  |  | 32371 |
| TEXAS 10.6% | TEXAS 10.6% | TEXAS 10.6% |
|  Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 | Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 | Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 |
|  4.000% due 02/15/2047 | 1000 | 927 |
|  Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024 | Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024 | Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024 |
|  4.000% due 02/15/2049 | 2000 | 1829 |
|  Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 |
|  5.250% due 11/15/2047 | 1725 | 1779 |
|  Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 |
|  4.500% due 07/10/2046 | 1500 | 1451 |
|  Bexar County Texas Hospital District, General Obligation Bonds, Series 2023 | Bexar County Texas Hospital District, General Obligation Bonds, Series 2023 | Bexar County Texas Hospital District, General Obligation Bonds, Series 2023 |
|  5.000% due 02/15/2048 | 1000 | 1035 |
|  Brownsville, Texas General Obligation Bonds, Series 2018 | Brownsville, Texas General Obligation Bonds, Series 2018 | Brownsville, Texas General Obligation Bonds, Series 2018 |
|  5.000% due 02/15/2043 | 1000 | 1002 |
|  City of Georgetown, Texas Utility System Revenue Bonds, (AGM Insured), Series 2022 | City of Georgetown, Texas Utility System Revenue Bonds, (AGM Insured), Series 2022 | City of Georgetown, Texas Utility System Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 08/15/2042 | 4000 | 4180 |
|  Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 |
|  4.500% due 10/01/2049 | 2000 | 1994 |
|  Gulf Coast Water Authority, Texas Revenue Bonds, Series 2023 | Gulf Coast Water Authority, Texas Revenue Bonds, Series 2023 | Gulf Coast Water Authority, Texas Revenue Bonds, Series 2023 |
|  4.500% due 08/15/2052 | 1240 | 1207 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2052 | 2500 | 2558 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 08/15/2048 | 1945 | 1807 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Schedule of Investments PIMCO National Municipal Opportunistic Value Fund (Cont.) March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.125% due 05/15/2049 | 1260 | 1181 |
|  North Texas Tollway Authority Revenue Bonds, Series 2017 | North Texas Tollway Authority Revenue Bonds, Series 2017 | North Texas Tollway Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2043 | 2345 | 2389 |
|  Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  4.000% due 02/15/2051 | 1500 | 1384 |
|  Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2048 | 2280 | 2147 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 |
|  4.000% due 02/15/2048 | 2000 | 1815 |
|  |  | 28685 |
| UTAH 0.9% | UTAH 0.9% | UTAH 0.9% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2037 | 1000 | 1040 |
|  South Utah Valley Solid Waste District Revenue Bonds, Series 2022 | South Utah Valley Solid Waste District Revenue Bonds, Series 2022 | South Utah Valley Solid Waste District Revenue Bonds, Series 2022 |
|  5.000% due 04/15/2047 | 1450 | 1494 |
|  |  | 2534 |
| VIRGINIA 1.0% | VIRGINIA 1.0% | VIRGINIA 1.0% |
|  Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 |
|  4.750% due 04/01/2038 | 2775 | 2781 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WASHINGTON 2.3% | WASHINGTON 2.3% | WASHINGTON 2.3% | WASHINGTON 2.3% |
|  Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 |
|  4.750% due 02/01/2028 | 800 | $— | 804 |
|  Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 |
|  5.000% due 05/01/2043 | 4000 |  | 4054 |
|  Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 1250 |  | 1289 |
|  |  |  | 6147 |
|  Total Municipal Bonds & Notes (Cost $273,546) | Total Municipal Bonds & Notes (Cost $273,546) |  | 269839 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  4.410% (d) | 94030 |  | 94 |
| Total Short-Term Instruments<br>(Cost $94) | Total Short-Term Instruments<br>(Cost $94) |  | 94 |
| Total Investments in Securities (Cost $273,640) | Total Investments in Securities (Cost $273,640) |  | 269933 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 8828 | $— | 86 |
| Total Short-Term Instruments<br>(Cost $86) | Total Short-Term Instruments<br>(Cost $86) |  | 86 |
| Total Investments in Affiliates<br>(Cost $86) | Total Investments in Affiliates<br>(Cost $86) |  | 86 |
| Total Investments 99.4%<br>(Cost $273,726) | Total Investments 99.4%<br>(Cost $273,726) | $— | 270019 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 1646 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 271665 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

(d) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5904 | $0 | $5904 |
| &nbsp;&nbsp; Arizona | 0 | 4234 | 0 | 4234 |
| &nbsp;&nbsp; Arkansas | 0 | 4121 | 0 | 4121 |
| &nbsp;&nbsp; California | 0 | 2002 | 0 | 2002 |
| &nbsp;&nbsp; Colorado | 0 | 5032 | 0 | 5032 |
| &nbsp;&nbsp; District of Columbia | 0 | 3500 | 0 | 3500 |
| &nbsp;&nbsp; Florida | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14184 |
| &nbsp;&nbsp; Georgia | 0 | 4951 | 0 | 4951 |
| &nbsp;&nbsp; Hawaii | 0 | 6856 | 0 | 6856 |
| &nbsp;&nbsp; Illinois | 0 | 34506 | 0 | 34506 |
| &nbsp;&nbsp; Kansas | 0 | 2063 | 0 | 2063 |
| &nbsp;&nbsp; Louisiana | 0 | 5054 | 0 | 5054 |
| &nbsp;&nbsp; Maine | 0 | 5250 | 0 | 5250 |
| &nbsp;&nbsp; Maryland | 0 | 635 | 0 | 635 |
| &nbsp;&nbsp; Massachusetts | 0 | 6920 | 0 | 6920 |
| &nbsp;&nbsp; Michigan | 0 | 16965 | 0 | 16965 |
| &nbsp;&nbsp; Missouri | 0 | 15371 | 0 | 15371 |
| &nbsp;&nbsp; Multi-State | 0 | 5861 | 0 | 5861 |
| &nbsp;&nbsp; Nebraska | 0 | 4054 | 0 | 4054 |
| &nbsp;&nbsp; New Hampshire | 0 | 4907 | 0 | 4907 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; New Jersey | $0 | $1015 | $0 | $1015 |
| &nbsp;&nbsp; New York | 0 | 12440 | 0 | 12440 |
| &nbsp;&nbsp; North Carolina | 0 | 4458 | 0 | 4458 |
| &nbsp;&nbsp; Ohio | 0 | 19834 | 0 | 19834 |
| &nbsp;&nbsp; Oklahoma | 0 | 2648 | 0 | 2648 |
| &nbsp;&nbsp; Oregon | 0 | 4556 | 0 | 4556 |
| &nbsp;&nbsp; Pennsylvania | 0 | 32371 | 0 | 32371 |
| &nbsp;&nbsp; Texas | 0 | 28685 | 0 | 28685 |
| &nbsp;&nbsp; Utah | 0 | 2534 | 0 | 2534 |
| &nbsp;&nbsp; Virginia | 0 | 2781 | 0 | 2781 |
| &nbsp;&nbsp; Washington | 0 | 6147 | 0 | 6147 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 94 | 0 | 0 | 94 |
|  | $94 | $269839 | $0 | $269933 |
|  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 | $86 | $0 | $0 | $86 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270019 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

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| | | |
|:---|:---|:---|
| **22** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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Notes to Financial Statements March 31, 2025

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial

statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

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Notes to Financial Statements (Cont.)

non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO California Municipal Intermediate Value Fund |  | Daily |  | Monthly |
|  PIMCO California Municipal Opportunistic Value Fund |  | Daily |  | Monthly |
|  PIMCO National Municipal Intermediate Value Fund |  | Daily |  | Monthly |
|  PIMCO National Municipal Opportunistic Value Fund |  | Daily |  | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such

differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(c) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in

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| | |
|:---|:---|
| **24** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2025

connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after

December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

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Notes to Financial Statements (Cont.)

by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

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|:---|:---|
| **26** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2025

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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|:---|:---|
| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

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.

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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

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Notes to Financial Statements (Cont.)

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 table below shows the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO California Municipal Intermediate Value Fund | $1098 | $8052 | $(7901) | $1 | $0 | $1250 | $52 | $0 |
|  PIMCO California Municipal Opportunistic Value Fund | 20949 | 108308 | (112100) | 11 | (2) | 17166 | 919 | 0 |
|  PIMCO National Municipal Intermediate Value Fund | 7125 | 31661 | (38200) | 6 | (2) | 590 | 165 | 0 |
|  PIMCO National Municipal Opportunistic Value Fund | 14233 | 98544 | (112700) | 12 | (3) | 86 | 452 | 0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional

(i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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).

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| | |
|:---|:---|
| **28** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2025

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.

Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may

lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>California<br>Municipal<br>Intermediate<br>Value Fund | PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund | PIMCO<br>National<br>Municipal<br>Intermediate<br>Value Fund | PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund |
|  Small Fund | X |  |  |  |
|  Interest Rate | X | X | X | X |
|  Call | X | X | X | X |
|  Credit | X | X | X | X |
|  Market | X | X | X | X |
|  Issuer | X | X | X | X |
|  Liquidity | X | X | X | X |
|  Income | X | X | X | X |
|  Extension | X | X | X | X |
|  Prepayment | X | X | X | X |
|  When-Issued Securities | X | X | X | X |
|  Issuer Non-Diversification |  | X |  | X |
|  Management | X | X | X | X |
|  Municipal Instruments | X | X | X | X |
|  California and Single State Municipal Securities | X | X |  |  |
|  Single State Municipal Securities |  |  | X | X |
|  Municipal Project-Specific | X | X | X | X |
|  Floating Rate Securities | X | X | X | X |
|  Tax-Exempt Status | X | X | X | X |
|  Taxation | X | X | X | X |
|  U.S. Treasury and Agency Securities | X | X | X | X |
|  General Obligation Bond | X | X | X | X |
|  AMT Bonds | X | X | X | X |
|  Lease Revenue Bond | X | X | X | X |
|  Revenue Bond | X | X | X | X |
|  Zero Coupon Bond | X | X | X | X |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

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Notes to Financial Statements (Cont.)

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Income Risk is the risk that when interest rates fall, a Fund's income may decline. This decline can occur because a Fund may invest in lower-yielding bonds as bonds in its portfolio mature.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Fund's investment in such securities and may prevent a Fund from receiving higher interest rates on proceeds reinvested.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

When-Issued Securities Risk is the risks related to municipal securities issued on a when-issued basis, where payment and delivery take place at a future date beyond the normal settlement date. Because the market price of the security may fluctuate during the time before payment and delivery, a Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. In addition, interest is not generally paid on when-issued securities

until settlement.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are

"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Municipal Instruments Risk is the risk that a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal instruments to pay interest or repay principal.

California and Single State Municipal Securities Risk is the risk that because a Fund invests primarily in California Municipal Bonds but may

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| | |
|:---|:---|
| **30** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2025

invest more than 25% of its net assets in municipal instruments the principal and interest payments of which are paid by obligors located in a single state, other than California, it is more exposed to the impact of legislative, tax, and political changes within those states than a fund that invests more widely.

Single State Municipal Securities Risk is the risk that because a Fund may invest a significant portion of its assets in municipal securities of a particular state, it may be more exposed to the impact of legislative, tax, and political changes within that state than a fund that invests more widely.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Floating Rate Securities Risk is the risk of investing in floating rate notes, which generally carry lower yields than fixed notes of the same maturity. Securities with variable or floating interest rates may be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or at the same pace, as interest rates in general. The interest rate for a floating rate note occasionally adjusts or resets by reference to a benchmark interest rate. Benchmark interest rates, such as London Interbank Offered Rate ("LIBOR"), may not precisely track market interest rates. In general, securities with longer durations tend to be more sensitive to interest rate changes, which may make them more volatile than securities with shorter durations.

Tax-Exempt Status Risk is the risk that reclassifications or legislative or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively, subjecting you to increased tax liability.

Taxation Risk is the risk that to the extent that a Fund invests in securities the income from which is not tax-exempt, your share of income from such investments will be taxable for state and/or federal income tax purposes. Although a Fund seeks to invest primarily in securities that are not subject to regular federal income tax and, for the PIMCO California Municipal Intermediate Value Fund and the PIMCO California Municipal Opportunistic Value Fund only, California state income tax, a Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax.

U.S. Treasury and Agency Securities Risk is the risk of investing in securities issued or guaranteed by the U.S. Treasury or its agencies and instrumentalities, which may be backed only by the credit of the agency

or instrumentality and not by the full faith and credit of the United States. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities.

General Obligation Bond Risk is the risk of investing in general obligation bonds, which are generally secured by the obligor's pledge of its full faith, credit and taxing power for the payment of principal and interest. However, the taxing power of any governmental entity may be limited by provisions of state constitutions or laws and an entity's credit will depend on many factors.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Lease Revenue Bond Risk is the risk of investing in lease revenue bonds and other municipal lease obligations, which may be considered less secure than a general obligation or revenue bond and may or may not include a debt service reserve fund. There have also been certain legal challenges to the use of lease revenue bonds in various states.

Revenue Bond Risk is the risk of investing in revenue bonds, which are generally backed by and payable from the revenues derived from a specific facility or specific revenue source or sources. As a result, the revenue bonds in which a Fund invests may entail greater credit risk than a Fund's investments in general obligation bonds.

Zero Coupon Bond Risk is the risk of investing in zero coupon bonds, in which the market prices are more volatile than the market prices of securities that pay interest on a regular basis. Since a Fund will not receive cash payments earned on these securities on a current basis, a Fund may be required to make distributions from other sources. This may result in higher portfolio turnover rates and the sale of securities at a time that is less favorable.

(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,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

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Notes to Financial Statements (Cont.)

economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

7. FEES AND EXPENSES

**(a) Investment Advisory Fee** PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

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|:---|:---|
| **32** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2025

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for the Institutional Class, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to the Institutional Class):

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|:---|:---|:---|
| Fund Name | Investment<br>Advisory Fee | Supervisory and<br>Administrative Fee |
|  PIMCO California Municipal Intermediate Value Fund | 0.30%<sup>(1)</sup> | 0.20% |
|  PIMCO California Municipal Opportunistic Value Fund | 0.37%<sup>(2)(3)</sup> | 0.23% |
|  PIMCO National Municipal Intermediate Value Fund | 0.30%<sup>(1)</sup> | 0.20% |
|  PIMCO National Municipal Opportunistic Value Fund | 0.37%<sup>(2)(3)</sup> | 0.23% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to reduce its advisory fee by 0.11% of the average daily net assets of the Fund. 

<sup>(2)</sup> PIMCO had contractually agreed, through July 31, 2024, to reduce its advisory fee by 0.03% of the average daily net assets of the Fund. 

<sup>(3)</sup> Effective August 1, 2024, the Fund's Investment Advisory Fee was reduced by 0.03% to 0.37% per annum. 

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit ; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or

maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its advisory fee by 0.11% of the average daily net assets of the PIMCO California Municipal Intermediate Value Fund and PIMCO National Municipal Intermediate Value Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. PIMCO may not recoup these waivers.

PIMCO had contractually agreed, through July 31, 2024, to waive its advisory fee by 0.03% of the average daily net assets of the PIMCO

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

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Notes to Financial Statements (Cont.)

California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund.

Pursuant to the Expense Limitation Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO California Municipal Intermediate Value Fund | $29 |
|  PIMCO California Municipal Opportunistic Value Fund | 27 |
|  PIMCO National Municipal Intermediate Value Fund | 110 |
|  PIMCO National Municipal Opportunistic Value Fund | 31 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 7, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

9. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the

extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

10. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO California Municipal Intermediate Value Fund | $0 | $0 | $6050 | $6650 |
|  PIMCO California Municipal Opportunistic Value Fund | 1561 | 0 | 46829 | 56723 |
|  PIMCO National Municipal Intermediate Value Fund | 0 | 0 | 24687 | 56892 |
|  PIMCO National Municipal Opportunistic Value Fund | 0 | 0 | 57471 | 77040 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|
| **34** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2025

11. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO California Municipal Intermediate<br>Value Fund | PIMCO California Municipal Intermediate<br>Value Fund | PIMCO California Municipal Intermediate<br>Value Fund | PIMCO California Municipal Intermediate<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 326 | $3264 | 1233 | $11999 | 6362 | $62552 | 10478 | $101480 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 65 | 651 | 55 | 544 | 899 | 8837 | 815 | 7927 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (528) | (5287) | (1197) | (11793) | (8939) | (87688) | (8073) | (77932) |
|  **Net increase (decrease) resulting from Fund share transactions** | (137) | $(1372) | 91 | $750 | (1678) | $(16299) | 3220 | $31475 |
|  | PIMCO National Municipal Intermediate<br>Value Fund | PIMCO National Municipal Intermediate<br>Value Fund | PIMCO National Municipal Intermediate<br>Value Fund | PIMCO National Municipal Intermediate<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 372 | $3735 | 2310 | $22991 | 4173 | $40970 | 6948 | $67501 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 283 | 2834 | 285 | 2837 | 1075 | 10557 | 1034 | 10056 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4558) | (45838) | (3767) | (37382) | (9101) | (89176) | (7069) | (68419) |
|  **Net increase (decrease) resulting from Fund share transactions** | (3903) | $(39269) | (1172) | $(11554) | (3853) | $(37649) | 913 | $9138 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO California Municipal Intermediate Value Fund | 2 | 0 | 97% | 0% |
|  PIMCO California Municipal Opportunistic Value Fund | 1 | 0 | 90% | 0% |
|  PIMCO National Municipal Intermediate Value Fund | 2 | 0 | 99% | 0% |
|  PIMCO National Municipal Opportunistic Value Fund | 1 | 0 | 96% | 0% |

---

12. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

13. 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Notes to Financial Statements (Cont.)

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified**<br> **Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified**<br> **Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | Total Components of<br>Distributable<br>Earnings |
|  PIMCO California Municipal Intermediate Value Fund | $13 | $0 | $0 | $(246) | $0 | $(1810) | $0 | $0 | $(2043) |
|  PIMCO California Municipal Opportunistic Value Fund | 6 | 0 | 0 | (1145) | 0 | (1023) | 0 | 0 | (2162) |
|  PIMCO National Municipal Intermediate Value Fund | 0 | 0 | 0 | (1057) | 0 | (7138) | 0 | 0 | (8195) |
|  PIMCO National Municipal Opportunistic Value Fund | 5 | 0 | 0 | (3707) | (1) | (565) | 0 | 0 | (4268) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals.

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO California Municipal Intermediate Value Fund | $96 | $1714 |
|  PIMCO California Municipal Opportunistic Value Fund | 502 | 521 |
|  PIMCO National Municipal Intermediate Value Fund | 2092 | 5046 |
|  PIMCO National Municipal Opportunistic Value Fund | 110 | 455 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal <br>Tax Cost | Unrealized <br>Appreciation | Unrealized <br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO California Municipal Intermediate Value Fund | $26329 | $180 | $(426) | $(246) |
|  PIMCO California Municipal Opportunistic Value Fund | 247773 | 1695 | (2840) | (1145) |
|  PIMCO National Municipal Intermediate Value Fund | 81744 | 321 | (1378) | (1057) |
|  PIMCO National Municipal Opportunistic Value Fund | 273726 | 1418 | (5125) | (3707) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals.

---

| | |
|:---|:---|
| **36** | **MUNICIPAL VALUE FUNDS** |

---

------

March 31, 2025

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO California Municipal Intermediate Value Fund | $616 | $35 | $0 | $0 | $475 | $69 | $0 | $0 |
|  PIMCO California Municipal Opportunistic Value Fund | 8108 | 729 | 0 | 0 | 6957 | 982 | 0 | 0 |
|  PIMCO National Municipal Intermediate Value Fund | 2692 | 155 | 0 | 0 | 2424 | 457 | 0 | 0 |
|  PIMCO National Municipal Opportunistic Value Fund | 10087 | 480 | 0 | 0 | 9280 | 785 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

14. SUBSEQUENT EVENTS

PIMCO has provided notice terminating the current fee waiver agreement for the PIMCO California Municipal Intermediate Value Fund and PIMCO National Municipal Intermediate Value Fund (each, a "Fund" and together, the "Funds"), effective as of the end of the current term, July 31, 2025 ("Current Fee Waiver"). PIMCO has proposed, and the Funds' Board has approved, a new fee waiver agreement for the Funds that shall become effective on August 1, 2025 and shall have a one-month term through August 31, 2025 ("New Fee Waiver"). Both the Current Fee Waiver and New Fee Waiver require that PIMCO shall waive its advisory fee for each Fund by 0.11% of the average daily net assets attributable to the applicable Fund. The New Fee Waiver will not automatically renew at the end of its term and shall expire after August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (four of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | |
|:---|:---|
| **38** | **MUNICIPAL VALUE FUNDS** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGC | Assured Guaranty Corp. | CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | PSF | Public School Fund |
| AMBAC | American Municipal Bond Assurance Corp. | FHLMC | Federal Home Loan Mortgage Corp. | Q-SBLF | Qualified School Bond Loan Fund |
| BAM | Build America Mutual Assurance | FNMA | Federal National Mortgage Association | SGI | Syncora Guarantee, Inc. |
| CM | California Mortgage Insurance | GNMA | Government National Mortgage Association |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund | PIMCO California Municipal Intermediate Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  November 2024 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  December 2024 | $0.0204 | $0.0000 | $0.0000 | $0.0204 |
|  January 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  February 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  March 2025 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
| PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  November 2024 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  December 2024 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  January 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  February 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  March 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
| PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund | PIMCO National Municipal Intermediate Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  November 2024 | $0.0245 | $0.0000 | $0.0000 | $0.0245 |
|  December 2024 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  January 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  February 2025 | $0.0256 | $0.0000 | $0.0000 | $0.0256 |
|  March 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
| PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  November 2024 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  December 2024 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  January 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  February 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  March 2025 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **40** | **MUNICIPAL VALUE FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO California Municipal Intermediate Value Fund | 0.00% | 0.00% | $651 | $0 |
|  PIMCO California Municipal Opportunistic Value Fund | 0.00% | 0.00% | 8837 | 0 |
|  PIMCO National Municipal Intermediate Value Fund | 0.00% | 0.00% | 2847 | 0 |
|  PIMCO National Municipal Opportunistic Value Fund | 0.00% | 0.00% | 10567 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

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------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable

---

| | |
|:---|:---|
| **42** | **MUNICIPAL VALUE FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | **Number of**<br> **Votes For** | **Number of**<br> **Votes Withheld** |
|  Peter G. Strelow† | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford† | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **44** | **MUNICIPAL VALUE FUNDS** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive,

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

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![LOGO](g749180g75h91.jpg)

PIMSMUNIVALFSTMAR_033125

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![LOGO](g930972g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**International Bond Funds**

PIMCO Emerging Markets Bond Fund

PIMCO Emerging Markets Corporate Bond Fund

PIMCO Emerging Markets Currency and Short-Term Investments Fund

PIMCO Emerging Markets Full Spectrum Bond Fund

PIMCO Emerging Markets Local Currency and Bond Fund

PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund

PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

PIMCO International Bond Fund (Unhedged)

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#### **Table of Contents**

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx930972_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx930972_2) | 8 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx930972_3) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx930972_4) | 20 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx930972_5) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx930972_6) | 183 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx930972_7) | 207 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx930972_8) | 214 |
| &nbsp;&nbsp; [Glossary](#tx930972_9) | 215 |
| &nbsp;&nbsp; [Distribution Information](#tx930972_10) | 216 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx930972_11) | 222 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx930972_12) | 223 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies<br>(N-CSR Item 9)](#tx930972_13) | 224 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx930972_14) | 225 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Emerging Markets Bond Fund](#tx930972_15) | 24 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Corporate Bond Fund](#tx930972_16) | 49 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Currency and Short-Term Investments Fund](#tx930972_17) | 64 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Full Spectrum Bond Fund](#tx930972_18) | 88 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Local Currency and Bond Fund](#tx930972_19) | 92 |
| &nbsp;&nbsp; [PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund](#tx930972_20) | 121 |
| &nbsp;&nbsp; [PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)](#tx930972_21) | 142 |
| &nbsp;&nbsp; [PIMCO International Bond Fund (Unhedged)](#tx930972_22) | 162 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged) (each, a "Fund" and collectively, the "Funds").

The PIMCO Emerging Markets Full Spectrum Bond Fund may invest its assets in funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and other affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (collectively, "Acquired Funds"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held. The cost of investing in the PIMCO Emerging Markets Full Spectrum Bond Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

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| **2** | **PIMCO INTERNATIONAL BOND FUNDS** |

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The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency

restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Certain instruments in which a Fund may invest have historically referenced the London Interbank Offered Rate ("LIBOR") to, among other things, determine payment obligations, financing terms, hedging strategies or investment value. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. As of June 30, 2023, LIBOR was determined to be no longer representative but certain settings of LIBOR continued to be published synthetically until September 30, 2024. Publication of all LIBOR settings has since permanently ceased. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop (e.g., the Secured Overnight Financing Rate (SOFR) for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined. For example, so-called "tough legacy" contracts have LIBOR interest rate provisions with no fallback provisions contemplating the permanent discontinuation of LIBOR, fallback provisions which may have not effectively resulted in a transition away from LIBOR prior to LIBOR's replacement date or otherwise have inadequate fallback provisions. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on SOFR for tough legacy contracts governed by U.S. law. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts. Certain of a Fund's investments may have involved individual tough legacy contracts which may be subject to the Adjustable Interest Rate (LIBOR) Act or were subject to synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

A Fund may have investments in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions, export and import controls and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to,

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

banning or expanding bans on Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia (e.g. Belarus). Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia's countermeasures may negatively impact a Fund's performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian and other issuers of securities in which a Fund is invested. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs export and import controls, or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository ("NSD"), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency

of the Russian securities market, issues resulting in loss can still occur. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund's ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund's ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, minerals, and timber account for a significant portion of Russia's exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals, minerals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

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| **4** | **PIMCO INTERNATIONAL BOND FUNDS** |

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U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause

or intensify an economic recession, increase the costs of capital

and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Diversification<br>Status |
|  PIMCO Emerging Markets Bond Fund | 07/31/97 | 07/31/97 | 04/30/08 | 04/27/18 |  | 07/31/97 | 07/31/97 | Diversified |
|  PIMCO Emerging Markets Corporate Bond Fund | 07/01/09 | 07/01/09 |  |  |  |  |  | Diversified |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 05/31/05 | 05/31/05 | 04/30/08 |  |  | 05/31/05 |  | Diversified |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 02/25/13 | 02/25/13 |  |  |  |  |  | Diversified |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 12/29/06 | 12/29/06 | 05/30/08 | 04/27/18 |  | 07/31/07 | 07/31/07 | Non-diversified |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 02/05/09 | 02/05/09 |  |  |  | 02/05/09 |  | Diversified |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 10/02/95 | 02/25/98 | 04/30/08 |  |  | 10/02/95 | 10/02/95 | Non-diversified |
|  PIMCO International Bond Fund (Unhedged) | 04/30/04 | 04/30/04 | 04/30/08 | 04/27/18 | 02/28/06 | 07/30/04 | 07/30/04 | Diversified |

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An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a

party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Important Information About the Funds (Cont.)

at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **6** | **PIMCO INTERNATIONAL BOND FUNDS** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

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Financial Highlights

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Emerging Markets Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.45 | $0.61 | $0.07 | $0.68 | $(0.61) | $0.00 | $0.00 | $(0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.42 | 0.91 | (0.44) | 0.00 | (0.06) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.43 | (1.06) | (0.63) | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.42 | (0.96) | (0.54) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.43 | 1.09 | 1.52 | (0.45) | 0.00 | 0.00 | (0.45) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.59 | 0.08 | 0.67 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.42 | 0.91 | (0.44) | 0.00 | (0.06) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.42 | (1.06) | (0.64) | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.41 | (0.96) | (0.55) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.42 | 1.09 | 1.51 | (0.44) | 0.00 | 0.00 | (0.44) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.60 | 0.07 | 0.67 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.41 | 0.90 | (0.43) | 0.00 | (0.06) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.42 | (1.06) | (0.64) | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.41 | (0.97) | (0.56) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.41 | 1.09 | 1.50 | (0.43) | 0.00 | 0.00 | (0.43) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.58 | 0.07 | 0.65 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.47 | 0.41 | 0.88 | (0.41) | 0.00 | (0.06) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.40 | (1.06) | (0.66) | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.39 | (0.97) | (0.58) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.39 | 1.09 | 1.48 | (0.41) | 0.00 | 0.00 | (0.41) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.52 | 0.07 | 0.59 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.41 | 0.41 | 0.82 | (0.35) | 0.00 | (0.06) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.33 | (1.05) | (0.72) | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.31 | (0.97) | (0.66) | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.31 | 1.09 | 1.40 | (0.33) | 0.00 | 0.00 | (0.33) |
|  **PIMCO Emerging Markets Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.02 | $0.50 | $0.17 | $0.67 | $(0.51) | $0.00 | $0.00 | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.91 | 0.43 | 0.13 | 0.56 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.42 | 0.35 | (0.49) | (0.14) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.83 | 0.36 | (1.41) | (1.05) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.44 | 0.41 | 1.38 | 1.79 | (0.40) | 0.00 | 0.00 | (0.40) |
|  **PIMCO Emerging Markets Currency<br>and Short-Term Investments Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.38 | $0.49 | $(0.17) | $0.32 | $(0.51) | $0.00 | $0.00 | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.49 | (0.10) | 0.39 | (0.35) | 0.00 | (0.17) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.26 | (0.16) | 0.10 | (0.08) | 0.00 | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.22 | (0.33) | (0.11) | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.04 | 0.22 | 0.75 | 0.97 | 0.00 | 0.00 | (0.10) | (0.10) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.48 | (0.16) | 0.32 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.48 | (0.10) | 0.38 | (0.34) | 0.00 | (0.17) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.28 | (0.18) | 0.10 | (0.08) | 0.00 | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.22 | (0.34) | (0.12) | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.04 | 0.22 | 0.74 | 0.96 | 0.00 | 0.00 | (0.09) | (0.09) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.46 | (0.17) | 0.29 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.46 | (0.10) | 0.36 | (0.32) | 0.00 | (0.17) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.24 | (0.17) | 0.07 | (0.05) | 0.00 | (0.19) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.19 | (0.33) | (0.14) | (0.09) | 0.00 | 0.00 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.04 | 0.20 | 0.74 | 0.94 | 0.00 | 0.00 | (0.07) | (0.07) |

---

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| | | |
|:---|:---|:---|
| **8** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $8.52 | 8.32% | $1114520 | 1.19% | 1.19% | 0.83% | 0.83% | 7.18% | 67% |
| 8.45 | 11.84 | 882087 | 1.30 | 1.30 | 0.83 | 0.83 | 6.19 | 55 |
| 8.04 | (6.59) | 2049059 | 0.93 | 0.93 | 0.83 | 0.83 | 5.17 | 54 |
| 9.29 | (5.58) | 2761793 | 0.84 | 0.84 | 0.83 | 0.83 | 4.15 | 40 |
| 10.27 | 16.59 | 2052215 | 0.87 | 0.87 | 0.83 | 0.83 | 4.10 | 69 |
| 8.52 | 8.22 | 399849 | 1.29 | 1.29 | 0.93 | 0.93 | 6.92 | 67 |
| 8.45 | 11.74 | 479591 | 1.40 | 1.40 | 0.93 | 0.93 | 6.13 | 55 |
| 8.04 | (6.68) | 620957 | 1.03 | 1.03 | 0.93 | 0.93 | 5.07 | 54 |
| 9.29 | (5.67) | 726918 | 0.94 | 0.94 | 0.93 | 0.93 | 4.02 | 40 |
| 10.27 | 16.47 | 202226 | 0.97 | 0.97 | 0.93 | 0.93 | 4.01 | 69 |
| 8.52 | 8.16 | 18973 | 1.34 | 1.39 | 0.98 | 1.03 | 7.04 | 67 |
| 8.45 | 11.68 | 15903 | 1.45 | 1.50 | 0.98 | 1.03 | 6.09 | 55 |
| 8.04 | (6.72) | 13501 | 1.08 | 1.13 | 0.98 | 1.03 | 5.07 | 54 |
| 9.29 | (5.72) | 10400 | 0.99 | 1.04 | 0.98 | 1.03 | 3.97 | 40 |
| 10.27 | 16.42 | 8599 | 1.02 | 1.07 | 0.98 | 1.03 | 3.97 | 69 |
| 8.52 | 7.93 | 138313 | 1.56 | 1.56 | 1.20 | 1.20 | 6.81 | 67 |
| 8.45 | 11.44 | 129044 | 1.67 | 1.67 | 1.20 | 1.20 | 5.87 | 55 |
| 8.04 | (6.94) | 135285 | 1.30 | 1.30 | 1.20 | 1.20 | 4.79 | 54 |
| 9.29 | (5.93) | 176188 | 1.21 | 1.21 | 1.20 | 1.20 | 3.75 | 40 |
| 10.27 | 16.16 | 214401 | 1.24 | 1.24 | 1.20 | 1.20 | 3.73 | 69 |
| 8.52 | 7.13 | 5678 | 2.31 | 2.31 | 1.95 | 1.95 | 6.06 | 67 |
| 8.45 | 10.62 | 4705 | 2.42 | 2.42 | 1.95 | 1.95 | 5.12 | 55 |
| 8.04 | (7.64) | 5356 | 2.05 | 2.05 | 1.95 | 1.95 | 4.02 | 54 |
| 9.29 | (6.63) | 7851 | 1.96 | 1.96 | 1.95 | 1.95 | 2.99 | 40 |
| 10.27 | 15.29 | 12042 | 1.99 | 1.99 | 1.95 | 1.95 | 2.96 | 69 |
| $9.18 | 7.66% | $64466 | 1.05 %<sup>(f)</sup> | 1.05 %<sup>(f)</sup> | 0.87 %<sup>(f)</sup> | 0.87 %<sup>(f)</sup> | 5.47% | 96% |
| 9.02 | 6.49 | 98427 | 0.98 | 0.98 | 0.90 | 0.90 | 4.92 | 89 |
| 8.91 | (1.38) | 94702 | 0.91 | 0.91 | 0.90 | 0.90 | 3.97 | 50 |
| 9.42 | (10.00) | 116909 | 0.90 | 0.90 | 0.90 | 0.90 | 3.39 | 39 |
| 10.83 | 19.09 | 180962 | 0.90 | 0.90 | 0.90 | 0.90 | 3.86 | 58 |
| $7.19 | 4.55% | $572584 | 1.00% | 1.00% | 0.85% | 0.85% | 6.74% | 168% |
| 7.38 | 5.40 | 483502 | 1.09 | 1.09 | 0.85 | 0.85 | 6.64 | 254 |
| 7.51 | 1.49 | 539858 | 1.02 | 1.02 | 0.85 | 0.85 | 3.54 | 96 |
| 7.68 | (1.40) | 595946 | 0.86 | 0.86 | 0.85 | 0.85 | 2.82 | 57 |
| 7.91 | 13.78 | 684658 | 0.87 | 0.87 | 0.85 | 0.85 | 2.89 | 79 |
| 7.19 | 4.44 | 6735 | 1.10 | 1.10 | 0.95 | 0.95 | 6.65 | 168 |
| 7.38 | 5.29 | 7024 | 1.19 | 1.19 | 0.95 | 0.95 | 6.53 | 254 |
| 7.51 | 1.39 | 9080 | 1.12 | 1.12 | 0.95 | 0.95 | 3.75 | 96 |
| 7.68 | (1.50) | 5385 | 0.96 | 0.96 | 0.95 | 0.95 | 2.72 | 57 |
| 7.91 | 13.67 | 4993 | 0.97 | 0.97 | 0.95 | 0.95 | 2.85 | 79 |
| 7.19 | 4.13 | 6841 | 1.40 | 1.40 | 1.25 | 1.25 | 6.33 | 168 |
| 7.38 | 4.98 | 7554 | 1.49 | 1.49 | 1.25 | 1.25 | 6.23 | 254 |
| 7.51 | 1.09 | 9443 | 1.42 | 1.42 | 1.25 | 1.25 | 3.31 | 96 |
| 7.68 | (1.80) | 7690 | 1.26 | 1.26 | 1.25 | 1.25 | 2.40 | 57 |
| 7.91 | 13.33 | 9244 | 1.27 | 1.27 | 1.25 | 1.25 | 2.55 | 79 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Emerging Markets Full Spectrum Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $6.13 | $0.36 | $0.03 | $0.39 | $(0.35) | $0.00 | $(0.06) | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.00 | 0.35 | 0.13 | 0.48 | (0.29) | 0.00 | (0.06) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 6.35 | 0.27 | (0.32) | (0.05) | (0.27) | 0.00 | (0.03) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.18 | 0.28 | (0.82) | (0.54) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.38 | 0.26 | 0.85 | 1.11 | (0.10) | 0.00 | (0.21) | (0.31) |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $5.87 | $0.42 | $(0.12) | $0.30 | $(0.30) | $0.00 | $(0.12) | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.13 | 0.46 | (0.13) | 0.00 | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.06) | 0.21 | (0.14) | 0.00 | (0.11) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.62) | (0.36) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.32 | 0.75 | 1.07 | (0.08) | 0.00 | (0.25) | (0.33) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.41 | (0.12) | 0.29 | (0.29) | 0.00 | (0.12) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.13 | 0.46 | (0.13) | 0.00 | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.07) | 0.20 | (0.13) | 0.00 | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.63) | (0.37) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.31 | 0.76 | 1.07 | (0.08) | 0.00 | (0.25) | (0.33) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.42 | (0.13) | 0.29 | (0.29) | 0.00 | (0.12) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.12 | 0.45 | (0.12) | 0.00 | (0.19) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.07) | 0.20 | (0.13) | 0.00 | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.63) | (0.37) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.31 | 0.75 | 1.06 | (0.07) | 0.00 | (0.25) | (0.32) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.40 | (0.13) | 0.27 | (0.27) | 0.00 | (0.12) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.31 | 0.13 | 0.44 | (0.11) | 0.00 | (0.19) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.25 | (0.06) | 0.19 | (0.12) | 0.00 | (0.11) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.24 | (0.63) | (0.39) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.29 | 0.76 | 1.05 | (0.06) | 0.00 | (0.25) | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.35 | (0.12) | 0.23 | (0.23) | 0.00 | (0.12) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.27 | 0.13 | 0.40 | (0.07) | 0.00 | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.21 | (0.06) | 0.15 | (0.08) | 0.00 | (0.11) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.20 | (0.64) | (0.44) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.69 | 0.24 | 0.76 | 1.00 | (0.01) | 0.00 | (0.25) | (0.26) |
|  **PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $10.09 | $0.40 | $0.09 | $0.49 | $(0.42) | $0.00 | $0.00 | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.32 | 0.24 | 0.56 | (0.15) | 0.00 | (0.16) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.75 | 0.37 | (0.80) | (0.43) | (0.35) | (0.13) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.45 | 0.34 | (0.64) | (0.30) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.30 | 0.90 | 1.20 | (0.24) | 0.00 | 0.00 | (0.24) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.09 | 0.36 | 0.09 | 0.45 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.29 | 0.23 | 0.52 | (0.11) | 0.00 | (0.16) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.75 | 0.32 | (0.79) | (0.47) | (0.31) | (0.13) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.45 | 0.30 | (0.64) | (0.34) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.49 | 0.26 | 0.89 | 1.15 | (0.19) | 0.00 | 0.00 | (0.19) |

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| | | |
|:---|:---|:---|
| **10** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $6.11 | 6.62% | $184367 | 0.10% | 0.94% | 0.10% | 0.94% | 5.94% | 66% |
| 6.13 | 8.28 | 266000 | 0.16 | 0.95 | 0.15 | 0.94 | 5.78 | 51 |
| 6.00 | (0.52) | 277099 | 0.16 | 0.94 | 0.16 | 0.94 | 4.52 | 12 |
| 6.35 | (7.88) | 267820 | 0.14 | 0.94 | 0.14 | 0.94 | 4.01 | 29 |
| 7.18 | 17.52 | 359989 | 0.09 | 0.94 | 0.09 | 0.94 | 3.60 | 41 |
| $5.75 | 5.28% | $1204540 | 1.60% | 1.60% | 0.90% | 0.90% | 7.24% | 212% |
| 5.87 | 8.31 | 1246885 | 2.02 | 2.02 | 0.90 | 0.90 | 5.76 | 135 |
| 5.73 | 3.98 | 1520545 | 1.46 | 1.46 | 0.90 | 0.90 | 4.89 | 135 |
| 5.77 | (5.96) | 2312938 | 1.22 | 1.22 | 0.90 | 0.90 | 4.12 | 108 |
| 6.43 | 18.93 | 1217887 | 1.25 | 1.25 | 0.90 | 0.90 | 4.90 | 123 |
| 5.75 | 5.18 | 142213 | 1.70 | 1.70 | 1.00 | 1.00 | 7.16 | 212 |
| 5.87 | 8.21 | 127371 | 2.12 | 2.12 | 1.00 | 1.00 | 5.68 | 135 |
| 5.73 | 3.88 | 99934 | 1.62 <sup>(g)</sup> | 1.62 <sup>(g)</sup> | 1.00 <sup>(g)</sup> | 1.00 <sup>(g)</sup> | 4.91 | 135 |
| 5.77 | (6.05) | 96034 | 1.32 | 1.32 | 1.00 | 1.00 | 4.14 | 108 |
| 6.43 | 18.81 | 97406 | 1.35 | 1.35 | 1.00 | 1.00 | 4.82 | 123 |
| 5.75 | 5.12 | 26026 | 1.75 | 1.80 | 1.05 | 1.10 | 7.20 | 212 |
| 5.87 | 8.15 | 9643 | 2.17 | 2.22 | 1.05 | 1.10 | 5.64 | 135 |
| 5.73 | 3.83 | 6377 | 1.69 <sup>(g)</sup> | 1.74 <sup>(g)</sup> | 1.05 <sup>(g)</sup> | 1.10 <sup>(g)</sup> | 4.88 | 135 |
| 5.77 | (6.10) | 6714 | 1.37 | 1.42 | 1.05 | 1.10 | 4.13 | 108 |
| 6.43 | 18.75 | 11906 | 1.40 | 1.45 | 1.05 | 1.10 | 4.77 | 123 |
| 5.75 | 4.86 | 28327 | 2.00 | 2.00 | 1.30 | 1.30 | 6.85 | 212 |
| 5.87 | 7.88 | 31977 | 2.42 | 2.42 | 1.30 | 1.30 | 5.37 | 135 |
| 5.73 | 3.57 | 33073 | 1.91 <sup>(g)</sup> | 1.91 <sup>(g)</sup> | 1.30 <sup>(g)</sup> | 1.30 <sup>(g)</sup> | 4.58 | 135 |
| 5.77 | (6.33) | 36384 | 1.62 | 1.62 | 1.30 | 1.30 | 3.85 | 108 |
| 6.43 | 18.46 | 35483 | 1.65 | 1.65 | 1.30 | 1.30 | 4.51 | 123 |
| 5.75 | 4.08 | 3408 | 2.75 | 2.75 | 2.05 | 2.05 | 6.12 | 212 |
| 5.87 | 7.09 | 2612 | 3.17 | 3.17 | 2.05 | 2.05 | 4.63 | 135 |
| 5.73 | 2.79 | 2128 | 2.67 <sup>(g)</sup> | 2.67 <sup>(g)</sup> | 2.05 <sup>(g)</sup> | 2.05 <sup>(g)</sup> | 3.85 | 135 |
| 5.77 | (7.04) | 2258 | 2.37 | 2.37 | 2.05 | 2.05 | 3.13 | 108 |
| 6.43 | 17.57 | 3011 | 2.40 | 2.40 | 2.05 | 2.05 | 3.74 | 123 |
| $10.16 | 4.94% | $206838 | 0.99% | 0.99% | 0.65% | 0.65% | 3.99% | 629% |
| 10.09 | 5.83 | 297415 | 0.83 | 0.83 | 0.65 | 0.65 | 3.30 | 633 |
| 9.84 | (3.96) | 264101 | 0.76 | 0.76 | 0.65 | 0.65 | 3.68 | 362 |
| 10.75 | (2.73) | 307695 | 0.67 | 0.67 | 0.65 | 0.65 | 3.00 | 291 |
| 11.45 | 11.48 | 318210 | 0.69 | 0.69 | 0.65 | 0.65 | 2.69 | 525 |
| 10.16 | 4.52 | 19367 | 1.39 | 1.39 | 1.05 | 1.05 | 3.58 | 629 |
| 10.09 | 5.41 | 18459 | 1.23 | 1.23 | 1.05 | 1.05 | 2.92 | 633 |
| 9.84 | (4.35) | 20489 | 1.16 | 1.16 | 1.05 | 1.05 | 3.23 | 362 |
| 10.75 | (3.11) | 10944 | 1.07 | 1.07 | 1.05 | 1.05 | 2.60 | 291 |
| 11.45 | 11.03 | 10191 | 1.09 | 1.09 | 1.05 | 1.05 | 2.29 | 525 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $9.52 | $0.39 | $0.22 | $0.61 | $(0.47) | $0.00 | $0.00 | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.29 | 0.26 | 0.55 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.21 | (0.34) | (0.13) | (0.21) | (0.54) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.21 | (0.48) | (0.27) | (0.14) | (0.16) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.21 | 0.76 | 0.97 | (0.17) | (0.04) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.38 | 0.22 | 0.60 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.28 | 0.26 | 0.54 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.20 | (0.34) | (0.14) | (0.20) | (0.54) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.20 | (0.48) | (0.28) | (0.13) | (0.16) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.20 | 0.76 | 0.96 | (0.16) | (0.04) | 0.00 | (0.20) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.36 | 0.21 | 0.57 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.26 | 0.26 | 0.52 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.18 | (0.35) | (0.17) | (0.17) | (0.54) | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.18 | (0.48) | (0.30) | (0.11) | (0.16) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.17 | 0.76 | 0.93 | (0.13) | (0.04) | 0.00 | (0.17) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.29 | 0.21 | 0.50 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.19 | 0.26 | 0.45 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.10 | (0.34) | (0.24) | (0.10) | (0.54) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.10 | (0.48) | (0.38) | (0.03) | (0.16) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.92 | 0.09 | 0.77 | 0.86 | (0.06) | (0.04) | 0.00 | (0.10) |
|  **PIMCO International Bond Fund (Unhedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.55 | $0.29 | $0.01 | $0.30 | $(0.32) | $0.00 | $0.00 | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.21 | (0.10) | 0.11 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.17 | (1.15) | (0.98) | (0.01) | (0.09) | (0.18) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.19 | (1.04) | (0.85) | (0.23) | (0.16) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.20 | 1.31 | 1.51 | (0.15) | 0.00 | 0.00 | (0.15) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.28 | 0.01 | 0.29 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.09) | 0.11 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.17 | (1.16) | (0.99) | 0.00 | (0.09) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.18 | (1.04) | (0.86) | (0.22) | (0.16) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.19 | 1.31 | 1.50 | (0.14) | 0.00 | 0.00 | (0.14) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.28 | 0.01 | 0.29 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.10) | 0.10 | 0.00 | 0.00 | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.16 | (1.15) | (0.99) | 0.00 | (0.09) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.17 | (1.03) | (0.86) | (0.22) | (0.16) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.19 | 1.31 | 1.50 | (0.14) | 0.00 | 0.00 | (0.14) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.27 | 0.01 | 0.28 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.11) | 0.09 | 0.00 | 0.00 | (0.23) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.16 | (1.16) | (1.00) | 0.01 | (0.09) | (0.18) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.16 | (1.03) | (0.87) | (0.21) | (0.16) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.18 | 1.31 | 1.49 | (0.13) | 0.00 | 0.00 | (0.13) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.26 | 0.01 | 0.27 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.18 | (0.10) | 0.08 | 0.00 | 0.00 | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.14 | (1.15) | (1.01) | 0.02 | (0.09) | (0.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.15 | (1.04) | (0.89) | (0.19) | (0.16) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.16 | 1.31 | 1.47 | (0.11) | 0.00 | 0.00 | (0.11) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $9.66 | 6.55% | $1326028 | 0.61% | 0.61% | 0.55% | 0.55% | 4.07% | 776% |
| 9.52 | 6.05 | 949129 | 0.71 | 0.71 | 0.55 | 0.55 | 3.13 | 759 |
| 9.23 | (1.18) | 789541 | 0.61 | 0.61 | 0.55 | 0.55 | 2.17 | 595 |
| 10.11 | (2.58) | 776785 | 0.56 | 0.56 | 0.55 | 0.55 | 2.03 | 376 |
| 10.68 | 9.82 | 702595 | 0.56 | 0.56 | 0.55 | 0.55 | 1.98 | 582 |
| 9.66 | 6.45 | 84751 | 0.71 | 0.71 | 0.65 | 0.65 | 3.97 | 776 |
| 9.52 | 5.94 | 65611 | 0.81 | 0.81 | 0.65 | 0.65 | 3.03 | 759 |
| 9.23 | (1.28) | 72493 | 0.71 | 0.71 | 0.65 | 0.65 | 2.12 | 595 |
| 10.11 | (2.68) | 51160 | 0.66 | 0.66 | 0.65 | 0.65 | 1.93 | 376 |
| 10.68 | 9.72 | 60892 | 0.66 | 0.66 | 0.65 | 0.65 | 1.88 | 582 |
| 9.66 | 6.18 | 74517 | 0.96 | 0.96 | 0.90 | 0.90 | 3.74 | 776 |
| 9.52 | 5.68 | 70890 | 1.06 | 1.06 | 0.90 | 0.90 | 2.78 | 759 |
| 9.23 | (1.53) | 54818 | 0.96 | 0.96 | 0.90 | 0.90 | 1.86 | 595 |
| 10.11 | (2.92) | 43356 | 0.91 | 0.91 | 0.90 | 0.90 | 1.68 | 376 |
| 10.68 | 9.44 | 46393 | 0.91 | 0.91 | 0.90 | 0.90 | 1.63 | 582 |
| 9.66 | 5.39 | 3533 | 1.71 | 1.71 | 1.65 | 1.65 | 2.99 | 776 |
| 9.52 | 4.90 | 3745 | 1.81 | 1.81 | 1.65 | 1.65 | 2.03 | 759 |
| 9.23 | (2.27) | 3326 | 1.71 | 1.71 | 1.65 | 1.65 | 1.04 | 595 |
| 10.11 | (3.65) | 4459 | 1.66 | 1.66 | 1.65 | 1.65 | 0.93 | 376 |
| 10.68 | 8.63 | 5667 | 1.66 | 1.66 | 1.65 | 1.65 | 0.87 | 582 |
| $7.53 | 4.10% | $415738 | 0.71% | 0.71% | 0.50% | 0.50% | 3.88% | 646% |
| 7.55 | 1.56 | 453541 | 0.77 | 0.77 | 0.50 | 0.50 | 2.88 | 641 |
| 7.69 | (10.93) | 489313 | 0.66 | 0.66 | 0.50 | 0.50 | 2.23 | 401 |
| 8.95 | (8.56) | 826088 | 0.51 | 0.51 | 0.50 | 0.50 | 1.87 | 320 |
| 10.19 | 17.19 | 912645 | 0.52 | 0.52 | 0.50 | 0.50 | 2.00 | 525 |
| 7.53 | 3.99 | 123784 | 0.81 | 0.81 | 0.60 | 0.60 | 3.78 | 646 |
| 7.55 | 1.46 | 213572 | 0.87 | 0.87 | 0.60 | 0.60 | 2.76 | 641 |
| 7.69 | (11.02) | 237941 | 0.76 | 0.76 | 0.60 | 0.60 | 2.13 | 401 |
| 8.95 | (8.65) | 264179 | 0.61 | 0.61 | 0.60 | 0.60 | 1.78 | 320 |
| 10.19 | 17.07 | 239939 | 0.62 | 0.62 | 0.60 | 0.60 | 1.86 | 525 |
| 7.53 | 3.94 | 33843 | 0.86 | 0.91 | 0.65 | 0.70 | 3.73 | 646 |
| 7.55 | 1.41 | 58383 | 0.92 | 0.97 | 0.65 | 0.70 | 2.71 | 641 |
| 7.69 | (11.07) | 111088 | 0.81 | 0.86 | 0.65 | 0.70 | 2.08 | 401 |
| 8.95 | (8.70) | 139321 | 0.66 | 0.71 | 0.65 | 0.70 | 1.72 | 320 |
| 10.19 | 17.02 | 84507 | 0.67 | 0.72 | 0.65 | 0.70 | 1.89 | 525 |
| 7.53 | 3.84 | 15779 | 0.96 | 0.96 | 0.75 | 0.75 | 3.64 | 646 |
| 7.55 | 1.31 | 9907 | 1.02 | 1.02 | 0.75 | 0.75 | 2.63 | 641 |
| 7.69 | (11.16) | 18982 | 0.91 | 0.91 | 0.75 | 0.75 | 1.99 | 401 |
| 8.95 | (8.79) | 25434 | 0.76 | 0.76 | 0.75 | 0.75 | 1.61 | 320 |
| 10.19 | 16.90 | 36225 | 0.77 | 0.77 | 0.75 | 0.75 | 1.77 | 525 |
| 7.53 | 3.68 | 91892 | 1.11 | 1.11 | 0.90 | 0.90 | 3.48 | 646 |
| 7.55 | 1.16 | 94676 | 1.17 | 1.17 | 0.90 | 0.90 | 2.46 | 641 |
| 7.69 | (11.29) | 91394 | 1.06 | 1.06 | 0.90 | 0.90 | 1.83 | 401 |
| 8.95 | (8.93) | 117997 | 0.91 | 0.91 | 0.90 | 0.90 | 1.46 | 320 |
| 10.19 | 16.72 | 150556 | 0.92 | 0.92 | 0.90 | 0.90 | 1.63 | 525 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO International Bond Fund (Unhedged) (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.55 | $0.20 | $0.02 | $0.22 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.13 | (0.10) | 0.03 | 0.00 | 0.00 | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.08 | (1.15) | (1.07) | 0.08 | (0.09) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.07 | (1.03) | (0.96) | (0.12) | (0.16) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.83 | 0.09 | 1.31 | 1.40 | (0.04) | 0.00 | 0.00 | (0.04) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> Effective September 3, 2024, the Fund's investment advisory fee was decreased by 0.05% to an annual rate of 0.45%. 

<sup>(g)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $7.53 | 2.91% | $1921 | 1.86% | 1.86% | 1.65% | 1.65% | 2.73% | 646% |
| 7.55 | 0.41 | 2691 | 1.92 | 1.92 | 1.65 | 1.65 | 1.72 | 641 |
| 7.69 | (11.96) | 2902 | 1.81 | 1.81 | 1.65 | 1.65 | 1.08 | 401 |
| 8.95 | (9.61) | 4022 | 1.66 | 1.66 | 1.65 | 1.65 | 0.72 | 320 |
| 10.19 | 15.86 | 3958 | 1.67 | 1.67 | 1.65 | 1.65 | 0.87 | 525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

---

------

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **Emerging Markets<br>Bond Fund** | **PIMCO**<br> **Emerging Markets<br>Corporate**<br> **Bond Fund** | **PIMCO**<br> **Emerging Markets<br>Currency and**<br> **Short-Term**<br> **Investments Fund** | **PIMCO**<br> **Emerging Markets**<br> **Full Spectrum**<br> **Bond Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $1848295 | $64314 | $443922 | $8552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 56757 | 4584 | 149960 | 181593 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 848 | 18 | 1261 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 9629 | 118 | 18499 | 0 |
|  Cash | 109 | 0 | 3 | 0 |
|  Deposits with counterparty | 18642 | 927 | 8663 | 776 |
|  Foreign currency, at value | 8776 | 271 | 4479 | 262 |
|  Receivable for investments sold | 8763 | 721 | 12273 | 73 |
|  Receivable for TBA investments sold | 32839 | 1191 | 0 | 10015 |
|  Receivable for Fund shares sold | 1955 | 0 | 29 | 25 |
|  Interest and/or dividends receivable | 26522 | 863 | 5227 | 40 |
|  Dividends receivable from Affiliates | 127 | 11 | 554 | 998 |
|  Reimbursement receivable from PIMCO | 1 | 0 | 0 | 122 |
|  **Total Assets** | 2013263 | 73018 | 644870 | 202458 |
|  **Liabilities:** |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $143290 | $1451 | $1797 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 77735 | 0 | 4505 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 889 | 22 | 1510 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 14082 | 183 | 14876 | 28 |
|  Payable for investments purchased | 27332 | 3659 | 12118 | 0 |
|  Payable for investments in Affiliates purchased | 135 | 12 | 574 | 1034 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 14381 | 0 |
|  Payable for TBA investments purchased | 58158 | 3066 | 0 | 16646 |
|  Deposits from counterparty | 6236 | 0 | 8376 | 0 |
|  Payable for Fund shares redeemed | 5254 | 22 | 45 | 234 |
|  Distributions payable | 1509 | 26 | 26 | 3 |
|  Overdraft due to custodian | 0 | 63 | 0 | 0 |
|  Accrued investment advisory fees | 602 | 23 | 209 | 79 |
|  Accrued supervisory and administrative fees | 557 | 20 | 187 | 58 |
|  Accrued distribution fees | 3 | 0 | 0 | 0 |
|  Accrued servicing fees | 29 | 0 | 1 | 0 |
|  Accrued taxes payable | 0 | 0 | 0 | 0 |
|  Foreign capital gains tax payable | 118 | 5 | 103 | 0 |
|  Other liabilities | 1 | 0 | 2 | 0 |
|  **Total Liabilities** | 335930 | 8552 | 58710 | 18091 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $1677333 | $64466 | $586160 | $184367 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $2762520 | $157936 | $1274479 | $309372 |
|  Distributable earnings (accumulated loss) | (1085187) | (93470) | (688319) | (125005) |
|  **Net Assets** | $1677333 | $64466 | $586160 | $184367 |
|  Cost of investments in securities | $1943494 | $69688 | $447383 | $9064 |
|  Cost of investments in Affiliates | $56765 | $4584 | $150374 | $182076 |
|  Cost of foreign currency held | $8781 | $270 | $4483 | $262 |
|  Proceeds received on short sales | $79152 | $0 | $4280 | $0 |
|  Cost or premiums of financial derivative instruments, net | $(7945) | $232 | $(2378) | $76 |
|  \* Includes repurchase agreements of: | $77394 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO**<br> **Emerging Markets**<br> **Local Currency and<br>Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **PIMCO**<br> **Global Bond**<br> **Opportunities Fund**<br> **(U.S. Dollar-Hedged)** | **PIMCO**<br> **International**<br> **Bond Fund<br>(Unhedged)** |
| $1517563 | $338701 | $2194416 | $987235 |
| 79588 | 5662 | 37706 | 97 |
| 5137 | 791 | 4921 | 2487 |
| 30786 | 2599 | 10880 | 12196 |
| 405 | 2 | 61 | 4 |
| 35455 | 4515 | 12661 | 7442 |
| 32639 | 0 | 3771 | 5855 |
| 160290 | 50004 | 198966 | 62272 |
| 0 | 339170 | 2019098 | 805707 |
| 2662 | 86 | 935 | 930 |
| 33509 | 1749 | 9422 | 5187 |
| 293 | 8 | 201 | 24 |
| 1 | 0 | 0 | 1 |
| 1898328 | 743287 | 4493038 | 1889437 |
| $164547 | $37844 | $0 | $30526 |
| 0 | 2431 | 0 | 379 |
| 52499 | 26875 | 164665 | 120469 |
| 5597 | 847 | 6292 | 2101 |
| 22596 | 3736 | 18627 | 5613 |
| 115197 | 40789 | 210731 | 68856 |
| 305 | 8 | 207 | 24 |
| 104930 | 0 | 6554 | 0 |
| 0 | 403126 | 2588926 | 964351 |
| 22262 | 482 | 4494 | 9951 |
| 3400 | 451 | 1825 | 3676 |
| 686 | 1 | 1214 | 191 |
| 0 | 334 | 0 | 0 |
| 499 | 74 | 293 | 135 |
| 518 | 66 | 364 | 162 |
| 2 | 0 | 2 | 4 |
| 6 | 4 | 15 | 19 |
| 296 | 10 | 0 | 0 |
| 460 | 4 | 0 | 23 |
| 14 | 0 | 0 | 0 |
| 493814 | 517082 | 3004209 | 1206480 |
| $1404514 | $226205 | $1488829 | $682957 |
| $1899004 | $256233 | $1535617 | $779250 |
| (494490) | (30028) | (46788) | (96293) |
| $1404514 | $226205 | $1488829 | $682957 |
| $1542889 | $348676 | $2210193 | $1036630 |
| $80272 | $5662 | $37712 | $97 |
| $33123 | $0 | $3796 | $5871 |
| $50661 | $26799 | $164650 | $120538 |
| $(15275) | $(116) | $33908 | $920 |
| $0 | $2956 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Emerging Markets<br>Bond Fund** | **PIMCO**<br> **Emerging Markets**<br> **Corporate**<br> **Bond Fund** | **PIMCO**<br> **Emerging Markets<br>Currency and**<br> **Short-Term<br>Investments Fund** | **PIMCO**<br> **Emerging Markets**<br> **Full Spectrum**<br> **Bond Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $1114520 | $64466 | $572584 | $184367 |
|  I-2 | 399849 | N/A | 6735 | N/A |
|  I-3 | 18973 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 138313 | N/A | 6841 | N/A |
|  Class C | 5678 | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 130768 | 7025 | 79646 | 30176 |
|  I-2 | 46916 | N/A | 937 | N/A |
|  I-3 | 2226 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 16228 | N/A | 952 | N/A |
|  Class C | 666 | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $8.52 | $9.18 | $7.19 | $6.11 |
|  I-2 | 8.52 | N/A | 7.19 | N/A |
|  I-3 | 8.52 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 8.52 | N/A | 7.19 | N/A |
|  Class C | 8.52 | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>PIMCO**<br> **Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **International**<br> **Bond Fund**<br> (Unhedged) |
| $1204540 | $206838 | $1326028 | $415738 |
| 142213 | N/A | 84751 | 123784 |
| 26026 | N/A | N/A | 33843 |
| N/A | N/A | N/A | 15779 |
| 28327 | 19367 | 74517 | 91892 |
| 3408 | N/A | 3533 | 1921 |
| 209531 | 20352 | 137207 | 55179 |
| 24739 | N/A | 8769 | 16429 |
| 4527 | N/A | N/A | 4492 |
| N/A | N/A | N/A | 2094 |
| 4928 | 1906 | 7710 | 12197 |
| 593 | N/A | 366 | 255 |
| $5.75 | $10.16 | $9.66 | $7.53 |
| 5.75 | N/A | 9.66 | 7.53 |
| 5.75 | N/A | N/A | 7.53 |
| N/A | N/A | N/A | 7.53 |
| 5.75 | 10.16 | 9.66 | 7.53 |
| 5.75 | N/A | 9.66 | 7.53 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest, net of foreign taxes\* | $134771 | $5086 | $35957 | $205 |
|  Dividends, net of foreign taxes\*\* | 515 | 1 | 20 | 1 |
|  Dividends from Investments in Affiliates | 2423 | 239 | 3410 | 13303 |
|  Miscellaneous income | 1087 | 61 | 225 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 138796 | 5387 | 39612 | 13509 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 7496 | 393 | 2301 | 1209 |
|  Supervisory and administrative fees | 7030 | 330 | 2063 | 896 |
|  Distribution and/or servicing fees - Administrative Class | N/A | N/A | N/A | N/A |
|  Distribution and/or servicing fees - Class A | 340 | N/A | 17 | N/A |
|  Distribution and/or servicing fees - Class C | 50 | N/A | N/A | N/A |
|  Trustee fees | 11 | 1 | 3 | 2 |
|  Interest expense | 6071 | 148 | 780 | 9 |
|  Miscellaneous expense | 1 | 0 | 3 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 20999 | 872 | 5167 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (9) | 0 | 0 | (1886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 20990 | 872 | 5167 | 230 |
|  **Net Investment Income (Loss)** | 117806 | 4515 | 34445 | 13279 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | (99182) | (3700) | (30690) | (2384) |
|  Investments in Affiliates | 12 | 7 | 10 | (8396) |
|  Exchange-traded or centrally cleared financial derivative instruments | (8642) | 253 | 1213 | (44) |
|  Over the counter financial derivative instruments | 25685 | 349 | 16991 | (97) |
|  Short sales | 4166 | 0 | (0) | 0 |
|  Foreign currency | (1421) | (76) | (1024) | (14) |
|  **Net Realized Gain (Loss)** | (79382) | (3167) | (13500) | (10935) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\*\* | 108570 | 5151 | 8140 | 2472 |
|  Investments in Affiliates | (6) | (2) | 169 | 11353 |
|  Exchange-traded or centrally cleared financial derivative instruments | 8119 | (43) | (751) | (29) |
|  Over the counter financial derivative instruments | (7328) | (152) | (5398) | 108 |
|  Short sales | (5486) | 0 | 25 | 0 |
|  Foreign currency assets and liabilities | 169 | 2 | (1) | 1 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 104038 | 4956 | 2184 | 13905 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $142462 | $6304 | $23129 | $16249 |
|  \* Foreign tax withholdings | $231 | $6 | $320 | $0 |
|  \*\* Foreign tax withholdings - Dividends | $0 | $0 | $0 | $0 |
|  \*\*\* Foreign capital gains tax | $0 | $0 | $5 | $0 |
|  \*\*\*\* Foreign capital gains tax | $0 | $0 | $188 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **PIMCO<br>Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO<br>International<br>Bond Fund<br>(Unhedged)** |
| $112991 | $13922 | $55400 | $32578 |
| 48 | 118 | 1 | 0 |
| 4344 | 214 | 2361 | 486 |
| 763 | 0 | 0 | 0 |
| 118146 | 14254 | 57762 | 33064 |
| 6013 | 1002 | 3079 | 1799 |
| 6241 | 887 | 3839 | 2159 |
| N/A | N/A | N/A | 25 |
| 78 | 48 | 177 | 230 |
| 30 | N/A | 37 | 24 |
| 9 | 2 | 8 | 5 |
| 9291 | 968 | 723 | 1549 |
| 3 | 6 | 10 | 19 |
| 21665 | 2913 | 7873 | 5810 |
| (10) | 0 | 0 | (21) |
| 21655 | 2913 | 7873 | 5789 |
| 96491 | 11341 | 49889 | 27275 |
| (35761) | (8046) | (1012) | (25604) |
| 38 | 6 | 52 | 31 |
| 2450 | 2115 | 11595 | 5051 |
| (4990) | 4598 | 18380 | (10097) |
| 52 | 1 | (9) | 1 |
| (93) | (1140) | (5527) | (2510) |
| (38304) | (2466) | 23479 | (33128) |
| 20170 | 11440 | 30772 | 37381 |
| 162 | 0 | (5) | 0 |
| (9305) | (2663) | (5649) | (8345) |
| 671 | (3260) | (18192) | 4459 |
| 323 | 0 | 0 | 0 |
| (3272) | 221 | 117 | 1089 |
| 8749 | 5738 | 7043 | 34584 |
| $66936 | $14613 | $80411 | $28731 |
| $2020 | $16 | $0 | $0 |
| $1 | $0 | $0 | $0 |
| $626 | $0 | $0 | $0 |
| $26 | $5 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Emerging Markets Bond Fund** | **PIMCO**<br> **Emerging Markets Bond Fund** | **PIMCO**<br> **Emerging Markets Corporate**<br> **Bond Fund** | **PIMCO**<br> **Emerging Markets Corporate**<br> **Bond Fund** | **PIMCO**<br> **Emerging Markets Currency**<br> **and Short-Term Investments Fund** | **PIMCO**<br> **Emerging Markets Currency**<br> **and Short-Term Investments Fund** | **PIMCO**<br> **Emerging Markets Full**<br> **Spectrum Bond Fund** | **PIMCO**<br> **Emerging Markets Full**<br> **Spectrum Bond Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $117806 | $110744 | $4515 | $4340 | $34445 | $34761 | $13279 | $12403 |
|  Net realized gain (loss) | (79382) | (316888) | (3167) | (6009) | (13500) | (18618) | (10935) | (11605) |
|  Net change in unrealized appreciation (depreciation) | 104038 | 385018 | 4956 | 7488 | 2184 | 10291 | 13905 | 19015 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 142462 | 178874 | 6304 | 5819 | 23129 | 26434 | 16249 | 19813 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (73117) | (67273) | (4611) | (4500) | (35045) | (23905) | (12644) | (12267) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (34653) | (24064) | N/A | N/A | (505) | (375) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1254) | (732) | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (9308) | (6742) | N/A | N/A | (465) | (347) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (309) | (219) | N/A | N/A | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (8478) | 0 | 0 | 0 | (12001) | (2343) | (2568) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | (3065) | N/A | N/A | 0 | (191) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | (94) | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | (901) | N/A | N/A | 0 | (192) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | (34) | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(b)</sup>** | (118641) | (111602) | (4611) | (4500) | (36015) | (37011) | (14987) | (14835) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 142182 | (1380100) | (35654) | 2406 | 100966 | (49724) | (82895) | (16077) |
|  **Total Increase (Decrease) in Net Assets** | 166003 | (1312828) | (33961) | 3725 | 88080 | (60301) | (81633) | (11099) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 1511330 | 2824158 | 98427 | 94702 | 498080 | 558381 | 266000 | 277099 |
|  End of year | $1677333 | $1511330 | $64466 | $98427 | $586160 | $498080 | $184367 | $266000 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.<sup></sup>

<sup>(a)</sup> Administrative Class Shares liquidated at the close of business on March 15, 2024.

<sup>(b)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Emerging Markets Local Currency**<br> **and Bond Fund** | **PIMCO**<br> **Emerging Markets Local Currency**<br> **and Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Bond Opportunities Fund**<br> **(U.S. Dollar-Hedged)** | **PIMCO**<br> **Global Bond Opportunities Fund**<br> **(U.S. Dollar-Hedged)** | **PIMCO**<br> **International Bond Fund**<br> (Unhedged) | **PIMCO**<br> **International Bond Fund**<br> (Unhedged) |
| **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| $96491 | $88102 | $11341 | $9676 | $49889 | $30539 | $27275 | $24393 |
| (38304) | (21283) | (2466) | (9495) | 23479 | 1038 | (33128) | (18018) |
| 8749 | 52771 | 5738 | 16949 | 7043 | 27616 | 34584 | 4320 |
| 66936 | 119590 | 14613 | 17130 | 80411 | 59193 | 28731 | 10695 |
| (58481) | (31996) | (11055) | (4258) | (53532) | (24018) | (18767) | 0 |
| (6901) | (2415) | N/A | N/A | (3362) | (1698) | (5690) | 0 |
| (1007) | (176) | N/A | N/A | N/A | N/A | (1699) | 0 |
| N/A | N/A | N/A | N/A | N/A | (92)<sup>(a)</sup> | (407) | 0 |
| (1469) | (616) | (712) | (231) | (3214) | (1486) | (3573) | 0 |
| (119) | (27) | N/A | N/A | (139) | (62) | (74) | 0 |
| (23977) | (45504) | 0 | (4426) | 0 | 0 | 0 | (15112) |
| (2876) | (3551) | N/A | N/A | 0 | 0 | 0 | (8232) |
| (416) | (265) | N/A | N/A | N/A | N/A | 0 | (2635) |
| N/A | N/A | N/A | N/A | N/A | 0 <sup>(a)</sup> | 0 | (449) |
| (652) | (1055) | 0 | (319) | 0 | 0 | 0 | (2725) |
| (62) | (76) | N/A | N/A | 0 | 0 | 0 | (62) |
| (95960) | (85681) | (11767) | (9234) | (60247) | (27356) | (30210) | (29215) |
| 15050 | (277478) | (92515) | 23388 | 379290 | 126233 | (148334) | (100330) |
| (13974) | (243569) | (89669) | 31284 | 399454 | 158070 | (149813) | (118850) |
| 1418488 | 1662057 | 315874 | 284590 | 1089375 | 931305 | 832770 | 951620 |
| $1404514 | $1418488 | $226205 | $315874 | $1488829 | $1089375 | $682957 | $832770 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 110.2% | INVESTMENTS IN SECURITIES 110.2% | INVESTMENTS IN SECURITIES 110.2% |
| ANGOLA 0.2% | ANGOLA 0.2% | ANGOLA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Angolan Government International Bond | Angolan Government International Bond | Angolan Government International Bond |
|  8.750% due 04/14/2032 | 3500 | 3016 |
|  9.375% due 05/08/2048 | 1000 | 792 |
|  Total Angola (Cost $4,013) | Total Angola (Cost $4,013) | 3808 |
| ARGENTINA 3.1% | ARGENTINA 3.1% | ARGENTINA 3.1% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  YPF SA | YPF SA | YPF SA |
|  8.250% due 01/17/2034 | 400 | 396 |
| SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 7239 | 5281 |
|  1.000% due 07/09/2029 | 540 | 420 |
|  3.000% due 07/09/2041 þ | 1000 | 574 |
|  3.500% due 07/09/2041 þ | 42426 | 24644 |
|  3.875% due 07/09/2035 þ | 1000 | 654 |
|  4.125% due 07/09/2035 þ(n) | 7012 | 4393 |
|  4.125% due 07/09/2046 þ | 1304 | 803 |
|  5.000% due 01/09/2038 þ(n) | 2700 | 1782 |
|  Provincia de Buenos Aires | Provincia de Buenos Aires | Provincia de Buenos Aires |
|  5.125% due 09/01/2037 þ | 5081 | 3418 |
|  6.625% due 09/01/2037 þ | 9785 | 6324 |
|  Provincia de Cordoba | Provincia de Cordoba | Provincia de Cordoba |
|  6.875% due 12/10/2025 þ | 85 | 85 |
|  Provincia de la Rioja | Provincia de la Rioja | Provincia de la Rioja |
|  8.500% due 02/24/2028 ^(c) | 1593 | 1052 |
|  8.500% due 02/24/2028 | 3452 | 2278 |
|  |  | 51708 |
|  Total Argentina (Cost $36,276) | Total Argentina (Cost $36,276) | 52104 |
| ARMENIA 0.3% | ARMENIA 0.3% | ARMENIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Armenia International Bond | Republic of Armenia International Bond | Republic of Armenia International Bond |
|  3.600% due 02/02/2031 | 5300 | 4501 |
|  Total Armenia (Cost $5,088) | Total Armenia (Cost $5,088) | 4501 |
| AZERBAIJAN 0.3% | AZERBAIJAN 0.3% | AZERBAIJAN 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 5400 | 5459 |
|  Total Azerbaijan (Cost $5,407) | Total Azerbaijan (Cost $5,407) | 5459 |
| BAHRAIN 0.4% | BAHRAIN 0.4% | BAHRAIN 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Bahrain Government International Bond | Bahrain Government International Bond | Bahrain Government International Bond |
|  4.250% due 01/25/2028 | 1900 | 1817 |
|  5.250% due 01/25/2033 | 3200 | 2922 |
|  5.625% due 09/30/2031 | 2100 | 2003 |
|  Total Bahrain (Cost $7,041) | Total Bahrain (Cost $7,041) | 6742 |
| BENIN 0.1% | BENIN 0.1% | BENIN 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Benin Government International Bond | Benin Government International Bond | Benin Government International Bond |
|  6.875% due 01/19/2052 | 200 | 174 |
|  7.960% due 02/13/2038 | 800 | 749 |
|  Total Benin (Cost $955) | Total Benin (Cost $955) | 923 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| BRAZIL 5.7% | BRAZIL 5.7% | BRAZIL 5.7% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  5.750% due 01/22/2030 | 5500 | 5456 |
|  6.250% due 04/08/2029 | 1600 | 1631 |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 136000 | 6614 |
|  Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais |
|  5.333% due 02/15/2028 | 11100 | 11050 |
|  CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
|  6.750% due 01/28/2028 | 4900 | 4686 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 ^(b)(c) | 3430 | 1424 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 ^(b)(c) | 1613 | 1469 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 2700 | 2667 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% ~(i) | 168820 | 10151 |
|  |  | 45148 |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  4.750% due 01/14/2050 | 874 | 618 |
|  6.125% due 03/15/2034 | 1300 | 1267 |
|  7.125% due 05/13/2054 | 1200 | 1150 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (f) | 231400 | 37840 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2050 | 59952 | 8895 |
|  |  | 49770 |
|  Total Brazil (Cost $104,718) | Total Brazil (Cost $104,718) | 94918 |
| BULGARIA 0.5% | BULGARIA 0.5% | BULGARIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Bulgaria Government International Bond | Bulgaria Government International Bond | Bulgaria Government International Bond |
|  3.625% due 09/05/2032 | 2700 | 2964 |
|  5.000% due 03/05/2037 | 5300 | 5132 |
|  Total Bulgaria (Cost $8,287) | Total Bulgaria (Cost $8,287) | 8096 |
| CAMEROON 0.3% | CAMEROON 0.3% | CAMEROON 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Cameroon International Bond | Republic of Cameroon International Bond | Republic of Cameroon International Bond |
|  5.950% due 07/07/2032 | 5100 | 4330 |
|  9.500% due 11/19/2025 | 667 | 668 |
|  Total Cameroon (Cost $4,777) | Total Cameroon (Cost $4,777) | 4998 |
| CANADA 0.1% | CANADA 0.1% | CANADA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 2200 | 2217 |
|  Total Canada (Cost $2,200) | Total Canada (Cost $2,200) | 2217 |
| CAYMAN ISLANDS 2.0% | CAYMAN ISLANDS 2.0% | CAYMAN ISLANDS 2.0% |
| CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% |
|  Meituan | Meituan | Meituan |
|  0.000% due 04/27/2027 (f) | 4900 | 4880 |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (f) | 5028 | 3922 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  3.125% due 10/22/2025 ^(c) | 3300 | 330 |

---

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 5400 | 5389 |
|  ICD Funding Ltd. | ICD Funding Ltd. | ICD Funding Ltd. |
|  3.223% due 04/28/2026 | 600 | 591 |
|  Interoceanica Finance Ltd. | Interoceanica Finance Ltd. | Interoceanica Finance Ltd. |
|  0.000% due 11/30/2025 (f) | 124 | 120 |
|  0.000% due 11/30/2025 (f) | 15 | 15 |
|  0.000% due 05/15/2030 (f) | 3536 | 2882 |
|  7.860% due 05/15/2030 | 2871 | 2958 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  4.350% due 04/05/2036 (n) | 2341 | 2196 |
|  4.350% due 04/05/2036 | 161 | 151 |
|  5.875% due 07/05/2034 | 771 | 779 |
|  Poinsettia Finance Ltd. | Poinsettia Finance Ltd. | Poinsettia Finance Ltd. |
|  6.625% due 06/17/2031 | 4782 | 4351 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (b) | 415 | 48 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (b) | 416 | 48 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (b) | 835 | 101 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (b) | 1255 | 144 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (b) | 1258 | 152 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (b) | 593 | 72 |
|  |  | 24249 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.250% due 06/04/2034 | 5200 | 5314 |
|  Total Cayman Islands (Cost $37,139) | Total Cayman Islands (Cost $37,139) | 34443 |
| CHILE 2.7% | CHILE 2.7% | CHILE 2.7% |
| CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% |
|  Banco del Estado de Chile | Banco del Estado de Chile | Banco del Estado de Chile |
|  7.950% due 05/02/2029 •(i)(j) | 2700 | 2837 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  4.250% due 07/17/2042 | 1600 | 1268 |
|  4.375% due 02/05/2049 | 453 | 347 |
|  4.875% due 11/04/2044 | 1920 | 1616 |
|  5.950% due 01/08/2034 | 1300 | 1320 |
|  6.300% due 09/08/2053 | 2200 | 2189 |
|  6.330% due 01/13/2035 | 2700 | 2783 |
|  6.440% due 01/26/2036 (n) | 7700 | 8018 |
|  6.780% due 01/13/2055 | 2600 | 2671 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 200 | 122 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 600 | 365 |
|  3.830% due 09/14/2061 | 3500 | 2298 |
|  Empresa Nacional del Petroleo | Empresa Nacional del Petroleo | Empresa Nacional del Petroleo |
|  3.450% due 09/16/2031 | 979 | 861 |
|  5.950% due 07/30/2034 | 900 | 912 |
|  6.150% due 05/10/2033 (n) | 4000 | 4098 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 1200 | 1238 |
|  |  | 32943 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  3.100% due 05/07/2041 (n) | 300 | 221 |
|  3.100% due 01/22/2061 | 700 | 420 |
|  3.500% due 04/15/2053 | 3700 | 2549 |

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| | | |
|:---|:---|:---|
| **24** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.950% due 01/05/2036 | $— | 487 | 473 |
|  5.650% due 01/13/2037 |  | 8000 | 8134 |
|  |  |  | 11797 |
|  Total Chile (Cost $46,082) | Total Chile (Cost $46,082) | Total Chile (Cost $46,082) | 44740 |
| COLOMBIA 1.8% | COLOMBIA 1.8% | COLOMBIA 1.8% | COLOMBIA 1.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 (n) | $— | 3600 | 2531 |
|  7.375% due 09/18/2043 (n) |  | 1500 | 1287 |
|  7.750% due 02/01/2032 |  | 5400 | 5304 |
|  |  |  | 9122 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  3.250% due 04/22/2032 |  | 900 | 701 |
|  3.875% due 02/15/2061 |  | 4600 | 2396 |
|  4.125% due 05/15/2051 |  | 4500 | 2563 |
|  5.000% due 06/15/2045 (n) |  | 3900 | 2630 |
|  5.200% due 05/15/2049 |  | 3700 | 2473 |
|  5.625% due 02/26/2044 (n) |  | 5100 | 3818 |
|  6.125% due 01/18/2041 (n) |  | 2000 | 1628 |
|  7.375% due 09/18/2037 |  | 1125 | 1073 |
|  8.000% due 11/14/2035 |  | 2200 | 2215 |
|  8.375% due 11/07/2054 |  | 2400 | 2298 |
|  8.750% due 11/14/2053 |  | 800 | 797 |
|  |  |  | 22592 |
|  Total Colombia (Cost $38,552) | Total Colombia (Cost $38,552) | Total Colombia (Cost $38,552) | 31714 |
| COSTA RICA 0.2% | COSTA RICA 0.2% | COSTA RICA 0.2% | COSTA RICA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Costa Rica Government International Bond | Costa Rica Government International Bond | Costa Rica Government International Bond | Costa Rica Government International Bond |
|  7.300% due 11/13/2054 | $— | 2500 | 2589 |
|  Total Costa Rica (Cost $2,371) | Total Costa Rica (Cost $2,371) | Total Costa Rica (Cost $2,371) | 2589 |
| CZECH REPUBLIC 0.4% | CZECH REPUBLIC 0.4% | CZECH REPUBLIC 0.4% | CZECH REPUBLIC 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  5.875% due 11/30/2029 |  | 3300 | 3784 |
|  6.651% due 11/13/2028 |  | 2100 | 2450 |
|  Total Czech Republic (Cost $6,199) | Total Czech Republic (Cost $6,199) | Total Czech Republic (Cost $6,199) | 6234 |
| DOMINICAN REPUBLIC 3.9% | DOMINICAN REPUBLIC 3.9% | DOMINICAN REPUBLIC 3.9% | DOMINICAN REPUBLIC 3.9% |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  12.000% due 10/03/2025 |  | 119800 | 1898 |
|  13.000% due 12/05/2025 |  | 626500 | 10002 |
|  13.000% due 01/30/2026 |  | 143200 | 2288 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  4.875% due 09/23/2032 | $— | 2000 | 1820 |
|  5.300% due 01/21/2041 |  | 1900 | 1603 |
|  5.500% due 02/22/2029 |  | 1000 | 986 |
|  5.875% due 01/30/2060 |  | 6300 | 5331 |
|  5.950% due 01/25/2027 |  | 5000 | 5029 |
|  6.000% due 07/19/2028 |  | 11300 | 11385 |
|  6.000% due 02/22/2033 |  | 2100 | 2044 |
|  6.400% due 06/05/2049 |  | 200 | 187 |
|  6.500% due 02/15/2048 |  | 506 | 478 |
|  6.600% due 06/01/2036 |  | 800 | 798 |
|  6.850% due 01/27/2045 |  | 300 | 296 |
|  6.950% due 03/15/2037 |  | 3400 | 3437 |
|  7.050% due 02/03/2031 |  | 1800 | 1866 |
|  7.150% due 02/24/2055 |  | 3100 | 3111 |
|  10.500% due 03/15/2037 |  | 445400 | 7224 |
|  10.750% due 06/01/2036 |  | 158300 | 2603 |
|  11.250% due 09/15/2035 |  | 11200 | 190 |
|  13.625% due 02/10/2034 |  | 165700 | 3219 |
|  Total Dominican Republic (Cost $68,478) | Total Dominican Republic (Cost $68,478) | Total Dominican Republic (Cost $68,478) | 65795 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ECUADOR 1.0% | ECUADOR 1.0% | ECUADOR 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  0.000% due 07/31/2030 (f) | 5171 | 2503 |
|  5.000% due 07/31/2040 þ | 1995 | 896 |
|  5.500% due 07/31/2035 þ | 15423 | 7634 |
|  6.900% due 07/31/2030 þ | 9100 | 5440 |
|  Ecuador Social Bond SARL | Ecuador Social Bond SARL | Ecuador Social Bond SARL |
|  0.000% due 01/30/2035 (f) | 711 | 492 |
|  Total Ecuador (Cost $18,773) | Total Ecuador (Cost $18,773) | 16965 |
| EGYPT 4.2% | EGYPT 4.2% | EGYPT 4.2% |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  4.750% due 04/16/2026 | 15100 | 16049 |
|  5.250% due 10/06/2025 | 1050 | 1038 |
|  5.800% due 09/30/2027 | 4300 | 4033 |
|  6.375% due 04/11/2031 | 7300 | 6705 |
|  7.053% due 01/15/2032 | 900 | 761 |
|  7.500% due 02/16/2061 | 12000 | 8039 |
|  7.625% due 05/29/2032 | 800 | 692 |
|  7.903% due 02/21/2048 | 4900 | 3515 |
|  8.500% due 01/31/2047 | 4700 | 3572 |
|  8.625% due 02/04/2030 | 2200 | 2132 |
|  8.700% due 03/01/2049 | 5100 | 3915 |
|  8.750% due 09/30/2051 | 2450 | 1882 |
|  9.450% due 02/04/2033 | 2800 | 2646 |
|  21.954% due 03/04/2028 | 790100 | 15998 |
|  Total Egypt (Cost $67,662) | Total Egypt (Cost $67,662) | 70977 |
| EL SALVADOR 0.9% | EL SALVADOR 0.9% | EL SALVADOR 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  El Salvador Government International Bond | El Salvador Government International Bond | El Salvador Government International Bond |
|  7.650% due 06/15/2035 | 1200 | 1114 |
|  9.250% due 04/17/2030 | 3800 | 3967 |
|  9.500% due 07/15/2052 | 1000 | 1001 |
|  9.650% due 11/21/2054 | 8500 | 8536 |
|  Total El Salvador (Cost $13,960) | Total El Salvador (Cost $13,960) | 14618 |
| FRANCE 0.1% | FRANCE 0.1% | FRANCE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 | 1000 | 1055 |
|  Total France (Cost $981) | Total France (Cost $981) | 1055 |
| GABON 0.0% | GABON 0.0% | GABON 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Gabon Government International Bond | Gabon Government International Bond | Gabon Government International Bond |
|  6.625% due 02/06/2031 | 350 | 274 |
|  6.950% due 06/16/2025 | 512 | 509 |
|  Total Gabon (Cost $778) | Total Gabon (Cost $778) | 783 |
| GEORGIA 0.0% | GEORGIA 0.0% | GEORGIA 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Georgian Railway JSC | Georgian Railway JSC | Georgian Railway JSC |
|  4.000% due 06/17/2028 | 200 | 177 |
|  Total Georgia (Cost $183) | Total Georgia (Cost $183) | 177 |
| GERMANY 0.4% | GERMANY 0.4% | GERMANY 0.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 6000 | 6471 |
|  Total Germany (Cost $6,160) | Total Germany (Cost $6,160) | 6471 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GHANA 0.9% | GHANA 0.9% | GHANA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ghana Government International Bond | Ghana Government International Bond | Ghana Government International Bond |
|  0.000% due 07/03/2026 (f) | 513 | 483 |
|  0.000% due 01/03/2030 (f) | 1186 | 915 |
|  1.500% due 01/03/2037 | 3200 | 1338 |
|  5.000% due 07/03/2029 þ | 5178 | 4529 |
|  5.000% due 07/03/2035 þ | 9445 | 6734 |
|  8.350% due 02/16/2027 | 8700 | 451 |
|  8.950% due 02/11/2031 | 8000 | 289 |
|  Total Ghana (Cost $14,928) | Total Ghana (Cost $14,928) | 14739 |
| GUATEMALA 1.0% | GUATEMALA 1.0% | GUATEMALA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Guatemala Government International Bond | Guatemala Government International Bond | Guatemala Government International Bond |
|  4.375% due 06/05/2027 | 4100 | 4012 |
|  4.650% due 10/07/2041 | 1000 | 783 |
|  4.875% due 02/13/2028 | 3700 | 3631 |
|  5.375% due 04/24/2032 | 1000 | 964 |
|  6.050% due 08/06/2031 | 3500 | 3491 |
|  6.125% due 06/01/2050 | 750 | 675 |
|  6.550% due 02/06/2037 | 3000 | 2988 |
|  Total Guatemala (Cost $17,125) | Total Guatemala (Cost $17,125) | 16544 |
| HONDURAS 0.1% | HONDURAS 0.1% | HONDURAS 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Honduras Government International Bond | Honduras Government International Bond | Honduras Government International Bond |
|  8.625% due 11/27/2034 | 1200 | 1191 |
|  Total Honduras (Cost $1,200) | Total Honduras (Cost $1,200) | 1191 |
| HONG KONG 0.2% | HONG KONG 0.2% | HONG KONG 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 | 400 | 308 |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  3.950% due 10/02/2026 | 1600 | 1659 |
|  5.000% due 05/18/2026 | 1500 | 1455 |
|  5.050% due 01/27/2027 | 800 | 762 |
|  Total Hong Kong (Cost $4,019) | Total Hong Kong (Cost $4,019) | 4184 |
| HUNGARY 1.4% | HUNGARY 1.4% | HUNGARY 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  1.625% due 04/28/2032 (n) | 1400 | 1288 |
|  1.750% due 06/05/2035 | 100 | 82 |
|  2.125% due 09/22/2031 (n) | 4000 | 3255 |
|  3.125% due 09/21/2051 (n) | 1400 | 835 |
|  5.500% due 03/26/2036 (n) | 4500 | 4311 |
|  5.500% due 03/26/2036 | 2300 | 2203 |
|  6.125% due 05/22/2028 (n) | 3300 | 3391 |
|  6.750% due 09/25/2052 | 1500 | 1541 |
|  7.625% due 03/29/2041 (n) | 3600 | 4061 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |
|  6.125% due 12/04/2027 | 2800 | 2856 |
|  Total Hungary (Cost $23,778) | Total Hungary (Cost $23,778) | 23823 |
| INDIA 0.4% | INDIA 0.4% | INDIA 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.250% due 05/21/2036 | 943 | 781 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 | 2400 | 2404 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 | 600 | 591 |
|  ReNew Wind Energy AP2 | ReNew Wind Energy AP2 | ReNew Wind Energy AP2 |
|  4.500% due 07/14/2028 | 3300 | 3068 |
|  Total India (Cost $7,197) | Total India (Cost $7,197) | 6844 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 25

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INDONESIA 3.0% | INDONESIA 3.0% | INDONESIA 3.0% |
| CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  5.315% due 04/14/2032 (n) | 4800 | 4713 |
|  Indonesia Asahan Aluminium PT | Indonesia Asahan Aluminium PT | Indonesia Asahan Aluminium PT |
|  5.450% due 05/15/2030 | 4000 | 4031 |
|  5.450% due 05/15/2030 (n) | 3200 | 3225 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  6.000% due 05/03/2042 | 2430 | 2362 |
|  6.450% due 05/30/2044 | 3500 | 3574 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.000% due 06/30/2050 (n) | 5100 | 3548 |
|  4.000% due 06/30/2050 | 4300 | 2992 |
|  4.375% due 02/05/2050 | 4300 | 3193 |
|  5.250% due 10/24/2042 | 5000 | 4407 |
|  5.250% due 05/15/2047 (n) | 4900 | 4200 |
|  5.450% due 05/21/2028 | 250 | 253 |
|  6.250% due 01/25/2049 | 2800 | 2728 |
|  |  | 39226 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  1.100% due 03/12/2033 | 2600 | 2256 |
|  3.875% due 01/15/2033 | 2700 | 2879 |
|  4.125% due 01/15/2037 | 2700 | 2836 |
|  4.200% due 10/15/2050 | 400 | 321 |
|  5.250% due 01/17/2042 | 900 | 865 |
|  5.650% due 01/11/2053 | 700 | 689 |
|  6.750% due 01/15/2044 | 200 | 224 |
|  7.750% due 01/17/2038 | 1025 | 1241 |
|  Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia |
|  3.800% due 06/23/2050 | 300 | 221 |
|  5.650% due 11/25/2054 | 900 | 876 |
|  |  | 12408 |
|  Total Indonesia (Cost $57,422) | Total Indonesia (Cost $57,422) | 51634 |
| IRELAND 1.5% | IRELAND 1.5% | IRELAND 1.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 2204 | 2017 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%)<br>due 03/07/2027 «~ | 8100 | 8741 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC |
|  6.000% due 03/22/2027 | 2959 | 2834 |
|  Republic of Angola Via Avenir Issuer Ireland DAC | Republic of Angola Via Avenir Issuer Ireland DAC | Republic of Angola Via Avenir Issuer Ireland DAC |
|  6.927% due 02/19/2027 | 12643 | 11976 |
|  |  | 14810 |
|  Total Ireland (Cost $25,894) | Total Ireland (Cost $25,894) | 25568 |
| ISRAEL 2.3% | ISRAEL 2.3% | ISRAEL 2.3% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  ICL Group Ltd. | ICL Group Ltd. | ICL Group Ltd. |
|  6.375% due 05/31/2038 | 2119 | 2148 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 3000 | 2682 |
|  4.250% due 08/14/2028 | 1900 | 1845 |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.125% due 06/30/2025 | 3600 | 3599 |
|  6.500% due 06/30/2027 | 4600 | 4546 |
|  |  | 14820 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  2.500% due 01/15/2030 | 1000 | 884 |
|  2.750% due 07/03/2030 | 2800 | 2475 |
|  4.500% due 01/30/2043 (n) | 2400 | 2030 |
|  5.375% due 02/19/2030 | 4200 | 4234 |
|  5.500% due 03/12/2034 | 7400 | 7370 |
|  5.625% due 02/19/2035 | 4200 | 4177 |
|  5.750% due 03/12/2054 | 2500 | 2299 |
|  |  | 23469 |
|  Total Israel (Cost $38,148) | Total Israel (Cost $38,148) | 38289 |
| ITALY 0.1% | ITALY 0.1% | ITALY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 1500 | 1559 |
|  Total Italy (Cost $1,489) | Total Italy (Cost $1,489) | 1559 |
| IVORY COAST 2.0% | IVORY COAST 2.0% | IVORY COAST 2.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% |
|  Republic of Cote d'lvoire | Republic of Cote d'lvoire | Republic of Cote d'lvoire |
|  5.403% (EUR006M + 3.050%) due 03/09/2026 «~ | 9000 | 9662 |
|  5.562% (EUR006M + 3.000%) due 06/28/2025 «~ | 5000 | 5405 |
|  7.422% (EUR006M + 5.000%) due 03/19/2027 «~ | 840 | 913 |
|  |  | 15980 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  4.875% due 01/30/2032 | 3666 | 3508 |
|  5.250% due 03/22/2030 | 847 | 874 |
|  5.750% due 12/31/2032 þ | 2054 | 1953 |
|  5.875% due 10/17/2031 | 1400 | 1422 |
|  6.625% due 03/22/2048 | 1000 | 844 |
|  6.875% due 10/17/2040 | 2800 | 2542 |
|  7.625% due 01/30/2033 | 2300 | 2241 |
|  8.075% due 04/01/2036 (a) | 1400 | 1344 |
|  8.250% due 01/30/2037 | 2100 | 2021 |
|  |  | 16749 |
|  Total Ivory Coast (Cost $33,097) | Total Ivory Coast (Cost $33,097) | 32729 |
| JAMAICA 0.1% | JAMAICA 0.1% | JAMAICA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  TransJamaican Highway Ltd. | TransJamaican Highway Ltd. | TransJamaican Highway Ltd. |
|  5.750% due 10/10/2036 | 1694 | 1567 |
|  Total Jamaica (Cost $1,696) | Total Jamaica (Cost $1,696) | 1567 |
| JORDAN 0.3% | JORDAN 0.3% | JORDAN 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Jordan Government International Bond | Jordan Government International Bond | Jordan Government International Bond |
|  5.850% due 07/07/2030 | 600 | 555 |
|  6.125% due 01/29/2026 | 2000 | 1996 |
|  7.375% due 10/10/2047 | 3450 | 3016 |
|  Total Jordan (Cost $5,894) | Total Jordan (Cost $5,894) | 5567 |
| KAZAKHSTAN 1.0% | KAZAKHSTAN 1.0% | KAZAKHSTAN 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  3.500% due 04/14/2033 | 1885 | 1598 |
|  5.750% due 04/19/2047 | 5300 | 4636 |
|  QazaqGaz NC JSC | QazaqGaz NC JSC | QazaqGaz NC JSC |
|  4.375% due 09/26/2027 | 1000 | 970 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 6500 | 5691 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 08/15/2026 | $— | 4400 | 4308 |
|  |  |  | 17203 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Kazakhstan Government International Bond | Kazakhstan Government International Bond | Kazakhstan Government International Bond | Kazakhstan Government International Bond |
|  4.875% due 10/14/2044 |  | 200 | 185 |
|  6.500% due 07/21/2045 |  | 200 | 220 |
|  |  |  | 405 |
|  Total Kazakhstan (Cost $18,213) | Total Kazakhstan (Cost $18,213) | Total Kazakhstan (Cost $18,213) | 17608 |
| KENYA 0.8% | KENYA 0.8% | KENYA 0.8% | KENYA 0.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Republic of Kenya | Republic of Kenya | Republic of Kenya | Republic of Kenya |
|  11.900% (PRIME + 4.400%) due 04/05/2028 «~ | $— | 2700 | 2661 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Kenya Government International Bond | Republic of Kenya Government International Bond | Republic of Kenya Government International Bond | Republic of Kenya Government International Bond |
|  7.250% due 02/28/2028 |  | 2100 | 2025 |
|  8.000% due 05/22/2032 |  | 800 | 720 |
|  9.500% due 03/05/2036 |  | 2500 | 2296 |
|  9.750% due 02/16/2031 |  | 5700 | 5586 |
|  |  |  | 10627 |
|  Total Kenya (Cost $13,694) | Total Kenya (Cost $13,694) | Total Kenya (Cost $13,694) | 13288 |
| LATVIA 0.3% | LATVIA 0.3% | LATVIA 0.3% | LATVIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Latvia Government International Bond | Latvia Government International Bond | Latvia Government International Bond | Latvia Government International Bond |
|  5.125% due 07/30/2034 | $— | 4600 | 4560 |
|  Total Latvia (Cost $4,557) | Total Latvia (Cost $4,557) | Total Latvia (Cost $4,557) | 4560 |
| LEBANON 0.1% | LEBANON 0.1% | LEBANON 0.1% | LEBANON 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond |
|  8.250% due 05/17/2034 ^(c) | $— | 8300 | 1332 |
|  Total Lebanon (Cost $529) | Total Lebanon (Cost $529) | Total Lebanon (Cost $529) | 1332 |
|  | **SHARES** | **SHARES** |  |
| LUXEMBOURG 2.5% | LUXEMBOURG 2.5% | LUXEMBOURG 2.5% | LUXEMBOURG 2.5% |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
|  Drillco Holding Lux SA «(l) |  | 154744 | 3897 |
|  Foresea Holdings SA « |  | 61095 | 1539 |
|  |  |  | 5436 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.580% due 10/20/2035 | $— | 1300 | 1301 |
|  5.672% due 10/20/2035 (a) |  | 1300 | 1301 |
|  6.010% due 01/20/2033 (n) |  | 3813 | 3918 |
|  6.010% due 01/20/2033 |  | 465 | 478 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 |  | 2689 | 2599 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 |  | 3000 | 3041 |
|  6.103% due 08/23/2042 |  | 3100 | 3113 |
|  6.129% due 02/23/2038 (n) |  | 3400 | 3496 |
|  6.510% due 02/23/2042 (n) |  | 3400 | 3554 |
|  Guara Norte SARL | Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
|  5.198% due 06/15/2034 |  | 6229 | 5842 |
|  Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL |
|  6.125% due 06/09/2026 |  | 4700 | 4729 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL |
|  8.875% due 02/10/2035 | 2900 | 2937 |
|  |  | 36309 |
|  Total Luxembourg (Cost $38,667) | Total Luxembourg (Cost $38,667) | 41745 |
| MACEDONIA 0.4% | MACEDONIA 0.4% | MACEDONIA 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  North Macedonia Government International Bond | North Macedonia Government International Bond | North Macedonia Government International Bond |
|  6.960% due 03/13/2027 | 6400 | 7239 |
|  Total Macedonia (Cost $6,800) | Total Macedonia (Cost $6,800) | 7239 |
| MALAYSIA 0.8% | MALAYSIA 0.8% | MALAYSIA 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 1200 | 786 |
|  4.800% due 04/21/2060 | 1330 | 1154 |
|  4.800% due 04/21/2060 (n) | 3700 | 3211 |
|  5.848% due 04/03/2055 (a) | 7600 | 7713 |
|  Total Malaysia (Cost $13,697) | Total Malaysia (Cost $13,697) | 12864 |
|  | **SHARES** |  |
| MEXICO 9.6% | MEXICO 9.6% | MEXICO 9.6% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(d) | 93349 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 5.1% | CORPORATE BONDS & NOTES 5.1% | CORPORATE BONDS & NOTES 5.1% |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(i)(j) | 800 | 717 |
|  7.500% due 06/27/2029 •(i)(j) | 4240 | 4166 |
|  7.625% due 01/10/2028 ~(i)(j) | 500 | 499 |
|  8.375% due 10/14/2030 •(i)(j) | 700 | 709 |
|  8.375% due 05/20/2031 •(i)(j) | 2100 | 2084 |
|  8.750% due 05/20/2035 •(i)(j) | 2000 | 1990 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  7.625% due 02/11/2035 •(j) | 2500 | 2530 |
|  Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV |
|  5.761% due 12/09/2054 | 2900 | 2786 |
|  Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV |
|  4.750% due 08/06/2050 | 2100 | 1626 |
|  Minera Mexico SA de CV | Minera Mexico SA de CV | Minera Mexico SA de CV |
|  4.500% due 01/26/2050 | 4900 | 3757 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 5438 | 3625 |
|  6.375% due 01/23/2045 | 9500 | 6406 |
|  6.500% due 06/02/2041 | 15100 | 10681 |
|  6.625% due 06/15/2035 | 1225 | 980 |
|  6.700% due 02/16/2032 | 21620 | 19013 |
|  6.950% due 01/28/2060 | 11820 | 8075 |
|  7.690% due 01/23/2050 | 5000 | 3754 |
|  8.750% due 06/02/2029 | 1000 | 1000 |
|  10.000% due 02/07/2033 (n) | 9700 | 10112 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 2100 | 1693 |
|  |  | 86203 |
| SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.250% due 08/12/2036 | 6000 | 4886 |
|  2.750% due 11/27/2031 (h) | 40425 | 1726 |
|  3.000% due 12/03/2026 (h) | 483419 | 22736 |
|  3.771% due 05/24/2061 | 3000 | 1753 |
|  4.000% due 11/30/2028 (h) | 47070 | 2229 |
|  4.000% due 03/15/2115 | 1000 | 708 |
|  5.000% due 05/07/2029 | 11100 | 10994 |
|  5.000% due 04/27/2051 (n) | 1300 | 1000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.750% due 10/12/2110 | $— | 10600 | 8349 |
|  6.338% due 05/04/2053 |  | 299 | 272 |
|  6.350% due 02/09/2035 |  | 800 | 803 |
|  6.400% due 05/07/2054 |  | 2200 | 2013 |
|  6.875% due 05/13/2037 |  | 10000 | 10256 |
|  7.375% due 05/13/2055 |  | 7400 | 7578 |
|  |  |  | 75303 |
|  Total Mexico (Cost $175,394) | Total Mexico (Cost $175,394) | Total Mexico (Cost $175,394) | 161506 |
| MONGOLIA 0.0% | MONGOLIA 0.0% | MONGOLIA 0.0% | MONGOLIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mongolia Government International Bond | Mongolia Government International Bond | Mongolia Government International Bond | Mongolia Government International Bond |
|  7.875% due 06/05/2029 | $— | 500 | 514 |
|  Total Mongolia (Cost $496) | Total Mongolia (Cost $496) | Total Mongolia (Cost $496) | 514 |
| MOROCCO 0.5% | MOROCCO 0.5% | MOROCCO 0.5% | MOROCCO 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  OCP SA | OCP SA | OCP SA | OCP SA |
|  3.750% due 06/23/2031 | $— | 2550 | 2267 |
|  5.125% due 06/23/2051 |  | 7500 | 5775 |
|  Total Morocco (Cost $9,049) | Total Morocco (Cost $9,049) | Total Morocco (Cost $9,049) | 8042 |
|  | **SHARES** | **SHARES** |  |
| NETHERLANDS 0.8% | NETHERLANDS 0.8% | NETHERLANDS 0.8% | NETHERLANDS 0.8% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor «(d) |  | 13778 | 14 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  NE Property BV | NE Property BV | NE Property BV | NE Property BV |
|  1.875% due 10/09/2026 |  | 200 | 213 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  1.539% due 08/03/2028 |  | 500 | 507 |
|  2.031% due 08/03/2032 |  | 600 | 559 |
|  3.061% due 07/13/2031 | $— | 1200 | 1035 |
|  3.257% due 01/19/2027 |  | 1000 | 969 |
|  3.680% due 01/21/2030 |  | 900 | 832 |
|  4.027% due 08/03/2050 |  | 600 | 405 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(b)(c) |  | 2957 | 58 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 |  | 3469 | 3665 |
|  |  |  | 8243 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « |  | 5900 | 5811 |
|  Total Netherlands (Cost $14,687) | Total Netherlands (Cost $14,687) | Total Netherlands (Cost $14,687) | 14068 |
| NIGERIA 1.6% | NIGERIA 1.6% | NIGERIA 1.6% | NIGERIA 1.6% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  BOI Finance BV | BOI Finance BV | BOI Finance BV | BOI Finance BV |
|  7.500% due 02/16/2027 |  | 7800 | 8446 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  4.185% (EUR003M + 1.700%)<br>due 08/23/2027 ~ |  | 3900 | 4186 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond |
|  7.143% due 02/23/2030 | $— | 800 | 725 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.625% due 11/28/2047 | $— | 1200 | 908 |
|  7.696% due 02/23/2038 |  | 3500 | 2837 |
|  7.875% due 02/16/2032 |  | 3700 | 3297 |
|  8.375% due 03/24/2029 |  | 800 | 774 |
|  8.747% due 01/21/2031 |  | 650 | 621 |
|  9.625% due 06/09/2031 |  | 1800 | 1779 |
|  10.375% due 12/09/2034 |  | 2400 | 2413 |
|  |  |  | 13354 |
|  Total Nigeria (Cost $27,145) | Total Nigeria (Cost $27,145) | Total Nigeria (Cost $27,145) | 25986 |
| OMAN 1.1% | OMAN 1.1% | OMAN 1.1% | OMAN 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Oman Government International Bond | Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |
|  5.625% due 01/17/2028 | $— | 4430 | 4467 |
|  6.000% due 08/01/2029 |  | 3900 | 4008 |
|  6.500% due 03/08/2047 |  | 1800 | 1827 |
|  6.750% due 10/28/2027 |  | 1300 | 1351 |
|  6.750% due 01/17/2048 |  | 1200 | 1242 |
|  7.000% due 01/25/2051 |  | 5900 | 6287 |
|  Total Oman (Cost $18,040) | Total Oman (Cost $18,040) | Total Oman (Cost $18,040) | 19182 |
| PAKISTAN 1.3% | PAKISTAN 1.3% | PAKISTAN 1.3% | PAKISTAN 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond |
|  6.000% due 04/08/2026 | $— | 10000 | 9493 |
|  6.875% due 12/05/2027 |  | 1800 | 1644 |
|  8.250% due 09/30/2025 |  | 2300 | 2295 |
|  8.875% due 04/08/2051 (n) |  | 4600 | 3612 |
|  8.875% due 04/08/2051 |  | 4100 | 3220 |
|  Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority |
|  7.500% due 06/04/2031 |  | 900 | 716 |
|  Total Pakistan (Cost $21,340) | Total Pakistan (Cost $21,340) | Total Pakistan (Cost $21,340) | 20980 |
| PANAMA 1.8% | PANAMA 1.8% | PANAMA 1.8% | PANAMA 1.8% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
|  5.125% due 08/11/2061 | $— | 2700 | 1915 |
|  Banco General SA | Banco General SA | Banco General SA | Banco General SA |
|  5.250% due 05/07/2031 •(i)(j) |  | 3000 | 2660 |
|  5.250% due 05/07/2031 ~(i) |  | 600 | 532 |
|  ENA Norte Trust | ENA Norte Trust | ENA Norte Trust | ENA Norte Trust |
|  4.950% due 04/25/2028 |  | 598 | 562 |
|  |  |  | 5669 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
|  4.300% due 04/29/2053 |  | 2800 | 1713 |
|  4.500% due 05/15/2047 |  | 200 | 132 |
|  4.500% due 04/16/2050 |  | 1000 | 638 |
|  4.500% due 01/19/2063 |  | 3600 | 2199 |
|  6.400% due 02/14/2035 |  | 4000 | 3763 |
|  6.700% due 01/26/2036 |  | 4800 | 4607 |
|  6.853% due 03/28/2054 |  | 1900 | 1667 |
|  6.875% due 01/31/2036 |  | 2700 | 2603 |
|  7.875% due 03/01/2057 (n) |  | 2500 | 2460 |
|  8.000% due 03/01/2038 |  | 1500 | 1549 |
|  8.125% due 04/28/2034 |  | 2860 | 3092 |
|  9.375% due 04/01/2029 |  | 518 | 580 |
|  |  |  | 25003 |
|  Total Panama (Cost $36,050) | Total Panama (Cost $36,050) | Total Panama (Cost $36,050) | 30672 |
| PARAGUAY 0.6% | PARAGUAY 0.6% | PARAGUAY 0.6% | PARAGUAY 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  2.739% due 01/29/2033 | $— | 800 | 663 |
|  3.849% due 06/28/2033 |  | 600 | 530 |
|  5.400% due 03/30/2050 |  | 700 | 603 |
|  5.600% due 03/13/2048 |  | 200 | 177 |
|  5.850% due 08/21/2033 |  | 700 | 700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 02/09/2036 | $— | 1000 | 1002 |
|  6.650% due 03/04/2055 |  | 1900 | 1909 |
|  7.900% due 02/09/2031 |  | 23766000 | 2952 |
|  8.500% due 03/04/2035 |  | 16023000 | 1997 |
|  Total Paraguay (Cost $11,315) | Total Paraguay (Cost $11,315) | Total Paraguay (Cost $11,315) | 10533 |
| PERU 2.2% | PERU 2.2% | PERU 2.2% | PERU 2.2% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 |  | 12400 | 3620 |
|  InRetail Consumer | InRetail Consumer | InRetail Consumer | InRetail Consumer |
|  3.250% due 03/22/2028 | $— | 11600 | 10980 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 |  | 1300 | 1330 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 |  | 2500 | 2474 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 |  | 12600 | 7954 |
|  |  |  | 26358 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.375% due 02/08/2035 |  | 2030 | 1995 |
|  5.400% due 08/12/2034 |  | 2000 | 497 |
|  5.875% due 08/08/2054 | $— | 3000 | 2912 |
|  6.150% due 08/12/2032 |  | 5200 | 1422 |
|  6.900% due 08/12/2037 |  | 5000 | 1344 |
|  6.950% due 08/12/2031 |  | 2800 | 815 |
|  7.300% due 08/12/2033 |  | 1400 | 403 |
|  |  |  | 9388 |
|  Total Peru (Cost $36,235) | Total Peru (Cost $36,235) | Total Peru (Cost $36,235) | 35746 |
| PHILIPPINES 0.4% | PHILIPPINES 0.4% | PHILIPPINES 0.4% | PHILIPPINES 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  PLDT, Inc. | PLDT, Inc. | PLDT, Inc. | PLDT, Inc. |
|  3.450% due 06/23/2050 | $— | 4700 | 3276 |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  8.125% due 12/02/2029 ~(i) |  | 4100 | 4140 |
|  Total Philippines (Cost $8,988) | Total Philippines (Cost $8,988) | Total Philippines (Cost $8,988) | 7416 |
| POLAND 1.3% | POLAND 1.3% | POLAND 1.3% | POLAND 1.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ORLEN SA | ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | $— | 1900 | 1952 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 |  | 3600 | 3673 |
|  6.250% due 07/09/2054 |  | 3600 | 3632 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.875% due 02/12/2030 |  | 1700 | 1717 |
|  4.875% due 10/04/2033 |  | 3200 | 3155 |
|  5.375% due 02/12/2035 |  | 3300 | 3321 |
|  5.500% due 04/04/2053 (n) |  | 4300 | 4056 |
|  |  |  | 19554 |
|  Total Poland (Cost $21,390) | Total Poland (Cost $21,390) | Total Poland (Cost $21,390) | 21506 |
| QATAR 1.9% | QATAR 1.9% | QATAR 1.9% | QATAR 1.9% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  QatarEnergy | QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | $— | 10000 | 8658 |
|  3.125% due 07/12/2041 |  | 4250 | 3187 |
|  3.300% due 07/12/2051 |  | 6300 | 4355 |
|  3.300% due 07/12/2051 (n) |  | 5400 | 3733 |
|  |  |  | 19933 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  4.400% due 04/16/2050 | 1900 | 1633 |
|  4.817% due 03/14/2049 | 3180 | 2920 |
|  4.875% due 02/27/2035 | 4200 | 4272 |
|  5.103% due 04/23/2048 | 2375 | 2278 |
|  |  | 11103 |
|  Total Qatar (Cost $34,247) | Total Qatar (Cost $34,247) | 31036 |
| ROMANIA 1.9% | ROMANIA 1.9% | ROMANIA 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.124% due 07/16/2031 | 4450 | 3936 |
|  2.125% due 03/07/2028 (n) | 500 | 513 |
|  2.375% due 04/19/2027 (n) | 350 | 371 |
|  2.875% due 04/13/2042 (n) | 4500 | 2950 |
|  3.375% due 01/28/2050 | 2700 | 1752 |
|  3.500% due 04/03/2034 (n) | 900 | 789 |
|  3.750% due 02/07/2034 | 200 | 180 |
|  4.625% due 04/03/2049 (n) | 1000 | 804 |
|  5.250% due 03/10/2030 | 4400 | 4796 |
|  5.250% due 05/30/2032 (n) | 4200 | 4380 |
|  5.625% due 05/30/2037 (n) | 4200 | 4149 |
|  6.125% due 01/22/2044 (n) | 4500 | 3940 |
|  6.375% due 09/18/2033 | 3600 | 3973 |
|  Total Romania (Cost $37,289) | Total Romania (Cost $37,289) | 32533 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Russia Government International Bond | Russia Government International Bond | Russia Government International Bond |
|  7.500% due 03/31/2030 | 110 | 73 |
|  Total Russia (Cost $20) | Total Russia (Cost $20) | 73 |
| RWANDA 0.1% | RWANDA 0.1% | RWANDA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Rwanda Government International Bond | Rwanda Government International Bond | Rwanda Government International Bond |
|  5.500% due 08/09/2031 | 1200 | 975 |
|  Total Rwanda (Cost $958) | Total Rwanda (Cost $958) | 975 |
| SAUDI ARABIA 3.0% | SAUDI ARABIA 3.0% | SAUDI ARABIA 3.0% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 3200 | 1989 |
|  4.250% due 04/16/2039 | 2700 | 2356 |
|  5.250% due 07/17/2034 | 6700 | 6748 |
|  5.750% due 07/17/2054 | 3300 | 3120 |
|  5.875% due 07/17/2064 | 5700 | 5338 |
|  |  | 19551 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.450% due 02/02/2061 | 6800 | 4233 |
|  3.750% due 01/21/2055 | 3400 | 2321 |
|  4.500% due 10/26/2046 | 10100 | 8307 |
|  4.625% due 10/04/2047 | 1400 | 1167 |
|  5.000% due 01/16/2034 (n) | 7600 | 7553 |
|  5.000% due 01/18/2053 | 200 | 172 |
|  5.625% due 01/13/2035 | 6900 | 7097 |
|  |  | 30850 |
|  Total Saudi Arabia (Cost $56,739) | Total Saudi Arabia (Cost $56,739) | 50401 |
| SENEGAL 1.0% | SENEGAL 1.0% | SENEGAL 1.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Republic of Senegal | Republic of Senegal | Republic of Senegal |
|  8.446% (EUR006M + 5.800%) due 12/22/2028 «~ | 5000 | 4710 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Senegal Government International Bond | Senegal Government International Bond | Senegal Government International Bond |
|  4.750% due 03/13/2028 | 4700 | 4421 |
|  5.375% due 06/08/2037 | 8000 | 5773 |
|  6.750% due 03/13/2048 | 1300 | 848 |
|  |  | 11042 |
|  Total Senegal (Cost $19,042) | Total Senegal (Cost $19,042) | 15752 |
| SERBIA 1.5% | SERBIA 1.5% | SERBIA 1.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade |
|  7.000% due 10/28/2029 | 900 | 899 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Mercury Projects Finance PLC | Mercury Projects Finance PLC | Mercury Projects Finance PLC |
|  0.400% - 6.668% (EUR006M + 4.200%) due 08/11/2030 «~ | 5000 | 5566 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 500 | 486 |
|  1.500% due 06/26/2029 | 3800 | 3675 |
|  1.650% due 03/03/2033 (n) | 2400 | 2025 |
|  3.125% due 05/15/2027 (n) | 4620 | 4928 |
|  3.125% due 05/15/2027 | 800 | 853 |
|  6.000% due 06/12/2034 | 1900 | 1887 |
|  6.250% due 05/26/2028 | 300 | 307 |
|  6.500% due 09/26/2033 (n) | 3600 | 3712 |
|  |  | 17873 |
|  Total Serbia (Cost $24,297) | Total Serbia (Cost $24,297) | 24338 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Medco Bell Pte. Ltd. | Medco Bell Pte. Ltd. | Medco Bell Pte. Ltd. |
|  6.375% due 01/30/2027 | 500 | 498 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1600 | 1675 |
|  Total Singapore (Cost $2,076) | Total Singapore (Cost $2,076) | 2173 |
| SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% | SOUTH AFRICA 2.3% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |
|  4.314% due 07/23/2027 | 5000 | 4793 |
|  6.350% due 08/10/2028 | 5200 | 5173 |
|  8.450% due 08/10/2028 | 2800 | 2899 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  6.500% due 09/27/2028 | 1150 | 1105 |
|  8.750% due 05/03/2029 | 3700 | 3730 |
|  |  | 17700 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.558% (JIBA3M + 4.000%) due 03/02/2028 «~ | 66000 | 3564 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.100% due 11/19/2036 | 2700 | 2621 |
|  7.950% due 11/19/2054 | 2800 | 2638 |
|  8.500% due 01/31/2037 | 29300 | 1329 |
|  8.875% due 02/28/2035 (n) | 206800 | 10097 |
|  |  | 16685 |
|  Total South Africa (Cost $38,490) | Total South Africa (Cost $38,490) | 37949 |

---

28 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOUTH KOREA 0.3% | SOUTH KOREA 0.3% | SOUTH KOREA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.500% due 01/17/2033 | 5000 | 5372 |
|  Total South Korea (Cost $5,303) | Total South Korea (Cost $5,303) | 5372 |
| SRI LANKA 0.9% | SRI LANKA 0.9% | SRI LANKA 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Sri Lanka Government International Bond | Sri Lanka Government International Bond | Sri Lanka Government International Bond |
|  3.100% due 01/15/2030 þ | 2186 | 1943 |
|  3.350% due 03/15/2033 þ | 4288 | 3387 |
|  3.600% due 06/15/2035 þ | 2895 | 1976 |
|  3.600% due 05/15/2036 þ | 2009 | 1575 |
|  3.600% due 02/15/2038 þ | 4021 | 3181 |
|  4.000% due 04/15/2028 | 2556 | 2409 |
|  Total Sri Lanka (Cost $13,379) | Total Sri Lanka (Cost $13,379) | 14471 |
| SUPRANATIONAL 0.0% | SUPRANATIONAL 0.0% | SUPRANATIONAL 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Africa Finance Corp. | Africa Finance Corp. | Africa Finance Corp. |
|  2.870% due 08/13/2031 | 200 | 171 |
|  Total Supranational (Cost $166) | Total Supranational (Cost $166) | 171 |
| TANZANIA 0.2% | TANZANIA 0.2% | TANZANIA 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  The Ministry of Finance and Planning, Government of the United Republic of Tanzania | The Ministry of Finance and Planning, Government of the United Republic of Tanzania | The Ministry of Finance and Planning, Government of the United Republic of Tanzania |
|  8.320% (EUR006M + 5.400%) due 04/26/2028 ~« | 3309 | 3592 |
|  Total Tanzania (Cost $3,881) | Total Tanzania (Cost $3,881) | 3592 |
| THAILAND 0.2% | THAILAND 0.2% | THAILAND 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  3.466% due 09/23/2036 •(j) | 2700 | 2385 |
|  PTTEP Treasury Center Co. Ltd. | PTTEP Treasury Center Co. Ltd. | PTTEP Treasury Center Co. Ltd. |
|  2.587% due 06/10/2027 | 400 | 383 |
|  Total Thailand (Cost $3,106) | Total Thailand (Cost $3,106) | 2768 |
| TRINIDAD AND TOBAGO 0.3% | TRINIDAD AND TOBAGO 0.3% | TRINIDAD AND TOBAGO 0.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. |
|  6.050% due 01/15/2036 | 2000 | 1847 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Trinidad & Tobago Government International Bond | Trinidad & Tobago Government International Bond | Trinidad & Tobago Government International Bond |
|  5.950% due 01/14/2031 | 2700 | 2641 |
|  Total Trinidad and Tobago (Cost $4,521) | Total Trinidad and Tobago (Cost $4,521) | 4488 |
| TUNISIA 0.1% | TUNISIA 0.1% | TUNISIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Tunisian Republic International Bond | Tunisian Republic International Bond | Tunisian Republic International Bond |
|  3.280% due 08/09/2027 | 200000 | 1198 |
|  Total Tunisia (Cost $1,938) | Total Tunisia (Cost $1,938) | 1198 |
| TURKEY 4.9% | TURKEY 4.9% | TURKEY 4.9% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 3200 | 3233 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 785 | 760 |
|  |  | 3993 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% |
|  Republic of Turkey | Republic of Turkey | Republic of Turkey |
|  9.127% (EUR003M + 6.210%) due 04/27/2031 «~ | 5700 | 6536 |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.931% (EUR006M + 3.450%) due 08/11/2026 ~ | 7600 | 8213 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.785% (EUR003M + 3.000%) due 12/15/2028 «~ | 1800 | 1932 |
|  |  | 16681 |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  4.875% due 04/16/2043 | 12700 | 8870 |
|  5.750% due 05/11/2047 | 30100 | 22558 |
|  6.000% due 01/14/2041 | 780 | 640 |
|  6.125% due 10/24/2028 | 3300 | 3271 |
|  7.125% due 02/12/2032 | 4100 | 4036 |
|  7.125% due 07/17/2032 | 1800 | 1769 |
|  7.625% due 05/15/2034 | 1100 | 1110 |
|  27.700% due 09/27/2034 | 224800 | 5307 |
|  45.031% due 05/20/2026 ~ | 13300 | 351 |
|  45.031% due 08/19/2026 ~ | 30100 | 780 |
|  45.031% due 05/17/2028 ~ | 294300 | 7336 |
|  45.111% due 06/16/2027 ~ | 137100 | 3507 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  7.500% due 02/06/2028 | 2600 | 2626 |
|  |  | 62161 |
|  Total Turkey (Cost $87,521) | Total Turkey (Cost $87,521) | 82835 |
| UKRAINE 1.0% | UKRAINE 1.0% | UKRAINE 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(g) | 1076 | 554 |
|  0.000% due 02/01/2034 þ(g) | 4022 | 1599 |
|  0.000% due 02/01/2035 þ(g) | 1192 | 662 |
|  0.000% due 08/01/2041 ~ | 6350 | 4620 |
|  1.750% due 02/01/2034 þ | 7932 | 4243 |
|  1.750% due 02/01/2035 þ | 4331 | 2274 |
|  1.750% due 02/01/2036 þ | 4286 | 2218 |
|  Total Ukraine (Cost $13,022) | Total Ukraine (Cost $13,022) | 16170 |
| UNITED ARAB EMIRATES 2.0% | UNITED ARAB EMIRATES 2.0% | UNITED ARAB EMIRATES 2.0% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.250% due 10/02/2054 | 3300 | 3075 |
|  5.500% due 05/08/2034 | 3400 | 3530 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 6000 | 5481 |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. |
|  4.700% due 09/30/2049 | 500 | 429 |
|  5.625% due 09/25/2048 | 1050 | 1007 |
|  6.850% due 07/02/2037 | 1650 | 1837 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.084% due 05/22/2053 | 1500 | 1395 |
|  5.875% due 05/01/2034 | 5000 | 5281 |
|  Ruwais Power Co. PJSC | Ruwais Power Co. PJSC | Ruwais Power Co. PJSC |
|  6.000% due 08/31/2036 | 420 | 430 |
|  |  | 22465 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  NMC Healthcare LLC | NMC Healthcare LLC | NMC Healthcare LLC |
|  10.855% (US0003M + 6.000%) due 03/25/2027 ~« | 11216 | 3058 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  5.500% due 04/30/2054 | 6800 | 6830 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Emirate of Dubai Government International Bond | Emirate of Dubai Government International Bond | Emirate of Dubai Government International Bond |
|  3.900% due 09/09/2050 | 400 | 291 |
|  Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
|  4.375% due 03/10/2051 | 2750 | 1906 |
|  |  | 9027 |
|  Total United Arab Emirates (Cost $35,807) | Total United Arab Emirates (Cost $35,807) | 34550 |
| UNITED KINGDOM 2.6% | UNITED KINGDOM 2.6% | UNITED KINGDOM 2.6% |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  6.250% due 05/02/2034 | 2400 | 2482 |
|  Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC |
|  8.125% due 01/23/2030 | 2700 | 2708 |
|  Fresnillo PLC | Fresnillo PLC | Fresnillo PLC |
|  4.250% due 10/02/2050 | 4200 | 3072 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC |
|  7.125% due 07/19/2026 | 695 | 659 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 20070 | 14154 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  0.000% due 05/06/2025 «(f) | 441600 | 1438 |
|  0.000% due 12/01/2025 «(f) | 516000 | 1575 |
|  0.000% due 06/02/2025 «(f) | 488200 | 1576 |
|  0.000% due 11/03/2025 «(f) | 463600 | 1424 |
|  Ukraine Railways Via Rail Capital Markets PLC | Ukraine Railways Via Rail Capital Markets PLC | Ukraine Railways Via Rail Capital Markets PLC |
|  8.250% due 07/09/2026 | 3901 | 3354 |
|  Vedanta Resources Finance PLC | Vedanta Resources Finance PLC | Vedanta Resources Finance PLC |
|  9.475% due 07/24/2030 | 1300 | 1288 |
|  9.850% due 04/24/2033 | 1400 | 1400 |
|  |  | 35130 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.409% due 06/17/2058 ~ | 770 | 997 |
|  5.415% due 01/17/2059 •  | 2170 | 2808 |
|  Polaris PLC | Polaris PLC | Polaris PLC |
|  5.763% due 05/23/2059 | 1490 | 1930 |
|  Rochester Financing PLC | Rochester Financing PLC | Rochester Financing PLC |
|  5.159% due 12/18/2044 •  | 1820 | 2348 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.178% due 12/20/2063 •  | 869 | 1123 |
|  |  | 9206 |
|  Total United Kingdom (Cost $43,487) | Total United Kingdom (Cost $43,487) | 44336 |
| UNITED STATES 8.7% | UNITED STATES 8.7% | UNITED STATES 8.7% |
| ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.915% due 04/25/2036 •  | 651 | 605 |
|  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 |
|  5.485% due 11/25/2034 •  | 91 | 90 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 545 | 486 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.915% due 02/25/2037 •  | 1399 | 1331 |
|  5.560% due 11/25/2035 •  | 1717 | 1699 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.151% due 01/25/2037 þ | 6623 | 1870 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.502% due 11/25/2036 þ | 968 | 371 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.785% due 02/25/2033 •  | 54 | 52 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.135% due 09/25/2034 ~ | 120 | 105 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.200% due 01/25/2035 •  | 23 | 23 |
|  5.230% due 03/25/2034 •  | 1855 | 1937 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 227 | 60 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 02/25/2037 •  | 50 | 28 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.735% due 07/25/2036 ~ | 307 | 286 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.655% due 04/25/2037 ~ | 507 | 340 |
|  4.655% due 05/25/2037 •  | 206 | 124 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.215% due 09/25/2035 •  | 1600 | 1453 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.745% due 09/25/2037 ~ | 210 | 201 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.960% due 03/25/2036 ~ | 125 | 124 |
|  5.335% due 10/25/2037 ~ | 638 | 484 |
|  |  | 11669 |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Credit Suisse AG AT1 Claim | 2000 | 240 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 3129 | 3201 |
|  9.750% due 01/06/2027 | 1852 | 1907 |
|  Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. |
|  0.000% due 09/30/2036 (f) | 4577 | 3258 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(l) | 6100 | 6224 |
|  |  | 14830 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 «•  | 4613 | 4352 |
|  Finance Ministry Angola | Finance Ministry Angola | Finance Ministry Angola |
|  13.500% (PRIME + 6.000%) due 12/11/2025 «~ | 4800 | 4800 |
|  Ziraat Bank | Ziraat Bank | Ziraat Bank |
|  7.399% due 06/15/2034 « | 5100 | 4980 |
|  |  | 14132 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.216% due 11/25/2035 •  | 56 | 40 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  4.950% due 07/25/2057 þ | 1605 | 1596 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.388% due 04/25/2037 þ | 82 | 70 |
|  BANK | BANK | BANK |
|  4.407% due 11/15/2061 ~ | 3200 | 3162 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.211% due 05/26/2037 ~ | 1774 | 1579 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.526% due 02/25/2036 •  | 26 | 24 |
|  5.172% due 01/25/2035 •  | 4 | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.666% due 01/15/2051 ~ | 1500 | 1455 |
|  4.261% due 10/10/2051 | 4100 | 4001 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 5499 | 5521 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.607% due 07/25/2046 •  | 33 | 31 |
|  6.830% due 09/25/2035 •  | 9 | 9 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.085% due 10/25/2036 ~ | 418 | 321 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.785% due 05/25/2036 •  | 461 | 179 |
|  5.075% due 11/25/2035 •  | 73 | 64 |
|  5.750% due 03/25/2037 ~ | 81 | 42 |
|  6.250% due 11/25/2036 | 52 | 38 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.330% due 03/25/2037 •  | 28 | 24 |
|  4.358% due 02/25/2047 ~ | 36 | 31 |
|  4.933% due 09/25/2047 •  | 18 | 16 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  0.938% due 05/25/2066 •  | 3359 | 2803 |
|  1.756% due 10/25/2066 •  | 1834 | 1604 |
|  2.000% due 01/25/2060 ~ | 1652 | 1454 |
|  3.631% due 11/30/2037 ~ | 552 | 501 |
|  6.421% due 10/25/2037 •  | 487 | 286 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.220% due 09/25/2036 þ | 145 | 42 |
|  6.672% due 06/25/2036 þ | 207 | 53 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.500% due 12/25/2035 | 84 | 70 |
|  6.369% due 10/25/2036 þ | 48 | 41 |
|  6.386% due 10/25/2036 þ | 48 | 41 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 5532 | 5561 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2036 ~ | 111 | 89 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.023% due 08/19/2036 ~ | 2 | 2 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ | 60 | 58 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.505% due 11/25/2037 ~ | 457 | 377 |
|  3.802% due 08/25/2036 •  | 96 | 76 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.515% due 06/25/2036 ~ | 74 | 65 |
|  3.685% due 10/25/2035 •  | 67 | 54 |
|  4.735% due 06/25/2037 •  | 101 | 36 |
|  4.795% due 02/25/2037 ~ | 374 | 372 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.203% due 11/25/2035 •  | 23 | 18 |
|  5.285% due 08/25/2035 ~ | 20 | 20 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  2.500% due 03/25/2056 | 54 | 52 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  3.000% due 09/25/2059 ~ | 721 | 690 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.815% due 09/25/2046 •  | 1366 | 1213 |
|  4.935% due 08/25/2037 •  | 2090 | 2036 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.795% due 12/25/2036 ~ | 14 | 14 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  | 131 | 13 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.000% due 09/25/2036 | 686 | 548 |
|  6.500% due 07/25/2037 | 224 | 184 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.801% due 01/20/2047 ~ | 21 | 15 |
|  SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
|  5.353% due 08/25/2062 þ | 8039 | 8021 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.526% due 11/25/2035 ~ | 17 | 15 |
|  4.607% due 09/25/2036 •  | 108 | 74 |
|  6.190% due 10/25/2037 •  | 59 | 53 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  5.030% due 10/25/2037 ~ | 248 | 219 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ | 568 | 13 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  7.962% due 11/15/2034 «(l) | 2500 | 2448 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.423% due 05/25/2037 ~ | 74 | 59 |
|  3.727% due 04/25/2037 •  | 41 | 38 |
|  3.846% due 01/25/2037 •  | 58 | 50 |
|  4.313% due 12/25/2036 •  | 117 | 105 |
|  4.601% due 03/25/2036 ~ | 686 | 605 |
|  4.805% due 05/25/2034 ~ | 54 | 50 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  7.424% due 10/25/2036 •  | 148 | 141 |
|  |  | 48486 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 1.5% | U.S. GOVERNMENT AGENCIES 1.5% | U.S. GOVERNMENT AGENCIES 1.5% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 6200 | 5769 |
|  4.500% due 05/01/2055 - 06/01/2055 | 6200 | 5927 |
|  5.000% due 04/01/2055 | 6500 | 6371 |
|  5.500% due 05/01/2055 | 7650 | 7634 |
|  |  | 25701 |
| U.S. TREASURY OBLIGATIONS 1.9% | U.S. TREASURY OBLIGATIONS 1.9% | U.S. TREASURY OBLIGATIONS 1.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.750% due 08/15/2041 (p)(r) | 11700 | 7934 |
|  3.250% due 05/15/2042 (n)(r) | 18000 | 15217 |
|  4.375% due 08/15/2043 (r) | 500 | 487 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 02/28/2030 (p)(r) | 8300 | 8320 |
|  |  | 31958 |
|  | SHARES |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil 'D' - Exp. 06/10/2071 «(l) | 3 | 0 |
|  Total United States (Cost $155,541) | Total United States (Cost $155,541) | 146776 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| URUGUAY 0.4% | URUGUAY 0.4% | URUGUAY 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
|  5.100% due 06/18/2050 | 200 | 186 |
|  5.250% due 09/10/2060 | 5000 | 4596 |
|  5.442% due 02/14/2037 | 2100 | 2124 |
|  Total Uruguay (Cost $7,317) | Total Uruguay (Cost $7,317) | 6906 |
| UZBEKISTAN 0.8% | UZBEKISTAN 0.8% | UZBEKISTAN 0.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Ipoteka-Bank ATIB | Ipoteka-Bank ATIB | Ipoteka-Bank ATIB |
|  5.500% due 11/19/2025 | 200 | 199 |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 1500 | 1562 |
|  21.000% due 07/24/2027 | 27460000 | 2196 |
|  |  | 3957 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
|  5.375% due 05/29/2027 | 4900 | 5364 |
|  5.375% due 02/20/2029 | 1900 | 1817 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
|  4.750% due 11/16/2028 | 2900 | 2604 |
|  |  | 9785 |
|  Total Uzbekistan (Cost $13,470) | Total Uzbekistan (Cost $13,470) | 13742 |
| VENEZUELA 0.9% | VENEZUELA 0.9% | VENEZUELA 0.9% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) | 51899 | 7171 |
|  5.500% due 04/12/2037 ^(c) | 2863 | 401 |
|  |  | 7572 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.000% due 03/31/2038 ^(c) | 19240 | 3605 |
|  7.650% due 04/21/2025 ^(c) | 12580 | 2254 |
|  9.250% due 05/07/2028 ^(c) | 2740 | 528 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  11.950% due 08/05/2031 ^(c) | $— | 830 | 170 |
|  |  |  | 6557 |
|  Total Venezuela (Cost $45,671) | Total Venezuela (Cost $45,671) | Total Venezuela (Cost $45,671) | 14129 |
| VIETNAM 0.1% | VIETNAM 0.1% | VIETNAM 0.1% | VIETNAM 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Vietnam Government International Bond | Vietnam Government International Bond | Vietnam Government International Bond | Vietnam Government International Bond |
|  5.500% due 03/12/2028 þ | $— | 1061 | 1012 |
|  Total Vietnam (Cost $1,028) | Total Vietnam (Cost $1,028) | Total Vietnam (Cost $1,028) | 1012 |
| SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (k) |  | 536344 | 536 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (m) 4.6% | REPURCHASE AGREEMENTS (m) 4.6% | REPURCHASE AGREEMENTS (m) 4.6% | REPURCHASE AGREEMENTS (m) 4.6% | REPURCHASE AGREEMENTS (m) 4.6% |
|  |  |  | $— | 77394 |
| NIGERIA TREASURY BILLS 1.3% | NIGERIA TREASURY BILLS 1.3% | NIGERIA TREASURY BILLS 1.3% | NIGERIA TREASURY BILLS 1.3% | NIGERIA TREASURY BILLS 1.3% |
|  26.684% due 04/01/2025 - 12/02/2025 (e)(f) |  | 35259486 |  | 21555 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.298% due 04/17/2025 (e)(f)(r) | $— | 1715 |  | 1712 |
| Total Short-Term Instruments<br>(Cost $100,924) | Total Short-Term Instruments<br>(Cost $100,924) | Total Short-Term Instruments<br>(Cost $100,924) |  | 101197 |
| Total Investments in Securities<br>(Cost $1,943,494) | Total Investments in Securities<br>(Cost $1,943,494) | Total Investments in Securities<br>(Cost $1,943,494) |  | 1848295 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 3.4% | INVESTMENTS IN AFFILIATES 3.4% | INVESTMENTS IN AFFILIATES 3.4% | INVESTMENTS IN AFFILIATES 3.4% |
| SHORT-TERM INSTRUMENTS 3.4% | SHORT-TERM INSTRUMENTS 3.4% | SHORT-TERM INSTRUMENTS 3.4% | SHORT-TERM INSTRUMENTS 3.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.4% |
|  PIMCO Short-Term Floating NAV Portfolio III | 5830795 | $— | 56757 |
| Total Short-Term Instruments (Cost $56,765) | Total Short-Term Instruments (Cost $56,765) |  | 56757 |
| Total Investments in Affiliates (Cost $56,765) | Total Investments in Affiliates (Cost $56,765) |  | 56757 |
| Total Investments 113.6%<br>(Cost $2,000,259) | Total Investments 113.6%<br>(Cost $2,000,259) | $— | 1905052 |
|  Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $(7945)) | Financial Derivative<br>Instruments (o)(q) (0.3)%<br> (Cost or Premiums, net $(7945)) |  | (4494) |
| Other Assets and Liabilities, net (13.3)% | Other Assets and Liabilities, net (13.3)% |  | (223225) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1677333 |

---

#### 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).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Security becomes interest bearing at a future date.

(h) Principal amount of security is adjusted for inflation.

(i) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) Contingent convertible security.

(k) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(l) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil 'D' - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Drillco Holding Lux SA | 06/08/2023 | 3095 | 3897 | 0.23 |
|  Turkeys First National Bank 7.962% due 11/15/2034 | 09/18/2024 | 2500 | 2448 | 0.15 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 6100 | 6224 | 0.37 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12569 | 0.75% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 31

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(m) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 1.500% | 03/12/2025 | TBD<sup>(2)</sup> | EUR 9,200 | Romanian Government International Bond<br>1.375% due 12/02/2029 | $(9923) | $9948 | $9956 |
| BRC | 3.900 | 12/20/2024 | TBD<sup>(2)</sup> | $2652 | Egypt Government International Bond<br>7.500% due 01/31/2027 | (2689) | 2652 | 2681 |
| DEU | 4.330 | 03/25/2025 | 04/01/2025 | 17207 | U.S. Treasury Note/Bond 4.125% due 11/15/2032 | (17396) | 17207 | 17222 |
|  | 4.340 | 03/25/2025 | 04/01/2025 | 11392 | U.S. Treasury Bonds<br>2.250% - 3.375% due 05/15/2041 - 11/15/2048 | (11296) | 11392 | 11402 |
|  |  |  |  |  | U.S. Treasury Notes 4.000% due 02/15/2034 | (296) |  |  |
|  | 4.350 | 03/25/2025 | 04/01/2025 | 25587 | U.S. Treasury Notes 3.875% due 12/31/2027 | (16086) | 25586 | 25609 |
|  |  |  |  |  | U.S. Treasury Notes 2.625% due 02/15/2029 | (9635) |  |  |
| MYI | 3.850 | 12/20/2024 | TBD<sup>(2)</sup> | 10609 | Egypt Government International Bond<br>7.500% due 01/31/2027 | (10367) | 10609 | 10720 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77688) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77590 |

---

#### 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 |
|  BPS | 2.580% | 03/12/2025 | TBD<sup>(4)</sup> | (7171) | $(7765) |
|  | 4.480 | 12/20/2024 | TBD<sup>(4)</sup> | $(7144) | (7235) |
|  | 4.500 | 12/20/2024 | TBD<sup>(4)</sup> | (3211) | (3252) |
|  BRC | 2.350 | 03/12/2025 | TBD<sup>(4)</sup> | (1146) | (1240) |
|  | 2.500 | 03/12/2025 | TBD<sup>(4)</sup> | (1669) | (1807) |
|  | 4.000 | 12/20/2024 | TBD<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10436) | (10554) |
|  | 4.150 | 12/20/2024 | TBD<sup>(4)</sup> | (989) | (1000) |
|  | 4.150 | 02/14/2025 | TBD<sup>(4)</sup> | (3889) | (3910) |
|  JML | 4.280 | 03/07/2025 | TBD<sup>(4)</sup> | (9220) | (9248) |
|  | 4.850 | 03/21/2025 | 05/09/2025 | (944) | (946) |
|  MBC | 4.000 | 01/24/2025 | TBD<sup>(4)</sup> | (1400) | (1411) |
|  MEI | 4.250 | 01/10/2025 | 04/07/2025 | (936) | (945) |
|  MYI | 2.150 | 03/12/2025 | TBD<sup>(4)</sup> | (423) | (458) |
|  | 2.450 | 03/12/2025 | TBD<sup>(4)</sup> | (4423) | (4789) |
|  | 3.650 | 12/20/2024 | TBD<sup>(4)</sup> | $(2747) | (2775) |
|  | 4.200 | 12/20/2024 | TBD<sup>(4)</sup> | (144) | (146) |
|  | 4.400 | 12/20/2024 | TBD<sup>(4)</sup> | (3902) | (3951) |
|  | 4.450 | 12/20/2024 | TBD<sup>(4)</sup> | (817) | (828) |
|  | 4.520 | 12/20/2024 | TBD<sup>(4)</sup> | (7171) | (7263) |
|  NOM | 4.200 | 12/20/2024 | TBD<sup>(4)</sup> | (6703) | (6782) |
|  | 4.320 | 12/20/2024 | TBD<sup>(4)</sup> | (4462) | (4516) |
|  | 4.550 | 12/20/2024 | TBD<sup>(4)</sup> | (5959) | (6036) |
|  SCX | 2.600 | 03/12/2025 | TBD<sup>(4)</sup> | (4596) | (4977) |
|  | 3.750 | 01/24/2025 | TBD<sup>(4)</sup> | $(1524) | (1535) |
|  | 4.250 | 02/14/2025 | TBD<sup>(4)</sup> | (1606) | (1615) |
|  | 4.500 | 12/20/2024 | TBD<sup>(4)</sup> | (3881) | (3930) |
|  TDM | 4.580 | 03/25/2025 | TBD<sup>(4)</sup> | (44337) | (44376) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143290) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(5)</sup> |
|  Egypt (0.8)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bond | 7.500% | 01/31/2027 | $13000 | $(13042) | $(13005) |
|  Romania (0.6)% | Romania (0.6)% | Romania (0.6)% | Romania (0.6)% | Romania (0.6)% | Romania (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania Government International Bond | 1.375% | 12/02/2029 | EUR 10,700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10021) |

---

32 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales<sup>(5)</sup>** |
|  United States (3.2)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (3.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (3.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (3.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (3.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (3.2)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (3.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.250% | 05/15/2041 | $6000 | $(4187) | $(4500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.375 | 11/15/2048 | 8238 | (6453) | (6794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 2.625 | 02/15/2029 | 10100 | (9198) | (9669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | (15741) | (16053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 02/15/2034 | 300 | (284) | (297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/2032 | 17100 | (17703) | (17396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (53566) | (54709) |
|  Total Short Sales (4.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79152) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77735) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(6)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $9956 | $(18252) | $0 | $0 | $(8296) | $9840 | $1544 |
|  BRC | 2681 | (18511) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15830) | 16000 | 170 |
|  DEU | 54233 | 0 | 0 | 0 | 54233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54384) | (151) |
|  JML | 0 | (10194) | 0 | 0 | (10194) | 10668 | 474 |
|  MBC | 0 | (1411) | 0 | 0 | (1411) | 1523 | 112 |
|  MEI | 0 | (945) | 0 | 0 | (945) | 1031 | 86 |
|  MYI | 10720 | (20210) | 0 | 0 | (9490) | 9864 | 374 |
|  NOM | 0 | (17334) | 0 | 0 | (17334) | 18116 | 782 |
|  SCX | 0 | (12057) | 0 | 0 | (12057) | 12452 | 395 |
|  TDM | 0 | (44376) | 0 | 0 | (44376) | 45715 | 1339 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | 0 | (37313) | (37313) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37313) |
|  GSC | 0 | 0 | 0 | (17396) | (17396) | 0 | (17396) |
|  JML | 0 | 0 | 0 | (10021) | (10021) | 0 | (10021) |
|  SBI | 0 | 0 | 0 | (13005) | (13005) | 0 | (13005) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77735) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(61159) | $(61159) |
|  Sovereign Issues | 0 | (945) | (946) | (80240) | (82131) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141399) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143290) |
|  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  | $(143290) |

---

(n) Securities with an aggregate market value of $148,254 and cash of $650 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(116657) at a weighted average interest rate of 4.588%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> Payable for short sales includes $(826) of accrued interest. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **33** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 416 | $86184 | $369 | $0 | $(3) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134546 | 1756 | 0 | (39) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 3018 | 335658 | 5640 | 47 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 248 | 30318 | 189 | 109 | 0 |
|  |  |  |  | $7954 | $156 | $(42) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BOBL June Futures  | 06/2025 | 133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16940) | $133 | $4 | $(41) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 56 | (6391) | (75) | 0 | (5) |
|  |  |  |  | $58 | $4 | $(46) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(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>(Pay) 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.EM-38 5-Year Index | (1.000)% | Quarterly | 12/20/2027 | $7000 | $400 | $(364) | $36 | $0 | $(5) |
|  CDX.EM-39 5-Year Index | (1.000) | Quarterly | 06/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | 1279 | (1063) | 216 | 0 | (22) |
|  CDX.EM-42 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 29300 | 689 | 106 | 795 | 0 | (5) |
|  CDX.IG-41 5-Year Index | (1.000) | Quarterly | 12/20/2028 | 2600 | (31) | (20) | (51) | 0 | 0 |
|  CDX.IG-42 5-Year Index | (1.000) | Quarterly | 06/20/2029 | 9100 | (207) | 28 | (179) | 0 | 0 |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 18200 | (413) | 63 | (350) | 0 | 0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 13900 | (278) | 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1228) | $211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 18000 | $(491) | $(42) | $(533) | $78 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 06/21/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340) | 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1113) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 2000 | 11 | (173) | (162) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 9500 | 70 | (23) | 47 | 0 | (7) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 85600 | (1219) | (422) | (1641) | 0 | (70) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 58095 | 182 | (316) | (134) | 0 | (53) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 8440 | (15) | 36 | 21 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 26400 | (1385) | 590 | (795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 71000 | 1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1205) | 785 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 21200 | (1089) | 848 | (241) | 28 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 3300 | 46 | (468) | (422) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 2300 | (8) | (7) | (15) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 2600 | (10) | (6) | (16) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 3000 | (12) | 100 | 88 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 4400 | (17) | 144 | 127 | 12 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 5500 | (21) | 186 | 165 | 15 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 700 | (3) | 16 | 13 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 2500 | (9) | 85 | 76 | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 2100 | (8) | 68 | 60 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 1900 | (7) | 72 | 65 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 1400 | (5) | 54 | 49 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 800 | (3) | 33 | 30 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 1400 | (5) | 78 | 73 | 4 | 0 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/20/2033 |  | $5410 | $(294) | $183 | $(111) | $15 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 |  | 23100 | (968) | 75 | (893) | 0 | (67) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 41200 | 77 | 286 | 363 | 0 | (119) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 6200 | (68) | 86 | 18 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 6700 | 487 | (196) | 291 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2036 |  | 3200 | (5) | 47 | 42 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 |  | 1600 | 89 | (55) | 34 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2039 |  | 4800 | (24) | 100 | 76 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 06/15/2046 |  | 500 | 52 | 67 | 119 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/21/2046 |  | 800 | 119 | 103 | 222 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 |  | 100 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 |  | 400 | (2) | 4 | 2 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 20000 | (2423) | 477 | (1946) | 146 | 0 |
|  Receive | 1-Year BRL-CDI | 13.055 | Maturity | 01/04/2027 |  | 31300 | 0 | 45 | 45 | 0 | (9) |
|  Pay | 3-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 11000 | 328 | 68 | 396 | 20 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 86700 | 116 | 64 | 180 | 72 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.511 | Semi-Annual | 11/13/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946700 | 0 | (91) | (91) | 0 | (10) |
|  Pay | 6-Month CLP-CHILIBOR | 4.855 | Semi-Annual | 12/18/2033 |  | 4700000 | 0 | (155) | (155) | 8 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 |  | 200400 | 247 | 190 | 437 | 21 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 436900 | (8) | 330 | 322 | 51 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.075 | Annual | 10/03/2029 |  | 264000 | 0 | (274) | (274) | 30 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.489 | Annual | 10/30/2029 |  | 215200 | (65) | 25 | (40) | 26 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 4400 | (11) | 189 | 178 | 6 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 9700 | 154 | (71) | 83 | 0 | (21) |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 2400 | (9) | 153 | 144 | 9 | 0 |
|  Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 11260 | (480) | 29 | (451) | 48 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 27700 | 2236 | 22 | 2258 | 0 | (218) |
|  Pay | 28-Day MXN-TIIE | 9.235 | Lunar | 12/17/2025 |  | 372800 | (1) | 73 | 72 | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 9.769 | Lunar | 12/24/2025 |  | 21400 | 0 | (9) | (9) | 0 | 0 |
|  Receive<sup>(4)</sup> | 28-Day MXN-TIIE | 9.769 | Lunar | 09/27/2028 |  | 21400 | 0 | (42) | (42) | 0 | 0 |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 9.235 | Lunar | 05/02/2029 |  | 372800 | (36) | 602 | 566 | 8 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 330900 | (8) | (135) | (143) | 0 | (8) |
|  |  |  |  |  |  |  | $(3846) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071 | $(1775) | $688 | $(769) |
|  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;(2407) | $843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1564) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(801) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(88) | $(801) | $(889) |

---

(p) Securities with an aggregate market value of $8,583 and cash of $17,992 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 42384 | $281 | $0 | $(2) |
|  | 04/2025 | $5425 | 8576 | 0 | (67) |
|  | 04/2025 | 64 | 9595 | 0 | 0 |
|  | 04/2025 | 15 | 20 | 0 | 0 |
|  | 05/2025 | 8576 | $5426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 0 |
|  | 05/2025 | 41 | 6 | 0 | 0 |
|  | 05/2025 | 20 | 15 | 0 | 0 |
|  | 05/2025 | $24 | 173 | 0 | 0 |
|  | 05/2025 | 281 | 42242 | 2 | 0 |
|  | 06/2025 | 18846 | $2583 | 0 | (25) |
|  | 06/2025 | $676 | 4875 | 0 | (1) |
|  | 07/2025 | 86 | $12 | 0 | 0 |
|  | 08/2025 | 86 | 12 | 0 | 0 |
|  BOA | 04/2025 | 1823 | 74 | 0 | (5) |
|  | 04/2025 | 8708 | 9455 | 39 | 0 |
|  | 04/2025 | 150379 | 103 | 1 | 0 |
|  | 04/2025 | 206 | 18 | 0 | (1) |
|  | 04/2025 | 127440 | 16 | 0 | 0 |
|  | 04/2025 | $315 | 16266 | 6 | 0 |
|  | 04/2025 | 1830 | 1694 | 2 | 0 |
|  | 05/2025 | 40 | $6 | 0 | 0 |
|  | 05/2025 | 1986 | 38 | 0 | 0 |
|  | 05/2025 | 5725 | 737 | 0 | 0 |
|  | 05/2025 | 1798560 | 108 | 0 | 0 |
|  | 05/2025 | $153 | 8212 | 6 | 0 |
|  | 05/2025 | 115 | 9841 | 0 | 0 |
|  | 06/2025 | 5664 | $780 | 0 | (4) |
|  | 06/2025 | $331 | 2392 | 0 | 0 |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 08/2025 | 2904 | $406 | 3 | 0 |
|  | 08/2025 | 166 | 5 | 0 | 0 |
|  | 02/2026 | 107882 | 2256 | 166 | 0 |
|  BPS | 04/2025 | 2280 | 394 | 0 | (5) |
|  | 04/2025 | 25325 | 1041 | 0 | (56) |
|  | 04/2025 | 157625 | 165333 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5107) |
|  | 04/2025 | 32390810 | 1954 | 9 | 0 |
|  | 04/2025 | 640 | 174 | 1 | 0 |
|  | 04/2025 | 15126 | 101 | 0 | 0 |
|  | 04/2025 | 251 | 189 | 2 | 0 |
|  | 04/2025 | 18030 | 476 | 5 | 0 |
|  | 04/2025 | 292058 | 8879 | 84 | 0 |
|  | 04/2025 | $400 | 2280 | 0 | (1) |
|  | 04/2025 | 2903 | 47550485 | 0 | (48) |
|  | 04/2025 | 1086 | 94336 | 16 | 0 |
|  | 04/2025 | 633 | 94383 | 0 | (4) |
|  | 04/2025 | 912 | 1325363 | 0 | (12) |
|  | 04/2025 | 108 | 1139 | 0 | 0 |
|  | 04/2025 | 2279 | 74646 | 0 | (31) |
|  | 04/2025 | 9461 | $517 | 2 | 0 |
|  | 05/2025 | 157 | 22 | 0 | 0 |
|  | 05/2025 | 5572225 | 335 | 1 | 0 |
|  | 05/2025 | 1139 | 108 | 0 | 0 |
|  | 05/2025 | 89688 | 2281 | 59 | 0 |
|  | 05/2025 | $1950 | 1808 | 8 | 0 |
|  | 05/2025 | 1683 | 27927905 | 0 | (9) |
|  | 05/2025 | 1031 | 88433 | 1 | 0 |
|  | 05/2025 | 101 | 15076 | 0 | 0 |
|  | 06/2025 | 10789 | $2938 | 0 | 0 |
|  | 06/2025 | 32436 | 4469 | 0 | (19) |
|  | 06/2025 | 294019 | 206 | 6 | 0 |
|  | 06/2025 | 1547 | 398 | 2 | (3) |
|  | 06/2025 | $1348 | 5216 | 0 | (5) |
|  | 07/2025 | 33581 | $1033 | 16 | 0 |
|  | 08/2025 | 27624 | 848 | 8 | 0 |
|  | 10/2025 | 136800 | 22320 | 0 | (628) |
|  | 05/2029 | 2427 | 8344 | 149 | 0 |
|  | 07/2029 | 579 | 1991 | 35 | 0 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 04/2025 | 1905 | $2070 | $10 | $0 |
|  | 04/2025 | 3080 | 35 | 0 | (1) |
|  | 04/2025 | 94 | 21 | 0 | 0 |
|  | 04/2025 | 1906 | 171 | 0 | (10) |
|  | 04/2025 | 7292 | 1952 | 0 | (32) |
|  | 04/2025 | 404037 | 10545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | 0 |
|  | 04/2025 | $28 | 464480 | 0 | (1) |
|  | 04/2025 | 36 | 3077 | 0 | 0 |
|  | 04/2025 | 13330 | 514463 | 11 | (102) |
|  | 04/2025 | 407 | 7498 | 2 | 0 |
|  | 05/2025 | 3085 | $36 | 0 | 0 |
|  | 05/2025 | 977 | 93 | 0 | 0 |
|  | 05/2025 | 105133 | 2694 | 59 | 0 |
|  | 05/2025 | $2674 | 104920 | 0 | (66) |
|  | 06/2025 | 13973 | $353 | 16 | 0 |
|  | 06/2025 | $243 | 4976 | 0 | (2) |
|  | 06/2025 | 165 | 638 | 0 | 0 |
|  | 06/2025 | 1065 | 42004 | 0 | (44) |
|  | 12/2025 | 42319 | $880 | 20 | 0 |
|  | 02/2026 | $2256 | 107995 | 0 | (164) |
|  BSH | 04/2025 | 8261 | $5234 | 72 | 0 |
|  | 04/2025 | 404195 | 2691 | 0 | (3) |
|  | 05/2025 | $2691 | 402834 | 3 | 0 |
|  | 06/2025 | 3866 | $1048 | 0 | (3) |
|  | 06/2025 | 148 | 38 | 0 | 0 |
|  | 06/2025 | $912 | 3516 | 0 | (6) |
|  CBK | 04/2025 | 97909 | $1572 | 29 | 0 |
|  | 04/2025 | 15786 | 303 | 0 | (9) |
|  | 04/2025 | 1330 | 1437 | 0 | (1) |
|  | 04/2025 | 36338046 | 2191 | 8 | 0 |
|  | 04/2025 | 3516 | 965 | 19 | 0 |
|  | 04/2025 | 38683 | 447 | 0 | (5) |
|  | 04/2025 | 10935 | 2938 | 0 | (37) |
|  | 04/2025 | 32210 | 983 | 13 | 0 |
|  | 04/2025 | $15578 | 22190 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
|  | 04/2025 | 422 | 21473 | 2 | 0 |
|  | 04/2025 | 1950 | 1808 | 5 | 0 |
|  | 04/2025 | 2067 | 33924229 | 0 | (29) |
|  | 04/2025 | 323 | 27694 | 0 | 0 |
|  | 04/2025 | 66 | 96546 | 0 | 0 |
|  | 04/2025 | 4943 | 17970 | 0 | (52) |
|  | 04/2025 | 4808 | 157589 | 0 | (63) |
|  | 05/2025 | 22158 | $15578 | 157 | 0 |
|  | 05/2025 | 6261088 | 377 | 2 | 0 |
|  | 05/2025 | 7 | 0 | 0 | 0 |
|  | 05/2025 | $413 | 21743 | 11 | 0 |
|  | 05/2025 | 1677 | 27858488 | 0 | (7) |
|  | 06/2025 | 3648 | $503 | 0 | (1) |
|  | 06/2025 | 5022882 | 1206 | 17 | 0 |
|  | 06/2025 | 16880 | 323 | 1 | 0 |
|  | 06/2025 | 5086054 | 3558 | 95 | 0 |
|  | 06/2025 | 6987 | 1912 | 14 | 0 |
|  | 06/2025 | $796 | 747045 | 0 | (10) |
|  | 06/2025 | 281 | 2027 | 0 | 0 |
|  | 06/2025 | 1357 | 71944 | 16 | 0 |
|  | 06/2025 | 821 | 1181699 | 0 | (16) |
|  | 07/2025 | 7307 | $2012 | 28 | 0 |
|  | 07/2025 | 58217 | 1789 | 26 | 0 |
|  | 08/2025 | 4617 | 86 | 0 | 0 |
|  | 08/2025 | 65442 | 2009 | 21 | 0 |
|  | 08/2025 | $194 | 10706 | 4 | 0 |
|  | 09/2025 | 4160 | $1139 | 11 | 0 |
|  | 12/2025 | $1 | 58 | 0 | 0 |
|  DUB | 04/2025 | 22 | $15 | 0 | 0 |
|  | 04/2025 | 513 | 10 | 0 | 0 |
|  | 04/2025 | 8084 | 8800 | 59 | 0 |
|  | 04/2025 | 3549 | 976 | 21 | 0 |
|  | 04/2025 | 58800 | 400 | 8 | 0 |
|  | 04/2025 | 482 | 277 | 3 | 0 |
|  | 04/2025 | $845 | 14033282 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $179 | 15438 | $1 | $0 |
|  | 04/2025 | 275 | 482 | 0 | (2) |
|  | 04/2025 | 18 | 24 | 0 | 0 |
|  | 05/2025 | 518 | $10 | 0 | 0 |
|  | 05/2025 | 784640 | 47 | 0 | 0 |
|  | 05/2025 | 10 | 8 | 0 | 0 |
|  | 05/2025 | $465 | 24630 | 9 | 0 |
|  | 05/2025 | 3362 | 1718823 | 0 | (5) |
|  | 05/2025 | 277 | 482 | 0 | (3) |
|  | 06/2025 | 4289746 | $2997 | 76 | 0 |
|  | 06/2025 | $913 | 48134 | 6 | 0 |
|  | 06/2025 | 381 | 550285 | 0 | (6) |
|  | 09/2025 | 63 | 33256 | 0 | 0 |
|  | 10/2025 | 17856 | $318 | 0 | (7) |
|  | 11/2025 | 169386 | 572 | 0 | (16) |
|  | 12/2025 | $489 | 260293 | 0 | (9) |
|  FAR | 04/2025 | 315 | $198 | 2 | 0 |
|  | 04/2025 | 5832 | 6542 | 0 | (49) |
|  | 04/2025 | 153076 | 415 | 4 | 0 |
|  | 04/2025 | 3509 | 967 | 23 | 0 |
|  | 04/2025 | 289178 | 1921 | 0 | (7) |
|  | 04/2025 | $491 | 73214 | 0 | (3) |
|  | 04/2025 | 65 | 2145 | 0 | (1) |
|  | 04/2025 | 468 | $26 | 0 | 0 |
|  | 05/2025 | $6 | 44 | 0 | 0 |
|  | 05/2025 | 1921 | 288204 | 7 | 0 |
|  | 06/2025 | 333 | $86 | 0 | 0 |
|  | 06/2025 | $1673 | 6465 | 0 | (8) |
|  | 07/2025 | 44 | $6 | 0 | 0 |
|  GLM | 04/2025 | 247700 | 44543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 | 0 |
|  | 04/2025 | 10168039 | 612 | 2 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 11531 | 3076 | 0 | (60) |
|  | 04/2025 | 3928 | 119 | 0 | 0 |
|  | 04/2025 | $42881 | 247700 | 526 | 0 |
|  | 04/2025 | 180 | 9255 | 3 | 0 |
|  | 04/2025 | 623 | 10290483 | 0 | (6) |
|  | 04/2025 | 90 | 131542 | 0 | (1) |
|  | 04/2025 | 72 | 2828 | 1 | 0 |
|  | 05/2025 | 39 | $5 | 0 | 0 |
|  | 05/2025 | 667335 | 10624 | 152 | 0 |
|  | 05/2025 | 3008496 | 180 | 0 | 0 |
|  | 05/2025 | $1432 | 75344 | 30 | 0 |
|  | 05/2025 | 612 | 10177224 | 0 | (2) |
|  | 06/2025 | 8188 | $156 | 0 | 0 |
|  | 06/2025 | $847 | 6131 | 2 | (2) |
|  | 06/2025 | 382 | 20351 | 6 | 0 |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 1450 | 5601 | 0 | (8) |
|  | 07/2025 | 5661 | $174 | 3 | 0 |
|  | 07/2025 | $45 | 1474 | 0 | (1) |
|  | 08/2025 | 46985 | $730 | 4 | 0 |
|  | 08/2025 | $119 | 3897 | 0 | 0 |
|  | 09/2025 | 598631 | $9325 | 109 | 0 |
|  | 09/2025 | $1381 | 75899 | 13 | 0 |
|  | 09/2025 | 33 | 17251 | 0 | 0 |
|  | 10/2025 | 94600 | $15774 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
|  JPM | 04/2025 | 1800 | 320 | 5 | 0 |
|  | 04/2025 | 2040729 | 123 | 1 | 0 |
|  | 04/2025 | 3889 | 1068 | 22 | 0 |
|  | 04/2025 | 20536 | 235 | 0 | (5) |
|  | 04/2025 | 89108 | 590 | 0 | (4) |
|  | 04/2025 | 8775 | 151 | 0 | (3) |
|  | 04/2025 | 47900 | 1251 | 23 | 0 |
|  | 04/2025 | 4207 | 128 | 2 | 0 |
|  | 04/2025 | $313 | 1800 | 2 | 0 |
|  | 04/2025 | 3427 | 178885 | 78 | 0 |
|  | 04/2025 | 185503 | 171985 | 464 | 0 |
|  | 04/2025 | 134 | 2205839 | 0 | (2) |
|  | 04/2025 | 293 | 25288 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $527 | 78571 | $0 | $(3) |
|  | 04/2025 | 66 | 96503 | 0 | 0 |
|  | 04/2025 | 11 | 15 | 0 | 0 |
|  | 04/2025 | 1467 | 48075 | 0 | (19) |
|  | 04/2025 | 5140 | $282 | 2 | 0 |
|  | 05/2025 | 42 | 6 | 0 | 0 |
|  | 05/2025 | 171985 | 185804 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464) |
|  | 05/2025 | 2040811 | 123 | 1 | 0 |
|  | 05/2025 | 60104 | 1534 | 38 | 0 |
|  | 05/2025 | $17 | 124 | 0 | 0 |
|  | 05/2025 | 947 | 49689 | 15 | 0 |
|  | 05/2025 | 590 | 88809 | 4 | 0 |
|  | 05/2025 | 1287 | 57229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 0 |
|  | 06/2025 | 17534 | $2402 | 0 | (24) |
|  | 06/2025 | 4419 | 85 | 0 | 0 |
|  | 06/2025 | 790504 | 38304 | 70 | 0 |
|  | 06/2025 | 1303 | 336 | 2 | (1) |
|  | 06/2025 | 794 | 20 | 1 | 0 |
|  | 06/2025 | $937 | 49642 | 13 | 0 |
|  | 06/2025 | 4756 | 97348 | 0 | (48) |
|  | 06/2025 | 1568 | 6075 | 0 | (3) |
|  | 07/2025 | 83 | $11 | 0 | 0 |
|  | 07/2025 | 33992 | 1045 | 16 | 0 |
|  | 08/2025 | 41 | 6 | 0 | 0 |
|  | 08/2025 | 34251 | 1051 | 11 | 0 |
|  | 11/2025 | 331224 | 1119 | 0 | (30) |
|  MBC | 04/2025 | 1971 | 38 | 0 | 0 |
|  | 04/2025 | 46093 | 1208 | 16 | 0 |
|  | 04/2025 | 6555 | 203 | 5 | 0 |
|  | 04/2025 | $6596 | 5827 | 0 | (10) |
|  | 04/2025 | 1699 | 88026 | 26 | 0 |
|  | 04/2025 | 2363 | 2165 | 0 | (22) |
|  | 04/2025 | 375 | 32547 | 5 | 0 |
|  | 04/2025 | 4242 | 628900 | 0 | (49) |
|  | 04/2025 | 95 | 126 | 0 | (1) |
|  | 04/2025 | 959 | 31505 | 0 | (10) |
|  | 04/2025 | 3622 | $198 | 1 | 0 |
|  | 05/2025 | 5806 | 6596 | 10 | 0 |
|  | 05/2025 | 81 | 11 | 0 | 0 |
|  | 05/2025 | 1207012 | 73 | 0 | 0 |
|  | 05/2025 | 18613 | 554 | 4 | 0 |
|  | 05/2025 | $11 | 80 | 0 | 0 |
|  | 06/2025 | 569 | $147 | 1 | 0 |
|  | 06/2025 | $200 | 10593 | 3 | 0 |
|  | 06/2025 | 202 | 290587 | 0 | (4) |
|  | 07/2025 | 40 | $6 | 0 | 0 |
|  | 07/2025 | 16210 | 497 | 6 | 0 |
|  | 08/2025 | 2935 | 409 | 1 | 0 |
|  | 08/2025 | 15105 | 462 | 3 | 0 |
|  | 08/2025 | $170 | 9375 | 4 | 0 |
|  | 03/2026 | 1399 | 82628 | 14 | 0 |
|  MYI | 04/2025 | 22175 | $15578 | 168 | 0 |
|  | 04/2025 | 4330 | 85 | 0 | 0 |
|  | 04/2025 | 6710 | 8502 | 0 | (165) |
|  | 04/2025 | $281 | 6666 | 8 | 0 |
|  | 04/2025 | 0 | 2 | 0 | 0 |
|  | 04/2025 | 40 | 53 | 0 | 0 |
|  | 04/2025 | 239 | 7824 | 0 | (4) |
|  | 04/2025 | 211887 | $11591 | 47 | 0 |
|  | 05/2025 | 10789 | 209 | 0 | 0 |
|  | 05/2025 | 1160223 | 70 | 0 | 0 |
|  | 06/2025 | 2003 | 276 | 0 | (1) |
|  | 06/2025 | 2018 | 38 | 0 | 0 |
|  | 06/2025 | 138 | 35 | 0 | (1) |
|  | 10/2026 | $2089 | 3737 | 0 | (20) |
|  | 10/2027 | 4178 | 7687 | 0 | (93) |
|  NGF | 06/2025 | 4473180 | $3139 | 93 | 0 |
|  RYL | 06/2025 | 21 | 3 | 0 | 0 |
|  SCX | 04/2025 | 10119 | 1762 | 0 | (11) |
|  | 04/2025 | 12820 | 250 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 52848 | $355 | $3 | $(1) |
|  | 04/2025 | 3472 | 107 | 2 | 0 |
|  | 04/2025 | $1731 | 10119 | 42 | 0 |
|  | 04/2025 | 12 | 620 | 0 | 0 |
|  | 04/2025 | 35 | 578708 | 0 | (1) |
|  | 04/2025 | 66 | 96400 | 0 | (1) |
|  | 04/2025 | 277 | 9110 | 0 | (3) |
|  | 05/2025 | 85 | $12 | 0 | 0 |
|  | 05/2025 | 471284 | 28 | 0 | 0 |
|  | 05/2025 | 321846 | 1129 | 0 | (12) |
|  | 05/2025 | $535 | 28266 | 13 | 0 |
|  | 05/2025 | 188 | 28279 | 1 | 0 |
|  | 06/2025 | 10247 | $1731 | 0 | (42) |
|  | 06/2025 | 1462 | 201 | 0 | (1) |
|  | 06/2025 | 6810 | 130 | 0 | 0 |
|  | 06/2025 | $206 | 10934 | 3 | 0 |
|  | 06/2025 | 1331 | 27294 | 0 | (11) |
|  | 08/2025 | 9035 | $277 | 3 | 0 |
|  SOG | 04/2025 | $1598 | 82926 | 31 | 0 |
|  | 05/2025 | 22408 | $431 | 0 | (1) |
|  | 05/2025 | $1415 | 74954 | 41 | 0 |
|  | 06/2025 | 76441 | $1457 | 1 | 0 |
|  | 06/2025 | $1407 | 74558 | 20 | 0 |
|  SSB | 04/2025 | 8677 | 6710 | 0 | (10) |
|  | 05/2025 | 6710 | $8677 | 10 | 0 |
|  UAG | 04/2025 | 4871994 | 294 | 1 | 0 |
|  | 04/2025 | $294 | 4871994 | 0 | (2) |
|  | 04/2025 | 484 | 71986 | 0 | (4) |
|  | 04/2025 | 24 | 961 | 1 | 0 |
|  | 05/2025 | 294 | 4878846 | 0 | (1) |
|  | 05/2025 | 626 | 25494 | 16 | 0 |
|  | 06/2025 | 175 | $45 | 0 | 0 |
|  | 08/2025 | $538 | 23735 | 0 | 0 |
|  | 11/2025 | 600 | 28283 | 0 | (12) |
|  | 12/2025 | 880 | 42319 | 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;5245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8271) |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus TRY | TRY | 43.000 | 01/12/2026 | 585 | $(13) | $(7) |
|  | Call - OTC USD versus TRY |  | 56.500 | 01/12/2026 | 7799 | (312) | (537) |
|  | Call - OTC USD versus TRY |  | 56.750 | 02/03/2026 | 16525 | (595) | (1242) |
| UAG | Put - OTC USD versus TRY |  | 37.700 | 05/07/2025 | 3477 | (84) | (8) |
|  | Call - OTC USD versus TRY |  | 45.900 | 05/07/2025 | 3477 | (55) | (35) |
|  | Put - OTC USD versus TRY |  | 39.750 | 08/11/2025 | 3360 | (105) | (24) |
|  | Call - OTC USD versus TRY |  | 51.750 | 08/11/2025 | 3360 | (74) | (107) |
|  | Put - OTC USD versus TRY |  | 41.600 | 11/12/2025 | 3530 | (134) | (36) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 3530 | (99) | (171) |
|  | Put - OTC USD versus TRY |  | 42.750 | 12/09/2025 | 4839 | (174) | (72) |
|  | Call - OTC USD versus TRY |  | 57.750 | 12/09/2025 | 4839 | (121) | (261) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1766) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Chile Government International Bond | (1.000)% | Quarterly | 12/20/2028 | 0.435% | $1700 | $(35) | $1 | $0 | $(34) |
|  | Oman Government International Bond | (1.000) | Quarterly | 12/20/2027 | 0.671 | 2200 | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) | 0 | (19) |
|  | Panama Government International Bond | (1.000) | Quarterly | 12/20/2029 | 2.024 | 2600 | 90 | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | 0 |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 12/20/2028 | 0.563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) | (8) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Chile Government International Bond | (1.000) % | Quarterly | 12/20/2028 | 0.435% | $950 | $(19) | $0 | $0 | $(19) |
|  | Oman Government International Bond | (1.000) | Quarterly | 12/20/2027 | 0.671 | 900 | 29 | (37) | 0 | (8) |
| BRC | Oman Government International Bond | (1.000) | Quarterly | 12/20/2027 | 0.671 | 900 | 24 | (32) | 0 | (8) |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | (224) | 319 | 95 | 0 |
|  | South Korea Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.369 | 1000 | (33) | 5 | 0 | (28) |
| GST | Chile Government International Bond | (1.000) | Quarterly | 12/20/2028 | 0.435 | 650 | (13) | 0 | 0 | (13) |
|  | Mexico Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.119 | 3700 | 28 | (12) | 16 | 0 |
|  | Panama Government International Bond | (1.000) | Quarterly | 12/20/2029 | 2.024 | 1800 | 55 | 21 | 76 | 0 |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.067 | 6300 | (72) | 102 | 30 | 0 |
|  | South Korea Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.369 | 7900 | (261) | 43 | 0 | (218) |
| JPM | Chile Government International Bond | (1.000) | Quarterly | 12/20/2028 | 0.435 | 4000 | (81) | 1 | 0 | (80) |
|  | Mexico Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.119 | 2400 | 15 | (5) | 10 | 0 |
| MYC | Chile Government International Bond | (1.000) | Quarterly | 12/20/2028 | 0.435 | 200 | (4) | 0 | 0 | (4) |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.067 | 11600 | (131) | 185 | 54 | 0 |
|  | Turkey Government International Bond | (1.000) | Quarterly | 12/20/2026 | 2.157 | 100 | 17 | (15) | 2 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> |  | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> |  | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Brazil Government International Bond | 1.000% | Quarterly | 06/20/2035 | 2.864 | % | $200 | $(27) | $(1) | $0 | $(28) |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.247 |  | 1800 | 10 | 13 | 23 | 0 |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 2200 | 7 | (2) | 5 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.333 |  | 1300 | 11 | 0 | 11 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 12/20/2031 | 1.116 |  | 600 | (25) | 21 | 0 | (4) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.294 |  | 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) |
| BPS | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.099 |  | 7200 | (496) | 480 | 0 | (16) |
|  | Brazil Government International Bond | 1.000 | Quarterly | 06/20/2035 | 2.864 |  | 500 | (69) | 0 | 0 | (69) |
|  | Chile Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.273 |  | 2500 | (46) | 86 | 40 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2029 | 1.865 |  | 2000 | (78) | 13 | 0 | (65) |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 3200 | 12 | (4) | 8 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 |  | 4000 | 19 | 0 | 19 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | '0.540 |  | 8400 | 47 | 2 | 49 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | '0.830 |  | 4200 | (4) | 24 | 20 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.333 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 31 | 52 | 83 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.741 |  | 2000 | 19 | 2 | 21 | 0 |
|  | Philippines Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.713 |  | 5000 | 97 | (34) | 63 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.805 |  | 8475 | 14 | 1 | 15 | 0 |
|  | Serbia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.897 |  | 2000 | (177) | 183 | 6 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 06/20/2028 | 1.566 |  | 2600 | (224) | 181 | 0 | (43) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.294 |  | 300 | (59) | 51 | 0 | (8) |
| BRC | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2030 | 2.031 |  | 900 | (125) | 79 | 0 | (46) |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.247 |  | 10100 | 96 | 35 | 131 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.273 |  | 10700 | (204) | 374 | 170 | 0 |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 2500 | 6 | 0 | 6 | 0 |
|  | Nigeria Government International Bond | 1.000 | Quarterly | 12/20/2029 | 5.659 |  | 1800 | (267) | (50) | 0 | (317) |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.333 |  | 7000 | 52 | 6 | 58 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2029 | 1.979 |  | 2800 | (122) | 8 | 0 | (114) |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.717 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | 330 | (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2025 | 1.276 |  | 6975 | 3 | (5) | 0 | (2) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2029 | 3.021 |  | 300 | (20) | (4) | 0 | (24) |
| CBK | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.099 |  | 700 | (51) | 49 | 0 | (2) |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.404 |  | 500 | 1 | 0 | 1 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | '0.570 |  | 11200 | (64) | 170 | 106 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.294 |  | 1900 | (377) | 326 | 0 | (51) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2030 | 3.152 |  | 10000 | (924) | (17) | 0 | (941) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 14000 | 0 | 800 | 800 | 0 |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 3100 | 10 | (3) | 7 | 0 |
|  | Nigeria Government International Bond | 1.000 | Quarterly | 12/20/2029 | 5.659 |  | 800 | (131) | (10) | 0 | (141) |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 7718 | 0 | 53 | 53 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 5176 | 0 | 39 | 39 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | South Africa Government International Bond | 1.000% | Quarterly | 06/20/2026 | 0.855% | $300 | $(5) | $6 | $1 | $0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 300 | (13) | 13 | 0 | 0 |
| GST | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.247 | 9400 | 91 | 31 | 122 | 0 |
|  | Emirate of Abu Dhabi Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.234 | 8000 | 115 | 19 | 134 | 0 |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 | 1600 | 5 | (1) | 4 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.383 | 9200 | 10 | 34 | 44 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.459 | 1400 | 0 | 9 | 9 | 0 |
|  | Qatar Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.375 | 19500 | 542 | (7) | 535 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | 410 | (32) | 378 | 0 |
| JPM | Chile Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.273 | 4500 | (80) | 152 | 72 | 0 |
|  | Cote D'ivoire Government International Bond | 1.000 | Quarterly | 06/20/2030 | 3.946 | 525 | (66) | (1) | 0 | (67) |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.889 | 29500 | 418 | (269) | 149 | 0 |
|  | Poland Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.474 | 2800 | (7) | 53 | 46 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2029 | 3.021 | 4900 | (338) | (61) | 0 | (399) |
| MYC | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.247 | 6600 | 38 | 47 | 85 | 0 |
|  | China Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.501 | 9300 | 172 | 31 | 203 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 | 1400 | (27) | 31 | 4 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 1400 | (15) | 14 | 0 | (1) |
|  | Panama Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.724 | 5000 | 12 | 0 | 12 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.333 | 11400 | 14 | 81 | 95 | 0 |
|  | Qatar Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.183 | 2200 | 32 | (1) | 31 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 | 1340 | 4 | (1) | 3 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.094 | 3000 | (134) | 130 | 0 | (4) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.294 | 2700 | (534) | 462 | 0 | (72) |
| MYI | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.333 | 1200 | 10 | 0 | 10 | 0 |
|  |  |  |  |  |  |  | $(2880) | $4348 | $3991 | $(2523) |
|  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;(3772) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3311) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $68 | $0 | $0 | $68 | $(95) | $0 | $0 | $(95) | $(27) | $0 | $(27) |
|  BOA | 223 | 0 | 149 | 372 | (11) | (1786) | (551) | (2348) | (1976) | 1965 | (11) |
|  BPS | 404 | 0 | 324 | 728 | (5928) | 0 | (228) | (6156) | (5428) | 5488 | 60 |
|  BRC | 276 | 0 | 780 | 1056 | (422) | 0 | (539) | (961) | 95 | (260) | (165) |
|  BSH | 75 | 0 | 0 | 75 | (12) | 0 | 0 | (12) | 63 | 0 | 63 |
|  CBK | 479 | 0 | 107 | 586 | (387) | 0 | (994) | (1381) | (795) | 880 | 85 |
|  DUB | 183 | 0 | 900 | 1083 | (51) | 0 | (141) | (192) | 891 | (930) | (39) |
|  FAR | 36 | 0 | 0 | 36 | (68) | 0 | 0 | (68) | (32) | 0 | (32) |
|  GLM | 1989 | 0 | 0 | 1989 | (177) | 0 | 0 | (177) | 1812 | (1840) | (28) |
|  GST | 0 | 0 | 1348 | 1348 | 0 | 0 | (231) | (231) | 1117 | (1090) | 27 |
|  JPM | 909 | 0 | 277 | 1186 | (606) | 0 | (546) | (1152) | 34 | (172) | (138) |
|  MBC | 99 | 0 | 0 | 99 | (96) | 0 | 0 | (96) | 3 | (450) | (447) |
|  MYC | 0 | 0 | 489 | 489 | 0 | 0 | (81) | (81) | 408 | (430) | (22) |
|  MYI | 223 | 0 | 10 | 233 | (284) | 0 | 0 | (284) | (51) | (30) | (81) |
|  NGF | 93 | 0 | 0 | 93 | 0 | 0 | 0 | 0 | 93 | 0 | 93 |
|  SCX | 67 | 0 | 0 | 67 | (84) | 0 | 0 | (84) | (17) | 0 | (17) |
|  SOG | 93 | 0 | 0 | 93 | (1) | 0 | 0 | (1) | 92 | (290) | (198) |
|  SSB | 10 | 0 | 0 | 10 | (10) | 0 | 0 | (10) | 0 | 0 | 0 |
|  UAG | 18 | 0 | 0 | 18 | (39) | (714) | 0 | (753) | (735) | 764 | 29 |
|  Total Over the Counter | $5245 | $0 | $4384 | $9629 | $(8271) | $(2500) | $(3311) | $(14082) |  |  |  |

---

(r) Securities with an aggregate market value of $9,097 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $160 | $160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 688 | 688 |
|  | $0 | $0 | $0 | $0 | $848 | $848 |
|  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 | $5245 | $0 | $5245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4384 | 0 | 0 | 0 | 4384 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384 | $0 | $5245 | $0 | $9629 |
|  | $0 | $4384 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10477 |
|  Financial Derivative Instruments - Liabilities | 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 | $88 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 32 | 0 | 0 | 769 | 801 |
|  | $0 | $32 | $0 | $0 | $857 | $889 |
|  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 | $8271 | $0 | $8271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2500 | 0 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3311 | 0 | 0 | 0 | 3311 |
|  | $0 | $3311 | $0 | $10771 | $0 | $14082 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14971 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 43

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11212) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2767) | 0 | 0 | 5337 | 2570 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2767) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(5875) | $(8642) |
|  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;20954 | $0 | $20954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (120) | 0 | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 230 | 0 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4621 | 0 | 0 | 0 | 4621 |
|  | $0 | $4621 | $0 | $21064 | $0 | $25685 |
|  | $0 | $1854 | $0 | $21064 | $(5875) | $17043 |
|  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 | $7210 | $7210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1718 | 0 | 0 | (809) | 909 |
|  | $0 | $1718 | $0 | $0 | $6401 | $8119 |
|  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 | $(5286) | $0 | $(5286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 115 | 0 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (734) | 0 | (734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1423) | 0 | 0 | 0 | (1423) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5905) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7328) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $295 | $0 | $(5905) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 | $791 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3808 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 396 | 0 | 396 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51708 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51708 |
|  Armenia | Armenia | Armenia | Armenia | Armenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4501 | 0 | 4501 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5459 | 0 | 5459 |
|  Bahrain | Bahrain | Bahrain | Bahrain | Bahrain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6742 | 0 | 6742 |
|  Benin | Benin | Benin | Benin | Benin |
| &nbsp;&nbsp; Sovereign Issues | 0 | 923 | 0 | 923 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 45148 | 0 | 45148 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 49770 | 0 | 49770 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8096 | 0 | 8096 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4998 | 0 | 4998 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2217 | 0 | 2217 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 4880 | 0 | 4880 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 24249 | 0 | 24249 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5314 | 0 | 5314 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 32943 | 0 | 32943 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11797 | 0 | 11797 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $9122 | $0 | $9122 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22592 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2589 | 0 | 2589 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6234 | 0 | 6234 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 65795 | 0 | 65795 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16965 | 0 | 16965 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 70977 | 0 | 70977 |
|  El Salvador | El Salvador | El Salvador | El Salvador | El Salvador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14618 | 0 | 14618 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1055 | 0 | 1055 |
|  Gabon | Gabon | Gabon | Gabon | Gabon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 783 | 0 | 783 |
|  Georgia | Georgia | Georgia | Georgia | Georgia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 177 | 0 | 177 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 6471 | 0 | 6471 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14739 | 0 | 14739 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16544 | 0 | 16544 |
|  Honduras | Honduras | Honduras | Honduras | Honduras |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1191 | 0 | 1191 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4184 | 0 | 4184 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | $0 | $23823 | $0 | $23823 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6844 | 0 | 6844 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39226 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39226 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12408 | 0 | 12408 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2017 | 0 | 2017 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8741 | 8741 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14810 | 0 | 14810 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 14820 | 0 | 14820 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23469 | 0 | 23469 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1559 | 0 | 1559 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 15980 | 15980 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16749 | 0 | 16749 |
|  Jamaica | Jamaica | Jamaica | Jamaica | Jamaica |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1567 | 0 | 1567 |
|  Jordan | Jordan | Jordan | Jordan | Jordan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5567 | 0 | 5567 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 17203 | 0 | 17203 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 405 | 0 | 405 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2661 | 2661 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10627 | 0 | 10627 |
|  Latvia | Latvia | Latvia | Latvia | Latvia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4560 | 0 | 4560 |
|  Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1332 | 0 | 1332 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 5436 | 5436 |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36309 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36309 |
|  Macedonia | Macedonia | Macedonia | Macedonia | Macedonia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7239 | 0 | 7239 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 12864 | 0 | 12864 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 86203 | 0 | 86203 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 75303 | 0 | 75303 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 514 | 0 | 514 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8042 | 0 | 8042 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 14 | 14 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8243 | 0 | 8243 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5811 | 5811 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8446 | 0 | 8446 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 4186 | 0 | 4186 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13354 | 0 | 13354 |
|  Oman | Oman | Oman | Oman | Oman |
| &nbsp;&nbsp; Sovereign Issues | 0 | 19182 | 0 | 19182 |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 20980 | 0 | 20980 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5669 | 0 | 5669 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 25003 | 0 | 25003 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10533 | 0 | 10533 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 26358 | 0 | 26358 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9388 | 0 | 9388 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7416 | 0 | 7416 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1952 | 0 | 1952 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 19554 | 0 | 19554 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11103 | 0 | 11103 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32533 | 0 | 32533 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 73 | 0 | 73 |
|  Rwanda | Rwanda | Rwanda | Rwanda | Rwanda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 975 | 0 | 975 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 19551 | 0 | 19551 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 30850 | 0 | 30850 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710 | 4710 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11042 | 0 | 11042 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 899 | 0 | 899 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 5566 | 5566 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 17873 | 0 | 17873 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2173 | 0 | 2173 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 17700 | 0 | 17700 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3564 | 3564 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16685 | 0 | 16685 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5372 | 0 | 5372 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14471 | 0 | 14471 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 171 | 0 | 171 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3592 | 3592 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2768 | 0 | 2768 |
|  Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1847 | 0 | 1847 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2641 | 0 | 2641 |
|  Tunisia | Tunisia | Tunisia | Tunisia | Tunisia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1198 | 0 | 1198 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3993 | 0 | 3993 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 8213 | 8468 | 16681 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 62161 | 0 | 62161 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16170 | 0 | 16170 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 22465 | 0 | 22465 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3058 | 3058 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9027 | 0 | 9027 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 29117 | 6013 | 35130 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 9206 | 0 | 9206 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 11669 | 0 | 11669 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8606 | 6224 | 14830 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14132 | 14132 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 46038 | 2448 | 48486 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 25701 | 0 | 25701 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 31958 | 0 | 31958 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6906 | 0 | 6906 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3957 | 0 | 3957 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9785 | 0 | 9785 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7572 | 0 | 7572 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6557 | 0 | 6557 |
|  Vietnam | Vietnam | Vietnam | Vietnam | Vietnam |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1012 | 0 | 1012 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 536 | 0 | 536 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **45** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $77394 | $0 | $77394 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 21555 | 0 | 21555 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1712 | 0 | 1712 |
|  | $0 | $1751877 | $96418 | $1848295 |
|  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 | $56757 | $0 | $0 | $56757 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905052 |
|  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 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | $0 | $(13005) | $0 | $(13005) |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | (10021) | 0 | (10021) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | (54709) | 0 | (54709) |
|  | $0 | $(77735) | $0 | $(77735) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $4 | $844 | $0 | $848 |
|  Over the counter | 0 | 8737 | 892 | 9629 |
|  | $4 | $9581 | $892 | $10477 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (41) | (848) | 0 | (889) |
|  Over the counter | 0 | (14082) | 0 | (14082) |
|  | $(41) | $(14930) | $0 | $(14971) |
|  Total Financial Derivative Instruments | $(37) | $(5349) | $892 | $(4494) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822823 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | **Net Change in<br>Unrealized<br>Appreciation/**<br> (Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | $496 | $0 | $(500) | $7 | $5 | $(8) | $0 | $0 | $0 | $0 |
|  Colombia |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 17632 | 0 | (17119) | 0 | 0 | (513) | 0 | 0 | 0 | 0 |
|  Ireland |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 8724 | 0 | 0 | 0 | 17 | 0 | 0 | 8741 | 17 |
|  Ivory Coast |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 4566 | 15085 | (3678) | 61 | (28) | (26) | 0 | 0 | 15980 | (30) |
|  Kenya |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2683 | 0 | 1 | 0 | (23) | 0 | 0 | 2661 | (23) |
|  Luxembourg |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 5207 | 0 | 0 | 0 | 0 | 229 | 0 | 0 | 5436 | 229 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 849 | 0 | (879) | 7 | 28 | (5) | 0 | 0 | 0 | 0 |
|  Netherlands |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Common Stocks | 0 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 5811 | 0 | 0 | 0 | 0 | 0 | 0 | 5811 | 0 |
|  Senegal |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 5405 | 0 | 1 | 0 | (696) | 0 | 0 | 4710 | (696) |
|  Serbia |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 5473 | 0 | 0 | 0 | 0 | 93 | 0 | 0 | 5566 | 93 |
|  South Africa |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 20955 | 0 | (22665) | 0 | (4041) | 5751 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 3477 | 0 | 1 | 0 | 86 | 0 | 0 | 3564 | 86 |
|  Tanzania |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 4578 | 0 | (1018) | 6 | (90) | 116 | 0 | 0 | 3592 | 26 |
|  Turkey |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 8766 | 0 | (55) | 0 | (243) | 0 | 0 | 8468 | (243) |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/**<br> (Depreciation)<sup>(2)</sup> | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup>** |
|  United Arab Emirates |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Loan Participations and Assignments | $10891 | $0 | $(7635) | $(30) | $(65) | $(103) | $0 | $0 | $3058 | $(24) |
|  United Kingdom |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5797 | 0 | 546 | 0 | (330) | 0 | 0 | 6013 | (330) |
|  United States |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Asset-Backed Securities | 62 | 0 | (12) | 0 | 0 | 2 | 0 | (52) | 0 | 0 |
| &nbsp;&nbsp; Common Stocks | 311 | 0 | (529) | 0 | 218 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6100 | 0 | 0 | 0 | 124 | 0 | 0 | 6224 | 124 |
| &nbsp;&nbsp; Loan Participations and Assignments | 4683 | 9900 | (663) | 1 | 1 | 210 | 0 | 0 | 14132 | 136 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 46 | 2500 | (24) | 0 | 2 | (50) | 0 | (26) | 2448 | (52) |
|  | $75749 | $74262 | $(54722) | $546 | $(3970) | $4631 | $0 | $(78) | $96418 | $(687) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | 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 | $934 | $46 | $0 | $0 | $0 | $(88) | $0 | $0 | $892 | $(88) |
|  Totals | $76683 | $74308 | $(54722) | $546 | $(3970) | $4543 | $0 | $(78) | $97310 | $(775) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $8741 | Recent Transaction | Purchase Price | 99.800 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15980 | Discounted Cash Flow | Discount Rate | 5.397-6.862 | 6.083 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2661 | Discounted Cash Flow | Discount Rate | 9.403 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 5436 | Indicative Market Quotation | Broker Quote | $25.188 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 14 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5811 | Recent Transaction | Purchase Price | 98.500 |  |
|  Senegal | Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4710 | Discounted Cash Flow | Discount Rate | 15.130 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5566 | Discounted Cash Flow | Discount Rate | 6.028 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3564 | Recent Transaction | Purchase Price | 99.000 |  |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3592 | Third Party Vendor | Broker Quote | 100.400 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 8468 | Discounted Cash Flow | Discount Rate | 5.487-6.153 | 6.001 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3058 | Third Party Vendor | Broker Quote | 100.125 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 6013 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.) March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Weighted<br>Average** |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $6224 | Proxy Pricing | Base Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4980 | Discounted Cash Flow | Discount Rate | 7.097 |  |
|  | 4352 | Indicative Market Quotation | Broker Quote | 94.338 |  |
|  | 4800 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2448 | Discounted Cash Flow | Discount Rate | 7.115 |  |
|  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 | 892 | Indicative Market Quotation | Broker Quote | 0.329-5.703 | 0.355 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97310 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.8% | INVESTMENTS IN SECURITIES 99.8% | INVESTMENTS IN SECURITIES 99.8% |
| ARGENTINA 0.6% | ARGENTINA 0.6% | ARGENTINA 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  YPF SA | YPF SA | YPF SA |
|  9.500% due 01/17/2031 | 400 | 418 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 5 | 3 |
|  Total Argentina (Cost $421) | Total Argentina (Cost $421) | 421 |
| AUSTRIA 0.3% | AUSTRIA 0.3% | AUSTRIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  LD Celulose International GmbH | LD Celulose International GmbH | LD Celulose International GmbH |
|  7.950% due 01/26/2032 | 200 | 206 |
|  Total Austria (Cost $207) | Total Austria (Cost $207) | 206 |
| AZERBAIJAN 1.3% | AZERBAIJAN 1.3% | AZERBAIJAN 1.3% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 200 | 200 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 634 | 641 |
|  Total Azerbaijan (Cost $845) | Total Azerbaijan (Cost $845) | 841 |
| BRAZIL 4.4% | BRAZIL 4.4% | BRAZIL 4.4% |
| CORPORATE BONDS & NOTES 4.4% | CORPORATE BONDS & NOTES 4.4% | CORPORATE BONDS & NOTES 4.4% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 7000 | 341 |
|  Braskem Netherlands Finance BV | Braskem Netherlands Finance BV | Braskem Netherlands Finance BV |
|  4.500% due 01/31/2030 | 200 | 172 |
|  BRF SA | BRF SA | BRF SA |
|  4.875% due 01/24/2030 | 300 | 284 |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA |
|  4.625% due 06/10/2031 | 400 | 310 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 100 | 102 |
|  7.000% due 07/28/2030 | 200 | 214 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 300 | 307 |
|  Samarco Mineracao SA (9.000% Cash or 9.000% PIK) | Samarco Mineracao SA (9.000% Cash or 9.000% PIK) | Samarco Mineracao SA (9.000% Cash or 9.000% PIK) |
|  9.000% due 06/30/2031 (b) | 205 | 198 |
|  Suzano Austria GmbH | Suzano Austria GmbH | Suzano Austria GmbH |
|  3.125% due 01/15/2032 | 100 | 85 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 ^(b)(c) | 454 | 188 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 ^(b)(c) | 213 | 194 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 100 | 99 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% ~(h) | 5700 | 343 |
|  |  | 2837 |
|  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  OAS SA - Exp. 01/21/2039 «(k) | 131712 | 0 |
|  Total Brazil (Cost $3,049) | Total Brazil (Cost $3,049) | 2837 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CANADA 2.1% | CANADA 2.1% | CANADA 2.1% |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Canacol Energy Ltd. | Canacol Energy Ltd. | Canacol Energy Ltd. |
|  5.750% due 11/24/2028 | 200 | 105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capstone Copper Corp. | Capstone Copper Corp. | Capstone Copper Corp. |
|  6.750% due 03/31/2033 | 200 | 199 |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  8.000% due 03/01/2033 | 300 | 304 |
|  8.625% due 06/01/2031 | 300 | 308 |
|  9.375% due 03/01/2029 | 200 | 211 |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 200 | 202 |
|  Total Canada (Cost $1,397) | Total Canada (Cost $1,397) | 1329 |
| CAYMAN ISLANDS 7.4% | CAYMAN ISLANDS 7.4% | CAYMAN ISLANDS 7.4% |
| CONVERTIBLE BONDS & NOTES 0.5% | CONVERTIBLE BONDS & NOTES 0.5% | CONVERTIBLE BONDS & NOTES 0.5% |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  4.500% due 03/07/2029 | 300 | 303 |
| CORPORATE BONDS & NOTES 6.9% | CORPORATE BONDS & NOTES 6.9% | CORPORATE BONDS & NOTES 6.9% |
|  Arabian Centres Sukuk III Ltd. | Arabian Centres Sukuk III Ltd. | Arabian Centres Sukuk III Ltd. |
|  9.500% due 03/06/2029 | 200 | 199 |
|  China Modern Dairy Holdings Ltd. | China Modern Dairy Holdings Ltd. | China Modern Dairy Holdings Ltd. |
|  2.125% due 07/14/2026 | 300 | 289 |
|  Esic Sukuk Ltd. | Esic Sukuk Ltd. | Esic Sukuk Ltd. |
|  5.831% due 02/14/2029 | 300 | 305 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  8.400% due 04/05/2029 | 200 | 208 |
|  Health & Happiness H&H International Holdings Ltd. | Health & Happiness H&H International Holdings Ltd. | Health & Happiness H&H International Holdings Ltd. |
|  9.125% due 07/24/2028 | 200 | 203 |
|  IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. |
|  8.250% due 11/29/2031 | 500 | 498 |
|  KFH Sukuk Co. | KFH Sukuk Co. | KFH Sukuk Co. |
|  5.376% due 01/14/2030 | 200 | 205 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  5.375% due 12/04/2029 | 400 | 369 |
|  5.625% due 07/17/2027 | 350 | 343 |
|  Odebrecht Holdco Finance Ltd. | Odebrecht Holdco Finance Ltd. | Odebrecht Holdco Finance Ltd. |
|  0.000% due 09/10/2058 (f) | 2121 | 5 |
|  OEC Finance Ltd. | OEC Finance Ltd. | OEC Finance Ltd. |
|  4.375% due 10/25/2029 ^(c) | 188 | 2 |
|  5.250% due 12/27/2033 ^(c) | 1264 | 15 |
|  OEC Finance Ltd. | OEC Finance Ltd. | OEC Finance Ltd. |
|  7.125% due 12/26/2046 ^(c) | 766 | 9 |
|  QNB Finance Ltd. | QNB Finance Ltd. | QNB Finance Ltd. |
|  2.750% due 02/12/2027 | 300 | 290 |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 | 400 | 384 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  4.375% due 06/18/2030 | 300 | 285 |
|  5.400% due 08/08/2028 | 350 | 351 |
|  Saudi Electricity Sukuk Programme Co. | Saudi Electricity Sukuk Programme Co. | Saudi Electricity Sukuk Programme Co. |
|  5.684% due 04/11/2053 | 200 | 198 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.500% due 01/15/2026 | 300 | 298 |
|  |  | 4456 |
|  Total Cayman Islands (Cost $6,811) | Total Cayman Islands (Cost $6,811) | 4759 |
| CHILE 3.4% | CHILE 3.4% | CHILE 3.4% |
| CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% |
|  AES Andes SA | AES Andes SA | AES Andes SA |
|  6.300% due 03/15/2029 | 200 | 205 |
|  Banco de Chile | Banco de Chile | Banco de Chile |
|  2.990% due 12/09/2031 | 700 | 612 |
|  Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA |
|  8.750% due 05/08/2029 •(h)(i) | 200 | 213 |
|  Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes |
|  7.000% due 07/30/2029 | 200 | 208 |
|  Cencosud SA | Cencosud SA | Cencosud SA |
|  5.950% due 05/28/2031 | 300 | 306 |
|  Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
|  5.500% due 05/14/2027 | 38 | 38 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 200 | 206 |
|  Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA |
|  7.875% due 04/15/2030 | 200 | 199 |
|  Telefonica Moviles Chile SA | Telefonica Moviles Chile SA | Telefonica Moviles Chile SA |
|  3.537% due 11/18/2031 | 300 | 222 |
|  |  | 2209 |
|  Total Chile (Cost $2,155) | Total Chile (Cost $2,155) | 2209 |
| COLOMBIA 1.2% | COLOMBIA 1.2% | COLOMBIA 1.2% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 | 350 | 246 |
|  8.875% due 01/13/2033 | 500 | 516 |
|  Total Colombia (Cost $927) | Total Colombia (Cost $927) | 762 |
| CZECH REPUBLIC 0.8% | CZECH REPUBLIC 0.8% | CZECH REPUBLIC 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  2.045% due 10/09/2028 | 300 | 305 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 200 | 234 |
|  Total Czech Republic (Cost $500) | Total Czech Republic (Cost $500) | 539 |
| DOMINICAN REPUBLIC 1.0% | DOMINICAN REPUBLIC 1.0% | DOMINICAN REPUBLIC 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  13.000% due 12/05/2025 | 14800 | 236 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  11.250% due 09/15/2035 | 24000 | 407 |
|  Total Dominican Republic (Cost $680) | Total Dominican Republic (Cost $680) | 643 |
| ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  6.900% due 07/31/2030 þ | 200 | 120 |
|  Total Ecuador (Cost $151) | Total Ecuador (Cost $151) | 120 |
| EGYPT 0.9% | EGYPT 0.9% | EGYPT 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 30200 | 612 |
|  Total Egypt (Cost $573) | Total Egypt (Cost $573) | 612 |
| FRANCE 0.2% | FRANCE 0.2% | FRANCE 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 | 100 | 106 |
|  Total France (Cost $98) | Total France (Cost $98) | 106 |
| GERMANY 0.5% | GERMANY 0.5% | GERMANY 0.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 300 | 297 |
|  Total Germany (Cost $291) | Total Germany (Cost $291) | 297 |
| HONG KONG 2.0% | HONG KONG 2.0% | HONG KONG 2.0% |
| CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.600% due 04/09/2029 | 300 | 292 |
|  5.625% due 10/25/2027 | 300 | 309 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

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------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  3.950% due 10/02/2026 | 300 | 311 |
|  GLP China Holdings Ltd. | GLP China Holdings Ltd. | GLP China Holdings Ltd. |
|  2.950% due 03/29/2026 | 200 | 188 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  3.421% due 11/02/2030 | 200 | 184 |
|  Total Hong Kong (Cost $1,199) | Total Hong Kong (Cost $1,199) | 1284 |
| INDIA 4.6% | INDIA 4.6% | INDIA 4.6% |
| CORPORATE BONDS & NOTES 4.6% | CORPORATE BONDS & NOTES 4.6% | CORPORATE BONDS & NOTES 4.6% |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 262 | 224 |
|  Adani Green Energy UP Ltd. | Adani Green Energy UP Ltd. | Adani Green Energy UP Ltd. |
|  6.700% due 03/12/2042 | 199 | 176 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 | 300 | 301 |
|  ONGC Videsh Vankorneft Pte. Ltd. | ONGC Videsh Vankorneft Pte. Ltd. | ONGC Videsh Vankorneft Pte. Ltd. |
|  3.750% due 07/27/2026 | 700 | 691 |
|  Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. |
|  2.875% due 01/12/2032 | 600 | 521 |
|  ReNew Wind Energy AP2 | ReNew Wind Energy AP2 | ReNew Wind Energy AP2 |
|  4.500% due 07/14/2028 | 250 | 232 |
|  Shriram Finance Ltd. | Shriram Finance Ltd. | Shriram Finance Ltd. |
|  4.150% due 07/18/2025 | 234 | 232 |
|  State Bank of India | State Bank of India | State Bank of India |
|  1.800% due 07/13/2026 | 300 | 290 |
|  Varanasi Aurangabad Nh-2 Tollway Pvt Ltd. | Varanasi Aurangabad Nh-2 Tollway Pvt Ltd. | Varanasi Aurangabad Nh-2 Tollway Pvt Ltd. |
|  5.900% due 02/28/2034 | 300 | 304 |
|  Total India (Cost $3,094) | Total India (Cost $3,094) | 2971 |
| INDONESIA 1.5% | INDONESIA 1.5% | INDONESIA 1.5% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT |
|  4.950% due 09/14/2026 | 300 | 299 |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  6.200% due 04/14/2052 | 400 | 389 |
|  Indofood CBP Sukses Makmur Tbk PT | Indofood CBP Sukses Makmur Tbk PT | Indofood CBP Sukses Makmur Tbk PT |
|  3.398% due 06/09/2031 | 300 | 268 |
|  Total Indonesia (Cost $864) | Total Indonesia (Cost $864) | 956 |
| IRELAND 0.6% | IRELAND 0.6% | IRELAND 0.6% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«(c)(i) | 900 | 54 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 142 | 130 |
|  |  | 184 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 200 | 216 |
|  Total Ireland (Cost $1,243) | Total Ireland (Cost $1,243) | 400 |
| ISLE OF MAN 0.9% | ISLE OF MAN 0.9% | ISLE OF MAN 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 200 | 189 |
|  3.750% due 10/01/2030 | 400 | 370 |
|  Total Isle of Man (Cost $560) | Total Isle of Man (Cost $560) | 559 |
| ISRAEL 4.1% | ISRAEL 4.1% | ISRAEL 4.1% |
| CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% |
|  Bank Hapoalim BM | Bank Hapoalim BM | Bank Hapoalim BM |
|  3.255% due 01/21/2032 ~(i) | 200 | 192 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 ~(i) | 200 | 206 |
|  Energian Israel Finance Ltd. | Energian Israel Finance Ltd. | Energian Israel Finance Ltd. |
|  5.375% due 03/30/2028 | 400 | 383 |
|  ICL Group Ltd. | ICL Group Ltd. | ICL Group Ltd. |
|  6.375% due 05/31/2038 | 400 | 405 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  4.250% due 08/14/2028 | 800 | 777 |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.125% due 06/30/2025 | 200 | 200 |
|  |  | 2163 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 1800 | 480 |
|  Total Israel (Cost $2,631) | Total Israel (Cost $2,631) | 2643 |
| IVORY COAST 0.8% | IVORY COAST 0.8% | IVORY COAST 0.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  Republic of Cote d'lvoire | Republic of Cote d'lvoire | Republic of Cote d'lvoire |
|  5.403% (EUR006M + 3.050%) due 03/09/2026 «~ | 500 | 537 |
|  Total Ivory Coast (Cost $533) | Total Ivory Coast (Cost $533) | 537 |
| KAZAKHSTAN 2.7% | KAZAKHSTAN 2.7% | KAZAKHSTAN 2.7% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  Kaspi.KZ JSC | Kaspi.KZ JSC | Kaspi.KZ JSC |
|  6.250% due 03/26/2030 | 300 | 297 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  6.375% due 10/24/2048 | 900 | 843 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 700 | 613 |
|  Total Kazakhstan (Cost $1,654) | Total Kazakhstan (Cost $1,654) | 1753 |
| LUXEMBOURG 3.8% | LUXEMBOURG 3.8% | LUXEMBOURG 3.8% |
| CORPORATE BONDS & NOTES 3.8% | CORPORATE BONDS & NOTES 3.8% | CORPORATE BONDS & NOTES 3.8% |
|  Andrade Gutier International SA (9.000% Cash) | Andrade Gutier International SA (9.000% Cash) | Andrade Gutier International SA (9.000% Cash) |
|  9.000% due 12/28/2029 (b) | 1 | 0 |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.672% due 10/20/2035 (a) | 600 | 601 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 300 | 309 |
|  6.510% due 02/23/2042 | 200 | 209 |
|  MHP Lux SA | MHP Lux SA | MHP Lux SA |
|  6.950% due 04/03/2026 | 200 | 190 |
|  Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
|  4.500% due 04/27/2031 | 300 | 266 |
|  Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL | Petrorio Luxembourg Trading SARL |
|  6.125% due 06/09/2026 | 400 | 402 |
|  Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
|  6.700% due 02/25/2037 | 200 | 200 |
|  Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL |
|  8.875% due 02/10/2035 | 300 | 304 |
|  Total Luxembourg (Cost $2,442) | Total Luxembourg (Cost $2,442) | 2481 |
| MALAYSIA 0.6% | MALAYSIA 0.6% | MALAYSIA 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  5.848% due 04/03/2055 (a) | 400 | 406 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  3.465% due 10/15/2030 | 70 | 16 |
|  4.245% due 09/30/2030 | 70 | 16 |
|  |  | 32 |
|  Total Malaysia (Cost $430) | Total Malaysia (Cost $430) | 438 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MAURITIUS 0.8% | MAURITIUS 0.8% | MAURITIUS 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings |
|  5.375% due 10/31/2026 | 200 | 197 |
|  Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
|  7.250% due 09/27/2028 | 300 | 296 |
|  Total Mauritius (Cost $498) | Total Mauritius (Cost $498) | 493 |
|  | SHARES |  |
| MEXICO 3.9% | MEXICO 3.9% | MEXICO 3.9% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(d) | 172487 | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 3.9% | CORPORATE BONDS & NOTES 3.9% | CORPORATE BONDS & NOTES 3.9% |
|  Alfa SAB de CV | Alfa SAB de CV | Alfa SAB de CV |
|  6.875% due 03/25/2044 | 200 | 214 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | 500 | 494 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  5.875% due 01/24/2027 •(h)(i) | 200 | 193 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
|  7.625% due 02/11/2035 •(i) | 500 | 506 |
|  Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV |
|  5.761% due 12/09/2054 | 200 | 192 |
|  Grupo Televisa SAB | Grupo Televisa SAB | Grupo Televisa SAB |
|  5.250% due 05/24/2049 | 200 | 148 |
|  Metalsa Sapi De Cv | Metalsa Sapi De Cv | Metalsa Sapi De Cv |
|  3.750% due 05/04/2031 | 300 | 237 |
|  Minera Mexico SA de CV | Minera Mexico SA de CV | Minera Mexico SA de CV |
|  5.625% due 02/12/2032 | 300 | 298 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  8.250% due 01/23/2037 | 200 | 205 |
|  |  | 2487 |
|  Total Mexico (Cost $3,719) | Total Mexico (Cost $3,719) | 2487 |
| MONGOLIA 0.3% | MONGOLIA 0.3% | MONGOLIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Mongolia Government International Bond | Mongolia Government International Bond | Mongolia Government International Bond |
|  6.625% due 02/25/2030 | 200 | 196 |
|  Total Mongolia (Cost $200) | Total Mongolia (Cost $200) | 196 |
| MOROCCO 0.8% | MOROCCO 0.8% | MOROCCO 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  OCP SA | OCP SA | OCP SA |
|  6.875% due 04/25/2044 | 500 | 489 |
|  Total Morocco (Cost $481) | Total Morocco (Cost $481) | 489 |
| MULTINATIONAL 0.3% | MULTINATIONAL 0.3% | MULTINATIONAL 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 200 | 198 |
|  Total Multinational (Cost $212) | Total Multinational (Cost $212) | 198 |
|  | SHARES |  |
| NETHERLANDS 2.6% | NETHERLANDS 2.6% | NETHERLANDS 2.6% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor «(d) | 1831 | 2 |

---

50 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% |
|  Metinvest BV | Metinvest BV | Metinvest BV |
|  5.625% due 06/17/2025 | 200 | 211 |
|  NE Property BV | NE Property BV | NE Property BV |
|  1.875% due 10/09/2026 | 500 | 532 |
|  Prosus NV | Prosus NV | Prosus NV |
|  3.832% due 02/08/2051 | 200 | 129 |
|  4.987% due 01/19/2052 | 300 | 233 |
|  Teva Pharmaceutical Finance Netherlands BV | Teva Pharmaceutical Finance Netherlands BV | Teva Pharmaceutical Finance Netherlands BV |
|  4.100% due 10/01/2046 | 200 | 145 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(b)(c) | 394 | 8 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 198 | 209 |
|  |  | 1467 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « | 200 | 197 |
|  Total Netherlands (Cost $1,845) | Total Netherlands (Cost $1,845) | 1666 |
| NIGERIA 0.5% | NIGERIA 0.5% | NIGERIA 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  SEPLAT Energy PLC | SEPLAT Energy PLC | SEPLAT Energy PLC |
|  7.750% due 04/01/2026 | 300 | 300 |
|  Total Nigeria (Cost $300) | Total Nigeria (Cost $300) | 300 |
| PAKISTAN 0.3% | PAKISTAN 0.3% | PAKISTAN 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Pakistan Government International Bond | Pakistan Government International Bond | Pakistan Government International Bond |
|  6.000% due 04/08/2026 | 200 | 190 |
|  Total Pakistan (Cost $195) | Total Pakistan (Cost $195) | 190 |
| PANAMA 0.6% | PANAMA 0.6% | PANAMA 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA |
|  4.500% due 01/30/2030 | 400 | 363 |
|  Total Panama (Cost $357) | Total Panama (Cost $357) | 363 |
| PERU 3.0% | PERU 3.0% | PERU 3.0% |
| CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% |
|  Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA |
|  3.125% due 07/01/2030 •(i) | 400 | 397 |
|  Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank |
|  3.250% due 10/04/2026 | 400 | 392 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 500 | 146 |
|  InRetail Consumer | InRetail Consumer | InRetail Consumer |
|  3.250% due 03/22/2028 | 200 | 189 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 200 | 205 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 300 | 297 |
|  Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
|  5.375% due 03/22/2030 | 167 | 155 |
|  |  | 1781 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  7.300% due 08/12/2033 | 400 | 115 |
|  Total Peru (Cost $1,869) | Total Peru (Cost $1,869) | 1896 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PHILIPPINES 0.9% | PHILIPPINES 0.9% | PHILIPPINES 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Petron Corp. | Petron Corp. | Petron Corp. |
|  5.950% due 04/19/2026 ~(h) | 200 | 199 |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  5.450% due 12/09/2026 ~(h) | 200 | 199 |
|  8.750% due 06/12/2029 ~(h) | 200 | 207 |
|  Total Philippines (Cost $502) | Total Philippines (Cost $502) | 605 |
| POLAND 0.3% | POLAND 0.3% | POLAND 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 200 | 205 |
|  Total Poland (Cost $197) | Total Poland (Cost $197) | 205 |
| QATAR 0.7% | QATAR 0.7% | QATAR 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 | 231 | 240 |
|  QatarEnergy LNG S3 | QatarEnergy LNG S3 | QatarEnergy LNG S3 |
|  6.332% due 09/30/2027 | 209 | 213 |
|  Total Qatar (Cost $470) | Total Qatar (Cost $470) | 453 |
| RUSSIA 0.1% | RUSSIA 0.1% | RUSSIA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA |
|  3.100% due 06/25/2027 ^«(c) | 800 | 48 |
|  Total Russia (Cost $806) | Total Russia (Cost $806) | 48 |
| SAUDI ARABIA 1.0% | SAUDI ARABIA 1.0% | SAUDI ARABIA 1.0% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.250% due 04/16/2039 | 300 | 262 |
|  5.875% due 07/17/2064 | 200 | 187 |
|  |  | 449 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 | 200 | 203 |
|  Total Saudi Arabia (Cost $656) | Total Saudi Arabia (Cost $656) | 652 |
| SINGAPORE 2.6% | SINGAPORE 2.6% | SINGAPORE 2.6% |
| CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% |
|  Cathaylife Singapore Pte. Ltd. | Cathaylife Singapore Pte. Ltd. | Cathaylife Singapore Pte. Ltd. |
|  5.950% due 07/05/2034 | 400 | 421 |
|  GLP Pte. Ltd. | GLP Pte. Ltd. | GLP Pte. Ltd. |
|  3.875% due 06/04/2025 | 200 | 197 |
|  Medco Oak Tree Pte. Ltd. | Medco Oak Tree Pte. Ltd. | Medco Oak Tree Pte. Ltd. |
|  7.375% due 05/14/2026 | 305 | 306 |
|  Nanshan Life Pte. Ltd. | Nanshan Life Pte. Ltd. | Nanshan Life Pte. Ltd. |
|  5.450% due 09/11/2034 | 200 | 196 |
|  SingTel Group Treasury Pte. Ltd. | SingTel Group Treasury Pte. Ltd. | SingTel Group Treasury Pte. Ltd. |
|  2.375% due 08/28/2029 | 400 | 369 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 200 | 209 |
|  Total Singapore (Cost $1,693) | Total Singapore (Cost $1,693) | 1698 |
| SOUTH AFRICA 1.2% | SOUTH AFRICA 1.2% | SOUTH AFRICA 1.2% |
| CONVERTIBLE BONDS & NOTES 0.6% | CONVERTIBLE BONDS & NOTES 0.6% | CONVERTIBLE BONDS & NOTES 0.6% |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.500% due 11/08/2027 | 400 | 363 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  6.500% due 09/27/2028 | 400 | 384 |
|  Total South Africa (Cost $736) | Total South Africa (Cost $736) | 747 |
| SOUTH KOREA 5.5% | SOUTH KOREA 5.5% | SOUTH KOREA 5.5% |
| CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% | CORPORATE BONDS & NOTES 4.9% |
|  Kookmin Bank | Kookmin Bank | Kookmin Bank |
|  2.500% due 11/04/2030 (i)(l) | 500 | 442 |
|  Korea Southern Power Co. Ltd. | Korea Southern Power Co. Ltd. | Korea Southern Power Co. Ltd. |
|  5.375% due 09/21/2026 | 300 | 304 |
|  LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. |
|  5.750% due 09/25/2028 | 200 | 204 |
|  5.875% due 04/02/2035 (a) | 300 | 301 |
|  POSCO | POSCO | POSCO |
|  4.875% due 01/23/2027 | 200 | 201 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  3.875% due 03/24/2026 (i) | 300 | 297 |
|  Shinhan Card Co. Ltd. | Shinhan Card Co. Ltd. | Shinhan Card Co. Ltd. |
|  2.500% due 01/27/2027 | 400 | 386 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 | 400 | 390 |
|  6.375% due 01/17/2028 | 200 | 208 |
|  SK On Co. Ltd. | SK On Co. Ltd. | SK On Co. Ltd. |
|  5.375% due 05/11/2026 | 400 | 403 |
|  |  | 3136 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Korea Expressway Corp. | Korea Expressway Corp. | Korea Expressway Corp. |
|  5.000% due 05/14/2027 | 200 | 203 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 | 200 | 202 |
|  |  | 405 |
|  Total South Korea (Cost $3,532) | Total South Korea (Cost $3,532) | 3541 |
| THAILAND 1.7% | THAILAND 1.7% | THAILAND 1.7% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  4.300% due 06/15/2027 | 400 | 398 |
|  Kasikornbank PCL | Kasikornbank PCL | Kasikornbank PCL |
|  3.343% due 10/02/2031 ~(i) | 500 | 485 |
|  Thaioil Treasury Center Co. Ltd. | Thaioil Treasury Center Co. Ltd. | Thaioil Treasury Center Co. Ltd. |
|  3.500% due 10/17/2049 | 300 | 188 |
|  |  | 1071 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  3.300% due 06/17/2038 | 30 | 1 |
|  3.350% due 06/17/2033 | 40 | 1 |
|  3.450% due 06/17/2043 | 20 | 1 |
|  |  | 3 |
|  Total Thailand (Cost $1,042) | Total Thailand (Cost $1,042) | 1074 |
| TURKEY 2.8% | TURKEY 2.8% | TURKEY 2.8% |
| CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% |
|  Akbank TAS | Akbank TAS | Akbank TAS |
|  7.498% due 01/20/2030 | 300 | 302 |
|  Ford Otomotiv Sanayi AS | Ford Otomotiv Sanayi AS | Ford Otomotiv Sanayi AS |
|  7.125% due 04/25/2029 | 300 | 298 |
|  Mersin Uluslararasi Liman Isletmeciligi AS | Mersin Uluslararasi Liman Isletmeciligi AS | Mersin Uluslararasi Liman Isletmeciligi AS |
|  8.250% due 11/15/2028 | 100 | 103 |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 200 | 202 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 284 | 275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Is Bankasi AS | Turkiye Is Bankasi AS | Turkiye Is Bankasi AS |
|  7.750% due 06/12/2029 | 200 | 203 |
|  Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS |
|  7.250% due 03/03/2030 | 200 | 197 |
|  9.250% due 10/16/2028 | 200 | 212 |
|  Total Turkey (Cost $1,759) | Total Turkey (Cost $1,759) | 1792 |
| UKRAINE 0.2% | UKRAINE 0.2% | UKRAINE 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(g) | 45 | 23 |
|  0.000% due 02/01/2034 þ(g) | 168 | 67 |
|  1.750% due 02/01/2036 þ | 52 | 27 |
|  Total Ukraine (Cost $101) | Total Ukraine (Cost $101) | 117 |
| UNITED ARAB EMIRATES 5.1% | UNITED ARAB EMIRATES 5.1% | UNITED ARAB EMIRATES 5.1% |
| CORPORATE BONDS & NOTES 5.1% | CORPORATE BONDS & NOTES 5.1% | CORPORATE BONDS & NOTES 5.1% |
|  Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC |
|  3.500% due 03/31/2027 | 400 | 392 |
|  Emirates NBD Bank PJSC | Emirates NBD Bank PJSC | Emirates NBD Bank PJSC |
|  5.875% due 10/11/2028 | 250 | 260 |
|  First Abu Dhabi Bank PJSC | First Abu Dhabi Bank PJSC | First Abu Dhabi Bank PJSC |
|  4.774% due 06/06/2028 (l) | 900 | 905 |
|  Kuwait Projects Co. SPC Ltd. | Kuwait Projects Co. SPC Ltd. | Kuwait Projects Co. SPC Ltd. |
|  4.500% due 02/23/2027 (l) | 300 | 282 |
|  Masdar Abu Dhabi Future Energy Co. | Masdar Abu Dhabi Future Energy Co. | Masdar Abu Dhabi Future Energy Co. |
|  4.875% due 07/25/2033 | 500 | 494 |
|  NBK SPC Ltd. | NBK SPC Ltd. | NBK SPC Ltd. |
|  1.625% due 09/15/2027 ~ | 1000 | 957 |
|  Total United Arab Emirates (Cost $3,267) | Total United Arab Emirates (Cost $3,267) | 3290 |
| UNITED KINGDOM 6.1% | UNITED KINGDOM 6.1% | UNITED KINGDOM 6.1% |
| CORPORATE BONDS & NOTES 5.9% | CORPORATE BONDS & NOTES 5.9% | CORPORATE BONDS & NOTES 5.9% |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  5.500% due 05/02/2033 | 500 | 503 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  5.625% due 05/13/2032 | 300 | 304 |
|  6.250% due 05/02/2034 | 200 | 207 |
|  Avianca Midco PLC | Avianca Midco PLC | Avianca Midco PLC |
|  9.000% due 12/01/2028 | 400 | 380 |
|  Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC |
|  8.125% due 01/23/2030 | 450 | 451 |
|  Endeavour Mining PLC | Endeavour Mining PLC | Endeavour Mining PLC |
|  5.000% due 10/14/2026 | 400 | 396 |
|  Fresnillo PLC | Fresnillo PLC | Fresnillo PLC |
|  4.250% due 10/02/2050 | 200 | 146 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 200 | 141 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  7.767% due 11/16/2028 •  | 200 | 214 |
|  Vedanta Resources Finance PLC | Vedanta Resources Finance PLC | Vedanta Resources Finance PLC |
|  9.475% due 07/24/2030 | 200 | 198 |
|  9.850% due 04/24/2033 | 300 | 300 |
|  WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC |
|  9.375% due 02/14/2031 | 200 | 206 |
|  9.500% due 10/06/2028 | 350 | 361 |
|  |  | 3807 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.415% due 01/17/2059 •  | 72 | 94 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rochester Financing PLC | Rochester Financing PLC | Rochester Financing PLC |
|  5.159% due 12/18/2044 •  | 42 | 54 |
|  |  | 148 |
|  Total United Kingdom (Cost $3,876) | Total United Kingdom (Cost $3,876) | 3955 |
| UNITED STATES 8.8% | UNITED STATES 8.8% | UNITED STATES 8.8% |
| ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.250% due 05/25/2036 þ | 197 | 98 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.875% due 09/25/2037 •  | 13 | 14 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.635% due 09/25/2037 •  | 66 | 64 |
|  |  | 176 |
| CORPORATE BONDS & NOTES 4.2% | CORPORATE BONDS & NOTES 4.2% | CORPORATE BONDS & NOTES 4.2% |
|  Bimbo Bakeries USA, Inc. | Bimbo Bakeries USA, Inc. | Bimbo Bakeries USA, Inc. |
|  6.050% due 01/15/2029 | 200 | 208 |
|  Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. |
|  9.500% due 10/15/2029 | 300 | 266 |
|  Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. |
|  5.000% due 07/27/2028 | 200 | 203 |
|  Invepar Holdings LLC | Invepar Holdings LLC | Invepar Holdings LLC |
|  1.000% due 12/31/2049 (k) | 158 | 0 |
|  Kosmos Energy Ltd. | Kosmos Energy Ltd. | Kosmos Energy Ltd. |
|  8.750% due 10/01/2031 | 400 | 372 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  6.000% due 08/15/2029 | 500 | 511 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 236 | 242 |
|  9.750% due 01/06/2027 | 189 | 194 |
|  SierraCol Energy Andina LLC | SierraCol Energy Andina LLC | SierraCol Energy Andina LLC |
|  6.000% due 06/15/2028 | 200 | 187 |
|  Southern Copper Corp. | Southern Copper Corp. | Southern Copper Corp. |
|  7.500% due 07/27/2035 | 200 | 227 |
|  Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. |
|  4.000% due 11/16/2026 | 300 | 287 |
|  |  | 2697 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.665% due 10/25/2035 •  | 205 | 197 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.109% due 08/25/2036 ~ | 136 | 124 |
|  |  | 321 |
| U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 06/01/2055 | 250 | 232 |
|  4.500% due 05/01/2055 | 250 | 239 |
|  5.000% due 04/01/2055 | 1200 | 1176 |
|  5.500% due 05/01/2055 | 250 | 250 |
|  |  | 1897 |
| U.S. TREASURY OBLIGATIONS 0.9% | U.S. TREASURY OBLIGATIONS 0.9% | U.S. TREASURY OBLIGATIONS 0.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 | 900 | 585 |
|  Total United States (Cost $6,075) | Total United States (Cost $6,075) | 5676 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UZBEKISTAN 0.3% | UZBEKISTAN 0.3% | UZBEKISTAN 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  21.000% due 07/24/2027 | 2500000 | 200 |
|  Total Uzbekistan (Cost $199) | Total Uzbekistan (Cost $199) | 200 |
| VIRGIN ISLANDS (BRITISH) 1.0% | VIRGIN ISLANDS (BRITISH) 1.0% | VIRGIN ISLANDS (BRITISH) 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. |
|  4.875% due 10/24/2027 | 200 | 201 |
|  Gold Fields Orogen Holdings BVI Ltd. | Gold Fields Orogen Holdings BVI Ltd. | Gold Fields Orogen Holdings BVI Ltd. |
|  6.125% due 05/15/2029 | 300 | 312 |
|  NWD Finance BVI Ltd. | NWD Finance BVI Ltd. | NWD Finance BVI Ltd. |
|  5.250% due 03/22/2026 ~(h) | 200 | 108 |
|  OAS Restructuring BVI Ltd.(5.000% Cash) | OAS Restructuring BVI Ltd.(5.000% Cash) | OAS Restructuring BVI Ltd.(5.000% Cash) |
|  5.000% due 03/31/2035 «(b) | 356 | 3 |
|  Total Virgin Islands (British) (Cost $703) | Total Virgin Islands (British) (Cost $703) | 624 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% |
| MUTUAL FUNDS 1.5% | MUTUAL FUNDS 1.5% | MUTUAL FUNDS 1.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (j) | 987617 | 988 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| NIGERIA TREASURY BILLS 1.0% | NIGERIA TREASURY BILLS 1.0% | NIGERIA TREASURY BILLS 1.0% |
|  26.651% due 04/01/2025 - 12/09/2025 (e)(f) | 1100498 | 668 |
| Total Short-Term Instruments<br>(Cost $1,643) | Total Short-Term Instruments<br>(Cost $1,643) | 1656 |
| Total Investments in Securities<br>(Cost $69,688) | Total Investments in Securities<br>(Cost $69,688) | 64314 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% |
| SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% | SHORT-TERM INSTRUMENTS 7.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 470896 | 4584 |
| Total Short-Term Instruments<br>(Cost $4,584) | Total Short-Term Instruments<br>(Cost $4,584) | 4584 |
| Total Investments in Affiliates<br>(Cost $4,584) | Total Investments in Affiliates<br>(Cost $4,584) | 4584 |
| Total Investments 106.9%<br>(Cost $74,272) | Total Investments 106.9%<br>(Cost $74,272) | 68898 |
|  Financial Derivative<br>Instruments (m)(n) (0.1)%<br> (Cost or Premiums, net $232) | Financial Derivative<br>Instruments (m)(n) (0.1)%<br> (Cost or Premiums, net $232) | (69) |
| Other Assets and Liabilities, net (6.8)% | Other Assets and Liabilities, net (6.8)% | (4363) |
| Net Assets 100.0% | Net Assets 100.0% | 64466 |

---

#### 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).

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Security becomes interest bearing at a future date.

(h) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i) Contingent convertible security.

(j) Coupon represents a 7-Day Yield.

&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 |
|  Invepar Holdings LLC 1.000% due 12/31/2049 | 11/16/2018 | $0 | $0 | 0.00% |
|  OAS SA - Exp. 01/21/2039 | 04/30/2019 | 0 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0.00% |

---

#### 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 |
|  BCY | 3.000% | 02/10/2025 | 04/02/2025 | $(185) | $(186) |
|  BRC | 4.450 | 12/24/2024 | TBD<sup>(2)</sup> | (403) | (408) |
|  | 4.550 | 12/24/2024 | TBD<sup>(2)</sup> | (846) | (857) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BCY | $0 | $(186) | $0 | $(186) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) |
|  BRC | 0 | (1265) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | 271 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451) | $&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 | $(186) | $0 | $(1265) | $(1451) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451) |
|  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  | $(1451) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 53

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

(l) Securities with an aggregate market value of $1,536 has been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(2741) at a weighted average interest rate of 4.796%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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 |
|  Long Gilt June Futures  | 06/2025 | 3 | $355 | $(3) | $4 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355 | 100 | 0 | (2) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 9 | 1001 | 13 | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 3 | 367 | 6 | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | $(3) | $0 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-41 5-Year Index | (1.000)% | Quarterly | 06/20/2029 | $900 | $(27) | $9 | $(18) | $1 | $0 |
|  CDX.EM-42 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 1100 | (32) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | 0 | 0 |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 2200 | 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | 42 | &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;(13) | $7 | $(6) | $1 | $0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-43 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $800 | $(29) | $(1) | $(30) | $0 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 700 | 35 | 2 | 37 | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1000 | 18 | 0 | 18 | 0 | 0 |
|  CDX.iTraxx Crossover 42 05-Year Index | 5.000 | Quarterly | 06/20/2030 | 630 | 58 | (5) | 53 | 0 | (4) |
|  CDX.iTraxx Main 43 05-Year Index | 1.000 | Quarterly | 06/20/2030 | 2000 | 44 | (5) | 39 | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 400 | $(11) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $0 |
|  Pay | 1-Day THB-THOR Compounded-OIS | 1.500 | Quarterly | 09/17/2027 | 6110 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 09/17/2030 | 3560 | (1) | (1) | (2) | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2029 | $1800 | 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | 23 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | 7 | (7) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 1700 | 44 | (40) | 4 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 500 | 13 | (14) | (1) | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 300 | 15 | (2) | 13 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 06/20/2054 |  | $300 | $19 | $0 | $19 | $0 | $(2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 200 | (11) | 22 | 11 | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 300 | 34 | (6) | 28 | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 12.131 | Maturity | 01/04/2027 |  | 3500 | 28 | (47) | (19) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 |  | 6800 | 3 | 15 | 18 | 1 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 400 | 6 | (2) | 4 | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 700 | (36) | 8 | (28) | 3 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 470 | 46 | (8) | 38 | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 8.207 | Lunar | 12/08/2025 |  | 3700 | 0 | (1) | (1) | 0 | 0 |
|  Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 8.207 | Lunar | 06/19/2028 |  | 3700 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  |  |  | $168 | $(79) | $89 | $11 | $(13) |
|  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;281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&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;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

Cash of $927 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 1034 | $7 | $0 | $0 |
|  | 04/2025 | $240 | 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | 04/2025 | 4 | 620 | 0 | 0 |
|  | 04/2025 | 6 | 8 | 0 | 0 |
|  | 05/2025 | 379 | $240 | 3 | 0 |
|  | 05/2025 | 8 | 6 | 0 | 0 |
|  | 05/2025 | $7 | 1030 | 0 | 0 |
|  | 06/2025 | 812 | $111 | 0 | (1) |
|  | 06/2025 | $68 | 488 | 0 | 0 |
|  BOA | 04/2025 | 5464 | $86 | 0 | 0 |
|  | 04/2025 | 135 | 30 | 0 | 0 |
|  | 04/2025 | 280 | 26 | 0 | (2) |
|  | 05/2025 | 328 | $6 | 0 | 0 |
|  | 05/2025 | 61827 | 4 | 0 | 0 |
|  | 05/2025 | $8 | 703 | 0 | 0 |
|  | 06/2025 | 266 | $37 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $33 | 239 | $0 | $0 |
|  | 06/2025 | 7 | 10307 | 0 | 0 |
|  | 08/2025 | 10 | $0 | 0 | 0 |
|  BPS | 04/2025 | 912 | 38 | 0 | (2) |
|  | 04/2025 | 2117 | 2220 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
|  | 04/2025 | 135 | 171 | 0 | (4) |
|  | 04/2025 | 1297945 | 78 | 0 | 0 |
|  | 04/2025 | 369 | 2 | 0 | 0 |
|  | 04/2025 | 388 | 10 | 0 | 0 |
|  | 04/2025 | 11396 | 346 | 3 | 0 |
|  | 04/2025 | $127 | 2076080 | 0 | (2) |
|  | 04/2025 | 22 | 1929 | 0 | 0 |
|  | 04/2025 | 41 | 6099 | 0 | 0 |
|  | 04/2025 | 81 | 2667 | 0 | (1) |
|  | 05/2025 | 152523 | $9 | 0 | 0 |
|  | 05/2025 | $74 | 1225506 | 0 | (1) |
|  | 05/2025 | 74 | 6317 | 0 | 0 |
|  | 05/2025 | 2 | 368 | 0 | 0 |
|  | 06/2025 | 1401 | $193 | 0 | (1) |
|  | 06/2025 | 12349 | 9 | 0 | 0 |
|  | 06/2025 | 67 | 17 | 0 | 0 |
|  | 06/2025 | $67 | 259 | 0 | 0 |
|  | 07/2025 | 1431 | $44 | 1 | 0 |
|  | 08/2025 | 1220 | 37 | 1 | 0 |
|  | 09/2025 | 994 | 272 | 4 | 0 |
|  BRC | 04/2025 | 134 | 2 | 0 | 0 |
|  | 04/2025 | 35 | 8 | 0 | 0 |
|  | 04/2025 | 7583 | 195 | 1 | (2) |
|  | 04/2025 | $26 | 975 | 0 | 0 |
|  | 05/2025 | 2046 | $51 | 1 | 0 |
|  | 05/2025 | $59 | 2327 | 0 | (2) |
|  | 06/2025 | 8 | 32 | 0 | 0 |
|  | 06/2025 | 118 | 4691 | 0 | (6) |
|  | 07/2025 | 245 | 11137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  BSH | 04/2025 | 379 | $240 | 3 | 0 |
|  | 04/2025 | 9858 | 66 | 0 | 0 |
|  | 05/2025 | $66 | 9825 | 0 | 0 |
|  | 06/2025 | 144 | $39 | 0 | 0 |
|  | 06/2025 | 8 | 2 | 0 | 0 |
|  | 06/2025 | $42 | 163 | 0 | 0 |
|  CBK | 04/2025 | 4360 | $70 | 1 | 0 |
|  | 04/2025 | 521 | 10 | 0 | 0 |
|  | 04/2025 | 1653232 | 100 | 1 | 0 |
|  | 04/2025 | 175 | 48 | 1 | 0 |
|  | 04/2025 | 1279 | 15 | 0 | 0 |
|  | 04/2025 | 984 | 265 | 0 | (3) |
|  | 04/2025 | 1123 | 34 | 1 | 0 |
|  | 04/2025 | $273 | 388 | 0 | (3) |
|  | 04/2025 | 10 | 521 | 0 | 0 |
|  | 04/2025 | 89 | 1456190 | 0 | (1) |
|  | 04/2025 | 5 | 465 | 0 | 0 |
|  | 04/2025 | 269 | 981 | 0 | (3) |
|  | 04/2025 | 192 | 6274 | 0 | (3) |
|  | 05/2025 | 388 | $273 | 3 | 0 |
|  | 05/2025 | $10 | 533 | 0 | 0 |
|  | 05/2025 | 74 | 1222458 | 0 | 0 |
|  | 06/2025 | 183 | $25 | 0 | 0 |
|  | 06/2025 | 468 | 9 | 0 | 0 |
|  | 06/2025 | 213625 | 149 | 4 | 0 |
|  | 06/2025 | 17 | 4 | 0 | 0 |
|  | 06/2025 | $31 | 28735 | 0 | (1) |
|  | 06/2025 | 23 | 1225 | 0 | 0 |
|  | 06/2025 | 2 | 3068 | 0 | 0 |
|  | 07/2025 | 2576 | $79 | 1 | 0 |
|  | 08/2025 | 322 | 6 | 0 | 0 |
|  | 08/2025 | 3013 | 92 | 1 | 0 |
|  | 09/2025 | 795 | $213 | 0 | (2) |
|  | 09/2025 | 984 | 269 | 3 | 0 |
|  | 09/2025 | $77 | 39696 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  DUB | 04/2025 | 388 | $270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  | 04/2025 | 187 | 204 | 2 | 0 |
|  | 04/2025 | 177 | 49 | 1 | 0 |
|  | 04/2025 | 39 | 23 | 0 | 0 |
|  | 04/2025 | $37 | 608298 | 0 | 0 |
|  | 04/2025 | 8 | 702 | 0 | 0 |
|  | 04/2025 | 23 | 39 | 0 | 0 |
|  | 04/2025 | 3 | 4 | 0 | 0 |
|  | 05/2025 | 32 | $1 | 0 | 0 |
|  | 05/2025 | 22230 | 1 | 0 | 0 |
|  | 05/2025 | 4 | 3 | 0 | 0 |
|  | 05/2025 | $11 | 566 | 0 | 0 |
|  | 05/2025 | 23 | 39 | 0 | 0 |
|  | 06/2025 | 220570 | $154 | 4 | 0 |
|  | 06/2025 | $4 | 237 | 0 | 0 |
|  | 06/2025 | 1 | 1429 | 0 | 0 |
|  | 09/2025 | 57 | 29246 | 0 | (2) |
|  | 10/2025 | 618 | $11 | 0 | 0 |
|  | 12/2025 | $23 | 12208 | 0 | (1) |
|  FAR | 04/2025 | 254 | $285 | 0 | (2) |
|  | 04/2025 | 4006 | 11 | 0 | 0 |
|  | 04/2025 | 159 | 44 | 1 | 0 |
|  | 04/2025 | 7053 | 47 | 0 | 0 |
|  | 04/2025 | $32 | 4731 | 0 | 0 |
|  | 05/2025 | 47 | 7029 | 0 | 0 |
|  | 06/2025 | 12 | $3 | 0 | 0 |
|  | 06/2025 | $78 | 300 | 0 | 0 |
|  GLM | 04/2025 | 2067 | $360 | 0 | (2) |
|  | 04/2025 | 440763 | 27 | 0 | 0 |
|  | 04/2025 | 7 | 5 | 0 | 0 |
|  | 04/2025 | 562 | 14 | 0 | 0 |
|  | 04/2025 | $357 | 2067 | 5 | 0 |
|  | 04/2025 | 2 | 97 | 0 | 0 |
|  | 04/2025 | 26 | 429357 | 0 | 0 |
|  | 05/2025 | 19862 | $316 | 4 | 0 |
|  | 05/2025 | $4 | 207 | 0 | 0 |
|  | 05/2025 | 27 | 441161 | 0 | 0 |
|  | 06/2025 | 367 | $7 | 0 | 0 |
|  | 06/2025 | $10 | 74 | 0 | 0 |
|  | 06/2025 | 72 | 278 | 0 | (1) |
|  | 07/2025 | 829 | $25 | 1 | 0 |
|  | 09/2025 | $68 | 4388 | 0 | (1) |
|  JPM | 04/2025 | 89549 | $5 | 0 | 0 |
|  | 04/2025 | 138 | 38 | 1 | 0 |
|  | 04/2025 | 1235 | 14 | 0 | 0 |
|  | 04/2025 | 2173 | 14 | 0 | 0 |
|  | 04/2025 | 589 | 10 | 0 | 0 |
|  | 04/2025 | 159 | 5 | 0 | 0 |
|  | 04/2025 | $7 | 372 | 0 | 0 |
|  | 04/2025 | 2485 | 2304 | 6 | 0 |
|  | 04/2025 | 5 | 89549 | 0 | 0 |
|  | 04/2025 | 10 | 889 | 0 | 0 |
|  | 04/2025 | 34 | 5077 | 0 | 0 |
|  | 04/2025 | 71 | 2316 | 0 | (1) |
|  | 05/2025 | 2304 | $2489 | 0 | (6) |
|  | 05/2025 | 36976 | 2 | 0 | 0 |
|  | 05/2025 | 1165 | 29 | 0 | 0 |
|  | 05/2025 | $7 | 364 | 0 | 0 |
|  | 05/2025 | 14 | 2166 | 0 | 0 |
|  | 05/2025 | 135 | 5316 | 0 | (4) |
|  | 06/2025 | 759 | $104 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | 06/2025 | 340 | 7 | 0 | 0 |
|  | 06/2025 | 6901 | 334 | 1 | 0 |
|  | 06/2025 | 58 | 15 | 0 | 0 |
|  | 06/2025 | $0 | 24 | 0 | 0 |
|  | 06/2025 | 64 | 247 | 0 | 0 |
|  | 07/2025 | 1448 | $45 | 1 | 0 |
|  | 08/2025 | 1914 | 59 | 1 | 0 |
|  MBC | 04/2025 | 326 | 6 | 0 | 0 |
|  | 04/2025 | 11 | 8 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **57** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 248 | $8 | $0 | $0 |
|  | 04/2025 | $287 | 254 | 0 | (1) |
|  | 04/2025 | 11 | 572 | 0 | 0 |
|  | 04/2025 | 8 | 699 | 0 | 0 |
|  | 04/2025 | 42 | 1393 | 0 | (1) |
|  | 05/2025 | 253 | $287 | 1 | 0 |
|  | 05/2025 | 1027 | 31 | 0 | 0 |
|  | 06/2025 | 31 | 8 | 0 | 0 |
|  | 06/2025 | $9 | 472 | 0 | 0 |
|  | 07/2025 | 708 | $22 | 0 | 0 |
|  | 08/2025 | 676 | 21 | 0 | 0 |
|  | 08/2025 | $7 | 361 | 0 | 0 |
|  MYI | 04/2025 | 333 | $6 | 0 | 0 |
|  | 04/2025 | $4 | 189 | 0 | 0 |
|  | 04/2025 | 200 | 3656 | 0 | (1) |
|  | 05/2025 | 42 | $5 | 0 | 0 |
|  | 05/2025 | 61879 | 4 | 0 | 0 |
|  | 06/2025 | 84 | 12 | 0 | 0 |
|  | 06/2025 | 333 | 6 | 0 | 0 |
|  | 06/2025 | 5 | 1 | 0 | 0 |
|  | 10/2026 | $96 | 171 | 0 | (1) |
|  | 10/2027 | 191 | 352 | 0 | (4) |
|  NGF | 06/2025 | 187882 | $132 | 4 | 0 |
|  SCX | 04/2025 | 2077 | 355 | 0 | (9) |
|  | 04/2025 | 569 | 4 | 0 | 0 |
|  | 04/2025 | 131 | 4 | 0 | 0 |
|  | 04/2025 | $362 | 2077 | 2 | 0 |
|  | 04/2025 | 10 | 509 | 0 | 0 |
|  | 04/2025 | 12 | 408 | 0 | 0 |
|  | 05/2025 | 4 | 568 | 0 | 0 |
|  | 06/2025 | 966 | $18 | 0 | 0 |
|  | 06/2025 | $355 | 2103 | 9 | 0 |
|  | 06/2025 | 8 | 439 | 0 | 0 |
|  | 08/2025 | 405 | $12 | 0 | 0 |
|  SOG | 05/2025 | 1092 | $21 | 0 | 0 |
|  | 05/2025 | $17 | 898 | 1 | 0 |
|  | 06/2025 | 104 | $2 | 0 | 0 |
|  SSB | 04/2025 | $175 | 135 | 0 | 0 |
|  | 05/2025 | 135 | $175 | 0 | 0 |
|  UAG | 04/2025 | 213785 | 13 | 0 | 0 |
|  | 04/2025 | 191 | 5 | 0 | 0 |
|  | 04/2025 | $13 | 213785 | 0 | 0 |
|  | 04/2025 | 31 | 4652 | 0 | 0 |
|  | 05/2025 | 13 | 214086 | 0 | 0 |
|  | 05/2025 | 24 | 982 | 1 | 0 |
|  | 08/2025 | 21 | 947 | 0 | 0 |
|  | 11/2025 | 24 | 1122 | 0 | (1) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Put - OTC USD versus TRY | TRY | 37.700 | 05/07/2025 | 134 | $(3) | $0 |
|  | Call - OTC USD versus TRY |  | 45.900 | 05/07/2025 | 134 | (2) | (1) |
|  | Put - OTC USD versus TRY |  | 39.750 | 08/11/2025 | 134 | (4) | (1) |
|  | Call - OTC USD versus TRY |  | 51.750 | 08/11/2025 | 134 | (3) | (4) |
|  | Put - OTC USD versus TRY |  | 41.600 | 11/12/2025 | 140 | (6) | (2) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 140 | (4) | (7) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

58 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | Korea International Bond | (1.000)% | Quarterly | 12/20/2034 | 0.463% | $350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Indonesia Government International Bond | 1.000% | Quarterly | 06/20/2030 | 0.956 | % | $100 | $0 | $0 | $0 | $0 |
| BPS | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 100 | 1 | (1) | 0 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 |  | 150 | 1 | 0 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | '0.830 |  | 100 | 0 | 1 | 1 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.805 |  | 450 | 1 | 0 | 1 | 0 |
| BRC | America Movil SAB de CV | 1.000 | Quarterly | 12/20/2025 | 0.332 |  | 800 | (20) | 24 | 4 | 0 |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 100 | 0 | 0 | 0 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2025 | 1.276 |  | 275 | 0 | 0 | 0 | 0 |
| DUB | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 100 | 1 | (1) | 0 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 282 | 0 | 2 | 2 | 0 |
| GST | Indonesia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.956 |  | 100 | 0 | 0 | 0 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.383 |  | 300 | 1 | 0 | 1 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.459 |  | 100 | 0 | 1 | 1 | 0 |
| JPM | Alibaba Group Holding Ltd. | 1.000 | Quarterly | 06/20/2029 | 0.693 |  | 1000 | 5 | 7 | 12 | 0 |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 |  | 50 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive<br> 3-Month MYR-KLIBOR<sup>(2)</sup> | 3.500% | Quarterly | 09/17/2030 | MYR | 1830 | $0 | $0 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(8)</sup> |
|  AZD | $3 | $0 | $0 | $3 | $(4) | $0 | $0 | $(4) | $(1) | $0 | $(1) |
|  BOA | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  BPS | 9 | 0 | 3 | 12 | (80) | 0 | 0 | (80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
|  BRC | 18 | 0 | 4 | 22 | (10) | 0 | 0 | (10) | 12 | 0 | 12 |
|  BSH | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  CBK | 16 | 0 | 0 | 16 | (18) | 0 | 0 | (18) | (2) | 0 | (2) |
|  DUB | 7 | 0 | 2 | 9 | (3) | 0 | 0 | (3) | 6 | 0 | 6 |
|  FAR | 1 | 0 | 0 | 1 | (2) | 0 | 0 | (2) | (1) | 0 | (1) |
|  GLM | 10 | 0 | 0 | 10 | (4) | 0 | 0 | (4) | 6 | 0 | 6 |
|  GST | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  JPM | 10 | 0 | 12 | 22 | (12) | 0 | 0 | (12) | 10 | 0 | 10 |
|  MBC | 1 | 0 | 0 | 1 | (2) | 0 | 0 | (2) | (1) | 0 | (1) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (15) | (15) | (15) | 0 | (15) |
|  MYI | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | (6) | 0 | (6) |
|  NGF | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  SCX | 11 | 0 | 0 | 11 | (9) | 0 | 0 | (9) | 2 | 0 | 2 |
|  SOG | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  UAG | 1 | 0 | 0 | 1 | (1) | (15) | 0 | (16) | (15) | 0 | (15) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 59

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  | $0 | $2 | $0 | $0 | $16 | $18 |
|  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 | $95 | $0 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 23 | 0 | 0 | 0 | 23 |
|  | $0 | $23 | $0 | $95 | $0 | $118 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $0 | $95 | $16 | $136 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 13 | 20 |
|  | $0 | $7 | $0 | $0 | $15 | $22 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 15 | 0 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 15 | 0 | 0 | 0 | 15 |
|  | $0 | $15 | $0 | $168 | $0 | $183 |
|  | $0 | $22 | $0 | $168 | $15 | $205 |

---

60 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(16) | $(16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 181 | 0 | 0 | 88 | 269 |
|  | $0 | $181 | $0 | $0 | $72 | $253 |
|  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 | $290 | $0 | $290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 62 | 0 | 0 | (3) | 59 |
|  | $0 | $62 | $0 | $290 | $(3) | $349 |
|  | $0 | $243 | $0 | $290 | $69 | $602 |
|  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 | $140 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (63) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |
|  | $0 | $(63) | $0 | $0 | $20 | $(43) |
|  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 | $(121) | $0 | $(121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 7 | 0 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (37) | 0 | 0 | (1) | (38) |
|  | $0 | $(37) | $0 | $(114) | $(1) | $(152) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $19 | $(195) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $418 | $0 | $418 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3 | 0 | 3 |
|  Austria | Austria | Austria | Austria | Austria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 206 | 0 | 206 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 841 | 0 | 841 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1329 | 0 | 1329 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 303 | 0 | 303 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4456 | 0 | 4456 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2209 | 0 | 2209 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 762 | 0 | 762 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 539 | 0 | 539 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 643 | 0 | 643 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 120 | 0 | 120 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 612 | 0 | 612 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 106 | 0 | 106 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 297 | 0 | 297 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1284 | 0 | 1284 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2971 | 0 | 2971 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $956 | $0 | $956 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 130 | 54 | 184 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | 216 |
|  Isle of Man | Isle of Man | Isle of Man | Isle of Man | Isle of Man |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 559 | 0 | 559 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 480 | 0 | 480 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 537 | 537 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1753 | 0 | 1753 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2481 | 0 | 2481 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 406 | 0 | 406 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32 | 0 | 32 |
|  Mauritius | Mauritius | Mauritius | Mauritius | Mauritius |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 493 | 0 | 493 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2487 | 0 | 2487 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 196 | 0 | 196 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 489 | 0 | 489 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 198 | 0 | 198 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 2 | 2 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1467 | 0 | 1467 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 197 | 197 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 300 | 0 | 300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **61** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $190 | $0 | $190 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 363 | 0 | 363 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 115 | 0 | 115 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 605 | 0 | 605 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 205 | 0 | 205 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 453 | 0 | 453 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 48 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 449 | 0 | 449 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 203 | 0 | 203 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1698 | 0 | 1698 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 363 | 0 | 363 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 384 | 0 | 384 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3136 | 0 | 3136 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 405 | 0 | 405 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1071 | 0 | 1071 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3 | 0 | 3 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1792 | 0 | 1792 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 117 | 0 | 117 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3290 | 0 | 3290 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3807 | 0 | 3807 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 148 | 0 | 148 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 176 | 0 | 176 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $2697 | $0 | $2697 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 321 | 0 | 321 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 1897 | 0 | 1897 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 585 | 0 | 585 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 200 | 0 | 200 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 621 | 3 | 624 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 988 | 0 | 988 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 668 | 0 | 668 |
|  | $0 | $63257 | $1057 | $64314 |
|  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 | $4584 | $0 | $0 | $4584 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68898 |
|  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 | 4 | 14 | 0 | 18 |
|  Over the counter | 0 | 116 | 2 | 118 |
|  | $4 | $130 | $2 | $136 |
|  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 | (22) | 0 | (22) |
|  Over the counter | 0 | (183) | 0 | (183) |
|  | $0 | $(205) | $0 | $(205) |
|  Total Financial Derivative Instruments | $4 | $(75) | $2 | $(69) |
|  Totals | $4588 | $63182 | $1059 | $68829 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | **Net Change in<br>Unrealized<br>Appreciation/**<br> (Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | $0 | $(965) | $0 | $0 | $(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Ireland |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 76 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 0 | (21) | 0 | 0 | 54 | 1 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | 0 | 0 | 0 | 1 | 0 | 0 | 216 | 1 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 532 | 0 | 1 | 0 | 4 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | 4 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 33 | 0 | (33) | (1) | 0 | 1 | 0 | 0 | 0 | 0 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 197 | 0 | 0 | 0 | 0 | 0 | 0 | 197 | 0 |
|  Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 48 | 0 | 0 | (2) | 0 | 2 | 0 | 0 | 48 | 2 |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 955 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | 0 | 0 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/**<br> (Depreciation)<sup>(2)</sup> | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup>** |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | $3 | $0 | $0 | $1 | $0 | $(1) | $0 | $0 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  | $2117 | $946 | $(2031) | $(2) | $(184) | $211 | $0 | $0 | $1057 | $6 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $1 | $0 | $0 | $0 | $1 | $0 | $0 | $2 | $1 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2031) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | $&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;1059 | $7 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Input Value(s)** | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $54 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 216 | Recent Transaction | Purchase Price |  | 99.800 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 537 | Discounted Cash Flow | Discount Rate |  | 6.393 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 2 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 197 | Recent Transaction | Purchase Price |  | 98.500 |  |
|  Russia | Russia | Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 48 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3 | Expected Recovery | Price | BRL | 4.985 |  |
|  Financial Derivative Instruments - Assets | 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 | 2 | Indicative Market Quotation | Broker Quote |  | 0.329 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 75.7% | INVESTMENTS IN SECURITIES 75.7% | INVESTMENTS IN SECURITIES 75.7% |
| AZERBAIJAN 0.8% | AZERBAIJAN 0.8% | AZERBAIJAN 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 700 | 700 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 3700 | 3740 |
|  Total Azerbaijan (Cost $4,432) | Total Azerbaijan (Cost $4,432) | 4440 |
| BRAZIL 18.3% | BRAZIL 18.3% | BRAZIL 18.3% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 42000 | 2043 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% ~(h) | 27540 | 1656 |
|  |  | 3699 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Oi SA | Oi SA | Oi SA |
|  1.000% due 12/30/2050 « | 207 | 2 |
|  4.890% due 12/30/2050 « | 2376 | 24 |
|  |  | 26 |
| SOVEREIGN ISSUES 17.7% | SOVEREIGN ISSUES 17.7% | SOVEREIGN ISSUES 17.7% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 632200 | 103382 |
|  0.000% due 07/01/2028 (d) | 3000 | 337 |
|  |  | 103719 |
|  Total Brazil (Cost $108,455) | Total Brazil (Cost $108,455) | 107444 |
| CAYMAN ISLANDS 0.2% | CAYMAN ISLANDS 0.2% | CAYMAN ISLANDS 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  8.292% due 01/08/2027 •  | 250 | 256 |
|  Interoceanica Finance Ltd. | Interoceanica Finance Ltd. | Interoceanica Finance Ltd. |
|  0.000% due 11/30/2025 (d) | 4 | 4 |
|  0.000% due 11/30/2025 (d) | 15 | 15 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  11.700% due 11/11/2025 ^(b) | 1100 | 50 |
|  Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. |
|  5.875% due 10/12/2031 | 511 | 495 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (a) | 20 | 2 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (a) | 20 | 2 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (a) | 40 | 5 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (a) | 61 | 7 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (a) | 61 | 7 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (a) | 29 | 3 |
|  Total Cayman Islands (Cost $1,262) | Total Cayman Islands (Cost $1,262) | 846 |
| CHILE 1.9% | CHILE 1.9% | CHILE 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 1720000 | 1723 |
|  5.000% due 10/01/2028 | 4350000 | 4501 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.800% due 10/01/2029 |  | 4250000 | 4487 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | $— | 600 | 605 |
|  Total Chile (Cost $11,585) | Total Chile (Cost $11,585) | Total Chile (Cost $11,585) | 11316 |
| CHINA 0.1% | CHINA 0.1% | CHINA 0.1% | CHINA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  China Government International Bond | China Government International Bond | China Government International Bond | China Government International Bond |
|  2.750% due 02/17/2032 |  | 3920 | 576 |
|  Total China (Cost $542) | Total China (Cost $542) | Total China (Cost $542) | 576 |
| COLOMBIA 0.3% | COLOMBIA 0.3% | COLOMBIA 0.3% | COLOMBIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Colombian TES | Colombian TES | Colombian TES | Colombian TES |
|  7.000% due 06/30/2032 |  | 1629100 | 300 |
|  11.500% due 07/25/2046 |  | 3551200 | 757 |
|  13.250% due 02/09/2033 |  | 3265100 | 827 |
|  Total Colombia (Cost $1,837) | Total Colombia (Cost $1,837) | Total Colombia (Cost $1,837) | 1884 |
| CZECH REPUBLIC 0.6% | CZECH REPUBLIC 0.6% | CZECH REPUBLIC 0.6% | CZECH REPUBLIC 0.6% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  1.816% due 03/02/2031 |  | 2000 | 1889 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  2.000% due 10/13/2033 |  | 42000 | 1543 |
|  2.500% due 08/25/2028 |  | 4000 | 167 |
|  |  |  | 1710 |
|  Total Czech Republic (Cost $3,403) | Total Czech Republic (Cost $3,403) | Total Czech Republic (Cost $3,403) | 3599 |
| DOMINICAN REPUBLIC 4.2% | DOMINICAN REPUBLIC 4.2% | DOMINICAN REPUBLIC 4.2% | DOMINICAN REPUBLIC 4.2% |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  12.000% due 10/03/2025 |  | 93600 | 1483 |
|  13.000% due 12/05/2025 |  | 309200 | 4936 |
|  13.000% due 01/30/2026 |  | 59480 | 950 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  9.750% due 06/05/2026 |  | 34 | 1 |
|  10.500% due 03/15/2037 |  | 761850 | 12356 |
|  10.750% due 06/01/2036 |  | 217300 | 3572 |
|  11.250% due 09/15/2035 |  | 16300 | 277 |
|  13.625% due 02/03/2033 |  | 52700 | 988 |
|  Total Dominican Republic (Cost $25,289) | Total Dominican Republic (Cost $25,289) | Total Dominican Republic (Cost $25,289) | 24563 |
| ECUADOR 0.4% | ECUADOR 0.4% | ECUADOR 0.4% | ECUADOR 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  5.000% due 07/31/2040 þ | $— | 40 | 18 |
|  5.500% due 07/31/2035 þ |  | 1366 | 676 |
|  6.900% due 07/31/2030 þ |  | 2767 | 1654 |
|  Total Ecuador (Cost $2,288) | Total Ecuador (Cost $2,288) | Total Ecuador (Cost $2,288) | 2348 |
| EGYPT 2.6% | EGYPT 2.6% | EGYPT 2.6% | EGYPT 2.6% |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  4.750% due 04/11/2025 |  | 2700 | 2914 |
|  4.750% due 04/16/2026 |  | 900 | 957 |
|  21.954% due 03/04/2028 |  | 564900 | 11438 |
|  Total Egypt (Cost $14,492) | Total Egypt (Cost $14,492) | Total Egypt (Cost $14,492) | 15309 |
| FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 200 | 211 |
|  Total France (Cost $196) | Total France (Cost $196) | Total France (Cost $196) | 211 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GERMANY 1.1% | GERMANY 1.1% | GERMANY 1.1% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  8.010% due 07/18/2034 « | 325000 | 3904 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 1900 | 2049 |
|  Total Germany (Cost $5,747) | Total Germany (Cost $5,747) | 5953 |
| GHANA 0.2% | GHANA 0.2% | GHANA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ghana Government International Bond | Ghana Government International Bond | Ghana Government International Bond |
|  8.350% due 02/16/2027 (a) | 13218 | 685 |
|  8.950% due 02/11/2031 (a) | 17693 | 638 |
|  10.000% due 08/17/2027 | 187 | 10 |
|  Total Ghana (Cost $1,266) | Total Ghana (Cost $1,266) | 1333 |
| INDONESIA 0.2% | INDONESIA 0.2% | INDONESIA 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Indonesia Asahan Aluminium PT | Indonesia Asahan Aluminium PT | Indonesia Asahan Aluminium PT |
|  4.750% due 05/15/2025 | 1000 | 999 |
|  Total Indonesia (Cost $999) | Total Indonesia (Cost $999) | 999 |
| IRELAND 0.8% | IRELAND 0.8% | IRELAND 0.8% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.484% (EUR003M + 0.740%) due 10/20/2031 ~ | 822 | 887 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 711 | 651 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 2600 | 2806 |
|  Total Ireland (Cost $4,431) | Total Ireland (Cost $4,431) | 4344 |
| ISRAEL 5.8% | ISRAEL 5.8% | ISRAEL 5.8% |
| SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% | SOVEREIGN ISSUES 5.8% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 121900 | 32479 |
|  5.375% due 02/19/2030 | 1400 | 1411 |
|  Total Israel (Cost $33,781) | Total Israel (Cost $33,781) | 33890 |
| IVORY COAST 0.7% | IVORY COAST 0.7% | IVORY COAST 0.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Republic of Cote d'lvoire | Republic of Cote d'lvoire | Republic of Cote d'lvoire |
|  5.403% (EUR006M + 3.050%) due 03/09/2026 «~ | 2700 | 2898 |
|  7.422% (EUR006M + 5.000%) due 03/19/2027 «~ | 760 | 826 |
|  |  | 3724 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  4.875% due 01/30/2032 | 497 | 476 |
|  5.250% due 03/22/2030 | 100 | 103 |
|  |  | 579 |
|  Total Ivory Coast (Cost $4,332) | Total Ivory Coast (Cost $4,332) | 4303 |

---

64 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 63 | 67 |
|  Total Jersey, Channel Islands (Cost $65) | Total Jersey, Channel Islands (Cost $65) | 67 |
| KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  10.950% due 05/06/2026 | 244000 | 462 |
|  13.489% due 05/23/2028 | 190000 | 353 |
|  Total Kazakhstan (Cost $871) | Total Kazakhstan (Cost $871) | 815 |
| MEXICO 6.6% | MEXICO 6.6% | MEXICO 6.6% |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  3.000% due 12/03/2026 (g) | 343699 | 16165 |
|  7.500% due 05/26/2033 | 12000 | 529 |
|  7.750% due 05/29/2031 | 12000 | 552 |
|  7.750% due 11/13/2042 | 76200 | 3059 |
|  8.500% due 03/02/2028 | 224000 | 10887 |
|  8.500% due 03/01/2029 | 123400 | 5966 |
|  8.500% due 11/18/2038 | 38600 | 1725 |
|  Total Mexico (Cost $39,600) | Total Mexico (Cost $39,600) | 38883 |
| NAMIBIA 0.5% | NAMIBIA 0.5% | NAMIBIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Namibia Government International Bond | Namibia Government International Bond | Namibia Government International Bond |
|  5.250% due 10/29/2025 | 3200 | 3173 |
|  Total Namibia (Cost $3,186) | Total Namibia (Cost $3,186) | 3173 |
| NETHERLANDS 0.8% | NETHERLANDS 0.8% | NETHERLANDS 0.8% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  4.500% due 04/08/2052 (k) | 4200 | 3233 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « | 1400 | 1379 |
|  Total Netherlands (Cost $4,599) | Total Netherlands (Cost $4,599) | 4612 |
| PARAGUAY 0.5% | PARAGUAY 0.5% | PARAGUAY 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  7.900% due 02/09/2031 | 11311000 | 1405 |
|  8.500% due 03/04/2035 | 12530000 | 1562 |
|  Total Paraguay (Cost $3,133) | Total Paraguay (Cost $3,133) | 2967 |
| PERU 2.8% | PERU 2.8% | PERU 2.8% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 17500 | 5109 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.150% due 08/12/2032 | 19700 | 5387 |
|  6.950% due 08/12/2031 | 20100 | 5851 |
|  |  | 11238 |
|  Total Peru (Cost $15,595) | Total Peru (Cost $15,595) | 16347 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PHILIPPINES 3.0% | PHILIPPINES 3.0% | PHILIPPINES 3.0% |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Philippines Government International Bond | Philippines Government International Bond | Philippines Government International Bond |
|  6.250% due 02/28/2029 | 905370 | 16079 |
|  6.250% due 01/14/2036 | 40000 | 692 |
|  6.500% due 05/19/2029 | 54490 | 975 |
|  Total Philippines (Cost $17,318) | Total Philippines (Cost $17,318) | 17746 |
| POLAND 2.2% | POLAND 2.2% | POLAND 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  2.750% due 10/25/2029 | 13100 | 3047 |
|  4.750% due 07/25/2029 | 33400 | 8453 |
|  5.000% due 01/25/2030 | 5900 | 1501 |
|  Total Poland (Cost $12,704) | Total Poland (Cost $12,704) | 13001 |
| QATAR 0.4% | QATAR 0.4% | QATAR 0.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  1.375% due 09/12/2026 | 800 | 765 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  4.875% due 02/27/2035 | 1400 | 1424 |
|  Total Qatar (Cost $2,154) | Total Qatar (Cost $2,154) | 2189 |
| ROMANIA 0.3% | ROMANIA 0.3% | ROMANIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  4.250% due 04/28/2036 | 2600 | 438 |
|  4.750% due 10/11/2034 | 200 | 36 |
|  5.250% due 03/10/2030 | 900 | 981 |
|  Total Romania (Cost $1,367) | Total Romania (Cost $1,367) | 1455 |
| SERBIA 0.3% | SERBIA 0.3% | SERBIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds |
|  5.250% due 07/27/2035 | 185500 | 1722 |
|  Total Serbia (Cost $1,651) | Total Serbia (Cost $1,651) | 1722 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 600 | 628 |
|  Total Singapore (Cost $590) | Total Singapore (Cost $590) | 628 |
| SOUTH AFRICA 1.7% | SOUTH AFRICA 1.7% | SOUTH AFRICA 1.7% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.000% due 03/30/2029 | 15000 | 782 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.558% (JIBA3M + 4.000%) due 03/02/2028 «~ | 22200 | 1199 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | 33800 | 1637 |
|  8.500% due 01/31/2037 | 11700 | 531 |
|  8.875% due 02/28/2035 | 33400 | 1631 |

---

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.000% due 01/31/2040 |  | 29900 | 1348 |
|  10.500% due 12/21/2026 |  | 58600 | 3308 |
|  |  |  | 8455 |
|  Total South Africa (Cost $10,170) | Total South Africa (Cost $10,170) | Total South Africa (Cost $10,170) | 10436 |
| SUPRANATIONAL 3.4% | SUPRANATIONAL 3.4% | SUPRANATIONAL 3.4% | SUPRANATIONAL 3.4% |
| CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% | CORPORATE BONDS & NOTES 3.4% |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.720% due 02/08/2028 |  | 783550 | 9219 |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 11/15/2029 |  | 18800 | 4383 |
|  6.950% due 03/01/2029 |  | 520300 | 6131 |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  7.000% due 01/25/2029 |  | 34000 | 402 |
|  Total Supranational (Cost $20,395) | Total Supranational (Cost $20,395) | Total Supranational (Cost $20,395) | 20135 |
| THAILAND 0.3% | THAILAND 0.3% | THAILAND 0.3% | THAILAND 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  3.450% due 06/17/2043 |  | 59160 | 1982 |
|  Total Thailand (Cost $1,966) | Total Thailand (Cost $1,966) | Total Thailand (Cost $1,966) | 1982 |
| TURKEY 1.7% | TURKEY 1.7% | TURKEY 1.7% | TURKEY 1.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.931% (EUR006M + 3.450%) due 08/11/2026 ~ |  | 2500 | 2702 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.785% (EUR003M + 3.000%) due 12/15/2028 «~ |  | 1000 | 1073 |
|  |  |  | 3775 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  7.125% due 02/12/2032 | $— | 900 | 886 |
|  45.031% due 05/20/2026 ~ |  | 5900 | 156 |
|  45.031% due 08/19/2026 ~ |  | 5300 | 138 |
|  45.031% due 05/17/2028 ~ |  | 190000 | 4736 |
|  |  |  | 5916 |
|  Total Turkey (Cost $11,111) | Total Turkey (Cost $11,111) | Total Turkey (Cost $11,111) | 9691 |
| UGANDA 0.2% | UGANDA 0.2% | UGANDA 0.2% | UGANDA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  15.800% due 06/23/2039 |  | 5209100 | 1331 |
|  Total Uganda (Cost $1,339) | Total Uganda (Cost $1,339) | Total Uganda (Cost $1,339) | 1331 |
| UKRAINE 0.2% | UKRAINE 0.2% | UKRAINE 0.2% | UKRAINE 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(f) | $— | 98 | 50 |
|  0.000% due 02/01/2034 þ(f) |  | 365 | 145 |
|  0.000% due 02/01/2035 þ(f) |  | 308 | 171 |
|  0.000% due 02/01/2036 þ(f) |  | 257 | 142 |
|  0.000% due 08/01/2041 ~ |  | 40 | 29 |
|  1.750% due 02/01/2029 þ |  | 187 | 122 |
|  1.750% due 02/01/2036 þ |  | 564 | 292 |
|  Total Ukraine (Cost $808) | Total Ukraine (Cost $808) | Total Ukraine (Cost $808) | 951 |
| UNITED KINGDOM 1.5% | UNITED KINGDOM 1.5% | UNITED KINGDOM 1.5% | UNITED KINGDOM 1.5% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | $— | 6700 | 4725 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **65** |

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------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  0.000% due 05/06/2025 «(d) | 141300 | 460 |
|  0.000% due 12/01/2025 «(d) | 165100 | 504 |
|  0.000% due 06/02/2025 «(d) | 156300 | 504 |
|  0.000% due 11/03/2025 «(d) | 148400 | 456 |
|  |  | 6649 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.415% due 01/17/2059 •  | 362 | 468 |
|  Rochester Financing PLC | Rochester Financing PLC | Rochester Financing PLC |
|  5.159% due 12/18/2044 •  | 339 | 437 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.178% due 12/20/2063 •  | 145 | 187 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  0.000% due 12/21/2049 (d) | 0 | 1387 |
|  |  | 2479 |
|  Total United Kingdom (Cost $8,814) | Total United Kingdom (Cost $8,814) | 9128 |
| UNITED STATES 4.9% | UNITED STATES 4.9% | UNITED STATES 4.9% |
| ASSET-BACKED SECURITIES 1.0% | ASSET-BACKED SECURITIES 1.0% | ASSET-BACKED SECURITIES 1.0% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.279% due 07/25/2036 •  | 3 | 3 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.495% due 07/25/2045 •  | 66 | 45 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.625% due 11/25/2037 •  | 948 | 898 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.554% due 07/25/2037 ~ | 21 | 14 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.735% due 10/25/2036 •  | 2776 | 1110 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | 21 | 9 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.505% due 12/25/2036 ~ | 76 | 38 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.555% due 12/25/2036 •  | 32 | 9 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.945% due 02/25/2036 ~ | 214 | 211 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 01/25/2037 •  | 164 | 47 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.200% due 01/25/2035 •  | 185 | 185 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.488% due 11/25/2036 þ | 1041 | 232 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  4.130% due 05/14/2035 | 1800 | 1792 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.395% due 08/25/2035 ~ | 123 | 122 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.555% due 12/25/2036 •  | 236 | 51 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.675% due 05/25/2037 ~ | 1255 | 1108 |
|  |  | 5874 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Ziraat Bank | Ziraat Bank | Ziraat Bank |
|  7.399% due 06/15/2034 « | 1400 | 1367 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.608% due 07/25/2034 •  | 22 | 21 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.085% due 10/25/2036 ~ | 643 | 494 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.715% due 04/25/2047 ~ | 835 | 765 |
|  4.785% due 05/25/2036 •  | 1181 | 459 |
|  4.902% due 10/25/2035 •  | 6 | 5 |
|  4.995% due 12/25/2035 •  | 31 | 28 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.975% due 04/25/2046 ~ | 369 | 107 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2036 ~ | 133 | 107 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.635% due 10/19/2035 •  | 229 | 116 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  5.075% due 07/25/2045 •  | 152 | 121 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 128 | 124 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.540% due 05/25/2042 ~ | 306 | 301 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.975% due 04/25/2035 •  | 1279 | 1238 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.831% due 04/19/2035 ~ | 303 | 291 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  6.000% due 10/25/2036 | 25 | 26 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  7.962% due 11/15/2034 «(j) | 800 | 783 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.805% due 05/25/2034 ~ | 133 | 123 |
|  5.158% due 03/25/2037 ~ | 45 | 41 |
|  |  | 5150 |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Columbia Government International Bond | Columbia Government International Bond | Columbia Government International Bond |
|  0.000% due 11/03/2027 | 19943500 | 4331 |
|  0.000% due 04/28/2028 | 32907700 | 7000 |
|  0.000% due 09/18/2030 | 8118700 | 1669 |
|  0.000% due 06/30/2032 | 2183000 | 402 |
|  0.000% due 02/09/2033 | 1676900 | 423 |
|  |  | 13825 |
| U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  5.390% due 01/25/2055 •  | 2535 | 2540 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.734% due 09/25/2031 •  | 23 | 23 |
|  7.481% due 08/01/2035 •  | 1 | 1 |
|  |  | 2564 |
|  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil 'D' - Exp. 06/10/2071 «(j) | 1 | 0 |
|  Total United States (Cost $31,240) | Total United States (Cost $31,240) | 28780 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| UZBEKISTAN 0.4% | UZBEKISTAN 0.4% | UZBEKISTAN 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 500 | 521 |
|  21.000% due 07/24/2027 | 15540000 | 1243 |
|  |  | 1764 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
|  16.625% due 05/29/2027 | 4110000 | 323 |
|  Total Uzbekistan (Cost $2,055) | Total Uzbekistan (Cost $2,055) | 2087 |
| VENEZUELA 0.1% | VENEZUELA 0.1% | VENEZUELA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  9.250% due 09/15/2027 ^(b) | 1700 | 357 |
|  Total Venezuela (Cost $254) | Total Venezuela (Cost $254) | 357 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ZAMBIA 0.2% | ZAMBIA 0.2% | ZAMBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Zambia Government International Bond | Zambia Government International Bond | Zambia Government International Bond |
|  11.000% due 07/27/2025 | 7400 | 263 |
|  12.000% due 07/04/2025 | 1700 | 60 |
|  12.000% due 05/03/2028 | 850 | 26 |
|  13.000% due 01/25/2031 | 14537 | 408 |
|  22.000% due 01/22/2029 | 900 | 34 |
|  23.000% due 01/22/2031 | 9300 | 372 |
|  Total Zambia (Cost $1,227) | Total Zambia (Cost $1,227) | 1163 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (i) | 2771207 | 2771 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| HUNGARY TREASURY BILLS 2.7% | HUNGARY TREASURY BILLS 2.7% | HUNGARY TREASURY BILLS 2.7% |
|  6.589% due 04/03/2025 (d)(e) | 5987000 | 16073 |
| NIGERIA TREASURY BILLS 1.6% | NIGERIA TREASURY BILLS 1.6% | NIGERIA TREASURY BILLS 1.6% |
|  27.422% due 04/01/2025 - 12/02/2025 (c)(d) | 15037035 | 9219 |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
|  4.281% due 05/29/2025 - 06/05/2025 (c)(d)(n) | 2876 | 2855 |
|  Total Short-Term Instruments<br>(Cost $30,834) | Total Short-Term Instruments<br>(Cost $30,834) | 30918 |
| Total Investments in Securities<br>(Cost $447,383) | Total Investments in Securities<br>(Cost $447,383) | 443922 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 25.6% | INVESTMENTS IN AFFILIATES 25.6% | INVESTMENTS IN AFFILIATES 25.6% |
| SHORT-TERM INSTRUMENTS 25.6% | SHORT-TERM INSTRUMENTS 25.6% | SHORT-TERM INSTRUMENTS 25.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 25.6% |
|  PIMCO Short Asset Portfolio | 5598032 | 54805 |
|  PIMCO Short-Term Floating NAV Portfolio III | 9775514 | 95155 |
| Total Short-Term Instruments<br>(Cost $150,374) | Total Short-Term Instruments<br>(Cost $150,374) | 149960 |
| Total Investments in Affiliates<br>(Cost $150,374) | Total Investments in Affiliates<br>(Cost $150,374) | 149960 |
| Total Investments 101.3%<br>(Cost $597,757) | Total Investments 101.3%<br>(Cost $597,757) | 593882 |
|  Financial Derivative<br>Instruments (l)(m) 0.6%<br> (Cost or Premiums, net $(2378)) | Financial Derivative<br>Instruments (l)(m) 0.6%<br> (Cost or Premiums, net $(2378)) | 3374 |
| Other Assets and Liabilities, net (1.9)% | Other Assets and Liabilities, net (1.9)% | (11096) |
| Net Assets 100.0% | Net Assets 100.0% | 586160 |

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66 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

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• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Security becomes interest bearing at a future date.

(g) Principal amount of security is adjusted for inflation.

(h) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(j) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil 'D' - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Turkeys First National Bank 7.962% due 11/15/2034 | 09/18/2024 | 800 | 783 | 0.13 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | 0.13% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 4.600% | 03/21/2025 | 05/09/2025 | $(1794) | $(1797) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) |

---

#### SHORT SALES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(2)</sup> |
|  United States (0.7)% | United States (0.7)% | United States (0.7)% | United States (0.7)% | United States (0.7)% | United States (0.7)% | United States (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000% | 11/03/2027 | COP | 2367500 | $(509) | $(527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000 | 04/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16399900 | (3521) | (3710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000 | 04/28/2028 |  | 1183700 | (250) | (268) |
|  Total Short Sales (0.7)% |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4505) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 67

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | 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 | Global/Master Repurchase Agreement |
|  BOS | $0 | $(1797) | $0 | $0 | $(1797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | $127 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BOA | 0 | 0 | 0 | (3710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3710) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3710) |
|  CBK | 0 | 0 | 0 | (527) | (527) | 0 | (527) |
|  GLM | 0 | 0 | 0 | (268) | (268) | 0 | (268) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4505) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(1797) | $0 | $(1797) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1797) |
|  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  | $(1797) |

---

(k) Securities with an aggregate market value of $1,924 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(3228) at a weighted average interest rate of 5.196%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for short sales includes $(250) of accrued interest. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 126 | $17552 | $(321) | $67 | $(1) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40191 | 167 | 0 | (2) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 348 | 37638 | 28 | 0 | (11) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 7 | 779 | 17 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BTP June Futures  | 06/2025 | 124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15757) | $249 | $19 | $(42) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 12 | (1370) | (16) | 0 | (1) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 12 | (1407) | (21) | 0 | (2) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 27 | (3301) | (15) | 0 | (12) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | $19 | $(57) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |

---

68 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Boeing Co. | (1.000)% | Quarterly | 06/20/2026 | 0.393% | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | EUR | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000% | Annual | 09/17/2027 | 15000 | $22 | $(3) | $19 | $23 | $0 |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2030 | 26700 | (101) | 75 | (26) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 1500 | 93 | 12 | 105 | 0 | (14) |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 3400 | 32 | 30 | 62 | 0 | (34) |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.250 | Annual | 09/17/2055 | 7300 | (120) | (157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.621 | Semi-Annual | 12/20/2028 | 213714 | (14) | (48) | (62) | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.008 | Semi-Annual | 12/05/2029 | 251290 | 0 | (7) | (7) | 1 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166380 | (43) | (19) | (62) | 1 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 3.000 | Semi-Annual | 09/18/2026 | 76840 | (115) | (531) | (646) | 0 | (69) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 3.322 | Semi-Annual | 12/20/2028 | 4822 | (33) | (114) | (147) | 0 | (11) |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 03/19/2030 | 28350 | 31 | 444 | 475 | 75 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.770 | Quarterly | 12/20/2028 | 48570 | (46) | (21) | (67) | 0 | (5) |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 09/17/2030 | 292930 | (144) | (43) | (187) | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 12/18/2025 | $100 | 1 | 0 | 1 | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 03/31/2027 | 40500 | (293) | (19) | (312) | 0 | (5) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 47400 | (380) | 41 | (339) | 4 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 12300 | (12) | (36) | (48) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 11800 | (29) | 324 | 295 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2029 | 20100 | 806 | (322) | 484 | 0 | (12) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2029 | 700 | (12) | 3 | (9) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 77189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | (374) | 54 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 36400 | 475 | (292) | 183 | 0 | (24) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 41700 | (718) | (81) | (799) | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 57100 | (415) | 283 | (132) | 0 | (52) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 2700 | (12) | 19 | 7 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.132 | Annual | 01/13/2030 | 7600 | (16) | 173 | 157 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 11400 | (571) | 228 | (343) | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/19/2030 | 4500 | (42) | (29) | (71) | 0 | (5) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 26200 | (581) | 137 | (444) | 30 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 18600 | 5 | 121 | 126 | 26 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4200 | 90 | (69) | 21 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 3420 | 220 | (150) | 70 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 400 | (2) | 2 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 600 | (3) | 1 | (2) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 400 | (2) | 4 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 300 | (1) | 3 | 2 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2034 | 4800 | (312) | 131 | (181) | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 800 | (3) | (12) | (15) | 0 | (2) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 1500 | (68) | 14 | (54) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 8200 | 312 | (239) | 73 | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 700 | (2) | (7) | (9) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 800 | (3) | (12) | (15) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 1200 | (4) | 0 | (4) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6100 | (77) | 92 | 15 | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 12700 | 237 | (276) | (39) | 39 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 1200 | (79) | 27 | (52) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 3000 | 218 | (87) | 131 | 0 | (9) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 11300 | 541 | (71) | 470 | 0 | (37) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 5100 | (55) | 55 | 0 | 18 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2036 | 800 | 14 | (8) | 6 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 200 | (1) | 2 | 1 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 500 | 62 | (11) | 51 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 06/20/2054 | $9300 | $566 | $37 | $603 | $0 | $(69) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 100 | 4 | 2 | 6 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 7900 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.086 | Annual | 01/13/2055 | 2000 | 2 | (102) | (100) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774) | 220 | (554) | 42 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 6100 | 363 | (69) | 294 | 0 | (47) |
|  Pay | 1-Year BRL-CDI | 9.808 | Maturity | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600 | 0 | (437) | (437) | 6 | 0 |
|  Receive | 1-Year BRL-CDI | 10.164 | Maturity | 01/02/2026 | 3390 | 0 | 31 | 31 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 10.529 | Maturity | 01/02/2026 | 37800 | 0 | 258 | 258 | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 6.151 | Maturity | 01/04/2027 | 2720 | (28) | (91) | (119) | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 9.783 | Maturity | 01/04/2027 | 49800 | 0 | 700 | 700 | 0 | (15) |
|  Pay | 1-Year BRL-CDI | 9.795 | Maturity | 01/04/2027 | 21200 | 0 | (294) | (294) | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 13500 | 0 | (183) | (183) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 12300 | 0 | (166) | (166) | 4 | 0 |
|  Receive | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 25500 | 0 | 347 | 347 | 0 | (8) |
|  Pay | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 16600 | 0 | (227) | (227) | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 9.842 | Maturity | 01/04/2027 | 28400 | 0 | (382) | (382) | 8 | 0 |
|  Pay | 1-Year BRL-CDI | 10.225 | Maturity | 01/04/2027 | 8700 | 0 | (103) | (103) | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 10.235 | Maturity | 01/04/2027 | 8700 | 0 | (103) | (103) | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 10.565 | Maturity | 01/04/2027 | 11300 | 0 | (120) | (120) | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 10.602 | Maturity | 01/04/2027 | 36500 | 0 | (455) | (455) | 11 | 0 |
|  Receive | 1-Year BRL-CDI | 10.671 | Maturity | 01/04/2027 | 21000 | 0 | 215 | 215 | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | 10900 | 0 | 112 | 112 | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 10.872 | Maturity | 01/04/2027 | 17800 | 0 | 175 | 175 | 0 | (5) |
|  Receive | 1-Year BRL-CDI | 10.943 | Maturity | 01/04/2027 | 18700 | 0 | 173 | 173 | 0 | (6) |
|  Pay | 1-Year BRL-CDI | 10.980 | Maturity | 01/04/2027 | 17600 | 0 | (160) | (160) | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 11.064 | Maturity | 01/04/2027 | 16600 | 0 | (151) | (151) | 5 | 0 |
|  Receive | 1-Year BRL-CDI | 11.133 | Maturity | 01/04/2027 | 21600 | 0 | 187 | 187 | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 11.513 | Maturity | 01/04/2027 | 13800 | 0 | 105 | 105 | 0 | (4) |
|  Receive | 1-Year BRL-CDI | 11.560 | Maturity | 01/04/2027 | 11400 | 0 | 85 | 85 | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 11.736 | Maturity | 01/04/2027 | 59000 | 0 | 392 | 392 | 0 | (18) |
|  Pay | 1-Year BRL-CDI | 12.033 | Maturity | 01/04/2027 | 64500 | 139 | (511) | (372) | 19 | 0 |
|  Receive | 1-Year BRL-CDI | 11.575 | Maturity | 01/03/2028 | 7200 | 0 | 70 | 70 | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 11.590 | Maturity | 01/03/2028 | 7200 | 0 | 69 | 69 | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/03/2028 | 13700 | 0 | (125) | (125) | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 10.044 | Maturity | 01/02/2029 | 19400 | (41) | (340) | (381) | 8 | 0 |
|  Pay | 1-Year BRL-CDI | 11.490 | Maturity | 01/02/2029 | 22000 | 0 | (264) | (264) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 11.523 | Maturity | 01/02/2029 | 34800 | 0 | (408) | (408) | 13 | 0 |
|  Receive | 1-Year BRL-CDI | 11.655 | Maturity | 01/02/2029 | 11400 | 7 | 120 | 127 | 0 | (4) |
|  Receive | 1-Year BRL-CDI | 11.928 | Maturity | 01/02/2029 | 19500 | (10) | 198 | 188 | 0 | (7) |
|  Receive | 1-Year BRL-CDI | 12.255 | Maturity | 01/02/2029 | 9200 | 0 | 80 | 80 | 0 | (4) |
|  Receive | 1-Year BRL-CDI | 12.569 | Maturity | 01/02/2029 | 7700 | 0 | 48 | 48 | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2029 | 30900 | 0 | 202 | 202 | 0 | (11) |
|  Receive | 1-Year BRL-CDI | 13.335 | Maturity | 01/02/2029 | 17800 | 0 | 78 | 78 | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 14.087 | Maturity | 01/02/2029 | 13400 | 0 | 19 | 19 | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 14.185 | Maturity | 01/02/2029 | 27200 | 0 | (39) | (39) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 14.213 | Maturity | 01/02/2029 | 14700 | 0 | (19) | (19) | 5 | 0 |
|  Receive | 1-Year BRL-CDI | 14.245 | Maturity | 01/02/2029 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 14.570 | Maturity | 01/02/2029 | 11100 | 0 | (1) | (1) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 15.036 | Maturity | 01/02/2029 | 15800 | 0 | 29 | 29 | 5 | 0 |
|  Receive | 3-Month CNY-CNREPOFIX | 2.405 | Quarterly | 12/20/2028 | 82284 | (270) | (60) | (330) | 0 | (1) |
|  Receive | 3-Month CNY-CNREPOFIX | 1.750 | Quarterly | 03/19/2030 | 6750 | (5) | (2) | (7) | 0 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 44900 | (40) | 21 | (19) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23902000 | 0 | 6 | 6 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.540 | Quarterly | 04/05/2026 | 5122000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/09/2026 | 1568000 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.515 | Quarterly | 04/09/2026 | 3122400 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 04/10/2026 | 2714600 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.600 | Quarterly | 04/11/2026 | 7381200 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.653 | Quarterly | 04/11/2026 | 4480000 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.860 | Quarterly | 04/12/2026 | 7479000 | 0 | 6 | 6 | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.920 | Quarterly | 04/12/2026 | 7479000 | 0 | 8 | 8 | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.050 | Quarterly | 04/15/2026 | 3916700 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 06/17/2026 | 8340200 | 0 | (5) | (5) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.470 | Quarterly | 06/21/2026 | 14393000 | 0 | 2 | 2 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.565 | Quarterly | 12/30/2027 | 5366000 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.900 | Quarterly | 04/28/2028 | 1954400 | 0 | 8 | 8 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.970 | Quarterly | 04/28/2028 | 10167400 | 0 | 36 | 36 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/28/2028 | 12425000 | 0 | 29 | 29 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.820 | Quarterly | 06/05/2028 | 5639500 | (42) | 29 | (13) | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 08/09/2028 | 8215400 | 0 | 65 | 65 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.960 | Quarterly | 09/01/2028 | 13156900 | 75 | (24) | 51 | 0 | (4) |

---

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| | | |
|:---|:---|:---|
| **70** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.215% | Quarterly | 11/14/2028 | COP | 9635600 | $35 | $(58) | $(23) | $3 | $0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.530 | Quarterly | 01/02/2029 |  | 3858500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | (17) | (32) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.890 | Quarterly | 05/12/2029 |  | 5451000 | 0 | 15 | 15 | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.190 | Quarterly | 06/13/2029 |  | 13489500 | 0 | (44) | (44) | 6 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.155 | Quarterly | 06/24/2029 |  | 1871600 | 0 | 7 | 7 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.770 | Quarterly | 07/18/2029 |  | 27700600 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.830 | Quarterly | 08/02/2029 |  | 11241500 | 0 | 77 | 77 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.710 | Quarterly | 08/05/2029 |  | 12298900 | 0 | 98 | 98 | 0 | (5) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.400 | Quarterly | 09/06/2029 |  | 3772400 | 0 | (40) | (40) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.400 | Quarterly | 09/09/2029 |  | 13247000 | 0 | (141) | (141) | 6 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.110 | Quarterly | 10/02/2029 |  | 2597000 | 0 | (37) | (37) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.805 | Quarterly | 10/22/2029 |  | 17490700 | (77) | (58) | (135) | 8 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.760 | Quarterly | 11/21/2029 |  | 11388900 | 0 | (92) | (92) | 6 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.765 | Quarterly | 12/05/2029 |  | 3413500 | 0 | (27) | (27) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.180 | Quarterly | 12/16/2029 |  | 10870800 | 0 | 45 | 45 | 0 | (6) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.400 | Quarterly | 03/19/2030 |  | 10809400 | (2) | (24) | (26) | 6 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.611 | Quarterly | 03/19/2030 |  | 6138400 | 0 | (3) | (3) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.687 | Quarterly | 03/19/2030 |  | 4471700 | 0 | 1 | 1 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.790 | Quarterly | 03/19/2030 |  | 2682000 | 0 | 3 | 3 | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.393 | Quarterly | 03/21/2030 |  | 4545800 | 0 | (32) | (32) | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.940 | Quarterly | 03/24/2030 |  | 9251860 | 0 | (25) | (25) | 0 | (6) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.715 | Quarterly | 09/18/2030 |  | 6926100 | 0 | 71 | 71 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.020 | Quarterly | 12/04/2030 |  | 4283300 | 0 | 33 | 33 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.040 | Quarterly | 01/13/2031 |  | 1806700 | 0 | 95 | 95 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.705 | Quarterly | 03/26/2031 |  | 9224540 | 0 | 107 | 107 | 0 | (6) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.410 | Quarterly | 03/26/2031 |  | 5352000 | 0 | (38) | (38) | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.540 | Quarterly | 08/09/2031 |  | 8000000 | 0 | 119 | 119 | 0 | (6) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.580 | Quarterly | 08/09/2031 |  | 8020000 | 0 | 116 | 116 | 0 | (6) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 08/12/2031 |  | 1950700 | 0 | 27 | 27 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 08/13/2031 |  | 2414800 | 0 | 37 | 37 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.690 | Quarterly | 12/26/2031 |  | 4861000 | 0 | (9) | (9) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.045 | Quarterly | 12/30/2031 |  | 1787200 | 0 | 4 | 4 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.800 | Quarterly | 06/30/2032 |  | 806250 | 0 | 11 | 11 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.407 | Quarterly | 03/21/2033 |  | 3613140 | 0 | (21) | (21) | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 11/25/2034 |  | 6032900 | 16 | 89 | 105 | 0 | (4) |
|  Pay | 3-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 | EUR | 1200 | (2) | 46 | 44 | 2 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 2800 | (4) | 97 | 93 | 4 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 400 | (1) | 15 | 14 | 1 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 200 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.248 | Annual | 09/30/2029 |  | 1700 | (2) | 13 | 11 | 3 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.235 | Annual | 10/07/2029 |  | 8300 | 3 | (91) | (88) | 14 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 200 | (1) | 7 | 6 | 1 | 0 |
|  Receive | 3-Month ILS-TELBOR | 3.792 | Annual | 11/06/2028 | ILS | 19400 | 74 | (67) | 7 | 0 | (6) |
|  Pay | 3-Month ILS-TELBOR | 4.100 | Annual | 09/10/2029 |  | 8800 | 0 | 47 | 47 | 4 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.130 | Annual | 09/10/2029 |  | 5200 | 0 | 29 | 29 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.180 | Annual | 09/11/2029 |  | 3900 | 0 | 24 | 24 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.161 | Annual | 09/12/2029 |  | 3910 | 0 | 24 | 24 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.073 | Annual | 09/13/2029 |  | 2300 | 0 | 11 | 11 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.080 | Annual | 09/13/2029 |  | 1400 | 0 | 7 | 7 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.100 | Annual | 09/18/2029 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.165 | Annual | 09/18/2029 |  | 1600 | 0 | 10 | 10 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.095 | Annual | 09/19/2029 |  | 1100 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.240 | Annual | 09/19/2029 |  | 400 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.210 | Annual | 09/20/2029 |  | 2400 | 0 | 16 | 16 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.260 | Annual | 09/23/2029 |  | 1900 | 0 | 14 | 14 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.280 | Annual | 09/23/2029 |  | 1100 | 0 | 8 | 8 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.330 | Annual | 09/24/2029 |  | 3700 | 0 | 30 | 30 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.115 | Annual | 11/27/2029 |  | 4000 | 0 | 11 | 11 | 2 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.070 | Annual | 12/09/2029 |  | 8900 | (5) | (14) | (19) | 0 | (4) |
|  Receive | 3-Month ILS-TELBOR | 3.938 | Annual | 12/11/2029 |  | 300 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month ILS-TELBOR | 3.960 | Annual | 12/11/2029 |  | 175 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.058 | Annual | 01/24/2030 |  | 3725 | 0 | 4 | 4 | 0 | (2) |
|  Receive | 3-Month ILS-TELBOR | 4.015 | Annual | 02/04/2030 |  | 4000 | 0 | 6 | 6 | 0 | (2) |
|  Receive | 3-Month ILS-TELBOR | 3.929 | Annual | 02/10/2030 |  | 4700 | 0 | 12 | 12 | 0 | (2) |
|  Receive | 3-Month ILS-TELBOR | 3.925 | Annual | 02/13/2030 |  | 2000 | 0 | 5 | 5 | 0 | (1) |
|  Receive | 3-Month ILS-TELBOR | 3.915 | Annual | 03/04/2030 |  | 1200 | 0 | 3 | 3 | 0 | (1) |
|  Pay<sup>(6)</sup> | 3-Month KRW-KORIBOR | 2.615 | Quarterly | 12/17/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20413670 | 0 | 14 | 14 | 9 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2027 | KRW | 18367720 | (17) | 15 | (2) | 16 | 0 |
|  Receive | 3-Month KRW-KORIBOR | 3.820 | Quarterly | 12/20/2028 |  | 2784500 | (85) | (1) | (86) | 0 | (5) |
|  Receive | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 |  | 588000 | 3 | (2) | 1 | 0 | (1) |
|  Receive | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2035 |  | 7012730 | 90 | (36) | 54 | 0 | (35) |
|  Pay | 3-Month PLN-WIBOR | 4.680 | Annual | 04/25/2029 | PLN | 17800 | 0 | (6) | (6) | 11 | 0 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

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Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month PLN-WIBOR | 5.000% | Annual | 04/25/2029 | PLN | 1800 | $0 | $(5) | $(5) | $0 | $(1) |
|  Receive | 3-Month PLN-WIBOR | 4.820 | Annual | 07/25/2029 |  | 11800 | 0 | (59) | (59) | 0 | (8) |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 3800 | 0 | (21) | (21) | 0 | (3) |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 |  | 1700 | 0 | (11) | (11) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.794 | Annual | 10/25/2029 |  | 11800 | 0 | (6) | (6) | 0 | (9) |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 13900 | 13 | 16 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  Pay | 3-Month PLN-WIBOR | 5.055 | Annual | 10/25/2033 |  | 3100 | 0 | 13 | 13 | 6 | 0 |
|  Receive | 3-Month SEK-STIBOR | 2.021 | Annual | 10/07/2029 | SEK | 57400 | (2) | 132 | 130 | 0 | (8) |
|  Pay | 3-Month SEK-STIBOR | 2.298 | Annual | 10/07/2029 |  | 57100 | 0 | (55) | (55) | 8 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/13/2025 | ZAR | 102900 | 27 | (5) | 22 | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 11/22/2025 |  | 23900 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.855 | Quarterly | 02/11/2026 |  | 154200 | 0 | 47 | 47 | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 7.565 | Quarterly | 03/22/2026 |  | 62800 | 0 | (5) | (5) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 8.100 | Quarterly | 06/05/2026 |  | 77900 | 0 | (36) | (36) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 6.067 | Quarterly | 12/21/2026 |  | 13320 | 11 | 4 | 15 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.195 | Quarterly | 12/21/2026 |  | 207300 | 148 | 3 | 151 | 6 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.210 | Quarterly | 12/21/2026 |  | 25000 | (18) | (1) | (19) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 04/22/2027 |  | 33300 | 0 | 8 | 8 | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 8.500 | Quarterly | 10/17/2027 |  | 73400 | 18 | 89 | 107 | 4 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 9.290 | Quarterly | 05/26/2028 |  | 20900 | 38 | 22 | 60 | 1 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.440 | Quarterly | 11/02/2028 |  | 40300 | (46) | (20) | (66) | 0 | (3) |
|  Pay | 3-Month ZAR-JIBAR | 7.685 | Quarterly | 01/31/2030 |  | 65700 | 0 | (5) | (5) | 9 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 01/31/2030 |  | 53200 | (66) | (11) | (77) | 0 | (7) |
|  Receive | 3-Month ZAR-JIBAR | 8.700 | Quarterly | 01/31/2030 |  | 28200 | 0 | (63) | (63) | 0 | (4) |
|  Receive | 3-Month ZAR-JIBAR | 8.735 | Quarterly | 01/31/2030 |  | 9900 | 0 | (23) | (23) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 03/12/2030 |  | 82400 | (10) | 8 | (2) | 11 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.775 | Quarterly | 03/18/2030 |  | 65000 | 0 | (5) | (5) | 0 | (9) |
|  Pay<sup>(6)</sup> | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 06/18/2030 |  | 65000 | 0 | 8 | 8 | 10 | 0 |
|  Pay<sup>(6)</sup> | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 06/20/2030 |  | 27616 | 0 | 0 | 0 | 4 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 9.330 | Quarterly | 02/09/2034 |  | 51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | 15 | (137) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  Pay | 3-Month ZAR-JIBAR | 8.872 | Quarterly | 07/24/2034 |  | 28300 | 22 | 0 | 22 | 8 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.800 | Semi-Annual | 02/13/2026 | CLP | 1530400 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.775 | Semi-Annual | 02/23/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263200 | 43 | (33) | 10 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 3.000 | Semi-Annual | 06/14/2026 |  | 7364000 | 0 | 223 | 223 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 06/28/2026 |  | 8260000 | 0 | 53 | 53 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 03/20/2028 |  | 3048850 | 0 | 42 | 42 | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.335 | Semi-Annual | 10/01/2028 |  | 870100 | 0 | 23 | 23 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 4.540 | Semi-Annual | 10/01/2028 |  | 708500 | 0 | (13) | (13) | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.940 | Semi-Annual | 10/01/2028 |  | 165000 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.290 | Semi-Annual | 10/01/2028 |  | 659600 | 0 | 7 | 7 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.920 | Semi-Annual | 10/02/2028 |  | 784000 | 0 | (28) | (28) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 6.000 | Semi-Annual | 10/02/2028 |  | 1542000 | (1) | (70) | (71) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.780 | Semi-Annual | 10/03/2028 |  | 469000 | 0 | (17) | (17) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 11/13/2028 |  | 2040800 | 49 | 4 | 53 | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.260 | Semi-Annual | 11/17/2028 |  | 391900 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.695 | Semi-Annual | 02/14/2029 |  | 1113400 | 0 | 14 | 14 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 6.370 | Semi-Annual | 06/29/2029 |  | 323000 | 0 | 20 | 20 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.000 | Semi-Annual | 07/19/2029 |  | 5091600 | 0 | (8) | (8) | 6 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.050 | Semi-Annual | 07/19/2029 |  | 1338400 | 1 | 0 | 1 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.390 | Semi-Annual | 10/01/2029 |  | 451200 | 0 | 15 | 15 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 4.555 | Semi-Annual | 10/08/2029 |  | 630000 | 0 | 15 | 15 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 4.730 | Semi-Annual | 10/16/2029 |  | 1380800 | 0 | 22 | 22 | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.280 | Semi-Annual | 02/28/2030 |  | 3155000 | 0 | (32) | (32) | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 5.350 | Semi-Annual | 09/01/2030 |  | 801600 | 0 | (10) | (10) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.690 | Semi-Annual | 09/01/2030 |  | 58400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 06/24/2031 |  | 3104700 | 0 | (15) | (15) | 4 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.146 | Semi-Annual | 10/30/2032 |  | 3056500 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) | 0 | (6) |
|  Receive | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 03/20/2033 |  | 3796610 | 0 | 59 | 59 | 0 | (6) |
|  Receive | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 04/01/2033 |  | 601500 | 0 | (7) | (7) | 0 | (1) |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Annual | 05/13/2033 |  | 627300 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.855 | Semi-Annual | 10/05/2033 |  | 1103000 | 0 | (51) | (51) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.790 | Semi-Annual | 10/06/2033 |  | 447000 | 0 | (18) | (18) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.870 | Semi-Annual | 10/11/2033 |  | 395800 | 0 | (19) | (19) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.940 | Semi-Annual | 10/20/2033 |  | 189900 | 0 | (11) | (11) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.990 | Semi-Annual | 10/20/2033 |  | 1831830 | 0 | (103) | (103) | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 6.235 | Semi-Annual | 10/26/2033 |  | 878100 | 0 | (66) | (66) | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 11/16/2033 |  | 435200 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 11/17/2033 |  | 221600 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 02/13/2034 |  | 365400 | (1) | (9) | (10) | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 02/23/2034 |  | 1946800 | (18) | (20) | (38) | 3 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.313 | Semi-Annual | 04/25/2034 |  | 954600 | 0 | 1 | 1 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 04/26/2034 |  | 493900 | 0 | 2 | 2 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.750% | Annual | 05/13/2034 | CLP | 642200 | $0 | $(1) | $(1) | $0 | $0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.450 | Semi-Annual | 06/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | 0 | (23) | (23) | 0 | (4) |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 07/03/2034 |  | 893400 | 0 | 6 | 6 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.440 | Semi-Annual | 02/28/2035 |  | 1786000 | 0 | 14 | 14 | 4 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | CZK | 30160 | (25) | (53) | (78) | 0 | (3) |
|  Pay | 6-Month CZK-PRIBOR | 4.388 | Annual | 11/15/2028 |  | 201700 | 274 | 5 | 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.070 | Annual | 11/23/2028 |  | 36900 | 0 | (32) | (32) | 0 | (4) |
|  Pay | 6-Month CZK-PRIBOR | 3.765 | Annual | 01/09/2029 |  | 36800 | 10 | 4 | 14 | 4 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.645 | Annual | 02/01/2029 |  | 105100 | 0 | 20 | 20 | 11 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 50300 | 0 | (1) | (1) | 0 | (5) |
|  Pay | 6-Month CZK-PRIBOR | 3.850 | Annual | 05/10/2029 |  | 5800 | 0 | 8 | 8 | 1 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.130 | Annual | 06/03/2029 |  | 20700 | 0 | (41) | (41) | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.605 | Annual | 07/12/2029 |  | 86800 | 0 | (77) | (77) | 0 | (10) |
|  Receive | 6-Month CZK-PRIBOR | 3.480 | Annual | 07/15/2029 |  | 112400 | 9 | (80) | (71) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  Pay | 6-Month CZK-PRIBOR | 3.580 | Annual | 10/25/2029 |  | 132100 | (2) | 1 | (1) | 16 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | EUR | 22000 | 103 | (29) | 74 | 0 | (18) |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 |  | 2500 | 39 | 5 | 44 | 4 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/07/2029 |  | 9760 | (54) | 80 | 26 | 0 | (17) |
|  Receive | 6-Month EUR-EURIBOR | 2.287 | Annual | 11/25/2029 |  | 5600 | 0 | 36 | 36 | 0 | (11) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 4900 | (68) | 26 | (42) | 11 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.100 | Annual | 09/20/2030 |  | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278) | (83) | (361) | 0 | (15) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 600 | (2) | (1) | (3) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 500 | (2) | (7) | (9) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 14150 | (602) | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) | 60 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/20/2054 |  | 1900 | 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | 48 | 16 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 10310 | 771 | 69 | 840 | 0 | (81) |
|  Receive | 6-Month HUF-BBR | 8.740 | Annual | 04/28/2028 | HUF | 606700 | (50) | (130) | (180) | 4 | 0 |
|  Pay | 6-Month HUF-BBR | 7.610 | Annual | 11/03/2028 |  | 327880 | 0 | 30 | 30 | 0 | (3) |
|  Pay | 6-Month HUF-BBR | 7.330 | Annual | 11/06/2028 |  | 1333600 | 133 | (48) | 85 | 0 | (10) |
|  Pay | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 |  | 828800 | (35) | (21) | (56) | 0 | (8) |
|  Pay | 6-Month HUF-BBR | 6.363 | Annual | 01/31/2030 |  | 1208000 | 0 | (50) | (50) | 0 | (11) |
|  Pay | 6-Month HUF-BBR | 6.392 | Annual | 03/11/2030 |  | 635800 | 0 | (24) | (24) | 0 | (6) |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 277400 | 0 | (3) | (3) | 0 | (3) |
|  Receive | 6-Month HUF-BBR | 7.840 | Annual | 02/07/2033 |  | 183000 | 0 | (28) | (28) | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.520 | Annual | 03/20/2026 | PLN | 13100 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.620 | Annual | 03/21/2026 |  | 1500 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 2.950 | Annual | 12/13/2026 |  | 27100 | 0 | 288 | 288 | 0 | (5) |
|  Receive | 6-Month PLN-WIBOR | 4.075 | Annual | 03/07/2027 |  | 15600 | 0 | 66 | 66 | 0 | (4) |
|  Pay | 6-Month PLN-WIBOR | 7.310 | Annual | 06/30/2027 |  | 4500 | 20 | 87 | 107 | 1 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.430 | Annual | 03/16/2028 |  | 1600 | 13 | (5) | 8 | 1 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 |  | 6200 | 0 | 4 | 4 | 0 | (3) |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 11/06/2028 |  | 47500 | (7) | 106 | 99 | 0 | (24) |
|  Pay | 6-Month PLN-WIBOR | 4.660 | Annual | 02/19/2029 |  | 5100 | 0 | (1) | (1) | 3 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.923 | Annual | 03/22/2029 |  | 6400 | 0 | 17 | 17 | 4 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.105 | Annual | 07/12/2029 |  | 17200 | 0 | 188 | 188 | 12 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.865 | Annual | 07/18/2029 |  | 3500 | 0 | 29 | 29 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.750 | Annual | 08/02/2029 |  | 3100 | 0 | 21 | 21 | 2 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.259 | Annual | 08/08/2029 |  | 13300 | 0 | (17) | (17) | 0 | (9) |
|  Receive | 6-Month PLN-WIBOR | 4.388 | Annual | 08/09/2029 |  | 13600 | 0 | (38) | (38) | 0 | (9) |
|  Receive | 6-Month PLN-WIBOR | 4.415 | Annual | 08/12/2029 |  | 5600 | 0 | (17) | (17) | 0 | (4) |
|  Receive | 6-Month PLN-WIBOR | 0.980 | Annual | 06/09/2030 |  | 5400 | 0 | 245 | 245 | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2025 | MXN | 13800 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.075 | Lunar | 03/17/2027 |  | 33500 | 0 | 4 | 4 | 0 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 9.295 | Lunar | 10/30/2028 |  | 13800 | 7 | 13 | 20 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.250 | Lunar | 03/01/2029 |  | 30400 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.065 | Lunar | 03/01/2029 |  | 2900 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.220 | Lunar | 09/17/2029 |  | 50000 | 0 | (19) | (19) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.665 | Lunar | 12/11/2029 |  | 36300 | 0 | (45) | (45) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 8.800 | Lunar | 12/12/2029 |  | 69500 | (15) | 119 | 104 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.950 | Lunar | 12/17/2029 |  | 9700 | 0 | (17) | (17) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.180 | Lunar | 01/08/2030 |  | 83000 | (39) | (149) | (188) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 8.650 | Lunar | 01/31/2030 |  | 69600 | 0 | 84 | 84 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 122200 | 0 | (53) | (53) | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 8.360 | Lunar | 03/13/2030 |  | 2000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.480 | Lunar | 03/13/2030 |  | 55500 | 0 | (49) | (49) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.595 | Lunar | 03/13/2030 |  | 74700 | 0 | (84) | (84) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 8.290 | Lunar | 02/27/2032 |  | 10600 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.545 | Lunar | 11/23/2034 |  | 12700 | 0 | 8 | 8 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.873 | Lunar | 11/23/2034 |  | 13400 | 0 | (23) | (23) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.131 | Lunar | 12/11/2034 |  | 18000 | 0 | (46) | (46) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.370 | Lunar | 12/21/2034 |  | 22500 | 0 | 75 | 75 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

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------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments 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 | 28-Day MXN-TIIE | 8.550% | Lunar | 02/22/2035 | MXN | 28800 | $0 | $(17) | $(17) | $0 | $(1) |
|  Receive | 28-Day MXN-TIIE | 8.640 | Lunar | 03/07/2035 |  | 38400 | 0 | (35) | (35) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.655 | Lunar | 03/07/2035 |  | 30500 | 0 | (29) | (29) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.740 | Lunar | 03/07/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90800 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | (112) | 0 | (3) |
|  Receive<sup>(6)</sup> | CAONREPO | 2.750 | Semi-Annual | 09/15/2027 | CAD | 2600 | (13) | (4) | (17) | 0 | (1) |
|  Receive<sup>(6)</sup> | CAONREPO | 2.750 | Semi-Annual | 09/15/2030 |  | 15900 | (117) | (55) | (172) | 0 | (21) |
|  Pay<sup>(6)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/15/2035 |  | 16400 | 217 | 29 | 246 | 45 | 0 |
|  Receive<sup>(6)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/15/2055 |  | 3100 | (24) | (21) | (45) | 0 | (23) |
|  |  |  |  |  |  |  | $(2529) | $66 | $(2463) | $1175 | $(1439) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2527) | $66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2461) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1510) |

---

Cash of $8,663 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 53393 | $354 | $0 | $(2) |
|  | 04/2025 | 27994 | 20939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 0 |
|  | 04/2025 | $2576 | 4073 | 0 | (32) |
|  | 05/2025 | 4073 | $2577 | 32 | 0 |
|  | 05/2025 | 2293 | 317 | 0 | 0 |
|  | 05/2025 | $678 | 4967 | 7 | 0 |
|  | 05/2025 | 338 | 50848 | 2 | 0 |
|  | 05/2025 | 20939 | 27953 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |
|  | 06/2025 | 32271 | $4449 | 4 | (20) |
|  | 06/2025 | $1241 | 9076 | 14 | 0 |
|  | 07/2025 | 158 | 1141 | 0 | 0 |
|  | 08/2025 | 158 | 1141 | 0 | 0 |
|  | 09/2025 | 151214 | $2703 | 71 | 0 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 04/2025 | 4128 | $2863 | $0 | $(6) |
|  | 04/2025 | 15141 | 656 | 0 | 0 |
|  | 04/2025 | 26337 | 414 | 0 | (1) |
|  | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | 17986 | 4049 | 0 | (10) |
|  | 04/2025 | 191040 | 24 | 0 | 0 |
|  | 04/2025 | $1926 | 46995 | 111 | 0 |
|  | 04/2025 | 3026 | 2802 | 4 | 0 |
|  | 04/2025 | 313 | 5161683 | 0 | (3) |
|  | 04/2025 | 4202 | 18599 | 0 | (3) |
|  | 04/2025 | 16 | 179 | 1 | 0 |
|  | 05/2025 | 31656 | $611 | 0 | (3) |
|  | 05/2025 | 980200 | 59 | 0 | 0 |
|  | 05/2025 | 12058 | 258 | 0 | (48) |
|  | 05/2025 | $663 | 4856 | 7 | 0 |
|  | 05/2025 | 65 | 5624 | 0 | 0 |
|  | 06/2025 | 75046 | $10377 | 9 | (15) |
|  | 06/2025 | 863274 | 591 | 3 | 0 |
|  | 06/2025 | 41424 | 697 | 0 | (25) |
|  | 06/2025 | 2520 | 652 | 3 | 0 |
|  | 06/2025 | $1473 | 10669 | 3 | 0 |
|  | 06/2025 | 638 | 925789 | 0 | (8) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 124 | 4 | 0 | 0 |
|  | 08/2025 | $2977 | 21446 | 2 | 0 |
|  BPS | 04/2025 | 420402 | $73240 | 0 | (432) |
|  | 04/2025 | 22036 | 23107 | 0 | (721) |
|  | 04/2025 | 455 | 575 | 0 | (13) |
|  | 04/2025 | 117059054 | 7063 | 35 | 0 |
|  | 04/2025 | 253491 | 2951 | 0 | (9) |
|  | 04/2025 | 2164567 | 1476 | 6 | 0 |
|  | 04/2025 | 988 | 94 | 0 | 0 |
|  | 04/2025 | 289496 | 4992 | 0 | (61) |
|  | 04/2025 | 18195 | 13581 | 39 | 0 |
|  | 04/2025 | 49841 | 1303 | 0 | (10) |
|  | 04/2025 | 452434 | 13774 | 148 | 0 |
|  | 04/2025 | $70403 | 420402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | (7) |
|  | 04/2025 | 3442 | 24678 | 0 | (5) |
|  | 04/2025 | 18299 | 445050 | 988 | 0 |
|  | 04/2025 | 9588 | 157142390 | 0 | (155) |
|  | 04/2025 | 3460 | 297555 | 14 | 0 |
|  | 04/2025 | 1492 | 222394 | 0 | (9) |
|  | 04/2025 | 1855 | 2706331 | 0 | (17) |
|  | 04/2025 | 487 | 16418 | 0 | (3) |
|  | 04/2025 | 351 | 13494 | 3 | 0 |
|  | 04/2025 | 15987 | 525132 | 0 | (172) |
|  | 04/2025 | 661 | 12029 | 0 | (6) |
|  | 04/2025 | 57537 | $3152 | 17 | 0 |
|  | 05/2025 | 6298 | 870 | 1 | 0 |
|  | 05/2025 | 358 | 463 | 1 | 0 |
|  | 05/2025 | 3792351 | 228 | 1 | 0 |
|  | 05/2025 | 2481 | 17 | 0 | 0 |
|  | 05/2025 | $5476 | 31450 | 2 | 0 |
|  | 05/2025 | 1147 | 8333 | 3 | 0 |
|  | 05/2025 | 374 | 2681 | 0 | 0 |
|  | 05/2025 | 2276 | 2109 | 8 | 0 |
|  | 05/2025 | 4833 | 80221815 | 0 | (25) |
|  | 05/2025 | 589 | 50533 | 1 | 0 |
|  | 05/2025 | 94 | 988 | 0 | 0 |
|  | 05/2025 | 14852 | 19872 | 0 | (37) |
|  | 06/2025 | 774 | $200 | 1 | 0 |
|  | 06/2025 | $8657 | 62581 | 18 | (16) |
|  | 06/2025 | 840 | 1208080 | 0 | (18) |
|  | 06/2025 | 6509 | 25279 | 34 | (32) |
|  | 07/2025 | 4401 | 143032 | 0 | (68) |
|  | 08/2025 | 4877 | 158951 | 0 | (49) |
|  | 09/2025 | 91339 | $24955 | 308 | 0 |
|  | 10/2025 | 381800 | 63034 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025) |
|  | 10/2025 | 2037 | 2190 | 0 | (38) |
|  | 05/2029 | 2630 | 9040 | 161 | 0 |
|  | 07/2029 | 295 | 1015 | 18 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **75** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments 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** |
|  BRC | 04/2025 | 2885901 | $33067 | $0 | $(646) |
|  | 04/2025 | 2608 | 589 | 0 | 0 |
|  | 04/2025 | 51721 | 1270 | 17 | (86) |
|  | 04/2025 | $6324 | 5819 | 0 | (31) |
|  | 04/2025 | 1923 | 31478196 | 0 | (35) |
|  | 04/2025 | 19 | 1605 | 0 | 0 |
|  | 04/2025 | 27771 | 122660 | 2 | (80) |
|  | 04/2025 | 148 | 1653 | 9 | 0 |
|  | 04/2025 | 899 | 1200 | 0 | (6) |
|  | 04/2025 | 13216 | 504813 | 42 | (116) |
|  | 04/2025 | 806 | 26409 | 0 | (11) |
|  | 05/2025 | 1610 | $19 | 0 | 0 |
|  | 05/2025 | 26344 | 667 | 12 | (1) |
|  | 05/2025 | $2955 | 4227 | 0 | (13) |
|  | 05/2025 | 32991 | 2884294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | 0 |
|  | 05/2025 | 80 | 847 | 0 | 0 |
|  | 05/2025 | 9903 | 47967 | 503 | 0 |
|  | 05/2025 | 16059 | 633859 | 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) |
|  | 06/2025 | 5096 | $123 | 0 | 0 |
|  | 06/2025 | $30828 | 631787 | 0 | (270) |
|  | 06/2025 | 240 | 929 | 0 | (1) |
|  | 06/2025 | 8146 | 321759 | 0 | (388) |
|  | 07/2025 | 75 | 3404 | 5 | 0 |
|  | 08/2025 | 45403 | $6312 | 5 | 0 |
|  BSH | 04/2025 | 230800 | 40881 | 436 | 0 |
|  | 04/2025 | 486551 | 3240 | 0 | (4) |
|  | 04/2025 | $222 | 351 | 0 | (3) |
|  | 04/2025 | 40194 | 230800 | 252 | 0 |
|  | 05/2025 | 3240 | 484912 | 4 | 0 |
|  | 06/2025 | 4699 | 17339 | 12 | 0 |
|  | 06/2025 | 1690 | 6515 | 0 | (13) |
|  CBK | 04/2025 | 1170 | $738 | 7 | 0 |
|  | 04/2025 | 74920 | 13105 | 25 | (49) |
|  | 04/2025 | 12114 | 8420 | 13 | (12) |
|  | 04/2025 | 7553 | 1052 | 0 | 0 |
|  | 04/2025 | 17842829 | 4255 | 0 | (11) |
|  | 04/2025 | 63221 | 1015 | 19 | 0 |
|  | 04/2025 | 6565 | 126 | 0 | (4) |
|  | 04/2025 | 212 | 274 | 0 | 0 |
|  | 04/2025 | 96899103 | 5842 | 22 | 0 |
|  | 04/2025 | 17426 | 204 | 0 | 0 |
|  | 04/2025 | 24695 | 6635 | 0 | (85) |
|  | 04/2025 | 498860 | 15207 | 183 | 0 |
|  | 04/2025 | $13034 | 74920 | 95 | 0 |
|  | 04/2025 | 12990 | 18549 | 2 | (102) |
|  | 04/2025 | 12866 | 92290 | 1 | (16) |
|  | 04/2025 | 2362 | 10425701 | 131 | 0 |
|  | 04/2025 | 476 | 24542 | 5 | 0 |
|  | 04/2025 | 1002 | 915 | 0 | (13) |
|  | 04/2025 | 9520 | 156140065 | 0 | (147) |
|  | 04/2025 | 1450 | 5287 | 0 | (28) |
|  | 04/2025 | 2125 | 186118 | 50 | 0 |
|  | 04/2025 | 147 | 214288 | 0 | (1) |
|  | 04/2025 | 6601 | 24058 | 0 | (54) |
|  | 04/2025 | 821 | 47162 | 2 | 0 |
|  | 04/2025 | 11901 | 403927 | 39 | (23) |
|  | 04/2025 | 416 | 19047 | 85 | 0 |
|  | 04/2025 | 17404 | 570321 | 0 | (228) |
|  | 04/2025 | 575 | 25272 | 22 | 0 |
|  | 05/2025 | 13903 | $9774 | 99 | 0 |
|  | 05/2025 | 685 | 743 | 1 | 0 |
|  | 05/2025 | 3756643 | 226 | 1 | 0 |
|  | 05/2025 | $739 | 1174 | 0 | (6) |
|  | 05/2025 | 1646 | 11811 | 0 | (1) |
|  | 05/2025 | 159 | 8370 | 4 | 0 |
|  | 05/2025 | 4817 | 80022411 | 0 | (20) |
|  | 05/2025 | 583 | 300975 | 5 | 0 |
|  | 05/2025 | 105 | 4575 | 2 | 0 |
|  | 06/2025 | 1818384 | $1938 | 24 | 0 |
|  | 06/2025 | 5737 | 792 | 0 | (2) |
|  | 06/2025 | 1703310 | 409 | 6 | 0 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | 41698 | $801 | $3 | $0 |
|  | 06/2025 | 22904 | 16 | 0 | 0 |
|  | 06/2025 | 16567 | 4536 | 35 | 0 |
|  | 06/2025 | $161 | 1159 | 0 | 0 |
|  | 06/2025 | 4255 | 18047939 | 11 | 0 |
|  | 06/2025 | 727 | 38569 | 9 | 0 |
|  | 06/2025 | 26897 | 38666870 | 0 | (560) |
|  | 06/2025 | 507 | 1866 | 0 | (1) |
|  | 07/2025 | 5314 | $909 | 0 | (4) |
|  | 07/2025 | 4252 | 130 | 2 | 0 |
|  | 07/2025 | $9338 | 54204 | 0 | (23) |
|  | 07/2025 | 6585 | 214189 | 0 | (97) |
|  | 08/2025 | 6389 | $119 | 1 | 0 |
|  | 08/2025 | 15545 | 4174 | 0 | (45) |
|  | 08/2025 | 11461 | 354 | 6 | 0 |
|  | 08/2025 | $54 | 2971 | 1 | 0 |
|  | 08/2025 | 7763 | 253390 | 0 | (66) |
|  | 09/2025 | 29824 | $7972 | 0 | (76) |
|  | 09/2025 | 7545 | 2065 | 20 | 0 |
|  | 10/2025 | $386 | 1880592 | 52 | 0 |
|  | 12/2025 | 1287 | 73395 | 12 | 0 |
|  DUB | 04/2025 | 1230 | $24 | 0 | 0 |
|  | 04/2025 | 2921 | 3127 | 12 | (43) |
|  | 04/2025 | 29400 | 200 | 4 | 0 |
|  | 04/2025 | 67 | 38 | 0 | 0 |
|  | 04/2025 | 14326 | 10699 | 36 | 0 |
|  | 04/2025 | $1152 | 60219 | 27 | 0 |
|  | 04/2025 | 3311 | 54982815 | 0 | (13) |
|  | 04/2025 | 1467 | 5336 | 0 | (32) |
|  | 04/2025 | 33197 | 2892715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | 0 |
|  | 04/2025 | 38 | 67 | 0 | 0 |
|  | 04/2025 | 3427 | 12563 | 0 | (8) |
|  | 04/2025 | 6572 | 8845 | 15 | (4) |
|  | 04/2025 | 13087 | 442332 | 0 | (46) |
|  | 05/2025 | 435206 | $26 | 0 | 0 |
|  | 05/2025 | 67 | 38 | 0 | 0 |
|  | 05/2025 | $582 | 30753 | 13 | 0 |
|  | 05/2025 | 1078 | 94433 | 23 | 0 |
|  | 05/2025 | 1166 | 602821 | 11 | 0 |
|  | 05/2025 | 10699 | 14305 | 0 | (34) |
|  | 06/2025 | 401777 | $280 | 6 | 0 |
|  | 06/2025 | $496 | 26125 | 3 | 0 |
|  | 06/2025 | 15453 | 22228982 | 0 | (313) |
|  | 07/2025 | 62894 | $1180 | 0 | (5) |
|  | 08/2025 | 10728 | 1492 | 2 | 0 |
|  | 08/2025 | $3702 | 26527 | 0 | (17) |
|  | 09/2025 | 12601 | $3427 | 10 | 0 |
|  | 09/2025 | $88 | 46685 | 0 | 0 |
|  | 10/2025 | 7412 | $132 | 0 | (3) |
|  | 11/2025 | 54259 | 183 | 0 | (5) |
|  | 12/2025 | 335814 | 3821 | 0 | (45) |
|  | 12/2025 | $67 | 35913 | 0 | (1) |
|  FAR | 04/2025 | 2266 | $1428 | 12 | 0 |
|  | 04/2025 | 110223 | 19193 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) |
|  | 04/2025 | 8227 | 9229 | 0 | (70) |
|  | 04/2025 | 322361 | 874 | 9 | 0 |
|  | 04/2025 | 366209 | 2434 | 1 | (9) |
|  | 04/2025 | $2157 | 3456 | 8 | (5) |
|  | 04/2025 | 19195 | 110223 | 120 | 0 |
|  | 04/2025 | 511 | 3656 | 0 | (2) |
|  | 04/2025 | 305 | 5003128 | 0 | (5) |
|  | 04/2025 | 1227 | 4456 | 0 | (29) |
|  | 04/2025 | 1259 | 5561 | 1 | (4) |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 04/2025 | 13 | 231 | 0 | 0 |
|  | 05/2025 | 1170 | $736 | 5 | 0 |
|  | 05/2025 | 583 | 81 | 0 | 0 |
|  | 05/2025 | $2312 | 346926 | 9 | 0 |
|  | 06/2025 | 55783 | 325237 | 489 | 0 |
|  | 06/2025 | 3335 | 12899 | 0 | (13) |
|  | 07/2025 | 81 | 581 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  GLM | 04/2025 | 381300 | $68567 | $1748 | $0 |
|  | 04/2025 | 39838666 | 2399 | 9 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 6351 | 1690 | 0 | (39) |
|  | 04/2025 | 367843 | 10800 | 0 | (43) |
|  | 04/2025 | 27358 | 827 | 3 | 0 |
|  | 04/2025 | $65795 | 381300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | 0 |
|  | 04/2025 | 1597 | 7295894 | 147 | 0 |
|  | 04/2025 | 24 | 1236 | 0 | 0 |
|  | 04/2025 | 3944 | 64930468 | 0 | (49) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 04/2025 | 947 | 1261 | 0 | (8) |
|  | 04/2025 | 10806 | 367843 | 48 | 0 |
|  | 04/2025 | 1354 | 54968 | 93 | (1) |
|  | 05/2025 | 469745 | $7469 | 96 | (1) |
|  | 05/2025 | 1805091 | 108 | 0 | 0 |
|  | 05/2025 | $645 | 4722 | 7 | 0 |
|  | 05/2025 | 1102 | 58343 | 27 | 0 |
|  | 05/2025 | 2399 | 39874654 | 0 | (9) |
|  | 05/2025 | 53 | 2290 | 1 | 0 |
|  | 06/2025 | 30191 | $472 | 1 | 0 |
|  | 06/2025 | 32386 | 617 | 0 | (1) |
|  | 06/2025 | $20361 | 147213 | 42 | (36) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 2111 | 8153 | 0 | (12) |
|  | 06/2025 | 893 | 39819 | 49 | 0 |
|  | 07/2025 | 4760 | $146 | 2 | 0 |
|  | 07/2025 | $116 | 6312 | 3 | 0 |
|  | 07/2025 | 1012 | 42049 | 0 | (34) |
|  | 08/2025 | 827 | 27145 | 0 | (2) |
|  | 09/2025 | 301856 | $4709 | 60 | 0 |
|  | 09/2025 | 884459 | 15135 | 56 | (314) |
|  | 09/2025 | $3206 | 206870 | 0 | (18) |
|  | 09/2025 | 17 | 914 | 0 | 0 |
|  | 10/2025 | 237500 | $39091 | 0 | (750) |
|  IND | 04/2025 | 70929 | 825 | 0 | (3) |
|  JPM | 04/2025 | 4426 | 2801 | 35 | 0 |
|  | 04/2025 | 63361 | 10920 | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |
|  | 04/2025 | 38475548 | 2322 | 14 | 0 |
|  | 04/2025 | 418 | 114 | 2 | 0 |
|  | 04/2025 | 107264 | 711 | 0 | (4) |
|  | 04/2025 | 13878 | 675 | 0 | (2) |
|  | 04/2025 | 67305 | 1986 | 0 | 0 |
|  | 04/2025 | 214836 | 6555 | 85 | 0 |
|  | 04/2025 | $11034 | 63361 | 69 | 0 |
|  | 04/2025 | 5750 | 8283 | 6 | 0 |
|  | 04/2025 | 244 | 1755 | 0 | 0 |
|  | 04/2025 | 87 | 4504 | 2 | 0 |
|  | 04/2025 | 11517 | 10678 | 29 | 0 |
|  | 04/2025 | 1038 | 17051189 | 0 | (15) |
|  | 04/2025 | 1070 | 3887 | 0 | (24) |
|  | 04/2025 | 3896 | 338500 | 56 | 0 |
|  | 04/2025 | 1228 | 183064 | 0 | (8) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 429 | 25000 | 7 | 0 |
|  | 04/2025 | 3088 | 4125 | 0 | (18) |
|  | 04/2025 | 2512 | 84395 | 0 | (22) |
|  | 04/2025 | 2603 | 85354 | 0 | (32) |
|  | 04/2025 | 10286 | $243 | 0 | 0 |
|  | 04/2025 | 2568 | 141 | 1 | 0 |
|  | 05/2025 | 2151 | 297 | 0 | 0 |
|  | 05/2025 | 10678 | 11536 | 0 | (29) |
|  | 05/2025 | 1165302 | 70 | 0 | 0 |
|  | 05/2025 | 36618 | 931 | 31 | 0 |
|  | 05/2025 | $691 | 5047 | 6 | 0 |
|  | 05/2025 | 336 | 2399 | 0 | (2) |
|  | 05/2025 | 330 | 17318 | 5 | 0 |
|  | 05/2025 | 711 | 106904 | 4 | 0 |
|  | 05/2025 | 4984 | 206005 | 231 | (96) |
|  | 06/2025 | 13915 | $1906 | 0 | (19) |
|  | 06/2025 | 3399103 | 803 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | 138773 | $6814 | $102 | $0 |
|  | 06/2025 | $8230 | 48588 | 177 | 0 |
|  | 06/2025 | 826 | 43737 | 12 | 0 |
|  | 06/2025 | 332 | 6713 | 0 | (7) |
|  | 06/2025 | 152 | 243673 | 2 | 0 |
|  | 06/2025 | 7717 | 29883 | 10 | (32) |
|  | 06/2025 | 727 | 28777 | 0 | (25) |
|  | 06/2025 | 257 | 4709 | 0 | (2) |
|  | 07/2025 | 2210 | 12932 | 12 | 0 |
|  | 07/2025 | 152 | 1100 | 0 | 0 |
|  | 07/2025 | 4449 | 144691 | 0 | (66) |
|  | 08/2025 | 13325 | $410 | 5 | 0 |
|  | 08/2025 | $144 | 1042 | 0 | 0 |
|  | 08/2025 | 2106 | 68882 | 0 | (13) |
|  | 11/2025 | 105968 | $358 | 0 | (10) |
|  MBC | 04/2025 | 18 | 11 | 0 | 0 |
|  | 04/2025 | 31418 | 611 | 0 | (2) |
|  | 04/2025 | 1154 | 1453 | 0 | (37) |
|  | 04/2025 | 253900 | 1691 | 1 | (2) |
|  | 04/2025 | 870 | 651 | 4 | 0 |
|  | 04/2025 | 155061 | 4720 | 50 | 0 |
|  | 04/2025 | $4596 | 6595 | 0 | (12) |
|  | 04/2025 | 9305 | 8220 | 0 | (14) |
|  | 04/2025 | 3242 | 23208 | 0 | (10) |
|  | 04/2025 | 134 | 6889 | 2 | 0 |
|  | 04/2025 | 5110 | 4743 | 56 | (38) |
|  | 04/2025 | 46 | 16976 | 0 | 0 |
|  | 04/2025 | 163 | 14111 | 2 | 0 |
|  | 04/2025 | 2092 | 310600 | 0 | (21) |
|  | 04/2025 | 26274 | 35100 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
|  | 04/2025 | 3621 | 117141 | 0 | (93) |
|  | 04/2025 | 30767 | $727 | 0 | 0 |
|  | 04/2025 | 108687 | 5921 | 1 | (2) |
|  | 05/2025 | 2106 | 1474 | 8 | 0 |
|  | 05/2025 | 8190 | 9305 | 14 | 0 |
|  | 05/2025 | 7418 | 1024 | 1 | 0 |
|  | 05/2025 | 724184 | 44 | 0 | 0 |
|  | 05/2025 | 13589 | 155 | 0 | (4) |
|  | 05/2025 | 104000 | 700 | 5 | 0 |
|  | 05/2025 | 1977 | 1475 | 1 | 0 |
|  | 05/2025 | $602 | 4373 | 1 | 0 |
|  | 05/2025 | 1176 | 909 | 0 | (2) |
|  | 05/2025 | 1434 | 215400 | 7 | 0 |
|  | 06/2025 | 26234 | 191584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | 0 |
|  | 06/2025 | 57 | 2999 | 1 | 0 |
|  | 06/2025 | 5356 | 7706297 | 0 | (107) |
|  | 06/2025 | 1716 | 6624 | 0 | (11) |
|  | 07/2025 | 73 | 527 | 0 | 0 |
|  | 07/2025 | 2416 | 78742 | 0 | (31) |
|  | 08/2025 | 1448 | $202 | 1 | 0 |
|  | 08/2025 | 25189 | 770 | 5 | 0 |
|  | 08/2025 | $73 | 529 | 0 | 0 |
|  | 08/2025 | 72 | 3955 | 2 | 0 |
|  | 08/2025 | 2877 | 94063 | 0 | (20) |
|  | 12/2025 | 189500 | $26234 | 0 | (286) |
|  MYI | 04/2025 | 13000 | 2264 | 0 | (14) |
|  | 04/2025 | 17182 | 12051 | 111 | 0 |
|  | 04/2025 | $2232 | 13000 | 46 | 0 |
|  | 04/2025 | 827 | 5921 | 0 | (2) |
|  | 04/2025 | 875 | 20100 | 0 | (4) |
|  | 04/2025 | 45 | 2309 | 1 | 0 |
|  | 04/2025 | 274 | 100548 | 0 | (4) |
|  | 04/2025 | 10995 | 14717 | 0 | (41) |
|  | 04/2025 | 120 | 3912 | 0 | (2) |
|  | 04/2025 | 5715 | 104469 | 0 | (23) |
|  | 05/2025 | 27565 | $534 | 0 | (1) |
|  | 05/2025 | 597101 | 36 | 0 | 0 |
|  | 05/2025 | 229272 | 2614 | 0 | (59) |
|  | 05/2025 | $697 | 4995 | 0 | (2) |
|  | 06/2025 | 21257 | $2931 | 0 | (10) |
|  | 06/2025 | 32169 | 611 | 0 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **79** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments 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** |
|  | 06/2025 | 390 | $102 | $1 | $0 |
|  | 06/2025 | $1869 | 7297 | 11 | 0 |
|  | 10/2025 | 12900 | $2121 | 0 | (43) |
|  | 12/2025 | 17764 | 704 | 0 | (2) |
|  | 10/2026 | $685 | 1226 | 0 | (6) |
|  | 10/2027 | 1370 | 2521 | 0 | (31) |
|  NGF | 06/2025 | 4524 | 6445449 | 0 | (135) |
|  | 09/2025 | 187554 | $3352 | 88 | 0 |
|  RBC | 04/2025 | 3870 | 2874 | 0 | (7) |
|  RYL | 06/2025 | $13646 | 98709 | 11 | 0 |
|  | 08/2025 | 5150 | $716 | 0 | 0 |
|  SCX | 04/2025 | 248791 | 43327 | 0 | (271) |
|  | 04/2025 | 55639 | 1085 | 0 | (4) |
|  | 04/2025 | 14005 | 163 | 0 | 0 |
|  | 04/2025 | 12551 | 3323 | 0 | (92) |
|  | 04/2025 | 45465 | 1382 | 13 | 0 |
|  | 04/2025 | $42565 | 248791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | 0 |
|  | 04/2025 | 573 | 4102 | 0 | (2) |
|  | 04/2025 | 138 | 7187 | 3 | 0 |
|  | 04/2025 | 2397 | 39219635 | 0 | (45) |
|  | 04/2025 | 2744 | 412114 | 4 | 0 |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 405 | 1531 | 12 | 0 |
|  | 04/2025 | 33324 | 1913576 | 77 | 0 |
|  | 04/2025 | 1912 | 62043 | 0 | (43) |
|  | 05/2025 | 13191 | $1830 | 9 | 0 |
|  | 05/2025 | 282771 | 17 | 0 | 0 |
|  | 05/2025 | 3829 | 25 | 0 | 0 |
|  | 05/2025 | 103004 | 361 | 0 | (4) |
|  | 05/2025 | 1715 | 1280 | 2 | 0 |
|  | 06/2025 | 251945 | 42565 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1026) |
|  | 06/2025 | 48099 | 916 | 0 | 0 |
|  | 06/2025 | 52830 | 2577 | 22 | 0 |
|  | 06/2025 | $5010 | 36571 | 50 | 0 |
|  | 06/2025 | 105 | 5573 | 2 | 0 |
|  | 06/2025 | 1682 | 2433164 | 0 | (25) |
|  | 06/2025 | 760 | 1226069 | 15 | 0 |
|  | 08/2025 | 10741 | $1491 | 0 | (1) |
|  | 08/2025 | $1155 | 8283 | 0 | (5) |
|  | 08/2025 | 1382 | 45088 | 0 | (12) |
|  | 09/2025 | 934754 | $16758 | 490 | 0 |
|  SOG | 04/2025 | 2017 | 351 | 0 | (2) |
|  | 04/2025 | $346 | 2017 | 7 | 0 |
|  | 04/2025 | 595 | 30836 | 12 | 0 |
|  | 05/2025 | 15389 | $296 | 0 | 0 |
|  | 05/2025 | $83 | 4359 | 2 | 0 |
|  | 06/2025 | 48272 | $920 | 1 | 0 |
|  | 06/2025 | $29 | 46738 | 0 | 0 |
|  SSB | 04/2025 | 3695 | $637 | 0 | (10) |
|  | 04/2025 | 10772748 | 651 | 5 | 0 |
|  | 04/2025 | $2081 | 1609 | 0 | (2) |
|  | 05/2025 | 1609 | $2081 | 2 | 0 |
|  UAG | 04/2025 | 2075 | 361 | 0 | (2) |
|  | 04/2025 | 13994611 | 844 | 3 | 0 |
|  | 04/2025 | 106588 | 5193 | 0 | (14) |
|  | 04/2025 | 1710 | 1276 | 4 | 0 |
|  | 04/2025 | $355 | 2075 | 9 | 0 |
|  | 04/2025 | 100 | 2325 | 1 | 0 |
|  | 04/2025 | 845 | 13994611 | 0 | (4) |
|  | 04/2025 | 1127 | 167721 | 0 | (9) |
|  | 04/2025 | 38 | 1520 | 1 | 0 |
|  | 05/2025 | 2110 | $1479 | 11 | 0 |
|  | 05/2025 | $844 | 14014292 | 0 | (4) |
|  | 05/2025 | 121 | 4942 | 3 | 0 |
|  | 06/2025 | 5712 | $1467 | 0 | (4) |
|  | 06/2025 | $557 | 2151 | 0 | (3) |
|  | 08/2025 | 290 | 12887 | 1 | 0 |
|  | 11/2025 | 112 | 5288 | 0 | (2) |
|  | 12/2025 | 704 | 17763 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $1536 | TRY | 73225 | $0 | $(85) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12651) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR Versus CZK | CZK | 24.800 | 05/09/2025 | 199 | $37 | $55 |
|  | Put - OTC EUR versus CZK | EUR | 24.650 | 03/11/2026 | 4258 | 29 | 26 |
| GLM | Put - OTC USD versus JPY | MXN | 135.000 | 08/19/2025 | 3165 | 282 | 254 |
|  | Put - OTC USD versus MXN |  | 20.500 | 12/22/2025 | 7795 | 275 | 221 |
| JPM | Put - OTC USD versus ZAR | $— | 18.000 | 06/16/2025 | 5986 | 101 | 74 |
| MBC | Call - OTC USD versus CNH | CNH | 7.300 | 05/15/2025 | 27461 | 305 | 92 |
| MYI | Put - OTC EUR versus CZK | EUR | 24.750 | 12/09/2025 | 4007 | 24 | 25 |
|  | Put - OTC EUR versus CZK |  | 24.700 | 12/16/2025 | 2788 | 17 | 16 |
|  | Call - OTC USD versus ILS | $— | 3.880 | 09/04/2025 | 540 | 64 | 110 |
|  | Put - OTC USD versus MXN |  | 19.500 | 05/08/2025 | 480 | 74 | 35 |
|  | Call - OTC USD versus ZAR |  | 19.000 | 04/04/2025 | 6126 | 10 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| CBK | Put - OTC USD versus TRY | 39.000 | 04/03/2025 | 2225 | $(34) | $(59) |
| GLM | Put - OTC USD versus MXN | 19.250 | 12/22/2025 | 7795 | (118) | (74) |
|  | Call - OTC USD versus MXN | 23.750 | 12/22/2025 | 7795 | (182) | (112) |
|  | Put - OTC USD versus TRY | 38.550 | 04/01/2025 | 5705 | (123) | (86) |
|  | Put - OTC USD versus TRY | 40.700 | 06/27/2025 | 4702 | (139) | (107) |
|  | Call - OTC USD versus TRY | 51.100 | 06/27/2025 | 4702 | (100) | (84) |
|  | Put - OTC USD versus TRY | 39.300 | 07/15/2025 | 4294 | (92) | (28) |
|  | Call - OTC USD versus TRY | 45.800 | 07/15/2025 | 4294 | (54) | (165) |
| JPM | Put - OTC USD versus ZAR | $17.500 | 06/16/2025 | 11973 | (91) | (60) |
| MBC | Call - OTC USD versus CNH | 7.550 | 05/15/2025 | 27460 | (115) | (6) |
| UAG | Put - OTC USD versus TRY | 37.700 | 05/07/2025 | 674 | (16) | (2) |
|  | Call - OTC USD versus TRY | 45.900 | 05/07/2025 | 674 | (11) | (7) |
|  | Put - OTC USD versus TRY | 39.750 | 08/11/2025 | 638 | (20) | (5) |
|  | Call - OTC USD versus TRY | 51.750 | 08/11/2025 | 638 | (14) | (20) |
|  | Put - OTC USD versus TRY | 40.575 | 08/19/2025 | 938 | (33) | (11) |
|  | Call - OTC USD versus TRY | 52.725 | 08/19/2025 | 938 | (20) | (30) |
|  | Put - OTC USD versus TRY | 41.600 | 11/12/2025 | 660 | (25) | (7) |
|  | Call - OTC USD versus TRY | 56.900 | 11/12/2025 | 660 | (18) | (32) |
|  | Put - OTC USD versus TRY | 42.635 | 01/07/2026 | 3085 | (105) | (34) |
|  | Call - OTC USD versus TRY | 56.750 | 01/07/2026 | 3085 | (70) | (205) |
|  | Put - OTC USD versus TRY | 42.800 | 01/08/2026 | 4768 | (163) | (56) |
|  | Call - OTC USD versus TRY | 56.750 | 01/08/2026 | 4768 | (109) | (318) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1652) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1508) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.700% | 06/18/2025 | 143960 | $(43) | $(40) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.650 | 06/20/2025 | 70974 | (21) | (17) |
|  |  |  |  |  |  | $(64) | $(57) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1716) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1565) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 81

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Brazil Government International Bond | (1.000)% | Quarterly | 06/20/2029 | 1.531% | $4600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $92 | $0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 1900 | 57 | (1) | 56 | 0 |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.553 | 100 | (2) | 0 | 0 | (2) |
| BPS | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 1100 | 37 | (4) | 33 | 0 |
| BRC | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 1900 | 44 | (6) | 38 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 1700 | 53 | (3) | 50 | 0 |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2028 | 0.435 | 1200 | (24) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.553 | 600 | (12) | 0 | 0 | (12) |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 12/20/2033 | 1.033 | 4100 | (10) | 18 | 8 | 0 |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.067 | 1200 | (11) | 17 | 6 | 0 |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 12/20/2034 | 1.096 | 1110 | (4) | 12 | 8 | 0 |
| CBK | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 1700 | 37 | (3) | 34 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 700 | 21 | 0 | 21 | 0 |
| GST | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 2500 | 56 | (6) | 50 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 700 | 23 | (2) | 21 | 0 |
| MYC | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 800 | 19 | (3) | 16 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 1300 | 39 | 0 | 39 | 0 |
|  |  |  |  |  |  |  | $430 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | $(38) |
| CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Peru Government International Bond | 1.000% | Quarterly | 12/20/2029 | 0.832% | $100 | $1 | $0 | $1 | $0 |
| BPS | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 | 1350 | 7 | (1) | 6 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | '0.830 | 600 | 1 | 2 | 3 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.805 | 2150 | 3 | 1 | 4 | 0 |
| BRC | Peru Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.832 | 600 | 4 | 1 | 5 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.717 | 9600 | 135 | (4) | 131 | 0 |
|  | South Korea Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.251 | 1100 | 7 | (1) | 6 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2025 | 1.276 | 1175 | 0 | 0 | 0 | 0 |
| CBK | Israel Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.404 | 100 | 0 | 0 | 0 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | '0.570 | 3700 | (21) | 56 | 35 | 0 |
| GST | Israel Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.383 | 2400 | 3 | 8 | 11 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.459 | 400 | 0 | 3 | 3 | 0 |
| JPM | State Oil Company of Azerbaijan | 5.000 | Quarterly | 06/20/2026 | 2.033 | 200 | 2 | 5 | 7 | 0 |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 | 420 | 1 | 0 | 1 | 0 |
|  |  |  |  |  |  |  | $143 | $70 | $213 | $0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GLM | Floating rate equal to 1-Day IDR-SOFR plus 0.672% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 06/18/2035 | 3607780 | $219 | $2 | $(2) | $0 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.486% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | $4875 | 280658 | (14) | (29) | 0 | (43) |
|  JPM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.486% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | $256 | 14700 | 0 | (1) | 0 | (1) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

82 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | 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) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Pay | 3-Month MYR-KLIBOR | 3.868% | Quarterly | 12/20/2028 | MYR | 5658 | $12 | $6 | $18 | $0 |
| BPS | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/18/2026 |  | 53630 | 0 | 3 | 3 | 0 |
| GLM | Pay | 1-Year BRL-CDI | 7.728 | Maturity | 01/04/2027 | BRL | 21000 | 0 | (493) | 0 | (493) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.265 | Semi-Annual | 06/14/2029 | CLP | 473800 | 0 | (36) | 0 | (36) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.868 | Quarterly | 12/20/2028 | MYR | 29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | (3) | 97 | 0 |
| JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 15370 | (26) | (4) | 0 | (30) |
|  |  |  |  |  |  |  |  | $86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(527) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(8)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(8)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| SCX | Receive | U.S. Treasury Inflation Protected Securities | N/A | 0.000 | Semi-Annual | 10/03/2025 | INR | 13090 | $&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 |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Reference Entity | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Reference Entity | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GLM | Pay | USD versus CNH 1-Year ATM Realized Volatility | 6.850% | Maturity | 09/11/2025 | $26 | $0 | $56 | $56 | $0 |
|  | Pay | USD versus CNH 1-Year ATM Realized Volatility | 7.000 | Maturity | 12/11/2025 | 26 | 0 | 50 | 50 | 0 |
| JPM | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.600 | Maturity | 11/24/2025 | 14 | 0 | (9) | 0 | (9) |
|  | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.725 | Maturity | 11/26/2025 | 8 | 0 | (4) | 0 | (4) |
| SCX | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.450 | Maturity | 11/21/2025 | 9 | 0 | (6) | 0 | (6) |
|  |  |  |  |  |  |  | $0 | $87 | $106 | $(19) |
|  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;647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(9)</sup> |
|  AZD | $234 | $0 | $0 | $234 | $(153) | $0 | $0 | $(153) | $81 | $0 | $81 |
|  BOA | 144 | 81 | 167 | 392 | (122) | 0 | (2) | (124) | 268 | (390) | (122) |
|  BPS | 5093 | 0 | 49 | 5142 | (2928) | (40) | 0 | (2968) | 2174 | (2450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) |
|  BRC | 1272 | 0 | 252 | 1524 | (2084) | 0 | (36) | (2120) | (596) | 723 | 127 |
|  BSH | 704 | 0 | 0 | 704 | (20) | 0 | 0 | (20) | 684 | (720) | (36) |
|  CBK | 995 | 0 | 90 | 1085 | (1674) | (59) | 0 | (1733) | (648) | 881 | 233 |
|  DUB | 758 | 0 | 0 | 758 | (569) | 0 | 0 | (569) | 189 | 0 | 189 |
|  FAR | 654 | 0 | 0 | 654 | (260) | 0 | 0 | (260) | 394 | 0 | 394 |
|  GLM | 3417 | 475 | 106 | 3998 | (1318) | (656) | (572) | (2546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640) | (188) |
|  GST | 0 | 0 | 182 | 182 | 0 | 0 | 0 | 0 | 182 | 0 | 182 |
|  IND | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  JPM | 910 | 74 | 7 | 991 | (618) | (60) | (44) | (722) | 269 | (230) | 39 |
|  MBC | 435 | 92 | 0 | 527 | (842) | (6) | 0 | (848) | (321) | 271 | (50) |
|  MYC | 0 | 0 | 56 | 56 | 0 | (17) | 0 | (17) | 39 | 0 | 39 |
|  MYI | 170 | 187 | 0 | 357 | (247) | 0 | 0 | (247) | 110 | (120) | (10) |
|  NGF | 88 | 0 | 0 | 88 | (135) | 0 | 0 | (135) | (47) | 0 | (47) |
|  RBC | 0 | 0 | 0 | 0 | (7) | 0 | 0 | (7) | (7) | 0 | (7) |
|  RYL | 11 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 11 | 0 | 11 |
|  SCX | 1732 | 0 | 0 | 1732 | (1530) | 0 | (6) | (1536) | 196 | (550) | (354) |
|  SOG | 22 | 0 | 0 | 22 | (2) | 0 | 0 | (2) | 20 | 0 | 20 |
|  SSB | 7 | 0 | 0 | 7 | (12) | 0 | 0 | (12) | (5) | 0 | (5) |
|  UAG | 35 | 0 | 0 | 35 | (127) | (727) | 0 | (854) | (819) | 867 | 48 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12651) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1565) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14876) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 83

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

(n) Securities with an aggregate market value of $2,742 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 202 5:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $86 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1175 | 1175 |
|  | $0 | $0 | $0 | $0 | $1261 | $1261 |
|  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 | $16681 | $0 | $16681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 909 | 0 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 685 | 0 | 0 | 224 | 909 |
|  | $0 | $685 | $0 | $17590 | $224 | $18499 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760 |
|  Financial Derivative Instruments - Liabilities | 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 | $71 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1439 | 1439 |
|  | $0 | $0 | $0 | $0 | $1510 | $1510 |
|  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 | $12651 | $0 | $12651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1508 | 57 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 38 | 0 | 44 | 578 | 660 |
|  | $0 | $38 | $0 | $14203 | $635 | $14876 |
|  | $0 | $38 | $0 | $14203 | $2145 | $16386 |

---

84 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $33 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 785 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 66 | 0 | 0 | 329 | 395 |
|  | $0 | $66 | $0 | $0 | $1147 | $1213 |
|  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 | $6358 | $0 | $6358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 653 | 0 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2247 | 123 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 71 | 0 | 7592 | (53) | 7610 |
|  | $0 | $71 | $0 | $16850 | $70 | $16991 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18204 |
|  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 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (803) | (803) |
|  | $0 | $0 | $0 | $0 | $(751) | $(751) |
|  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 | $4268 | $0 | $4268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (573) | 0 | (573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (1242) | (1) | (1243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (44) | 0 | (7658) | (148) | (7850) |
|  | $0 | $(44) | $0 | $(5205) | $(149) | $(5398) |
|  | $0 | $(44) | $0 | $(5205) | $(900) | $(6149) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $4440 | $0 | $4440 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3699 | 0 | 3699 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 26 | 26 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103719 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103719 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 846 | 0 | 846 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11316 | 0 | 11316 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 576 | 0 | 576 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1884 | 0 | 1884 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1889 | 0 | 1889 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1710 | 0 | 1710 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 24563 | 0 | 24563 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2348 | 0 | 2348 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15309 | 0 | 15309 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 211 | 0 | 211 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | 3904 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2049 | 0 | 2049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | $0 | $1333 | $0 | $1333 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 999 | 0 | 999 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 887 | 0 | 887 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 651 | 0 | 651 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 | 2806 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33890 | 0 | 33890 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3724 | 3724 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 579 | 0 | 579 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 67 | 0 | 67 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 815 | 0 | 815 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 38883 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38883 |
|  Namibia | Namibia | Namibia | Namibia | Namibia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3173 | 0 | 3173 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3233 | 0 | 3233 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1379 | 1379 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2967 | 0 | 2967 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5109 | 0 | 5109 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11238 | 0 | 11238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17746 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17746 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13001 | 0 | 13001 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 765 | 0 | 765 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1424 | 0 | 1424 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1455 | 0 | 1455 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1722 | 0 | 1722 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 628 | 0 | 628 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 782 | 0 | 782 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | 1199 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8455 | 0 | 8455 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 20135 | 0 | 20135 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1982 | 0 | 1982 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2702 | 1073 | 3775 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5916 | 0 | 5916 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1331 | 0 | 1331 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 951 | 0 | 951 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4725 | 1924 | 6649 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2479 | 0 | 2479 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 5874 | 0 | 5874 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1367 | 1367 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 4367 | 783 | 5150 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13825 | 0 | 13825 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 2564 | 0 | 2564 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1764 | 0 | 1764 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 323 | 0 | 323 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Sovereign Issues | 0 | 357 | 0 | 357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | $0 | $1163 | $0 | $1163 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 2771 | 0 | 2771 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 16073 | 0 | 16073 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 9219 | 0 | 9219 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2855 | 0 | 2855 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443922 |
|  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 | $149960 | $0 | $0 | $149960 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149960 | $425737 | $18185 | $593882 |
|  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 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | (3710) | 0 | (3710) |
| &nbsp;&nbsp; Sovereign Issues | 0 | (795) | 0 | (795) |
|  | $0 | $(4505) | $0 | $(4505) |
|  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 | 86 | 1175 | 0 | 1261 |
|  Over the counter | 0 | 18499 | 0 | 18499 |
|  | $86 | $19674 | $0 | $19760 |
|  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 | (43) | (1467) | 0 | (1510) |
|  Over the counter | 0 | (14876) | 0 | (14876) |
|  | $(43) | $(16343) | $0 | $(16386) |
|  Total Financial Derivative Instruments | $43 | $3331 | $0 | $3374 |
|  Totals | $150003 | $424563 | $18185 | $592751 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250) | $9 | $5 | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 |
|  Brazil |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 41 | 0 | (529) | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | 501 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 529 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) | 0 | 0 | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559) |
|  Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Loan Participations and Assignments | 7013 | 0 | (6896) | 0 | 0 | (117) | 0 | 0 | 0 | 0 |
|  Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 | 0 | 0 | 0 | 108 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | 108 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2800 | 0 | 0 | 0 | 6 | 0 | 0 | 2806 | 5 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 4439 | 2871 | (3634) | 17 | (25) | 56 | 0 | 0 | 3724 | 44 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **Net<br>Purchases** | **Net<br>Sales/<br>Settlements** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(1)</sup>** |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | $283 | $0 | $(293) | $2 | $9 | $(1) | $0 | $0 | $0 | $0 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1379 | 0 | 0 | 0 | 0 | 0 | 0 | 1379 | 0 |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 2979 | 0 | (3222) | 0 | (575) | 818 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1170 | 0 | 0 | 0 | 29 | 0 | 0 | 1199 | 29 |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1114 | 0 | 0 | 0 | (41) | 0 | 0 | 1073 | (41) |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1855 | 0 | 175 | 0 | (106) | 0 | 0 | 1924 | (106) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 5875 | 0 | (5777) | 1 | (4657) | 4570 | 0 | (12) | 0 | 0 |
| &nbsp;&nbsp; Common Stocks | 77 | 0 | (131) | 0 | 54 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1400 | 0 | 0 | 0 | (33) | 0 | 0 | 1367 | (33) |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 379 | 800 | (85) | 4 | 2 | 0 | 0 | (317) | 783 | (17) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21817) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | Unobservable<br>Inputs | **Input Value(s)** | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $26 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3904 | Indicative Market Quotation | Broker Quote | 102.675 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2806 | Recent Transaction | Purchase Price | 99.800 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3724 | Discounted Cash Flow | Discount Rate | 6.393-6.862 | 6.497 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1379 | Recent Transaction | Purchase Price | 98.500 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1199 | Recent Transaction | Purchase Price | 99.000 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1073 | Discounted Cash Flow | Discount Rate | 5.487 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1924 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1367 | Discounted Cash Flow | Discount Rate | 7.097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 783 | Discounted Cash Flow | Discount Rate | 7.115 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18185 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(2)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 4.6% | INVESTMENTS IN SECURITIES 4.6% | INVESTMENTS IN SECURITIES 4.6% |
| CAYMAN ISLANDS 0.4% | CAYMAN ISLANDS 0.4% | CAYMAN ISLANDS 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  4.375% due 04/12/2027 ^(b) | 500 | 58 |
|  Poinsettia Finance Ltd. | Poinsettia Finance Ltd. | Poinsettia Finance Ltd. |
|  6.625% due 06/17/2031 | 617 | 561 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (a) | 69 | 8 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (a) | 69 | 8 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (a) | 139 | 17 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (a) | 209 | 24 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (a) | 209 | 25 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (a) | 99 | 12 |
|  Total Cayman Islands (Cost $1,281) | Total Cayman Islands (Cost $1,281) | 713 |
| PERU 0.3% | PERU 0.3% | PERU 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.950% due 08/12/2031 | 2200 | 640 |
|  Total Peru (Cost $622) | Total Peru (Cost $622) | 640 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UNITED STATES 3.6% | UNITED STATES 3.6% | UNITED STATES 3.6% | UNITED STATES 3.6% |
| U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 | 1600 | $— | 1489 |
|  4.500% due 05/01/2055 | 1600 |  | 1530 |
|  5.000% due 04/01/2055 | 1700 |  | 1666 |
|  5.500% due 05/01/2055 | 2000 |  | 1996 |
|  |  |  | 6681 |
|  Total United States (Cost $6,643) | Total United States (Cost $6,643) |  | 6681 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (d) | 517833 |  | 518 |
| Total Short-Term Instruments<br>(Cost $518) | Total Short-Term Instruments<br>(Cost $518) |  | 518 |
| Total Investments in Securities<br>(Cost $9,064) | Total Investments in Securities<br>(Cost $9,064) |  | 8552 |
| INVESTMENTS IN AFFILIATES 98.5% | INVESTMENTS IN AFFILIATES 98.5% | INVESTMENTS IN AFFILIATES 98.5% | INVESTMENTS IN AFFILIATES 98.5% |
| UNITED STATES 95.4% | UNITED STATES 95.4% | UNITED STATES 95.4% | UNITED STATES 95.4% |
| MUTUAL FUNDS (c) 95.4% | MUTUAL FUNDS (c) 95.4% | MUTUAL FUNDS (c) 95.4% | MUTUAL FUNDS (c) 95.4% |
|  PIMCO Emerging Markets Bond Fund | 5108785 |  | 43578 |
|  PIMCO Emerging Markets Corporate Bond Fund | 4753669 |  | 43638 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 15407251 | $— | 88592 |
|  |  |  | 175808 |
| Total United States (Cost $176,292) | Total United States (Cost $176,292) |  | 175808 |
| SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 594268 |  | 5785 |
| Total Short-Term Instruments<br> (Cost $5,784) | Total Short-Term Instruments<br> (Cost $5,784) |  | 5785 |
| Total Investments in Affiliates<br>(Cost $182,076) | Total Investments in Affiliates<br>(Cost $182,076) |  | 181593 |
| Total Investments 103.1%<br>(Cost $191,140) | Total Investments 103.1%<br>(Cost $191,140) | $— | 190145 |
|  Financial Derivative<br>Instruments (e)(f) (0.0)%<br> (Cost or Premiums, net $76) | Financial Derivative<br>Instruments (e)(f) (0.0)%<br> (Cost or Premiums, net $76) |  | (35) |
| Other Assets and Liabilities, net (3.1)% | Other Assets and Liabilities, net (3.1)% |  | (5743) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 184367 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(c) Institutional Class Shares of each Fund.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $178 | $2 | $0 |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/20/2030 | $6400 | $161 | $(90) | $71 | $0 | $(9) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

88 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | 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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

Cash of $776 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BSH | 06/2025 | PEN | 2138 | $579 | $0 | $(2) |
|  CBK | 06/2025 |  | 245 | 67 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON 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>March 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>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Brazil Government International Bond | 1.000% | Quarterly | 12/20/2028 | 1.393% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $(85) | $59 | $0 | $(26) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | **Collateral<br>Pledged/**<br> (Received) | Net<br>Exposure<sup>(5)</sup> |
|  BPS | $0 | $0 | $0 | $0 | $0 | $0 | $(26) | $(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
|  BSH | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  Total Over the Counter | $&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;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |  |  |  |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-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 | $9 | $9 |
|  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 | $2 | $0 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26 | 0 | 0 | 0 | 26 |
|  | $0 | $26 | $0 | $2 | $0 | $28 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&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;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(161) | $(161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 117 | 117 |
|  | $0 | $0 | $0 | $0 | $(44) | $(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; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(140) | $0 | $(140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 43 | 0 | 0 | 0 | 43 |
|  | $0 | $43 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | $0 | $(97) |
|  | $0 | $43 | $0 | $(140) | $(44) | $(141) |
|  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 | $86 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
|  | $0 | $0 | $0 | $0 | $(29) | $(29) |
|  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 | $132 | $0 | $132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (24) | 0 | 0 | 0 | (24) |
|  | $0 | $(24) | $0 | $132 | $0 | $108 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $132 | $(29) | $79 |

---

90 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $713 | $0 | $713 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 640 | 0 | 640 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 6681 | 0 | 6681 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 518 | 0 | 518 |
|  | $0 | $8552 | $0 | $8552 |
|  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 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Mutual Funds | 175808 | 0 | 0 | 175808 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 5785 | 0 | 0 | 5785 |
|  | $181593 | $0 | $0 | $181593 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190145 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $2 | $0 | $2 |
|  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 | (9) | 0 | (9) |
|  Over the counter | 0 | (28) | 0 | (28) |
|  | $0 | $(37) | $0 | $(37) |
|  Total Financial Derivative Instruments | $0 | $(35) | $0 | $(35) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190110 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **91** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 108.0% | INVESTMENTS IN SECURITIES 108.0% | INVESTMENTS IN SECURITIES 108.0% |
| AZERBAIJAN 0.1% | AZERBAIJAN 0.1% | AZERBAIJAN 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 1400 | 1400 |
|  Total Azerbaijan (Cost $1,400) | Total Azerbaijan (Cost $1,400) | 1400 |
| BRAZIL 5.9% | BRAZIL 5.9% | BRAZIL 5.9% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 135000 | 6565 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% ~(h) | 114743 | 6900 |
|  |  | 13465 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Oi SA | Oi SA | Oi SA |
|  1.000% due 12/30/2050 « | 511 | 5 |
|  4.890% due 12/30/2050 « | 5882 | 59 |
|  |  | 64 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (e) | 189200 | 30939 |
|  0.000% due 07/01/2028 (e) | 83000 | 9335 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  10.000% due 01/01/2027 | 84700 | 13821 |
|  10.000% due 01/01/2031 | 105200 | 15161 |
|  10.000% due 01/01/2033 | 1300 | 179 |
|  |  | 69435 |
|  Total Brazil (Cost $91,620) | Total Brazil (Cost $91,620) | 82964 |
| CAYMAN ISLANDS 0.8% | CAYMAN ISLANDS 0.8% | CAYMAN ISLANDS 0.8% |
| ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.635% due 04/20/2031 •  | 1189 | 1189 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.685% due 04/20/2032 •  | 3361 | 3362 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.514% due 04/17/2030 •  | 410 | 409 |
|  |  | 4960 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  8.292% due 01/08/2027 •  | 550 | 563 |
|  Interoceanica Finance Ltd. | Interoceanica Finance Ltd. | Interoceanica Finance Ltd. |
|  0.000% due 11/30/2025 (e) | 8 | 7 |
|  0.000% due 11/30/2025 (e) | 72 | 69 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  11.250% due 04/16/2025 ^(b) | 300 | 15 |
|  11.700% due 11/11/2025 ^(b) | 4200 | 189 |
|  Peru Payroll Deduction Finance Ltd. | Peru Payroll Deduction Finance Ltd. | Peru Payroll Deduction Finance Ltd. |
|  0.000% due 11/01/2029 «(e) | 1300 | 1124 |
|  Poinsettia Finance Ltd. | Poinsettia Finance Ltd. | Poinsettia Finance Ltd. |
|  6.625% due 06/17/2031 | 2699 | 2456 |
|  Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. |
|  5.875% due 10/12/2031 | 1432 | 1386 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 (a) | 138 | 16 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 (a) | 139 | 16 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 (a) | 278 | 34 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 (a) | 418 | 48 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 (a) | 419 | 51 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 (a) | 197 | 24 |
|  |  | 5998 |
|  Total Cayman Islands (Cost $12,916) | Total Cayman Islands (Cost $12,916) | 10958 |
| CHILE 2.9% | CHILE 2.9% | CHILE 2.9% |
| SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 25995000 | 26043 |
|  5.000% due 10/01/2028 | 835000 | 864 |
|  5.800% due 10/01/2029 | 1970000 | 2080 |
|  6.000% due 04/01/2033 | 10330000 | 10989 |
|  Total Chile (Cost $41,292) | Total Chile (Cost $41,292) | 39976 |
| CHINA 1.6% | CHINA 1.6% | CHINA 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  China Government International Bond | China Government International Bond | China Government International Bond |
|  2.600% due 09/01/2032 | 14730 | 2141 |
|  2.750% due 02/17/2032 | 15980 | 2346 |
|  2.800% due 11/15/2032 | 59300 | 8747 |
|  3.120% due 10/25/2052 | 5900 | 980 |
|  3.810% due 09/14/2050 | 48180 | 8842 |
|  Total China (Cost $21,293) | Total China (Cost $21,293) | 23056 |
| COLOMBIA 2.6% | COLOMBIA 2.6% | COLOMBIA 2.6% |
| SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% | SOVEREIGN ISSUES 2.6% |
|  Colombian TES | Colombian TES | Colombian TES |
|  7.000% due 06/30/2032 | 7951500 | 1464 |
|  7.250% due 10/26/2050 | 1200400 | 167 |
|  11.500% due 07/25/2046 | 72345600 | 15431 |
|  13.250% due 02/09/2033 | 75282700 | 19056 |
|  Total Colombia (Cost $36,700) | Total Colombia (Cost $36,700) | 36118 |
| CZECH REPUBLIC 3.9% | CZECH REPUBLIC 3.9% | CZECH REPUBLIC 3.9% |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  1.750% due 06/23/2032 (k) | 100500 | 3741 |
|  2.000% due 10/13/2033 (k) | 60900 | 2237 |
|  3.500% due 05/30/2035 | 73700 | 2999 |
|  3.600% due 06/03/2036 | 82500 | 3359 |
|  4.200% due 12/04/2036 (k) | 85700 | 3662 |
|  4.500% due 11/11/2032 (k) | 682470 | 30397 |
|  4.900% due 04/14/2034 (k) | 169390 | 7740 |
|  Total Czech Republic (Cost $54,087) | Total Czech Republic (Cost $54,087) | 54135 |
| DOMINICAN REPUBLIC 5.6% | DOMINICAN REPUBLIC 5.6% | DOMINICAN REPUBLIC 5.6% |
| SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% |
|  Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes | Dominican Republic Central Bank Notes |
|  12.000% due 10/03/2025 | 43700 | 692 |
|  13.000% due 12/05/2025 | 770400 | 12299 |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  10.500% due 03/15/2037 | 3247400 | 52668 |
|  10.750% due 06/01/2036 | 394800 | 6491 |
|  11.250% due 09/15/2035 | 113800 | 1931 |
|  13.625% due 02/03/2033 | 154450 | 2895 |
|  13.625% due 02/10/2034 | 63300 | 1230 |
|  Total Dominican Republic (Cost $79,179) | Total Dominican Republic (Cost $79,179) | 78206 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ECUADOR 0.4% | ECUADOR 0.4% | ECUADOR 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  5.000% due 07/31/2040 þ | 120 | 54 |
|  5.500% due 07/31/2035 þ | 3045 | 1507 |
|  6.900% due 07/31/2030 þ | 7015 | 4193 |
|  Total Ecuador (Cost $5,240) | Total Ecuador (Cost $5,240) | 5754 |
| EGYPT 1.9% | EGYPT 1.9% | EGYPT 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 1329100 | 26912 |
|  Total Egypt (Cost $25,225) | Total Egypt (Cost $25,225) | 26912 |
| FRANCE 0.0% | FRANCE 0.0% | FRANCE 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 | 300 | 317 |
|  Total France (Cost $294) | Total France (Cost $294) | 317 |
| GERMANY 1.9% | GERMANY 1.9% | GERMANY 1.9% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  8.010% due 07/18/2034 « | 1700000 | 20421 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH | The Stepstone Group MidCo 2 GMBH |
|  TBD% due 12/04/2031 ~ | 4800 | 5177 |
|  Total Germany (Cost $24,785) | Total Germany (Cost $24,785) | 25598 |
| GHANA 0.3% | GHANA 0.3% | GHANA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Ghana Government International Bond | Ghana Government International Bond | Ghana Government International Bond |
|  8.350% due 02/16/2027 | 8733 | 453 |
|  8.500% due 02/15/2028 | 1800 | 83 |
|  8.650% due 02/13/2029 | 73597 | 3068 |
|  8.950% due 02/11/2031 | 3328 | 120 |
|  9.250% due 02/08/2033 | 10430 | 339 |
|  10.000% due 08/17/2027 | 3395 | 173 |
|  Total Ghana (Cost $3,601) | Total Ghana (Cost $3,601) | 4236 |
| HUNGARY 0.1% | HUNGARY 0.1% | HUNGARY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  3.000% due 10/27/2038 (k) | 731300 | 1252 |
|  7.000% due 10/24/2035 | 273200 | 721 |
|  Total Hungary (Cost $2,197) | Total Hungary (Cost $2,197) | 1973 |
| INDONESIA 3.5% | INDONESIA 3.5% | INDONESIA 3.5% |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  6.375% due 04/15/2032 | 31820000 | 1864 |
|  6.625% due 02/15/2034 | 30622000 | 1801 |
|  6.750% due 07/15/2035 | 180371000 | 10666 |
|  7.000% due 02/15/2033 | 37068000 | 2228 |
|  7.125% due 06/15/2038 | 86770000 | 5224 |
|  7.125% due 06/15/2042 | 6871000 | 412 |
|  7.125% due 06/15/2043 | 16028000 | 963 |
|  7.500% due 08/15/2032 | 33493000 | 2077 |
|  7.500% due 06/15/2035 | 18263000 | 1133 |
|  7.500% due 05/15/2038 | 91004000 | 5669 |
|  7.500% due 04/15/2040 | 88950000 | 5510 |
|  8.375% due 03/15/2034 | 118779000 | 7781 |
|  8.375% due 04/15/2039 | 62230000 | 4184 |
|  Total Indonesia (Cost $52,385) | Total Indonesia (Cost $52,385) | 49512 |

---

92 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| IRELAND 0.6% | IRELAND 0.6% | IRELAND 0.6% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.306% (EUR003M + 0.750%) due 11/15/2031 ~ | 493 | 533 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 (k) | 1848 | 1692 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 6300 | 6799 |
|  Total Ireland (Cost $9,107) | Total Ireland (Cost $9,107) | 9024 |
| ISRAEL 0.2% | ISRAEL 0.2% | ISRAEL 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 | 3400 | 3427 |
|  Total Israel (Cost $3,372) | Total Israel (Cost $3,372) | 3427 |
| IVORY COAST 1.2% | IVORY COAST 1.2% | IVORY COAST 1.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% |
|  Republic of Cote d'lvoire | Republic of Cote d'lvoire | Republic of Cote d'lvoire |
|  5.403% (EUR006M + 3.050%) due 03/09/2026 «~ | 7300 | 7837 |
|  5.562% (EUR006M + 3.000%) due 06/28/2025 «~ | 5000 | 5405 |
|  7.422% (EUR006M + 5.000%) due 03/19/2027 «~ | 1560 | 1695 |
|  |  | 14937 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  4.875% due 01/30/2032 | 1317 | 1260 |
|  5.250% due 03/22/2030 | 400 | 413 |
|  |  | 1673 |
|  Total Ivory Coast (Cost $16,764) | Total Ivory Coast (Cost $16,764) | 16610 |
| JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% | JERSEY, CHANNEL ISLANDS 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 253 | 270 |
|  Total Jersey, Channel Islands (Cost $260) | Total Jersey, Channel Islands (Cost $260) | 270 |
| KAZAKHSTAN 0.2% | KAZAKHSTAN 0.2% | KAZAKHSTAN 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  10.950% due 05/06/2026 | 611500 | 1158 |
|  13.489% due 05/23/2028 | 872000 | 1622 |
|  Total Kazakhstan (Cost $2,941) | Total Kazakhstan (Cost $2,941) | 2780 |
| KENYA 0.2% | KENYA 0.2% | KENYA 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Republic of Kenya | Republic of Kenya | Republic of Kenya |
|  11.900% (PRIME + 4.400%) due 04/05/2028 «~ | 2700 | 2661 |
|  Total Kenya (Cost $2,684) | Total Kenya (Cost $2,684) | 2661 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| LUXEMBOURG 0.0% | LUXEMBOURG 0.0% | LUXEMBOURG 0.0% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Drillco Holding Lux SA «(j) | 10272 | 259 |
|  Foresea Holdings SA « | 10634 | 268 |
|  |  | 527 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 260 | 252 |
|  Total Luxembourg (Cost $475) | Total Luxembourg (Cost $475) | 779 |
| MALAYSIA 7.6% | MALAYSIA 7.6% | MALAYSIA 7.6% |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 33470 | 7132 |
|  3.582% due 07/15/2032 | 131860 | 29463 |
|  3.844% due 04/15/2033 | 2500 | 567 |
|  4.054% due 04/18/2039 | 22500 | 5161 |
|  4.065% due 06/15/2050 | 13699 | 3065 |
|  4.180% due 05/16/2044 | 6660 | 1538 |
|  4.254% due 05/31/2035 | 8030 | 1883 |
|  4.457% due 03/31/2053 | 42110 | 10007 |
|  4.642% due 11/07/2033 | 18450 | 4434 |
|  4.696% due 10/15/2042 | 41498 | 10215 |
|  4.762% due 04/07/2037 | 9554 | 2338 |
|  4.893% due 06/08/2038 | 30070 | 7462 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  3.804% due 10/08/2031 | 15250 | 3457 |
|  4.119% due 11/30/2034 | 8320 | 1931 |
|  4.193% due 10/07/2032 | 37500 | 8701 |
|  4.291% due 08/14/2043 | 27520 | 6444 |
|  4.417% due 09/30/2041 | 2714 | 648 |
|  5.357% due 05/15/2052 | 5700 | 1537 |
|  Total Malaysia (Cost $103,189) | Total Malaysia (Cost $103,189) | 105983 |
|  | SHARES |  |
| MEXICO 11.4% | MEXICO 11.4% | MEXICO 11.4% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(c) | 742577 | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SOVEREIGN ISSUES 11.4% | SOVEREIGN ISSUES 11.4% | SOVEREIGN ISSUES 11.4% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (g) | 72552 | 3305 |
|  7.500% due 05/26/2033 | 55000 | 2423 |
|  7.750% due 05/29/2031 | 59000 | 2711 |
|  7.750% due 11/23/2034 | 53900 | 2368 |
|  7.750% due 11/13/2042 | 698300 | 28036 |
|  8.000% due 11/07/2047 | 350800 | 14163 |
|  8.000% due 07/31/2053 | 405500 | 16176 |
|  8.500% due 03/01/2029 | 528800 | 25567 |
|  8.500% due 05/31/2029 | 1350900 | 65263 |
|  |  | 160012 |
|  Total Mexico (Cost $161,985) | Total Mexico (Cost $161,985) | 160012 |
| NETHERLANDS 0.2% | NETHERLANDS 0.2% | NETHERLANDS 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  VEON Ltd. | VEON Ltd. | VEON Ltd. |
|  TBD% due 03/25/2027 « | 3400 | 3349 |
|  Total Netherlands (Cost $3,349) | Total Netherlands (Cost $3,349) | 3349 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA 0.2% | NIGERIA 0.2% | NIGERIA 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  4.185% (EUR003M + 1.700%) due 08/23/2027 ~ | 3100 | 3327 |
|  Total Nigeria (Cost $3,246) | Total Nigeria (Cost $3,246) | 3327 |
| PARAGUAY 0.5% | PARAGUAY 0.5% | PARAGUAY 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Paraguay Government International Bond | Paraguay Government International Bond | Paraguay Government International Bond |
|  7.900% due 02/09/2031 | 30599000 | 3801 |
|  8.500% due 03/04/2035 | 25873000 | 3224 |
|  Total Paraguay (Cost $7,464) | Total Paraguay (Cost $7,464) | 7025 |
| PERU 6.6% | PERU 6.6% | PERU 6.6% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 56200 | 16407 |
| SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 79600 | 19769 |
|  6.150% due 08/12/2032 | 89000 | 24339 |
|  6.850% due 02/12/2042 | 3800 | 1012 |
|  6.900% due 08/12/2037 | 20000 | 5377 |
|  6.950% due 08/12/2031 | 51900 | 15107 |
|  7.300% due 08/12/2033 | 36800 | 10579 |
|  7.600% due 08/12/2039 | 1000 | 282 |
|  |  | 76465 |
|  Total Peru (Cost $87,784) | Total Peru (Cost $87,784) | 92872 |
| PHILIPPINES 5.3% | PHILIPPINES 5.3% | PHILIPPINES 5.3% |
| SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% |
|  Philippines Government International Bond | Philippines Government International Bond | Philippines Government International Bond |
|  6.250% due 02/28/2029 | 3764040 | 66845 |
|  6.250% due 01/14/2036 | 369000 | 6384 |
|  6.500% due 05/19/2029 | 96070 | 1719 |
|  Total Philippines (Cost $73,176) | Total Philippines (Cost $73,176) | 74948 |
| POLAND 6.6% | POLAND 6.6% | POLAND 6.6% |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  1.750% due 04/25/2032 (k) | 39900 | 8075 |
|  2.750% due 10/25/2029 (k) | 36800 | 8560 |
|  4.750% due 07/25/2029 (k) | 85800 | 21714 |
|  5.000% due 01/25/2030 | 25800 | 6566 |
|  5.750% due 04/25/2029 (k) | 136300 | 35835 |
|  6.000% due 10/25/2033 (k) | 47000 | 12415 |
|  Total Poland (Cost $88,149) | Total Poland (Cost $88,149) | 93165 |
| QATAR 0.3% | QATAR 0.3% | QATAR 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
|  4.875% due 02/27/2035 | 3400 | 3458 |
|  Total Qatar (Cost $3,380) | Total Qatar (Cost $3,380) | 3458 |
| ROMANIA 1.9% | ROMANIA 1.9% | ROMANIA 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  4.250% due 04/28/2036 (k) | 56500 | 9523 |
|  4.750% due 10/11/2034 (k) | 6600 | 1184 |
|  5.000% due 02/12/2029 (k) | 10300 | 2077 |
|  5.250% due 03/10/2030 | 2300 | 2507 |
|  7.350% due 04/28/2031 (k) | 49400 | 10748 |
|  Total Romania (Cost $25,583) | Total Romania (Cost $25,583) | 26039 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 93

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SERBIA 1.1% | SERBIA 1.1% | SERBIA 1.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Mercury Projects Finance PLC | Mercury Projects Finance PLC | Mercury Projects Finance PLC |
|  0.400% - 6.668% (EUR006M + 4.200%) due 08/11/2030 «~ | 3400 | 3785 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  4.500% due 08/20/2032 | 345400 | 3128 |
|  Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds |
|  5.250% due 07/27/2035 | 884800 | 8216 |
|  |  | 11344 |
|  Total Serbia (Cost $15,317) | Total Serbia (Cost $15,317) | 15129 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1800 | 1884 |
|  Total Singapore (Cost $1,769) | Total Singapore (Cost $1,769) | 1884 |
| SOUTH AFRICA 8.4% | SOUTH AFRICA 8.4% | SOUTH AFRICA 8.4% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |
|  0.000% due 08/18/2027 (e) | 143600 | 5447 |
|  0.000% due 12/31/2032 (e) | 363100 | 6321 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.000% due 03/30/2029 | 103000 | 5372 |
|  |  | 17140 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.558% (JIBA3M + 4.000%) due 03/02/2028 «~ | 53314 | 2879 |
| SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  6.250% due 03/31/2036 (k) | 185500 | 7171 |
|  6.500% due 02/28/2041 | 106200 | 3738 |
|  6.500% due 02/28/2041 (k) | 500 | 18 |
|  7.000% due 02/28/2031 | 159327 | 7717 |
|  8.000% due 01/31/2030 | 47250 | 2470 |
|  8.250% due 03/31/2032 (k) | 85900 | 4309 |
|  8.500% due 01/31/2037 | 647500 | 29372 |
|  8.750% due 01/31/2044 | 89000 | 3802 |
|  8.750% due 02/28/2048 | 134700 | 5699 |
|  8.875% due 02/28/2035 (k) | 63900 | 3120 |
|  9.000% due 01/31/2040 | 636400 | 28703 |
|  10.875% due 03/31/2038 (k) | 50500 | 2707 |
|  |  | 98826 |
|  Total South Africa (Cost $134,323) | Total South Africa (Cost $134,323) | 118845 |
| SUPRANATIONAL 1.7% | SUPRANATIONAL 1.7% | SUPRANATIONAL 1.7% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 11/15/2029 | 58700 | 13686 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  7.050% due 07/22/2029 | 853500 | 10120 |
|  Total Supranational (Cost $23,719) | Total Supranational (Cost $23,719) | 23806 |
| TANZANIA 0.2% | TANZANIA 0.2% | TANZANIA 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  The Ministry of Finance and Planning, Government of the United Republic of Tanzania | The Ministry of Finance and Planning, Government of the United Republic of Tanzania | The Ministry of Finance and Planning, Government of the United Republic of Tanzania |
|  8.320% (EUR006M + 5.400%) due 04/26/2028 «~ | 2800 | 3040 |
|  Total Tanzania (Cost $3,284) | Total Tanzania (Cost $3,284) | 3040 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| THAILAND 2.4% | THAILAND 2.4% | THAILAND 2.4% |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.000% due 06/17/2042 | 103190 | 2847 |
|  2.875% due 06/17/2046 | 23000 | 712 |
|  2.980% due 06/17/2045 | 80785 | 2550 |
|  3.400% due 06/17/2036 | 43300 | 1441 |
|  3.450% due 06/17/2043 | 665407 | 22294 |
|  4.000% due 06/17/2055 | 116120 | 4340 |
|  Total Thailand (Cost $33,347) | Total Thailand (Cost $33,347) | 34184 |
| TURKEY 3.1% | TURKEY 3.1% | TURKEY 3.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.931% (EUR006M + 3.450%) due 08/11/2026 ~ | 8300 | 8969 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.785% (EUR003M + 3.000%) due 12/15/2028 «~ | 1600 | 1717 |
|  |  | 10686 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  7.125% due 02/12/2032 | 2300 | 2264 |
|  26.200% due 10/05/2033 | 348200 | 7854 |
|  27.700% due 09/27/2034 | 209900 | 4955 |
|  45.031% due 05/20/2026 ~ | 16300 | 431 |
|  45.031% due 08/19/2026 ~ | 27000 | 700 |
|  45.031% due 05/17/2028 ~ | 643400 | 16038 |
|  |  | 32242 |
|  Total Turkey (Cost $50,605) | Total Turkey (Cost $50,605) | 42928 |
| UGANDA 0.2% | UGANDA 0.2% | UGANDA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  15.800% due 06/23/2039 | 12494600 | 3193 |
|  Total Uganda (Cost $3,211) | Total Uganda (Cost $3,211) | 3193 |
| UKRAINE 0.2% | UKRAINE 0.2% | UKRAINE 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ukraine Government International Bond | Ukraine Government International Bond | Ukraine Government International Bond |
|  0.000% due 02/01/2030 þ(f) | 280 | 144 |
|  0.000% due 02/01/2034 þ(f) | 1045 | 415 |
|  0.000% due 02/01/2036 þ(f) | 736 | 406 |
|  1.750% due 02/01/2029 þ | 529 | 344 |
|  1.750% due 02/01/2035 þ | 1441 | 757 |
|  1.750% due 02/01/2036 þ | 1600 | 828 |
|  Total Ukraine (Cost $2,506) | Total Ukraine (Cost $2,506) | 2894 |
| UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  NMC Healthcare LLC | NMC Healthcare LLC | NMC Healthcare LLC |
|  10.855% (US0003M + 6.000%) due 03/25/2027 «~ | 9388 | 2559 |
|  Total United Arab Emirates (Cost $2,593) | Total United Arab Emirates (Cost $2,593) | 2559 |
| UNITED KINGDOM 1.6% | UNITED KINGDOM 1.6% | UNITED KINGDOM 1.6% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 19470 | 13731 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  0.000% due 05/06/2025 «(e) | 364200 | 1186 |
|  0.000% due 12/01/2025 «(e) | 425600 | 1299 |
|  0.000% due 06/02/2025 «(e) | 402700 | 1300 |
|  0.000% due 11/03/2025 «(e) | 382500 | 1174 |
|  |  | 18690 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.415% due 01/17/2059 •  | 1374 | 1778 |
|  Rochester Financing PLC | Rochester Financing PLC | Rochester Financing PLC |
|  5.159% due 12/18/2044 •  | 1016 | 1310 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.178% due 12/20/2063 •  | 507 | 655 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  0.000% due 12/21/2049 (e) | 0 | 715 |
|  |  | 4458 |
|  Total United Kingdom (Cost $21,638) | Total United Kingdom (Cost $21,638) | 23148 |
| UNITED STATES 11.2% | UNITED STATES 11.2% | UNITED STATES 11.2% |
| ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.275% due 08/25/2036 ~ | 1096 | 1087 |
|  5.335% due 03/25/2034 •  | 437 | 451 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  2.831% due 01/25/2036 þ | 1637 | 1388 |
|  4.554% due 07/25/2037 ~ | 9 | 6 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.525% due 01/25/2037 ~ | 888 | 532 |
|  4.735% due 12/25/2036 ~ | 994 | 983 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.957% due 01/25/2036 þ | 2770 | 2448 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.185% due 09/25/2035 ~ | 1669 | 1653 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.915% due 12/25/2036 ~ | 3011 | 1043 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.755% due 08/25/2036 ~ | 1013 | 996 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  4.130% due 05/14/2035 | 7300 | 7266 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.655% due 04/25/2037 ~ | 351 | 235 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.675% due 05/25/2037 ~ | 4324 | 3819 |
|  |  | 21907 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 224 | 231 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(j) | 5000 | 5101 |
|  |  | 5332 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Finance Ministry Angola | Finance Ministry Angola | Finance Ministry Angola |
|  13.500% (PRIME + 6.000%) due 12/11/2025 «~ | 3900 | 3900 |
|  Ziraat Bank | Ziraat Bank | Ziraat Bank |
|  7.399% due 06/15/2034 « | 4300 | 4199 |
|  |  | 8099 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 363 | 323 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  0.909% due 01/25/2066 ~ | 2728 | 2329 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 •  | 11 | 10 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.211% due 05/26/2037 ~ | 1968 | 1752 |
|  4.775% due 01/25/2037 •  | 153 | 141 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.526% due 02/25/2036 •  | 30 | 28 |
|  5.172% due 01/25/2035 •  | 3 | 3 |

---

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.052% due 04/25/2037 ~ | 5620 | 3921 |
|  4.259% due 08/25/2036 ~ | 244 | 165 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.821% due 09/25/2037 •  | 2342 | 2163 |
|  5.607% due 07/25/2046 •  | 22 | 21 |
|  6.760% due 03/25/2034 •  | 4 | 4 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 43 | 38 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.933% due 09/25/2047 •  | 14 | 12 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.857% due 11/25/2034 ~ | 131 | 124 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.875% due 06/25/2045 ~ | 40 | 36 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2036 ~ | 177 | 143 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.665% due 11/25/2035 •  | 57 | 29 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.023% due 08/19/2036 ~ | 1 | 1 |
|  6.635% due 10/19/2035 •  | 295 | 149 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ | 64 | 61 |
|  5.730% due 01/25/2033 þ | 205 | 207 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.795% due 02/25/2037 ~ | 830 | 806 |
|  5.075% due 07/25/2045 •  | 95 | 76 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.416% due 06/25/2036 ~ | 160 | 110 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  2.500% due 03/25/2056 | 132 | 129 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.795% due 12/25/2036 ~ | 8 | 8 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.283% due 06/25/2036 •  | 6 | 6 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  6.340% due 06/25/2036 þ | 7771 | 2115 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  5.544% due 10/25/2037 •  | 832 | 670 |
|  5.638% due 02/25/2036 •  | 80 | 69 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 01/25/2046 ~ | 128 | 36 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.801% due 01/20/2047 ~ | 15 | 11 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.342% due 03/25/2036 ~ | 33 | 26 |
|  6.035% due 01/25/2035 ~ | 26 | 23 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.735% due 02/25/2037 •  | 947 | 904 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.540% due 01/25/2037 þ | 1256 | 276 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 •  | 142 | 126 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  7.962% due 11/15/2034 «(j) | 2200 | 2154 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.846% due 01/25/2037 •  | 39 | 34 |
|  4.356% due 12/25/2036 •  | 25 | 23 |
|  4.805% due 05/25/2034 ~ | 172 | 159 |
|  4.834% due 09/25/2036 •  | 32 | 27 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  7.424% due 10/25/2036 •  | 375 | 357 |
|  |  | 19805 |
| SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% | SOVEREIGN ISSUES 7.2% |
|  Columbia Government International Bond | Columbia Government International Bond | Columbia Government International Bond |
|  0.000% due 11/03/2027 | 188183400 | 40863 |
|  0.000% due 04/28/2028 | 224045700 | 47660 |
|  0.000% due 09/18/2030 | 25461000 | 5234 |
|  0.000% due 06/30/2032 | 15080000 | 2777 |
|  0.000% due 02/09/2033 | 18135700 | 4579 |
|  |  | 101113 |
|  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil 'D' - Exp. 06/10/2071 «(j) | 1 | 0 |
|  Total United States (Cost $162,850) | Total United States (Cost $162,850) | 156256 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| URUGUAY 0.2% | URUGUAY 0.2% | URUGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
|  8.250% due 05/21/2031 | 39100 | 875 |
|  9.750% due 07/20/2033 | 69600 | 1674 |
|  Total Uruguay (Cost $2,506) | Total Uruguay (Cost $2,506) | 2549 |
| UZBEKISTAN 0.4% | UZBEKISTAN 0.4% | UZBEKISTAN 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 1300 | 1354 |
|  21.000% due 07/24/2027 | 43460000 | 3476 |
|  |  | 4830 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
|  16.625% due 05/29/2027 | 9770000 | 767 |
|  Total Uzbekistan (Cost $5,513) | Total Uzbekistan (Cost $5,513) | 5597 |
| VENEZUELA 0.1% | VENEZUELA 0.1% | VENEZUELA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  9.250% due 09/15/2027 ^(b) | 4300 | 903 |
|  Total Venezuela (Cost $643) | Total Venezuela (Cost $643) | 903 |
| ZAMBIA 0.2% | ZAMBIA 0.2% | ZAMBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Zambia Government International Bond | Zambia Government International Bond | Zambia Government International Bond |
|  11.000% due 04/27/2025 | 6600 | 235 |
|  12.000% due 07/04/2025 | 19134 | 682 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  12.000% due 05/03/2028 |  | 3600 | $— | 109 |
|  13.000% due 01/25/2031 |  | 34329 |  | 963 |
|  22.000% due 01/22/2029 |  | 3100 |  | 117 |
|  23.000% due 01/22/2031 |  | 26200 |  | 1048 |
|  Total Zambia (Cost $3,339) | Total Zambia (Cost $3,339) | Total Zambia (Cost $3,339) |  | 3154 |
|  | **SHARES** | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (i) |  | 3993737 |  | 3994 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| NIGERIA TREASURY BILLS 1.6% | NIGERIA TREASURY BILLS 1.6% | NIGERIA TREASURY BILLS 1.6% | NIGERIA TREASURY BILLS 1.6% | NIGERIA TREASURY BILLS 1.6% |
|  27.143% due 04/01/2025 - 12/02/2025 (d)(e) |  | 36460021 |  | 22440 |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  4.296% due 04/10/2025 - 06/26/2025 (d)(e)(n) | $— | 4243 |  | 4216 |
|  Total Short-Term Instruments<br> (Cost $30,604) | Total Short-Term Instruments<br> (Cost $30,604) | Total Short-Term Instruments<br> (Cost $30,604) |  | 30650 |
| Total Investments in Securities<br>(Cost $1,542,889) | Total Investments in Securities<br>(Cost $1,542,889) | Total Investments in Securities<br>(Cost $1,542,889) |  | 1517563 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% |
| SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% |
|  PIMCO Short Asset Portfolio |  | 3508492 |  | 34348 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 4647602 |  | 45240 |
| Total Short-Term Instruments<br>(Cost $80,272) | Total Short-Term Instruments<br>(Cost $80,272) | Total Short-Term Instruments<br>(Cost $80,272) |  | 79588 |
| Total Investments in Affiliates<br>(Cost $80,272) | Total Investments in Affiliates<br>(Cost $80,272) | Total Investments in Affiliates<br>(Cost $80,272) |  | 79588 |
| Total Investments 113.7%<br>(Cost $1,623,161) | Total Investments 113.7%<br>(Cost $1,623,161) | Total Investments 113.7%<br>(Cost $1,623,161) | $— | 1597151 |
|  Financial Derivative<br>Instruments (l)(m) 0.6%<br> (Cost or Premiums, net $(15275)) | Financial Derivative<br>Instruments (l)(m) 0.6%<br> (Cost or Premiums, net $(15275)) | Financial Derivative<br>Instruments (l)(m) 0.6%<br> (Cost or Premiums, net $(15275)) |  | 7730 |
| Other Assets and Liabilities, net (14.3)% | Other Assets and Liabilities, net (14.3)% | Other Assets and Liabilities, net (14.3)% |  | (200367) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 1404514 |

---

#### 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).

---

| | |
|:---|:---|
| ~ | 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

(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) Security becomes interest bearing at a future date.

(g) Principal amount of security is adjusted for inflation.

(h) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(j) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil 'D' - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Drillco Holding Lux SA | 06/08/2023 | 206 | 259 | 0.02 |
|  Turkeys First National Bank 7.962% due 11/15/2034 | 09/18/2024 | 2200 | 2154 | 0.15 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 5000 | 5101 | 0.36 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514 | 0.53% |

---

#### 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 | 5.700% | 02/12/2025 | TBD<sup>(2)</sup> | (49537) | $(10841) |
|  | 5.950 | 04/01/2025 | 04/02/2025 | (78515) | (20273) |
|  | 5.980 | 03/25/2025 | 04/01/2025 | (78102) | (20189) |
|  BRC | 3.850 | 02/07/2025 | TBD<sup>(2)</sup> | (427290) | (18614) |
|  | 3.850 | 03/12/2025 | TBD<sup>(2)</sup> | (81554) | (3541) |
|  | 4.550 | 01/08/2025 | TBD<sup>(2)</sup> | $(1591) | (1608) |
|  | 5.850 | 10/24/2024 | TBD<sup>(2)</sup> | (25212) | (6672) |
|  | 5.850 | 12/17/2024 | TBD<sup>(2)</sup> | (9727) | (2553) |
|  | 5.850 | 01/07/2025 | TBD<sup>(2)</sup> | (6864) | (1796) |
|  GSC | 5.950 | 03/28/2025 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37341) | (9648) |
|  JML | 4.280 | 03/07/2025 | TBD<sup>(2)</sup> | $(3554) | (3565) |
|  MBC | 5.700 | 02/04/2025 | TBD<sup>(2)</sup> | (51150) | (11208) |
|  | 5.700 | 02/05/2025 | TBD<sup>(2)</sup> | (5107) | (1119) |
|  | 5.830 | 02/12/2025 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135324) | (35210) |
|  | 5.850 | 06/24/2024 | TBD<sup>(2)</sup> | (13013) | (3509) |
|  | 5.850 | 07/01/2024 | TBD<sup>(2)</sup> | (7817) | (2104) |
|  | 6.500 | 03/05/2025 | TBD<sup>(2)</sup> | (466757) | (1259) |
|  | 7.600 | 03/07/2025 | TBD<sup>(2)</sup> | (54240) | (2974) |
|  | 7.650 | 02/28/2025 | TBD<sup>(2)</sup> | (77955) | (4281) |
|  | 7.650 | 03/07/2025 | TBD<sup>(2)</sup> | (65349) | (3583) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164547) |

---

#### SHORT SALES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(3)</sup> |
|  United States (3.7)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (3.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000% | 11/03/2027 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124092800 | $(27084) | $(27658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000 | 04/28/2028 |  | 49042100 | (10528) | (11094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000 | 04/28/2028 |  | 41349900 | (8824) | (9352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Government International Bond | 1.000 | 09/18/2030 |  | 20252100 | (4225) | (4395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign Issues |  |  |  |  | (40133) | (41405) |
|  Total Short Sales (3.7)% |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50661) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52499) |

---

96 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | 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 | Global/Master Repurchase Agreement |
|  BPS | $0 | $(51303) | $0 | $0 | $(51303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31437 | $(19866) |
|  BRC | 0 | (34784) | 0 | 0 | (34784) | 36071 | 1287 |
|  GSC | 0 | (9648) | 0 | 0 | (9648) | 9774 | 126 |
|  JML | 0 | (3565) | 0 | 0 | (3565) | 3572 | 7 |
|  MBC | 0 | (65247) | 0 | 0 | (65247) | 66354 | 1107 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BSH | 0 | 0 | 0 | (4395) | (4395) | 0 | (4395) |
|  BOA | 0 | 0 | 0 | (11094) | (11094) | 0 | (11094) |
|  CBK | 0 | 0 | 0 | (27658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27658) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27658) |
|  GLM | 0 | 0 | 0 | (9352) | (9352) | 0 | (9352) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164547) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52499) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(1608) | $(1608) |
|  Sovereign Issues | (20189) | 0 | 0 | (122477) | (142666) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20189) | $&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;(124085) | $(144274) |
|  Payable for reverse repurchase agreements <sup>(5)</sup> | Payable for reverse repurchase agreements <sup>(5)</sup> | Payable for reverse repurchase agreements <sup>(5)</sup> | Payable for reverse repurchase agreements <sup>(5)</sup> | Payable for reverse repurchase agreements <sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144274) |

---

(k) Securities with an aggregate market value of $146,905 and cash of $343 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(136269) at a weighted average interest rate of 6.172%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Payable for short sales includes $(2160) of accrued interest. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(20273) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 278 | $38726 | $(704) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | $(3) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | 0 | (9) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1535 | 166020 | 636 | 0 | (48) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 51 | 5672 | 115 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 19 | 2168 | 50 | 2 | 0 |
|  |  |  |  | $1191 | $150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BTP June Futures  | 06/2025 | 297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37741) | $598 | $45 | $(99) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 5 | (586) | (14) | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 63 | (7702) | (35) | 0 | (28) |
|  |  |  |  | $549 | $45 | $(128) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 97

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | 600 | $3 | $0 | $3 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.393 | $100 | 1 | 0 | 1 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | 54 | (9) | 45 | 0 | (2) |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.513 | 200 | 2 | 0 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000% | Annual | 09/17/2027 | 36200 | $55 | $(8) | $47 | $57 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 700 | (19) | (2) | (21) | 3 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2030 | 63200 | (250) | 189 | (61) | 0 | (317) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 1500 | (93) | (12) | (105) | 14 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 8800 | 84 | 77 | 161 | 0 | (87) |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.250 | Annual | 09/17/2055 | 17600 | (293) | (374) | (667) | 305 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.621 | Semi-Annual | 12/20/2028 | 663660 | (36) | (155) | (191) | 1 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.008 | Semi-Annual | 12/05/2029 | 1368450 | 0 | (38) | (38) | 3 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | 3264600 | (120) | (53) | (173) | 3 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.025 | Semi-Annual | 12/18/2034 | 1094200 | 54 | (59) | (5) | 7 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 3.322 | Semi-Annual | 12/20/2028 | 15840 | (117) | (367) | (484) | 0 | (35) |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 03/19/2030 | 4170 | 22 | 48 | 70 | 11 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.770 | Quarterly | 12/20/2028 | 156500 | (153) | (62) | (215) | 0 | (16) |
|  Receive | 1-Day THB-THOR Compounded-OIS | 1.739 | Quarterly | 06/18/2030 | 394000 | 0 | (113) | (113) | 0 | (51) |
|  Pay | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 09/17/2030 | 1083890 | 543 | 149 | 692 | 141 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.772 | Quarterly | 12/18/2034 | 95650 | (89) | (144) | (233) | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 12/18/2025 | $2400 | 14 | 14 | 28 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 03/31/2027 | 230700 | (1671) | (109) | (1780) | 0 | (27) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 223600 | (1792) | 194 | (1598) | 18 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 29400 | (28) | (87) | (115) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 49200 | 1148 | 83 | 1231 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 40600 | 93 | (162) | (69) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2029 | 96200 | 3858 | (1540) | 2318 | 0 | (55) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2029 | 1600 | (28) | 7 | (21) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 237393 | (5916) | 4765 | (1151) | 165 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 95900 | 1500 | (1018) | 482 | 0 | (64) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 137000 | (2330) | (296) | (2626) | 0 | (113) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 197600 | (1042) | 586 | (456) | 0 | (181) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 30500 | (137) | 214 | 77 | 29 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.132 | Annual | 01/13/2030 | 36400 | (78) | 828 | 750 | 37 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 58200 | (2918) | 1166 | (1752) | 57 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 63000 | (1397) | 330 | (1067) | 72 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 44300 | 12 | 289 | 301 | 61 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1100 | (14) | 8 | (6) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 42300 | 905 | (697) | 208 | 0 | (69) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 19960 | (433) | 24 | (409) | 53 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 790 | 1 | (1) | 0 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 900 | (3) | (1) | (4) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 1100 | 8 | (2) | 6 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 1200 | 12 | (2) | 10 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 500 | 7 | (1) | 6 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2034 | 9800 | (678) | 309 | (369) | 27 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 2300 | (9) | (35) | (44) | 0 | (7) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 3500 | (159) | 32 | (127) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 48520 | 1815 | (1386) | 429 | 0 | (140) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 1800 | (6) | (17) | (23) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 1500 | (5) | (23) | (28) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 3500 | (11) | (1) | (12) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6000 | (119) | 134 | 15 | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 30450 | 737 | (832) | (95) | 94 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 19600 | 1319 | (471) | 848 | 0 | (61) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 53300 | 2552 | (336) | 2216 | 0 | (175) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 12300 | (133) | 134 | 1 | 43 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2036 | 1900 | 33 | (19) | 14 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 400 | 16 | (13) | 3 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870% | Annual | 10/17/2053 | $1200 | $47 | $(40) | $7 | $9 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1600 | 109 | 53 | 162 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 25050 | 1596 | 29 | 1625 | 0 | (184) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 100 | 4 | 2 | 6 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 17600 | (819) | (165) | (984) | 131 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.086 | Annual | 01/13/2055 | 9600 | 10 | (491) | (481) | 0 | (78) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 24700 | (3343) | 940 | (2403) | 180 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 14600 | 868 | (165) | 703 | 0 | (113) |
|  Pay | 1-Year BRL-CDI | 9.808 | Maturity | 01/02/2026 | 259400 | (11) | (2185) | (2196) | 30 | 0 |
|  Receive | 1-Year BRL-CDI | 10.164 | Maturity | 01/02/2026 | 12690 | 8 | 108 | 116 | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 10.529 | Maturity | 01/02/2026 | 156500 | (237) | 1304 | 1067 | 0 | (18) |
|  Pay | 1-Year BRL-CDI | 10.691 | Maturity | 01/02/2026 | 210800 | 476 | (1748) | (1272) | 24 | 0 |
|  Pay | 1-Year BRL-CDI | 6.151 | Maturity | 01/04/2027 | 245300 | (2420) | (8311) | (10731) | 80 | 0 |
|  Pay | 1-Year BRL-CDI | 8.654 | Maturity | 01/04/2027 | 66920 | 50 | (920) | (870) | 20 | 0 |
|  Receive | 1-Year BRL-CDI | 9.783 | Maturity | 01/04/2027 | 259000 | 63 | 3579 | 3642 | 0 | (78) |
|  Pay | 1-Year BRL-CDI | 9.795 | Maturity | 01/04/2027 | 89400 | 0 | (1240) | (1240) | 27 | 0 |
|  Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 75600 | 0 | (1023) | (1023) | 23 | 0 |
|  Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 68800 | 0 | (927) | (927) | 21 | 0 |
|  Receive | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 116900 | 0 | 1593 | 1593 | 0 | (35) |
|  Pay | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 96900 | 0 | (1327) | (1327) | 29 | 0 |
|  Pay | 1-Year BRL-CDI | 9.842 | Maturity | 01/04/2027 | 129700 | 0 | (1743) | (1743) | 39 | 0 |
|  Pay | 1-Year BRL-CDI | 10.076 | Maturity | 01/04/2027 | 214200 | (187) | (2968) | (3155) | 65 | 0 |
|  Pay | 1-Year BRL-CDI | 10.225 | Maturity | 01/04/2027 | 49450 | 0 | (588) | (588) | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 10.235 | Maturity | 01/04/2027 | 49450 | 0 | (586) | (586) | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 10.565 | Maturity | 01/04/2027 | 66900 | 0 | (710) | (710) | 20 | 0 |
|  Pay | 1-Year BRL-CDI | 10.602 | Maturity | 01/04/2027 | 59400 | 74 | (815) | (741) | 18 | 0 |
|  Receive | 1-Year BRL-CDI | 10.671 | Maturity | 01/04/2027 | 137300 | 0 | 1403 | 1403 | 0 | (41) |
|  Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | 34200 | (113) | 465 | 352 | 0 | (10) |
|  Pay | 1-Year BRL-CDI | 10.792 | Maturity | 01/04/2027 | 147400 | 470 | (2005) | (1535) | 44 | 0 |
|  Receive | 1-Year BRL-CDI | 10.880 | Maturity | 01/04/2027 | 227600 | 0 | 2153 | 2153 | 0 | (68) |
|  Receive | 1-Year BRL-CDI | 10.943 | Maturity | 01/04/2027 | 104900 | 0 | 973 | 973 | 0 | (31) |
|  Pay | 1-Year BRL-CDI | 10.980 | Maturity | 01/04/2027 | 113500 | 0 | (1032) | (1032) | 34 | 0 |
|  Pay | 1-Year BRL-CDI | 11.064 | Maturity | 01/04/2027 | 81100 | 359 | (1096) | (737) | 24 | 0 |
|  Receive | 1-Year BRL-CDI | 11.133 | Maturity | 01/04/2027 | 96200 | 0 | 832 | 832 | 0 | (29) |
|  Pay | 1-Year BRL-CDI | 11.169 | Maturity | 01/04/2027 | 148000 | 97 | (2036) | (1939) | 45 | 0 |
|  Receive | 1-Year BRL-CDI | 11.513 | Maturity | 01/04/2027 | 83900 | 0 | 639 | 639 | 0 | (25) |
|  Receive | 1-Year BRL-CDI | 11.560 | Maturity | 01/04/2027 | 66300 | 0 | 495 | 495 | 0 | (20) |
|  Receive | 1-Year BRL-CDI | 11.600 | Maturity | 01/04/2027 | 139600 | 0 | 993 | 993 | 0 | (41) |
|  Receive | 1-Year BRL-CDI | 11.603 | Maturity | 01/04/2027 | 162200 | 0 | 1153 | 1153 | 0 | (48) |
|  Receive | 1-Year BRL-CDI | 11.736 | Maturity | 01/04/2027 | 210100 | 0 | 1395 | 1395 | 0 | (62) |
|  Pay | 1-Year BRL-CDI | 14.995 | Maturity | 01/04/2027 | 121900 | 0 | 42 | 42 | 35 | 0 |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/03/2028 | 51000 | 0 | (467) | (467) | 22 | 0 |
|  Pay | 1-Year BRL-CDI | 10.044 | Maturity | 01/02/2029 | 68500 | (230) | (1115) | (1345) | 29 | 0 |
|  Pay | 1-Year BRL-CDI | 10.386 | Maturity | 01/02/2029 | 3500 | 1 | (67) | (66) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 11.490 | Maturity | 01/02/2029 | 51300 | 0 | (617) | (617) | 20 | 0 |
|  Pay | 1-Year BRL-CDI | 11.523 | Maturity | 01/02/2029 | 97000 | 0 | (1137) | (1137) | 38 | 0 |
|  Pay | 1-Year BRL-CDI | 11.655 | Maturity | 01/02/2029 | 155200 | 0 | (1723) | (1723) | 60 | 0 |
|  Pay | 1-Year BRL-CDI | 11.730 | Maturity | 01/02/2029 | 58600 | 0 | (643) | (643) | 23 | 0 |
|  Receive | 1-Year BRL-CDI | 12.243 | Maturity | 01/02/2029 | 123300 | 0 | 1072 | 1072 | 0 | (47) |
|  Receive | 1-Year BRL-CDI | 12.255 | Maturity | 01/02/2029 | 55700 | 0 | 486 | 486 | 0 | (21) |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2029 | 157200 | 0 | 1027 | 1027 | 0 | (58) |
|  Receive | 1-Year BRL-CDI | 14.087 | Maturity | 01/02/2029 | 34300 | 0 | 49 | 49 | 0 | (12) |
|  Pay | 1-Year BRL-CDI | 14.185 | Maturity | 01/02/2029 | 125300 | 0 | (179) | (179) | 44 | 0 |
|  Pay | 1-Year BRL-CDI | 14.213 | Maturity | 01/02/2029 | 67300 | 0 | (89) | (89) | 24 | 0 |
|  Receive | 1-Year BRL-CDI | 14.245 | Maturity | 01/02/2029 | 32200 | 0 | 41 | 41 | 0 | (11) |
|  Receive | 1-Year BRL-CDI | 14.524 | Maturity | 01/02/2029 | 130000 | 0 | 15 | 15 | 0 | (45) |
|  Pay | 1-Year BRL-CDI | 14.570 | Maturity | 01/02/2029 | 53500 | 0 | (4) | (4) | 19 | 0 |
|  Pay | 1-Year BRL-CDI | 15.036 | Maturity | 01/02/2029 | 75300 | 0 | 138 | 138 | 26 | 0 |
|  Receive | 1-Year BRL-CDI | 11.900 | Maturity | 01/03/2033 | 26000 | 0 | 357 | 357 | 0 | (10) |
|  Pay | 1-Year BRL-CDI | 11.940 | Maturity | 01/03/2033 | 19900 | 0 | (268) | (268) | 8 | 0 |
|  Receive | 3-Month CNY-CNREPOFIX | 2.405 | Quarterly | 12/20/2028 | 249100 | (855) | (145) | (1000) | 0 | (2) |
|  Pay<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 662400 | (353) | 72 | (281) | 0 | (12) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/04/2026 | 62555000 | 0 | 15 | 15 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.540 | Quarterly | 04/05/2026 | 32313000 | 0 | 4 | 4 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/09/2026 | 9001000 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.515 | Quarterly | 04/09/2026 | 17916600 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 04/10/2026 | 8967200 | 0 | (1) | (1) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.600 | Quarterly | 04/11/2026 | 41755100 | 0 | 4 | 4 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.653 | Quarterly | 04/11/2026 | 25340400 | 0 | 6 | 6 | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.860 | Quarterly | 04/12/2026 | 30589000 | 0 | 26 | 26 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.920 | Quarterly | 04/12/2026 | 30589000 | 0 | 31 | 31 | 3 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **99** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.050% | Quarterly | 04/15/2026 | COP | 16539400 | $0 | $23 | $23 | $1 | $0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 06/17/2026 |  | 86840700 | 0 | (52) | (52) | 0 | (7) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 06/20/2026 |  | 31103400 | 0 | 14 | 14 | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.470 | Quarterly | 06/21/2026 |  | 51160000 | 0 | 6 | 6 | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 03/19/2027 |  | 88918000 | 0 | (94) | (94) | 12 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.405 | Quarterly | 03/19/2027 |  | 20509500 | 0 | (1) | (1) | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.480 | Quarterly | 03/19/2027 |  | 5553400 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.260 | Quarterly | 12/26/2027 |  | 84358600 | 0 | 85 | 85 | 0 | (19) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.280 | Quarterly | 12/26/2027 |  | 48932400 | 0 | 43 | 43 | 0 | (11) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.565 | Quarterly | 12/30/2027 |  | 28972200 | 0 | (23) | (23) | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.900 | Quarterly | 04/28/2028 |  | 59264300 | 0 | 239 | 239 | 0 | (16) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.970 | Quarterly | 04/28/2028 |  | 24095100 | 0 | 85 | 85 | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/28/2028 |  | 24059200 | 0 | 56 | 56 | 0 | (7) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.820 | Quarterly | 06/05/2028 |  | 30026100 | 370 | (300) | 70 | 9 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 08/09/2028 |  | 13577000 | 0 | 108 | 108 | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.050 | Quarterly | 10/03/2028 |  | 13847600 | 213 | (158) | 55 | 5 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.215 | Quarterly | 11/14/2028 |  | 4936200 | 4 | (16) | (12) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.530 | Quarterly | 01/02/2029 |  | 10363500 | (41) | (46) | (87) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.290 | Quarterly | 01/22/2029 |  | 34958000 | (7) | (353) | (360) | 12 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.152 | Quarterly | 04/25/2029 |  | 50802100 | 0 | (184) | (184) | 20 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.370 | Quarterly | 04/26/2029 |  | 54068000 | 0 | 96 | 96 | 0 | (22) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.085 | Quarterly | 05/16/2029 |  | 30805200 | 0 | (128) | (128) | 12 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.910 | Quarterly | 05/17/2029 |  | 37372100 | 0 | 211 | 211 | 0 | (15) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.360 | Quarterly | 05/31/2029 |  | 32868700 | 0 | 60 | 60 | 0 | (14) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.415 | Quarterly | 06/04/2029 |  | 46829800 | 0 | 64 | 64 | 0 | (20) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 06/12/2029 |  | 25387200 | 0 | 125 | 125 | 0 | (11) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.168 | Quarterly | 06/17/2029 |  | 24098800 | 0 | (83) | (83) | 10 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.090 | Quarterly | 06/21/2029 |  | 9863500 | 0 | 40 | 40 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.155 | Quarterly | 06/24/2029 |  | 18927300 | 0 | 67 | 67 | 0 | (8) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.180 | Quarterly | 07/05/2029 |  | 16000000 | 0 | (61) | (61) | 7 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.770 | Quarterly | 07/18/2029 |  | 77771500 | 0 | (579) | (579) | 33 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.010 | Quarterly | 07/30/2029 |  | 8539500 | 0 | 45 | 45 | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.390 | Quarterly | 09/05/2029 |  | 30014800 | 0 | (322) | (322) | 14 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.400 | Quarterly | 09/09/2029 |  | 14352800 | 0 | (153) | (153) | 7 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.105 | Quarterly | 09/26/2029 |  | 13386000 | 0 | (177) | (177) | 6 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.140 | Quarterly | 09/26/2029 |  | 15068000 | 0 | (194) | (194) | 7 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.170 | Quarterly | 09/27/2029 |  | 12807100 | 0 | (161) | (161) | 6 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.110 | Quarterly | 10/02/2029 |  | 39060000 | 0 | (558) | (558) | 18 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.760 | Quarterly | 11/21/2029 |  | 34948500 | 0 | (281) | (281) | 18 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.765 | Quarterly | 12/05/2029 |  | 8720800 | 0 | (70) | (70) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.750 | Quarterly | 12/18/2029 |  | 27658300 | 0 | (224) | (224) | 14 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.300 | Quarterly | 12/20/2029 |  | 16819300 | 0 | 51 | 51 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.340 | Quarterly | 12/20/2029 |  | 26467400 | 0 | 70 | 70 | 0 | (14) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.435 | Quarterly | 12/23/2029 |  | 19845600 | 0 | 35 | 35 | 0 | (11) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.475 | Quarterly | 12/23/2029 |  | 9451500 | 0 | 13 | 13 | 0 | (5) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.250 | Quarterly | 03/19/2030 |  | 14947000 | 0 | (58) | (58) | 9 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 03/19/2030 |  | 19796200 | 0 | (29) | (29) | 12 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.540 | Quarterly | 03/19/2030 |  | 39236100 | 0 | 43 | 43 | 0 | (23) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.611 | Quarterly | 03/19/2030 |  | 24427500 | 0 | (10) | (10) | 15 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 03/19/2030 |  | 8442000 | 0 | 0 | 0 | 5 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.687 | Quarterly | 03/19/2030 |  | 21823900 | 0 | 7 | 7 | 13 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.790 | Quarterly | 03/19/2030 |  | 16851000 | 0 | 22 | 22 | 10 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.535 | Quarterly | 06/18/2030 |  | 30470700 | 0 | (37) | (37) | 19 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.020 | Quarterly | 12/04/2030 |  | 2958600 | (24) | 47 | 23 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.155 | Quarterly | 01/15/2031 |  | 34133000 | 1326 | 428 | 1754 | 0 | (19) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.115 | Quarterly | 02/01/2031 |  | 13423000 | 527 | (248) | 279 | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 5.950 | Quarterly | 03/26/2031 |  | 6198160 | 108 | 83 | 191 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.705 | Quarterly | 03/26/2031 |  | 14268750 | (63) | 229 | 166 | 0 | (10) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.540 | Quarterly | 08/09/2031 |  | 13200000 | 0 | 197 | 197 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.580 | Quarterly | 08/09/2031 |  | 13275200 | 0 | 192 | 192 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 08/12/2031 |  | 12195800 | 0 | 166 | 166 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 08/13/2031 |  | 11596300 | 0 | 176 | 176 | 0 | (8) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 09/30/2031 |  | 16549600 | 205 | 65 | 270 | 0 | (12) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.690 | Quarterly | 12/26/2031 |  | 52936000 | 0 | (98) | (98) | 41 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.045 | Quarterly | 12/30/2031 |  | 14556100 | 0 | 34 | 34 | 12 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.800 | Quarterly | 06/30/2032 |  | 9011400 | (47) | 171 | 124 | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.490 | Quarterly | 06/30/2032 |  | 231550 | (3) | 1 | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.490 | Quarterly | 06/30/2032 |  | 231550 | 3 | (1) | 2 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 11/25/2034 |  | 42551500 | 62 | 682 | 744 | 0 | (28) |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | EUR | 600 | (1) | 21 | 20 | 1 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 2200 | (3) | 80 | 77 | 4 | 0 |

---

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| | | |
|:---|:---|:---|
| **100** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month EUR-EURIBOR | 2.950% | Annual | 06/12/2029 | EUR | 100 | $0 | $4 | $4 | $0 | $0 |
|  Receive | 3-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 5800 | (143) | (66) | (209) | 0 | (11) |
|  Pay | 3-Month EUR-EURIBOR | 2.248 | Annual | 09/30/2029 |  | 9000 | (9) | 70 | 61 | 14 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.235 | Annual | 10/07/2029 |  | 44800 | 18 | (494) | (476) | 77 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 900 | (3) | 28 | 25 | 4 | 0 |
|  Receive | 3-Month ILS-TELBOR | 3.590 | Annual | 05/18/2028 | ILS | 25800 | (1) | (81) | (82) | 0 | (6) |
|  Receive | 3-Month ILS-TELBOR | 3.792 | Annual | 11/06/2028 |  | 52400 | 173 | (155) | 18 | 0 | (16) |
|  Pay | 3-Month ILS-TELBOR | 4.100 | Annual | 09/10/2029 |  | 47200 | 0 | 250 | 250 | 21 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.130 | Annual | 09/10/2029 |  | 28200 | 0 | 160 | 160 | 13 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.180 | Annual | 09/11/2029 |  | 23700 | 0 | 149 | 149 | 11 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.161 | Annual | 09/12/2029 |  | 23460 | 0 | 142 | 142 | 10 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.073 | Annual | 09/13/2029 |  | 12300 | 0 | 61 | 61 | 5 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.080 | Annual | 09/13/2029 |  | 7200 | 0 | 36 | 36 | 3 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.100 | Annual | 09/18/2029 |  | 15800 | 0 | 84 | 84 | 7 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.165 | Annual | 09/18/2029 |  | 5400 | 1 | 32 | 33 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.095 | Annual | 09/19/2029 |  | 6300 | 0 | 33 | 33 | 3 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.240 | Annual | 09/19/2029 |  | 2600 | 0 | 18 | 18 | 1 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.210 | Annual | 09/20/2029 |  | 11500 | 0 | 77 | 77 | 5 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.260 | Annual | 09/23/2029 |  | 7100 | 0 | 52 | 52 | 3 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.280 | Annual | 09/23/2029 |  | 4300 | 0 | 32 | 32 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.315 | Annual | 09/24/2029 |  | 14000 | 0 | 111 | 111 | 6 | 0 |
|  Pay | 3-Month ILS-TELBOR | 4.115 | Annual | 11/27/2029 |  | 20300 | 0 | 54 | 54 | 10 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.080 | Annual | 12/04/2029 |  | 19400 | 0 | (43) | (43) | 0 | (9) |
|  Receive | 3-Month ILS-TELBOR | 4.070 | Annual | 12/09/2029 |  | 46300 | (25) | (72) | (97) | 0 | (22) |
|  Receive | 3-Month ILS-TELBOR | 3.938 | Annual | 12/11/2029 |  | 7900 | 0 | (4) | (4) | 0 | (4) |
|  Receive | 3-Month ILS-TELBOR | 3.960 | Annual | 12/11/2029 |  | 4025 | 0 | (3) | (3) | 0 | (2) |
|  Receive | 3-Month ILS-TELBOR | 4.160 | Annual | 01/16/2030 |  | 8500 | 0 | (2) | (2) | 0 | (4) |
|  Receive | 3-Month ILS-TELBOR | 4.058 | Annual | 01/24/2030 |  | 19925 | 0 | 19 | 19 | 0 | (10) |
|  Receive | 3-Month ILS-TELBOR | 4.015 | Annual | 02/04/2030 |  | 19500 | 0 | 28 | 28 | 0 | (10) |
|  Receive | 3-Month ILS-TELBOR | 3.929 | Annual | 02/10/2030 |  | 20400 | 0 | 50 | 50 | 0 | (10) |
|  Receive | 3-Month ILS-TELBOR | 3.925 | Annual | 02/13/2030 |  | 9800 | 0 | 25 | 25 | 0 | (5) |
|  Receive | 3-Month ILS-TELBOR | 3.915 | Annual | 03/04/2030 |  | 8100 | 0 | 21 | 21 | 0 | (4) |
|  Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 2.615 | Quarterly | 12/17/2026 | KRW | 97162920 | 0 | 69 | 69 | 42 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2027 |  | 87424830 | (81) | 71 | (10) | 75 | 0 |
|  Receive | 3-Month KRW-KORIBOR | 3.820 | Quarterly | 12/20/2028 |  | 7310720 | (221) | (5) | (226) | 0 | (12) |
|  Receive | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 |  | 936490 | 4 | (2) | 2 | 0 | (2) |
|  Receive | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2035 |  | 31811110 | 407 | (162) | 245 | 0 | (157) |
|  Pay | 3-Month PLN-WIBOR | 4.680 | Annual | 04/25/2029 | PLN | 7700 | 0 | (3) | (3) | 5 | 0 |
|  Receive | 3-Month PLN-WIBOR | 5.000 | Annual | 04/25/2029 |  | 33400 | 0 | (87) | (87) | 0 | (22) |
|  Receive | 3-Month PLN-WIBOR | 4.820 | Annual | 07/25/2029 |  | 33200 | 0 | (165) | (165) | 0 | (22) |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 23200 | 0 | (128) | (128) | 0 | (16) |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 |  | 31600 | 0 | (201) | (201) | 0 | (21) |
|  Pay | 3-Month PLN-WIBOR | 4.794 | Annual | 10/25/2029 |  | 1200 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 51000 | 46 | 60 | 106 | 43 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.760 | Annual | 10/25/2033 |  | 7100 | 0 | (8) | (8) | 13 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.850 | Annual | 10/25/2033 |  | 16000 | 0 | 9 | 9 | 29 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.970 | Annual | 10/25/2033 |  | 2900 | 0 | 8 | 8 | 5 | 0 |
|  Pay | 3-Month PLN-WIBOR | 5.055 | Annual | 10/25/2033 |  | 19100 | 0 | 78 | 78 | 36 | 0 |
|  Pay | 3-Month PLN-WIBOR | 5.155 | Annual | 10/25/2034 |  | 23900 | 0 | 136 | 136 | 47 | 0 |
|  Receive | 3-Month SEK-STIBOR | 2.021 | Annual | 10/07/2029 | SEK | 293900 | (9) | 674 | 665 | 0 | (39) |
|  Pay | 3-Month SEK-STIBOR | 2.298 | Annual | 10/07/2029 |  | 291800 | 1 | (281) | (280) | 40 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.100 | Quarterly | 06/05/2026 | ZAR | 94500 | 0 | (43) | (43) | 0 | (2) |
|  Pay | 3-Month ZAR-JIBAR | 6.690 | Quarterly | 11/04/2026 |  | 257500 | (362) | 200 | (162) | 6 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 9.290 | Quarterly | 05/26/2028 |  | 138000 | (352) | (43) | (395) | 0 | (9) |
|  Pay | 3-Month ZAR-JIBAR | 8.440 | Quarterly | 11/02/2028 |  | 101700 | 79 | 88 | 167 | 8 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 11/10/2028 |  | 145200 | (103) | (127) | (230) | 0 | (12) |
|  Receive | 3-Month ZAR-JIBAR | 8.140 | Quarterly | 11/16/2028 |  | 41400 | (6) | (39) | (45) | 0 | (3) |
|  Pay | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 08/23/2029 |  | 238000 | (62) | 22 | (40) | 27 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.980 | Quarterly | 01/31/2030 |  | 263400 | 0 | 160 | 160 | 36 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 01/31/2030 |  | 45700 | (26) | 93 | 67 | 6 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.820 | Quarterly | 01/31/2030 |  | 312300 | (722) | (67) | (789) | 0 | (44) |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 03/12/2030 |  | 131400 | (16) | 13 | (3) | 19 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.775 | Quarterly | 03/18/2030 |  | 154000 | 0 | (11) | (11) | 0 | (22) |
|  Pay<sup>(5)</sup> | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 06/18/2030 |  | 154000 | 0 | 18 | 18 | 24 | 0 |
|  Pay<sup>(5)</sup> | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 06/20/2030 |  | 65896 | 0 | 0 | 0 | 10 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.160 | Quarterly | 03/31/2032 |  | 24200 | 0 | (2) | (2) | 5 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.190 | Quarterly | 03/31/2032 |  | 69900 | 0 | 0 | 0 | 14 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.872 | Quarterly | 07/24/2034 |  | 35600 | 28 | 0 | 28 | 10 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.800 | Semi-Annual | 02/13/2026 | CLP | 4399100 | 1 | 7 | 8 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 4.775 | Semi-Annual | 02/23/2026 |  | 23512800 | 121 | (76) | 45 | 0 | (6) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 06/28/2026 |  | 23540000 | 0 | 150 | 150 | 10 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

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------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month CLP-CHILIBOR | 4.960% | Semi-Annual | 03/19/2027 | CLP | 5258800 | $0 | $(5) | $(5) | $0 | $(3) |
|  Receive | 6-Month CLP-CHILIBOR | 3.731 | Semi-Annual | 07/20/2028 |  | 7185000 | 491 | (185) | 306 | 0 | (7) |
|  Pay | 6-Month CLP-CHILIBOR | 4.540 | Semi-Annual | 10/01/2028 |  | 2719700 | 0 | (49) | (49) | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.160 | Semi-Annual | 10/01/2028 |  | 1343200 | (28) | 20 | (8) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.220 | Semi-Annual | 10/01/2028 |  | 2906700 | (68) | 43 | (25) | 0 | (3) |
|  Receive | 6-Month CLP-CHILIBOR | 5.920 | Semi-Annual | 10/02/2028 |  | 3855000 | (204) | 65 | (139) | 0 | (5) |
|  Receive | 6-Month CLP-CHILIBOR | 6.000 | Semi-Annual | 10/02/2028 |  | 7589000 | (427) | 130 | (297) | 0 | (9) |
|  Receive | 6-Month CLP-CHILIBOR | 5.780 | Semi-Annual | 10/03/2028 |  | 2718600 | (128) | 45 | (83) | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 11/13/2028 |  | 4461100 | 87 | 1 | 88 | 6 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.050 | Semi-Annual | 07/19/2029 |  | 4076800 | 2 | 0 | 2 | 5 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.280 | Semi-Annual | 02/28/2030 |  | 10778000 | 0 | (106) | (106) | 0 | (14) |
|  Pay | 6-Month CLP-CHILIBOR | 5.285 | Semi-Annual | 03/19/2030 |  | 2552200 | 0 | 25 | 25 | 3 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 03/19/2030 |  | 1651000 | 0 | 33 | 33 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.550 | Semi-Annual | 03/19/2030 |  | 156550 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.150 | Semi-Annual | 06/18/2030 |  | 6054800 | 1 | 14 | 15 | 7 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.180 | Semi-Annual | 06/18/2030 |  | 4571400 | 0 | 18 | 18 | 5 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 06/24/2031 |  | 9480000 | 0 | (47) | (47) | 12 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.146 | Semi-Annual | 10/30/2032 |  | 18995000 | (132) | (1114) | (1246) | 0 | (39) |
|  Receive | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 04/01/2033 |  | 2078800 | (77) | 53 | (24) | 0 | (4) |
|  Pay | 6-Month CLP-CHILIBOR | 5.560 | Semi-Annual | 04/01/2033 |  | 1651000 | 0 | 37 | 37 | 3 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.660 | Semi-Annual | 04/01/2033 |  | 1555000 | 0 | 46 | 46 | 3 | 0 |
|  Receive<sup>(5)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Annual | 05/13/2033 |  | 3525300 | 0 | 13 | 13 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.300 | Semi-Annual | 05/18/2033 |  | 2201210 | (63) | 55 | (8) | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 05/18/2033 |  | 1393000 | (46) | 35 | (11) | 0 | (3) |
|  Receive | 6-Month CLP-CHILIBOR | 5.790 | Semi-Annual | 10/06/2033 |  | 5204000 | (343) | 131 | (212) | 0 | (11) |
|  Receive | 6-Month CLP-CHILIBOR | 5.940 | Semi-Annual | 10/20/2033 |  | 1185100 | (92) | 30 | (62) | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.990 | Semi-Annual | 10/20/2033 |  | 11005540 | (896) | 275 | (621) | 0 | (23) |
|  Receive | 6-Month CLP-CHILIBOR | 6.235 | Semi-Annual | 10/26/2033 |  | 3462700 | (349) | 88 | (261) | 0 | (8) |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 11/16/2033 |  | 2437000 | 84 | (60) | 24 | 5 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 11/17/2033 |  | 4836500 | 102 | (119) | (17) | 9 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 02/13/2034 |  | 1050300 | (2) | (28) | (30) | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 02/23/2034 |  | 5540500 | (51) | (61) | (112) | 11 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.313 | Semi-Annual | 04/25/2034 |  | 5249900 | 0 | 6 | 6 | 10 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 04/26/2034 |  | 5158800 | 0 | 26 | 26 | 10 | 0 |
|  Pay<sup>(5)</sup> | 6-Month CLP-CHILIBOR | 5.750 | Annual | 05/13/2034 |  | 3609000 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.450 | Semi-Annual | 06/28/2034 |  | 5759000 | 0 | (65) | (65) | 0 | (11) |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 07/03/2034 |  | 3768300 | 0 | 27 | 27 | 7 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.890 | Semi-Annual | 10/01/2034 |  | 2141900 | 0 | (79) | (79) | 4 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.440 | Semi-Annual | 02/28/2035 |  | 6101000 | 0 | 44 | 44 | 13 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | CZK | 318230 | 465 | 359 | 824 | 29 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.388 | Annual | 11/15/2028 |  | 392300 | 521 | 22 | 543 | 39 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.765 | Annual | 01/09/2029 |  | 215600 | 60 | 20 | 80 | 23 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.645 | Annual | 02/01/2029 |  | 615200 | 0 | 116 | 116 | 63 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 140600 | 0 | (3) | (3) | 0 | (14) |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 |  | 166500 | 205 | 158 | 363 | 18 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.130 | Annual | 06/03/2029 |  | 174800 | 1 | (344) | (343) | 0 | (20) |
|  Receive | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 320500 | 0 | (236) | (236) | 0 | (38) |
|  Pay | 6-Month CZK-PRIBOR | 3.580 | Annual | 10/25/2029 |  | 417000 | (5) | 1 | (4) | 49 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 |  | 239200 | (165) | 67 | (98) | 30 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.550 | Annual | 01/24/2030 |  | 160300 | (23) | 30 | 7 | 0 | (21) |
|  Pay | 6-Month CZK-PRIBOR | 3.470 | Annual | 02/05/2030 |  | 401200 | 16 | (94) | (78) | 52 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.220 | Annual | 03/21/2033 |  | 271100 | 559 | (129) | 430 | 63 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.524 | Annual | 02/16/2034 |  | 364200 | (2) | 254 | 252 | 0 | (92) |
|  Receive | 6-Month CZK-PRIBOR | 3.528 | Annual | 07/29/2034 |  | 114700 | 0 | 2 | 2 | 0 | (31) |
|  Receive | 6-Month CZK-PRIBOR | 3.566 | Annual | 07/30/2034 |  | 44300 | 0 | (6) | (6) | 0 | (12) |
|  Receive | 6-Month CZK-PRIBOR | 3.475 | Annual | 07/31/2034 |  | 44300 | 0 | 9 | 9 | 0 | (12) |
|  Receive | 6-Month CZK-PRIBOR | 3.445 | Annual | 08/01/2034 |  | 74700 | 0 | 23 | 23 | 0 | (20) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | EUR | 55800 | 253 | (66) | 187 | 0 | (45) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/07/2029 |  | 52300 | (304) | 444 | 140 | 0 | (91) |
|  Receive | 6-Month EUR-EURIBOR | 2.287 | Annual | 11/25/2029 |  | 16000 | (1) | 105 | 104 | 0 | (32) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 30200 | 480 | (220) | 260 | 0 | (67) |
|  Receive | 6-Month EUR-EURIBOR | 3.100 | Annual | 09/20/2030 |  | 18300 | (754) | (232) | (986) | 0 | (40) |
|  Receive | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 3800 | (230) | 2 | (228) | 0 | (14) |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 2000 | (8) | (88) | (96) | 0 | (8) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 1000 | (4) | (55) | (59) | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 500 | (2) | (29) | (31) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 1700 | (7) | (72) | (79) | 0 | (7) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 2200 | (8) | (82) | (90) | 0 | (9) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 1600 | (6) | (49) | (55) | 0 | (6) |
|  Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 |  | 2800 | (11) | (80) | (91) | 0 | (11) |
|  Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 |  | 2800 | (10) | (61) | (71) | 0 | (11) |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month EUR-EURIBOR | 2.910% | Annual | 12/29/2033 | EUR | 1600 | $(5) | $(39) | $(44) | $0 | $(7) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 2700 | (10) | (2) | (12) | 0 | (11) |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 1400 | (4) | 24 | 20 | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 1300 | (4) | (19) | (23) | 0 | (5) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 98140 | (4239) | 307 | (3932) | 415 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/20/2054 |  | 5300 | 552 | (418) | 134 | 44 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 35970 | 2571 | 361 | 2932 | 0 | (283) |
|  Pay | 6-Month HUF-BBR | 1.243 | Annual | 09/08/2025 | HUF | 4421600 | (983) | 745 | (238) | 0 | (2) |
|  Pay | 6-Month HUF-BBR | 2.420 | Annual | 08/02/2026 |  | 5709600 | (1283) | 553 | (730) | 0 | (5) |
|  Pay | 6-Month HUF-BBR | 4.790 | Annual | 01/17/2027 |  | 11376280 | (797) | (240) | (1037) | 0 | (25) |
|  Receive | 6-Month HUF-BBR | 8.700 | Annual | 01/16/2028 |  | 6147700 | (5) | (916) | (921) | 35 | 0 |
|  Pay | 6-Month HUF-BBR | 7.330 | Annual | 11/06/2028 |  | 2500100 | 504 | (345) | 159 | 0 | (19) |
|  Receive | 6-Month HUF-BBR | 5.440 | Annual | 01/15/2029 |  | 1473600 | 9 | 160 | 169 | 12 | 0 |
|  Receive | 6-Month HUF-BBR | 6.450 | Annual | 06/06/2029 |  | 519900 | 0 | (32) | (32) | 5 | 0 |
|  Receive | 6-Month HUF-BBR | 6.299 | Annual | 06/10/2029 |  | 941300 | 0 | (42) | (42) | 8 | 0 |
|  Pay | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 |  | 8084100 | (385) | (165) | (550) | 0 | (74) |
|  Pay | 6-Month HUF-BBR | 6.079 | Annual | 10/22/2029 |  | 1089100 | (60) | (16) | (76) | 0 | (10) |
|  Pay | 6-Month HUF-BBR | 1.760 | Annual | 01/21/2030 |  | 1937700 | (1030) | (53) | (1083) | 0 | (18) |
|  Pay | 6-Month HUF-BBR | 6.363 | Annual | 01/31/2030 |  | 4291500 | 0 | (177) | (177) | 0 | (40) |
|  Pay | 6-Month HUF-BBR | 6.430 | Annual | 02/04/2030 |  | 2715500 | 0 | (92) | (92) | 0 | (25) |
|  Pay | 6-Month HUF-BBR | 6.511 | Annual | 02/05/2030 |  | 5127600 | 0 | (126) | (126) | 0 | (48) |
|  Pay | 6-Month HUF-BBR | 6.392 | Annual | 03/11/2030 |  | 3054800 | 0 | (116) | (116) | 0 | (28) |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 1331700 | 0 | (12) | (12) | 0 | (12) |
|  Pay | 6-Month HUF-BBR | 2.680 | Annual | 06/29/2031 |  | 1905500 | (946) | (87) | (1033) | 0 | (17) |
|  Receive | 6-Month HUF-BBR | 6.100 | Annual | 02/08/2034 |  | 1362200 | 0 | 208 | 208 | 17 | 0 |
|  Receive | 6-Month PLN-WIBOR | 0.655 | Annual | 05/21/2025 | PLN | 39700 | 588 | (360) | 228 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.520 | Annual | 03/20/2026 |  | 7500 | 22 | (21) | 1 | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 1.460 | Annual | 05/28/2026 |  | 16700 | (308) | 95 | (213) | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.158 | Annual | 03/22/2027 |  | 155800 | (121) | 310 | 189 | 47 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.175 | Annual | 03/24/2027 |  | 48900 | (183) | 119 | (64) | 0 | (15) |
|  Receive | 6-Month PLN-WIBOR | 5.470 | Annual | 04/08/2027 |  | 76800 | (464) | (264) | (728) | 0 | (25) |
|  Receive | 6-Month PLN-WIBOR | 5.960 | Annual | 04/25/2027 |  | 82900 | (815) | (284) | (1099) | 0 | (26) |
|  Receive | 6-Month PLN-WIBOR | 4.910 | Annual | 07/25/2027 |  | 6320 | (15) | (27) | (42) | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 |  | 38600 | (91) | 118 | 27 | 0 | (20) |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 11/06/2028 |  | 59900 | (25) | 149 | 124 | 0 | (31) |
|  Pay | 6-Month PLN-WIBOR | 4.440 | Annual | 01/09/2029 |  | 52900 | (12) | (122) | (134) | 27 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.730 | Annual | 02/16/2029 |  | 23000 | 0 | 11 | 11 | 13 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.810 | Annual | 02/16/2029 |  | 27800 | 0 | 34 | 34 | 16 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.660 | Annual | 02/19/2029 |  | 22200 | 0 | (3) | (3) | 12 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.970 | Annual | 03/21/2029 |  | 45900 | 9 | 130 | 139 | 30 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 |  | 12500 | 0 | 44 | 44 | 8 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.923 | Annual | 03/22/2029 |  | 54800 | (21) | 164 | 143 | 35 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.510 | Annual | 04/25/2029 |  | 63600 | 0 | 143 | 143 | 0 | (41) |
|  Receive | 6-Month PLN-WIBOR | 4.545 | Annual | 04/25/2029 |  | 33300 | 0 | 63 | 63 | 0 | (21) |
|  Pay | 6-Month PLN-WIBOR | 5.105 | Annual | 07/12/2029 |  | 6800 | 0 | 74 | 74 | 5 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.865 | Annual | 07/18/2029 |  | 18300 | 0 | 151 | 151 | 12 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.750 | Annual | 08/02/2029 |  | 17600 | 0 | 122 | 122 | 12 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.259 | Annual | 08/08/2029 |  | 16100 | 0 | (21) | (21) | 0 | (11) |
|  Receive | 6-Month PLN-WIBOR | 4.388 | Annual | 08/09/2029 |  | 23800 | 0 | (66) | (66) | 0 | (16) |
|  Receive | 6-Month PLN-WIBOR | 4.415 | Annual | 08/12/2029 |  | 29100 | 0 | (88) | (88) | 0 | (20) |
|  Pay | 6-Month PLN-WIBOR | 4.560 | Annual | 09/02/2029 |  | 13700 | (16) | 82 | 66 | 10 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.220 | Annual | 03/20/2033 |  | 14700 | (166) | 50 | (116) | 0 | (27) |
|  Receive | 6-Month PLN-WIBOR | 5.310 | Annual | 03/21/2033 |  | 29200 | (379) | 104 | (275) | 0 | (53) |
|  Receive | 6-Month PLN-WIBOR | 4.740 | Annual | 10/25/2033 |  | 16800 | (38) | 71 | 33 | 0 | (30) |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2025 | MXN | 41400 | 0 | 10 | 10 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.075 | Lunar | 03/17/2027 |  | 334900 | 0 | 43 | 43 | 0 | 0 |
|  Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 9.295 | Lunar | 10/30/2028 |  | 41400 | 21 | 38 | 59 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.250 | Lunar | 03/01/2029 |  | 79000 | 0 | (34) | (34) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 9.065 | Lunar | 03/01/2029 |  | 428400 | 0 | 778 | 778 | 7 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.485 | Lunar | 05/31/2029 |  | 163200 | 0 | (140) | (140) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 8.495 | Lunar | 05/31/2029 |  | 486700 | 0 | (427) | (427) | 0 | (9) |
|  Pay | 28-Day MXN-TIIE | 8.620 | Lunar | 12/05/2029 |  | 256800 | 0 | 292 | 292 | 6 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.665 | Lunar | 12/11/2029 |  | 179900 | 0 | (222) | (222) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 8.800 | Lunar | 12/12/2029 |  | 199200 | (22) | 320 | 298 | 5 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.950 | Lunar | 12/17/2029 |  | 238600 | 0 | (429) | (429) | 0 | (6) |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 83900 | 0 | 182 | 182 | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 27600 | 0 | 60 | 60 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.180 | Lunar | 01/08/2030 |  | 117800 | 0 | (266) | (266) | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 8.650 | Lunar | 01/31/2030 |  | 28000 | 0 | 34 | 34 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 679400 | 0 | (293) | (293) | 0 | (16) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 28-Day MXN-TIIE | 8.360% | Lunar | 03/13/2030 | MXN | 21200 | $0 | $14 | $14 | $1 | $0 |
|  Receive | 28-Day MXN-TIIE | 8.480 | Lunar | 03/13/2030 |  | 51300 | 0 | (45) | (45) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.595 | Lunar | 03/13/2030 |  | 357000 | 0 | (399) | (399) | 0 | (9) |
|  Pay | 28-Day MXN-TIIE | 8.290 | Lunar | 02/27/2032 |  | 53500 | 0 | 13 | 13 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.545 | Lunar | 11/23/2034 |  | 60700 | 0 | 38 | 38 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.820 | Lunar | 11/23/2034 |  | 78800 | 0 | (120) | (120) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.131 | Lunar | 12/11/2034 |  | 88600 | 0 | (226) | (226) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 9.370 | Lunar | 12/21/2034 |  | 88800 | 0 | 298 | 298 | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.340 | Lunar | 12/27/2034 |  | 124400 | 0 | 404 | 404 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/28/2034 |  | 84000 | 0 | 260 | 260 | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2034 |  | 128100 | 0 | 397 | 397 | 3 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.855 | Lunar | 02/09/2035 |  | 212900 | 0 | (347) | (347) | 0 | (6) |
|  Receive | 28-Day MXN-TIIE | 8.515 | Lunar | 02/22/2035 |  | 138300 | 0 | (64) | (64) | 0 | (4) |
|  Receive | 28-Day MXN-TIIE | 8.640 | Lunar | 03/07/2035 |  | 92000 | 0 | (83) | (83) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 8.655 | Lunar | 03/07/2035 |  | 68900 | 0 | (65) | (65) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 8.740 | Lunar | 03/07/2035 |  | 34400 | 0 | (43) | (43) | 0 | (1) |
|  Receive<sup>(5)</sup> | CAONREPO | 2.750 | Semi-Annual | 09/15/2027 | CAD | 5100 | (25) | (8) | (33) | 0 | (2) |
|  Receive<sup>(5)</sup> | CAONREPO | 2.750 | Semi-Annual | 09/15/2030 |  | 37400 | (274) | (130) | (404) | 0 | (49) |
|  Pay<sup>(5)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/15/2035 |  | 38400 | 512 | 63 | 575 | 105 | 0 |
|  Receive<sup>(5)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/15/2055 |  | 7500 | (59) | (51) | (110) | 0 | (57) |
|  |  |  |  |  |  |  | $(17374) | $(16234) | $(33608) | $4942 | $(5407) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(17314) | $(16243) | $(33557) | $4942 | $(5409) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5409) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5597) |

---

Cash of $35,333 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 118584 | $786 | $0 | $(4) |
|  | 04/2025 | 23 | 17 | 0 | 0 |
|  | 04/2025 | $7121 | 11258 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
|  | 05/2025 | 11257 | $7123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | 0 |
|  | 05/2025 | 10697 | 1477 | 2 | (1) |
|  | 05/2025 | $766 | 5607 | 8 | 0 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $747 | 112385 | $4 | $0 |
|  | 05/2025 | 17 | 23 | 0 | 0 |
|  | 06/2025 | 71781 | $9902 | 9 | (38) |
|  | 06/2025 | $1401 | 10246 | 16 | 0 |
|  | 07/2025 | 739 | 5323 | 0 | (1) |
|  | 08/2025 | 738 | 5324 | 1 | 0 |
|  | 09/2025 | 403237 | $7208 | 190 | 0 |
|  BOA | 04/2025 | 9918 | 6878 | 0 | (14) |
|  | 04/2025 | 28451 | 1176 | 0 | (57) |
|  | 04/2025 | 138880 | 2183 | 0 | (3) |
|  | 04/2025 | 300759 | 205 | 1 | 0 |
|  | 04/2025 | 36750 | 8273 | 0 | (20) |
|  | 04/2025 | 589040 | 74 | 0 | 0 |
|  | 04/2025 | $1191 | 29183 | 74 | 0 |
|  | 04/2025 | 45 | 2347 | 1 | 0 |
|  | 04/2025 | 7405 | 6856 | 9 | 0 |
|  | 04/2025 | 32205 | 142550 | 0 | (19) |
|  | 04/2025 | 81 | 903 | 5 | 0 |
|  | 05/2025 | 132029 | $2548 | 0 | (14) |
|  | 05/2025 | 2369580 | 142 | 0 | 0 |
|  | 05/2025 | 33322 | 713 | 0 | (133) |
|  | 05/2025 | $749 | 5482 | 8 | 0 |
|  | 05/2025 | 147 | 12653 | 0 | 0 |
|  | 06/2025 | 186918 | $25850 | 22 | (32) |
|  | 06/2025 | 203532 | 3425 | 0 | (123) |
|  | 06/2025 | $5424 | 39470 | 37 | 0 |
|  | 06/2025 | 205 | 299627 | 0 | (1) |
|  | 06/2025 | 2165 | 7914 | 0 | (15) |
|  | 08/2025 | 2905 | $406 | 3 | 0 |
|  | 08/2025 | 207 | 6 | 0 | 0 |
|  | 08/2025 | $7115 | 51257 | 5 | 0 |
|  BPS | 04/2025 | 145955 | $25412 | 0 | (165) |
|  | 04/2025 | 260015 | 11054 | 67 | (281) |
|  | 04/2025 | 58954 | 61818 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1929) |
|  | 04/2025 | 147615570 | 8907 | 49 | 0 |
|  | 04/2025 | 640 | 174 | 1 | 0 |
|  | 04/2025 | 605852 | 7053 | 0 | (20) |
|  | 04/2025 | 5170910 | 3526 | 13 | 0 |
|  | 04/2025 | 4978 | 474 | 1 | 0 |
|  | 04/2025 | 279082 | 4812 | 0 | (59) |
|  | 04/2025 | 367 | 276 | 3 | 0 |
|  | 04/2025 | 357495 | 9432 | 74 | (42) |
|  | 04/2025 | 492227 | 14931 | 106 | 0 |
|  | 04/2025 | $25116 | 145955 | 462 | (1) |
|  | 04/2025 | 1886 | 1797950 | 7 | 0 |
|  | 04/2025 | 8252 | 59174 | 0 | (12) |
|  | 04/2025 | 32108 | 780910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | 0 |
|  | 04/2025 | 6884 | 5446 | 151 | 0 |
|  | 04/2025 | 14316 | 235076855 | 0 | (209) |
|  | 04/2025 | 8550 | 735635 | 40 | 0 |
|  | 04/2025 | 3880 | 578952 | 1 | (21) |
|  | 04/2025 | 4645 | 6774977 | 0 | (43) |
|  | 04/2025 | 1266 | 42681 | 0 | (7) |
|  | 04/2025 | 6281 | 244260 | 50 | 0 |
|  | 04/2025 | 10010 | 329832 | 0 | (75) |
|  | 04/2025 | 9305 | $509 | 2 | 0 |
|  | 05/2025 | 3295 | 455 | 1 | 0 |
|  | 05/2025 | 617 | 799 | 2 | 0 |
|  | 05/2025 | 7627562 | 458 | 1 | 0 |
|  | 05/2025 | 51799 | 346 | 0 | (1) |
|  | 05/2025 | $2192 | 15942 | 8 | 0 |
|  | 05/2025 | 13015 | 93344 | 0 | (13) |
|  | 05/2025 | 5107 | 4733 | 19 | 0 |
|  | 05/2025 | 3418 | 56725077 | 0 | (18) |
|  | 05/2025 | 8629 | 739681 | 3 | 0 |
|  | 05/2025 | 474 | 4978 | 0 | (1) |
|  | 05/2025 | 3527 | 4727 | 0 | (2) |
|  | 06/2025 | 9034 | $2460 | 0 | 0 |
|  | 06/2025 | 274779 | 193 | 6 | 0 |
|  | 06/2025 | 9530 | 242 | 13 | 0 |
|  | 06/2025 | $22352 | 162410 | 121 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **105** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $1120 | 4691228 | $0 | $(10) |
|  | 06/2025 | 23358 | 90693 | 120 | (122) |
|  | 07/2025 | 45298 | $1394 | 22 | 0 |
|  | 08/2025 | 37963 | 1165 | 12 | 0 |
|  | 08/2025 | $1573 | 11299 | 0 | (3) |
|  | 10/2025 | 87700 | $14309 | 0 | (403) |
|  | 10/2025 | 5166 | 5554 | 0 | (96) |
|  | 05/2029 | 7247 | 24915 | 445 | 0 |
|  | 07/2029 | 806 | 2774 | 48 | 0 |
|  BRC | 04/2025 | 4334634 | 49666 | 0 | (971) |
|  | 04/2025 | 83800 | 18956 | 38 | 0 |
|  | 04/2025 | 188993 | 4702 | 60 | (244) |
|  | 04/2025 | $6536 | 149494 | 0 | (57) |
|  | 04/2025 | 15336 | 14112 | 0 | (76) |
|  | 04/2025 | 973 | 751 | 0 | (3) |
|  | 04/2025 | 17656 | 289634684 | 0 | (286) |
|  | 04/2025 | 44 | 3746 | 0 | 0 |
|  | 04/2025 | 10213 | 45255 | 3 | (2) |
|  | 04/2025 | 748 | 8332 | 44 | 0 |
|  | 04/2025 | 22459 | 861131 | 114 | (132) |
|  | 05/2025 | 635 | $398 | 1 | 0 |
|  | 05/2025 | 751 | 973 | 3 | 0 |
|  | 05/2025 | 3756 | 44 | 0 | 0 |
|  | 05/2025 | 192951 | 4687 | 2 | (49) |
|  | 05/2025 | $7061 | 10100 | 0 | (32) |
|  | 05/2025 | 49537 | 4330884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | 0 |
|  | 05/2025 | 406 | 4270 | 0 | 0 |
|  | 05/2025 | 1902 | 80271 | 133 | (34) |
|  | 06/2025 | 168498 | $8222 | 72 | 0 |
|  | 06/2025 | 222458 | 5372 | 12 | (13) |
|  | 06/2025 | $124 | 2518 | 0 | (2) |
|  | 06/2025 | 2259 | 8760 | 0 | (3) |
|  | 06/2025 | 14514 | 573654 | 0 | (601) |
|  | 07/2025 | 18914 | $5124 | 0 | (10) |
|  | 08/2025 | 109065 | 15163 | 12 | 0 |
|  BSH | 04/2025 | 188 | 119 | 2 | 0 |
|  | 04/2025 | 1144667 | 7622 | 0 | (10) |
|  | 04/2025 | 64568 | 17199 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) |
|  | 05/2025 | $7622 | 1140812 | 10 | 0 |
|  | 06/2025 | 8068 | $2206 | 14 | 0 |
|  | 06/2025 | $5916 | 22801 | 0 | (45) |
|  | 07/2025 | 37220 | $10131 | 25 | 0 |
|  CBK | 04/2025 | 2160 | 1362 | 12 | 0 |
|  | 04/2025 | 40405 | 6964 | 0 | (116) |
|  | 04/2025 | 29130 | 20248 | 32 | (28) |
|  | 04/2025 | 176 | 200 | 1 | 0 |
|  | 04/2025 | 1797950 | 1956 | 62 | 0 |
|  | 04/2025 | 16502 | 2298 | 0 | 0 |
|  | 04/2025 | 67808454 | 16172 | 0 | (40) |
|  | 04/2025 | 283467 | 4517 | 51 | 0 |
|  | 04/2025 | 17349 | 333 | 0 | (10) |
|  | 04/2025 | 751 | 970 | 0 | 0 |
|  | 04/2025 | 121661602 | 7331 | 29 | 0 |
|  | 04/2025 | 3371 | 925 | 18 | 0 |
|  | 04/2025 | 34853 | 408 | 0 | 0 |
|  | 04/2025 | 16355 | 4397 | 0 | (55) |
|  | 04/2025 | 154775 | 4718 | 57 | 0 |
|  | 04/2025 | $7014 | 40405 | 66 | 0 |
|  | 04/2025 | 32273 | 46103 | 8 | (242) |
|  | 04/2025 | 15805 | 113439 | 4 | (12) |
|  | 04/2025 | 4828 | 21653580 | 349 | 0 |
|  | 04/2025 | 4130 | 99301 | 173 | 0 |
|  | 04/2025 | 343 | 17349 | 0 | 0 |
|  | 04/2025 | 2212 | 2020 | 0 | (28) |
|  | 04/2025 | 33846 | 555530904 | 0 | (521) |
|  | 04/2025 | 4332 | 379773 | 105 | 0 |
|  | 04/2025 | 385 | 563761 | 0 | (2) |
|  | 04/2025 | 18268 | 66792 | 103 | (193) |
|  | 04/2025 | 807 | 8096 | 0 | (2) |
|  | 04/2025 | 57848 | 1963392 | 191 | (110) |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1185 | 54222 | $241 | $0 |
|  | 04/2025 | 5787 | 189677 | 0 | (75) |
|  | 04/2025 | 102 | 4279 | 0 | (1) |
|  | 04/2025 | 47472 | $1080 | 0 | (42) |
|  | 05/2025 | 32892 | 23125 | 234 | 0 |
|  | 05/2025 | 202189 | 3215 | 38 | 0 |
|  | 05/2025 | 1706 | 1850 | 3 | 0 |
|  | 05/2025 | 8765500 | 528 | 2 | 0 |
|  | 05/2025 | 8081 | 807 | 2 | 0 |
|  | 05/2025 | $2166 | 3440 | 0 | (16) |
|  | 05/2025 | 14668 | 105207 | 0 | (14) |
|  | 05/2025 | 400 | 21049 | 10 | 0 |
|  | 05/2025 | 3406 | 56584094 | 0 | (14) |
|  | 05/2025 | 3766 | 322823 | 1 | 0 |
|  | 05/2025 | 1111 | 573383 | 9 | 0 |
|  | 05/2025 | 363 | 15756 | 8 | 0 |
|  | 06/2025 | 13218256 | $14091 | 177 | 0 |
|  | 06/2025 | 38406 | 5299 | 0 | (14) |
|  | 06/2025 | 122743 | 2358 | 9 | 0 |
|  | 06/2025 | 6600155 | 4608 | 114 | 0 |
|  | 06/2025 | 33798 | 1665 | 30 | 0 |
|  | 06/2025 | 4525 | 1226 | 0 | (3) |
|  | 06/2025 | $1954 | 1797950 | 0 | (62) |
|  | 06/2025 | 361 | 2607 | 0 | 0 |
|  | 06/2025 | 20281 | 85702616 | 44 | (59) |
|  | 06/2025 | 493 | 26162 | 8 | 0 |
|  | 07/2025 | 74589 | $2293 | 33 | 0 |
|  | 08/2025 | 15194 | 283 | 1 | 0 |
|  | 08/2025 | 15364 | 4155 | 0 | (13) |
|  | 08/2025 | 86697 | 2660 | 27 | 0 |
|  | 10/2025 | 2391 | 11648952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | 0 |
|  | 12/2025 | 54889 | $15050 | 207 | (1) |
|  | 12/2025 | $714 | 40739 | 7 | 0 |
|  DUB | 04/2025 | 491173 | $85525 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) |
|  | 04/2025 | 15122 | 295 | 0 | 0 |
|  | 04/2025 | 6985 | 7479 | 28 | (102) |
|  | 04/2025 | 70773389 | 4303 | 58 | 0 |
|  | 04/2025 | 3402 | 936 | 20 | 0 |
|  | 04/2025 | 88200 | 600 | 12 | 0 |
|  | 04/2025 | 630 | 360 | 2 | 0 |
|  | 04/2025 | 14893 | 4062 | 10 | 0 |
|  | 04/2025 | 6722 | 5020 | 17 | 0 |
|  | 04/2025 | $85537 | 491173 | 536 | 0 |
|  | 04/2025 | 797 | 714 | 10 | 0 |
|  | 04/2025 | 893 | 46707 | 21 | 0 |
|  | 04/2025 | 7634 | 126757255 | 0 | (29) |
|  | 04/2025 | 49927 | 4350533 | 895 | 0 |
|  | 04/2025 | 362 | 630 | 0 | (4) |
|  | 04/2025 | 2226 | 8097 | 0 | (23) |
|  | 04/2025 | 5060 | 6815 | 13 | 0 |
|  | 04/2025 | 53622 | 1813433 | 0 | (163) |
|  | 05/2025 | 14449 | $278 | 0 | 0 |
|  | 05/2025 | 1045088 | 63 | 0 | 0 |
|  | 05/2025 | 630 | 362 | 4 | 0 |
|  | 05/2025 | 1488 | 391 | 0 | (13) |
|  | 05/2025 | $85525 | 493914 | 502 | 0 |
|  | 05/2025 | 467 | 24731 | 9 | 0 |
|  | 05/2025 | 1427 | 125067 | 31 | 0 |
|  | 05/2025 | 2167 | 1120338 | 21 | 0 |
|  | 05/2025 | 10373 | 49924 | 459 | 0 |
|  | 05/2025 | 9 | 12 | 0 | 0 |
|  | 06/2025 | 5042596 | $3519 | 86 | 0 |
|  | 06/2025 | $2072 | 8729329 | 0 | (6) |
|  | 06/2025 | 981 | 51692 | 6 | 0 |
|  | 08/2025 | 25640 | $3566 | 4 | 0 |
|  | 08/2025 | $5131 | 36765 | 0 | (24) |
|  | 09/2025 | 8122 | $2226 | 24 | 0 |
|  | 09/2025 | $123 | 64959 | 0 | 0 |
|  | 09/2025 | 4062 | 14938 | 0 | (12) |
|  | 10/2025 | 19709 | $351 | 0 | (8) |
|  | 11/2025 | 139779 | 472 | 0 | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **107** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | 1756568 | $19988 | $0 | $(234) |
|  | 12/2025 | $86 | 45724 | 0 | (2) |
|  FAR | 04/2025 | 5758 | $3628 | 30 | 0 |
|  | 04/2025 | 19599 | 21987 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) |
|  | 04/2025 | 3695 | 1018 | 24 | 0 |
|  | 04/2025 | 863355 | 5737 | 2 | (20) |
|  | 04/2025 | $4577 | 7338 | 17 | (9) |
|  | 04/2025 | 902 | 6454 | 0 | (3) |
|  | 04/2025 | 31163 | 11496817 | 0 | (322) |
|  | 04/2025 | 9474 | 41829 | 0 | (29) |
|  | 04/2025 | 65 | 2145 | 0 | (1) |
|  | 05/2025 | 2160 | $1359 | 9 | 0 |
|  | 05/2025 | 2718 | 377 | 2 | 0 |
|  | 05/2025 | $5440 | 816183 | 20 | 0 |
|  | 06/2025 | 11397 | 44085 | 0 | (44) |
|  | 07/2025 | 377 | 2708 | 0 | (1) |
|  GLM | 04/2025 | 440156 | $76925 | 220 | (428) |
|  | 04/2025 | 98099538 | 5908 | 22 | 0 |
|  | 04/2025 | 457885 | 312 | 1 | 0 |
|  | 04/2025 | 105961 | 28283 | 0 | (548) |
|  | 04/2025 | 1209028 | 35497 | 0 | (141) |
|  | 04/2025 | $76034 | 440156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | 0 |
|  | 04/2025 | 10002 | 45694137 | 923 | 0 |
|  | 04/2025 | 114 | 5849 | 2 | 0 |
|  | 04/2025 | 15653 | 257169589 | 0 | (227) |
|  | 04/2025 | 120 | 175389 | 0 | (1) |
|  | 04/2025 | 3895 | 17262 | 3 | 0 |
|  | 04/2025 | 5266 | 19566 | 56 | 0 |
|  | 04/2025 | 35516 | 1209028 | 157 | 0 |
|  | 04/2025 | 3516 | 142819 | 243 | (3) |
|  | 05/2025 | 931729 | $14807 | 182 | (1) |
|  | 05/2025 | 4211885 | 253 | 0 | 0 |
|  | 05/2025 | $728 | 5331 | 8 | 0 |
|  | 05/2025 | 9050 | 568522 | 0 | (130) |
|  | 05/2025 | 1377 | 71845 | 20 | 0 |
|  | 05/2025 | 5531 | 91926948 | 0 | (21) |
|  | 05/2025 | 54 | 28090 | 1 | 0 |
|  | 05/2025 | 34675 | 167916 | 1756 | 0 |
|  | 05/2025 | 182 | 7889 | 4 | 0 |
|  | 06/2025 | 28784 | $450 | 1 | 0 |
|  | 06/2025 | 59419 | 1132 | 0 | (2) |
|  | 06/2025 | $37767 | 272618 | 38 | (87) |
|  | 06/2025 | 235 | 12489 | 4 | 0 |
|  | 06/2025 | 312 | 456221 | 0 | (1) |
|  | 06/2025 | 6988 | 26985 | 0 | (40) |
|  | 06/2025 | 2401 | 107030 | 131 | 0 |
|  | 07/2025 | 7077 | $218 | 3 | 0 |
|  | 07/2025 | $1210 | 50276 | 0 | (40) |
|  | 07/2025 | 27 | 871 | 0 | 0 |
|  | 08/2025 | 253570 | $3977 | 62 | 0 |
|  | 09/2025 | 1388716 | 21570 | 171 | 0 |
|  | 09/2025 | 2179402 | 37320 | 150 | (761) |
|  | 09/2025 | $1474 | 80992 | 13 | 0 |
|  | 10/2025 | 101500 | $16924 | 0 | (103) |
|  IND | 04/2025 | $18 | 16 | 0 | 0 |
|  | 05/2025 | 16 | $18 | 0 | 0 |
|  JPM | 04/2025 | 10489 | 6637 | 83 | 0 |
|  | 04/2025 | 34153 | 1415 | 0 | (65) |
|  | 04/2025 | 97900998 | 5907 | 35 | 0 |
|  | 04/2025 | 4334 | 1190 | 24 | 0 |
|  | 04/2025 | 267074 | 1771 | 0 | (10) |
|  | 04/2025 | 98545 | 4795 | 0 | (17) |
|  | 04/2025 | 203301 | 3489 | 0 | (60) |
|  | 04/2025 | 778209 | 23011 | 66 | (4) |
|  | 04/2025 | 4577 | 139 | 2 | 0 |
|  | 04/2025 | $13730 | 19780 | 15 | 0 |
|  | 04/2025 | 650 | 4668 | 0 | 0 |
|  | 04/2025 | 286 | 14733 | 5 | 0 |
|  | 04/2025 | 30368 | 28155 | 76 | 0 |
|  | 04/2025 | 4623 | 75978498 | 0 | (66) |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $9077 | 787830 | $122 | $0 |
|  | 04/2025 | 2943 | 438695 | 0 | (18) |
|  | 04/2025 | 88 | 128671 | 0 | (1) |
|  | 04/2025 | 17 | 23 | 0 | 0 |
|  | 04/2025 | 7227 | 243072 | 1 | (56) |
|  | 04/2025 | 1899 | 62232 | 0 | (25) |
|  | 04/2025 | 295 | 12496 | 0 | 0 |
|  | 04/2025 | 5134 | $281 | 2 | 0 |
|  | 05/2025 | 10035 | 1384 | 1 | (2) |
|  | 05/2025 | 28155 | 30417 | 0 | (76) |
|  | 05/2025 | 2768351 | 167 | 1 | 0 |
|  | 05/2025 | 129 | 27 | 0 | (1) |
|  | 05/2025 | 56951 | 1448 | 48 | 0 |
|  | 05/2025 | $780 | 5697 | 6 | 0 |
|  | 05/2025 | 84 | 599 | 0 | 0 |
|  | 05/2025 | 3094 | 161968 | 47 | 0 |
|  | 05/2025 | 1571 | 236279 | 10 | 0 |
|  | 05/2025 | 713 | 30469 | 58 | (5) |
|  | 06/2025 | 27153 | $3720 | 0 | (36) |
|  | 06/2025 | 51658510 | 12200 | 0 | (25) |
|  | 06/2025 | 129232 | 2471 | 0 | (3) |
|  | 06/2025 | 334316 | 16219 | 49 | 0 |
|  | 06/2025 | 145744 | 4240 | 0 | (80) |
|  | 06/2025 | $1043 | 4293844 | 0 | (27) |
|  | 06/2025 | 3239 | 171618 | 45 | 0 |
|  | 06/2025 | 5571 | 113936 | 0 | (60) |
|  | 06/2025 | 387 | 620870 | 5 | 0 |
|  | 06/2025 | 22837 | 88467 | 35 | (91) |
|  | 06/2025 | 2484 | 98314 | 0 | (87) |
|  | 06/2025 | 605 | 11072 | 0 | (5) |
|  | 07/2025 | 42828 | $1317 | 20 | 0 |
|  | 07/2025 | $711 | 5131 | 1 | 0 |
|  | 08/2025 | 43929 | $1348 | 14 | 0 |
|  | 08/2025 | $673 | 4858 | 2 | 0 |
|  | 08/2025 | 21 | 699 | 0 | 0 |
|  | 09/2025 | 83881 | $2470 | 0 | (32) |
|  | 11/2025 | 273208 | 923 | 0 | (25) |
|  MBC | 04/2025 | 356 | 402 | 0 | 0 |
|  | 04/2025 | 131035 | 2548 | 0 | (10) |
|  | 04/2025 | 2789 | 3512 | 0 | (90) |
|  | 04/2025 | 26087 | 71 | 1 | 0 |
|  | 04/2025 | 731000 | 4865 | 2 | (11) |
|  | 04/2025 | 8124 | 766 | 0 | (42) |
|  | 04/2025 | 6034 | 187 | 5 | 0 |
|  | 04/2025 | $11111 | 15947 | 0 | (29) |
|  | 04/2025 | 21962 | 19401 | 0 | (33) |
|  | 04/2025 | 3219 | 23043 | 0 | (10) |
|  | 04/2025 | 190 | 4350 | 0 | (2) |
|  | 04/2025 | 810 | 41937 | 12 | 0 |
|  | 04/2025 | 15994 | 14796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |
|  | 04/2025 | 489 | 42465 | 7 | 0 |
|  | 04/2025 | 5024 | 745800 | 0 | (52) |
|  | 04/2025 | 4217 | 18670 | 0 | (4) |
|  | 04/2025 | 145 | 193 | 0 | (1) |
|  | 04/2025 | 1318 | 43307 | 0 | (14) |
|  | 04/2025 | 248743 | $13550 | 2 | (4) |
|  | 05/2025 | 5036 | 3525 | 20 | 0 |
|  | 05/2025 | 19332 | 21962 | 33 | 0 |
|  | 05/2025 | 8275 | 1142 | 1 | (1) |
|  | 05/2025 | 1689790 | 102 | 0 | 0 |
|  | 05/2025 | 130198 | 1484 | 0 | (33) |
|  | 05/2025 | 133378 | 898 | 6 | 0 |
|  | 05/2025 | 4724 | 3524 | 2 | 0 |
|  | 05/2025 | $765 | 5559 | 2 | 0 |
|  | 05/2025 | 780 | 41183 | 19 | 0 |
|  | 05/2025 | 2447 | 1891 | 0 | (5) |
|  | 05/2025 | 2546 | 382400 | 12 | 0 |
|  | 06/2025 | 370643 | $258 | 5 | 0 |
|  | 06/2025 | $64020 | 467539 | 665 | 0 |
|  | 06/2025 | 1541 | 81603 | 21 | 0 |
|  | 06/2025 | 146 | 2981 | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **109** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $6690 | 25821 | $0 | $(43) |
|  | 07/2025 | 22211 | $682 | 9 | 0 |
|  | 07/2025 | $341 | 2460 | 0 | 0 |
|  | 08/2025 | 4343 | $605 | 2 | 0 |
|  | 08/2025 | 20835 | 637 | 4 | 0 |
|  | 08/2025 | $3423 | 24752 | 15 | 0 |
|  | 08/2025 | 307 | 16903 | 6 | 0 |
|  | 12/2025 | 462452 | $64020 | 0 | (697) |
|  | 03/2026 | $1483 | 87590 | 15 | 0 |
|  MYI | 04/2025 | 9706 | $1662 | 0 | (39) |
|  | 04/2025 | 42773 | 30003 | 279 | 0 |
|  | 04/2025 | 111778 | 2181 | 0 | (8) |
|  | 04/2025 | $1690 | 9706 | 11 | 0 |
|  | 04/2025 | 926 | 6627 | 0 | (3) |
|  | 04/2025 | 4318 | 101886 | 104 | (6) |
|  | 04/2025 | 124 | 6392 | 2 | 0 |
|  | 04/2025 | 61 | 81 | 0 | 0 |
|  | 04/2025 | 279 | 9129 | 0 | (4) |
|  | 04/2025 | 3094 | 56247 | 0 | (29) |
|  | 05/2025 | 65764 | $1274 | 0 | (2) |
|  | 05/2025 | 1475780 | 89 | 0 | 0 |
|  | 05/2025 | 1439264 | 16408 | 0 | (368) |
|  | 05/2025 | $174 | 1247 | 0 | 0 |
|  | 06/2025 | 50793 | $7004 | 0 | (23) |
|  | 06/2025 | 134170 | 2548 | 0 | (12) |
|  | 06/2025 | $13865 | 100230 | 2 | 0 |
|  | 06/2025 | 4902 | 19169 | 35 | 0 |
|  | 12/2025 | 39136 | 1551 | 0 | (4) |
|  | 10/2026 | $1723 | 3083 | 0 | (16) |
|  | 10/2027 | 3446 | 6341 | 0 | (77) |
|  NGF | 06/2025 | 4180467 | $2934 | 87 | 0 |
|  | 09/2025 | 564060 | 10081 | 264 | 0 |
|  RYL | 06/2025 | 23946 | 3309 | 0 | (4) |
|  | 06/2025 | $13454 | 96984 | 0 | (36) |
|  SCX | 04/2025 | 43537 | $849 | 0 | (3) |
|  | 04/2025 | 504108 | 5878 | 0 | (8) |
|  | 04/2025 | 29700 | 201 | 3 | 0 |
|  | 04/2025 | 21127 | 5587 | 0 | (162) |
|  | 04/2025 | 3196 | 98 | 2 | 0 |
|  | 04/2025 | $641 | 4591 | 0 | (2) |
|  | 04/2025 | 270 | 14095 | 5 | 0 |
|  | 04/2025 | 17527 | 287068042 | 0 | (310) |
|  | 04/2025 | 7055 | 1059994 | 12 | 0 |
|  | 04/2025 | 88 | 128534 | 0 | (1) |
|  | 04/2025 | 29341 | 1684821 | 68 | 0 |
|  | 04/2025 | 382 | 12566 | 0 | (4) |
|  | 05/2025 | 6903 | $958 | 5 | 0 |
|  | 05/2025 | 659815 | 40 | 0 | 0 |
|  | 05/2025 | 79954 | 532 | 0 | (3) |
|  | 05/2025 | 265491 | 932 | 0 | (10) |
|  | 05/2025 | 4450 | 3322 | 4 | 0 |
|  | 05/2025 | $462 | 24397 | 12 | 0 |
|  | 06/2025 | 12069 | $1654 | 0 | (16) |
|  | 06/2025 | 236825 | 4510 | 0 | 0 |
|  | 06/2025 | 135000 | 6585 | 55 | 0 |
|  | 06/2025 | $9321 | 67979 | 84 | 0 |
|  | 06/2025 | 1477 | 78256 | 21 | 0 |
|  | 06/2025 | 1595 | 2573941 | 32 | 0 |
|  | 08/2025 | 25671 | $3564 | 0 | (2) |
|  | 08/2025 | 12462 | 382 | 3 | 0 |
|  | 09/2025 | 2434417 | 43645 | 1276 | 0 |
|  SOG | 04/2025 | $1473 | 76347 | 28 | 0 |
|  | 05/2025 | 29426 | $566 | 0 | (1) |
|  | 05/2025 | $263 | 13842 | 5 | 0 |
|  | 06/2025 | 42353 | $806 | 0 | (1) |
|  | 06/2025 | $2860 | 151582 | 41 | 0 |
|  | 06/2025 | 43 | 69402 | 0 | 0 |
|  | 06/2025 | 1007 | 108880 | 0 | (2) |
|  SSB | 04/2025 | 5334 | $6751 | 0 | (138) |
|  | 04/2025 | $3461 | 2677 | 0 | (4) |
|  | 05/2025 | 2677 | $3461 | 4 | 0 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  UAG | 04/2025 | 9895637 | $597 | $2 | $0 |
|  | 04/2025 | 4455 | 3325 | 9 | 0 |
|  | 04/2025 | $597 | 9895637 | 0 | (3) |
|  | 04/2025 | 2701 | 401926 | 0 | (22) |
|  | 04/2025 | 91 | 3653 | 3 | 0 |
|  | 05/2025 | 5043 | $3535 | 26 | 0 |
|  | 05/2025 | $597 | 9909554 | 0 | (3) |
|  | 05/2025 | 308 | 12552 | 8 | 0 |
|  | 06/2025 | 13651 | $3506 | 0 | (10) |
|  | 06/2025 | $1977 | 7632 | 0 | (12) |
|  | 08/2025 | 739 | 32883 | 2 | 0 |
|  | 11/2025 | 291 | 13701 | 0 | (6) |
|  | 12/2025 | 1551 | 39135 | 4 | 0 |
|  | 01/2026 | $3734 | 178008 | 0 | (206) |
|  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;20755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16669) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR Versus CZK | 24.800 | 05/09/2025 | 477 | $88 | $131 |
|  | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 10221 | 70 | 62 |
|  | Call - OTC USD versus INR | 92.600 | 06/16/2025 | 1500 | 90 | 0 |
|  | Put - OTC USD versus INR | 92.600 | 06/16/2025 | 1500 | 90 | 115 |
| GLM | Put - OTC USD versus JPY | 135.000 | 08/19/2025 | 7587 | 675 | 609 |
|  | Put - OTC USD versus MXN | 20.500 | 12/22/2025 | 19089 | 673 | 542 |
| JPM | Put - OTC USD versus ZAR | $18.000 | 06/16/2025 | 14076 | 238 | 175 |
| MBC | Call - OTC USD versus CNH | 7.300 | 05/15/2025 | 69652 | 774 | 233 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 9626 | 58 | 60 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 6143 | 38 | 35 |
|  | Call - OTC USD versus ILS | $3.880 | 09/04/2025 | 1297 | 153 | 264 |
|  | Put - OTC USD versus MXN | 19.500 | 05/08/2025 | 1138 | 177 | 84 |
|  | Call - OTC USD versus ZAR | 19.000 | 04/04/2025 | 14658 | 23 | 3 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| CBK | Put - OTC USD versus TRY | 39.000 | 04/03/2025 | 6334 | $(96) | $(167) |
| GLM | Put - OTC USD versus MXN | 19.250 | 12/22/2025 | 19089 | (289) | (181) |
|  | Call - OTC USD versus MXN | 23.750 | 12/22/2025 | 19089 | (446) | (275) |
|  | Put - OTC USD versus TRY | 38.550 | 04/01/2025 | 14915 | (322) | (224) |
|  | Put - OTC USD versus TRY | 40.700 | 06/27/2025 | 12639 | (374) | (288) |
|  | Call - OTC USD versus TRY | 51.100 | 06/27/2025 | 12639 | (268) | (225) |
|  | Put - OTC USD versus TRY | 39.300 | 07/15/2025 | 4514 | (97) | (29) |
|  | Call - OTC USD versus TRY | 45.800 | 07/15/2025 | 4514 | (56) | (174) |
| JPM | Put - OTC USD versus ZAR | $17.500 | 06/16/2025 | 28153 | (214) | (142) |
| MBC | Call - OTC USD versus CNH | 7.550 | 05/15/2025 | 69652 | (291) | (16) |
| UAG | Put - OTC USD versus TRY | 37.700 | 05/07/2025 | 1712 | (41) | (4) |
|  | Call - OTC USD versus TRY | 45.900 | 05/07/2025 | 1712 | (27) | (17) |
|  | Put - OTC USD versus TRY | 39.750 | 08/11/2025 | 1626 | (51) | (12) |
|  | Call - OTC USD versus TRY | 51.750 | 08/11/2025 | 1626 | (36) | (52) |
|  | Put - OTC USD versus TRY | 40.575 | 08/19/2025 | 2395 | (84) | (29) |
|  | Call - OTC USD versus TRY | 52.725 | 08/19/2025 | 2395 | (52) | (77) |
|  | Put - OTC USD versus TRY | 41.600 | 11/12/2025 | 1710 | (65) | (18) |
|  | Call - OTC USD versus TRY | 56.900 | 11/12/2025 | 1710 | (48) | (83) |
|  | Put - OTC USD versus TRY | 42.635 | 01/07/2026 | 7530 | (255) | (83) |
|  | Call - OTC USD versus TRY | 56.750 | 01/07/2026 | 7530 | (171) | (500) |
|  | Put - OTC USD versus TRY | 42.800 | 01/08/2026 | 11554 | (396) | (137) |
|  | Call - OTC USD versus TRY | 56.750 | 01/08/2026 | 11554 | (265) | (770) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3944) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3503) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 111

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.700% | 06/18/2025 | 338710 | $(101) | $(94) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 7.650 | 06/20/2025 | 169357 | (49) | (40) |
|  |  |  |  |  |  | $(150) | $(134) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4094) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3637) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Brazil Government International Bond | (1.000)% | Quarterly | 06/20/2029 | 1.531% | $12100 | $281 | $(39) | $242 | $0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 3600 | 109 | (2) | 107 | 0 |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.553 | 1700 | (32) | (1) | 0 | (33) |
| BPS | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 4800 | 164 | (21) | 143 | 0 |
| BRC | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 8800 | 201 | (25) | 176 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 10800 | 330 | (9) | 321 | 0 |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2028 | 0.435 | 3400 | (67) | (1) | 0 | (68) |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.553 | 400 | (8) | 0 | 0 | (8) |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 12/20/2033 | 1.033 | 10600 | (26) | 48 | 22 | 0 |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 06/20/2034 | 1.067 | 6500 | (57) | 87 | 30 | 0 |
|  | Saudi Arabia Government International Bond | (1.000) | Quarterly | 12/20/2034 | 1.096 | 2960 | (11) | 32 | 21 | 0 |
| CBK | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 500 | 11 | (1) | 10 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 1900 | 58 | (1) | 57 | 0 |
| GST | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 18300 | 409 | (43) | 366 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 3600 | 117 | (10) | 107 | 0 |
| JPM | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 11000 | 244 | (24) | 220 | 0 |
|  | Chile Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.553 | 1400 | (27) | (1) | 0 | (28) |
| MYC | Brazil Government International Bond | (1.000) | Quarterly | 06/20/2029 | 1.531 | 10900 | 258 | (40) | 218 | 0 |
|  | Brazil Government International Bond | (1.000) | Quarterly | 12/20/2029 | 1.714 | 9600 | 287 | (1) | 286 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Peru Government International Bond | 1.000% | Quarterly | 12/20/2029 | 0.832 | % | $1700 | $11 | $2 | $13 | $0 |
| BPS | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.394 |  | 3250 | 16 | (1) | 15 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.830 |  | 3000 | 6 | 8 | 14 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.805 |  | 7625 | 12 | 1 | 13 | 0 |
| BRC | Peru Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.832 |  | 400 | 3 | 0 | 3 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.717 |  | 30100 | 424 | (13) | 411 | 0 |
|  | South Korea Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.251 |  | 2700 | 18 | (3) | 15 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2025 | 1.276 |  | 5625 | 2 | (4) | 0 | (2) |
| CBK | Israel Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.404 |  | 400 | 1 | 0 | 1 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.570 |  | 11100 | (64) | 169 | 105 | 0 |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 8000 | 0 | 457 | 457 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 6212 | 0 | 43 | 43 | 0 |
| GST | Israel Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.383 |  | 6800 | 7 | 25 | 32 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.459 |  | 1000 | 0 | 7 | 7 | 0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2029 | 0.793 |  | 200 | (2) | 4 | 2 | 0 |
| JPM | Peru Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.832 |  | 1400 | 9 | 2 | 11 | 0 |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 |  | 1070 | 3 | (1) | 2 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

112 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Floating rate equal to 1-Day IDR-SOFR plus 0.667% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 06/18/2032 | 120935000 | $7257 | $37 | $36 | $73 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.486% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 09/18/2030 | $25815 | 1485689 | (64) | (149) | 0 | (213) |
|  BPS | Floating rate equal to 1-Day IDR-SOFR plus 0.667% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 06/18/2035 | 71268000 | $4352 | 31 | (49) | 0 | (18) |
|  | Floating rate equal to 1-Day IDR-SOFR plus 0.676% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 06/18/2035 | 89439900 | 5437 | 32 | (28) | 4 | 0 |
|  CBK | Floating rate equal to 1-Day IDR-SOFR plus 0.682% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2035 | 128354000 | 7796 | 59 | (20) | 39 | 0 |
|  GLM | Floating rate equal to 1-Day IDR-SOFR plus 0.672% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 06/18/2035 | 83731500 | 5085 | 32 | (43) | 0 | (11) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.486% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | $4458 | 256695 | (13) | (26) | 0 | (39) |
|  JPM | Floating rate equal to 1-Day IDR-SOFR plus 0.685% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2035 | 68699140 | $4142 | 46 | 8 | 54 | 0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS plus 0.486% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | $3849 | 220830 | 2 | (22) | 0 | (20) |
|  SCX | Floating rate equal to 1-Day IDR-SOFR plus 0.685% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2035 | 52066364 | $3142 | 28 | (3) | 25 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 113

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **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) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | **Maturity**<br> **Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 79770 | $(73) | $29 | $0 | $(44) |
|  | Receive | 3-Month COP-IBR Compounded-OIS | 5.610 | Quarterly | 02/11/2026 | COP | 16064000 | 0 | 112 | 112 | 0 |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/18/2026 | MYR | 97950 | 0 | 1 | 1 | 0 |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/20/2027 |  | 42000 | 14 | (6) | 8 | 0 |
| BSH | Pay | 6-Month CLP-CHILIBOR | 3.790 | Semi-Annual | 03/14/2026 | CLP | 15998900 | 0 | (198) | 0 | (198) |
|  | Receive | 6-Month CLP-CHILIBOR | 3.300 | Semi-Annual | 06/21/2029 |  | 3550000 | 0 | 266 | 266 | 0 |
| CBK | Receive | 6-Month CLP-CHILIBOR | 3.763 | Semi-Annual | 05/24/2029 |  | 2445900 | (38) | 173 | 135 | 0 |
| GLM | Receive | 6-Month CLP-CHILIBOR | 3.015 | Semi-Annual | 06/20/2026 |  | 5445000 | 0 | 164 | 164 | 0 |
|  | Pay | 6-Month CLP-CHILIBOR | 4.095 | Semi-Annual | 06/01/2027 |  | 15023700 | 0 | (319) | 0 | (319) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.830 | Semi-Annual | 05/22/2029 |  | 6734700 | 0 | (353) | 0 | (353) |
|  | Pay | 6-Month CLP-CHILIBOR | 4.319 | Semi-Annual | 05/22/2029 |  | 10120000 | 0 | (315) | 0 | (315) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.265 | Semi-Annual | 06/14/2029 |  | 1715500 | 0 | (131) | 0 | (131) |
|  | Receive | 6-Month CLP-CHILIBOR | 6.620 | Semi-Annual | 09/20/2032 |  | 3100000 | 0 | (286) | 0 | (286) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/20/2027 | MYR | 214220 | 29 | 12 | 41 | 0 |
|  | Pay | 3-Month MYR-KLIBOR | 3.868 | Quarterly | 12/20/2028 |  | 133100 | 361 | 71 | 432 | 0 |
| JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 41960 | (76) | (6) | 0 | (82) |
|  | Receive | 6-Month CLP-CHILIBOR | 3.540 | Semi-Annual | 06/04/2029 | CLP | 4085000 | 0 | 265 | 265 | 0 |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 30500 | (20) | 3 | 0 | (17) |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 | MYR | 29750 | (88) | 30 | 0 | (58) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1803) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(9)</sup> | 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 | Pay/Receive<sup>(9)</sup> | 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 |
| SCX | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.920% | Semi-Annual | 08/04/2025 | INR | 2021900 | $0 | $686 | $686 | $0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.900% | Semi-Annual | 08/07/2025 |  | 660190 | 0 | 288 | 288 | 0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.920% | Semi-Annual | 08/08/2025 |  | 486800 | 0 | 214 | 214 | 0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.920% | Semi-Annual | 08/25/2025 |  | 1959920 | 0 | 831 | 831 | 0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.920% | Semi-Annual | 09/04/2025 |  | 616920 | 0 | 350 | 350 | 0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 0.000% | Semi-Annual | 10/03/2025 |  | 471170 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### VOLATILITY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Reference Entity | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Reference Entity | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GLM | Pay | USD versus CNH 1-Year ATM Realized Volatility | 6.850% | Maturity | 09/11/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | $0 | $137 | $137 | $0 |
|  | Pay | USD versus CNH 1-Year ATM Realized Volatility | 7.000 | Maturity | 12/11/2025 | 64 | 0 | 123 | 123 | 0 |
|  JPM | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.600 | Maturity | 11/24/2025 | 37 | 0 | (23) | 0 | (23) |
|  | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.725 | Maturity | 11/26/2025 | 19 | 0 | (10) | 0 | (10) |
|  SCX | Receive | USD versus INR 1-Year ATM Realized Volatility | 3.450 | Maturity | 11/21/2025 | 22 | 0 | (14) | 0 | (14) |
|  |  |  |  |  |  |  | $0 | $213 | $260 | $(47) |
|  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;2986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2290) |

---

114 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $317 | $0 | $0 | $317 | $(131) | $0 | $0 | $(131) | $186 | $0 | $186 |
|  BOA | 165 | 308 | 435 | 908 | (431) | 0 | (246) | (677) | 231 | (300) | (69) |
|  BPS | 3581 | 0 | 310 | 3891 | (3536) | (94) | (62) | (3692) | 199 | (380) | (181) |
|  BRC | 1438 | 0 | 999 | 2437 | (2515) | 0 | (78) | (2593) | (156) | 150 | (6) |
|  BSH | 51 | 0 | 266 | 317 | (423) | 0 | (198) | (621) | (304) | 568 | 264 |
|  CBK | 2790 | 0 | 347 | 3137 | (1673) | (167) | 0 | (1840) | 1297 | (730) | 567 |
|  DUB | 2768 | 0 | 500 | 3268 | (1181) | 0 | 0 | (1181) | 2087 | (1460) | 627 |
|  FAR | 104 | 0 | 0 | 104 | (595) | 0 | 0 | (595) | (491) | 604 | 113 |
|  GLM | 5270 | 1151 | 424 | 6845 | (2534) | (1396) | (1454) | (5384) | 1461 | (440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 |
|  GST | 0 | 0 | 987 | 987 | 0 | 0 | 0 | 0 | 987 | (820) | 167 |
|  JPM | 773 | 175 | 550 | 1498 | (877) | (142) | (163) | (1182) | 316 | (292) | 24 |
|  MBC | 1000 | 233 | 0 | 1233 | (1213) | (16) | 0 | (1229) | 4 | (260) | (256) |
|  MYC | 0 | 0 | 506 | 506 | 0 | (40) | 0 | (40) | 466 | (600) | (134) |
|  MYI | 433 | 446 | 0 | 879 | (591) | 0 | 0 | (591) | 288 | (300) | (12) |
|  NGF | 351 | 0 | 0 | 351 | 0 | 0 | 0 | 0 | 351 | (300) | 51 |
|  RYL | 0 | 0 | 0 | 0 | (40) | 0 | 0 | (40) | (40) | 0 | (40) |
|  SCX | 1582 | 0 | 2394 | 3976 | (521) | 0 | (89) | (610) | 3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3330) | 36 |
|  SOG | 74 | 0 | 0 | 74 | (4) | 0 | 0 | (4) | 70 | (290) | (220) |
|  SSB | 4 | 0 | 0 | 4 | (142) | 0 | 0 | (142) | (138) | 0 | (138) |
|  UAG | 54 | 0 | 0 | 54 | (262) | (1782) | 0 | (2044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1990) | 1988 | (2) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16669) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3637) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22596) |  |  |  |

---

(n) Securities with an aggregate market value of $3,310 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **115** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $195 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4942 | 4942 |
|  | $0 | $0 | $0 | $0 | $5137 | $5137 |
|  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 | $20755 | $0 | $20755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 2313 | 0 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3470 | 0 | 195 | 4053 | 7718 |
|  | $0 | $3470 | $0 | $23263 | $4053 | $30786 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35923 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $188 | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 5407 | 5409 |
|  | $0 | $2 | $0 | $0 | $5595 | $5597 |
|  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 | $16669 | $0 | $16669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3503 | 134 | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 139 | 0 | 301 | 1850 | 2290 |
|  | $0 | $139 | $0 | $20473 | $1984 | $22596 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28193 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $108 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1426 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 719 | 0 | 0 | 197 | 916 |
|  | $0 | $719 | $0 | $0 | $1731 | $2450 |
|  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;(11249) | $0 | $(11249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1848 | 0 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 6044 | 348 | 6392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 559 | 0 | (1575) | (965) | (1981) |
|  | $0 | $559 | $0 | $(4932) | $(617) | $(4990) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4932) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2540) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(12) | $(12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1774 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | (11076) | (11067) |
|  | $0 | $9 | $0 | $0 | $(9314) | $(9305) |
|  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 | $2588 | $0 | $2588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (1590) | 0 | (1590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (3334) | (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (274) | 0 | (165) | 3473 | 3034 |
|  | $0 | $(274) | $0 | $(2501) | $3446 | $671 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2501) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5868) | $(8634) |

---

116 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1400 | $0 | $1400 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13465 | 0 | 13465 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 64 | 64 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69435 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69435 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4960 | 0 | 4960 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | 5998 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 39976 | 0 | 39976 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23056 | 0 | 23056 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 36118 | 0 | 36118 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 54135 | 0 | 54135 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 78206 | 0 | 78206 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5754 | 0 | 5754 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26912 | 0 | 26912 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 317 | 0 | 317 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 20421 | 20421 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 5177 | 0 | 5177 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4236 | 0 | 4236 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1973 | 0 | 1973 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 49512 | 0 | 49512 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 533 | 0 | 533 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1692 | 0 | 1692 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 6799 | 6799 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3427 | 0 | 3427 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 14937 | 14937 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1673 | 0 | 1673 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 270 | 0 | 270 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2780 | 0 | 2780 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2661 | 2661 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 527 | 527 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 252 | 0 | 252 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 105983 | 0 | 105983 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160012 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160012 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349 | 3349 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 3327 | 0 | 3327 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7025 | 0 | 7025 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 16407 | 0 | 16407 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 76465 | 0 | 76465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | $0 | $74948 | $0 | $74948 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 93165 | 0 | 93165 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3458 | 0 | 3458 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26039 | 0 | 26039 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3785 | 3785 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11344 | 0 | 11344 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1884 | 0 | 1884 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 17140 | 0 | 17140 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2879 | 2879 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 98826 | 0 | 98826 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 23806 | 0 | 23806 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3040 | 3040 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 34184 | 0 | 34184 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 8969 | 1717 | 10686 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32242 | 0 | 32242 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3193 | 0 | 3193 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2894 | 0 | 2894 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2559 | 2559 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13731 | 4959 | 18690 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 4458 | 0 | 4458 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 21907 | 0 | 21907 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 231 | 5101 | 5332 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 8099 | 8099 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 17651 | 2154 | 19805 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 101113 | 0 | 101113 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2549 | 0 | 2549 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4830 | 0 | 4830 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 767 | 0 | 767 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Sovereign Issues | 0 | 903 | 0 | 903 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3154 | 0 | 3154 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 3994 | 0 | 3994 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 22440 | 0 | 22440 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4216 | 0 | 4216 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517563 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 117

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $79588 | $0 | $0 | $79588 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597151 |
|  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 |
|  United States |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $(11094) | $0 | $(11094) |
| &nbsp;&nbsp; Sovereign Issues | 0 | (41405) | 0 | (41405) |
|  | $0 | $(52499) | $0 | $(52499) |
|  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 | 4945 | 0 | 5137 |
|  Over the counter | 0 | 30286 | 500 | 30786 |
|  | $192 | $35231 | $500 | $35923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $(102) | $(5495) | $0 | $(5597) |
|  Over the counter | 0 | (22596) | 0 | (22596) |
|  | $(102) | $(28091) | $0 | $(28193) |
|  Total Financial Derivative Instruments | $90 | $7140 | $500 | $7730 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552382 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers<br>out of Level 3 | Ending<br>Balance<br>at 03/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | $3620 | $0 | $(3650) | $27 | $16 | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 |
|  Brazil |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 102 | 0 | (1309) | (20) | (12) | 1239 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1310 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383) | 0 | 0 | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383) |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 1376 | 0 | (351) | 39 | 53 | 7 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | 1 |
|  Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Loan Participations and Assignments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21439 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21091) | 0 | 0 | (348) | 0 | 0 | 0 | 0 |
|  Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19857 | 0 | 0 | 0 | 564 | 0 | 0 | 20421 | 564 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 6786 | 0 | 0 | 0 | 13 | 0 | 0 | 6799 | 13 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 13253 | 13277 | (11569) | 34 | 30 | (88) | 0 | 0 | 14937 | (23) |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2683 | 0 | 1 | 0 | (23) | 0 | 0 | 2661 | (23) |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 504 | 0 | 0 | 0 | 0 | 23 | 0 | 0 | 527 | 23 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 283 | 0 | (293) | 3 | 9 | (2) | 0 | 0 | 0 | 0 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 3349 | 0 | 0 | 0 | 0 | 0 | 0 | 3349 | 0 |
|  Qatar | Qatar | Qatar | Qatar | Qatar | Qatar | Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 6 | 0 | (6) | 0 | (1) | 1 | 0 | 0 | 0 | 0 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 3722 | 0 | 0 | 0 | 0 | 63 | 0 | 0 | 3785 | 63 |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 10318 | 0 | (11160) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1990) | 2832 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2809 | 0 | 1 | 0 | 69 | 0 | 0 | 2879 | 69 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 3874 | 0 | (862) | 4 | (76) | 100 | 0 | 0 | 3040 | 23 |

---

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2024** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers<br>out of Level 3** | **Ending<br>Balance<br>at 03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2025<sup>(2)</sup>** |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $1783 | $0 | $(1) | $0 | $(65) | $0 | $0 | $1717 | $(65) |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Loan Participations and Assignments | 9115 | 0 | (6390) | (25) | (55) | (86) | 0 | 0 | 2559 | (20) |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4782 | 0 | 453 | 0 | (276) | 0 | 0 | 4959 | (276) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Common Stocks | 89 | 0 | (152) | 0 | 63 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5000 | 0 | 0 | 0 | 101 | 0 | 0 | 5101 | 101 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 8200 | 0 | 0 | 0 | (101) | 0 | 0 | 8099 | (101) |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 417 | 2200 | (110) | 0 | (3) | (22) | 0 | (328) | 2154 | (46) |
|  | $68118 | $72036 | $(56943) | $653 | $(1966) | $2605 | $0 | $(328) | $84175 | $(1080) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | 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 | $534 | $22 | $0 | $0 | $0 | $(56) | $0 | $0 | $500 | $(56) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56943) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1966) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1136) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $64 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1124 | Discounted Cash Flow | Discount Rate | 3.174 |  |
|  Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20421 | Indicative Market Quotation | Broker Quote | 102.675 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 6799 | Recent Transaction | Purchase Price | 99.800 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 14937 | Discounted Cash Flow | Discount Rate | 5.397-6.862 | 6.086 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2661 | Discounted Cash Flow | Discount Rate | 9.403 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 527 | Indicative Market Quotation | Broker Quote | $25.188 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3349 | Recent Transaction | Purchase Price | 98.500 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3785 | Discounted Cash Flow | Discount Rate | 6.028 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2879 | Recent Transaction | Purchase Price | 99.000 |  |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3040 | Third Party Vendor | Broker Quote | 100.400 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1717 | Discounted Cash Flow | Discount Rate | 5.487 |  |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2559 | Third Party Vendor | Broker Quote | 100.125 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **119** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.) March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Weighted<br>Average** |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $4959 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 5101 | Proxy Pricing | Base Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4199 | Discounted Cash Flow | Discount Rate | 7.097 |  |
|  | 3900 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2154 | Discounted Cash Flow | Discount Rate | 7.115 |  |
|  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 | 500 | Indicative Market Quotation | Broker Quote | 0.329 -5.703 | 5.245 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84675 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(3)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund March 31, 2025

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 149.7% | INVESTMENTS IN SECURITIES 149.7% | INVESTMENTS IN SECURITIES 149.7% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 38 | 24 |
|  4.125% due 07/09/2035 þ | 29 | 18 |
|  Total Argentina (Cost $37) | Total Argentina (Cost $37) | 42 |
| AUSTRALIA 2.9% | AUSTRALIA 2.9% | AUSTRALIA 2.9% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 2400 | 2465 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  0.750% due 11/21/2027 (e) | 2022 | 1237 |
|  1.750% due 06/21/2051 | 50 | 17 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 800 | 384 |
|  2.000% due 03/08/2033 | 400 | 204 |
|  4.750% due 09/20/2035 | 500 | 303 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 500 | 250 |
|  1.750% due 07/20/2034 | 300 | 142 |
|  2.000% due 08/22/2033 | 1200 | 600 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 600 | 277 |
|  2.250% due 09/15/2033 | 1200 | 611 |
|  |  | 4025 |
|  Total Australia (Cost $6,702) | Total Australia (Cost $6,702) | 6490 |
| BRAZIL 1.9% | BRAZIL 1.9% | BRAZIL 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (c) | 26900 | 4399 |
|  Total Brazil (Cost $4,353) | Total Brazil (Cost $4,353) | 4399 |
| CANADA 4.6% | CANADA 4.6% | CANADA 4.6% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 133 | 125 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 1800 | 1844 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 300 | 320 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.851% due 12/14/2026 | 800 | 808 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.814% due 07/16/2027 | 1200 | 1215 |
|  |  | 4312 |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  3.000% due 12/01/2036 (e) | 1879 | 1593 |
|  4.000% due 03/01/2029 | 400 | 293 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 22900 | 271 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 250 | 182 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 1200 | 848 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 3400 | 2388 |
|  4.450% due 09/01/2034 | 700 | 519 |
|  |  | 6094 |
|  Total Canada (Cost $10,720) | Total Canada (Cost $10,720) | 10406 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CAYMAN ISLANDS 3.1% | CAYMAN ISLANDS 3.1% | CAYMAN ISLANDS 3.1% |
| ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.386% due 04/15/2035 •  | 600 | 597 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.802% due 11/02/2030 •  | 4 | 4 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  | 500 | 500 |
|  5.654% due 01/15/2031 ~ | 168 | 168 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 516 | 516 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 322 | 322 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 49 | 49 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 535 | 532 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.635% due 04/20/2031 •  | 544 | 544 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.540% due 10/22/2034 ~ | 700 | 701 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 24 | 24 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 62 | 62 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 509 | 505 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 772 | 770 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.605% due 07/18/2031 ~ | 175 | 174 |
|  |  | 5468 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 471 | 441 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 300 | 301 |
|  |  | 742 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.781% due 12/16/2036 ~ | 530 | 531 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 300 | 306 |
|  Total Cayman Islands (Cost $7,079) | Total Cayman Islands (Cost $7,079) | 7047 |
| CHILE 0.4% | CHILE 0.4% | CHILE 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 645000 | 646 |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | 300 | 303 |
|  Total Chile (Cost $1,265) | Total Chile (Cost $1,265) | 949 |
| COLOMBIA 0.5% | COLOMBIA 0.5% | COLOMBIA 0.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 | 350 | 341 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
|  7.500% due 02/02/2034 | 700 | 694 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.000% due 11/14/2035 | $— | 300 | 302 |
|  |  |  | 996 |
|  Total Colombia (Cost $1,353) | Total Colombia (Cost $1,353) | Total Colombia (Cost $1,353) | 1337 |
| CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  0.950% due 05/15/2030 |  | 5600 | 211 |
|  2.500% due 08/25/2028 |  | 900 | 38 |
|  Total Czech Republic (Cost $259) | Total Czech Republic (Cost $259) | Total Czech Republic (Cost $259) | 249 |
| DENMARK 0.9% | DENMARK 0.9% | DENMARK 0.9% | DENMARK 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 |  | 47 | 5 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 |  | 2190 | 257 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2025 |  | 8200 | 1188 |
|  1.500% due 10/01/2052 |  | 637 | 75 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 |  | 4559 | 534 |
|  Total Denmark (Cost $2,311) | Total Denmark (Cost $2,311) | Total Denmark (Cost $2,311) | 2059 |
| DOMINICAN REPUBLIC 0.3% | DOMINICAN REPUBLIC 0.3% | DOMINICAN REPUBLIC 0.3% | DOMINICAN REPUBLIC 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
|  6.600% due 06/01/2036 | $— | 650 | 648 |
|  Total Dominican Republic (Cost $645) | Total Dominican Republic (Cost $645) | Total Dominican Republic (Cost $645) | 648 |
| ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% | ECUADOR 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  6.900% due 07/31/2030 þ | $— | 595 | 356 |
|  Total Ecuador (Cost $409) | Total Ecuador (Cost $409) | Total Ecuador (Cost $409) | 356 |
| FRANCE 5.0% | FRANCE 5.0% | FRANCE 5.0% | FRANCE 5.0% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | $— | 750 | 765 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  |  | 700 | 716 |
|  |  |  | 1481 |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 07/25/2031 (e) |  | 721 | 745 |
|  0.500% due 05/25/2072 |  | 100 | 32 |
|  0.750% due 02/25/2028 |  | 700 | 723 |
|  0.750% due 05/25/2052 |  | 900 | 458 |
|  2.000% due 05/25/2048 |  | 200 | 153 |
|  2.750% due 10/25/2027 |  | 800 | 875 |
|  2.750% due 02/25/2030 (i) |  | 6200 | 6708 |
|  |  |  | 9694 |
|  Total France (Cost $11,755) | Total France (Cost $11,755) | Total France (Cost $11,755) | 11175 |
| GUATEMALA 0.1% | GUATEMALA 0.1% | GUATEMALA 0.1% | GUATEMALA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Guatemala Government International Bond | Guatemala Government International Bond | Guatemala Government International Bond | Guatemala Government International Bond |
|  5.375% due 04/24/2032 | $— | 200 | 193 |
|  Total Guatemala (Cost $226) | Total Guatemala (Cost $226) | Total Guatemala (Cost $226) | 193 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 121

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HUNGARY 1.2% | HUNGARY 1.2% | HUNGARY 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  5.375% due 09/12/2033 | 900 | 1018 |
|  5.500% due 03/26/2036 | 200 | 192 |
|  6.250% due 09/22/2032 | 500 | 516 |
|  6.750% due 09/25/2052 | 200 | 205 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |
|  6.125% due 12/04/2027 | 700 | 714 |
|  Total Hungary (Cost $2,518) | Total Hungary (Cost $2,518) | 2645 |
| INDIA 0.3% | INDIA 0.3% | INDIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  IRB Infrastructure Developers, Inc. | IRB Infrastructure Developers, Inc. | IRB Infrastructure Developers, Inc. |
|  7.110% due 03/11/2032 | 600 | 606 |
|  Total India (Cost $600) | Total India (Cost $600) | 606 |
| INDONESIA 0.7% | INDONESIA 0.7% | INDONESIA 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
|  5.600% due 01/15/2035 | 300 | 307 |
|  8.375% due 03/15/2034 | 18578000 | 1217 |
|  Total Indonesia (Cost $1,593) | Total Indonesia (Cost $1,593) | 1524 |
| IRELAND 2.0% | IRELAND 2.0% | IRELAND 2.0% |
| ASSET-BACKED SECURITIES 1.5% | ASSET-BACKED SECURITIES 1.5% | ASSET-BACKED SECURITIES 1.5% |
|  Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC |
|  3.735% due 07/15/2030 •  | 98 | 107 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.624% due 07/19/2035 •  | 500 | 538 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 338 | 365 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.435% due 10/15/2031 •  | 299 | 324 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.445% due 04/15/2033 •  | 193 | 208 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  4.413% due 01/25/2037 •  | 500 | 542 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | 292 | 315 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  3.191% due 12/15/2031 •  | 246 | 266 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.526% due 05/15/2033 •  | 607 | 657 |
|  |  | 3322 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 300 | 290 |
|  3.000% due 10/29/2028 | 300 | 282 |
|  |  | 572 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 500 | 540 |
|  Total Ireland (Cost $4,636) | Total Ireland (Cost $4,636) | 4434 |
| ISRAEL 0.7% | ISRAEL 0.7% | ISRAEL 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  4.500% due 01/17/2033 | 800 | 748 |
|  5.500% due 03/12/2034 | 200 | 199 |
|  5.625% due 02/19/2035 | 700 | 696 |
|  Total Israel (Cost $1,682) | Total Israel (Cost $1,682) | 1643 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ITALY 1.0% | ITALY 1.0% | ITALY 1.0% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 600 | 635 |
|  2.625% due 04/28/2025 | 300 | 324 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 200 | 222 |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  2.125% due 04/30/2029 | 200 | 204 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  2.569% due 09/22/2026 •  | 500 | 495 |
|  |  | 1880 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 400 | 404 |
|  Total Italy (Cost $2,365) | Total Italy (Cost $2,365) | 2284 |
| IVORY COAST 0.5% | IVORY COAST 0.5% | IVORY COAST 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  5.250% due 03/22/2030 | 700 | 722 |
|  5.875% due 10/17/2031 | 300 | 305 |
|  Total Ivory Coast (Cost $976) | Total Ivory Coast (Cost $976) | 1027 |
| JAPAN 5.6% | JAPAN 5.6% | JAPAN 5.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Olympus Corp. | Olympus Corp. | Olympus Corp. |
|  2.143% due 12/08/2026 | 200 | 192 |
| SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (e) | 255065 | 1762 |
|  0.100% due 03/10/2029 (e) | 752168 | 5185 |
|  0.400% due 06/20/2029 | 60000 | 389 |
|  0.500% due 03/20/2049 | 116000 | 514 |
|  0.700% due 12/20/2048 | 5000 | 24 |
|  0.700% due 06/20/2051 | 168000 | 747 |
|  1.500% due 09/20/2043 | 200000 | 1203 |
|  2.000% due 12/20/2044 | 70000 | 452 |
|  2.200% due 06/20/2054 | 6000 | 38 |
|  2.200% due 03/20/2064 | 120000 | 711 |
|  2.300% due 12/20/2054 | 209000 | 1341 |
|  |  | 12366 |
|  Total Japan (Cost $15,308) | Total Japan (Cost $15,308) | 12558 |
| KAZAKHSTAN 0.4% | KAZAKHSTAN 0.4% | KAZAKHSTAN 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  3.500% due 04/14/2033 | 700 | 594 |
|  5.750% due 04/19/2047 | 200 | 175 |
|  6.375% due 10/24/2048 | 200 | 187 |
|  Total Kazakhstan (Cost $884) | Total Kazakhstan (Cost $884) | 956 |
|  | SHARES |  |
| LUXEMBOURG 1.0% | LUXEMBOURG 1.0% | LUXEMBOURG 1.0% |
| COMMON STOCKS 0.6% | COMMON STOCKS 0.6% | COMMON STOCKS 0.6% |
|  Drillco Holding Lux SA «(g) | 35766 | 901 |
|  Foresea Holdings SA « | 14931 | 376 |
|  |  | 1277 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  6.010% due 01/20/2033 | 326 | 334 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 632 | 612 |
|  |  | 946 |
|  Total Luxembourg (Cost $1,467) | Total Luxembourg (Cost $1,467) | 2223 |
| MALAYSIA 0.6% | MALAYSIA 0.6% | MALAYSIA 0.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  2.480% due 01/28/2032 | 200 | 171 |
|  4.550% due 04/21/2050 | 200 | 170 |
|  |  | 341 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 1400 | 298 |
|  3.519% due 04/20/2028 | 3431 | 775 |
|  |  | 1073 |
|  Total Malaysia (Cost $1,432) | Total Malaysia (Cost $1,432) | 1414 |
| MEXICO 0.4% | MEXICO 0.4% | MEXICO 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.490% due 05/25/2032 | 700 | 747 |
|  5.750% due 10/12/2110 | 200 | 158 |
|  Total Mexico (Cost $970) | Total Mexico (Cost $970) | 905 |
| MULTINATIONAL 0.1% | MULTINATIONAL 0.1% | MULTINATIONAL 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.750% due 10/20/2028 | 300 | 299 |
|  Total Multinational (Cost $311) | Total Multinational (Cost $311) | 299 |
| NETHERLANDS 1.2% | NETHERLANDS 1.2% | NETHERLANDS 1.2% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 400 | 401 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 450 | 461 |
|  5.710% due 01/21/2033 ~ | 400 | 411 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.525% due 03/25/2036 ~ | 200 | 200 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.207% due 01/19/2026 | 400 | 427 |
|  3.257% due 01/19/2027 | 900 | 872 |
|  |  | 2772 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  3.548% due 04/17/2041 •  | 43 | 47 |
|  Total Netherlands (Cost $2,858) | Total Netherlands (Cost $2,858) | 2819 |
| NEW ZEALAND 0.1% | NEW ZEALAND 0.1% | NEW ZEALAND 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government International Bond | New Zealand Government International Bond | New Zealand Government International Bond |
|  1.500% due 05/15/2031 | 400 | 195 |
|  Total New Zealand (Cost $276) | Total New Zealand (Cost $276) | 195 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 400 | 241 |
|  Total Norway (Cost $291) | Total Norway (Cost $291) | 241 |

---

122 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| PERU 2.1% | PERU 2.1% | PERU 2.1% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2900 | 847 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.375% due 02/08/2035 | 400 | 393 |
|  5.875% due 08/08/2054 | 700 | 680 |
|  6.900% due 08/12/2037 | 2600 | 699 |
|  7.300% due 08/12/2033 | 7500 | 2156 |
|  |  | 3928 |
|  Total Peru (Cost $4,718) | Total Peru (Cost $4,718) | 4775 |
| PHILIPPINES 0.2% | PHILIPPINES 0.2% | PHILIPPINES 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Philippines Government International Bond | Philippines Government International Bond | Philippines Government International Bond |
|  6.250% due 01/14/2036 | 20000 | 346 |
|  Total Philippines (Cost $485) | Total Philippines (Cost $485) | 346 |
| POLAND 1.2% | POLAND 1.2% | POLAND 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.875% due 02/14/2033 | 900 | 1006 |
|  4.250% due 02/14/2043 | 400 | 431 |
|  4.875% due 02/12/2030 | 500 | 505 |
|  4.875% due 10/04/2033 | 300 | 296 |
|  5.375% due 02/12/2035 | 400 | 402 |
|  5.500% due 04/04/2053 | 100 | 94 |
|  Total Poland (Cost $2,679) | Total Poland (Cost $2,679) | 2734 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 200 | 173 |
|  Total Qatar (Cost $199) | Total Qatar (Cost $199) | 173 |
| ROMANIA 1.5% | ROMANIA 1.5% | ROMANIA 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.375% due 12/02/2029 | 360 | 335 |
|  1.750% due 07/13/2030 | 200 | 181 |
|  2.000% due 04/14/2033 | 900 | 725 |
|  2.625% due 12/02/2040 | 100 | 66 |
|  2.750% due 04/14/2041 | 100 | 66 |
|  5.125% due 09/24/2031 | 1000 | 1046 |
|  5.250% due 03/10/2030 | 600 | 654 |
|  5.625% due 02/22/2036 | 100 | 100 |
|  6.250% due 09/10/2034 | 200 | 215 |
|  6.375% due 09/18/2033 | 100 | 110 |
|  Total Romania (Cost $3,932) | Total Romania (Cost $3,932) | 3498 |
| SAUDI ARABIA 3.3% | SAUDI ARABIA 3.3% | SAUDI ARABIA 3.3% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 04/16/2029 | 450 | 431 |
| SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.250% due 10/22/2030 | 200 | 185 |
|  3.375% due 03/05/2032 | 300 | 320 |
|  3.750% due 03/05/2037 | 300 | 312 |
|  4.875% due 07/18/2033 | 800 | 791 |
|  5.000% due 01/16/2034 | 4100 | 4075 |
|  5.000% due 01/18/2053 | 300 | 258 |
|  5.125% due 01/13/2028 | 700 | 709 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.375% due 01/13/2031 | $— | 400 | 410 |
|  |  |  | 7060 |
|  Total Saudi Arabia (Cost $7,506) | Total Saudi Arabia (Cost $7,506) | Total Saudi Arabia (Cost $7,506) | 7491 |
| SERBIA 1.3% | SERBIA 1.3% | SERBIA 1.3% | SERBIA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.650% due 03/03/2033 |  | 700 | 591 |
|  3.125% due 05/15/2027 |  | 1400 | 1493 |
|  6.000% due 06/12/2034 | $— | 900 | 894 |
|  Total Serbia (Cost $2,998) | Total Serbia (Cost $2,998) | Total Serbia (Cost $2,998) | 2978 |
| SINGAPORE 0.7% | SINGAPORE 0.7% | SINGAPORE 0.7% | SINGAPORE 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 |  | 173 | 123 |
|  3.250% due 06/01/2054 |  | 1825 | 1498 |
|  Total Singapore (Cost $1,462) | Total Singapore (Cost $1,462) | Total Singapore (Cost $1,462) | 1621 |
| SOUTH AFRICA 1.9% | SOUTH AFRICA 1.9% | SOUTH AFRICA 1.9% | SOUTH AFRICA 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  5.375% due 07/24/2044 | $— | 200 | 149 |
|  8.000% due 01/31/2030 |  | 33400 | 1746 |
|  8.875% due 02/28/2035 |  | 48000 | 2344 |
|  Total South Africa (Cost $4,545) | Total South Africa (Cost $4,545) | Total South Africa (Cost $4,545) | 4239 |
| SOUTH KOREA 1.0% | SOUTH KOREA 1.0% | SOUTH KOREA 1.0% | SOUTH KOREA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Korea Government International Bond | Korea Government International Bond | Korea Government International Bond | Korea Government International Bond |
|  2.375% due 12/10/2028 |  | 1514590 | 1014 |
|  2.625% due 06/10/2028 |  | 1708930 | 1159 |
|  3.250% due 03/10/2053 |  | 87830 | 68 |
|  Total South Korea (Cost $2,549) | Total South Korea (Cost $2,549) | Total South Korea (Cost $2,549) | 2241 |
| SPAIN 3.4% | SPAIN 3.4% | SPAIN 3.4% | SPAIN 3.4% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | $— | 400 | 411 |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 |  | 200 | 219 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (c) |  | 1550 | 1571 |
|  2.400% due 05/31/2028 |  | 1150 | 1244 |
|  3.150% due 04/30/2035 |  | 730 | 775 |
|  3.550% due 10/31/2033 |  | 3100 | 3440 |
|  |  |  | 7249 |
|  Total Spain (Cost $7,577) | Total Spain (Cost $7,577) | Total Spain (Cost $7,577) | 7660 |
| SUPRANATIONAL 0.4% | SUPRANATIONAL 0.4% | SUPRANATIONAL 0.4% | SUPRANATIONAL 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.150% due 02/25/2030 |  | 86850 | 996 |
|  Total Supranational (Cost $1,158) | Total Supranational (Cost $1,158) | Total Supranational (Cost $1,158) | 996 |
| SWITZERLAND 0.6% | SWITZERLAND 0.6% | SWITZERLAND 0.6% | SWITZERLAND 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 | $— | 500 | 539 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.869% due 01/12/2029 •  | 500 | 488 |
|  6.537% due 08/12/2033 •  | 250 | 268 |
|  Total Switzerland (Cost $1,279) | Total Switzerland (Cost $1,279) | 1295 |
| THAILAND 0.5% | THAILAND 0.5% | THAILAND 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.500% due 11/17/2029 | 34700 | 1057 |
|  Total Thailand (Cost $1,023) | Total Thailand (Cost $1,023) | 1057 |
| UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.375% due 05/08/2029 | 900 | 923 |
|  Total United Arab Emirates (Cost $896) | Total United Arab Emirates (Cost $896) | 923 |
| UNITED KINGDOM 3.9% | UNITED KINGDOM 3.9% | UNITED KINGDOM 3.9% |
| CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 | 400 | 345 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.856% due 05/23/2033 ~ | 300 | 346 |
|  5.887% due 08/14/2027 •  | 300 | 305 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.778% due 03/01/2035 •  | 550 | 562 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.551% due 03/21/2030 ~ | 900 | 902 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) | 400 | 282 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 700 | 728 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  | 700 | 712 |
|  6.296% due 07/06/2034 •  | 300 | 316 |
|  |  | 4498 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% |
|  Alba PLC | Alba PLC | Alba PLC |
|  4.773% due 11/25/2042 •  | 171 | 219 |
|  Great Hall Mortgages PLC | Great Hall Mortgages PLC | Great Hall Mortgages PLC |
|  2.608% due 06/18/2039 •  | 4 | 5 |
|  4.718% due 06/18/2039 •  | 2 | 2 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  3.078% due 12/15/2050 •  | 170 | 183 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | 1729 | 2240 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.248% due 12/20/2066 •  | 800 | 1034 |
|  |  | 3683 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.125% due 03/22/2051 (e) | 80 | 63 |
|  0.625% due 11/22/2042 (e) | 258 | 274 |
|  1.250% due 07/31/2051 | 10 | 6 |
|  4.375% due 07/31/2054 | 400 | 447 |
|  |  | 790 |
|  Total United Kingdom (Cost $9,117) | Total United Kingdom (Cost $9,117) | 8971 |
| UNITED STATES 85.5% | UNITED STATES 85.5% | UNITED STATES 85.5% |
| ASSET-BACKED SECURITIES 1.8% | ASSET-BACKED SECURITIES 1.8% | ASSET-BACKED SECURITIES 1.8% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.755% due 01/25/2037 •  | 371 | 206 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.335% due 12/25/2034 •  | 91 | 81 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **123** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 623 | 168 |
|  4.915% due 07/25/2036 •  | 778 | 209 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 09/25/2046 ~ | 53 | 50 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.428% due 07/25/2036 •  | 8 | 8 |
|  4.875% due 09/25/2037 •  | 39 | 41 |
|  5.155% due 07/25/2034 ~ | 29 | 30 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  | 6 | 6 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.654% due 07/25/2037 ~ | 159 | 104 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.710% due 07/25/2034 •  | 38 | 38 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 139 | 137 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.335% due 08/25/2037 ~ | 14 | 14 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.525% due 01/25/2037 ~ | 127 | 76 |
|  4.975% due 04/25/2036 ~ | 543 | 362 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.875% due 12/25/2036 •  | 479 | 117 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.595% due 08/25/2036 ~ | 3 | 1 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 10 | 10 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.915% due 03/25/2036 ~ | 455 | 272 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.655% due 08/25/2037 ~ | 425 | 209 |
|  4.955% due 04/25/2037 •  | 559 | 268 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.525% due 01/25/2037 •  | 449 | 204 |
|  4.575% due 10/25/2036 ~ | 504 | 221 |
|  4.575% due 11/25/2036 •  | 175 | 84 |
|  4.655% due 11/25/2036 ~ | 175 | 84 |
|  4.665% due 10/25/2036 •  | 665 | 346 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.797% due 08/25/2036 þ | 478 | 174 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.799% due 02/16/2055 ~ | 391 | 396 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.202% due 02/25/2037 þ | 454 | 150 |
|  |  | 4066 |
| CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 ~ | 500 | 509 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.388% due 05/01/2031 | 300 | 320 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.100% due 02/22/2031 | 300 | 307 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 100 | 101 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.412% due 03/31/2031 •  | 2100 | 2047 |
|  5.449% due 06/11/2035 •  | 1100 | 1107 |
|  Credit Suisse AG AT1 Claim | 400 | 48 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 861 | 918 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 100 | 87 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 400 | 395 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 200 | 192 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.371% due 04/04/2029 | 700 | 712 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 700 | 611 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.016% due 10/23/2035 •  | $| 600 | 584 |
|  5.536% due 01/28/2036 •  |  | 800 | 811 |
|  6.484% due 10/24/2029 •  |  | 100 | 106 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.603% due 10/22/2030 •  |  | 900 | 894 |
|  5.336% due 01/23/2035 •  |  | 800 | 809 |
|  6.087% due 10/23/2029 •  |  | 100 | 105 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  2.900% due 06/25/2025 |  | 300 | 298 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.790% due 03/21/2030 •  | EUR | 700 | 773 |
|  3.955% due 03/21/2035 •  |  | 1200 | 1298 |
|  5.587% due 01/18/2036 ~ | $| 300 | 306 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.450% due 09/15/2028 |  | 300 | 271 |
|  Organon & Co. | Organon & Co. | Organon & Co. | Organon & Co. |
|  2.875% due 04/30/2028 | EUR | 300 | 309 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | $| 100 | 94 |
|  4.000% due 12/01/2046 |  | 100 | 74 |
|  4.550% due 07/01/2030 |  | 100 | 97 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.450% due 02/15/2034 |  | 300 | 303 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.750% due 01/15/2031 | EUR | 300 | 330 |
|  5.125% due 02/13/2031 | $| 300 | 305 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.211% due 12/03/2035 •  |  | 600 | 596 |
|  5.244% due 01/24/2031 ~ |  | 1000 | 1017 |
|  5.389% due 04/24/2034 •  |  | 900 | 907 |
|  |  |  | 17641 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  1.958% due 06/01/2025 |  | 300 | 298 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 185 | 188 |
|  |  |  | 486 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.977% due 01/25/2035 •  |  | 6 | 5 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.854% due 04/20/2047 •  |  | 45 | 36 |
|  4.855% due 04/25/2037 •  |  | 43 | 36 |
|  5.697% due 05/25/2035 ~ |  | 35 | 33 |
|  6.000% due 07/25/2037 |  | 137 | 115 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.000% due 10/25/2036 |  | 39 | 33 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.855% due 05/25/2047 ~ |  | 152 | 145 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.933% due 04/25/2034 •  |  | 51 | 49 |
|  5.852% due 02/25/2034 •  |  | 3 | 3 |
|  6.530% due 02/25/2036 •  |  | 12 | 11 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.039% due 09/25/2035 •  |  | 187 | 63 |
|  5.564% due 05/25/2035 ~ |  | 36 | 34 |
|  BX Trust | BX Trust | BX Trust | BX Trust |
|  5.163% due 10/15/2036 •  |  | 607 | 603 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.089% due 03/25/2037 •  |  | 106 | 102 |
|  5.310% due 07/25/2037 •  |  | 19 | 16 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.660% due 05/25/2035 •  |  | 15 | 14 |
|  4.841% due 04/25/2037 •  |  | 87 | 78 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.158% due 06/25/2037 •  |  | 90 | 73 |
|  4.854% due 07/20/2046 ~ |  | 54 | 46 |
|  5.500% due 10/25/2035 |  | 12 | 8 |
|  5.500% due 02/25/2036 |  | 30 | 17 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 01/25/2037 | $— | 220 | $— | 182 |
|  6.000% due 02/25/2037 |  | 491 |  | 176 |
|  6.000% due 05/25/2037 |  | 424 |  | 188 |
|  6.250% due 12/25/2036 ~ |  | 377 |  | 156 |
|  6.500% due 08/25/2037 |  | 307 |  | 131 |
|  8.000% due 10/25/2036 |  | 20 |  | 14 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.000% due 02/25/2037 |  | 103 |  | 46 |
|  6.250% due 09/25/2036 |  | 191 |  | 68 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ |  | 61 |  | 58 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 •  |  | 144 |  | 119 |
|  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 |
|  6.445% due 02/25/2036 þ |  | 152 |  | 138 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  4.250% due 05/25/2067 •  |  | 451 |  | 422 |
|  GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates |
|  7.394% due 10/25/2033 •  |  | 3 |  | 3 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 •  |  | 154 |  | 127 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.332% due 05/25/2037 •  |  | 10 |  | 6 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  7.296% due 02/25/2036 •  |  | 23 |  | 6 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  5.915% due 07/25/2035 •  |  | 38 |  | 36 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.152% due 06/25/2036 •  |  | 123 |  | 108 |
|  4.720% due 12/25/2034 ~ |  | 2 |  | 2 |
|  4.915% due 07/25/2035 ~ |  | 4 |  | 4 |
|  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 |
|  4.799% due 12/25/2036 •  |  | 12 |  | 12 |
|  4.890% due 05/25/2037 •  |  | 151 |  | 134 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  2.500% due 12/25/2051 ~ |  | 625 |  | 512 |
|  5.673% due 10/25/2035 •  |  | 138 |  | 107 |
|  6.057% due 02/25/2035 ~ |  | 2 |  | 2 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 |  | 57 |  | 55 |
|  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 |
|  4.456% due 03/25/2036 ~ |  | 60 |  | 29 |
|  4.855% due 02/25/2036 •  |  | 11 |  | 11 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  6.105% due 12/25/2068 þ |  | 363 |  | 365 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.103% due 05/25/2036 •  |  | 123 |  | 66 |
|  4.947% due 09/25/2035 •  |  | 102 |  | 31 |
|  5.335% due 02/25/2036 •  |  | 13 |  | 13 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  |  | 362 |  | 347 |
|  2.750% due 11/25/2059 •  |  | 349 |  | 333 |
|  6.864% due 10/25/2063 þ |  | 360 |  | 364 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 •  |  | 701 |  | 577 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.935% due 02/25/2035 •  |  | 28 |  | 28 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  6.221% due 11/25/2068 þ |  | 402 |  | 406 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.635% due 05/25/2037 •  |  | 233 |  | 211 |
|  4.775% due 12/25/2036 •  |  | 125 |  | 112 |
|  4.815% due 07/25/2036 •  |  | 170 |  | 154 |
|  4.835% due 11/25/2036 •  |  | 126 |  | 90 |
|  5.000% due 09/25/2036 |  | 35 |  | 26 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.000% due 06/25/2037 |  | 11 |  | 9 |
|  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 |
|  4.117% due 04/25/2036 ~ |  | 96 |  | 51 |
|  4.755% due 10/25/2035 •  |  | 51 |  | 48 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.835% due 05/25/2036 •  |  | 190 |  | 155 |
|  4.855% due 05/25/2036 •  |  | 16 |  | 12 |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.715% due 01/25/2036 ~ | 126 | 104 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.725% due 10/25/2036 •  | 268 | 223 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  6.641% due 02/25/2037 ~ | 46 | 42 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.175% due 09/25/2034 •  | 12 | 11 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 •  | 337 | 305 |
|  2.710% due 01/25/2060 ~ | 263 | 251 |
|  2.900% due 10/25/2059 ~ | 1140 | 1088 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.028% due 10/25/2036 •  | 219 | 191 |
|  4.142% due 12/25/2036 ~ | 150 | 133 |
|  4.995% due 11/25/2045 •  | 46 | 43 |
|  5.215% due 10/25/2044 •  | 37 | 36 |
|  6.035% due 08/25/2042 •  | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.755% due 02/25/2037 •  | 279 | 215 |
|  5.500% due 11/25/2035 | 53 | 49 |
|  6.500% due 08/25/2035 | 40 | 37 |
|  |  | 10500 |
| U.S. GOVERNMENT AGENCIES 55.7% | U.S. GOVERNMENT AGENCIES 55.7% | U.S. GOVERNMENT AGENCIES 55.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 03/01/2060 | 245 | 212 |
|  3.500% due 01/01/2059 | 578 | 518 |
|  4.854% due 06/25/2036 •  | 14 | 14 |
|  5.129% due 01/25/2051 •  | 403 | 404 |
|  5.500% due 03/25/2055 •  | 692 | 696 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.150% due 01/15/2038 •(a) | 202 | 10 |
|  4.793% due 01/15/2038 •  | 202 | 200 |
|  5.280% due 11/25/2054 •  | 992 | 993 |
|  5.740% due 03/25/2055 •  | 1271 | 1280 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 07/20/2046 - 12/20/2052 | 1656 | 1469 |
|  3.500% due 10/20/2052 - 03/20/2055 | 9600 | 8804 |
|  4.644% due 01/20/2068 •  | 514 | 510 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 04/01/2055 | 3100 | 2645 |
|  3.000% due 04/01/2055 | 7200 | 6378 |
|  3.500% due 04/01/2055 | 1400 | 1281 |
|  6.500% due 04/01/2055 | 1900 | 1945 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.000% due 02/01/2052 - 03/01/2052 | 1520 | 1210 |
|  2.500% due 02/01/2051 - 01/01/2052 | 1036 | 866 |
|  3.000% due 02/01/2027 - 09/01/2042 | 19 | 18 |
|  3.500% due 01/01/2026 - 07/01/2050 | 482 | 444 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 01/01/2037 - 06/01/2050 | 264 | 250 |
|  4.500% due 11/01/2025 - 08/01/2041 | 89 | 88 |
|  5.000% due 08/01/2033 - 10/01/2041 | 55 | 55 |
|  5.500% due 07/01/2035 - 02/01/2041 | 56 | 58 |
|  6.000% due 06/01/2026 - 09/01/2054 | 14916 | 15160 |
|  6.500% due 12/01/2053 - 02/01/2054 | 1363 | 1407 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 05/01/2055 | 300 | 249 |
|  3.000% due 05/01/2055 | 3900 | 3380 |
|  4.000% due 05/01/2055 | 1665 | 1550 |
|  4.500% due 05/01/2055 | 700 | 669 |
|  5.000% due 04/01/2055 - 05/01/2055 | 25500 | 24973 |
|  5.500% due 04/01/2055 | 4000 | 3995 |
|  6.000% due 05/01/2055 - 06/01/2055 | 3200 | 3245 |
|  6.500% due 06/01/2055 | 39800 | 40973 |
|  |  | 125949 |
| U.S. TREASURY OBLIGATIONS 15.4% | U.S. TREASURY OBLIGATIONS 15.4% | U.S. TREASURY OBLIGATIONS 15.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (i) | 4300 | 3019 |
|  2.250% due 08/15/2049 (i) | 1300 | 839 |
|  2.875% due 05/15/2052 (m) | 200 | 145 |
|  3.000% due 02/15/2048 (i) | 800 | 610 |
|  3.000% due 02/15/2049 (i) | 725 | 548 |
|  3.375% due 11/15/2048 (i) | 1180 | 958 |
|  4.125% due 08/15/2044 (i) | 2050 | 1921 |
|  4.500% due 11/15/2054 (i) | 6000 | 5914 |
|  4.625% due 02/15/2055 (i)(m) | 3000 | 3021 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 10/15/2025 (i) | 122 | 123 |
|  0.125% due 07/15/2030 (k)(m) | 619 | 580 |
|  0.125% due 07/15/2031 (i) | 3318 | 3048 |
|  0.125% due 01/15/2032 (i) | 1260 | 1141 |
|  0.375% due 07/15/2025 (i)(m) | 402 | 403 |
|  0.500% due 01/15/2028 (i) | 2833 | 2783 |
|  0.625% due 07/15/2032 (m) | 219 | 204 |
|  1.125% due 01/15/2033 (i) | 960 | 920 |
|  2.500% due 01/15/2029 (i) | 3328 | 3479 |
|  3.875% due 04/15/2029 (i)(k) | 580 | 637 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.750% due 07/31/2027 (i) | 2500 | 2437 |
|  2.875% due 04/30/2025 (k) | 1142 | 1140 |
|  3.500% due 02/15/2033 (i)(m) | 500 | 479 |
|  4.000% due 02/29/2028 (i)(m) | 300 | 301 |
|  4.000% due 02/15/2034 (i) | 100 | 99 |
|  |  | 34749 |
|  Total United States (Cost $198,082) | Total United States (Cost $198,082) | 193391 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| 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 |
|  4.4000% (f) | 509897 | 510 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| REPURCHASE AGREEMENTS (h) 1.3% | REPURCHASE AGREEMENTS (h) 1.3% | REPURCHASE AGREEMENTS (h) 1.3% |
|  |  | 2956 |
| FRANCE TREASURY BILLS 0.7% | FRANCE TREASURY BILLS 0.7% | FRANCE TREASURY BILLS 0.7% |
|  2.307% due 06/25/2025 (b)(c)(d) | 1500 | 1613 |
| NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% |
|  23.286% due 11/04/2025 (c)(d) | 100000 | 57 |
| U.S. TREASURY BILLS 3.6% | U.S. TREASURY BILLS 3.6% | U.S. TREASURY BILLS 3.6% |
|  4.301% due 05/20/2025 (c)(d) | 8100 | 8053 |
| Total Short-Term Instruments<br>(Cost $13,190) | Total Short-Term Instruments<br>(Cost $13,190) | 13189 |
| Total Investments in Securities<br>(Cost $348,676) | Total Investments in Securities<br>(Cost $348,676) | 338701 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% |
| SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 581687 | 5662 |
| Total Short-Term Instruments<br>(Cost $5,662) | Total Short-Term Instruments<br>(Cost $5,662) | 5662 |
| Total Investments in Affiliates<br>(Cost $5,662) | Total Investments in Affiliates<br>(Cost $5,662) | 5662 |
| Total Investments 152.2%<br>(Cost $354,338) | Total Investments 152.2%<br>(Cost $354,338) | 344363 |
|  Financial Derivative<br>Instruments (j)(l) (0.5)%<br> (Cost or Premiums, net $(116)) | Financial Derivative<br>Instruments (j)(l) (0.5)%<br> (Cost or Premiums, net $(116)) | (1193) |
| Other Assets and Liabilities, net (51.7)% | Other Assets and Liabilities, net (51.7)% | (116965) |
| Net Assets 100.0% | Net Assets 100.0% | 226205 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Zero coupon security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **125** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

(d) Coupon represents a yield to maturity.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holding Lux SA | 06/08/2023 | $715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | 0.40% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(h) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.330% | 03/31/2025 | 04/21/2025 | $494 | U.S. Treasury Bonds 1.875% due 02/15/2041 | $(493) | $494 | $494 |
| DEU | 4.330 | 03/31/2025 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | U.S. Treasury Bonds 4.500% due 11/15/2054 | (1504) | 1506 | 1506 |
|  | 4.330 | 03/31/2025 | 04/07/2025 | 201 | U.S. Treasury Bonds 4.500% due 11/15/2054 | (201) | 201 | 201 |
| JPS | 4.350 | 03/31/2025 | 04/09/2025 | 755 | U.S. Treasury Bonds 4.125% due 08/15/2044 | (754) | 755 | 755 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2952) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.440% | 03/20/2025 | 04/10/2025 | $(5454) | $(5462) |
|  BSN | 4.430 | 03/17/2025 | 04/21/2025 | (3488) | (3494) |
|  DEU | 4.420 | 03/13/2025 | 04/10/2025 | (3176) | (3183) |
|  | 4.430 | 03/20/2025 | 04/03/2025 | (1508) | (1510) |
|  | 4.440 | 03/19/2025 | 04/09/2025 | (399) | (400) |
|  | 4.450 | 03/06/2025 | 04/03/2025 | (306) | (308) |
|  JPS | 4.440 | 03/12/2025 | 04/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2675) | (2682) |
|  | 4.440 | 03/24/2025 | 04/07/2025 | (5545) | (5551) |
|  | 4.450 | 03/06/2025 | 04/03/2025 | (3007) | (3016) |
|  | 4.450 | 03/21/2025 | 04/04/2025 | (616) | (616) |
|  | 4.490 | 03/31/2025 | 04/03/2025 | (1733) | (1733) |
|  | 4.530 | 03/31/2025 | 04/01/2025 | (2060) | (2060) |
|  MEI | 2.530 | 03/31/2025 | 04/01/2025 | (5026) | (5435) |
|  NOM | 4.500 | 03/28/2025 | 04/04/2025 | $(2393) | (2394) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37844) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> |
|  UBS | 4.410% | 01/28/2025 | 04/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2412) | $(2431) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2431) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (11.9)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.9)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.9)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.9)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.9)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.9)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 04/01/2040 | $4300 | $(3871) | $(3887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | (13471) | (13514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2055 | 600 | (498) | (499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 2200 | (1979) | (1983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2055 | 3200 | (3130) | (3137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | 1900 | (1894) | (1896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 04/01/2055 | 1900 | (1956) | (1959) |
|  Total Short Sales (11.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26875) |

---

126 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $0 | $(5462) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5462) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  BOS | 494 | 0 | 0 | 494 | (493) | 1 |
|  BSN | 0 | (3494) | 0 | (3494) | 3510 | 16 |
|  DEU | 1707 | (5401) | 0 | (3694) | 3631 | (63) |
|  JPS | 755 | (15658) | 0 | (14903) | 14780 | (123) |
|  MEI | 0 | (5435) | 0 | (5435) | 5410 | (25) |
|  NOM | 0 | (2394) | 0 | (2394) | 2397 | 3 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (2431) | (2431) | 2437 | 6 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37844) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2431) |  |  |  |

---

#### 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 |
|  Sovereign Issues | $(5435) | $0 | $0 | $0 | $(5435) |
|  U.S. Treasury Obligations | (2060) | (30349) | 0 | 0 | (32409) |
|  Total | $(7495) | $(30349) | $0 | $0 | $(37844) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (2431) | 0 | 0 | (2431) |
|  Total | $0 | $(2431) | $0 | $0 | $(2431) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7495) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32780) | $&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;(40275) |
|  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  | $(40275) |

---

(i) Securities with an aggregate market value of $40,183 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(15490) at a weighted average interest rate of 4.655%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(2) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 7 | $466 | $1 | $1 | $0 |
|  Canada Government 5-Year Bond June Futures  | 06/2025 | 18 | 1450 | 8 | 1 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 57 | 4918 | 2 | 2 | (2) |
|  Euro-BTP June Futures  | 06/2025 | 77 | 9785 | (212) | 26 | (12) |
|  Long Gilt June Futures  | 06/2025 | 11 | 1303 | 3 | 14 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 45 | 9323 | 58 | 0 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17521 | 113 | 0 | (5) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 52 | 5783 | 38 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 93 | 10614 | 123 | 9 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 127

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 158 | $(11122) | $(17) | $0 | $(106) |
|  Euro-BOBL June Futures  | 06/2025 | 56 | (7133) | 64 | 2 | (17) |
|  Euro-Bund June Futures  | 06/2025 | 96 | (13373) | 169 | 1 | (52) |
|  Euro-Oat June Futures  | 06/2025 | 11 | (1459) | 24 | 2 | (5) |
|  Euro-Schatz June Futures  | 06/2025 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1503) | 0 | 0 | (1) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33218) | (99) | 0 | (242) |
|  Short Euro-BTP Italy Government Bond June Futures  | 06/2025 | 69 | (8020) | (9) | 4 | (6) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 15 | (1834) | (38) | 0 | (7) |
|  |  |  |  | $94 | $9 | $(436) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $4200 | $(22) | $10 | $(12) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 200 | (4) | 0 | (4) | 0 | 0 |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 9200 | (13) | 12 | (1) | 0 | (1) |
|  CDX.iTraxx Main 43 05-Year Index | (1.000) | Quarterly | 06/20/2030 | 5060 | (111) | 13 | (98) | 8 | 0 |
|  CDX.iTraxx Main 43 05-Year Index | (1.000) | Quarterly | 06/20/2035 | 4200 | (10) | 19 | 9 | 13 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 03/19/2027 | 2000 | $15 | $0 | $15 | $0 | $0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.000 | Annual | 06/17/2027 | 8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 16100 | 50 | (18) | 32 | 31 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 12700 | (346) | (30) | (376) | 67 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 300 | (39) | (5) | (44) | 6 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376050 | 11 | 9 | 20 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | 106700 | (1) | 0 | (1) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 330000 | (3) | (38) | (41) | 8 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 80000 | (4) | (3) | (7) | 2 | 0 |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 190000 | 8 | (4) | 4 | 0 | (3) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 1290000 | (19) | (56) | (75) | 45 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 704400 | (1) | (95) | (96) | 33 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 1040000 | (111) | (82) | (193) | 51 | 0 |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 373300 | 31 | (12) | 19 | 0 | (12) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 840000 | (399) | (274) | (673) | 53 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 60000 | 2 | 94 | 96 | 0 | (4) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 180000 | 17 | 100 | 117 | 0 | (15) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/18/2054 | 60000 | 10 | 31 | 41 | 0 | (5) |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 30000 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 03/19/2027 | 2400 | 4 | (14) | (10) | 0 | (3) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 6720 | (2) | (104) | (106) | 0 | (21) |
|  Pay | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 03/19/2030 | 42770 | (1) | 29 | 28 | 5 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.750 | Quarterly | 09/18/2034 | 36730 | (1) | (86) | (87) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.959 | Semi-Annual | 05/31/2025 | $6900 | (352) | 330 | (22) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | 9600 | 36 | 64 | 100 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.228 | Annual | 08/30/2025 | 900 | (1) | 4 | 3 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250% | Annual | 12/20/2025 | $3100 | $23 | $(25) | $(2) | $0 | $0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 2400 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 14300 | 141 | (58) | 83 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 3300 | 0 | (7) | (7) | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 500 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 12700 | 3 | 228 | 231 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 13200 | 91 | (61) | 30 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 12920 | 264 | (79) | 185 | 0 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 16000 | (119) | 5 | (114) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 | 4200 | 0 | 26 | 26 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 2100 | 0 | (15) | (15) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 2900 | 0 | (22) | (22) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.593 | Annual | 08/31/2029 | 2200 | 0 | 1 | 1 | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.661 | Annual | 08/31/2029 | 2300 | 0 | (5) | (5) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 08/31/2029 | 2200 | 0 | (5) | (5) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/31/2029 | 4000 | 0 | (20) | (20) | 0 | (3) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 12700 | (175) | (56) | (231) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 15950 | 776 | (282) | 494 | 1 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 10000 | (180) | 13 | (167) | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 1400 | 0 | (10) | (10) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 4000 | (86) | (15) | (101) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 800 | 0 | (4) | (4) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 500 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 800 | 0 | (6) | (6) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 12900 | 355 | (213) | 142 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 1600 | (5) | (1) | (6) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 500 | (2) | 12 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 300 | (1) | 7 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 300 | (1) | 7 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 900 | (4) | 21 | 17 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.815 | Annual | 11/15/2034 | 1000 | 0 | (6) | (6) | 0 | (3) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.843 | Annual | 11/15/2034 | 2100 | 0 | (17) | (17) | 0 | (7) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.844 | Annual | 11/15/2034 | 2100 | 0 | (17) | (17) | 0 | (7) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/15/2034 | 10800 | (318) | (6) | (324) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 500 | (2) | (4) | (6) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 10490 | 708 | (231) | 477 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 700 | (2) | (5) | (7) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 3100 | 129 | 0 | 129 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.781 | Annual | 11/15/2053 | 200 | 0 | 1 | 1 | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.782 | Annual | 11/15/2053 | 700 | 0 | 3 | 3 | 0 | (5) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.791 | Annual | 11/15/2053 | 500 | 0 | 2 | 2 | 0 | (4) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.887 | Annual | 11/15/2053 | 300 | 0 | (4) | (4) | 0 | (2) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.914 | Annual | 11/15/2053 | 600 | 0 | (11) | (11) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 200 | 0 | (4) | (4) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 400 | 0 | (11) | (11) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 1400 | 0 | (38) | (38) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 400 | 0 | (11) | (11) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 1700 | 0 | (50) | (50) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.017 | Annual | 11/15/2054 | 100 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 1470 | 0 | (81) | (81) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 230 | 0 | (13) | (13) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 900 | 0 | 5 | 5 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 600 | 0 | 0 | 0 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 500 | 0 | (1) | (1) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 200 | 0 | (2) | (2) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 600 | 0 | 3 | 3 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 620 | 78 | (18) | 60 | 0 | (5) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266) | 21 | (245) | 19 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 | 26200 | (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 1900 | (1) | (3) | (4) | 10 | 0 |
|  Pay<sup>(5)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 700 | 4 | 3 | 7 | 4 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.500 | Annual | 09/15/2026 | 2500 | (19) | (24) | (43) | 1 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 1600 | (3) | 9 | 6 | 1 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 1200 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.300 | Annual | 02/15/2027 | 1100 | 0 | 4 | 4 | 1 | 0 |
|  Pay<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 80900 | (40) | 6 | (34) | 0 | (2) |
|  Pay | 3-Month KRW-KORIBOR | 2.693 | Quarterly | 01/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206690 | 2 | 0 | 2 | 1 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2027 | 106050 | 0 | 0 | 0 | 0 | 0 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **129** |

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Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month KRW-KORIBOR | 2.500% | Quarterly | 09/17/2030 | KRW | 46390 | $0 | $0 | $0 | $0 | $0 |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724590 | (2) | 7 | 5 | 3 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 1400 | 11 | 35 | 46 | 3 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.265 | Annual | 01/10/2030 | SEK | 6300 | (3) | (8) | (11) | 1 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 |  | 15200 | 0 | (13) | (13) | 3 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | AUD | 1700 | (5) | (38) | (43) | 2 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 |  | 3200 | 50 | (39) | 11 | 13 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 5500 | 19 | 40 | 59 | 29 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | EUR | 3820 | 48 | 15 | 63 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 800 | (3) | (20) | (23) | 1 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 |  | 5900 | 39 | (19) | 20 | 0 | (4) |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 600 | 0 | (10) | (10) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 2450 | 0 | (27) | (27) | 4 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 4200 | (1) | (35) | (36) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 3300 | 3 | (14) | (11) | 7 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 16580 | (234) | 91 | (143) | 38 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 4090 | (61) | 14 | (47) | 0 | (10) |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 300 | (1) | (3) | (4) | 1 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 20050 | (948) | 145 | (803) | 87 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 1140 | (62) | 13 | (49) | 5 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 |  | 150 | 13 | 64 | 77 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 100 | 7 | 49 | 56 | 0 | (1) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 |  | 3400 | 0 | 61 | 61 | 0 | (7) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 |  | 1500 | 0 | 19 | 19 | 0 | (3) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.282 | Annual | 03/12/2055 |  | 600 | 0 | 7 | 7 | 0 | (1) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 6750 | 569 | (19) | 550 | 0 | (58) |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 | PLN | 3500 | 0 | (88) | (88) | 2 | 0 |
|  Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 | CAD | 2500 | (4) | 38 | 34 | 3 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 |  | 1300 | (112) | 67 | (45) | 2 | 0 |
|  Pay<sup>(5)</sup> | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 300 | 5 | 1 | 6 | 0 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 1900 | 30 | (92) | (62) | 0 | (4) |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 300 | 3 | (7) | (4) | 0 | (1) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 300 | 1 | (7) | (6) | 0 | (1) |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 2000 | (2) | (56) | (58) | 0 | (4) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 600 | 0 | (8) | (8) | 0 | (1) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 600 | 0 | (11) | (11) | 0 | (1) |
|  Pay<sup>(5)</sup> | CAONREPO | 3.250 | Semi-Annual | 06/18/2035 |  | 500 | 14 | 2 | 16 | 1 | 0 |
|  Pay | CAONREPO | 2.565 | Semi-Annual | 03/07/2049 |  | 100 | (11) | 6 | (5) | 1 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 1200 | 28 | (82) | (54) | 0 | (8) |
|  Pay<sup>(5)</sup> | CAONREPO | 3.250 | Semi-Annual | 06/18/2055 |  | 200 | 8 | 2 | 10 | 2 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1440) | $(1846) | $651 | $(348) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1470) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1426) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847) |

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(k) Securities with an aggregate market value of $1,516 and cash of $4,515 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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| | | |
|:---|:---|:---|
| **130** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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March 31, 2025

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $9 and liability of $(40) for closed futures and unsettled variation margin asset of $47 and liability of $(3) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 61987 | $415 | $2 | $0 |
|  | 04/2025 | $6629 | 10479 | 0 | (81) |
|  | 04/2025 | 581 | 87618 | 3 | 0 |
|  | 04/2025 | 417 | 557 | 0 | (2) |
|  | 05/2025 | 10479 | $6631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | 0 |
|  | 05/2025 | 39949 | 5517 | 6 | (2) |
|  | 05/2025 | 87324 | 581 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  | 05/2025 | 556 | 417 | 2 | 0 |
|  | 05/2025 | $1444 | 10574 | 15 | 0 |
|  | 06/2025 | 1129 | 8223 | 9 | 0 |
|  | 06/2025 | 1120 | 170000 | 23 | 0 |
|  | 07/2025 | 2759 | 19881 | 1 | (5) |
|  | 08/2025 | 2757 | 19884 | 5 | 0 |
|  BOA | 04/2025 | 103 | $71 | 0 | 0 |
|  | 04/2025 | 8200 | 1209 | 21 | 0 |
|  | 04/2025 | $32 | 774 | 2 | 0 |
|  | 04/2025 | 2353 | 2179 | 3 | 0 |
|  | 04/2025 | 184 | 813 | 0 | 0 |
|  | 05/2025 | 6314 | $1089 | 0 | (11) |
|  | 05/2025 | 694673 | 42 | 0 | 0 |
|  | 05/2025 | $1412 | 10339 | 14 | 0 |
|  | 05/2025 | 662 | 5141 | 0 | 0 |
|  | 05/2025 | 33 | 2812 | 0 | 0 |
|  | 06/2025 | 11563 | $1598 | 0 | (1) |
|  | 06/2025 | 213557 | 146 | 1 | 0 |
|  | 06/2025 | 94870 | 184 | 0 | 0 |
|  | 06/2025 | $2950 | 21532 | 29 | (1) |
|  | 08/2025 | 2490 | $348 | 2 | 0 |
|  | 08/2025 | 62 | 2 | 0 | 0 |
|  BPS | 04/2025 | 7500 | 1344 | 29 | 0 |
|  | 04/2025 | 39941 | 41881 | 0 | (1307) |
|  | 04/2025 | 9439748 | 569 | 3 | 0 |
|  | 04/2025 | 319 | 87 | 1 | 0 |
|  | 04/2025 | 576144 | 3864 | 23 | 0 |
|  | 04/2025 | 22501 | 686 | 8 | 0 |
|  | 04/2025 | $1304 | 7500 | 10 | 0 |
|  | 04/2025 | 238 | 1704 | 0 | (1) |
|  | 04/2025 | 442 | 10748 | 24 | 0 |
|  | 04/2025 | 4886 | 4537 | 20 | 0 |
|  | 04/2025 | 1096 | 17970247 | 0 | (18) |
|  | 04/2025 | 220 | 19047 | 3 | 0 |
|  | 04/2025 | 208 | 31270 | 0 | 0 |
|  | 04/2025 | 304 | 442085 | 0 | (4) |
|  | 04/2025 | 266 | 357 | 0 | (1) |
|  | 04/2025 | 153 | 4998 | 0 | (2) |
|  | 04/2025 | 8532 | $465 | 0 | 0 |
|  | 05/2025 | 4537 | 4894 | 0 | (20) |
|  | 05/2025 | 2046023 | 123 | 0 | 0 |
|  | 05/2025 | 31165 | 208 | 0 | 0 |
|  | 05/2025 | 356 | 266 | 1 | 0 |
|  | 05/2025 | $5034 | 36577 | 15 | (1) |
|  | 05/2025 | 543 | 9007209 | 0 | (3) |
|  | 05/2025 | 295 | 25266 | 0 | 0 |
|  | 06/2025 | 86066 | $60 | 2 | 0 |
|  | 06/2025 | $5635 | 41020 | 40 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **131** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $516 | 752908 | $0 | $(3) |
|  | 06/2025 | 1307 | 5083 | 9 | (7) |
|  | 07/2025 | 2610 | $80 | 1 | 0 |
|  | 08/2025 | 2356 | 72 | 1 | 0 |
|  | 08/2025 | $182 | 5974 | 0 | (1) |
|  | 10/2025 | 5600 | $924 | 0 | (16) |
|  BRC | 04/2025 | 243 | 315 | 1 | 0 |
|  | 04/2025 | 971 | 11 | 0 | 0 |
|  | 04/2025 | 112000 | 765 | 17 | 0 |
|  | 04/2025 | 2593 | 587 | 2 | 0 |
|  | 04/2025 | 2959 | 792 | 0 | (13) |
|  | 04/2025 | 207 | 5 | 0 | 0 |
|  | 04/2025 | $286 | 263 | 0 | (1) |
|  | 04/2025 | 198 | 3248153 | 0 | (4) |
|  | 04/2025 | 199 | 731 | 0 | (3) |
|  | 04/2025 | 11 | 970 | 0 | 0 |
|  | 04/2025 | 297 | 43700 | 0 | (6) |
|  | 04/2025 | 9 | 104 | 1 | 0 |
|  | 04/2025 | 2037 | 78178 | 5 | (18) |
|  | 05/2025 | 820 | $142 | 0 | (1) |
|  | 05/2025 | 973 | 11 | 0 | 0 |
|  | 05/2025 | 300000 | 2052 | 41 | 0 |
|  | 05/2025 | $707 | 1129 | 0 | (1) |
|  | 05/2025 | 5886 | 5427 | 0 | (8) |
|  | 05/2025 | 315 | 243 | 0 | (1) |
|  | 05/2025 | 505 | 2446 | 26 | 0 |
|  | 05/2025 | 1330 | 52006 | 0 | (32) |
|  | 06/2025 | 3 | 11 | 0 | 0 |
|  | 06/2025 | 683 | 26942 | 0 | (32) |
|  | 08/2025 | 3668 | $510 | 1 | 0 |
|  | 08/2025 | $875 | 6287 | 0 | (2) |
|  BSH | 04/2025 | 9194 | $5825 | 80 | 0 |
|  | 04/2025 | 1713 | 454 | 0 | (12) |
|  | 04/2025 | $5564 | 835576 | 7 | 0 |
|  | 05/2025 | 832762 | $5564 | 0 | (7) |
|  | 05/2025 | 324 | 86 | 0 | (3) |
|  | 06/2025 | $142 | 546 | 0 | (1) |
|  CBK | 04/2025 | 5634 | $785 | 4 | 0 |
|  | 04/2025 | 1853 | 261 | 0 | (8) |
|  | 04/2025 | 4537 | 4895 | 0 | (11) |
|  | 04/2025 | 11885079 | 717 | 3 | 0 |
|  | 04/2025 | 201 | 55 | 1 | 0 |
|  | 04/2025 | 143661 | 1676 | 0 | (2) |
|  | 04/2025 | 3026 | 813 | 0 | (10) |
|  | 04/2025 | 15802 | 482 | 6 | 0 |
|  | 04/2025 | $12289 | 17505 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) |
|  | 04/2025 | 2128 | 15251 | 0 | (10) |
|  | 04/2025 | 1068 | 982 | 0 | (6) |
|  | 04/2025 | 2193 | 1730 | 41 | 0 |
|  | 04/2025 | 968 | 15872192 | 0 | (15) |
|  | 04/2025 | 3663 | 319756 | 71 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 3002 | 10943 | 0 | (25) |
|  | 04/2025 | 854 | 27990 | 0 | (11) |
|  | 05/2025 | 17480 | $12289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | 0 |
|  | 05/2025 | 2504428 | 151 | 1 | 0 |
|  | 05/2025 | 287 | 76 | 0 | (2) |
|  | 05/2025 | $842 | 6043 | 0 | 0 |
|  | 05/2025 | 5572 | 5137 | 0 | (8) |
|  | 05/2025 | 541 | 8984835 | 0 | (2) |
|  | 05/2025 | 1 | 28 | 0 | 0 |
|  | 06/2025 | 222589 | $237 | 3 | 0 |
|  | 06/2025 | 2478 | 342 | 0 | (1) |
|  | 06/2025 | 1488790 | 1042 | 28 | 0 |
|  | 06/2025 | $100 | 724 | 0 | 0 |
|  | 06/2025 | 616 | 2565428 | 0 | (9) |
|  | 06/2025 | 309 | 446082 | 0 | (5) |
|  | 06/2025 | 20 | 32800 | 1 | 0 |
|  | 06/2025 | 1697 | 6231 | 1 | (5) |
|  | 07/2025 | 2965 | $816 | 12 | 0 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 6676 | $205 | $3 | $0 |
|  | 08/2025 | 208 | 55 | 0 | (1) |
|  | 08/2025 | 9583 | 295 | 4 | 0 |
|  | 08/2025 | $50 | 2753 | 1 | 0 |
|  | 09/2025 | 8010 | $2185 | 14 | 0 |
|  | 12/2025 | $84 | 311 | 0 | 0 |
|  | 01/2026 | 70000 | $516 | 36 | 0 |
|  DUB | 04/2025 | 19 | 13 | 0 | 0 |
|  | 04/2025 | 488 | 531 | 4 | 0 |
|  | 04/2025 | 203 | 56 | 1 | 0 |
|  | 04/2025 | 184200 | 1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
|  | 04/2025 | 246 | 141 | 1 | 0 |
|  | 04/2025 | 101 | 75 | 0 | 0 |
|  | 04/2025 | $287 | 1989 | 1 | 0 |
|  | 04/2025 | 386 | 6406447 | 0 | (2) |
|  | 04/2025 | 1352 | 115810 | 0 | 0 |
|  | 04/2025 | 1973 | 270000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) |
|  | 04/2025 | 142 | 246 | 0 | (2) |
|  | 04/2025 | 213 | 285 | 0 | (1) |
|  | 05/2025 | 1985 | $287 | 0 | (1) |
|  | 05/2025 | 304924 | 18 | 0 | 0 |
|  | 05/2025 | 246 | 142 | 2 | 0 |
|  | 05/2025 | 285 | 213 | 1 | 0 |
|  | 06/2025 | 1238142 | 865 | 22 | 0 |
|  | 06/2025 | $70 | 3707 | 1 | 0 |
|  | 06/2025 | 116 | 167215 | 0 | (2) |
|  | 06/2025 | 282 | 141755 | 0 | (7) |
|  | 06/2025 | 8 | 13127 | 0 | 0 |
|  | 08/2025 | 35058 | $4876 | 6 | 0 |
|  | 09/2025 | $485 | 251259 | 0 | (10) |
|  | 12/2025 | 269 | 142985 | 0 | (6) |
|  FAR | 04/2025 | 3220 | $561 | 0 | (3) |
|  | 04/2025 | 1803 | 2023 | 0 | (15) |
|  | 04/2025 | 2944 | 415 | 0 | (12) |
|  | 04/2025 | 1881 | 1976 | 0 | (58) |
|  | 04/2025 | 182 | 50 | 1 | 0 |
|  | 04/2025 | 472972 | 3170 | 16 | 0 |
|  | 04/2025 | $561 | 3220 | 4 | 0 |
|  | 04/2025 | 387 | 2773 | 0 | (1) |
|  | 04/2025 | 418 | 154028 | 0 | (4) |
|  | 04/2025 | 3971 | 597805 | 15 | 0 |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 10152 | $1407 | 6 | 0 |
|  | 05/2025 | 595791 | 3971 | 0 | (15) |
|  | 06/2025 | $561 | 3261 | 3 | 0 |
|  | 06/2025 | 321 | 1245 | 0 | (1) |
|  | 07/2025 | 1407 | 10113 | 0 | (6) |
|  GLM | 04/2025 | 55098 | $9659 | 53 | (49) |
|  | 04/2025 | 106 | 74 | 0 | 0 |
|  | 04/2025 | 4641895 | 280 | 1 | 0 |
|  | 04/2025 | 532 | 120 | 0 | 0 |
|  | 04/2025 | 3253 | 863 | 0 | (23) |
|  | 04/2025 | $9567 | 55098 | 89 | 0 |
|  | 04/2025 | 60 | 3090 | 1 | 0 |
|  | 04/2025 | 438 | 7217317 | 0 | (5) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 04/2025 | 138 | 5462 | 2 | 0 |
|  | 05/2025 | 9817 | $191 | 0 | 0 |
|  | 05/2025 | 1203389 | 72 | 0 | 0 |
|  | 05/2025 | $1512 | 11051 | 15 | (1) |
|  | 05/2025 | 93 | 4867 | 2 | 0 |
|  | 05/2025 | 280 | 4646088 | 0 | (1) |
|  | 05/2025 | 1 | 927 | 0 | 0 |
|  | 06/2025 | 83581 | $88 | 0 | 0 |
|  | 06/2025 | 138 | 19 | 0 | 0 |
|  | 06/2025 | 170000 | 1134 | 0 | (10) |
|  | 06/2025 | 340 | 93 | 1 | 0 |
|  | 06/2025 | $151 | 1094 | 0 | (1) |
|  | 06/2025 | 120 | 6385 | 2 | 0 |
|  | 06/2025 | 24 | 92 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **133** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 2123 | $65 | $1 | $0 |
|  | 08/2025 | $130 | 7170 | 3 | 0 |
|  | 09/2025 | 100 | 52275 | 0 | (1) |
|  | 10/2025 | 21300 | $3482 | 0 | (91) |
|  | 01/2026 | 190000 | 1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | 0 |
|  IND | 04/2025 | 11156342 | 672 | 3 | 0 |
|  | 04/2025 | $556 | 3842 | 1 | 0 |
|  | 05/2025 | 3835 | $556 | 0 | (1) |
|  JPM | 04/2025 | 208 | 131 | 1 | 0 |
|  | 04/2025 | 8959 | 1549 | 0 | (21) |
|  | 04/2025 | 997 | 1049 | 0 | (29) |
|  | 04/2025 | 658177 | 40 | 0 | 0 |
|  | 04/2025 | 573 | 157 | 2 | 0 |
|  | 04/2025 | 507577 | 3405 | 21 | 0 |
|  | 04/2025 | 8203 | 143 | 0 | 0 |
|  | 04/2025 | 84 | 63 | 0 | 0 |
|  | 04/2025 | 3030 | 92 | 1 | 0 |
|  | 04/2025 | $1560 | 8959 | 10 | 0 |
|  | 04/2025 | 1305 | 1868 | 0 | (7) |
|  | 04/2025 | 153 | 1095 | 0 | (1) |
|  | 04/2025 | 43384 | 40223 | 109 | 0 |
|  | 04/2025 | 110 | 1812762 | 0 | (2) |
|  | 04/2025 | 3745 | 326636 | 69 | 0 |
|  | 04/2025 | 1221 | 184210 | 7 | 0 |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 549 | 31987 | 9 | 0 |
|  | 04/2025 | 115 | 3768 | 0 | (2) |
|  | 04/2025 | 606 | 15110129 | 0 | (15) |
|  | 04/2025 | 1284 | $70 | 0 | 0 |
|  | 05/2025 | 37475 | 5170 | 5 | (7) |
|  | 05/2025 | 40223 | 43455 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) |
|  | 05/2025 | 801508 | 48 | 0 | 0 |
|  | 05/2025 | 183592 | 1221 | 0 | (8) |
|  | 05/2025 | 141323 | 91 | 0 | 0 |
|  | 05/2025 | 8782 | 259 | 0 | (1) |
|  | 05/2025 | $1471 | 10745 | 12 | 0 |
|  | 05/2025 | 80 | 570 | 0 | 0 |
|  | 05/2025 | 40 | 2116 | 1 | 0 |
|  | 05/2025 | 40 | 62280 | 0 | 0 |
|  | 05/2025 | 256 | 11261 | 28 | 0 |
|  | 06/2025 | 9270 | $451 | 3 | 0 |
|  | 06/2025 | 53956 | 1570 | 0 | (30) |
|  | 06/2025 | $1549 | 9071 | 20 | 0 |
|  | 06/2025 | 865 | 6315 | 8 | 0 |
|  | 06/2025 | 0 | 5 | 0 | 0 |
|  | 06/2025 | 2842 | 58590 | 0 | (8) |
|  | 06/2025 | 90 | 144360 | 1 | 0 |
|  | 06/2025 | 1156 | 4481 | 3 | (5) |
|  | 07/2025 | 2647 | $81 | 1 | 0 |
|  | 07/2025 | $2655 | 19161 | 3 | (2) |
|  | 08/2025 | 7461 | $229 | 3 | 0 |
|  | 08/2025 | $2515 | 18143 | 6 | (1) |
|  | 08/2025 | 28 | 928 | 0 | 0 |
|  MBC | 04/2025 | 1077 | $677 | 4 | 0 |
|  | 04/2025 | 203 | 229 | 0 | 0 |
|  | 04/2025 | 4617 | 91 | 0 | 0 |
|  | 04/2025 | 1583 | 1714 | 14 | (12) |
|  | 04/2025 | 30000 | 201 | 1 | 0 |
|  | 04/2025 | 285 | 28 | 0 | 0 |
|  | 04/2025 | 714 | 535 | 3 | 0 |
|  | 04/2025 | 3264 | 101 | 3 | 0 |
|  | 04/2025 | $400 | 574 | 0 | (1) |
|  | 04/2025 | 2270 | 2005 | 0 | (3) |
|  | 04/2025 | 15 | 106 | 0 | 0 |
|  | 04/2025 | 140 | 7187 | 2 | 0 |
|  | 04/2025 | 1353 | 1243 | 0 | (9) |
|  | 04/2025 | 130 | 11315 | 2 | 0 |
|  | 04/2025 | 2113 | 315400 | 0 | (11) |
|  | 04/2025 | 81 | 2674 | 0 | (1) |
|  | 04/2025 | 3625 | $199 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 1998 | $2269 | $3 | $0 |
|  | 05/2025 | 18483 | 2550 | 2 | (3) |
|  | 05/2025 | 106 | 15 | 0 | 0 |
|  | 05/2025 | 482762 | 29 | 0 | 0 |
|  | 05/2025 | 10335 | 69 | 0 | 0 |
|  | 05/2025 | 379 | 82 | 0 | 0 |
|  | 05/2025 | 287 | 214 | 0 | 0 |
|  | 05/2025 | $361 | 317 | 0 | (2) |
|  | 05/2025 | 4102 | 29625 | 3 | (16) |
|  | 05/2025 | 324 | 250 | 0 | (1) |
|  | 05/2025 | 1689 | 250800 | 0 | (11) |
|  | 05/2025 | 333 | 445 | 0 | (1) |
|  | 05/2025 | 2180 | 73223 | 0 | (14) |
|  | 06/2025 | 267 | 14103 | 4 | 0 |
|  | 06/2025 | 60 | 86292 | 0 | (1) |
|  | 06/2025 | 490 | 1890 | 0 | (3) |
|  | 07/2025 | 1456 | $45 | 1 | 0 |
|  | 07/2025 | $1275 | 9186 | 0 | (1) |
|  | 08/2025 | 7444 | $1030 | 0 | (4) |
|  | 08/2025 | 1203 | 37 | 0 | 0 |
|  | 08/2025 | $2262 | 16290 | 5 | (4) |
|  MYI | 04/2025 | 364 | $63 | 0 | 0 |
|  | 04/2025 | 19372 | 13609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | 0 |
|  | 04/2025 | 1902 | 265 | 2 | 0 |
|  | 04/2025 | 3809 | 165 | 0 | 0 |
|  | 04/2025 | 1140 | 159 | 0 | (6) |
|  | 04/2025 | 299 | 224 | 1 | 0 |
|  | 04/2025 | $62 | 364 | 1 | 0 |
|  | 04/2025 | 331 | 2367 | 0 | (1) |
|  | 04/2025 | 80 | 2608 | 0 | (1) |
|  | 04/2025 | 41583 | $2275 | 9 | 0 |
|  | 05/2025 | 807 | 104 | 0 | 0 |
|  | 05/2025 | 439314 | 26 | 0 | 0 |
|  | 05/2025 | $1640 | 2349 | 0 | (5) |
|  | 05/2025 | 431 | 3090 | 0 | 0 |
|  | 05/2025 | 81 | 127656 | 1 | 0 |
|  | 06/2025 | 668 | $92 | 0 | 0 |
|  | 06/2025 | 508284 | 120 | 0 | 0 |
|  | 06/2025 | $112 | 443 | 2 | 0 |
|  | 09/2025 | 758 | $533 | 2 | 0 |
|  | 09/2025 | $71 | 36609 | 0 | (1) |
|  | 12/2025 | 3053 | 121 | 0 | 0 |
|  NGF | 06/2025 | 1309390 | $919 | 27 | 0 |
|  RYL | 04/2025 | 39900 | 272 | 6 | 0 |
|  | 05/2025 | $2021 | 300000 | 0 | (10) |
|  SCX | 04/2025 | 28085 | $4805 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |
|  | 04/2025 | 1133 | 302 | 0 | (7) |
|  | 04/2025 | 1729 | 53 | 1 | 0 |
|  | 04/2025 | $4891 | 28085 | 31 | 0 |
|  | 04/2025 | 1053 | 7554 | 0 | (1) |
|  | 04/2025 | 20 | 1043 | 0 | 0 |
|  | 04/2025 | 247 | 4046967 | 0 | (5) |
|  | 04/2025 | 320 | 48267 | 2 | 0 |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 22 | 725 | 0 | 0 |
|  | 05/2025 | 12828 | $1786 | 15 | 0 |
|  | 05/2025 | 188514 | 11 | 0 | 0 |
|  | 05/2025 | 48106 | 320 | 0 | (2) |
|  | 05/2025 | 129 | 34 | 0 | (1) |
|  | 05/2025 | $2276 | 16406 | 0 | (12) |
|  | 05/2025 | 190 | 299650 | 3 | (1) |
|  | 06/2025 | 365 | $50 | 0 | 0 |
|  | 06/2025 | $4805 | 28441 | 116 | 0 |
|  | 06/2025 | 100 | 5294 | 2 | 0 |
|  | 06/2025 | 20 | 32300 | 0 | 0 |
|  | 07/2025 | 60 | 3247 | 1 | 0 |
|  | 08/2025 | 997 | $138 | 0 | 0 |
|  | 08/2025 | 719 | 22 | 0 | 0 |
|  SOG | 04/2025 | $140 | 7300 | 3 | 0 |
|  | 06/2025 | 3 | 170 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **135** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $70 | 112350 | $1 | $0 |
|  SSB | 04/2025 | 4955 | $6272 | 0 | (128) |
|  | 04/2025 | $4485 | 3468 | 0 | (5) |
|  | 05/2025 | 3468 | $4484 | 5 | 0 |
|  | 05/2025 | 5378 | 1418 | 0 | (45) |
|  UAG | 04/2025 | 1571303 | 95 | 0 | 0 |
|  | 04/2025 | 439424 | 2953 | 24 | 0 |
|  | 04/2025 | $95 | 1571302 | 0 | (1) |
|  | 05/2025 | 95 | 1573512 | 0 | 0 |
|  | 06/2025 | 2701 | $695 | 0 | (1) |
|  | 06/2025 | $156 | 603 | 0 | (1) |
|  | 08/2025 | 2301 | 16506 | 0 | (8) |
|  | 09/2025 | 533 | 758 | 0 | (2) |
|  | 12/2025 | 121 | 3053 | 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;2110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3094) |

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#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | EUR | 24.650 | 03/11/2026 | 269 | $2 | $1 |
|  | Put - OTC USD versus CAD | $— | 1.385 | 09/05/2025 | 600 | 5 | 3 |
| BPS | Call - OTC USD versus CNH | CNH | 7.500 | 05/15/2025 | 200 | 1 | 0 |
| MBC | Call - OTC USD versus CNH |  | 7.500 | 05/13/2025 | 2400 | 12 | 1 |
| MYI | Put - OTC EUR versus CZK | EUR | 24.750 | 12/09/2025 | 287 | 2 | 2 |
|  | Put - OTC EUR versus CZK |  | 24.700 | 12/16/2025 | 480 | 3 | 3 |
|  | Put - OTC USD versus CAD | $— | 1.385 | 09/05/2025 | 2100 | 14 | 10 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

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#### INTEREST RATE SWAPTIONS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.930% | 06/23/2025 | 1200 | $43 | $22 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 18200 | 26 | 3 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 08/20/2025 | 2000 | 2 | 0 |
| BRC Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 200 | 7 | 5 |
| DUB Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.065 | 06/24/2025 | 1100 | 33 | 13 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.960 | 06/25/2025 | 1600 | 55 | 28 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 400 | 17 | 11 |
| GLM Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.420 | 05/13/2025 | 2300 | 12 | 1 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.480 | 05/13/2025 | 14000 | 16 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 400 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |

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#### OPTIONS ON SECURITIES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 600 | $45 | $322 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |

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#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYI | Put - OTC USD versus CAD | $1.320 | 09/05/2025 | 2100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

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136 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

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March 31, 2025

#### INTEREST RATE SWAPTIONS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.250% | 06/23/2025 | 4600 | $(44) | $(6) |
| BPS Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 600 | (45) | (262) |
| BRC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 800 | (8) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 600 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 600 | (2) | 0 |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/24/2025 | 4200 | (33) | (3) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.280 | 06/25/2025 | 1200 | (12) | (2) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.300 | 06/25/2025 | 5000 | (44) | (6) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 1500 | (16) | (5) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 700 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 700 | (3) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 700 | (3) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 700 | (3) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 700 | (3) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 700 | (3) | (1) |
|  |  |  |  |  |  | $(224) | $(301) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | South Korea Government International Bond | (1.000)% | Quarterly | 12/20/2029 | 0.369% | $600 | $(20) | $4 | $0 | $(16) |
| MYC | South Korea Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.369 | 500 | (16) | 2 | 0 | (14) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.085 | % | $400 | $(10) | $11 | $1 | $0 |
| BRC | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.085 |  | 200 | (5) | 5 | 0 | 0 |
| CBK | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.570 |  | 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | 42 | 28 | 0 |
|  | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.085 |  | 400 | (10) | 11 | 1 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1035 | 0 | 7 | 7 | 0 |
| GST | Indonesia Government International Bond | 1.000 | Quarterly | 12/20/2029 | 0.889 |  | 2700 | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | 14 | 0 |
|  |  |  |  |  |  |  |  | $(1) | $52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.410% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 | JPY | 980000 | $14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.470% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 5318 |  | 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | 1 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **137** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount<br>of Currency<br>Received** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount<br>of Currency<br>Received** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Notional<br>Amount<br>of Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263 | JPY | 2257800 | $(184) | $(1) | $0 | $(185) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | 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) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 57200 | $(18) | $(13) | $0 | $(31) |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 8600 | (2) | 3 | 1 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 1690 | (5) | 2 | 0 | (3) |
| CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 30200 | 0 | (17) | 0 | (17) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 6640 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 8830 | 49 | (69) | 0 | (20) |
| JPM | Receive | 3-Month COP-IBR Compounded-OIS | 5.960 | Quarterly | 02/11/2029 | COP | 7400 | 0 | 0 | 0 | 0 |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 6700 | 3 | (7) | 0 | (4) |
|  |  |  |  |  |  |  |  | $27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $2 | $(75) |
|  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;(231) | $(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(9)</sup> |
|  AZD | $147 | $0 | $0 | $147 | $(93) | $0 | $0 | $(93) | $54 | $0 | $54 |
|  BOA | 72 | 26 | 1 | 99 | (13) | (6) | 0 | (19) | 80 | 0 | 80 |
|  BPS | 190 | 325 | 1 | 516 | (1384) | (262) | (34) | (1680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | (74) |
|  BRC | 94 | 5 | 0 | 99 | (122) | (4) | 0 | (126) | (27) | 0 | (27) |
|  BSH | 87 | 0 | 0 | 87 | (23) | 0 | 0 | (23) | 64 | 0 | 64 |
|  CBK | 354 | 0 | 40 | 394 | (255) | 0 | (67) | (322) | 72 | 0 | 72 |
|  DUB | 66 | 52 | 7 | 125 | (200) | (16) | 0 | (216) | (91) | 0 | (91) |
|  FAR | 45 | 0 | 0 | 45 | (115) | 0 | 0 | (115) | (70) | 0 | (70) |
|  GLM | 278 | 1 | 0 | 279 | (182) | (13) | 0 | (195) | 84 | (240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) |
|  GST | 0 | 0 | 15 | 15 | 0 | 0 | (221) | (221) | (206) | 0 | (206) |
|  IND | 4 | 0 | 0 | 4 | (1) | 0 | 0 | (1) | 3 | 0 | 3 |
|  JPM | 323 | 0 | 0 | 323 | (247) | 0 | 0 | (247) | 76 | 0 | 76 |
|  MBC | 48 | 1 | 0 | 49 | (98) | 0 | 0 | (98) | (49) | 0 | (49) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (14) | (14) | (14) | 0 | (14) |
|  MYI | 165 | 15 | 0 | 180 | (14) | (1) | 0 | (15) | 165 | (10) | 155 |
|  NGF | 27 | 0 | 0 | 27 | 0 | 0 | 0 | 0 | 27 | 0 | 27 |
|  RYL | 6 | 0 | 0 | 6 | (10) | 0 | 0 | (10) | (4) | 0 | (4) |
|  SCX | 171 | 0 | 0 | 171 | (146) | 0 | (4) | (150) | 21 | 0 | 21 |
|  SOG | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  SSB | 5 | 0 | 0 | 5 | (178) | 0 | 0 | (178) | (173) | 0 | (173) |
|  UAG | 24 | 0 | 0 | 24 | (13) | 0 | 0 | (13) | 11 | 0 | 11 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3094) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3736) |  |  |  |

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(n) Securities with an aggregate market value of $1,090 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> 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 

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $72 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21 | 0 | 0 | 698 | 719 |
|  | $0 | $21 | $0 | $0 | $770 | $791 |
|  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 | $2110 | $0 | $2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 20 | 405 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 51 | 0 | 11 | 2 | 64 |
|  | $0 | $51 | $0 | $2141 | $407 | $2599 |
|  | $0 | $72 | $0 | $2141 | $1177 | $3390 |
|  Financial Derivative Instruments - Liabilities | 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 | $495 | $495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 351 | 352 |
|  | $0 | $1 | $0 | $0 | $846 | $847 |
|  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 | $3094 | $0 | $3094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1 | 301 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 30 | 0 | 235 | 75 | 340 |
|  | $0 | $30 | $0 | $3330 | $376 | $3736 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 139

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $44 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 671 | 0 | 0 | (593) | 78 |
|  | $0 | $671 | $0 | $0 | $1444 | $2115 |
|  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 | $3425 | $0 | $3425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 63 | 17 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 47 | 291 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 102 | 0 | 647 | 6 | 755 |
|  | $0 | $102 | $0 | $4182 | $314 | $4598 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(4) | $(4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1032 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 145 | 0 | 0 | (3836) | (3691) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2808) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2663) |
|  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;(3128) | $0 | $(3128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (19) | (39) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (22) | 0 | (32) | (72) | (126) |
|  | $0 | $(22) | $0 | $(3179) | $(59) | $(3260) |
|  | $0 | $123 | $0 | $(3179) | $(2867) | $(5923) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $42 | $0 | $42 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2465 | 0 | 2465 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4025 | 0 | 4025 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4399 | 0 | 4399 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4312 | 0 | 4312 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6094 | 0 | 6094 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 5468 | 0 | 5468 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 742 | 0 | 742 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 531 | 0 | 531 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 306 | 0 | 306 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 949 | 0 | 949 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 341 | 0 | 341 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 996 | 0 | 996 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 249 | 0 | 249 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 648 | 0 | 648 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 356 | 0 | 356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1481 | $0 | $1481 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9694 | 0 | 9694 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 193 | 0 | 193 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2645 | 0 | 2645 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 606 | 0 | 606 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1524 | 0 | 1524 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3322 | 0 | 3322 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 572 | 0 | 572 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 540 | 540 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1643 | 0 | 1643 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1880 | 0 | 1880 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 404 | 0 | 404 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1027 | 0 | 1027 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 192 | 0 | 192 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12366 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 956 | 0 | 956 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 1277 | 1277 |

---

---

| | | |
|:---|:---|:---|
| **140** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $946 | $0 | $946 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 341 | 0 | 341 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 905 | 0 | 905 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 299 | 0 | 299 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2772 | 0 | 2772 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 47 | 0 | 47 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 195 | 0 | 195 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 241 | 0 | 241 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 847 | 0 | 847 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3928 | 0 | 3928 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 346 | 0 | 346 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2734 | 0 | 2734 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 173 | 0 | 173 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3498 | 0 | 3498 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 431 | 0 | 431 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7060 | 0 | 7060 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2978 | 0 | 2978 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1621 | 0 | 1621 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4239 | 0 | 4239 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2241 | 0 | 2241 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 411 | 0 | 411 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7249 | 0 | 7249 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 996 | 0 | 996 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1295 | 0 | 1295 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1057 | 0 | 1057 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 923 | 0 | 923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $4498 | $0 | $4498 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3683 | 0 | 3683 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 790 | 0 | 790 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4066 | 0 | 4066 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 17641 | 0 | 17641 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 486 | 0 | 486 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 10500 | 0 | 10500 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 125949 | 0 | 125949 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 34749 | 0 | 34749 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 510 | 0 | 510 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2956 | 0 | 2956 |
| &nbsp;&nbsp; France Treasury Bills | 0 | 1613 | 0 | 1613 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 57 | 0 | 57 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 8053 | 0 | 8053 |
|  | $0 | $336884 | $1817 | $338701 |
|  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 | $5662 | $0 | $0 | $5662 |
|  Total Investments | $5662 | $336884 | $1817 | $344363 |
|  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 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(26875) | $0 | $(26875) |
|  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 | 53 | 682 | 0 | 735 |
|  Over the counter | 0 | 2592 | 7 | 2599 |
|  | $53 | $3274 | $7 | $3334 |
|  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 | (443) | (361) | 0 | (804) |
|  Over the counter | 0 | (3736) | 0 | (3736) |
|  | $(443) | $(4097) | $0 | $(4540) |
|  Total Financial Derivative Instruments | $(390) | $(823) | $7 | $(1206) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316282 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **141** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)

#### (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 147.4% | INVESTMENTS IN SECURITIES 147.4% | INVESTMENTS IN SECURITIES 147.4% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 162 | 103 |
|  4.125% due 07/09/2035 þ | 122 | 75 |
|  Total Argentina (Cost $157) | Total Argentina (Cost $157) | 178 |
| AUSTRALIA 1.7% | AUSTRALIA 1.7% | AUSTRALIA 1.7% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.675% due 06/15/2026 | 3600 | 3617 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  5.071% due 09/14/2028 | 2600 | 2670 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  5.134% due 11/28/2028 | 2600 | 2676 |
|  |  | 8963 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.750% due 06/21/2051 | 250 | 82 |
|  2.500% due 05/21/2030 | 2300 | 1347 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 3800 | 1823 |
|  2.000% due 03/08/2033 | 3300 | 1684 |
|  4.750% due 09/20/2035 | 1600 | 970 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 2100 | 1050 |
|  1.750% due 07/20/2034 | 3400 | 1605 |
|  2.000% due 08/22/2033 | 1200 | 600 |
|  4.500% due 08/22/2035 | 3200 | 1892 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 3200 | 1479 |
|  2.250% due 09/15/2033 | 4300 | 2190 |
|  4.250% due 12/20/2032 | 3200 | 1933 |
|  |  | 16655 |
|  Total Australia (Cost $26,239) | Total Australia (Cost $26,239) | 25618 |
| BRAZIL 1.8% | BRAZIL 1.8% | BRAZIL 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 167800 | 27440 |
|  Total Brazil (Cost $27,225) | Total Brazil (Cost $27,225) | 27440 |
| CANADA 4.9% | CANADA 4.9% | CANADA 4.9% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.299% due 03/20/2028 | 7400 | 7421 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.485% due 09/14/2026 ~ | 3200 | 1996 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 1000 | 1065 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.851% due 12/14/2026 | 2400 | 2424 |
|  4.855% due 06/30/2026 ~ | 3500 | 2195 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.701% due 06/05/2026 | 4800 | 4823 |
|  4.814% due 07/16/2027 | 4600 | 4658 |
|  5.084% due 09/15/2028 ~ | 6300 | 3966 |
|  |  | 28548 |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  1.500% due 12/01/2044 (f) | 558 | 399 |
|  3.250% due 12/01/2033 | 14500 | 10337 |
|  4.000% due 03/01/2029 | 18700 | 13689 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 2300 | 1670 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 12400 | 8766 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 7800 | 5479 |
|  4.450% due 09/01/2034 | 5500 | 4082 |
|  |  | 44422 |
|  Total Canada (Cost $73,958) | Total Canada (Cost $73,958) | 72970 |
| CAYMAN ISLANDS 4.5% | CAYMAN ISLANDS 4.5% | CAYMAN ISLANDS 4.5% |
| ASSET-BACKED SECURITIES 4.2% | ASSET-BACKED SECURITIES 4.2% | ASSET-BACKED SECURITIES 4.2% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.595% due 10/20/2031 •  | 885 | 885 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | 2300 | 2293 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 1482 | 1484 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.576% due 01/20/2035 ~ | 3900 | 3895 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.396% due 01/18/2035 •  | 2700 | 2700 |
|  5.510% due 10/23/2032 ~ | 4904 | 4903 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.440% due 10/23/2034 ~ | 2500 | 2493 |
|  5.533% due 07/19/2034 ~ | 3500 | 3504 |
|  5.538% due 07/16/2034 •  | 2100 | 2097 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 845 | 845 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ | 1070 | 1069 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.512% due 10/25/2030 •  | 120 | 120 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.654% due 07/15/2031 •  | 1146 | 1147 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.523% due 04/20/2033 •  | 3588 | 3588 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.784% due 12/15/2036 •  | 1427 | 1418 |
|  5.931% due 07/16/2035 ~ | 755 | 751 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.573% due 04/17/2034 •  | 1726 | 1726 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 208 | 208 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 4200 | 4178 |
|  5.540% due 10/22/2034 ~ | 2300 | 2302 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 1376 | 1374 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 59 | 59 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.532% due 07/25/2030 ~ | 391 | 391 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ | 1257 | 1258 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  | 4100 | 4087 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 151 | 151 |
|  5.675% due 01/21/2031 ~ | 299 | 299 |
|  Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
|  5.814% due 10/15/2030 ~ | 354 | 354 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  | 4000 | 3996 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 2124 | 2118 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.366% due 10/20/2034 •  | 3700 | 3699 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.630% due 01/25/2034 •  | 2900 | 2899 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.575% due 09/07/2030 ~ | 846 | 846 |
|  |  | 63137 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1726 | 1616 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 1400 | 1397 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 800 | 802 |
|  |  | 3815 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 500 | 511 |
|  Total Cayman Islands (Cost $67,636) | Total Cayman Islands (Cost $67,636) | 67463 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | 1000 | 1008 |
|  Total Chile (Cost $999) | Total Chile (Cost $999) | 1008 |
| DENMARK 3.7% | DENMARK 3.7% | DENMARK 3.7% |
| CORPORATE BONDS & NOTES 3.7% | CORPORATE BONDS & NOTES 3.7% | CORPORATE BONDS & NOTES 3.7% |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  6.259% due 09/22/2026 •  | 1800 | 1813 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 01/01/2026 | 55000 | 7912 |
|  1.000% due 10/01/2050 | 330 | 36 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 04/01/2026 | 245800 | 35246 |
|  1.500% due 10/01/2053 | 1460 | 171 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2026 | 38100 | 5468 |
|  1.500% due 10/01/2052 | 8461 | 991 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 04/01/2026 | 7600 | 1091 |
|  1.000% due 04/01/2026 | 15500 | 2227 |
|  1.500% due 10/01/2053 | 1550 | 182 |
|  Total Denmark (Cost $53,455) | Total Denmark (Cost $53,455) | 55137 |
| FRANCE 5.5% | FRANCE 5.5% | FRANCE 5.5% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.429% due 02/16/2028 •  | 2900 | 2920 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.738% due 02/20/2035 •  | 1100 | 1126 |
|  5.786% due 01/13/2033 ~ | 1000 | 1023 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 2200 | 2260 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  6.316% due 10/03/2029 •  | 1800 | 1882 |
|  |  | 9211 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.750% due 02/25/2028 | 9200 | 9507 |
|  0.750% due 05/25/2052 | 1400 | 712 |
|  2.750% due 10/25/2027 | 9200 | 10062 |
|  2.750% due 02/25/2030 | 48100 | 52041 |
|  |  | 72322 |
|  Total France (Cost $79,405) | Total France (Cost $79,405) | 81533 |

---

142 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| GERMANY 0.3% | GERMANY 0.3% | GERMANY 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 ~ | 900 | 897 |
|  2.129% due 11/24/2026 •  | 400 | 393 |
|  3.547% due 09/18/2031 •  | 1400 | 1288 |
|  5.706% due 02/08/2028 •  | 1600 | 1625 |
|  Total Germany (Cost $4,282) | Total Germany (Cost $4,282) | 4203 |
| HUNGARY 0.1% | HUNGARY 0.1% | HUNGARY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  6.250% due 09/22/2032 | 1100 | 1135 |
|  Total Hungary (Cost $1,097) | Total Hungary (Cost $1,097) | 1135 |
| IRELAND 3.2% | IRELAND 3.2% | IRELAND 3.2% |
| ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% |
|  Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC |
|  3.735% due 07/15/2030 •  | 197 | 213 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  | 4009 | 4343 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.624% due 07/19/2035 •  | 2500 | 2688 |
|  Bosphorus CLO DAC | Bosphorus CLO DAC | Bosphorus CLO DAC |
|  3.371% due 05/25/2034 •  | 4400 | 4755 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.282% due 01/31/2030 •  | 1127 | 1217 |
|  Capital Four CLO DAC | Capital Four CLO DAC | Capital Four CLO DAC |
|  3.805% due 10/15/2034 •  | 2600 | 2810 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.435% due 10/15/2031 •  | 524 | 566 |
|  3.871% due 10/23/2034 •  | 928 | 1004 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.310% due 08/15/2033 «•  | 1100 | 1190 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.445% due 04/15/2033 •  | 616 | 666 |
|  Hayfin Emerald CLO | Hayfin Emerald CLO | Hayfin Emerald CLO |
|  3.914% due 01/22/2039 «•  | 6200 | 6708 |
|  MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC | MacKay Shields Euro CLO DAC |
|  3.674% due 10/20/2032 •  | 1996 | 2161 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.526% due 05/15/2033 •  | 3037 | 3285 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.631% due 01/24/2035 •  | 2900 | 3130 |
|  4.041% due 04/24/2037 •  | 2100 | 2272 |
|  Sculptor European CLO DAC | Sculptor European CLO DAC | Sculptor European CLO DAC |
|  3.835% due 10/15/2034 •  | 4700 | 5082 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.623% due 01/25/2035 •  | 3000 | 3232 |
|  |  | 45322 |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 550 | 517 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/07/2027 «~ | 2600 | 2806 |
|  Total Ireland (Cost $48,687) | Total Ireland (Cost $48,687) | 48645 |
| ISRAEL 0.4% | ISRAEL 0.4% | ISRAEL 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  4.500% due 01/17/2033 | 600 | 560 |
|  5.375% due 02/19/2030 | 1600 | 1613 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 03/12/2034 | $— | 3700 | 3685 |
|  5.625% due 02/19/2035 |  | 600 | 597 |
|  Total Israel (Cost $6,452) | Total Israel (Cost $6,452) | Total Israel (Cost $6,452) | 6455 |
| ITALY 1.1% | ITALY 1.1% | ITALY 1.1% | ITALY 1.1% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 |  | 1200 | 1269 |
|  2.625% due 04/28/2025 |  | 800 | 865 |
|  Nexi SpA | Nexi SpA | Nexi SpA | Nexi SpA |
|  2.125% due 04/30/2029 |  | 500 | 511 |
|  |  |  | 2645 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | $— | 1400 | 1416 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.000% due 04/01/2026 (d) |  | 8000 | 8470 |
|  3.850% due 09/15/2026 |  | 2200 | 2434 |
|  Italy Government International Bond | Italy Government International Bond | Italy Government International Bond | Italy Government International Bond |
|  6.000% due 08/04/2028 |  | 600 | 797 |
|  |  |  | 13117 |
|  Total Italy (Cost $16,016) | Total Italy (Cost $16,016) | Total Italy (Cost $16,016) | 15762 |
| JAPAN 5.6% | JAPAN 5.6% | JAPAN 5.6% | JAPAN 5.6% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | $— | 600 | 576 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.520% due 01/13/2028 |  | 2600 | 2670 |
|  |  |  | 3246 |
| SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% | SOVEREIGN ISSUES 5.4% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  0.010% due 09/09/2025 |  | 6961 | 7448 |
|  4.000% due 08/28/2027 | $— | 2700 | 2690 |
|  Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities | Japan Finance Organization for Municipalities |
|  0.625% due 09/02/2025 |  | 4300 | 4232 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 01/01/2026 |  | 1550000 | 10297 |
|  0.100% due 03/10/2028 (f) |  | 1192901 | 8239 |
|  0.100% due 03/10/2029 (f) |  | 387146 | 2669 |
|  0.400% due 06/20/2029 |  | 450000 | 2920 |
|  0.700% due 12/20/2048 |  | 201000 | 943 |
|  0.700% due 06/20/2051 |  | 30000 | 133 |
|  1.300% due 06/20/2052 |  | 50000 | 258 |
|  1.500% due 09/20/2043 |  | 870000 | 5233 |
|  2.000% due 12/20/2044 |  | 970000 | 6268 |
|  2.200% due 06/20/2054 |  | 489000 | 3072 |
|  2.200% due 03/20/2064 |  | 574000 | 3402 |
|  2.300% due 12/20/2054 |  | 3226000 | 20704 |
|  Tokyo Metropolitan Government | Tokyo Metropolitan Government | Tokyo Metropolitan Government | Tokyo Metropolitan Government |
|  0.750% due 07/16/2025 | $— | 1200 | 1187 |
|  |  |  | 79695 |
|  Total Japan (Cost $88,080) | Total Japan (Cost $88,080) | Total Japan (Cost $88,080) | 82941 |
| JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.699% due 08/13/2031 ~ | $— | 826 | 827 |
|  Total Jersey, Channel Islands (Cost $826) | Total Jersey, Channel Islands (Cost $826) | Total Jersey, Channel Islands (Cost $826) | 827 |
| MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  4.550% due 04/21/2050 | $— | 300 | 256 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.800% due 04/21/2060 | $— | 300 | 260 |
|  |  |  | 516 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 |  | 6000 | 1278 |
|  Total Malaysia (Cost $1,882) | Total Malaysia (Cost $1,882) | Total Malaysia (Cost $1,882) | 1794 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  5.000% due 04/27/2051 | $— | 500 | 384 |
|  Total Mexico (Cost $466) | Total Mexico (Cost $466) | Total Mexico (Cost $466) | 384 |
| MULTINATIONAL 0.0% | MULTINATIONAL 0.0% | MULTINATIONAL 0.0% | MULTINATIONAL 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. |
|  4.861% (US0003M + 0.300%) due 09/22/2037 ~ | $— | 530 | 479 |
|  Total Multinational (Cost $420) | Total Multinational (Cost $420) | Total Multinational (Cost $420) | 479 |
| NETHERLANDS 0.4% | NETHERLANDS 0.4% | NETHERLANDS 0.4% | NETHERLANDS 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | $— | 2800 | 2810 |
|  6.575% due 10/13/2026 •  |  | 2600 | 2626 |
|  Total Netherlands (Cost $5,400) | Total Netherlands (Cost $5,400) | Total Netherlands (Cost $5,400) | 5436 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 |  | 2200 | 1323 |
|  Total Norway (Cost $1,602) | Total Norway (Cost $1,602) | Total Norway (Cost $1,602) | 1323 |
| PERU 1.6% | PERU 1.6% | PERU 1.6% | PERU 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.150% due 08/12/2032 |  | 10000 | 2735 |
|  6.900% due 08/12/2037 |  | 10200 | 2742 |
|  6.950% due 08/12/2031 |  | 60700 | 17668 |
|  Total Peru (Cost $22,590) | Total Peru (Cost $22,590) | Total Peru (Cost $22,590) | 23145 |
| POLAND 0.6% | POLAND 0.6% | POLAND 0.6% | POLAND 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.875% due 02/14/2033 |  | 1300 | 1453 |
|  4.250% due 02/14/2043 |  | 400 | 431 |
|  4.625% due 03/18/2029 | $— | 1400 | 1402 |
|  4.875% due 02/12/2030 |  | 1000 | 1010 |
|  4.875% due 10/04/2033 |  | 300 | 296 |
|  5.125% due 09/18/2034 |  | 3300 | 3274 |
|  5.375% due 02/12/2035 |  | 700 | 704 |
|  5.500% due 04/04/2053 |  | 200 | 189 |
|  Total Poland (Cost $8,681) | Total Poland (Cost $8,681) | Total Poland (Cost $8,681) | 8759 |
| QATAR 0.0% | QATAR 0.0% | QATAR 0.0% | QATAR 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  QatarEnergy | QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | $— | 300 | 260 |
|  Total Qatar (Cost $298) | Total Qatar (Cost $298) | Total Qatar (Cost $298) | 260 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 143

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ROMANIA 0.8% | ROMANIA 0.8% | ROMANIA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  1.750% due 07/13/2030 | 800 | 724 |
|  2.000% due 04/14/2033 | 2000 | 1612 |
|  2.125% due 03/07/2028 | 600 | 616 |
|  2.750% due 04/14/2041 | 400 | 263 |
|  2.875% due 04/13/2042 | 1000 | 656 |
|  5.125% due 09/24/2031 | 1900 | 1988 |
|  5.250% due 03/10/2030 | 1400 | 1526 |
|  5.625% due 02/22/2036 | 1100 | 1101 |
|  6.250% due 09/10/2034 | 400 | 429 |
|  6.625% due 09/27/2029 | 2600 | 3014 |
|  Total Romania (Cost $12,939) | Total Romania (Cost $12,939) | 11929 |
| SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% | SAUDI ARABIA 1.7% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | 200 | 175 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.250% due 10/22/2030 | 200 | 185 |
|  3.375% due 03/05/2032 | 1800 | 1923 |
|  3.750% due 03/05/2037 | 500 | 521 |
|  4.750% due 01/18/2028 | 2400 | 2414 |
|  4.750% due 01/16/2030 | 8900 | 8903 |
|  4.875% due 07/18/2033 | 5500 | 5437 |
|  5.125% due 01/13/2028 | 3400 | 3443 |
|  5.375% due 01/13/2031 | 1900 | 1948 |
|  |  | 24774 |
|  Total Saudi Arabia (Cost $24,749) | Total Saudi Arabia (Cost $24,749) | 24949 |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 700 | 680 |
|  2.050% due 09/23/2036 | 600 | 473 |
|  6.000% due 06/12/2034 | 1100 | 1092 |
|  Total Serbia (Cost $2,582) | Total Serbia (Cost $2,582) | 2245 |
| SINGAPORE 0.6% | SINGAPORE 0.6% | SINGAPORE 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 | 1067 | 760 |
|  3.250% due 06/01/2054 | 9460 | 7762 |
|  Total Singapore (Cost $8,118) | Total Singapore (Cost $8,118) | 8522 |
| SOUTH AFRICA 1.2% | SOUTH AFRICA 1.2% | SOUTH AFRICA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 | 118000 | 6168 |
|  8.875% due 02/28/2035 | 248400 | 12128 |
|  Total South Africa (Cost $19,164) | Total South Africa (Cost $19,164) | 18296 |
| SOUTH KOREA 0.5% | SOUTH KOREA 0.5% | SOUTH KOREA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  5.375% due 10/23/2026 | 2500 | 2541 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.875% due 08/27/2027 | 2400 | 2429 |
|  5.375% due 11/15/2026 | 2700 | 2744 |
|  Total South Korea (Cost $7,590) | Total South Korea (Cost $7,590) | 7714 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SPAIN 5.8% | SPAIN 5.8% | SPAIN 5.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.208% due 01/18/2029 •  | 3500 | 3631 |
| SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 300 | 328 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (d) | 18300 | 18552 |
|  2.400% due 05/31/2028 | 12200 | 13201 |
|  2.500% due 05/31/2027 | 3400 | 3700 |
|  3.550% due 10/31/2033 | 42800 | 47487 |
|  |  | 83268 |
|  Total Spain (Cost $85,439) | Total Spain (Cost $85,439) | 86899 |
| SUPRANATIONAL 0.1% | SUPRANATIONAL 0.1% | SUPRANATIONAL 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 1800 | 1093 |
|  Total Supranational (Cost $1,318) | Total Supranational (Cost $1,318) | 1093 |
| SWITZERLAND 0.7% | SWITZERLAND 0.7% | SWITZERLAND 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1100 | 979 |
|  4.194% due 04/01/2031 •  | 600 | 579 |
|  5.617% due 09/13/2030 •  | 900 | 924 |
|  6.246% due 09/22/2029 •  | 2600 | 2718 |
|  6.373% due 07/15/2026 •  | 1200 | 1205 |
|  6.537% due 08/12/2033 •  | 3350 | 3591 |
|  Total Switzerland (Cost $9,431) | Total Switzerland (Cost $9,431) | 9996 |
| UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond | Emirate of Abu Dhabi Government International Bond |
|  5.500% due 04/30/2054 | 3300 | 3315 |
|  Total United Arab Emirates (Cost $3,245) | Total United Arab Emirates (Cost $3,245) | 3315 |
| UNITED KINGDOM 3.7% | UNITED KINGDOM 3.7% | UNITED KINGDOM 3.7% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.851% due 03/21/2035 ~ | 1600 | 2038 |
|  6.224% due 05/09/2034 •  | 1300 | 1355 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 1900 | 1829 |
|  4.041% due 03/13/2028 •  | 900 | 889 |
|  4.292% due 09/12/2026 •  | 2200 | 2195 |
|  5.940% (US0003M + 1.380%) due 09/12/2026 ~ | 2200 | 2213 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.264% due 11/10/2026 | 3200 | 3251 |
|  6.557% due 10/18/2027 •  | 2800 | 2877 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 1700 | 1711 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 | 4100 | 4123 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 2500 | 1763 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.858% due 09/11/2030 •  | 1600 | 1585 |
|  6.534% due 01/10/2029 •  | 2300 | 2392 |
|  Santander U.K. PLC | Santander U.K. PLC | Santander U.K. PLC |
|  4.496% due 12/12/2027 | 4800 | 4841 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 900 | 867 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.678% due 06/29/2032 •  | $— | 2100 | 1819 |
|  6.750% due 02/08/2028 •  |  | 4900 | 5067 |
|  |  |  | 40815 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Project Alpha Invest Industrial | Project Alpha Invest Industrial | Project Alpha Invest Industrial | Project Alpha Invest Industrial |
|  4.594% (EUR001M + 2.100%) due 02/27/2026 «~(h) |  | 284 | 306 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9% |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  |  | 184 | 236 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.529% due 06/13/2045 •  |  | 222 | 285 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  5.578% due 12/15/2050 •  |  | 267 | 340 |
|  5.828% due 12/15/2050 •  |  | 133 | 168 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.738% due 12/15/2043 •  |  | 692 | 871 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.358% due 06/28/2050 •  |  | 1215 | 1570 |
|  5.608% due 06/20/2060 •  |  | 5501 | 7128 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.359% due 05/20/2066 •  |  | 2489 | 3224 |
|  |  |  | 13822 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  1.250% due 07/31/2051 |  | 3300 | 1865 |
|  Total United Kingdom (Cost $57,682) | Total United Kingdom (Cost $57,682) | Total United Kingdom (Cost $57,682) | 56808 |
| UNITED STATES 89.4% | UNITED STATES 89.4% | UNITED STATES 89.4% | UNITED STATES 89.4% |
| ASSET-BACKED SECURITIES 2.8% | ASSET-BACKED SECURITIES 2.8% | ASSET-BACKED SECURITIES 2.8% | ASSET-BACKED SECURITIES 2.8% |
|  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 |
|  5.335% due 08/25/2035 ~ | $— | 1129 | 1116 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.135% due 10/25/2031 •  |  | 1 | 1 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  5.375% due 06/25/2029 •  |  | 6 | 6 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.195% due 02/25/2036 ~ |  | 804 | 644 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 12/25/2036 •  |  | 372 | 204 |
|  4.795% due 01/25/2037 ~ |  | 1563 | 1135 |
|  5.425% due 07/25/2035 •  |  | 2310 | 2207 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.695% due 12/25/2036 •  |  | 503 | 462 |
|  4.715% due 06/25/2037 ~ |  | 372 | 354 |
|  4.715% due 06/25/2047 •  |  | 406 | 372 |
|  4.835% due 06/25/2037 •  |  | 1236 | 1235 |
|  4.935% due 02/25/2036 •  |  | 171 | 169 |
|  5.175% due 08/25/2047 •  |  | 208 | 202 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.827% due 01/25/2032 •  |  | 1 | 1 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.955% due 03/25/2036 •  |  | 701 | 636 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.550% due 07/25/2036 •  |  | 689 | 671 |
|  5.380% due 03/25/2035 •  |  | 345 | 360 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  |  | 383 | 376 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.794% due 11/25/2034 ~ |  | 197 | 188 |
|  4.915% due 09/25/2036 •  |  | 3126 | 1079 |
|  4.935% due 05/25/2046 •  |  | 1518 | 1451 |
|  4.955% due 02/25/2046 •  |  | 44 | 41 |
|  LCCM Trust | LCCM Trust | LCCM Trust | LCCM Trust |
|  5.884% due 11/15/2038 •  |  | 555 | 560 |

---

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.915% due 06/25/2036 ~ | 2905 | 1022 |
|  5.185% due 10/25/2035 ~ | 691 | 659 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.175% due 01/25/2037 ~ | 830 | 332 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.095% due 07/25/2036 ~ | 3186 | 3022 |
|  5.155% due 05/25/2036 •  | 3 | 3 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 01/25/2037 ~ | 1587 | 723 |
|  4.575% due 05/25/2037 •  | 1218 | 934 |
|  4.685% due 07/25/2036 •  | 128 | 115 |
|  4.915% due 06/25/2036 •  | 1223 | 620 |
|  5.365% due 02/25/2035 •  | 2866 | 2629 |
|  5.395% due 09/25/2034 ~ | 935 | 969 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.665% due 04/25/2037 •  | 1132 | 586 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 1587 | 329 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.870% due 03/25/2036 •  | 321 | 321 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.695% due 03/25/2037 ~ | 918 | 596 |
|  4.975% due 05/25/2036 •  | 2800 | 2702 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 545 | 165 |
|  5.731% due 11/25/2036 þ | 1934 | 655 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.685% due 11/25/2036 ~ | 3947 | 3542 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.745% due 09/25/2037 ~ | 702 | 673 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 502 | 472 |
|  5.534% due 07/15/2053 •  | 140 | 140 |
|  5.799% due 02/16/2055 ~ | 1060 | 1075 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.935% due 11/25/2036 •  | 1527 | 1440 |
|  4.995% due 05/25/2036 ~ | 332 | 323 |
|  5.385% due 10/25/2037 ~ | 1131 | 864 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.735% due 06/25/2037 •  | 319 | 191 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.780% due 07/25/2036 •  | 887 | 511 |
|  5.115% due 01/25/2033 ~ | 359 | 356 |
|  5.335% due 09/25/2034 ~ | 42 | 40 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.856% due 02/25/2035 •  | 2026 | 2131 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.375% due 11/25/2033 •  | 24 | 21 |
|  |  | 41631 |
| CORPORATE BONDS & NOTES 3.9% | CORPORATE BONDS & NOTES 3.9% | CORPORATE BONDS & NOTES 3.9% |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.106% due 07/16/2026 •  | 2300 | 2301 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.468% due 01/23/2035 •  | 1500 | 1522 |
|  5.511% due 01/24/2036 ~ | 1500 | 1527 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 400 | 398 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.298% due 05/01/2029 | 1000 | 1049 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.350% due 12/15/2030 | 1285 | 1226 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.125% due 09/10/2026 | 5600 | 6022 |
|  Credit Suisse AG AT1 Claim | 1700 | 204 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 200 | 174 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 1000 | 988 |
|  3.815% due 11/02/2027 | 400 | 382 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | $| 600 | 575 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.300% due 01/15/2029 |  | 700 | 702 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.536% due 01/28/2036 •  |  | 1500 | 1522 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.505% due 10/22/2028 •  |  | 3200 | 3197 |
|  5.040% due 01/23/2028 •  |  | 2900 | 2926 |
|  5.140% due 01/24/2031 ~ |  | 3100 | 3149 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 |  | 2300 | 2324 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.406% due 10/29/2027 ~ | EUR | 4300 | 4485 |
|  3.955% due 03/21/2035 •  |  | 300 | 325 |
|  5.164% due 04/20/2029 •  | $| 2300 | 2332 |
|  5.376% due 04/13/2028 •  |  | 4300 | 4336 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 |  | 1900 | 1884 |
|  Organon & Co. | Organon & Co. | Organon & Co. | Organon & Co. |
|  2.875% due 04/30/2028 | EUR | 500 | 515 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | $| 100 | 94 |
|  4.000% due 12/01/2046 |  | 100 | 74 |
|  4.250% due 03/15/2046 |  | 100 | 78 |
|  4.300% due 03/15/2045 |  | 100 | 78 |
|  4.550% due 07/01/2030 |  | 500 | 484 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.100% due 02/15/2029 |  | 1100 | 1121 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.875% due 02/13/2029 |  | 1000 | 1011 |
|  5.125% due 02/13/2031 |  | 1000 | 1018 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.211% due 12/03/2035 •  |  | 3100 | 3080 |
|  5.244% due 01/24/2031 ~ |  | 1200 | 1220 |
|  5.499% due 01/23/2035 •  |  | 1700 | 1724 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.065% due 01/15/2026 •  |  | 3800 | 3812 |
|  |  |  | 57859 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.560% due 12/15/2031 |  | 1192 | 1189 |
|  Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) | Pantheon Senior Debt III (PSD III) |
|  1.000% due 03/26/2026 « |  | 500 | 500 |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « |  | 600 | 608 |
|  |  |  | 2297 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  1.958% due 06/01/2025 |  | 900 | 895 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 |  | 374 | 411 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 463 | 470 |
|  |  |  | 1776 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.2% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ |  | 75 | 65 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ |  | 837 | 552 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.432% due 06/25/2035 ~ |  | 21 | 19 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 •  |  | 1667 | 1424 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.589% due 01/26/2047 •  | 7 | 7 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.000% due 05/25/2034 ~ | 1 | 1 |
|  4.210% due 09/25/2034 ~ | 14 | 12 |
|  4.321% due 05/25/2047 ~ | 49 | 44 |
|  5.253% due 08/25/2033 •  | 1 | 1 |
|  6.351% due 11/25/2034 •  | 1 | 1 |
|  6.368% due 10/25/2033 •  | 1 | 1 |
|  7.010% due 05/25/2034 ~ | 3 | 3 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.536% due 08/25/2036 •  | 83 | 39 |
|  4.755% due 02/25/2034 ~ | 11 | 10 |
|  4.941% due 11/25/2035 ~ | 121 | 93 |
|  5.564% due 05/25/2035 •  | 2 | 2 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.116% due 01/26/2036 ~ | 23 | 16 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  | 988 | 891 |
|  3.250% due 09/25/2063 ~ | 990 | 889 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.310% due 07/25/2037 •  | 33 | 27 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.585% due 01/25/2036 ~ | 387 | 367 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  2.500% due 05/25/2051 •  | 1319 | 1081 |
|  4.714% due 08/25/2036 •  | 4970 | 2026 |
|  4.821% due 09/25/2037 •  | 51 | 47 |
|  5.008% due 08/25/2035 ~ | 289 | 264 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.556% due 11/25/2035 ~ | 5 | 5 |
|  4.785% due 05/25/2037 ~ | 77 | 24 |
|  4.825% due 02/25/2037 •  | 14 | 12 |
|  4.854% due 07/20/2046 ~ | 68 | 57 |
|  4.855% due 07/25/2046 ~ | 685 | 614 |
|  4.895% due 11/25/2035 •  | 59 | 55 |
|  4.995% due 02/25/2037 •  | 101 | 85 |
|  5.095% due 09/25/2035 ~ | 320 | 238 |
|  5.250% due 06/25/2035 | 6 | 5 |
|  5.885% due 11/25/2047 •  | 273 | 235 |
|  6.135% due 11/25/2035 ~ | 15 | 13 |
|  6.250% due 12/25/2036 | 2216 | 925 |
|  6.250% due 08/25/2037 | 17 | 8 |
|  6.500% due 06/25/2036 | 38 | 17 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.835% due 04/25/2046 ~ | 129 | 124 |
|  4.975% due 04/25/2046 ~ | 3246 | 942 |
|  5.195% due 09/25/2034 •  | 6 | 6 |
|  6.000% due 07/25/2036 | 712 | 353 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ | 25 | 24 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 •  | 288 | 237 |
|  6.079% due 04/25/2037 þ | 127 | 35 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 •  | 2954 | 2956 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.715% due 07/25/2047 ~ | 240 | 222 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 1819 | 1818 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.975% due 11/25/2045 ~ | 3 | 3 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 •  | 386 | 316 |
|  3.000% due 09/25/2052 •  | 3654 | 3116 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.795% due 05/25/2036 •  | 710 | 685 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2036 ~ | 1332 | 1075 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.058% due 06/25/2034 ~ | 4 | 4 |
|  5.880% due 03/25/2033 •  | 1 | 1 |
|  6.922% due 01/25/2035 •  | 4 | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.114% due 06/20/2035 ~ | 10 | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **145** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.485% due 12/19/2036 ~ | $— | 39 | $— | 35 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.155% due 10/25/2034 •  |  | 65 |  | 63 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.110% due 09/25/2035 •  |  | 30 |  | 25 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 •  |  | 3317 |  | 2844 |
|  3.000% due 03/25/2052 ~ |  | 3256 |  | 2781 |
|  3.000% due 04/25/2052 •  |  | 3205 |  | 2748 |
|  3.000% due 05/25/2052 •  |  | 4271 |  | 3663 |
|  5.676% due 11/25/2033 ~ |  | 1 |  | 1 |
|  6.000% due 06/25/2037 |  | 1394 |  | 510 |
|  6.029% due 10/25/2035 •  |  | 3 |  | 3 |
|  JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust |
|  4.451% due 01/25/2063 ~ |  | 2950 |  | 2831 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.845% due 08/25/2046 •  |  | 1054 |  | 953 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.815% due 05/25/2046 ~ |  | 943 |  | 821 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 |  | 2000 |  | 1866 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  |  | 44 |  | 4 |
|  6.000% due 02/25/2036 |  | 502 |  | 222 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.793% due 02/25/2036 •  |  | 33 |  | 32 |
|  6.293% due 02/25/2033 ~ |  | 2 |  | 2 |
|  6.971% due 05/25/2033 ~ |  | 4 |  | 4 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.201% due 02/25/2047 þ |  | 144 |  | 50 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  |  | 1052 |  | 1009 |
|  2.750% due 11/25/2059 •  |  | 837 |  | 800 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.529% due 11/15/2038 •  |  | 2300 |  | 2285 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 •  |  | 481 |  | 410 |
|  5.085% due 06/25/2057 •  |  | 207 |  | 203 |
|  6.465% due 10/25/2063 þ |  | 1539 |  | 1557 |
|  7.159% due 10/25/2063 þ |  | 1803 |  | 1840 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 •  |  | 1714 |  | 1410 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.795% due 06/25/2046 ~ |  | 272 |  | 61 |
|  5.544% due 10/25/2037 •  |  | 268 |  | 216 |
|  6.135% due 08/25/2035 •  |  | 106 |  | 86 |
|  6.250% due 02/25/2037 |  | 1089 |  | 894 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.835% due 01/25/2046 ~ |  | 46 |  | 13 |
|  5.750% due 02/25/2036 |  | 728 |  | 518 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.834% due 07/20/2036 •  |  | 49 |  | 43 |
|  5.134% due 07/20/2033 •  |  | 8 |  | 8 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.811% due 08/25/2035 ~ |  | 48 |  | 41 |
|  5.038% due 09/25/2035 •  |  | 41 |  | 37 |
|  6.527% due 02/25/2034 •  |  | 1 |  | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.555% due 08/25/2036 ~ |  | 600 |  | 529 |
|  4.855% due 05/25/2036 •  |  | 24 |  | 17 |
|  4.875% due 05/25/2036 •  |  | 67 |  | 55 |
|  4.875% due 09/25/2047 •  |  | 108 |  | 97 |
|  5.011% due 07/19/2034 •  |  | 2 |  | 2 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.715% due 01/25/2036 ~ |  | 1004 |  | 830 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.725% due 10/25/2036 •  |  | 519 |  | 432 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ |  | 145 |  | 34 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.685% due 06/25/2037 •  |  | 39 |  | 36 |
|  5.939% due 06/25/2037 •  |  | 95 |  | 81 |
|  5.989% due 06/25/2047 •  |  | 10 |  | 10 |
|  5.989% due 06/25/2047 •  |  | 13 |  | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 •  | 898 | 812 |
|  2.710% due 01/25/2060 ~ | 631 | 603 |
|  2.900% due 10/25/2059 ~ | 3266 | 3118 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  7.070% due 10/25/2068 þ | 1271 | 1296 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.194% due 02/27/2034 ~ | 4 | 4 |
|  4.355% due 09/25/2036 •  | 115 | 97 |
|  4.356% due 12/25/2036 •  | 261 | 239 |
|  4.720% due 12/25/2035 •  | 92 | 84 |
|  5.015% due 07/25/2045 •  | 266 | 262 |
|  5.055% due 01/25/2045 ~ | 5 | 5 |
|  5.155% due 10/25/2045 •  | 333 | 328 |
|  6.188% due 06/25/2033 •  | 1 | 1 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.575% due 07/25/2046 •  | 29 | 18 |
|  6.500% due 03/25/2036 | 1288 | 877 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 | 40 | 36 |
|  6.000% due 06/25/2037 | 68 | 61 |
|  |  | 62970 |
| U.S. GOVERNMENT AGENCIES 66.9% | U.S. GOVERNMENT AGENCIES 66.9% | U.S. GOVERNMENT AGENCIES 66.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 03/01/2060 | 589 | 508 |
|  3.500% due 01/01/2059 | 1541 | 1381 |
|  4.854% due 06/25/2036 •  | 11 | 11 |
|  6.000% due 04/25/2043 - 07/25/2044 | 43 | 45 |
|  6.010% due 12/01/2034 •  | 5 | 5 |
|  6.500% due 11/25/2042 | 50 | 52 |
|  7.041% due 11/01/2034 •  | 9 | 10 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.150% due 01/15/2038 •(a) | 149 | 8 |
|  4.793% due 01/15/2038 •  | 149 | 147 |
|  5.063% due 12/15/2037 •  | 5 | 5 |
|  5.280% due 11/25/2054 •  | 7043 | 7052 |
|  5.290% due 03/25/2055 •  | 3466 | 3450 |
|  5.340% due 02/25/2055 •  | 3038 | 3053 |
|  5.740% due 03/25/2055 •  | 5181 | 5217 |
|  5.835% due 10/25/2044 •  | 31 | 28 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 07/20/2046 - 04/20/2052 | 4373 | 3879 |
|  3.500% due 10/20/2054 - 03/20/2055 | 71898 | 65942 |
|  4.625% due 07/20/2025 - 01/20/2030 •  | 1 | 1 |
|  4.750% due 12/20/2025 - 12/20/2026 •  | 1 | 0 |
|  4.875% due 05/20/2028 - 06/20/2030 •  | 2 | 2 |
|  5.000% due 04/20/2030 - 05/20/2030 •  | 3 | 3 |
|  5.273% due 07/20/2066 - 11/20/2066 •  | 1434 | 1440 |
|  6.000% due 08/20/2034 | 131 | 133 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 04/01/2055 | 5100 | 4351 |
|  3.000% due 04/01/2055 | 38200 | 33840 |
|  3.500% due 04/01/2055 | 10900 | 9974 |
|  6.500% due 04/01/2055 | 13200 | 13514 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.600% due 09/01/2028 | 24 | 24 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 02/01/2051 | 557 | 463 |
|  3.000% due 10/01/2049 - 05/01/2051 | 1708 | 1484 |
|  3.500% due 10/01/2034 - 07/01/2050 | 1824 | 1680 |
|  4.000% due 06/01/2048 - 07/01/2053 | 5061 | 4731 |
|  5.500% due 06/01/2053 - 08/01/2053 | 11059 | 11060 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 12/01/2053 - 09/01/2054 | $— | 98395 | 99994 |
|  6.500% due 09/01/2053 - 12/01/2053 |  | 42937 | 44400 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 |  | 37300 | 32323 |
|  5.000% due 05/01/2055 |  | 247300 | 242183 |
|  6.000% due 06/01/2055 |  | 59900 | 60725 |
|  6.500% due 06/01/2055 |  | 332400 | 342199 |
|  |  |  | 995317 |
| U.S. TREASURY OBLIGATIONS 11.3% | U.S. TREASURY OBLIGATIONS 11.3% | U.S. TREASURY OBLIGATIONS 11.3% | U.S. TREASURY OBLIGATIONS 11.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 |  | 500 | 325 |
|  2.000% due 08/15/2051 (l) |  | 200 | 119 |
|  2.250% due 08/15/2049 (j) |  | 4425 | 2856 |
|  2.375% due 11/15/2049 (j) |  | 1575 | 1042 |
|  3.000% due 02/15/2048 (j)(l) |  | 3800 | 2898 |
|  3.000% due 08/15/2048 (j) |  | 1325 | 1007 |
|  3.375% due 11/15/2048 (j)(l) |  | 14500 | 11773 |
|  4.125% due 08/15/2044 |  | 39575 | 37089 |
|  4.500% due 11/15/2054 |  | 42500 | 41889 |
|  4.625% due 02/15/2055 (j)(l) |  | 24300 | 24467 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 04/15/2025 |  | 2890 | 2892 |
|  0.125% due 10/15/2025 |  | 367 | 368 |
|  0.125% due 07/15/2031 (j)(l) |  | 3792 | 3483 |
|  0.125% due 01/15/2032 (j) |  | 1948 | 1764 |
|  0.375% due 07/15/2025 (j) |  | 5625 | 5635 |
|  0.375% due 07/15/2027 (j) |  | 4804 | 4750 |
|  0.500% due 01/15/2028 (j) |  | 5279 | 5186 |
|  0.625% due 07/15/2032 |  | 547 | 511 |
|  1.125% due 01/15/2033 (j) |  | 7890 | 7562 |
|  2.500% due 01/15/2029 (j) |  | 3550 | 3711 |
|  3.875% due 04/15/2029 (j) |  | 2898 | 3185 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (l) |  | 800 | 767 |
|  4.000% due 02/15/2034 (j)(l) |  | 4300 | 4242 |
|  |  |  | 167521 |
|  Total United States (Cost $1,342,050) | Total United States (Cost $1,342,050) | Total United States (Cost $1,342,050) | 1329371 |
| SHORT-TERM INSTRUMENTS 6.7% | SHORT-TERM INSTRUMENTS 6.7% | SHORT-TERM INSTRUMENTS 6.7% | SHORT-TERM INSTRUMENTS 6.7% |
| COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.880% due 04/02/2025 | $— | 2700 | 2699 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.550% due 04/24/2025 |  | 1900 | 1894 |
|  4.560% due 05/08/2025 |  | 850 | 846 |
|  4.560% due 05/13/2025 |  | 700 | 696 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 04/25/2025 (b) |  | 600 | 598 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.750% due 04/02/2025 |  | 1150 | 1150 |
|  4.900% due 04/15/2025 |  | 1350 | 1347 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.830% due 04/15/2025 |  | 700 | 698 |
|  4.910% due 05/06/2025 (b) |  | 850 | 846 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.920% due 04/22/2025 |  | 100 | 100 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.810% due 04/11/2025 (b) |  | 1200 | 1198 |
|  4.820% due 04/11/2025 |  | 250 | 250 |
|  |  |  | 12322 |
|  | **SHARES** | **SHARES** |  |
| MUTUAL FUNDS 0.2% | 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 | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) |  | 3265909 | 3266 |

---

146 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| JAPAN TREASURY BILLS 5.4% | JAPAN TREASURY BILLS 5.4% | JAPAN TREASURY BILLS 5.4% | JAPAN TREASURY BILLS 5.4% | JAPAN TREASURY BILLS 5.4% |
|  0.311% due 04/21/2025 - 06/20/2025 (c)(d) |  | 12037600 | $— | 80220 |
| NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% |
|  23.286% due 11/04/2025 (d)(e) |  | 650000 |  | 373 |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  4.304% due 04/17/2025 - 05/29/2025 (c)(d)(j)(l) | $— | 4223 |  | 4203 |
| Total Short-Term Instruments<br>(Cost $100,033) | Total Short-Term Instruments<br>(Cost $100,033) | Total Short-Term Instruments<br>(Cost $100,033) |  | 100384 |
| Total Investments in Securities<br>(Cost $2,210,193) | Total Investments in Securities<br>(Cost $2,210,193) | Total Investments in Securities<br>(Cost $2,210,193) |  | 2194416 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% |
| SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3873672 | $— | 37706 |
| Total Short-Term Instruments<br>(Cost $37,712) | Total Short-Term Instruments<br>(Cost $37,712) |  | 37706 |
| Total Investments in Affiliates<br>(Cost $37,712) | Total Investments in Affiliates<br>(Cost $37,712) |  | 37706 |
| Total Investments 149.9%<br>(Cost $2,247,905) | Total Investments 149.9%<br>(Cost $2,247,905) | $— | 2232122 |
|  Financial Derivative<br>Instruments (i)(k) (0.6)%<br> (Cost or Premiums, net $33,908) | Financial Derivative<br>Instruments (i)(k) (0.6)%<br> (Cost or Premiums, net $33,908) |  | (9118) |
| Other Assets and Liabilities, net (49.3)% | Other Assets and Liabilities, net (49.3)% |  | (734175) |
| Net Assets 100.0% |  | $— | 1488829 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(h) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Project Alpha Invest Industrial | 4.594% | 02/27/2026 | 02/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | 0.02% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (11.1)% | United States (11.1)% | United States (11.1)% | United States (11.1)% | United States (11.1)% | United States (11.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.1)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 04/01/2040 | 16700 | $(14965) | $(15096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123500 | (98375) | (98174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 04/01/2055 | 3200 | (2638) | (2661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 7400 | (6642) | (6670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 05/01/2055 | 3950 | (3669) | (3675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 06/01/2055 | 1700 | (1623) | (1625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | 23200 | (23149) | (23151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 04/01/2055 | 13200 | (13589) | (13613) |
|  Total Short Sales (11.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164650) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164665) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 147

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(5,738) at a weighted average interest rate of 3.473%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 87 | $5790 | $10 | $17 | $0 |
|  Canada Government 5-Year Bond June Futures  | 06/2025 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14097 | 130 | 15 | 0 |
|  Euro-BTP June Futures  | 06/2025 | 528 | 67095 | (1500) | 177 | (80) |
|  Long Gilt June Futures  | 06/2025 | 2 | 237 | (2) | 3 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 43 | 8908 | 55 | 0 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1373 | 148499 | 1533 | 0 | (43) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 480 | 53385 | 326 | 7 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 779 | 88903 | 105 | 73 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 15 | 1759 | 17 | 3 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 1107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77928) | $(60) | $0 | $(741) |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 338 | (29160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) | 0 | (28) |
|  Euro-BOBL June Futures  | 06/2025 | 496 | (63174) | 502 | 16 | (150) |
|  Euro-Bund June Futures  | 06/2025 | 820 | (114229) | 2167 | 9 | (435) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 12 | (1547) | 100 | 0 | (16) |
|  Euro-Oat June Futures  | 06/2025 | 102 | (13532) | 270 | 19 | (44) |
|  Euro-Schatz June Futures  | 06/2025 | 351 | (40593) | 14 | 9 | (30) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 340 | (313728) | (895) | 0 | (2290) |
|  Short Euro-BTP Italy Government Bond June Futures  | 06/2025 | 532 | (61834) | (77) | 26 | (47) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 185 | (22616) | (142) | 0 | (81) |
|  |  |  |  | $1639 | $79 | $(3862) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3985) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Ford Motor Credit Co. LLC | 5.000% | Quarterly | 06/20/2025 | 0.436% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | $24 | $(17) | $7 | $0 | $0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | 0.460 | 200 | 7 | 0 | 7 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 0.589 | 300 | 13 | 3 | 16 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $19400 | $(154) | $100 | $(54) | $0 | $0 |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 100400 | (203) | 185 | (18) | 0 | (16) |
|  CDX.iTraxx Main 43 05-Year Index | (1.000) | Quarterly | 06/20/2030 | 32360 | (708) | 80 | (628) | 53 | 0 |
|  CDX.iTraxx Main 43 05-Year Index | (1.000) | Quarterly | 06/20/2035 | 24700 | (58) | 112 | 54 | 72 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

148 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### 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>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $909200 | $20069 | $(2572) | $17497 | $5 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 326700 | 6008 | 0 | 6008 | 43 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2572) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>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<br>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<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 79800 | $(585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1322) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1907) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 156200 | 488 | (178) | 310 | 303 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 | 153800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4903) | 345 | (4558) | 671 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 1800 | 118 | 8 | 126 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 | 2100 | 251 | 55 | 306 | 0 | (34) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 830000 | (42) | (33) | (75) | 20 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 8080000 | (160) | (312) | (472) | 281 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 5322900 | (127) | (599) | (726) | 250 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 200000 | 7 | (39) | (32) | 10 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 5820000 | (613) | (466) | (1079) | 285 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 1830000 | 33 | 1839 | 1872 | 0 | (100) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 3660000 | (1732) | (1202) | (2934) | 229 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 90000 | 74 | 115 | 189 | 0 | (6) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 145700 | 55 | 179 | 234 | 0 | (11) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 340000 | 20 | 202 | 222 | 0 | (28) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 03/19/2027 | 15400 | 23 | (89) | (66) | 0 | (19) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 41820 | 205 | (862) | (657) | 0 | (103) |
|  Pay | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 03/19/2030 | 372495 | 89 | 153 | 242 | 47 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.750 | Quarterly | 09/18/2034 | 208800 | (3) | (490) | (493) | 0 | (52) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.150 | Annual | 05/13/2025 | $23900 | 108 | 315 | 423 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | 51000 | 208 | 322 | 530 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 06/24/2025 | 75800 | 186 | (171) | 15 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 21202 | 160 | (171) | (11) | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | 10300 | 0 | (15) | (15) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 44600 | 604 | (344) | 260 | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 12200 | 0 | (26) | (26) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 28500 | 0 | 519 | 519 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 29400 | 203 | (135) | 68 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 211950 | 4336 | (1308) | 3028 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 | 16200 | 0 | 101 | 101 | 3 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.593 | Annual | 08/31/2029 | 7600 | 0 | 5 | 5 | 0 | (6) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/31/2029 | 25500 | 0 | (125) | (125) | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 100000 | 4727 | (1741) | 2986 | 0 | (102) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 15500 | 0 | (112) | (112) | 0 | (26) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 | 30900 | (52) | (3878) | (3930) | 50 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 13900 | (300) | (51) | (351) | 0 | (27) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 11140 | (1445) | (204) | (1649) | 21 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 11/15/2032 | 58000 | (307) | (2335) | (2642) | 134 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1800 | (8) | 95 | 87 | 0 | (5) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.843 | Annual | 11/15/2034 | 5500 | 0 | (45) | (45) | 0 | (17) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.844 | Annual | 11/15/2034 | 4200 | 0 | (35) | (35) | 0 | (13) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/15/2034 | 3700 | (112) | (8) | (120) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1750 | (6) | (9) | (15) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 3650 | (13) | (19) | (32) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1800 | (5) | (16) | (21) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 116700 | 8045 | (2743) | 5302 | 0 | (81) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 3800 | (11) | (41) | (52) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 200 | 1 | 5 | 6 | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.781 | Annual | 11/15/2053 | 1700 | 0 | 8 | 8 | 0 | (13) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.791 | Annual | 11/15/2053 | 10300 | 0 | 33 | 33 | 0 | (78) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.887 | Annual | 11/15/2053 | 4300 | 0 | (57) | (57) | 0 | (33) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.914 | Annual | 11/15/2053 | 2600 | 0 | (47) | (47) | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 13170 | 1704 | (372) | 1332 | 0 | (93) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1900 | 115 | 8 | 123 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 8600 | 0 | (193) | (193) | 0 | (68) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 1900 | 0 | (50) | (50) | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 5600 | 0 | (153) | (153) | 0 | (44) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 5200 | 0 | (178) | (178) | 0 | (42) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **149** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>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<br>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 | 4.017% | Annual | 11/15/2054 |  | $6400 | $0 | $(240) | $(240) | $0 | $(51) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.111 | Annual | 11/15/2054 |  | 8030 | 0 | (437) | (437) | 0 | (65) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 |  | 3400 | 0 | (188) | (188) | 0 | (28) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 |  | 5270 | 0 | (304) | (304) | 0 | (43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 |  | 9900 | 0 | 61 | 61 | 0 | (77) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 |  | 2400 | 0 | (2) | (2) | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 |  | 2400 | 0 | (3) | (3) | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 |  | 2900 | 0 | (32) | (32) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 |  | 5000 | 0 | 24 | 24 | 0 | (39) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 14150 | 1777 | (401) | 1376 | 0 | (103) |
|  Pay | 3-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 |  | 289800 | (517) | (1081) | (1598) | 724 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 9100 | (4) | (16) | (20) | 47 | 0 |
|  Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 3800 | 22 | 16 | 38 | 21 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 5700 | (8) | 197 | 189 | 9 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 1500 | (3) | 67 | 64 | 3 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 |  | 890380 | (2) | 1 | (1) | 2 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 |  | 8600 | 68 | 214 | 282 | 17 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 |  | 7400 | (322) | 136 | (186) | 8 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 06/16/2031 |  | 13400 | 161 | (1293) | (1132) | 43 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 |  | 5200 | 91 | (73) | 18 | 21 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/21/2033 |  | 25300 | (519) | 277 | (242) | 109 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 28100 | 99 | 203 | 302 | 146 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 |  | 38050 | 248 | 385 | 633 | 18 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 1300 | (6) | (46) | (52) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 2300 | (13) | (83) | (96) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 1600 | (12) | (53) | (65) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 2800 | (10) | (72) | (82) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 1300 | (5) | (32) | (37) | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 |  | 177800 | (1244) | 648 | (596) | 143 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 8300 | 0 | (143) | (143) | 13 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 19700 | 0 | (221) | (221) | 32 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 |  | 31900 | (5) | (267) | (272) | 52 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 |  | 36400 | 34 | (150) | (116) | 74 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 2600 | (37) | 15 | (22) | 6 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.550 | Annual | 06/28/2032 |  | 30250 | (823) | 635 | (188) | 69 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 65930 | (3112) | 471 | (2641) | 279 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 7000 | 333 | (632) | (299) | 33 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 |  | 400 | 0 | 206 | 206 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 300 | 0 | 167 | 167 | 0 | (1) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 |  | 10900 | 1 | 138 | 139 | 0 | (25) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.278 | Annual | 03/12/2055 |  | 33200 | 0 | 399 | 399 | 0 | (75) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.282 | Annual | 03/12/2055 |  | 3300 | 0 | 38 | 38 | 0 | (7) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 61960 | 2488 | 2562 | 5050 | 0 | (488) |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 |  | 8600 | 0 | (216) | (216) | 6 | 0 |
|  Pay | CAONREPO | 3.500 | Annual | 12/18/2025 |  | 99100 | (201) | 761 | 560 | 13 | 0 |
|  Pay<sup>(6)</sup> | CAONREPO | 3.898 | Annual | 06/19/2026 |  | 8400 | (1) | 91 | 90 | 3 | 0 |
|  Pay<sup>(6)</sup> | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 43600 | (2) | 477 | 475 | 13 | 0 |
|  Pay | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 |  | 9300 | 73 | 60 | 133 | 7 | 0 |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2028 |  | 25200 | (120) | 620 | 500 | 22 | 0 |
|  Pay | CAONREPO | 1.250 | Semi-Annual | 06/16/2031 |  | 6700 | (698) | 344 | (354) | 10 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 2800 | 0 | (11) | (11) | 0 | (6) |
|  Pay | CAONREPO | 3.500 | Semi-Annual | 06/19/2034 |  | 5000 | 157 | 81 | 238 | 12 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 6800 | 72 | (377) | (305) | 0 | (47) |
|  |  |  |  |  |  |  | $9296 | $(12946) | $(3650) | $4374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2259) |
|  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;34294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15055) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2275) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3985) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6292) |

---

(j) Securities with an aggregate market value of $53,947 and cash of $12,843 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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| | | |
|:---|:---|:---|
| **150** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(32) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 220841 | $1478 | $6 | $0 |
|  | 04/2025 | $48633 | 76879 | 0 | (596) |
|  | 04/2025 | 2182 | 329167 | 13 | 0 |
|  | 04/2025 | 4767 | 6374 | 0 | (24) |
|  | 05/2025 | 76879 | $48644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | 0 |
|  | 05/2025 | 25417 | 3470 | 0 | (37) |
|  | 05/2025 | 328062 | 2182 | 0 | (13) |
|  | 05/2025 | 6364 | 4767 | 22 | 0 |
|  | 05/2025 | $13506 | 97799 | 6 | (14) |
|  | 06/2025 | 68228 | $9337 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
|  | 06/2025 | $946 | 6825 | 0 | (2) |
|  | 07/2025 | 48669 | $6755 | 12 | (3) |
|  | 08/2025 | 48677 | 6750 | 0 | (12) |
|  BOA | 04/2025 | 1628 | 1012 | 0 | (5) |
|  | 04/2025 | 1567 | 1087 | 0 | (2) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 751899 | 513 | 2 | 0 |
|  | 04/2025 | $22554 | 20883 | 27 | 0 |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |
|  | 04/2025 | 256 | 1134 | 0 | 0 |
|  | 04/2025 | 13 | 145 | 1 | 0 |
|  | 05/2025 | 24852 | $3395 | 0 | (35) |
|  | 05/2025 | 3504 | 451 | 0 | 0 |
|  | 05/2025 | 6661390 | 400 | 1 | 0 |
|  | 05/2025 | $425 | 36554 | 1 | 0 |
|  | 06/2025 | 55348 | $7645 | 1 | (13) |
|  | 06/2025 | $463 | 3348 | 0 | 0 |
|  | 06/2025 | 711 | 1035673 | 0 | (6) |
|  | 08/2025 | 8713 | $1218 | 8 | 0 |
|  | 08/2025 | 622 | 19 | 0 | 0 |
|  BPS | 04/2025 | 1463 | 922 | 8 | 0 |
|  | 04/2025 | 42550 | 7522 | 87 | (22) |
|  | 04/2025 | 3087 | 430 | 4 | 0 |
|  | 04/2025 | 197858 | 207470 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6474) |
|  | 04/2025 | 55304137 | 3336 | 16 | 0 |
|  | 04/2025 | 2758221 | 18296 | 69 | (178) |
|  | 04/2025 | 799 | 76 | 0 | 0 |
|  | 04/2025 | 471 | 354 | 3 | 0 |
|  | 04/2025 | 328372 | 10005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 0 |
|  | 04/2025 | $7403 | 42550 | 57 | (3) |
|  | 04/2025 | 2273 | 16299 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **151** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $37857 | 35155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | $0 |
|  | 04/2025 | 1033 | 817 | 23 | 0 |
|  | 04/2025 | 5218 | 85544416 | 0 | (82) |
|  | 04/2025 | 4005 | 347747 | 59 | 0 |
|  | 04/2025 | 782 | 117476 | 2 | 0 |
|  | 04/2025 | 3640 | 5286314 | 0 | (51) |
|  | 04/2025 | 3047 | 4082 | 0 | (8) |
|  | 04/2025 | 7853 | 257215 | 0 | (107) |
|  | 04/2025 | 287 | 5264 | 0 | 0 |
|  | 04/2025 | 28382 | $1552 | 5 | 0 |
|  | 05/2025 | 91132 | 12542 | 3 | (38) |
|  | 05/2025 | 35155 | 37919 | 0 | (156) |
|  | 05/2025 | 20002202 | 1202 | 4 | 0 |
|  | 05/2025 | 117082 | 782 | 0 | (2) |
|  | 05/2025 | 4075 | 3047 | 8 | 0 |
|  | 05/2025 | $1744 | 10017 | 1 | 0 |
|  | 05/2025 | 430 | 3086 | 0 | 0 |
|  | 05/2025 | 2281 | 37853824 | 0 | (12) |
|  | 05/2025 | 3829 | 328464 | 4 | 0 |
|  | 05/2025 | 76 | 799 | 0 | 0 |
|  | 06/2025 | 50982 | $6983 | 0 | (70) |
|  | 06/2025 | 1746483 | 1205 | 16 | 0 |
|  | 06/2025 | 770 | 199 | 1 | 0 |
|  | 06/2025 | $6884 | 26745 | 38 | (36) |
|  | 07/2025 | 118661 | $3651 | 57 | 0 |
|  | 08/2025 | 136043 | 4168 | 36 | 0 |
|  | 10/2025 | 67400 | 11130 | 2 | (178) |
|  | 05/2029 | 748 | 2572 | 46 | 0 |
|  | 07/2029 | 149 | 511 | 9 | 0 |
|  BRC | 04/2025 | 1232 | 1596 | 5 | 0 |
|  | 04/2025 | 10446 | 119 | 0 | (3) |
|  | 04/2025 | 366000 | 2500 | 54 | 0 |
|  | 04/2025 | 7046 | 1596 | 5 | 0 |
|  | 04/2025 | 957 | 25 | 0 | 0 |
|  | 04/2025 | $2127 | 1961 | 1 | (7) |
|  | 04/2025 | 2570 | 42073806 | 0 | (47) |
|  | 04/2025 | 199 | 732 | 0 | (2) |
|  | 04/2025 | 122 | 10434 | 0 | 0 |
|  | 04/2025 | 1473 | 216600 | 0 | (29) |
|  | 04/2025 | 120 | 1338 | 7 | 0 |
|  | 04/2025 | 14230 | 543324 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |
|  | 05/2025 | 10464 | $122 | 0 | 0 |
|  | 05/2025 | 80000 | 547 | 11 | 0 |
|  | 05/2025 | 167 | 34 | 0 | (2) |
|  | 05/2025 | $1596 | 1232 | 0 | (5) |
|  | 05/2025 | 65 | 685 | 0 | 0 |
|  | 05/2025 | 16082 | 633196 | 0 | (417) |
|  | 06/2025 | 203 | 786 | 0 | 0 |
|  | 06/2025 | 1524 | 60876 | 0 | (64) |
|  | 01/2026 | 25900 | $3709 | 0 | (112) |
|  BSH | 04/2025 | 68758 | 43562 | 599 | 0 |
|  | 04/2025 | 8001 | 2130 | 0 | (47) |
|  | 04/2025 | $20902 | 3139108 | 26 | 0 |
|  | 05/2025 | 3128536 | $20902 | 0 | (26) |
|  | 05/2025 | 5414 | 1430 | 0 | (43) |
|  | 06/2025 | $1745 | 6725 | 0 | (13) |
|  | 07/2025 | 2655 | $708 | 0 | (13) |
|  CBK | 04/2025 | 178092 | 31053 | 0 | (155) |
|  | 04/2025 | 527 | 599 | 4 | 0 |
|  | 04/2025 | 19900 | 2772 | 19 | 0 |
|  | 04/2025 | 78235 | 11012 | 0 | (327) |
|  | 04/2025 | 35155 | 37926 | 0 | (87) |
|  | 04/2025 | 54615950 | 3292 | 13 | 0 |
|  | 04/2025 | 9335 | 2561 | 50 | 0 |
|  | 04/2025 | 104597 | 1218 | 0 | (6) |
|  | 04/2025 | 3408 | 897 | 0 | (31) |
|  | 04/2025 | 372195 | 11361 | 152 | 0 |

---

---

| | | |
|:---|:---|:---|
| **152** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $31015 | 178092 | $194 | $0 |
|  | 04/2025 | 69015 | 98308 | 0 | (698) |
|  | 04/2025 | 12321 | 88364 | 1 | (38) |
|  | 04/2025 | 6315 | 5807 | 0 | (35) |
|  | 04/2025 | 4769 | 3746 | 70 | 0 |
|  | 04/2025 | 6725 | 110147331 | 0 | (115) |
|  | 04/2025 | 1475 | 126489 | 2 | 0 |
|  | 04/2025 | 220 | 321818 | 0 | (1) |
|  | 04/2025 | 14773 | 484465 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) |
|  | 05/2025 | 98164 | $69015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | 0 |
|  | 05/2025 | 23792087 | 1432 | 6 | 0 |
|  | 05/2025 | 4795 | 1267 | 0 | (37) |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $2098 | 15054 | 0 | (2) |
|  | 05/2025 | 2273 | 37759734 | 0 | (10) |
|  | 06/2025 | 11673 | $1611 | 0 | (4) |
|  | 06/2025 | 23009243 | 16028 | 357 | 0 |
|  | 06/2025 | 251 | 68 | 0 | 0 |
|  | 06/2025 | $361 | 2607 | 0 | 0 |
|  | 06/2025 | 130 | 213200 | 5 | 0 |
|  | 07/2025 | 201594 | $6196 | 89 | 0 |
|  | 07/2025 | $31053 | 181582 | 153 | 0 |
|  | 08/2025 | 11764 | $3148 | 0 | (44) |
|  | 08/2025 | 251393 | 7714 | 78 | 0 |
|  | 01/2026 | 110000 | 810 | 56 | 0 |
|  DUB | 04/2025 | 578 | 402 | 0 | 0 |
|  | 04/2025 | 10 | 11 | 0 | 0 |
|  | 04/2025 | 2703 | 2943 | 20 | 0 |
|  | 04/2025 | 11665 | 3198 | 60 | 0 |
|  | 04/2025 | 574000 | 3921 | 86 | 0 |
|  | 04/2025 | 178 | 101 | 1 | 0 |
|  | 04/2025 | 1118 | 834 | 2 | 0 |
|  | 04/2025 | $12118 | 83965 | 51 | 0 |
|  | 04/2025 | 1905 | 31624828 | 0 | (7) |
|  | 04/2025 | 636 | 54736 | 3 | 0 |
|  | 04/2025 | 102 | 178 | 0 | (1) |
|  | 04/2025 | 2436 | 3262 | 0 | (8) |
|  | 05/2025 | 83810 | $12118 | 0 | (51) |
|  | 05/2025 | 2919277 | 176 | 1 | 0 |
|  | 05/2025 | 178 | 102 | 1 | 0 |
|  | 05/2025 | 3257 | 2436 | 8 | 0 |
|  | 05/2025 | $3619 | 538200 | 0 | (8) |
|  | 06/2025 | 13957267 | $9720 | 214 | 0 |
|  | 06/2025 | $330 | 17473 | 4 | 0 |
|  | 06/2025 | 94 | 149420 | 1 | 0 |
|  | 08/2025 | 24071 | 172759 | 0 | (72) |
|  | 09/2025 | 2688 | 1391243 | 0 | (57) |
|  | 12/2025 | 1473 | 782964 | 0 | (31) |
|  FAR | 04/2025 | 165673 | $28851 | 0 | (181) |
|  | 04/2025 | 19178 | 21516 | 0 | (162) |
|  | 04/2025 | 124278 | 17517 | 0 | (495) |
|  | 04/2025 | 12825 | 13471 | 0 | (397) |
|  | 04/2025 | 10086 | 2778 | 65 | 0 |
|  | 04/2025 | 1685072 | 11293 | 58 | 0 |
|  | 04/2025 | 61557 | 1878 | 24 | 0 |
|  | 04/2025 | $28879 | 165673 | 154 | 0 |
|  | 04/2025 | 77 | 28458 | 0 | (1) |
|  | 04/2025 | 14918 | 2245848 | 56 | 0 |
|  | 04/2025 | 196 | 6435 | 0 | (3) |
|  | 05/2025 | 2238281 | $14918 | 0 | (56) |
|  | 05/2025 | $3445 | 24853 | 0 | (15) |
|  | 06/2025 | 1319 | 7675 | 9 | 0 |
|  | 06/2025 | 3450 | 13346 | 0 | (13) |
|  | 07/2025 | 24758 | $3445 | 14 | 0 |
|  GLM | 04/2025 | 63036 | 11235 | 211 | (23) |
|  | 04/2025 | 2978 | 2075 | 5 | 0 |
|  | 04/2025 | 22914269 | 1380 | 5 | 0 |
|  | 04/2025 | 1144711 | 780 | 3 | 0 |
|  | 04/2025 | 17298 | 4600 | 0 | (108) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **153** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $10765 | 63036 | $281 | $0 |
|  | 04/2025 | 290 | 14935 | 5 | 0 |
|  | 04/2025 | 3635 | 59739412 | 0 | (52) |
|  | 04/2025 | 300 | 438477 | 0 | (2) |
|  | 04/2025 | 1722 | 68044 | 20 | 0 |
|  | 04/2025 | 15427 | $846 | 5 | 0 |
|  | 05/2025 | 24165 | 3299 | 0 | (36) |
|  | 05/2025 | 11432233 | 686 | 0 | 0 |
|  | 05/2025 | $1597 | 11465 | 0 | (14) |
|  | 05/2025 | 437 | 23014 | 7 | 0 |
|  | 05/2025 | 1380 | 22934968 | 0 | (5) |
|  | 06/2025 | 26447 | $3637 | 0 | (22) |
|  | 06/2025 | 50000 | 333 | 0 | (3) |
|  | 06/2025 | $1871 | 13548 | 5 | (2) |
|  | 06/2025 | 570 | 30330 | 9 | 0 |
|  | 06/2025 | 780 | 1140553 | 0 | (3) |
|  | 06/2025 | 1787 | 6900 | 0 | (10) |
|  | 07/2025 | 3726 | $1001 | 0 | (11) |
|  | 07/2025 | 39354 | 1210 | 18 | 0 |
|  | 08/2025 | $730 | 40230 | 16 | 0 |
|  | 09/2025 | 5162 | $1409 | 9 | 0 |
|  | 09/2025 | $550 | 287512 | 0 | (6) |
|  | 10/2025 | 100400 | $16428 | 0 | (414) |
|  | 01/2026 | 330000 | 2452 | 188 | 0 |
|  IND | 04/2025 | 52215 | 1592 | 20 | 0 |
|  | 04/2025 | $19 | 17 | 0 | 0 |
|  | 04/2025 | 23450 | 162189 | 57 | 0 |
|  | 05/2025 | 17 | $19 | 0 | 0 |
|  | 05/2025 | 161888 | 23450 | 0 | (56) |
|  JPM | 04/2025 | 1398 | 879 | 6 | 0 |
|  | 04/2025 | 6974 | 1217 | 1 | (6) |
|  | 04/2025 | 1926 | 2026 | 0 | (57) |
|  | 04/2025 | 5938265 | 359 | 3 | 0 |
|  | 04/2025 | 11695 | 3211 | 64 | 0 |
|  | 04/2025 | 1808361 | 12131 | 75 | 0 |
|  | 04/2025 | 927 | 694 | 4 | 0 |
|  | 04/2025 | 203380 | 6221 | 96 | 0 |
|  | 04/2025 | $1213 | 6974 | 9 | 0 |
|  | 04/2025 | 8376 | 11994 | 0 | (41) |
|  | 04/2025 | 84 | 607 | 0 | 0 |
|  | 04/2025 | 205502 | 190527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | 0 |
|  | 04/2025 | 1072 | 17611348 | 0 | (15) |
|  | 04/2025 | 1057 | 91251 | 9 | 0 |
|  | 04/2025 | 4586 | 692043 | 28 | 0 |
|  | 04/2025 | 220 | 321676 | 0 | (1) |
|  | 04/2025 | 5345 | 175184 | 0 | (69) |
|  | 05/2025 | 25828 | $3536 | 0 | (29) |
|  | 05/2025 | 190527 | 205837 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514) |
|  | 05/2025 | 7651415 | 461 | 2 | 0 |
|  | 05/2025 | 689722 | 4586 | 0 | (28) |
|  | 05/2025 | $12656 | 91742 | 16 | (11) |
|  | 05/2025 | 280 | 1996 | 0 | (1) |
|  | 05/2025 | 520 | 27513 | 10 | 0 |
|  | 05/2025 | 230 | 358110 | 0 | 0 |
|  | 06/2025 | 20345 | $2787 | 0 | (27) |
|  | 06/2025 | $510 | 818040 | 6 | 0 |
|  | 06/2025 | 7254 | 28111 | 11 | (27) |
|  | 07/2025 | 46906 | $6499 | 4 | (6) |
|  | 07/2025 | 118501 | 3644 | 54 | 0 |
|  | 07/2025 | $1163 | 6806 | 6 | 0 |
|  | 08/2025 | 44415 | $6157 | 2 | (15) |
|  | 08/2025 | 127640 | 3916 | 39 | 0 |
|  | 01/2026 | 170000 | 1240 | 74 | 0 |
|  MBC | 04/2025 | 6126 | 3848 | 20 | 0 |
|  | 04/2025 | 887 | 1002 | 0 | (1) |
|  | 04/2025 | 22059 | 436 | 0 | 0 |
|  | 04/2025 | 4452 | 4801 | 36 | (50) |
|  | 04/2025 | 309200 | 2085 | 24 | 0 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 7891 | $5907 | $34 | $0 |
|  | 04/2025 | 72108 | 2229 | 57 | 0 |
|  | 04/2025 | $1574 | 2494 | 0 | (15) |
|  | 04/2025 | 3083 | 4422 | 0 | (9) |
|  | 04/2025 | 23303 | 20586 | 0 | (35) |
|  | 04/2025 | 965 | 6906 | 0 | (3) |
|  | 04/2025 | 650 | 4473 | 0 | (1) |
|  | 04/2025 | 700 | 35937 | 10 | 0 |
|  | 04/2025 | 1397 | 1281 | 0 | (12) |
|  | 04/2025 | 2784 | 2155 | 1 | (1) |
|  | 04/2025 | 77 | 280 | 0 | (1) |
|  | 04/2025 | 1288 | 111753 | 17 | 0 |
|  | 04/2025 | 2007 | 296700 | 0 | (28) |
|  | 04/2025 | 3735 | 122717 | 0 | (39) |
|  | 04/2025 | 36482 | $1996 | 8 | 0 |
|  | 05/2025 | 32 | 22 | 0 | 0 |
|  | 05/2025 | 20512 | 23303 | 35 | 0 |
|  | 05/2025 | 44236 | 6099 | 3 | (8) |
|  | 05/2025 | 4464 | 650 | 1 | 0 |
|  | 05/2025 | 4586559 | 276 | 1 | 0 |
|  | 05/2025 | 5368827 | 36171 | 156 | 0 |
|  | 05/2025 | 3138 | 93 | 1 | 0 |
|  | 05/2025 | $18287 | 131713 | 8 | (116) |
|  | 06/2025 | 3375703 | $2346 | 47 | 0 |
|  | 06/2025 | $690 | 36484 | 9 | 0 |
|  | 06/2025 | 1992 | 7688 | 0 | (13) |
|  | 07/2025 | 22487 | $3120 | 4 | 0 |
|  | 07/2025 | 61068 | 1874 | 24 | 0 |
|  | 08/2025 | 114592 | 15850 | 0 | (68) |
|  | 08/2025 | 60903 | 1861 | 11 | 0 |
|  | 08/2025 | $8173 | 58621 | 0 | (29) |
|  | 08/2025 | 460 | 25332 | 10 | 0 |
|  MYI | 04/2025 | 1339 | $233 | 0 | (1) |
|  | 04/2025 | 109600 | 76994 | 829 | 0 |
|  | 04/2025 | 8700 | 1212 | 12 | 0 |
|  | 04/2025 | 48120 | 6719 | 0 | (256) |
|  | 04/2025 | 695 | 750 | 0 | (2) |
|  | 04/2025 | 17250 | 21857 | 0 | (425) |
|  | 04/2025 | 3309 | 2472 | 9 | 0 |
|  | 04/2025 | $230 | 1339 | 5 | 0 |
|  | 04/2025 | 1246 | 8930 | 0 | (10) |
|  | 04/2025 | 6338 | 45700 | 285 | 0 |
|  | 04/2025 | 939 | 36461 | 4 | 0 |
|  | 04/2025 | 319 | 10433 | 0 | (5) |
|  | 04/2025 | 33054 | $1808 | 7 | 0 |
|  | 05/2025 | 4235524 | 254 | 1 | 0 |
|  | 05/2025 | $1793 | 12853 | 0 | (3) |
|  | 05/2025 | 751 | 695 | 2 | 0 |
|  | 05/2025 | 5 | 7375 | 0 | 0 |
|  | 06/2025 | 37331 | $5148 | 0 | (17) |
|  | 06/2025 | $455 | 1803 | 10 | 0 |
|  | 09/2025 | 6213 | $4369 | 18 | 0 |
|  | 09/2025 | $395 | 204869 | 0 | (8) |
|  | 12/2025 | 25511 | 1011 | 0 | (3) |
|  | 01/2026 | 28670 | $4114 | 0 | (116) |
|  | 04/2026 | 64930 | 9241 | 0 | (388) |
|  NGF | 05/2025 | 6680000 | 44540 | 0 | (197) |
|  | 06/2025 | 7912857 | 5553 | 165 | 0 |
|  RYL | 04/2025 | 205000 | 1396 | 29 | 0 |
|  SCX | 04/2025 | 3465 | 915 | 0 | (28) |
|  | 04/2025 | 38192 | 1177 | 27 | 0 |
|  | 04/2025 | $1314 | 9423 | 0 | (1) |
|  | 04/2025 | 110 | 5738 | 2 | 0 |
|  | 04/2025 | 3204 | 52421030 | 0 | (60) |
|  | 04/2025 | 1203 | 181332 | 6 | 0 |
|  | 04/2025 | 220 | 321334 | 0 | (2) |
|  | 04/2025 | 1116 | 36733 | 0 | (10) |
|  | 05/2025 | 136291 | $18955 | 143 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **155** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 1790898 | $108 | $0 | $0 |
|  | 05/2025 | 180724 | 1203 | 0 | (6) |
|  | 05/2025 | 2154 | 574 | 0 | (12) |
|  | 05/2025 | $1439 | 2266174 | 17 | (3) |
|  | 06/2025 | 8121 | $1118 | 0 | (6) |
|  | 06/2025 | $470 | 24879 | 7 | 0 |
|  | 06/2025 | 100 | 161500 | 2 | 0 |
|  | 07/2025 | 300 | 16233 | 6 | 0 |
|  | 08/2025 | 36428 | $1116 | 10 | 0 |
|  SOG | 04/2025 | $760 | 39626 | 14 | 0 |
|  | 06/2025 | 705 | 37371 | 10 | 0 |
|  | 06/2025 | 390 | 625950 | 6 | 0 |
|  SSB | 04/2025 | 12660 | $3342 | 0 | (103) |
|  | 04/2025 | $15213 | 11764 | 0 | (17) |
|  | 04/2025 | 6110 | 940000 | 171 | 0 |
|  | 04/2025 | 1621 | 5923 | 0 | (10) |
|  | 05/2025 | 11764 | $15212 | 17 | 0 |
|  | 05/2025 | 5266 | 1388 | 0 | (44) |
|  | 10/2025 | 5945 | 1622 | 10 | 0 |
|  | 01/2026 | 940000 | 6278 | 0 | (171) |
|  UAG | 04/2025 | 6603555 | 398 | 1 | 0 |
|  | 04/2025 | 1310485 | 8808 | 71 | 0 |
|  | 04/2025 | $446 | 7378094 | 0 | (3) |
|  | 04/2025 | 4068 | 604200 | 0 | (31) |
|  | 04/2025 | 678 | 12323 | 0 | (7) |
|  | 05/2025 | 398 | 6612842 | 0 | (2) |
|  | 06/2025 | 393 | $102 | 1 | 0 |
|  | 09/2025 | $4369 | 6210 | 0 | (20) |
|  | 12/2025 | 1011 | 25510 | 3 | 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;9339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16601) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 2242 | $15 | $13 |
|  | Put - OTC USD versus CAD | $1.385 | 09/05/2025 | 4900 | 37 | 23 |
| BPS | Call - OTC USD versus CNH | 7.500 | 05/15/2025 | 2300 | 14 | 1 |
| MBC | Call - OTC USD versus CNH | 7.500 | 05/13/2025 | 17400 | 91 | 6 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 2374 | 14 | 15 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 4005 | 25 | 23 |
|  | Put - OTC USD versus CAD | $1.385 | 09/05/2025 | 17200 | 114 | 82 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.930% | 06/23/2025 | 4300 | $155 | $80 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 68100 | 95 | 11 |
| BRC Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 1000 | 37 | 27 |
| DUB Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.065 | 06/24/2025 | 4000 | 120 | 48 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.960 | 06/25/2025 | 5900 | 204 | 102 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 1200 | 50 | 32 |
| GLM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.700 | 08/20/2025 | 37600 | 48 | 5 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.420 | 05/13/2025 | 8700 | 45 | 1 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.480 | 05/13/2025 | 61000 | 69 | 2 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 1600 | 2 | 0 |
|  |  |  |  |  |  | $825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |

---

156 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### OPTIONS ON SECURITIES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 1400 | $106 | $752 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYI | Put - OTC USD versus CAD | $1.320 | 09/05/2025 | 17200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.250% | 06/23/2025 | 16500 | $(157) | $(22) |
| BOM | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.738 | 04/28/2025 | 8500 | (31) | (72) |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 04/28/2025 | 8500 | (31) | (12) |
| BPS | Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612) |
| BRC | Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 3800 | (36) | (11) |
|  | Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 3200 | (11) | (8) |
|  | Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 3200 | (11) | (2) |
| DUB | Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/24/2025 | 15400 | (120) | (13) |
|  | Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.280 | 06/25/2025 | 4600 | (46) | (6) |
|  | Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.300 | 06/25/2025 | 18100 | (159) | (22) |
|  | Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 4600 | (51) | (14) |
| GLM | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 3700 | (16) | (5) |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 3700 | (16) | (4) |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 3700 | (17) | (21) |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 3700 | (17) | (3) |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 1900 | (8) | (10) |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 1900 | (8) | (2) |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 3700 | (14) | (28) |
|  | Put - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 3700 | (14) | (6) |
|  |  |  |  |  |  |  | $(869) | $(873) |
|  | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | South Korea Government International Bond | (1.000)% | Quarterly | 12/20/2029 | 0.369% | $2000 | $(66) | $11 | $0 | $(55) |
| MYC | South Korea Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.369 | 2000 | (66) | 11 | 0 | (55) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BRC | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.085 | % | $1300 | $(31) | $34 | $3 | $0 |
| CBK | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.570 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | (42) | 121 | 79 | 0 |
|  | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.085 |  | 900 | (22) | 24 | 2 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 5741 | 0 | 39 | 39 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 157

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.410% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108267 | JPY | 16030000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.462% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 13442 |  | 2050000 | (17) | (3) | 0 | (20) |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.459% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 655 |  | 100000 | (2) | 0 | 0 | (2) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 69454 |  | 10994400 | (889) | (6) | 0 | (895) |
|  MYC | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.430% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 857 |  | 130000 | (1) | (3) | 0 | (4) |
|  |  |  |  |  |  |  |  | $(686) | $(51) | $184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(921) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | 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) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 21200 | $(7) | $(5) | $0 | $(12) |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 7290 | (6) | 7 | 1 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 9170 | (25) | 7 | 0 | (18) |
| CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 11100 | 0 | (6) | 0 | (6) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 66880 | 17 | (7) | 10 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 28300 | 179 | (243) | 0 | (64) |
| JPM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 03/19/2035 |  | 7390 | 6 | (20) | 0 | (14) |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 2400 | 1 | (2) | 0 | (1) |
|  |  |  |  |  |  |  |  | $165 | $(269) | $11 | $(115) |
|  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;(748) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1146) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(9)</sup> |
|  AZD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | $0 | $0 | $654 | $(803) | $0 | $0 | $(803) | $(149) | $0 | $(149) |
|  BOA | 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 159 | (63) | (22) | 0 | (85) | 74 | 0 | 74 |
|  BOM | 0 | 0 | 0 | 0 | 0 | (84) | 0 | (84) | (84) | 0 | (84) |
|  BPS | 831 | 764 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
|  BRC | 94 | 27 | 3 | 124 | (827) | (21) | 0 | (848) | (724) | 934 | 210 |

---

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(9)</sup>** |
|  BSH | $625 | $0 | $0 | $625 | $(142) | $0 | $0 | $(142) | $483 | $(50) | $433 |
|  CBK | 1946 | 0 | 265 | 2211 | (1774) | 0 | (26) | (1800) | 411 | 46 | 457 |
|  DUB | 452 | 182 | 39 | 673 | (235) | (55) | 0 | (290) | 383 | (360) | 23 |
|  FAR | 380 | 0 | 0 | 380 | (1323) | 0 | 0 | (1323) | (943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | 244 |
|  GLM | 787 | 6 | 0 | 793 | (711) | (79) | (2) | (792) | 1 | 0 | 1 |
|  GST | 0 | 0 | 10 | 10 | 0 | 0 | (1014) | (1014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1004) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1004) |
|  IND | 77 | 0 | 0 | 77 | (56) | 0 | 0 | (56) | 21 | 0 | 21 |
|  JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | 2 | 0 | 1035 | (847) | 0 | (14) | (861) | 174 | 0 | 174 |
|  MBC | 517 | 6 | 0 | 523 | (429) | 0 | 0 | (429) | 94 | (260) | (166) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (59) | (59) | (59) | 52 | (7) |
|  MYI | 1182 | 120 | 0 | 1302 | (1234) | (7) | 0 | (1241) | 61 | 474 | 535 |
|  NGF | 165 | 0 | 0 | 165 | (197) | 0 | 0 | (197) | (32) | 0 | (32) |
|  RYL | 29 | 0 | 0 | 29 | 0 | 0 | 0 | 0 | 29 | 0 | 29 |
|  SCX | 220 | 0 | 0 | 220 | (128) | 0 | (1) | (129) | 91 | 0 | 91 |
|  SOG | 30 | 0 | 0 | 30 | 0 | 0 | 0 | 0 | 30 | 0 | 30 |
|  SSB | 198 | 0 | 0 | 198 | (345) | 0 | 0 | (345) | (147) | 0 | (147) |
|  UAG | 76 | 0 | 0 | 76 | (63) | 0 | 0 | (63) | 13 | 0 | 13 |
|  Total Over the Counter | $9339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16601) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18627) |  |  |  |

---

(l) Securities with an aggregate market value of $9,423 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **159** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $374 | $374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 173 | 0 | 0 | 4374 | 4547 |
|  | $0 | $173 | $0 | $0 | $4748 | $4921 |
|  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 | $9339 | $0 | $9339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 163 | 1060 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 123 | 0 | 184 | 11 | 318 |
|  | $0 | $123 | $0 | $9686 | $1071 | $10880 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15801 |
|  Financial Derivative Instruments - Liabilities | 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 | $3985 | $3985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 48 | 0 | 0 | 2259 | 2307 |
|  | $0 | $48 | $0 | $0 | $6244 | $6292 |
|  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 | $16601 | $0 | $16601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 7 | 873 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 110 | 0 | 921 | 115 | 1146 |
|  | $0 | $110 | $0 | $17529 | $988 | $18627 |
|  | $0 | $158 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17529 | $7232 | $24919 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $190 | $190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 15593 | 15593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6343 | 0 | 0 | (10531) | (4188) |
|  | $0 | $6343 | $0 | $0 | $5252 | $11595 |
|  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 | $12049 | $0 | $12049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 274 | 63 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 261 | 1225 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 78 | 0 | 4221 | 209 | 4508 |
|  | $0 | $78 | $0 | $16805 | $1497 | $18380 |
|  | $0 | $6421 | $0 | $16805 | $6749 | $29975 |
|  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 | $6359 | $6359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2406) | 0 | 0 | (9602) | (12008) |
|  | $0 | $(2406) | $0 | $0 | $(3243) | $(5649) |
|  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 | $(17711) | $0 | $(17711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (147) | (286) | (433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3 | 210 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 95 | 0 | (183) | (173) | (261) |
|  | $0 | $95 | $0 | $(18038) | $(249) | $(18192) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18038) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3492) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23841) |

---

160 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $178 | $0 | $178 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8963 | 0 | 8963 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16655 | 0 | 16655 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 27440 | 0 | 27440 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 28548 | 0 | 28548 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 44422 | 0 | 44422 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 63137 | 0 | 63137 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3815 | 0 | 3815 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 511 | 0 | 511 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1008 | 0 | 1008 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 55137 | 0 | 55137 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9211 | 0 | 9211 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 72322 | 0 | 72322 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4203 | 0 | 4203 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1135 | 0 | 1135 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45322 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 517 | 0 | 517 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2806 | 2806 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6455 | 0 | 6455 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2645 | 0 | 2645 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13117 | 0 | 13117 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3246 | 0 | 3246 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 79695 | 0 | 79695 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 827 | 0 | 827 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 516 | 0 | 516 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1278 | 0 | 1278 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 384 | 0 | 384 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 479 | 0 | 479 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5436 | 0 | 5436 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1323 | 0 | 1323 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23145 | 0 | 23145 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8759 | 0 | 8759 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 260 | 0 | 260 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11929 | 0 | 11929 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 175 | 0 | 175 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 24774 | 0 | 24774 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2245 | 0 | 2245 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8522 | 0 | 8522 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 18296 | 0 | 18296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | $0 | $7714 | $0 | 7714 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3631 | 0 | 3631 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 83268 | 0 | 83268 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1093 | 0 | 1093 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9996 | 0 | 9996 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3315 | 0 | 3315 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 40815 | 0 | 40815 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 306 | 306 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 13822 | 0 | 13822 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1865 | 0 | 1865 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 41631 | 0 | 41631 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 57859 | 0 | 57859 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1189 | 1108 | 2297 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 1776 | 0 | 1776 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 62970 | 0 | 62970 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 995317 | 0 | 995317 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 167521 | 0 | 167521 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 12322 | 0 | 12322 |
| &nbsp;&nbsp; Mutual Funds | 0 | 3266 | 0 | 3266 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 80220 | 0 | 80220 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 373 | 0 | 373 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4203 | 0 | 4203 |
|  | $0 | $2182298 | $12118 | $2194416 |
|  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 | $37706 | $0 | $0 | $37706 |
|  Total Investments | $37706 | $2182298 | $12118 | $2232122 |
|  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 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(164665) | $0 | $(164665) |
|  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 | 291 | 4630 | 0 | 4921 |
|  Over the counter | 0 | 10841 | 39 | 10880 |
|  | $291 | $15471 | $39 | $15801 |
|  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 | (3861) | (2399) | 0 | (6260) |
|  Over the counter | 0 | (18627) | 0 | (18627) |
|  | $(3861) | $(21026) | $0 | $(24887) |
|  Total Financial Derivative Instruments | $(3570) | $(5555) | $39 | $(9086) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058371 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **161** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 144.6% | INVESTMENTS IN SECURITIES 144.6% | INVESTMENTS IN SECURITIES 144.6% |
| ARGENTINA 0.1% | ARGENTINA 0.1% | ARGENTINA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 þ | 519 | 379 |
|  1.000% due 07/09/2029 | 14 | 10 |
|  3.500% due 07/09/2041 þ | 100 | 58 |
|  Total Argentina (Cost $419) | Total Argentina (Cost $419) | 447 |
| AUSTRALIA 2.7% | AUSTRALIA 2.7% | AUSTRALIA 2.7% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 5900 | 6061 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.750% due 06/21/2051 | 1000 | 330 |
|  2.500% due 05/21/2030 | 1100 | 644 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 5800 | 2782 |
|  2.000% due 03/08/2033 | 1000 | 510 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.750% due 07/20/2034 | 2000 | 944 |
|  2.000% due 08/22/2033 | 3700 | 1851 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 1500 | 694 |
|  2.250% due 09/15/2033 | 6700 | 3412 |
|  4.250% due 12/20/2032 | 1500 | 906 |
|  |  | 12073 |
|  Total Australia (Cost $18,763) | Total Australia (Cost $18,763) | 18134 |
| BERMUDA 0.2% | BERMUDA 0.2% | BERMUDA 0.2% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.359% due 07/20/2035 •  | 1300 | 1292 |
|  Total Bermuda (Cost $1,300) | Total Bermuda (Cost $1,300) | 1292 |
| BRAZIL 1.6% | BRAZIL 1.6% | BRAZIL 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 66900 | 10940 |
|  Total Brazil (Cost $10,817) | Total Brazil (Cost $10,817) | 10940 |
| CANADA 5.7% | CANADA 5.7% | CANADA 5.7% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 4500 | 4610 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 900 | 959 |
|  |  | 5569 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ | 691 | 467 |
|  2.867% due 02/12/2055 ~ | 2400 | 1576 |
|  |  | 2043 |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
|  1.500% due 12/01/2044 (f) | 1535 | 1097 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 123600 | 1464 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 4300 | 3122 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 19300 | 13644 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 11700 | 8218 |
|  4.450% due 09/01/2034 | 2000 | 1484 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 | 3500 | 2175 |
|  |  | 31204 |
|  Total Canada (Cost $39,654) | Total Canada (Cost $39,654) | 38816 |
| CAYMAN ISLANDS 3.8% | CAYMAN ISLANDS 3.8% | CAYMAN ISLANDS 3.8% |
| ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% | ASSET-BACKED SECURITIES 3.3% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 2448 | 2452 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.514% due 11/17/2038 ~ | 275 | 274 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.514% due 07/15/2030 ~ | 617 | 617 |
|  5.632% due 04/15/2035 •  | 2100 | 2097 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.899% due 01/17/2037 •  | 3217 | 3213 |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.284% due 07/15/2036 ~ | 107 | 107 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 2352 | 2335 |
|  5.699% due 11/15/2038 ~ | 3026 | 3021 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.571% due 10/13/2032 •  | 2322 | 2323 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 3765 | 3754 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.685% due 04/20/2032 •  | 2437 | 2437 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.514% due 04/17/2030 •  | 181 | 181 |
|  |  | 22811 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1144 | 1071 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 1500 | 1503 |
|  |  | 2574 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 800 | 817 |
|  Total Cayman Islands (Cost $26,288) | Total Cayman Islands (Cost $26,288) | 26202 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
|  4.850% due 01/22/2029 | 800 | 807 |
|  Total Chile (Cost $799) | Total Chile (Cost $799) | 807 |
| CHINA 2.0% | CHINA 2.0% | CHINA 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  China Government International Bond | China Government International Bond | China Government International Bond |
|  1.920% due 01/15/2055 | 7000 | 942 |
|  3.530% due 10/18/2051 | 47500 | 8403 |
|  3.720% due 04/12/2051 | 22800 | 4145 |
|  Total China (Cost $12,365) | Total China (Cost $12,365) | 13490 |
| DENMARK 1.0% | DENMARK 1.0% | DENMARK 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.613% due 10/02/2030 •  | 2400 | 2368 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 | 36 | 4 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 2281 | 268 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2025 | 21000 | 3044 |
|  1.500% due 10/01/2052 | 5313 | 622 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 4103 | 480 |
|  Total Denmark (Cost $7,217) | Total Denmark (Cost $7,217) | 6786 |
| FRANCE 5.0% | FRANCE 5.0% | FRANCE 5.0% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | 900 | 908 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 2400 | 2448 |
|  |  | 3356 |
| SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% |
|  France Government International Bond | France Government International Bond | France Government International Bond |
|  0.500% due 05/25/2072 | 1600 | 508 |
|  0.750% due 02/25/2028 | 4200 | 4340 |
|  0.750% due 05/25/2052 | 2400 | 1220 |
|  2.000% due 05/25/2048 | 3500 | 2684 |
|  2.750% due 10/25/2027 | 4200 | 4594 |
|  2.750% due 02/25/2030 | 13900 | 15039 |
|  3.000% due 06/25/2049 | 2500 | 2310 |
|  |  | 30695 |
|  Total France (Cost $36,281) | Total France (Cost $36,281) | 34051 |
| GERMANY 0.5% | GERMANY 0.5% | GERMANY 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 ~ | 1600 | 1595 |
|  2.129% due 11/24/2026 •  | 1900 | 1866 |
|  Total Germany (Cost $3,534) | Total Germany (Cost $3,534) | 3461 |
| HUNGARY 0.2% | HUNGARY 0.2% | HUNGARY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
|  6.250% due 09/22/2032 | 1400 | 1445 |
|  Total Hungary (Cost $1,396) | Total Hungary (Cost $1,396) | 1445 |
| IRELAND 2.9% | IRELAND 2.9% | IRELAND 2.9% |
| ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% |
|  Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC |
|  3.735% due 07/15/2030 •  | 419 | 453 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  | 2824 | 3059 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.624% due 07/19/2035 •  | 1300 | 1398 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 1266 | 1370 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.435% due 10/15/2031 •  | 1197 | 1295 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.310% due 08/15/2033 «•  | 1200 | 1298 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.445% due 04/15/2033 •  | 1309 | 1415 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.845% due 01/15/2039 •  | 1800 | 1948 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  | 867 | 937 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | 1264 | 1366 |

---

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(b) | 1400 | 1506 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  4.041% due 04/24/2037 •  | 1800 | 1948 |
|  Sculptor European CLO DAC | Sculptor European CLO DAC | Sculptor European CLO DAC |
|  3.835% due 10/15/2034 •  | 1900 | 2054 |
|  Total Ireland (Cost $20,807) | Total Ireland (Cost $20,807) | 20047 |
| ISRAEL 1.0% | ISRAEL 1.0% | ISRAEL 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  4.500% due 01/17/2033 | 600 | 561 |
|  5.375% due 03/12/2029 | 1300 | 1312 |
|  5.375% due 02/19/2030 | 2400 | 2419 |
|  5.500% due 03/12/2034 | 1300 | 1295 |
|  5.625% due 02/19/2035 | 300 | 298 |
|  5.750% due 03/12/2054 | 1300 | 1195 |
|  Total Israel (Cost $7,104) | Total Israel (Cost $7,104) | 7080 |
| ITALY 0.9% | ITALY 0.9% | ITALY 0.9% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 1800 | 1903 |
|  2.625% due 04/28/2025 | 1000 | 1081 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  8.248% due 11/21/2033 •  | 1000 | 1149 |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  2.125% due 04/30/2029 | 500 | 511 |
|  |  | 4644 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 1400 | 1416 |
|  Total Italy (Cost $6,239) | Total Italy (Cost $6,239) | 6060 |
| JAPAN 7.2% | JAPAN 7.2% | JAPAN 7.2% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 1000 | 960 |
| SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  4.000% due 08/28/2027 | 1800 | 1793 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (f) | 1475812 | 10194 |
|  0.400% due 06/20/2029 | 320000 | 2077 |
|  0.500% due 09/20/2046 | 74000 | 346 |
|  0.500% due 03/20/2049 | 1186000 | 5250 |
|  0.700% due 12/20/2048 | 1189000 | 5578 |
|  0.700% due 06/20/2051 | 200000 | 889 |
|  1.000% due 03/20/2052 | 500000 | 2389 |
|  1.500% due 09/20/2043 | 690000 | 4150 |
|  1.800% due 03/20/2054 | 18000 | 103 |
|  2.000% due 12/20/2044 | 470000 | 3037 |
|  2.200% due 06/20/2054 | 346000 | 2173 |
|  2.200% due 03/20/2064 | 588000 | 3485 |
|  2.300% due 12/20/2054 | 1052000 | 6752 |
|  |  | 48216 |
|  Total Japan (Cost $65,660) | Total Japan (Cost $65,660) | 49176 |
| MALAYSIA 2.0% | MALAYSIA 2.0% | MALAYSIA 2.0% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 800 | 524 |
|  4.550% due 04/21/2050 | 400 | 340 |
|  4.800% due 04/21/2060 | 400 | 347 |
|  |  | 1211 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Malaysia Government International Bond | Malaysia Government International Bond | Malaysia Government International Bond |
|  2.632% due 04/15/2031 | 3700 | 789 |
|  3.519% due 04/20/2028 | 47830 | 10804 |
|  4.762% due 04/07/2037 | 1700 | 416 |
|  |  | 12009 |
|  Total Malaysia (Cost $13,025) | Total Malaysia (Cost $13,025) | 13220 |
| MEXICO 0.1% | MEXICO 0.1% | MEXICO 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  5.000% due 04/27/2051 | 600 | 461 |
|  Total Mexico (Cost $559) | Total Mexico (Cost $559) | 461 |
| NETHERLANDS 0.5% | NETHERLANDS 0.5% | NETHERLANDS 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 2500 | 2560 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.525% due 03/25/2036 ~ | 800 | 802 |
|  Total Netherlands (Cost $3,300) | Total Netherlands (Cost $3,300) | 3362 |
| NEW ZEALAND 0.6% | NEW ZEALAND 0.6% | NEW ZEALAND 0.6% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  3.708% due 12/20/2028 | 3000 | 3355 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government International Bond | New Zealand Government International Bond | New Zealand Government International Bond |
|  1.500% due 05/15/2031 | 1000 | 486 |
|  Total New Zealand (Cost $4,070) | Total New Zealand (Cost $4,070) | 3841 |
| NORWAY 0.2% | NORWAY 0.2% | NORWAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 2200 | 1323 |
|  Total Norway (Cost $1,602) | Total Norway (Cost $1,602) | 1323 |
| PERU 1.1% | PERU 1.1% | PERU 1.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2800 | 817 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  2.780% due 12/01/2060 | 1000 | 546 |
|  6.150% due 08/12/2032 | 4000 | 1094 |
|  6.900% due 08/12/2037 | 6600 | 1774 |
|  6.950% due 08/12/2031 | 11200 | 3260 |
|  |  | 6674 |
|  Total Peru (Cost $7,784) | Total Peru (Cost $7,784) | 7491 |
| POLAND 0.8% | POLAND 0.8% | POLAND 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  3.875% due 02/14/2033 | 1700 | 1900 |
|  4.250% due 02/14/2043 | 500 | 538 |
|  4.625% due 03/18/2029 | 1600 | 1603 |
|  4.875% due 02/12/2030 | 500 | 505 |
|  5.375% due 02/12/2035 | 300 | 302 |
|  5.500% due 04/04/2053 | 400 | 377 |
|  Total Poland (Cost $5,138) | Total Poland (Cost $5,138) | 5225 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 600 | 519 |
|  Total Qatar (Cost $596) | Total Qatar (Cost $596) | 519 |
| ROMANIA 1.2% | ROMANIA 1.2% | ROMANIA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  2.000% due 01/28/2032 | 600 | 514 |
|  2.000% due 04/14/2033 | 100 | 81 |
|  2.124% due 07/16/2031 | 200 | 177 |
|  2.625% due 12/02/2040 | 800 | 524 |
|  2.750% due 04/14/2041 | 500 | 329 |
|  2.875% due 04/13/2042 | 1800 | 1180 |
|  3.750% due 02/07/2034 | 1200 | 1079 |
|  5.000% due 09/27/2026 | 100 | 111 |
|  5.125% due 09/24/2031 | 1800 | 1883 |
|  5.250% due 03/10/2030 | 600 | 654 |
|  5.250% due 05/30/2032 | 700 | 730 |
|  5.625% due 05/30/2037 | 700 | 691 |
|  6.250% due 09/10/2034 | 200 | 215 |
|  Total Romania (Cost $10,405) | Total Romania (Cost $10,405) | 8168 |
| SAUDI ARABIA 2.4% | SAUDI ARABIA 2.4% | SAUDI ARABIA 2.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | 800 | 701 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  3.375% due 03/05/2032 | 1200 | 1282 |
|  3.750% due 03/05/2037 | 300 | 312 |
|  4.750% due 01/18/2028 | 2700 | 2716 |
|  4.750% due 01/16/2030 | 6600 | 6602 |
|  4.875% due 07/18/2033 | 1900 | 1878 |
|  5.125% due 01/13/2028 | 1700 | 1722 |
|  5.375% due 01/13/2031 | 1000 | 1025 |
|  |  | 15537 |
|  Total Saudi Arabia (Cost $16,119) | Total Saudi Arabia (Cost $16,119) | 16238 |
| SERBIA 0.3% | SERBIA 0.3% | SERBIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Serbia Government International Bond | Serbia Government International Bond | Serbia Government International Bond |
|  1.000% due 09/23/2028 | 1100 | 1068 |
|  2.050% due 09/23/2036 | 900 | 710 |
|  Total Serbia (Cost $2,314) | Total Serbia (Cost $2,314) | 1778 |
| SINGAPORE 0.7% | SINGAPORE 0.7% | SINGAPORE 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Singapore Government International Bond | Singapore Government International Bond | Singapore Government International Bond |
|  2.375% due 07/01/2039 | 355 | 253 |
|  3.250% due 06/01/2054 | 5697 | 4674 |
|  Total Singapore (Cost $4,465) | Total Singapore (Cost $4,465) | 4927 |
| SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 | 38000 | 1986 |
|  8.875% due 02/28/2035 | 78700 | 3843 |
|  Total South Africa (Cost $6,253) | Total South Africa (Cost $6,253) | 5829 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 163

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOUTH KOREA 2.4% | SOUTH KOREA 2.4% | SOUTH KOREA 2.4% |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Korea Government International Bond | Korea Government International Bond | Korea Government International Bond |
|  2.375% due 12/10/2028 | 331640 | 223 |
|  2.625% due 06/10/2028 | 18630300 | 12638 |
|  3.250% due 03/10/2053 | 2082810 | 1599 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.250% due 09/30/2029 | 2000 | 1973 |
|  Total South Korea (Cost $18,056) | Total South Korea (Cost $18,056) | 16433 |
| SPAIN 4.6% | SPAIN 4.6% | SPAIN 4.6% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 1200 | 1234 |
| SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 500 | 547 |
|  Spain Government International Bond | Spain Government International Bond | Spain Government International Bond |
|  0.000% due 01/31/2028 (d) | 5500 | 5576 |
|  1.450% due 10/31/2071 | 1370 | 676 |
|  2.400% due 05/31/2028 | 3800 | 4111 |
|  3.150% due 04/30/2035 | 5820 | 6179 |
|  3.450% due 07/30/2066 | 2268 | 2111 |
|  3.500% due 01/31/2041 | 2100 | 2185 |
|  3.550% due 10/31/2033 | 8000 | 8876 |
|  |  | 30261 |
|  Total Spain (Cost $33,792) | Total Spain (Cost $33,792) | 31495 |
| SUPRANATIONAL 0.2% | SUPRANATIONAL 0.2% | SUPRANATIONAL 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 1800 | 1093 |
|  Total Supranational (Cost $1,318) | Total Supranational (Cost $1,318) | 1093 |
| SWITZERLAND 1.3% | SWITZERLAND 1.3% | SWITZERLAND 1.3% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1100 | 980 |
|  3.869% due 01/12/2029 •  | 400 | 391 |
|  5.617% due 09/13/2030 •  | 1500 | 1540 |
|  6.373% due 07/15/2026 •  | 1200 | 1205 |
|  6.442% due 08/11/2028 •  | 1344 | 1394 |
|  6.442% due 08/11/2028 ~ | 656 | 681 |
|  6.537% due 08/12/2033 •  | 2400 | 2572 |
|  Total Switzerland (Cost $8,258) | Total Switzerland (Cost $8,258) | 8763 |
| THAILAND 0.8% | THAILAND 0.8% | THAILAND 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Thailand Government International Bond | Thailand Government International Bond | Thailand Government International Bond |
|  2.500% due 11/17/2029 | 185290 | 5646 |
|  Total Thailand (Cost $5,465) | Total Thailand (Cost $5,465) | 5646 |
| UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% | UNITED ARAB EMIRATES 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 2400 | 2343 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 | 600 | 622 |
|  Total United Arab Emirates (Cost $2,979) | Total United Arab Emirates (Cost $2,979) | 2965 |
| UNITED KINGDOM 4.9% | UNITED KINGDOM 4.9% | UNITED KINGDOM 4.9% |
| CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% | CORPORATE BONDS & NOTES 2.7% |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.856% due 05/23/2033 ~ | 1800 | 2077 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.597% due 05/17/2028 •  | $— | 500 | 508 |
|  5.887% due 08/14/2027 •  |  | 900 | 914 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  |  | 700 | 678 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  |  | 1600 | 1611 |
|  5.778% due 03/01/2035 •  |  | 2900 | 2960 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.551% due 03/21/2030 ~ |  | 2200 | 2206 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  |  | 2350 | 2444 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  |  | 2400 | 2442 |
|  6.296% due 07/06/2034 •  |  | 2400 | 2529 |
|  |  |  | 18369 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC |
|  4.778% due 06/15/2040 •  |  | 127 | 162 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  5.529% due 06/13/2045 •  |  | 362 | 464 |
|  RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC | RMAC Securities PLC |
|  4.731% due 06/12/2044 •  | $— | 111 | 108 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.248% due 12/20/2066 •  |  | 1999 | 2586 |
|  |  |  | 3320 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  0.625% due 10/22/2050 |  | 3500 | 1661 |
|  1.250% due 07/31/2051 |  | 5700 | 3221 |
|  1.500% due 07/31/2053 |  | 2400 | 1409 |
|  1.750% due 01/22/2049 |  | 1900 | 1308 |
|  4.250% due 12/07/2040 |  | 2500 | 2954 |
|  4.375% due 07/31/2054 |  | 1100 | 1230 |
|  |  |  | 11783 |
|  Total United Kingdom (Cost $43,123) | Total United Kingdom (Cost $43,123) | Total United Kingdom (Cost $43,123) | 33472 |
| UNITED STATES 84.0% | UNITED STATES 84.0% | UNITED STATES 84.0% | UNITED STATES 84.0% |
| ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% | ASSET-BACKED SECURITIES 1.6% |
|  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 |
|  4.735% due 07/25/2036 •  | $— | 2174 | 701 |
|  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 |
|  5.305% due 07/25/2034 ~ |  | 58 | 58 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.135% due 10/25/2031 •  |  | 1 | 1 |
|  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 |
|  3.868% due 02/25/2034 •  |  | 108 | 111 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.235% due 09/25/2046 ~ |  | 298 | 284 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.495% due 07/25/2045 •  |  | 513 | 356 |
|  4.505% due 05/25/2037 ~ |  | 61 | 40 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.115% due 12/25/2036 •  |  | 36 | 29 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.785% due 05/25/2044 ~ |  | 380 | 390 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.554% due 07/25/2037 ~ |  | 92 | 61 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  |  | 644 | 632 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.695% due 12/25/2046 •  |  | 999 | 502 |
|  4.915% due 09/25/2036 •  |  | 1600 | 552 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.035% due 11/25/2032 •  |  | 1 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.595% due 09/25/2037 •  |  | 103 | 20 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.675% due 02/25/2037 ~ | $— | 33 | 9 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.535% due 07/25/2036 ~ |  | 47 | 17 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.785% due 04/25/2037 •  |  | 944 | 489 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  |  | 312 | 83 |
|  6.419% due 09/25/2046 þ |  | 1287 | 267 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.655% due 04/25/2037 ~ |  | 1022 | 721 |
|  5.305% due 05/25/2035 •  |  | 1743 | 1478 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.785% due 01/25/2035 •  |  | 182 | 177 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.745% due 06/25/2047 •  |  | 1342 | 1245 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.535% due 12/25/2036 •  |  | 23 | 11 |
|  4.555% due 12/25/2036 •  |  | 26 | 6 |
|  4.565% due 05/25/2037 ~ |  | 239 | 182 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 |  | 726 | 681 |
|  5.534% due 07/15/2053 •  |  | 223 | 224 |
|  5.799% due 02/16/2055 ~ |  | 1618 | 1641 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ |  | 26 | 7 |
|  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 |
|  5.937% due 04/25/2035 •  |  | 11 | 11 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  5.375% due 11/25/2033 •  |  | 37 | 33 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.343% due 10/25/2036 •  |  | 35 | 12 |
|  |  |  | 11032 |
| CORPORATE BONDS & NOTES 7.6% | CORPORATE BONDS & NOTES 7.6% | CORPORATE BONDS & NOTES 7.6% | CORPORATE BONDS & NOTES 7.6% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 ~ |  | 3400 | 3462 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  6.259% due 05/01/2027 |  | 700 | 720 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  5.200% due 02/22/2034 |  | 900 | 916 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  3.500% due 03/01/2042 |  | 3200 | 2191 |
|  3.700% due 04/01/2051 |  | 1200 | 757 |
|  3.850% due 04/01/2061 |  | 400 | 243 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  5.449% due 06/11/2035 •  |  | 2700 | 2717 |
|  Credit Suisse AG AT1 Claim |  | 700 | 84 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 |  | 400 | 348 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 |  | 300 | 278 |
|  3.375% due 11/13/2025 |  | 400 | 395 |
|  4.125% due 08/17/2027 |  | 1300 | 1256 |
|  4.542% due 08/01/2026 |  | 600 | 592 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 |  | 900 | 863 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.186% due 04/01/2030 (b) |  | 800 | 805 |
|  5.371% due 04/04/2029 |  | 1900 | 1932 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  |  | 1600 | 1556 |
|  5.207% due 01/28/2031 ~ |  | 1600 | 1622 |
|  5.851% due 04/25/2035 •  |  | 1400 | 1447 |
|  6.484% due 10/24/2029 •  |  | 2100 | 2219 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.336% due 01/23/2035 •  |  | 2800 | 2831 |
|  6.087% due 10/23/2029 •  |  | 2600 | 2723 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.955% due 03/21/2035 •  |  | 3100 | 3353 |
|  4.654% due 10/18/2030 •  | $— | 700 | 695 |
|  5.466% due 01/18/2035 •  |  | 1200 | 1215 |
|  6.407% due 11/01/2029 •  |  | 2100 | 2217 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | $| 2700 | 2565 |
|  Organon & Co. | Organon & Co. | Organon & Co. | Organon & Co. |
|  2.875% due 04/30/2028 | EUR | 500 | 515 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | $| 100 | 94 |
|  4.000% due 12/01/2046 |  | 200 | 148 |
|  4.200% due 03/01/2029 |  | 1200 | 1161 |
|  4.250% due 03/15/2046 |  | 100 | 78 |
|  4.550% due 07/01/2030 |  | 400 | 387 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 |  | 1000 | 1021 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.750% due 01/15/2031 | EUR | 600 | 660 |
|  5.125% due 02/13/2031 | $| 800 | 814 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.575% due 01/29/2036 ~ |  | 2000 | 2037 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.198% due 01/23/2030 •  |  | 1900 | 1932 |
|  5.211% due 12/03/2035 •  |  | 1400 | 1391 |
|  6.303% due 10/23/2029 •  |  | 1400 | 1473 |
|  |  |  | 51713 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  6.072% due 06/24/2030 |  | 1540 | 1541 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  2.158% due 06/01/2026 |  | 1300 | 1263 |
|  Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 | Texas Natural Gas Securitization Finance Corp. Series 2023 |
|  5.102% due 04/01/2035 |  | 463 | 470 |
|  |  |  | 1733 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 12.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 12.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 12.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 12.5% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.837% due 09/25/2035 ~ |  | 31 | 28 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.815% due 09/25/2046 ~ |  | 415 | 388 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.622% due 10/20/2046 ~ |  | 394 | 332 |
|  5.109% due 01/20/2047 ~ |  | 43 | 38 |
|  5.500% due 09/25/2035 |  | 255 | 254 |
|  5.750% due 11/25/2035 |  | 110 | 106 |
|  6.000% due 08/25/2036 |  | 43 | 40 |
|  6.629% due 11/20/2034 ~ |  | 156 | 152 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.708% due 09/25/2035 ~ |  | 43 | 38 |
|  6.326% due 07/25/2035 ~ |  | 35 | 29 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.589% due 01/26/2047 •  |  | 133 | 131 |
|  5.250% due 02/26/2036 •  |  | 507 | 202 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.000% due 05/25/2034 ~ |  | 19 | 17 |
|  4.284% due 11/25/2034 •  |  | 378 | 336 |
|  4.526% due 02/25/2036 •  |  | 69 | 63 |
|  5.852% due 02/25/2034 •  |  | 3 | 3 |
|  6.368% due 10/25/2033 •  |  | 14 | 14 |
|  6.715% due 05/25/2033 •  |  | 16 | 16 |
|  7.010% due 05/25/2034 ~ |  | 67 | 64 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.346% due 11/25/2036 •  |  | 230 | 106 |
|  4.536% due 08/25/2036 •  |  | 795 | 372 |
|  4.676% due 11/25/2036 •  |  | 840 | 435 |
|  4.770% due 08/25/2036 •  |  | 37 | 24 |
|  4.941% due 11/25/2035 ~ |  | 19 | 15 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.116% due 01/26/2036 ~ |  | 33 | 24 |
|  BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust |
|  4.931% due 05/20/2045 ~ |  | 9 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust | BIG Commercial Mortgage Trust |
|  5.661% due 02/15/2039 ~ | 3195 | 3178 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  | 899 | 810 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.310% due 07/25/2037 •  | 50 | 41 |
|  6.694% due 02/25/2037 ~ | 43 | 43 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 04/25/2037 | 28 | 24 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  2.500% due 05/25/2051 ~ | 5546 | 4563 |
|  3.000% due 11/27/2051 •  | 3630 | 3091 |
|  6.080% due 09/25/2035 •  | 56 | 56 |
|  6.210% due 08/25/2035 •  | 28 | 27 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.983% due 09/25/2035 •  | 404 | 362 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.556% due 11/25/2035 ~ | 136 | 123 |
|  4.714% due 09/20/2046 ~ | 1048 | 912 |
|  4.755% due 02/25/2047 •  | 149 | 146 |
|  4.775% due 05/25/2047 ~ | 142 | 127 |
|  4.785% due 05/25/2037 ~ | 328 | 102 |
|  4.835% due 06/25/2036 •  | 189 | 79 |
|  4.835% due 06/25/2037 •  | 449 | 412 |
|  4.854% due 03/20/2046 ~ | 26 | 23 |
|  4.855% due 05/25/2035 ~ | 380 | 362 |
|  4.855% due 07/25/2046 ~ | 404 | 365 |
|  4.955% due 07/25/2046 ~ | 680 | 483 |
|  4.995% due 12/25/2035 •  | 20 | 18 |
|  5.250% due 06/25/2035 | 71 | 53 |
|  6.035% due 08/25/2035 •  | 104 | 99 |
|  6.135% due 11/25/2035 ~ | 191 | 167 |
|  6.250% due 08/25/2037 | 299 | 141 |
|  6.500% due 08/25/2032 | 9 | 9 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.933% due 09/25/2047 •  | 191 | 176 |
|  5.015% due 04/25/2035 ~ | 8 | 8 |
|  5.075% due 03/25/2035 ~ | 369 | 342 |
|  5.095% due 02/25/2035 ~ | 69 | 65 |
|  5.115% due 02/25/2035 •  | 27 | 25 |
|  5.115% due 03/25/2036 ~ | 5 | 1 |
|  5.160% due 11/25/2034 •  | 11 | 10 |
|  6.662% due 02/20/2036 •  | 69 | 60 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  6.000% due 12/25/2035 | 112 | 85 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 •  | 576 | 474 |
|  6.500% due 07/26/2036 | 585 | 131 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.535% due 10/25/2036 •  | 22 | 19 |
|  5.500% due 12/25/2035 | 191 | 161 |
|  6.800% due 07/25/2036 þ | 154 | 133 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 3205 | 3204 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.705% due 08/25/2035 ~ | 193 | 160 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.795% due 01/25/2037 •  | 375 | 341 |
|  4.835% due 12/25/2046 ~ | 502 | 486 |
|  4.855% due 04/25/2036 •  | 159 | 143 |
|  4.875% due 06/25/2045 ~ | 56 | 51 |
|  4.975% due 11/25/2045 ~ | 20 | 18 |
|  GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates | GreenPoint Mortgage Funding Trust Pass-Through Certificates |
|  7.394% due 10/25/2033 •  | 9 | 8 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 •  | 695 | 570 |
|  2.500% due 04/25/2052 •  | 839 | 688 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.286% due 05/25/2035 •  | 58 | 44 |
|  4.955% due 08/25/2046 •  | 461 | 103 |
|  5.328% due 09/25/2035 ~ | 33 | 31 |
|  5.880% due 03/25/2033 •  | 9 | 9 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.811% due 09/19/2037 ~ | 345 | 298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.911% due 03/19/2036 •  | $— | 51 | $— | 47 |
|  4.991% due 02/19/2036 ~ |  | 206 |  | 93 |
|  5.043% due 07/19/2035 •  |  | 32 |  | 24 |
|  5.051% due 11/19/2035 ~ |  | 149 |  | 98 |
|  5.131% due 01/19/2035 ~ |  | 13 |  | 12 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.095% due 03/25/2035 ~ |  | 8 |  | 7 |
|  5.215% due 10/25/2034 •  |  | 27 |  | 27 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.290% due 11/25/2035 ~ |  | 143 |  | 109 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.834% due 08/25/2035 ~ |  | 93 |  | 68 |
|  4.720% due 12/25/2034 ~ |  | 33 |  | 31 |
|  4.855% due 05/25/2046 •  |  | 500 |  | 453 |
|  4.915% due 06/25/2037 •  |  | 183 |  | 170 |
|  4.935% due 02/25/2037 •  |  | 649 |  | 429 |
|  5.015% due 11/25/2036 ~ |  | 150 |  | 141 |
|  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 |
|  4.915% due 10/25/2036 •  |  | 1042 |  | 944 |
|  5.500% due 11/25/2036 ~ |  | 8 |  | 3 |
|  5.716% due 12/25/2035 ~ |  | 959 |  | 679 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 •  |  | 5880 |  | 5042 |
|  3.000% due 03/25/2052 ~ |  | 5291 |  | 4518 |
|  3.000% due 04/25/2052 •  |  | 4953 |  | 4247 |
|  3.000% due 05/25/2052 •  |  | 7628 |  | 6541 |
|  4.262% due 07/27/2037 ~ |  | 277 |  | 256 |
|  4.735% due 10/25/2035 ~ |  | 1004 |  | 715 |
|  5.285% due 08/25/2035 ~ |  | 46 |  | 46 |
|  5.373% due 02/25/2036 ~ |  | 168 |  | 120 |
|  5.590% due 07/25/2035 ~ |  | 41 |  | 39 |
|  5.676% due 11/25/2033 ~ |  | 17 |  | 16 |
|  5.992% due 10/25/2035 •  |  | 39 |  | 38 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  5.075% due 11/25/2046 ~ |  | 765 |  | 587 |
|  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 |
|  4.645% due 04/25/2046 •  |  | 80 |  | 72 |
|  5.115% due 05/25/2047 •  |  | 1500 |  | 1244 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.835% due 03/25/2036 •  |  | 414 |  | 40 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.050% due 06/25/2035 •  |  | 53 |  | 51 |
|  5.266% due 06/25/2037 •  |  | 58 |  | 56 |
|  6.293% due 02/25/2033 ~ |  | 18 |  | 17 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.369% due 04/25/2037 •  |  | 12 |  | 10 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.389% due 12/15/2034 ~ |  | 3100 |  | 3083 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 •  |  | 555 |  | 534 |
|  1.947% due 04/25/2065 •  |  | 212 |  | 204 |
|  6.105% due 12/25/2068 þ |  | 653 |  | 657 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  |  | 1348 |  | 1293 |
|  2.750% due 11/25/2059 •  |  | 1186 |  | 1133 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 •  |  | 5 |  | 0 |
|  4.416% due 10/25/2035 ~ |  | 91 |  | 81 |
|  6.320% due 03/25/2047 þ |  | 168 |  | 157 |
|  6.638% due 03/25/2047 þ |  | 144 |  | 134 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 •  |  | 3445 |  | 2938 |
|  7.159% due 10/25/2063 þ |  | 1515 |  | 1545 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.384% due 01/15/2036 •  |  | 3700 |  | 3549 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.353% due 08/25/2035 ~ |  | 92 |  | 35 |
|  4.585% due 02/25/2047 ~ |  | 765 |  | 234 |
|  4.855% due 04/25/2046 •  |  | 58 |  | 15 |
|  5.544% due 10/25/2037 •  |  | 351 |  | 283 |
|  6.000% due 06/25/2036 |  | 310 |  | 251 |
|  6.000% due 06/25/2037 |  | 185 |  | 148 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.500% due 08/25/2036 |  | 657 |  | 190 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.874% due 09/25/2035 ~ |  | 129 |  | 83 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **165** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.134% due 07/20/2033 •  | 36 | 36 |
|  7.415% due 04/20/2035 ~ | 13 | 13 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.719% due 04/25/2035 ~ | 350 | 320 |
|  4.875% due 05/25/2037 ~ | 22 | 20 |
|  6.035% due 01/25/2035 ~ | 12 | 11 |
|  6.190% due 10/25/2037 •  | 137 | 124 |
|  6.415% due 04/25/2034 •  | 4 | 4 |
|  6.527% due 02/25/2034 •  | 21 | 20 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.815% due 07/25/2046 •  | 385 | 276 |
|  4.855% due 04/25/2036 ~ | 52 | 47 |
|  4.875% due 09/25/2047 •  | 43 | 39 |
|  4.895% due 05/25/2045 ~ | 107 | 102 |
|  4.931% due 07/19/2035 •  | 18 | 18 |
|  5.011% due 07/19/2034 •  | 1 | 1 |
|  5.055% due 12/25/2035 ~ | 8 | 7 |
|  6.135% due 08/25/2047 ~ | 645 | 541 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.725% due 10/25/2036 •  | 754 | 627 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ | 189 | 4 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 ~ | 163 | 158 |
|  5.989% due 06/25/2047 •  | 216 | 191 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 •  | 1310 | 1185 |
|  2.710% due 01/25/2060 ~ | 946 | 904 |
|  2.900% due 10/25/2059 ~ | 4221 | 4029 |
|  5.435% due 05/25/2058 ~ | 478 | 490 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 569 | 485 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.259% due 12/25/2068 þ | 631 | 636 |
|  6.876% due 11/25/2068 •  | 1070 | 1086 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.727% due 04/25/2037 •  | 424 | 386 |
|  3.981% due 03/25/2036 •  | 471 | 409 |
|  4.091% due 02/25/2037 •  | 114 | 97 |
|  4.092% due 12/25/2046 •  | 240 | 215 |
|  4.174% due 12/25/2046 •  | 119 | 103 |
|  4.356% due 12/25/2036 •  | 14 | 13 |
|  4.361% due 05/25/2046 •  | 344 | 321 |
|  4.541% due 02/25/2037 •  | 166 | 147 |
|  4.995% due 11/25/2045 •  | 101 | 96 |
|  5.015% due 07/25/2045 •  | 185 | 182 |
|  5.015% due 10/25/2045 •  | 28 | 28 |
|  5.055% due 01/25/2045 ~ | 24 | 24 |
|  5.075% due 01/25/2045 ~ | 25 | 25 |
|  5.080% due 03/25/2035 ~ | 85 | 86 |
|  5.131% due 12/25/2035 ~ | 117 | 108 |
|  5.175% due 11/25/2034 ~ | 205 | 196 |
|  5.415% due 11/25/2034 •  | 139 | 132 |
|  6.008% due 08/25/2034 •  | 86 | 84 |
|  6.035% due 06/25/2042 •  | 11 | 11 |
|  6.035% due 08/25/2042 •  | 14 | 13 |
|  6.135% due 11/25/2046 ~ | 75 | 66 |
|  6.188% due 06/25/2033 •  | 11 | 11 |
|  6.211% due 03/25/2034 •  | 67 | 67 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.575% due 07/25/2046 •  | 259 | 161 |
|  5.605% due 05/25/2046 •  | 650 | 566 |
|  6.000% due 10/25/2035 | 246 | 192 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 | 45 | 39 |
|  |  | 85582 |
| U.S. GOVERNMENT AGENCIES 53.3% | U.S. GOVERNMENT AGENCIES 53.3% | U.S. GOVERNMENT AGENCIES 53.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  3.000% due 03/01/2060 | 932 | 805 |
|  3.500% due 01/01/2059 | 2003 | 1795 |
|  4.378% due 03/01/2033 •  | 11 | 11 |
|  4.526% due 07/25/2037 •  | 69 | 68 |
|  4.586% due 03/25/2034 •  | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.854% due 06/25/2029 - 06/25/2036 •  | 22 | 21 |
|  4.955% due 12/01/2036 •  | 2 | 2 |
|  5.244% due 03/25/2055 •  | 3166 | 3166 |
|  5.500% due 03/25/2055 •  | 1977 | 1988 |
|  5.885% due 06/01/2043 •  | 14 | 14 |
|  5.886% due 10/01/2044 •  | 15 | 15 |
|  6.000% due 04/25/2043 - 07/25/2044 | 199 | 204 |
|  6.010% due 12/01/2034 •  | 4 | 4 |
|  6.500% due 06/25/2044 | 2 | 2 |
|  7.041% due 11/01/2034 •  | 98 | 102 |
|  7.123% due 06/01/2035 •  | 1 | 2 |
|  7.310% due 09/01/2035 •  | 8 | 8 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.150% due 01/15/2038 •(a) | 298 | 15 |
|  4.695% due 08/25/2031 •  | 4 | 5 |
|  4.793% due 01/15/2038 •  | 298 | 294 |
|  4.913% due 12/15/2031 •  | 6 | 6 |
|  5.063% due 12/15/2037 •  | 75 | 75 |
|  5.280% due 11/25/2054 •  | 2281 | 2284 |
|  5.740% due 03/25/2055 •  | 4008 | 4036 |
|  5.835% due 10/25/2044 •  | 160 | 146 |
|  6.676% due 11/01/2035 •  | 15 | 15 |
|  6.982% due 08/01/2035 •  | 2 | 2 |
|  7.356% due 09/01/2035 •  | 2 | 2 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 07/20/2046 - 12/20/2052 | 4044 | 3589 |
|  3.500% due 10/20/2054 - 03/20/2055 | 23499 | 21552 |
|  4.750% due 10/20/2029 •  | 2 | 2 |
|  5.344% due 12/20/2073 •  | 1170 | 1173 |
|  6.000% due 08/20/2034 | 920 | 934 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 04/01/2055 | 3500 | 2986 |
|  3.000% due 04/01/2055 | 18385 | 16287 |
|  3.500% due 04/01/2055 | 3500 | 3203 |
|  6.500% due 04/01/2055 | 4000 | 4095 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 02/01/2051 - 01/01/2052 | 4409 | 3683 |
|  3.000% due 10/01/2049 - 06/01/2051 | 2220 | 1929 |
|  3.500% due 10/01/2034 - 07/01/2050 | 1668 | 1542 |
|  4.000% due 01/01/2048 - 06/01/2050 | 787 | 740 |
|  5.500% due 06/01/2053 - 09/01/2053 | 10594 | 10596 |
|  6.000% due 06/01/2053 - 09/01/2054 | 18518 | 18880 |
|  6.500% due 12/01/2053 | 2895 | 2989 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 7400 | 6413 |
|  5.000% due 05/01/2055 | 87600 | 85787 |
|  5.500% due 04/01/2055 | 9900 | 9888 |
|  6.000% due 06/01/2055 | 31494 | 31928 |
|  6.500% due 06/01/2055 | 117300 | 120758 |
|  |  | 364042 |
| U.S. TREASURY OBLIGATIONS 8.6% | U.S. TREASURY OBLIGATIONS 8.6% | U.S. TREASURY OBLIGATIONS 8.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (h) | 100 | 70 |
|  2.250% due 08/15/2049 | 2100 | 1355 |
|  2.375% due 11/15/2049 (h) | 175 | 116 |
|  3.000% due 02/15/2048 (l) | 1600 | 1220 |
|  3.000% due 08/15/2048 (l) | 175 | 133 |
|  3.000% due 02/15/2049 (h) | 250 | 189 |
|  3.375% due 11/15/2048 | 3900 | 3167 |
|  4.125% due 08/15/2044 (h) | 3375 | 3163 |
|  4.500% due 11/15/2054 (h) | 14800 | 14587 |
|  4.625% due 02/15/2055 (h) | 8700 | 8760 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 07/15/2031 (j) | 3200 | 2939 |
|  0.125% due 01/15/2032 (j) | 802 | 726 |
|  0.375% due 07/15/2025 (j) | 536 | 537 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.500% due 01/15/2028 (h)(j) | $— | 9528 | $— | 9361 |
|  0.625% due 07/15/2032 |  | 547 |  | 510 |
|  1.125% due 01/15/2033 (h)(j) |  | 4265 |  | 4088 |
|  2.500% due 01/15/2029 (j) |  | 2959 |  | 3093 |
|  3.875% due 04/15/2029 (j) |  | 2318 |  | 2548 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.875% due 04/30/2025 (j) |  | 119 |  | 119 |
|  3.500% due 02/15/2033 (j)(l) |  | 1400 |  | 1341 |
|  4.375% due 05/15/2034 (h) |  | 600 |  | 608 |
|  |  |  |  | 58630 |
|  Total United States (Cost $586,888) | Total United States (Cost $586,888) | Total United States (Cost $586,888) |  | 574273 |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% | COMMERCIAL PAPER 0.2% |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 04/16/2025 | $— | 350 |  | 350 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.750% due 04/24/2025 |  | 250 |  | 249 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  5.150% due 04/24/2025 |  | 1150 |  | 1146 |
|  |  |  |  | 1745 |
|  | **SHARES** | **SHARES** |  |  |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.400% (g) |  | 376479 |  | 376 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% | NIGERIA TREASURY BILLS 0.0% |
|  23.286% due 11/04/2025 (d)(e) |  | 150000 |  | 86 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.299% due 05/22/2025 - 05/29/2025 (c)(d) | $— | 274 |  | 272 |
| Total Short-Term Instruments<br>(Cost $2,478) | Total Short-Term Instruments<br>(Cost $2,478) | Total Short-Term Instruments<br>(Cost $2,478) |  | 2479 |
| Total Investments in Securities<br>(Cost $1,036,630) | Total Investments in Securities<br>(Cost $1,036,630) | Total Investments in Securities<br>(Cost $1,036,630) |  | 987235 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 9924 |  | 97 |
| Total Short-Term Instruments<br>(Cost $97) | Total Short-Term Instruments<br>(Cost $97) | Total Short-Term Instruments<br>(Cost $97) |  | 97 |
| Total Investments in Affiliates<br>(Cost $97) | Total Investments in Affiliates<br>(Cost $97) | Total Investments in Affiliates<br>(Cost $97) |  | 97 |
| Total Investments 144.6%<br>(Cost $1,036,727) | Total Investments 144.6%<br>(Cost $1,036,727) | Total Investments 144.6%<br>(Cost $1,036,727) | $— | 987332 |
|  Financial Derivative<br>Instruments (i)(k) 1.0%<br> (Cost or Premiums, net $920) | Financial Derivative<br>Instruments (i)(k) 1.0%<br> (Cost or Premiums, net $920) | Financial Derivative<br>Instruments (i)(k) 1.0%<br> (Cost or Premiums, net $920) |  | 6969 |
| Other Assets and Liabilities, net (45.6)% | Other Assets and Liabilities, net (45.6)% | Other Assets and Liabilities, net (45.6)% |  | (311344) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 682957 |

---

166 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

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• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### 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 |
|  CIB | 4.430% | 02/21/2025 | 04/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4128) | $(4148) |
|  DEU | 4.430 | 03/20/2025 | 04/03/2025 | (6633) | (6643) |
|  JPS | 4.430 | 02/20/2025 | 04/03/2025 | (2232) | (2243) |
|  | 4.430 | 03/13/2025 | 04/10/2025 | (652) | (653) |
|  | 4.430 | 03/20/2025 | 04/03/2025 | (2521) | (2525) |
|  | 4.440 | 03/21/2025 | 04/04/2025 | (1211) | (1212) |
|  | 4.490 | 03/31/2025 | 04/03/2025 | (7026) | (7027) |
|  | 4.540 | 03/31/2025 | 04/01/2025 | (6075) | (6075) |
|  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;(30526) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  UBS | 4.430% | 02/26/2025 | 05/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (17.6)% | United States (17.6)% | United States (17.6)% | United States (17.6)% | United States (17.6)% | United States (17.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.6)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 04/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | $(18899) | $(18983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2055 | 70050 | (55870) | (55685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2055 | 8400 | (7000) | (6985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 05/01/2055 | 6100 | (5475) | (5498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 05/01/2055 | 20 | (19) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 06/01/2055 | 1040 | (993) | (994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2055 | 7900 | (7729) | (7744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2055 | 20480 | (20435) | (20437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 04/01/2055 | 4000 | (4118) | (4125) |
|  Total Short Sales (17.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120538) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120469) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 167

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | 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 |
|  CIB | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4148) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4148) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 | $78 |
|  DEU | 0 | (6643) | 0 | (6643) | 6505 | (138) |
|  JPS | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19735) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (379) | (379) | 375 | (4) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(6075) | $(24451) | $0 | $0 | $(30526) |
|  Total | $(6075) | $(24451) | $0 | $0 | $(30526) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | 0 | (379) | 0 | (379) |
|  Total | $0 | $0 | $(379) | $0 | $(379) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6075) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30905) |
|  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  | $(30905) |

---

(h) Securities with an aggregate market value of $30,669 have been pledged as collateral under the terms of the above master agreements as of March 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2025 was $(23038) at a weighted average interest rate of 4.839%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(2) of deferred price drop. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $(8) | $(2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 33 | 33 | (12) | (18) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 3-Year Bond June Futures  | 06/2025 | 65 | $4326 | $8 | $13 | $0 |
|  Canada Government 5-Year Bond June Futures  | 06/2025 | 61 | 4914 | 45 | 5 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2025 | 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17858 | 113 | 17 | 0 |
|  Euro-BTP June Futures  | 06/2025 | 426 | 54134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 16 | 2063 | (134) | 22 | 0 |
|  Euro-Oat June Futures  | 06/2025 | 100 | 13266 | (270) | 43 | (18) |

---

---

| | | |
|:---|:---|:---|
| **168** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Schatz June Futures  | 06/2025 | 636 | $73554 | $8 | $55 | $(17) |
|  Long Gilt June Futures  | 06/2025 | 84 | 9949 | (56) | 108 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 481 | 52023 | 446 | 0 | (15) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 76 | 8453 | 30 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34009 | 276 | 28 | 0 |
|  |  |  |  | $(745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| **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** |
|  Australia Government 10-Year Bond June Futures  | 06/2025 | 479 | $(33719) | $(28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) |
|  Euro-BOBL June Futures  | 06/2025 | 275 | (35026) | 279 | 9 | (83) |
|  Euro-Bund June Futures  | 06/2025 | 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40677) | 746 | 3 | (155) |
|  Japan Government 10-Year Bond June Futures  | 06/2025 | 52 | (47982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | 0 | (350) |
|  Short Euro-BTP Italy Government Bond June Futures  | 06/2025 | 202 | (23478) | (28) | 10 | (17) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 24 | (2934) | (18) | 0 | (11) |
|  |  |  |  | $800 | $22 | $(937) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1052) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | EUR | 3100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-43 10-Year Index | (1.000)% | Quarterly | 12/20/2034 | $14400 | $(75) | $35 | $(40) | $0 | $0 |
|  CDX.IG-44 10-Year Index | (1.000) | Quarterly | 06/20/2035 | 74100 | (150) | 137 | (13) | 0 | (12) |
|  CDX.iTraxx Main 43 05-Year Index | (1.000) | Quarterly | 06/20/2030 | 16420 | (359) | 40 | (319) | 27 | 0 |
|  CDX.iTraxx Main 43 05-Year Index | (1.000) | Quarterly | 06/20/2035 | 11300 | (26) | 51 | 25 | 33 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### 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>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $58700 | $1309 | $(179) | $1130 | $0 | $(2) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 21000 | 386 | 0 | 386 | 3 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | 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<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | GBP | 23700 | $(121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445) | $(566) | $31 | $0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 |  | 34900 | 108 | (39) | 69 | 68 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2030 |  | 50800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1397) | (108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 |  | 2100 | (131) | (16) | (147) | 19 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/19/2055 |  | 1800 | 216 | 46 | 262 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.000 | Semi-Annual | 09/17/2030 | INR | 113280 | (3) | (3) | (6) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | JPY | 4080000 | 6 | (48) | (42) | 27 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 |  | 420000 | (21) | (17) | (38) | 10 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 |  | 1260000 | (374) | (180) | (554) | 36 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 |  | 409300 | (122) | (69) | (191) | 13 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **169** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000% | Annual | 03/19/2032 | 2160000 | $(53) | $(73) | $(126) | $75 | $0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 3557300 | (64) | (421) | (485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 1620000 | (173) | (127) | (300) | 79 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 1050000 | 716 | 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | 0 | (57) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) | (938) | 73 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/19/2055 | 29700 | 21 | 0 | 21 | 0 | (3) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 03/19/2027 | 5600 | 8 | (32) | (24) | 0 | (7) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/18/2029 | 20280 | (6) | (313) | (319) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
|  Pay | 1-Day THB-THOR Compounded-OIS | 2.000 | Quarterly | 03/19/2030 | 142020 | (15) | 107 | 92 | 18 | 0 |
|  Receive | 1-Day THB-THOR Compounded-OIS | 2.750 | Quarterly | 09/18/2034 | 84010 | (1) | (197) | (198) | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $9280 | 75 | 21 | 96 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 07/17/2025 | 19200 | 38 | (49) | (11) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 121439 | (492) | 428 | (64) | 6 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 8000 | 0 | (17) | (17) | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 10200 | 0 | (27) | (27) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 40500 | 871 | (133) | 738 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7000 | (1) | (15) | (16) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 36740 | 721 | (196) | 525 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 1500 | (7) | 24 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2100 | (11) | 33 | 22 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 800 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 7000 | 0 | (50) | (50) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 5600 | 0 | (42) | (42) | 0 | (3) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.593 | Annual | 08/31/2029 | 3800 | 0 | 2 | 2 | 0 | (3) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.661 | Annual | 08/31/2029 | 5800 | 0 | (12) | (12) | 0 | (5) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 08/31/2029 | 5400 | 0 | (11) | (11) | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/31/2029 | 8500 | 0 | (42) | (42) | 0 | (7) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 08/31/2029 | 52600 | (711) | (245) | (956) | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 53010 | 2451 | (809) | 1642 | 5 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 05/15/2030 | 1000 | 0 | (11) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 06/30/2031 | 4300 | 0 | (31) | (31) | 0 | (7) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 12/31/2031 | 6700 | (144) | (25) | (169) | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.335 | Annual | 05/15/2032 | 4900 | 76 | 105 | 181 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 5300 | (105) | 115 | 10 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 1700 | 0 | (9) | (9) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 1000 | 0 | (6) | (6) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 1800 | 0 | (13) | (13) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 32560 | 948 | (591) | 357 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 3800 | (13) | (1) | (14) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 1400 | (5) | 33 | 28 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 600 | (2) | 14 | 12 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 1000 | (4) | 29 | 25 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 2200 | (8) | 57 | 49 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 2050 | (8) | 46 | 38 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 350 | (1) | 7 | 6 | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.667 | Annual | 11/15/2034 | 1000 | 0 | 6 | 6 | 0 | (3) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.815 | Annual | 11/15/2034 | 2200 | 0 | (13) | (13) | 0 | (7) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.843 | Annual | 11/15/2034 | 3700 | 0 | (30) | (30) | 0 | (11) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.844 | Annual | 11/15/2034 | 5500 | 0 | (45) | (45) | 0 | (17) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/15/2034 | 29400 | (845) | (37) | (882) | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 27760 | 1866 | (605) | 1261 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 900 | (3) | (13) | (16) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1800 | (5) | (20) | (25) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 900 | (3) | (6) | (9) | 0 | (3) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 800 | 41 | (8) | 33 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 3600 | 1128 | 224 | 1352 | 0 | (20) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.781 | Annual | 11/15/2053 | 600 | 0 | 3 | 3 | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.782 | Annual | 11/15/2053 | 1200 | 0 | 6 | 6 | 0 | (9) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.791 | Annual | 11/15/2053 | 1300 | 0 | 4 | 4 | 0 | (10) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.887 | Annual | 11/15/2053 | 1200 | 0 | (16) | (16) | 0 | (9) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.914 | Annual | 11/15/2053 | 1400 | 0 | (25) | (25) | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 8600 | 1139 | (231) | 908 | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/20/2054 | 2900 | (284) | 189 | (95) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.931 | Annual | 11/15/2054 | 1600 | 0 | (36) | (36) | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 700 | 0 | (19) | (19) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 1500 | 0 | (41) | (41) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 800 | 0 | (23) | (23) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 5000 | 0 | (147) | (147) | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 3090 | 0 | (170) | (170) | 0 | (25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 810 | 0 | (47) | (47) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 2300 | 0 | 14 | 14 | 0 | (18) |

---

---

| | | |
|:---|:---|:---|
| **170** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.772% | Annual | 02/15/2055 | $300 | $0 | $1 | $1 | $0 | $(2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 1800 | 0 | (1) | (1) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 1000 | 0 | (1) | (1) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 1200 | 0 | (15) | (15) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 1400 | 0 | 7 | 7 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 3210 | 399 | (87) | 312 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  Pay | 3-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 | 74900 | 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 4900 | (2) | (9) | (11) | 25 | 0 |
|  Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 1800 | 10 | 8 | 18 | 10 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | 125 | 14 | 2 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 5100 | (152) | 170 | 18 | 3 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.343 | Annual | 05/16/2027 | 3400 | (102) | 101 | (1) | 3 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 06/18/2030 | 679500 | (247) | (41) | (288) | 0 | (13) |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 4700 | (7) | 163 | 156 | 8 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 700 | (1) | 26 | 25 | 1 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2027 | 6649440 | 17 | (2) | 15 | 4 | 0 |
|  Receive | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 09/17/2030 | 13996440 | 28 | (5) | 23 | 0 | (35) |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/19/2035 | 15384550 | 41 | 71 | 112 | 73 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 5000 | 39 | 125 | 164 | 10 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 32500 | (1) | (27) | (28) | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 8900 | (397) | 173 | (224) | 10 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/21/2033 | 5200 | (89) | 39 | (50) | 22 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 13700 | 62 | 85 | 147 | 71 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 33000 | (113) | 26 | (87) | 3 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/17/2027 | 7500 | (57) | 32 | (25) | 6 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 2550 | 97 | 6 | 103 | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 1550 | 0 | (27) | (27) | 3 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 6900 | 0 | (77) | (77) | 11 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.028 | Annual | 10/11/2029 | 11400 | (2) | (95) | (97) | 19 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.343 | Annual | 01/10/2030 | 12000 | 11 | (49) | (38) | 24 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 108290 | (1289) | 358 | (931) | 239 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 18240 | (324) | 116 | (208) | 0 | (44) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 58990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2551) | 188 | (2363) | 243 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 9740 | (532) | 116 | (416) | 46 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 | 980 | (65) | 0 | (65) | 6 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 | 650 | 303 | 32 | 335 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 900 | 481 | 20 | 501 | 0 | (4) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.213 | Annual | 03/12/2055 | 9400 | 0 | 168 | 168 | 0 | (21) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.270 | Annual | 03/12/2055 | 4800 | 1 | 60 | 61 | 0 | (11) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.282 | Annual | 03/12/2055 | 1500 | 0 | 17 | 17 | 0 | (3) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 14800 | 1194 | 12 | 1206 | 0 | (118) |
|  Pay<sup>(6)</sup> | CAONREPO | 3.500 | Annual | 06/19/2026 | 10600 | (5) | 90 | 85 | 3 | 0 |
|  Pay<sup>(6)</sup> | CAONREPO | 3.898 | Annual | 06/19/2026 | 24700 | (1) | 265 | 264 | 7 | 0 |
|  Pay<sup>(6)</sup> | CAONREPO | 3.925 | Annual | 06/19/2026 | 19700 | (2) | 216 | 214 | 6 | 0 |
|  Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 | 9600 | (608) | 440 | (168) | 10 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 | 6400 | (551) | 332 | (219) | 8 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 | 4400 | 68 | (212) | (144) | 0 | (9) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 800 | 3 | (19) | (16) | 0 | (2) |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 | 5500 | (5) | (154) | (159) | 0 | (11) |
|  Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 | 12400 | 97 | (537) | (440) | 0 | (26) |
|  Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 | 3800 | (4) | (151) | (155) | 0 | (8) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 | 2200 | 0 | (29) | (29) | 0 | (5) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 | 3500 | 43 | (205) | (162) | 0 | (8) |
|  Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 | 2220 | (75) | (61) | (136) | 0 | (5) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 700 | 0 | (3) | (3) | 0 | (2) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 1800 | 0 | (33) | (33) | 0 | (4) |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 12/18/2034 | 100 | (2) | (1) | (3) | 0 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 | 2400 | (225) | 162 | (63) | 12 | 0 |
|  Pay | CAONREPO | 2.565 | Semi-Annual | 03/07/2049 | 2600 | (299) | 175 | (124) | 13 | 0 |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 | 1000 | 16 | 29 | 45 | 7 | 0 |
|  |  |  |  |  |  | $(111) | $(2821) | $(2932) | $1967 | $(1006) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2738) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1020) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 171

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1052) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2101) |

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(j) Securities with an aggregate market value of $17,905 and cash of $7,422 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(9) for closed swap agreements is outstanding at period end. 

&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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability |
|  AZD | 04/2025 | 553670 | $3670 | $0 | $(21) |
|  | 04/2025 | $4478 | 7078 | 0 | (55) |
|  | 04/2025 | 2197 | 328331 | 0 | (8) |
|  | 04/2025 | 1368 | 1828 | 0 | (7) |
|  | 05/2025 | 7078 | $4479 | 55 | 0 |
|  | 05/2025 | 138746 | 19160 | 20 | (8) |
|  | 05/2025 | 1826 | 1368 | 6 | 0 |
|  | 05/2025 | $4893 | 35833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | 0 |
|  | 05/2025 | 3670 | 551812 | 21 | 0 |
|  | 06/2025 | 3562 | 25948 | 29 | (1) |
|  | 07/2025 | 9584 | 69047 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  | 08/2025 | 9577 | 69058 | 16 | 0 |
|  BOA | 04/2025 | 21000 | $3096 | 53 | 0 |
|  | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | $127 | 3105 | 8 | 0 |
|  | 04/2025 | 2481 | 2297 | 3 | 0 |
|  | 04/2025 | 462 | 2046 | 0 | 0 |
|  | 04/2025 | 100 | 1113 | 6 | 0 |
|  | 05/2025 | 1513067 | $91 | 0 | 0 |
|  | 05/2025 | $4787 | 35037 | 49 | 0 |
|  | 05/2025 | 98 | 8435 | 0 | 0 |
|  | 06/2025 | 28925 | $3999 | 0 | (3) |
|  | 06/2025 | 605150 | 412 | 0 | 0 |
|  | 06/2025 | $9971 | 72772 | 99 | (2) |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 08/2025 | 166 | $5 | $0 | $0 |
|  BPS | 04/2025 | 18964 | 3389 | 70 | (4) |
|  | 04/2025 | 1171 | 1507 | 0 | (6) |
|  | 04/2025 | 38301227 | 2311 | 11 | 0 |
|  | 04/2025 | 639 | 173 | 1 | 0 |
|  | 04/2025 | 197599 | 1315 | 0 | (3) |
|  | 04/2025 | 6209 | 591 | 1 | 0 |
|  | 04/2025 | 101866 | 3104 | 37 | 0 |
|  | 04/2025 | $3300 | 18964 | 23 | 0 |
|  | 04/2025 | 281 | 2010 | 0 | (1) |
|  | 04/2025 | 1773 | 43134 | 96 | 0 |
|  | 04/2025 | 183831 | 175001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397 | 0 |
|  | 04/2025 | 679 | 537 | 15 | 0 |
|  | 04/2025 | 4009 | 65705061 | 0 | (65) |
|  | 04/2025 | 920 | 79876 | 13 | 0 |
|  | 04/2025 | 22462 | 3348788 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) |
|  | 04/2025 | 808 | 1173252 | 0 | (11) |
|  | 04/2025 | 874 | 1171 | 0 | (2) |
|  | 04/2025 | 2011 | 65873 | 0 | (27) |
|  | 04/2025 | 7098 | $388 | 1 | 0 |
|  | 05/2025 | 11632 | 12546 | 0 | (52) |
|  | 05/2025 | 4768071 | 287 | 1 | 0 |
|  | 05/2025 | 1169 | 874 | 2 | 0 |
|  | 05/2025 | $17764 | 129075 | 54 | (5) |
|  | 05/2025 | 2048 | 33994523 | 0 | (11) |
|  | 05/2025 | 884 | 75799 | 1 | 0 |
|  | 05/2025 | 1315 | 196937 | 3 | 0 |
|  | 05/2025 | 591 | 6209 | 0 | (1) |
|  | 05/2025 | 343 | 11610 | 0 | 0 |
|  | 06/2025 | 228592 | $160 | 5 | 0 |
|  | 06/2025 | $14653 | 106846 | 129 | 0 |
|  | 06/2025 | 2193 | 8543 | 21 | (15) |
|  | 07/2025 | 28657 | $882 | 14 | 0 |
|  | 08/2025 | 23828 | 731 | 7 | 0 |
|  | 08/2025 | $555 | 3985 | 0 | (1) |
|  | 10/2025 | 13100 | $2166 | 0 | (32) |
|  | 05/2029 | 511 | 1756 | 31 | 0 |
|  | 07/2029 | 65 | 222 | 4 | 0 |
|  BRC | 04/2025 | 2411 | 28 | 0 | (1) |
|  | 04/2025 | 409000 | 2777 | 47 | 0 |
|  | 04/2025 | 34479 | 7811 | 26 | 0 |
|  | 04/2025 | 2959 | 792 | 0 | (13) |
|  | 04/2025 | $2162 | 2047 | 55 | (3) |
|  | 04/2025 | 6576 | 5200 | 141 | 0 |
|  | 04/2025 | 398 | 6521680 | 0 | (7) |
|  | 04/2025 | 28 | 2408 | 0 | 0 |
|  | 04/2025 | 4526 | 660000 | 0 | (117) |
|  | 04/2025 | 922 | 10275 | 55 | 0 |
|  | 04/2025 | 303 | 11681 | 0 | 0 |
|  | 05/2025 | 2415 | $28 | 0 | 0 |
|  | 05/2025 | 310000 | 2120 | 42 | 0 |
|  | 05/2025 | $831 | 766 | 0 | (1) |
|  | 05/2025 | 2133 | 310000 | 0 | (55) |
|  | 05/2025 | 1299 | 6291 | 66 | 0 |
|  | 05/2025 | 2311 | 90641 | 0 | (58) |
|  | 06/2025 | 2829 | $388 | 0 | (4) |
|  | 06/2025 | $1242 | 180000 | 0 | (32) |
|  | 06/2025 | 3 | 12 | 0 | 0 |
|  | 06/2025 | 2869 | 113632 | 0 | (131) |
|  | 08/2025 | 4363 | $607 | 1 | 0 |
|  | 08/2025 | $2203 | 15814 | 0 | (6) |
|  BSH | 04/2025 | 5083 | $3221 | 44 | 0 |
|  | 04/2025 | 5280085 | 35158 | 0 | (45) |
|  | 04/2025 | 7863 | 2072 | 0 | (68) |
|  | 05/2025 | 858 | 227 | 0 | (7) |
|  | 05/2025 | $35158 | 5262302 | 44 | 0 |
|  | 06/2025 | 736 | 2715 | 2 | 0 |
|  | 06/2025 | 365 | 1404 | 0 | (3) |
|  CBK | 04/2025 | 175 | $199 | 1 | 0 |
|  | 04/2025 | 13424 | 1870 | 9 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **173** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 11632 | $12549 | $0 | $(29) |
|  | 04/2025 | 43152510 | 2602 | 10 | 0 |
|  | 04/2025 | 575 | 158 | 3 | 0 |
|  | 04/2025 | 82721 | 952 | 0 | (15) |
|  | 04/2025 | 2775 | 746 | 0 | (9) |
|  | 04/2025 | 44269 | 4414 | 10 | 0 |
|  | 04/2025 | 127041 | 3877 | 52 | 0 |
|  | 04/2025 | $2030 | 2892 | 0 | (21) |
|  | 04/2025 | 5387 | 38609 | 0 | (24) |
|  | 04/2025 | 283 | 2014 | 8 | 0 |
|  | 04/2025 | 1033 | 954 | 0 | (2) |
|  | 04/2025 | 1896 | 1462 | 0 | (7) |
|  | 04/2025 | 3095 | 50772939 | 0 | (47) |
|  | 04/2025 | 301 | 25833 | 0 | 0 |
|  | 04/2025 | 44 | 64363 | 0 | 0 |
|  | 04/2025 | 1576 | 5724 | 0 | (19) |
|  | 04/2025 | 3970 | 130120 | 0 | (52) |
|  | 05/2025 | 2888 | $2030 | 21 | 0 |
|  | 05/2025 | 5008890 | 302 | 1 | 0 |
|  | 05/2025 | 760 | 201 | 0 | (6) |
|  | 05/2025 | $2006 | 14402 | 0 | 0 |
|  | 05/2025 | 443 | 408 | 0 | (1) |
|  | 05/2025 | 2041 | 33910038 | 0 | (9) |
|  | 05/2025 | 4378 | 43824 | 0 | (10) |
|  | 05/2025 | 3 | 93 | 0 | 0 |
|  | 06/2025 | 7352 | $1014 | 0 | (3) |
|  | 06/2025 | 6021372 | 4202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 0 |
|  | 06/2025 | $715 | 678296 | 0 | (1) |
|  | 06/2025 | 241 | 1738 | 0 | 0 |
|  | 06/2025 | 1586 | 6606765 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  | 06/2025 | 1545 | 2256821 | 0 | (8) |
|  | 06/2025 | 30 | 49200 | 1 | 0 |
|  | 06/2025 | 85 | 311 | 0 | 0 |
|  | 07/2025 | 2965 | $816 | 12 | 0 |
|  | 07/2025 | 50427 | 1550 | 22 | 0 |
|  | 08/2025 | 551 | 146 | 0 | (3) |
|  | 08/2025 | 55342 | 1698 | 17 | 0 |
|  | 08/2025 | $110 | 6055 | 2 | 0 |
|  | 09/2025 | 2774 | $759 | 8 | 0 |
|  | 01/2026 | 110000 | 810 | 56 | 0 |
|  CIB | 08/2025 | $2521 | 18083 | 0 | (9) |
|  DUB | 04/2025 | 2161 | $312 | 0 | (1) |
|  | 04/2025 | 580 | 160 | 3 | 0 |
|  | 04/2025 | 463300 | 3162 | 68 | 0 |
|  | 04/2025 | 2630 | 1511 | 18 | 0 |
|  | 04/2025 | 332 | 248 | 1 | 0 |
|  | 04/2025 | $8199 | 7801 | 239 | (3) |
|  | 04/2025 | 1365 | 22667554 | 0 | (5) |
|  | 04/2025 | 147 | 12631 | 1 | 0 |
|  | 04/2025 | 1502 | 2630 | 0 | (9) |
|  | 04/2025 | 2169 | 7891 | 0 | (22) |
|  | 04/2025 | 699 | 936 | 0 | (2) |
|  | 05/2025 | 654408 | $39 | 0 | 0 |
|  | 05/2025 | 934 | 699 | 2 | 0 |
|  | 05/2025 | $312 | 2157 | 1 | 0 |
|  | 05/2025 | 1512 | 2630 | 0 | (18) |
|  | 06/2025 | 3425 | $476 | 2 | 0 |
|  | 06/2025 | 4412081 | 3078 | 74 | 0 |
|  | 06/2025 | $70 | 3706 | 1 | 0 |
|  | 06/2025 | 11 | 17114 | 0 | 0 |
|  | 08/2025 | 2958 | $413 | 2 | 0 |
|  | 08/2025 | $170 | 9367 | 4 | 0 |
|  | 09/2025 | 7916 | $2169 | 23 | 0 |
|  | 09/2025 | $616 | 319064 | 0 | (13) |
|  | 12/2025 | 337 | 179130 | 0 | (7) |
|  FAR | 04/2025 | 9760 | $1700 | 0 | (10) |
|  | 04/2025 | 848 | 234 | 5 | 0 |
|  | 04/2025 | 3777591 | 25092 | 0 | (94) |
|  | 04/2025 | 5310 | 505 | 1 | 0 |
|  | 04/2025 | $1700 | 9760 | 11 | 0 |

---

---

| | | |
|:---|:---|:---|
| **174** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1635 | 1458 | $12 | $0 |
|  | 04/2025 | 929 | 6655 | 0 | (2) |
|  | 04/2025 | 451 | 3199 | 13 | 0 |
|  | 04/2025 | 1114 | 411080 | 0 | (12) |
|  | 04/2025 | 16790 | 2505249 | 0 | (87) |
|  | 04/2025 | 11 | 130 | 1 | 0 |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 35258 | $4888 | 22 | 0 |
|  | 05/2025 | $25092 | 3764864 | 93 | 0 |
|  | 05/2025 | 505 | 5310 | 0 | (1) |
|  | 06/2025 | 1700 | 9884 | 10 | 0 |
|  | 06/2025 | 1206 | 4671 | 0 | (3) |
|  | 07/2025 | 4887 | 35124 | 0 | (19) |
|  GLM | 04/2025 | 91010 | $16060 | 172 | (61) |
|  | 04/2025 | 745 | 519 | 1 | 0 |
|  | 04/2025 | 16424138 | 989 | 4 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 10850 | 2881 | 0 | (72) |
|  | 04/2025 | $15741 | 91010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | 0 |
|  | 04/2025 | 70 | 3605 | 1 | 0 |
|  | 04/2025 | 1299 | 21411347 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  | 04/2025 | 60 | 87697 | 0 | 0 |
|  | 04/2025 | 495 | 19560 | 6 | 0 |
|  | 05/2025 | 2406760 | $144 | 0 | 0 |
|  | 05/2025 | $5138 | 37557 | 50 | (4) |
|  | 05/2025 | 112 | 5914 | 2 | 0 |
|  | 05/2025 | 989 | 16438975 | 0 | (4) |
|  | 05/2025 | 2 | 3899 | 0 | 0 |
|  | 06/2025 | 180000 | $1201 | 0 | (10) |
|  | 06/2025 | $1245 | 9043 | 7 | (1) |
|  | 06/2025 | 130 | 6917 | 2 | 0 |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 27 | 102 | 0 | 0 |
|  | 07/2025 | 5661 | $174 | 3 | 0 |
|  | 09/2025 | $130 | 67957 | 0 | (1) |
|  | 10/2025 | 53800 | $8798 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) |
|  | 01/2026 | 300000 | 2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | 0 |
|  IND | 04/2025 | 4174 | 604 | 0 | (1) |
|  | 05/2025 | $604 | 4167 | 1 | 0 |
|  JPM | 04/2025 | 31003 | $5366 | 1 | (68) |
|  | 04/2025 | 174012 | 187632 | 0 | (527) |
|  | 04/2025 | 2484025 | 150 | 1 | 0 |
|  | 04/2025 | 1568 | 429 | 8 | 0 |
|  | 04/2025 | 63080 | 723 | 0 | (14) |
|  | 04/2025 | 1164039 | 7713 | 0 | (47) |
|  | 04/2025 | 275 | 206 | 1 | 0 |
|  | 04/2025 | 20049 | 611 | 7 | 0 |
|  | 04/2025 | $5399 | 31003 | 34 | 0 |
|  | 04/2025 | 2384 | 3415 | 0 | (11) |
|  | 04/2025 | 367 | 2627 | 0 | (1) |
|  | 04/2025 | 682 | 628 | 0 | (3) |
|  | 04/2025 | 292 | 4802217 | 0 | (4) |
|  | 04/2025 | 230 | 19822 | 2 | 0 |
|  | 04/2025 | 18036 | 2688547 | 0 | (111) |
|  | 04/2025 | 44 | 64335 | 0 | 0 |
|  | 04/2025 | 1258 | 41222 | 0 | (17) |
|  | 04/2025 | 3852 | $211 | 1 | 0 |
|  | 05/2025 | 130154 | 17955 | 16 | (23) |
|  | 05/2025 | 1677033 | 101 | 1 | 0 |
|  | 05/2025 | $4985 | 36413 | 40 | 0 |
|  | 05/2025 | 191 | 1361 | 0 | (1) |
|  | 05/2025 | 120 | 6349 | 2 | 0 |
|  | 05/2025 | 185688 | 171877 | 463 | 0 |
|  | 05/2025 | 7713 | 1160136 | 47 | 0 |
|  | 05/2025 | 50 | 77850 | 0 | 0 |
|  | 05/2025 | 823 | 36292 | 93 | 0 |
|  | 06/2025 | 289913 | $8434 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
|  | 06/2025 | $4911 | 28758 | 65 | 0 |
|  | 06/2025 | 2822 | 20596 | 28 | 0 |
|  | 06/2025 | 0 | 5 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **175** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (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** |
|  | 06/2025 | $3935 | 81043 | $0 | $(15) |
|  | 06/2025 | 120 | 192480 | 1 | 0 |
|  | 06/2025 | 2897 | 11226 | 6 | (12) |
|  | 06/2025 | 1985 | 78572 | 0 | (69) |
|  | 07/2025 | 29007 | $892 | 13 | 0 |
|  | 07/2025 | $384 | 2245 | 2 | 0 |
|  | 07/2025 | 9220 | 66546 | 9 | (6) |
|  | 08/2025 | 41032 | $1256 | 9 | 0 |
|  | 08/2025 | $8734 | 63011 | 22 | (3) |
|  | 08/2025 | 99 | 3246 | 0 | 0 |
|  MBC | 04/2025 | 1995 | $1253 | 7 | 0 |
|  | 04/2025 | 1282 | 1450 | 2 | 0 |
|  | 04/2025 | 115 | 17 | 0 | 0 |
|  | 04/2025 | 5130 | 101 | 0 | 0 |
|  | 04/2025 | 7416 | 7992 | 44 | (71) |
|  | 04/2025 | 2344 | 1755 | 10 | 0 |
|  | 04/2025 | 26141 | 808 | 21 | 0 |
|  | 04/2025 | $921 | 1321 | 0 | (3) |
|  | 04/2025 | 160 | 8214 | 2 | 0 |
|  | 04/2025 | 3378 | 3132 | 23 | (14) |
|  | 04/2025 | 3646 | 2831 | 18 | (7) |
|  | 04/2025 | 277 | 24028 | 4 | 0 |
|  | 04/2025 | 1330 | 197800 | 0 | (12) |
|  | 04/2025 | 4189 | 44425 | 231 | 0 |
|  | 04/2025 | 828 | 27187 | 0 | (9) |
|  | 04/2025 | 7296 | $399 | 2 | 0 |
|  | 05/2025 | 64192 | 8855 | 7 | (12) |
|  | 05/2025 | 965590 | 58 | 0 | 0 |
|  | 05/2025 | $996 | 877 | 0 | (1) |
|  | 05/2025 | 13044 | 94276 | 12 | (44) |
|  | 05/2025 | 17 | 115 | 0 | 0 |
|  | 05/2025 | 1073 | 161200 | 5 | 0 |
|  | 05/2025 | 7177 | 241087 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
|  | 06/2025 | 508308 | $353 | 7 | 0 |
|  | 06/2025 | $287 | 15191 | 4 | 0 |
|  | 06/2025 | 1269 | 4899 | 0 | (8) |
|  | 07/2025 | 13919 | $427 | 5 | 0 |
|  | 07/2025 | $4427 | 31902 | 0 | (5) |
|  | 08/2025 | 26019 | $3599 | 0 | (16) |
|  | 08/2025 | 13104 | 401 | 2 | 0 |
|  | 08/2025 | $4428 | 31991 | 16 | 0 |
|  MYI | 04/2025 | 1124 | $196 | 0 | (1) |
|  | 04/2025 | 6884 | 4836 | 52 | 0 |
|  | 04/2025 | 4543 | 632 | 5 | 0 |
|  | 04/2025 | 983 | 734 | 3 | 0 |
|  | 04/2025 | $193 | 1124 | 4 | 0 |
|  | 04/2025 | 786 | 5624 | 0 | (2) |
|  | 04/2025 | 173 | 1238 | 7 | 0 |
|  | 04/2025 | 22168 | 17495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | 0 |
|  | 04/2025 | 199 | 6520 | 0 | (3) |
|  | 04/2025 | 29961 | $1639 | 7 | 0 |
|  | 05/2025 | 1002453 | 60 | 0 | 0 |
|  | 05/2025 | $1028 | 7378 | 1 | (1) |
|  | 05/2025 | 104 | 163210 | 1 | 0 |
|  | 06/2025 | 1669 | $230 | 0 | (1) |
|  | 06/2025 | $255 | 1011 | 6 | 0 |
|  | 09/2025 | 1914 | $1346 | 6 | 0 |
|  | 09/2025 | $93 | 48011 | 0 | (2) |
|  | 12/2025 | 7873 | 312 | 0 | (1) |
|  NGF | 06/2025 | 3477800 | $2441 | 73 | 0 |
|  RYL | 04/2025 | 67100 | 457 | 9 | 0 |
|  | 06/2025 | $2605 | 18929 | 14 | 0 |
|  SCX | 04/2025 | 5996 | $1026 | 0 | (25) |
|  | 04/2025 | 305006 | 2024 | 0 | (10) |
|  | 04/2025 | 13845 | 427 | 10 | 0 |
|  | 04/2025 | $1044 | 5996 | 7 | 0 |
|  | 04/2025 | 2523 | 18091 | 0 | (3) |
|  | 04/2025 | 30 | 1565 | 1 | 0 |
|  | 04/2025 | 497 | 8125560 | 0 | (9) |

---

---

| | | |
|:---|:---|:---|
| **176** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $44 | 64266 | $0 | $0 |
|  | 04/2025 | 240 | 7904 | 0 | (2) |
|  | 05/2025 | 34455 | $4797 | 41 | 0 |
|  | 05/2025 | 377028 | 23 | 0 | 0 |
|  | 05/2025 | 341 | 91 | 0 | (2) |
|  | 05/2025 | $7899 | 56942 | 0 | (41) |
|  | 05/2025 | 2463 | 369410 | 10 | (1) |
|  | 05/2025 | 240 | 378575 | 3 | (1) |
|  | 06/2025 | 1026 | 6072 | 25 | 0 |
|  | 06/2025 | 1294 | 9384 | 5 | 0 |
|  | 06/2025 | 110 | 5823 | 2 | 0 |
|  | 06/2025 | 20 | 32300 | 0 | 0 |
|  | 07/2025 | 70 | 3788 | 1 | 0 |
|  | 08/2025 | 3208 | $448 | 2 | 0 |
|  | 08/2025 | 7838 | 240 | 2 | 0 |
|  | 08/2025 | $867 | 6204 | 0 | (5) |
|  SOG | 04/2025 | 180 | 9385 | 3 | 0 |
|  | 06/2025 | 2 | 106 | 0 | 0 |
|  | 06/2025 | 90 | 144450 | 1 | 0 |
|  SSB | 04/2025 | 26354 | $34081 | 38 | 0 |
|  | 05/2025 | $34078 | 26354 | 0 | (38) |
|  UAG | 04/2025 | 5930318 | $357 | 1 | 0 |
|  | 04/2025 | $1285 | 1200 | 13 | 0 |
|  | 04/2025 | 358 | 5930318 | 0 | (2) |
|  | 04/2025 | 17167 | 2554115 | 0 | (138) |
|  | 05/2025 | 357 | 5938659 | 0 | (2) |
|  | 06/2025 | 567 | 2188 | 0 | (3) |
|  | 08/2025 | 5498 | 39443 | 0 | (19) |
|  | 09/2025 | 1346 | 1913 | 0 | (6) |
|  | 12/2025 | 312 | 7872 | 1 | 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;10532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3705) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.650 | 03/11/2026 | 685 | $5 | $4 |
|  | Put - OTC USD versus CAD | $1.385 | 09/05/2025 | 1500 | 11 | 7 |
| BPS | Call - OTC USD versus CNH | 7.500 | 05/15/2025 | 700 | 4 | 0 |
| MBC | Call - OTC USD versus CNH | 7.500 | 05/13/2025 | 6300 | 33 | 2 |
| MYI | Put - OTC EUR versus CZK | 24.750 | 12/09/2025 | 727 | 4 | 5 |
|  | Put - OTC EUR versus CZK | 24.700 | 12/16/2025 | 1234 | 8 | 7 |
|  | Put - OTC USD versus CAD | $1.385 | 09/05/2025 | 5300 | 35 | 25 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.930% | 06/23/2025 | 2800 | $101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 44900 | 63 | 8 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 08/20/2025 | 39000 | 43 | 4 |
| BRC Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 700 | 26 | 19 |
| DUB Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.065 | 06/24/2025 | 2600 | 78 | 31 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.960 | 06/25/2025 | 3700 | 128 | 64 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.005 | 09/25/2025 | 800 | 33 | 21 |
| GLM Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.420 | 05/13/2025 | 5600 | 29 | 1 |
| JPM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.570 | 08/13/2025 | 1000 | 1 | 0 |
|  |  |  |  |  |  | $502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 177

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### OPTIONS ON SECURITIES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 2400 | $182 | $1289 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| MYI | Put - OTC USD versus CAD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.320 | 09/05/2025 | 5300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.250% | 06/23/2025 | 10800 | $(103) | $(14) |
| BPS Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 2400 | (182) | (1050) |
| BRC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.350 | 09/25/2025 | 2700 | (26) | (8) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 2200 | (4) | (7) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 2200 | (4) | (2) |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/24/2025 | 10000 | (78) | (8) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.280 | 06/25/2025 | 2700 | (27) | (4) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.300 | 06/25/2025 | 11500 | (101) | (14) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.330 | 09/25/2025 | 3100 | (34) | (10) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 1700 | (7) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 1700 | (7) | (2) |
|  |  |  |  |  |  | $(573) | $(1121) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | South Korea Government International Bond | (1.000)% | Quarterly | 12/20/2029 | 0.369% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $(56) | $9 | $0 | $(47) |
| MYC | South Korea Government International Bond | (1.000) | Quarterly | 12/20/2029 | 0.369 | 1700 | (56) | 9 | 0 | (47) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(5)</sup> |  | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.085 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | $(46) | $51 | $5 | $0 |
| CBK | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.085 |  | 1300 | (32) | 35 | 3 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 2635 | 0 | 18 | 18 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

178 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2025

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(8)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.410% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/17/2026 | $16210 | JPY | 2400000 | $34 | $(6) | $28 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.462% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 6229 |  | 950000 | (8) | (1) | 0 | (9) |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.459% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 328 |  | 50000 | (1) | 1 | 0 | (0) |
|  GST | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.414% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2026 | 37131 |  | 5877700 | (469) | (4) | 0 | (473) |
|  MYC | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.430% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/17/2030 | 395 |  | 60000 | (1) | (1) | 0 | (2) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **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) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | **Maturity**<br> **Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/18/2031 | CNY | 115800 | $(37) | $(27) | $0 | $(64) |
|  | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 9970 | (8) | 9 | 1 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/18/2034 |  | 4140 | (11) | 3 | 0 | (8) |
| CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 61500 | 0 | (34) | 0 | (34) |
| GST | Pay | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/19/2030 | MYR | 25030 | 4 | 0 | 4 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/20/2033 |  | 20930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | (180) | 0 | (47) |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/18/2031 | CNY | 13500 | 6 | (13) | 0 | (7) |
|  |  |  |  |  |  |  |  | $87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(9)</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>(9)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 06/20/2025 | $14400 | $156 | $(90) | $66 | $0 |
| JPM | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.186 | Maturity | 09/22/2025 | 12800 | 132 | (179) | 0 | (47) |
|  |  |  |  |  |  |  |  | $288 | $(269) | $66 | $(47) |
|  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;(260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 179

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | 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>(10)</sup> |
|  AZD | $203 | $0 | $0 | $203 | $(117) | $0 | $0 | $(117) | $86 | $0 | $86 |
|  BOA | 219 | 63 | 0 | 282 | (6) | (14) | 0 | (20) | 262 | (288) | (26) |
|  BPS | 5937 | 1301 | 67 | 7305 | (371) | (1050) | (72) | (1493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  BRC | 433 | 19 | 5 | 457 | (428) | (8) | 0 | (436) | 21 | 0 | 21 |
|  BSH | 90 | 0 | 0 | 90 | (123) | 0 | 0 | (123) | (33) | 0 | (33) |
|  CBK | 335 | 0 | 31 | 366 | (289) | (9) | (43) | (341) | 25 | 0 | 25 |
|  CIB | 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | (9) | 0 | (9) |
|  DUB | 439 | 116 | 18 | 573 | (80) | (36) | 0 | (116) | 457 | (520) | (63) |
|  FAR | 168 | 0 | 0 | 168 | (228) | 0 | 0 | (228) | (60) | 0 | (60) |
|  GLM | 628 | 1 | 0 | 629 | (395) | (4) | 0 | (399) | 230 | (250) | (20) |
|  GST | 0 | 0 | 4 | 4 | 0 | 0 | (567) | (567) | (563) | 0 | (563) |
|  IND | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  JPM | 872 | 0 | 0 | 872 | (1091) | 0 | (47) | (1138) | (266) | 326 | 60 |
|  MBC | 422 | 2 | 0 | 424 | (249) | 0 | 0 | (249) | 175 | 0 | 175 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (49) | (49) | (49) | 0 | (49) |
|  MYI | 523 | 37 | 0 | 560 | (11) | (2) | 0 | (13) | 547 | (430) | 117 |
|  NGF | 73 | 0 | 0 | 73 | 0 | 0 | 0 | 0 | 73 | 0 | 73 |
|  RYL | 23 | 0 | 0 | 23 | 0 | 0 | 0 | 0 | 23 | 0 | 23 |
|  SCX | 109 | 0 | 0 | 109 | (99) | 0 | (7) | (106) | 3 | 0 | 3 |
|  SOG | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  SSB | 38 | 0 | 0 | 38 | (38) | 0 | 0 | (38) | 0 | 0 | 0 |
|  UAG | 15 | 0 | 0 | 15 | (170) | 0 | 0 | (170) | (155) | 286 | 131 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3705) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5613) |  |  |  |

---

(l) Securities with an aggregate market value of $613 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **180** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $457 | $457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63 | 0 | 0 | 1967 | 2030 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424 | $2487 |
|  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;10532 | $0 | $10532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 50 | 1489 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26 | 0 | 28 | 71 | 125 |
|  | $0 | $26 | $0 | $10610 | $1560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12196 |
|  | $0 | $89 | $0 | $10610 | $3984 | $14683 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $20 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1052 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14 | 0 | 0 | 1015 | 1029 |
|  | $0 | $14 | $0 | $0 | $2087 | $2101 |
|  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 | $3705 | $0 | $3705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 1121 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 94 | 0 | 484 | 207 | 785 |
|  | $0 | $94 | $0 | $4191 | $1328 | $5613 |
|  | $0 | $108 | $0 | $4191 | $3415 | $7714 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $106 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 5366 | 5366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (853) | 0 | 0 | 432 | (421) |
|  | $0 | $(853) | $0 | $0 | $5904 | $5051 |
|  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 | $(12162) | $0 | $(12162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 167 | 44 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 120 | 852 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 880 | 2 | 882 |
|  | $0 | $0 | $0 | $(10995) | $898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10097) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10995) | $6802 | $(5046) |
|  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 | $1294 | $1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 203 | 0 | 0 | (9842) | (9639) |
|  | $0 | $203 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8548) | $(8345) |
|  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 | $4604 | $0 | $4604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (50) | 37 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1 | (19) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | (86) | (38) | (114) |
|  | $0 | $10 | $0 | $4469 | $(20) | $4459 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $213 | $0 | $4469 | $(8568) | $(3886) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 181

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Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.) March 31, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $447 | $0 | $447 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6061 | 0 | 6061 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12073 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1292 | 0 | 1292 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10940 | 0 | 10940 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5569 | 0 | 5569 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2043 | 0 | 2043 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 31204 | 0 | 31204 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 22811 | 0 | 22811 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2574 | 0 | 2574 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 817 | 0 | 817 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 807 | 0 | 807 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13490 | 0 | 13490 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6786 | 0 | 6786 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3356 | 0 | 3356 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 30695 | 0 | 30695 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3461 | 0 | 3461 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1445 | 0 | 1445 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 18749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | 20047 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7080 | 0 | 7080 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4644 | 0 | 4644 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1416 | 0 | 1416 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 960 | 0 | 960 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 48216 | 0 | 48216 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1211 | 0 | 1211 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12009 | 0 | 12009 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 461 | 0 | 461 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3362 | 0 | 3362 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3355 | 0 | 3355 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 486 | 0 | 486 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1323 | 0 | 1323 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 817 | 0 | 817 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6674 | 0 | 6674 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5225 | 0 | 5225 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 519 | 0 | 519 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8168 | 0 | 8168 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 701 | 0 | 701 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15537 | 0 | 15537 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1778 | 0 | 1778 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Sovereign Issues | $0 | $4927 | $0 | $4927 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5829 | 0 | 5829 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16433 | 0 | 16433 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1234 | 0 | 1234 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30261 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1093 | 0 | 1093 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8763 | 0 | 8763 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5646 | 0 | 5646 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2965 | 0 | 2965 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18369 | 0 | 18369 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3320 | 0 | 3320 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11783 | 0 | 11783 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 11032 | 0 | 11032 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 51713 | 0 | 51713 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1541 | 0 | 1541 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 1733 | 0 | 1733 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 85582 | 0 | 85582 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 364042 | 0 | 364042 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 58630 | 0 | 58630 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1745 | 0 | 1745 |
| &nbsp;&nbsp; Mutual Funds | 0 | 376 | 0 | 376 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 86 | 0 | 86 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 272 | 0 | 272 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987235 |
|  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 | $97 | $0 | $0 | $97 |
|  Total Investments | $97 | $985937 | $1298 | $987332 |
|  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 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(120469) | $0 | $(120469) |
|  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 | 428 | 2059 | 0 | 2487 |
|  Over the counter | 0 | 12178 | 18 | 12196 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14237 | $18 | $14683 |
|  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 | (1026) | (1066) | 0 | (2092) |
|  Over the counter | 0 | (5613) | 0 | (5613) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1026) | $(6679) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7705) |
|  Total Financial Derivative Instruments | $(598) | $7558 | $18 | $6978 |
|  Totals | $(501) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | $873841 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **182** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

Notes to Financial Statements March 31, 2025

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A and Class C shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. The PIMCO Emerging Markets Full Spectrum Bond Fund may invest assets in funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and other affiliated and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

In this reporting period, each Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and

redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to, ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **183** |

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------

Notes to Financial Statements (Cont.)

from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. Certain Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and

foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO Emerging Markets Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Corporate Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | Daily | Monthly |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Local Currency and Bond Fund | Daily | Monthly |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | Daily | Monthly |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | Daily | Monthly |
|  PIMCO International Bond Fund (Unhedged) | Daily | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be

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|:---|:---|
| **184** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement

(Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80%

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **185** |

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Notes to Financial Statements (Cont.)

investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and

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|:---|:---|
| **186** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.)

equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **187** |

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Notes to Financial Statements (Cont.)

valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at

fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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| **188** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

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 Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **189** |

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Notes to Financial Statements (Cont.)

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The PIMCO Emerging Markets Full Spectrum Bond Fund may invest substantially all or a significant portion of its assets in the Underlying PIMCO Funds and may also invest in the Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the PIMCO Emerging Markets Full Spectrum Bond Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the transactions in and earnings from investments in these Underlying PIMCO Funds or Acquired Funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### PIMCO Emerging Markets Full Spectrum Bond Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Funds | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $65675 | $4699 | $(34229) | $(2856) | $10289 | $43578 | $3885 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 62584 | 5000 | (25195) | (3024) | 4273 | 43638 | 3028 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 126998 | 17392 | (50067) | (2523) | (3208) | 88592 | 6060 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 8648 | 62326 | (65195) | 7 | (1) | 5785 | 330 | 0 |
|  **Totals** | $263905 | $89417 | $(174686) | $(8396) | $11353 | $181593 | $13303 | $0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely 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. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | $23543 | $31086 | $0 | $0 | $176 | $54805 | $1961 | $0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 32429 | 1749 | 0 | 0 | 170 | 34348 | 1765 | 0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $32839 | $1022612 | $(998700) | $12 | $(6) | $56757 | $2423 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 8144 | 63335 | (66900) | 7 | (2) | 4584 | 239 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 28810 | 281242 | (214900) | 10 | (7) | 95155 | 1449 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 36745 | 1452265 | (1443800) | 38 | (8) | 45240 | 2579 | 0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 6545 | 143410 | (144299) | 6 | 0 | 5662 | 214 | 0 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 196 | 1202363 | (1164900) | 52 | (5) | 37706 | 2361 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 160 | 399686 | (399780) | 31 | 0 | 97 | 486 | 0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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|:---|:---|
| **190** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers

for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **191** |

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Notes to Financial Statements (Cont.)

guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead

to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to

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|:---|:---|
| **192** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of March 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **193** |

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Notes to Financial Statements (Cont.)

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 (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities.

Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will

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| **194** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by

type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees,

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **195** |

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Notes to Financial Statements (Cont.)

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.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the

future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

Straddle Options ("Straddle") are investment strategies that use combinations of options that allow a Fund to profit based on the future price movements of the underlying security, regardless of the direction of those movements. A written Straddle involves simultaneously writing a call option and a put option on the same security with the same strike price and expiration date. The written Straddle increases in value when the underlying security price has little volatility before the expiration date. A purchased Straddle involves simultaneously purchasing a call option and a put option on the same security with the same strike price and expiration date. The purchased Straddle increases in value when the underlying security price has high volatility, regardless of direction, before the expiration date.

(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

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| **196** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of

contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **197** |

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Notes to Financial Statements (Cont.)

amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

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| **198** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference

asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **199** |

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Notes to Financial Statements (Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>Emerging<br>Markets Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Corporate Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Currency and<br>Short-Term<br>Investments<br>Fund | PIMCO<br>Emerging<br>Markets Full<br>Spectrum Bond<br>Fund | PIMCO<br>Emerging<br>Markets Local<br>Currency<br>and Bond<br>Fund | PIMCO<br>Global<br>Advantage<br>Strategy<sup>®</sup> Bond<br>Fund | PIMCO<br>Global Bond<br>Opportunities<br>Fund (U.S.<br>Dollar-Hedged) | PIMCO<br>International<br>Bond Fund<br>(Unhedged) |
|  Allocation |  |  |  | X |  |  |  |  |
|  Acquired Fund |  |  |  | X |  |  |  |  |
|  Small Fund |  | X |  |  |  |  |  |  |
|  Interest Rate | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X | X |
|  Distressed Company |  |  |  | X |  |  |  |  |
|  Market | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |
|  Commodity |  |  |  | X |  |  |  |  |
|  Equity | X |  | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X |
|  Real Estate | X | X | X | X | X |  |  |  |
|  Emerging Markets | X | X | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X | X | X |
|  Issuer Non-Diversification |  |  |  |  | X |  | X |  |
|  Smaller Company |  |  |  | X |  |  |  |  |
|  Leveraging | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X |
|  Tax |  |  |  | X |  |  |  |  |
|  Subsidiary |  |  |  | X |  |  |  |  |
|  Value Investing |  |  |  | X |  |  |  |  |
|  Arbitrage |  |  |  | X |  |  |  |  |
|  Convertible Securities |  |  |  | X |  |  |  |  |
|  Exchange-Traded Fund |  |  |  | X |  |  |  |  |
|  LIBOR Transition | X |  | X | X | X | X | X | X |
|  Contingent Convertible Securities |  | X |  |  |  |  |  |  |

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Allocation Risk is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net

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| **200** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

asset value, bid/ask spread risk as well as the risks of the underlying securities they hold. In addition, a Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **201** |

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Notes to Financial Statements (Cont.)

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified".

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, 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.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

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| **202** | **PIMCO INTERNATIONAL BOND FUNDS** |

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Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each, a "Subsidiary"), a Fund is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **203** |

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Notes to Financial Statements (Cont.)

infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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| | |
|:---|:---|
| **204** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a

claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **205** |

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Notes to Financial Statements (Cont.)

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average

daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C |
|  PIMCO Emerging Markets Bond Fund | 0.45% | 0.38% | 0.48% | 0.58%<sup>(1)</sup> | N/A | 0.50% | 0.50% |
|  PIMCO Emerging Markets Corporate Bond Fund | 0.45%<sup>(2)</sup> | 0.40% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0.45% | 0.40% | 0.50% | N/A | N/A | 0.55% | N/A |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 0.54% | 0.40% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0.45% | 0.45% | 0.55% | 0.65%<sup>(1)</sup> | N/A | 0.60% | 0.60% |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 0.35% | 0.30% | N/A | N/A | N/A | 0.45% | N/A |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0.25% | 0.30% | 0.40% | N/A | N/A | 0.40% | 0.40% |
|  PIMCO International Bond Fund (Unhedged) | 0.25% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.40% | 0.40% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

<sup>(2)</sup> Effective September 3, 2024, the Fund's Investment Advisory Fee was reduced by 0.05% to 0.45% per annum. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.75% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2025, the Distributor retained $3,287,802 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit,

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|:---|:---|
| **206** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee

fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund and PIMCO International Bond Fund (Unhedged). This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Emerging Markets Bond Fund | $9 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 10 |
|  PIMCO International Bond Fund (Unhedged) | 21 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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(g) Acquired Fund Fees and Expenses The Underlying PIMCO Fund Expenses that are used for purposes of implementing the expense reduction described below are calculated using the advisory and supervisory and administrative fees for each Underlying PIMCO Fund over the total assets invested in Underlying PIMCO Funds. Underlying PIMCO Fund expenses for the Fund will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of a Fund's assets.

PIMCO has contractually agreed, through July 31, 2025, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO Emerging Markets Full Spectrum Bond Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with the Fund's investments in Underlying PIMCO Funds, to the extent the Fund's advisory fee or advisory fee and supervisory and administrative fee taken together are greater than or equal to the advisory fees and supervisory and administrative fees of the Underlying PIMCO Funds. This waiver will renew automatically for

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **207** |

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Notes to Financial Statements (Cont.)

one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2025, the amount waived and/or reimbursed was $1,886,280.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these

arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Emerging Markets Bond Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659021 |
|  PIMCO Emerging Markets Corporate Bond Fund | 30367 | 30822 | 46737 | 79458 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 2598 | 0 | 523684 | 461945 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 122152 | 122161 | 23093 | 103318 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838345 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 2202594 | 2230136 | 116874 | 160902 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11002610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10428270 | 605716 | 243725 |
|  PIMCO International Bond Fund (Unhedged) | 5759657 | 5765400 | 277044 | 306363 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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|:---|:---|
| **208** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2025

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 68838 | $585257 | 46249 | $372337 | 667 | $6022 | 2690 | $23685 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 48028 | 403655 | 15136 | 122598 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 1153 | 9862 | 1068 | 8675 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 6726 | 57191 | 3542 | 28444 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 212 | 1812 | 70 | 569 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6836 | 58224 | 8255 | 66451 | 450 | 4093 | 458 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 3841 | 32621 | 3206 | 25889 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 147 | 1254 | 102 | 825 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1038 | 8844 | 899 | 7253 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 34 | 293 | 30 | 242 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (49314) | (419371) | (204819) | (1645076) | (5002) | (45769) | (2867) | (25314) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (61720) | (530299) | (38767) | (310618) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (956) | (8157) | (966) | (7734) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6810) | (57836) | (5984) | (48271) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (137) | (1168) | (209) | (1684) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 17916 | $142182 | (172188) | $(1380100) | (3885) | $(35654) | 281 | $2406 |
|  | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** |
|  | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2024 | Year Ended<br>03/31/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 21171 | $153107 | 19431 | $145579 | 2909 | $17737 | 9106 | $54737 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 895 | 6512 | 748 | 5576 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 152 | 1105 | 235 | 1741 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4829 | 34971 | 4836 | 35836 | 2453 | 14961 | 2469 | 14814 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 28 | 206 | 38 | 279 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 62 | 450 | 70 | 518 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (11864) | (86404) | (30655) | (227480) | (18587) | (115593) | (14320) | (85628) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (938) | (6903) | (1043) | (7752) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (286) | (2078) | (539) | (4021) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 14049 | $100966 | (6879) | $(49724) | (13225) | $(82895) | (2745) | $(16077) |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 209

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 58842 | $340052 | 44768 | $259292 | 4880 | $49416 | 6500 | $63869 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 12972 | 74975 | 12143 | 70671 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 4105 | 23615 | 954 | 5521 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1627 | 9556 | 2080 | 12152 | 453 | 4582 | 689 | 6735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 352 | 2055 | 140 | 817 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 13086 | 75343 | 12374 | 71647 | 1088 | 10987 | 878 | 8607 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1386 | 7984 | 828 | 4798 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 247 | 1423 | 76 | 441 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 323 | 1863 | 273 | 1582 | 69 | 702 | 55 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 28 | 160 | 14 | 83 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (74740) | (432478) | (110267) | (635601) | (15097) | (153692) | (4727) | (46565) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (11310) | (65461) | (8727) | (50250) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1467) | (8486) | (501) | (2850) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2468) | (14221) | (2681) | (15313) | (446) | (4510) | (995) | (9801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (232) | (1330) | (81) | (468) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 2751 | $15050 | (48607) | $(277478) | (9053) | $(92515) | 2400 | $23388 |
|  | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** |
|  | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2024** | **Year Ended<br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 52195 | $498685 | 33328 | $308903 | 19069 | $143298 | 21688 | $163148 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 5027 | 48036 | 5135 | 47631 | 4549 | 34280 | 10173 | 75933 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 915 | 6932 | 2347 | 17491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 13 <sup>(a)</sup> | 124 <sup>(a)</sup> | 2629 | 19566 | 120 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2619 | 25070 | 3293 | 30551 | 2757 | 20670 | 3753 | 27861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 145 | 1375 | 206 | 1870 | 26 | 190 | 51 | 394 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4215 | 40292 | 1961 | 18175 | 2269 | 17014 | 1753 | 13092 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 295 | 2819 | 136 | 1260 | 724 | 5429 | 1080 | 8055 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 227 | 1699 | 353 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 10 <sup>(a)</sup> | 90 <sup>(a)</sup> | 54 | 407 | 60 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 307 | 2929 | 147 | 1364 | 467 | 3502 | 359 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 13 | 128 | 6 | 60 | 9 | 71 | 8 | 61 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (18854) | (180032) | (21161) | (195544) | (26209) | (197713) | (27053) | (200745) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (3442) | (32846) | (6234) | (57324) | (17123) | (129178) | (13931) | (104032) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (4380) | (32563) | (9423) | (71671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (1228)<sup>(a)</sup> | (11359)<sup>(a)</sup> | (1901) | (14191) | (1338) | (10065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2659) | (25399) | (1935) | (17905) | (3562) | (26725) | (3468) | (25934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (185) | (1767) | (179) | (1663) | (136) | (1022) | (81) | (604) |
|  **Net increase (decrease) resulting from Fund share transactions** | 39676 | $379290 | 13498 | $126233 | (19616) | $(148334) | (13549) | $(100330) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Administrative Class Shares Liquidated at the close of business on March 15, 2024.

---

| | |
|:---|:---|
| **210** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

March 31, 2025

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Emerging Markets Bond Fund | 3 | 0 | 44% | 0% |
|  PIMCO Emerging Markets Corporate Bond Fund | 1 | 1 | 10% | 68% |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0 | 2 | 0% | 86% |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 3 | 0 | 93% | 0% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1 | 1 | 13% | 38% |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 3 | 0 | 70% | 0% |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 3 | 0 | 40% | 0% |
|  PIMCO International Bond Fund (Unhedged) | 2 | 0 | 34% | 0% |

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14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains

tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Emerging Markets Bond Fund | $696 | $0 | $(146027) | $(1509) | $(938347) | $0 | $0 | $(1085187) |
|  PIMCO Emerging Markets Corporate Bond Fund | 1548 | 0 | (11757) | (26) | (83235) | 0 | 0 | (93470) |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0 | 0 | (26349) | (26) | (648070) | 0 | (13874) | (688319) |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 0 | 0 | (27660) | (3) | (97342) | 0 | 0 | (125005) |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0 | 0 | (91768) | (685) | (380041) | 0 | (21996) | (494490) |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 0 | 0 | (19062) | (1) | (8703) | 0 | (2262) | (30028) |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 1028 | 0 | (45498) | (1215) | (1103) | 0 | 0 | (46788) |
|  PIMCO International Bond Fund (Unhedged) | 0 | 0 | (74629) | (191) | (16065) | 0 | (5408) | (96293) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **211** |

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------

Notes to Financial Statements (Cont.)

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through March 31, 2025 and Ordinary losses realized during the period January 1, 2025 through March 31, 2025 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Emerging Markets Bond Fund | $155005 | $783342 |
|  PIMCO Emerging Markets Corporate Bond Fund | 20671 | 62564 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 367082 | 280988 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 5040 | 92302 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 245171 | 134870 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 2887 | 5816 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0 | 1103 |
|  PIMCO International Bond Fund (Unhedged) | 16065 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Emerging Markets Bond Fund | $1976219 | $82095 | $(229003) | $(146908) |
|  PIMCO Emerging Markets Corporate Bond Fund | 80904 | 1587 | (13346) | (11759) |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 617217 | 37523 | (64114) | (26591) |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 218026 | 1375 | (29035) | (27660) |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1610495 | 115023 | (204493) | (89470) |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 334409 | 9058 | (28314) | (19256) |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 2126587 | 50554 | (95877) | (45323) |
|  PIMCO International Bond Fund (Unhedged) | 945977 | 32807 | (107050) | (74243) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

---

| | |
|:---|:---|
| **212** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

March 31, 2025

For the fiscal years ended March 31, 2025 and March 31, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Emerging Markets Bond Fund | $118641 | $0 | $0 | $99030 | $0 | $12572 |
|  PIMCO Emerging Markets Corporate Bond Fund | 4611 | 0 | 0 | 4500 | 0 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 36015 | 0 | 0 | 24627 | 0 | 12384 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 12644 | 0 | 2343 | 12267 | 0 | 2568 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 67977 | 0 | 27983 | 35230 | 0 | 50451 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 11767 | 0 | 0 | 4489 | 0 | 4745 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 60247 | 0 | 0 | 24175 | 3181 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 30210 | 0 | 0 | 0 | 0 | 29215 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **213** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged)

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged) (eight of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | |
|:---|:---|
| **214** | **PIMCO INTERNATIONAL BOND FUNDS** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BCY | Barclays Capital, Inc. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NOM | Nomura Securities International, Inc. |
| BOM | Bank of Montreal | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SBI | Citigroup Global Markets Ltd. |
| BRC | Barclays Bank PLC | JML | JP Morgan Securities Plc | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| BSS | Banco Santander S.A. | MBC | HSBC Bank Plc | TDM | TD Securities (USA) LLC |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
| DEU | Deutsche Bank Securities, Inc. |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AED | UAE Dirham | HKD | Hong Kong Dollar | PLN | Polish Zloty |
| AUD | Australian Dollar | HUF | Hungarian Forint | PYG | Paraguayan Guarani |
| AZN | Azerbaijani Manat | IDR | Indonesian Rupiah | RON | Romanian New Leu |
| BRL | Brazilian Real | ILS | Israeli Shekel | RSD | Serbian Dinar |
| CAD | Canadian Dollar | INR | Indian Rupee | SEK | Swedish Krona |
| CHF | Swiss Franc | JPY | Japanese Yen | SGD | Singapore Dollar |
| CLP | Chilean Peso | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| CNY | Chinese Renminbi (Mainland) | KZT | Kazakhstani Tenge | TWD | Taiwanese Dollar |
| COP | Colombian Peso | MXN | Mexican Peso | UGX | Ugandan Shilling |
| CZK | Czech Koruna | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| DKK | Danish Krone | NGN | Nigerian Naira | UYU | Uruguayan Peso |
| DOP | Dominican Peso | NOK | Norwegian Krone | UZS | Uzbekistani Sum |
| EGP | Egyptian Pound | NZD | New Zealand Dollar | VND | Vietnamese Dong |
| EUR | Euro | PEN | Peruvian New Sol | ZAR | South African Rand |
| GBP | British Pound | PHP | Philippine Peso | ZMW | Zambian Kwacha |
| GHS | Ghanaian Cedi | PKR | Pakistani Rupee |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BOBL | Bundesobligation, the German word for federal government bond | EUR001M | 1 Month EUR Swap Rate | PRIME | Daily US Prime Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR003M | 3 Month EUR Swap Rate | SIBCSORA | Singapore Overnight Rate Average |
| CDX.EM | Credit Derivatives Index - Emerging Markets | EUR006M | 6 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| CDX.HY | Credit Derivatives Index - High Yield | IBR | Indicador Bancario de Referencia | SONIO | Sterling Overnight Interbank Average Rate |
| CDX.IG | Credit Derivatives Index - Investment Grade | JIBA3M | 3 Month JIBAR rate | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CNREPOFIX | China Fixing Repo Rates 7-Day | MUTKCALM | Tokyo Overnight Average Rate | US0003M | ICE 3-Month USD LIBOR |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | EURIBOR | Euro Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | JIBAR | Johannesburg Interbank Agreed Rate | REMIC | Real Estate Mortgage Investment Conduit |
| ATM | At-the-money | JSC | Joint Stock Company | STIBOR | Stockholm Interbank Offered Rate |
| BABs | Build America Bonds | KLIBOR | Kuala Lumpur Interbank Offered Rate | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | KORIBOR | Korea Interbank Offered Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | MIBOR | Mumbai Interbank Offered Rate | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OAT | Obligations Assimilables du Trésor | THOR | Thai Overnight Baht Repurchase Rate |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind | WIBOR | Warsaw Interbank Offered Rate |
| DAC | Designated Activity Company |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **215** |

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Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Emerging Markets Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  November 2024 | $0.0530 | $0.0000 | $0.0000 | $0.0530 |
|  December 2024 | $0.0527 | $0.0000 | $0.0000 | $0.0527 |
|  January 2025 | $0.0594 | $0.0000 | $0.0000 | $0.0594 |
|  February 2025 | $0.0539 | $0.0000 | $0.0000 | $0.0539 |
|  March 2025 | $0.0529 | $0.0000 | $0.0000 | $0.0529 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0489 | $0.0000 | $0.0000 | $0.0489 |
|  November 2024 | $0.0523 | $0.0000 | $0.0000 | $0.0523 |
|  December 2024 | $0.0519 | $0.0000 | $0.0000 | $0.0519 |
|  January 2025 | $0.0587 | $0.0000 | $0.0000 | $0.0587 |
|  February 2025 | $0.0532 | $0.0000 | $0.0000 | $0.0532 |
|  March 2025 | $0.0522 | $0.0000 | $0.0000 | $0.0522 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0485 | $0.0000 | $0.0000 | $0.0485 |
|  November 2024 | $0.0520 | $0.0000 | $0.0000 | $0.0520 |
|  December 2024 | $0.0516 | $0.0000 | $0.0000 | $0.0516 |
|  January 2025 | $0.0583 | $0.0000 | $0.0000 | $0.0583 |
|  February 2025 | $0.0529 | $0.0000 | $0.0000 | $0.0529 |
|  March 2025 | $0.0519 | $0.0000 | $0.0000 | $0.0519 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0469 | $0.0000 | $0.0000 | $0.0469 |
|  November 2024 | $0.0504 | $0.0000 | $0.0000 | $0.0504 |
|  December 2024 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
|  January 2025 | $0.0567 | $0.0000 | $0.0000 | $0.0567 |
|  February 2025 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  March 2025 | $0.0504 | $0.0000 | $0.0000 | $0.0504 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2024 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  November 2024 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  December 2024 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  January 2025 | $0.0511 | $0.0000 | $0.0000 | $0.0511 |
|  February 2025 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
|  March 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |

---

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| | |
|:---|:---|
| **216** | **PIMCO INTERNATIONAL BOND FUNDS** |

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------

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Emerging Markets Corporate Bond Fund | PIMCO Emerging Markets Corporate Bond Fund | PIMCO Emerging Markets Corporate Bond Fund | PIMCO Emerging Markets Corporate Bond Fund | PIMCO Emerging Markets Corporate Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0452 | $0.0000 | $0.0000 | $0.0452 |
|  November 2024 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  December 2024 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  January 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
|  February 2025 | $0.0452 | $0.0000 | $0.0000 | $0.0452 |
|  March 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
| <br> PIMCO Emerging Markets Currency and Short-Term Investments Fund | <br> PIMCO Emerging Markets Currency and Short-Term Investments Fund | <br> PIMCO Emerging Markets Currency and Short-Term Investments Fund | <br> PIMCO Emerging Markets Currency and Short-Term Investments Fund | <br> PIMCO Emerging Markets Currency and Short-Term Investments Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  November 2024 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  December 2024 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  January 2025 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  February 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  March 2025 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  November 2024 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  December 2024 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  January 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  February 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  March 2025 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  November 2024 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  December 2024 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  January 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  February 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  March 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
| <br> PIMCO Emerging Markets Full Spectrum Bond Fund | <br> PIMCO Emerging Markets Full Spectrum Bond Fund | <br> PIMCO Emerging Markets Full Spectrum Bond Fund | <br> PIMCO Emerging Markets Full Spectrum Bond Fund | <br> PIMCO Emerging Markets Full Spectrum Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  November 2024 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  December 2024 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  January 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  February 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  March 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **217** |

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Distribution Information (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Emerging Markets Local Currency and Bond Fund | PIMCO Emerging Markets Local Currency and Bond Fund | PIMCO Emerging Markets Local Currency and Bond Fund | PIMCO Emerging Markets Local Currency and Bond Fund | PIMCO Emerging Markets Local Currency and Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |
|  November 2024 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  December 2024 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  January 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  February 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  March 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  November 2024 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  December 2024 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
|  January 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  February 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  March 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  November 2024 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  December 2024 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  January 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  February 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  March 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  November 2024 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  December 2024 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  January 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  February 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  March 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  November 2024 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  December 2024 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  January 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  February 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  March 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |

---

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| | |
|:---|:---|
| **218** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  November 2024 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  December 2024 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  January 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
|  February 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  March 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  November 2024 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  December 2024 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  January 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  February 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  March 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
| <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  November 2024 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  December 2024 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  January 2025 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |
|  February 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  March 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  November 2024 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
|  December 2024 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  January 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  February 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  March 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  November 2024 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  December 2024 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  January 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  February 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  March 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **219** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  November 2024 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  December 2024 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  January 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  February 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  March 2025 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
| <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  November 2024 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  December 2024 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  January 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  February 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  March 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  November 2024 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  December 2024 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
|  January 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  February 2025 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  March 2025 | $0.0256 | $0.0000 | $0.0000 | $0.0256 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  November 2024 | $0.0249 | $0.0000 | $0.0000 | $0.0249 |
|  December 2024 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  January 2025 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  February 2025 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
|  March 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  November 2024 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  December 2024 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  January 2025 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  February 2025 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
|  March 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0242 | $0.0000 | $0.0000 | $0.0242 |
|  November 2024 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  December 2024 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  January 2025 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  February 2025 | $0.0205 | $0.0000 | $0.0000 | $0.0205 |
|  March 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |

---

---

| | |
|:---|:---|
| **220** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2024 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |
|  November 2024 | $0.0186 | $0.0000 | $0.0000 | $0.0186 |
|  December 2024 | $0.0213 | $0.0000 | $0.0000 | $0.0213 |
|  January 2025 | $0.0170 | $0.0000 | $0.0000 | $0.0170 |
|  February 2025 | $0.0162 | $0.0000 | $0.0000 | $0.0162 |
|  March 2025 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |

---

\* 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. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **221** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2025 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction % | Qualified<br>Dividend<br>Income % | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Emerging Markets Bond Fund | 0.00% | 0.00% | $29079 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 0.00% | 1.01% | 787 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0.00% | 0.00% | 20861 | 0 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 0.00% | 0.00% | 55 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0.00% | 0.00% | 27073 | 0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 0.00% | 1.00% | 11078 | 0 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0.00% | 0.00% | 56833 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 0.00% | 0.00% | 30210 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | |
|:---|:---|
| **222** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **223** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

**Proposal — Election of Ten Trustees to the Board of Trustees**

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of Votes For | Number of Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 35155639503.71 | 541564301.84 |
|  Kimberley G. Stafford<sup>†</sup> | 35335546173.41 | 361657632.15 |
|  Michael J. Berchtold | 35329119814.53 | 368083991.02 |
|  Jennifer Holden Dunbar | 35291747375.28 | 405456430.27 |
|  Kym M. Hubbard | 35275801900.63 | 421401904.92 |
|  Gary F. Kennedy | 32867722905.96 | 2829480899.59 |
|  Anne K. Kratky | 35267192460.47 | 430011345.09 |
|  Steven Lipiner | 35327604784.63 | 369599020.93 |
|  Peter B. McCarthy | 34965645653.53 | 731558152.02 |
|  Ronald C. Parker | 35126210479.41 | 570993326.14 |

---

<sup>†</sup> Interested Trustee

---

| | |
|:---|:---|
| **224** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **225** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g930972g75h91.jpg)

PIMSINTLBONDFSTMAR_033125

------

**Item 8.** **Changes In and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d868143dex99codeeth.htm) |
| (a)(2) | Not applicable to the Registrant. |
| (a)(3) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes—Oxley Act of 2002.](d868143dex99cert.htm) |
| (a)(4) | Not applicable to the Registrant. |
| (a)(5) | There was no change in the Registrant's independent public accountant for the period covered by the report. |
| (b) | [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes—Oxley Act of 2002.](d868143dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | June 5, 2025 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | June 5, 2025 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>** 

**<u>Executive and Senior Financial Officers</u>** 

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

------

Sarbanes-Oxley Code of Ethics

**II. Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

------

Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable<sup>3</sup> and both the Covered
Person and the giver are present<sup>4</sup> ; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*. 

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

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Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

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Sarbanes-Oxley Code of Ethics

**IV. Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate .

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Sarbanes-Oxley Code of Ethics

**V. Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII. Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting<br>Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser<br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp;&nbsp;Principal Underwriter\*\* | PIMCO Investments LLC<br>|
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

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**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31, . I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br>|
| 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 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br>|
| 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 Funds (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br>| 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: | June 5, 2025<br>| Date: | June 5, 2025<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.